AAOI
Applied Optoelectronics, Inc.
AAOI's outlook is improving, though it still trails on the overall score.
AISP
Airship AI Holdings, Inc.
AISP has the edge over AAOI overall, supported by stronger valuation and lower modeled downside.
AAOI Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Under pressure | |
| Weak | |
| Unavailable |
AAOI's revenue is currently strong, but its profitability and cash flow are under pressure. There isn't enough data to rate its balance sheet.
AISP Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Stable | |
| Under pressure | |
| Unavailable |
AISP's revenue is currently strong, and its profitability is stable, but its cash flow is under pressure. There isn't enough data to rate its balance sheet.
AAOI PE Valuation
AAOI has no meaningful PE right now: it lost money over the past year. If it returns to profit as analysts expect, today's price would be 18x next year's earnings.
AISP PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 1.8x | $1.67 | — |
| Cheap | 3.4x | $3.12 | +87% |
| Fair | 23x | $21.19 | +1169% |
| Expensive | 28x | $25.09 | +1402% |
| Forward | 56x | $1.67 | — |
Historical ranges are pointers, not guarantees.
AISP's PE is in its cheap range at 1.8x. On analysts' estimates for next year's earnings, today's price would be 56x, in its expensive range.
AAOI Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Returning to profit | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Low |
Analysts expect AAOI to return to profit, with revenue growing. However, they disagree widely on these estimates.
AISP Forward outlook
| Metric | Outlook |
|---|---|
| Strongly deteriorating | |
| Returning to profit | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| High |
Analysts expect AISP to return to profit, with revenue growing.
AAOI Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $2.98 | — |
| Q3 2026 | -$0.42 | +$3.02 |
| Q2 2026 | -$0.77 | +$2.81 |
| Q1 2026 | -$0.65 | +$3.43 |
| Q4 2025 | -$0.64 | +$3.86 |
| Q3 2025 | -$3.44 | -$1.41 |
| Q2 2025 | -$3.58 | -$1.70 |
| Q1 2025 | -$4.08 | -$2.29 |
| Q4 2024 | -$4.50 | -$2.75 |
AAOI is still losing money, but far less than before: $0.42 per share over the past year, against $4.50 at its worst in late 2024.
AISP Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.03 | -97% |
| Q3 2026 | $0.91 | +$2.59 |
| Q2 2026 | $0.81 | +$2.47 |
| Q1 2026 | $0.13 | +$0.46 |
| Q4 2025 | $0.76 | +$3.10 |
| Q3 2025 | -$1.68 | -746% |
| Q2 2025 | -$1.66 | -4250% |
| Q1 2023 | $0.39 | -7.1% |
AISP has the edge over AAOI on earnings quality, reporting a profit while its opponent remains loss making.
AAOI Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $269.9M | +127% |
| Q2 2026 | $191.9M | +86% |
| Q1 2026 | $151.1M | +51% |
| Q4 2025 | $134.3M | +34% |
| Q3 2025 | $118.6M | +82% |
| Q2 2025 | $103M | +138% |
| Q1 2025 | $99.9M | +146% |
| Q4 2024 | $100.3M | +66% |
AAOI has the edge over AISP on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -0.5% | +15 points |
| Q2 2026 | -13% | +2.6 points |
| Q1 2026 | -8.6% | +0.3 points |
| Q4 2025 | -8.6% | -2.1 points |
| Q3 2025 | -15% | +10 points |
| Q2 2025 | -16% | +45 points |
| Q1 2025 | -8.9% | +44 points |
| Q4 2024 | -6.5% | +1 points |
AAOI has the edge over AISP on profitability, with a higher operating margin.
AISP Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $6.2M | +429% |
| Q2 2026 | $4.1M | +92% |
| Q1 2026 | $6.4M | +15% |
| Q4 2025 | $6.5M | +103% |
| Q3 2025 | $1.2M | -59% |
| Q2 2025 | $2.1M | -66% |
| Q1 2025 | $5.5M | -48% |
| Q3 2024 | $2.9M | +20% |
AISP's revenue is recovering but still below its 2024 peak: $6M last quarter, up 429% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -9% | +235 points |
| Q2 2026 | -36% | +58 points |
| Q1 2026 | -25% | +6.3 points |
| Q4 2025 | -9.4% | +37 points |
| Q3 2025 | -243% | -188 points |
| Q2 2025 | -94% | -109 points |
| Q1 2025 | -31% | -18 points |
| Q4 2024 | -47% | N/A |
AISP's operating margin was −9% last quarter, up 234 points from the same quarter a year ago.
AAOI Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$369.9M | -$291.2M |
| Q2 2026 | -$265.3M | -$174.4M |
| Q1 2026 | -$143.6M | -$64.3M |
| Q4 2025 | -$104.6M | -$51.6M |
| Q3 2025 | -$78.7M | -$58M |
| Q2 2025 | -$91M | -$86M |
| Q1 2025 | -$79.3M | -$45.1M |
| Q4 2024 | -$53M | -$48.4M |
AAOI has burned cash in almost every quarter: −$883M over the past year, against −$302M the year before.
AISP Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $383.9K | +$967.5K |
| Q2 2026 | -$235.2K | +$1.6M |
| Q1 2026 | $814.5K | +$2.9M |
| Q4 2025 | -$3.5M | -$1.4M |
| Q3 2025 | -$583.6K | -$332.2K |
| Q2 2025 | -$1.8M | +$630.8K |
| Q1 2025 | -$2.1M | -$402.8K |
| Q4 2024 | -$2.1M | +$141.3K |
AISP has the edge over AAOI on cash flow, with more consistent year-over-year improvement.
AAOI Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +7.7% | +6.3M shares |
| 1 year | +39% | +24.5M shares |
| 3 years | +168% | +55.1M shares |
| 5 years | +224% | +60.7M shares |
| Available history | +340% | +67.9M shares |
AAOI has 88M diluted shares, up 39% from a year ago.
AISP Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +13% | +4.5M shares |
| 1 year | -7.3% | -3.1M shares |
| 3 years | +239% | +27.4M shares |
AISP has the edge over AAOI on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2023 | — |
| Q4 2022 | — |
| Q3 2022 | — |
| Q2 2022 | — |
AAOI Net Leverage
AAOI's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
AISP Net Leverage
AAOI Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 35.1 | Neutral |
| Stochastic | 4.8 | Oversold |
AAOI's weekly RSI is 35 (neutral) and its Stochastic is 5 (oversold).
AISP Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 39.3 | Neutral |
| Stochastic | 15.6 | Oversold |
AISP's weekly RSI is 39 (neutral) and its Stochastic is 16 (oversold).
AAOI PE vs Technology Sector
AAOI has no meaningful PE right now: it lost money over the past year.
AISP PE vs Technology Sector
| Metric | AISP | Sector median | Relative |
|---|---|---|---|
| PE | 1.8x | 28x | 93% below |
| PE % | 0 | 42 | 42 pts below |
AISP is trading at 1.8x earnings, a 93% discount to the Technology sector's median of 28x.
AAOI Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $80.2 | 34% below |
| 20 week MA | $100.6 | 47% below |
| 50 week MA | $100.3 | 47% below |
| 100 week MA | $62.3 | 15% below |
| 200 week MA | $36.9 | 43% above |
AAOI has the edge over AISP on trend strength, trading above more of its moving averages.
AISP Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $2.01 | 17% below |
| 20 week MA | $2.02 | 17% below |
| 50 week MA | $2.47 | 32% below |
| 100 week MA | $3.61 | 54% below |
| 200 week MA | $5.31 | 69% below |
AISP is in a downtrend: it's below all five of its weekly moving averages, and 69% below its 200-week average.
AAOI Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $11.5 | $8.77 | -24% |
| 2021 | $8.77 | $5.64 | -36% |
| 2022 | $5.64 | $1.95 | -65% |
| 2023 | $1.95 | $19.3 | +891% |
| 2024 | $19.3 | $37.7 | +95% |
| 2025 | $37.7 | $37.2 | -1.5% |
| 2026 YTD | $37.2 | $52.9 | +42% |
AAOI has the edge over AISP on returns for 2026, with the stronger performance.
AISP Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2021 | $9.75 | $9.78 | +0.3% |
| 2022 | $9.78 | $10.1 | +3% |
| 2023 | $10.1 | $1.70 | -83% |
| 2024 | $1.70 | $5.61 | +230% |
| 2025 | $5.61 | $2.83 | -50% |
| 2026 YTD | $2.83 | $1.67 | -41% |
AISP's yearly returns have swung widely, from +230% in 2024 to −83% in 2023. It's down 41% so far in 2026.