AAOI
Applied Optoelectronics, Inc.
AAOI has the edge over GNSS overall, supported by stronger modeled upside.
GNSS
Genasys Inc.
GNSS has lower modeled downside risk, despite its lower overall score.
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.
GNSS Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Stable | |
| Under pressure | |
| Weak |
GNSS's revenue is currently healthy, and its profitability is stable, but its cash flow and balance sheet are under pressure.
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.
GNSS PE Valuation
GNSS 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 29x next year's earnings.
AAOI Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Returning to profit | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Low |
AAOI has the edge over GNSS on the outlook, with more favorable revenue expectations.
GNSS Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Returning to profit | |
| Stable | |
| Strongly improving | |
| Limited | |
| Low |
Analysts expect GNSS to return to profit, with revenue holding steady. However, they disagree widely on these estimates.
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.
GNSS Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.05 | — |
| Q2 2026 | -$0.13 | +$0.50 |
| Q1 2026 | -$0.17 | +$0.47 |
| Q4 2025 | -$0.33 | +$0.33 |
| Q3 2025 | -$0.40 | +$0.32 |
| Q2 2025 | -$0.63 | +$0.10 |
| Q1 2025 | -$0.64 | -$0.02 |
| Q4 2024 | -$0.66 | -$0.11 |
| Q3 2024 | -$0.72 | -$0.22 |
GNSS has the edge over AAOI on earnings, with more consistent year-over-year improvement.
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 GNSS 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 GNSS on profitability, with a higher operating margin.
GNSS Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $7.3M | -26% |
| Q1 2026 | $15.5M | +124% |
| Q4 2025 | $17.1M | +146% |
| Q3 2025 | $17M | +153% |
| Q2 2025 | $9.9M | +38% |
| Q1 2025 | $6.9M | +21% |
| Q4 2024 | $6.9M | +59% |
| Q3 2024 | $6.7M | -37% |
GNSS's revenue is growing: $7M last quarter, down 26% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | -55% | +4.8 points |
| Q1 2026 | 8.3% | +99 points |
| Q4 2025 | -2.1% | +84 points |
| Q3 2025 | 7.7% | +114 points |
| Q2 2025 | -60% | +15 points |
| Q1 2025 | -90% | +32 points |
| Q4 2024 | -86% | +80 points |
| Q3 2024 | -106% | -81 points |
GNSS's operating margin was −55% last quarter, up 4.8 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.
GNSS Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | -$2.9M | +$3M |
| Q1 2026 | -$9.4M | -$2.9M |
| Q4 2025 | $7.2M | +720% |
| Q3 2025 | $2.5M | +369% |
| Q2 2025 | -$5.9M | +$1.6M |
| Q1 2025 | -$6.5M | +$301K |
| Q4 2024 | $878K | +$6.7M |
| Q3 2024 | $526K | -84% |
GNSS 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.
GNSS Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1% | -479K shares |
| 1 year | +0.8% | +372K shares |
| 3 years | +23% | +8.5M shares |
| 5 years | +29% | +10.3M shares |
| Available history | +36% | +12.1M shares |
GNSS has the edge over AAOI on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2023 | — |
| Q2 2023 | — |
| Q1 2023 | — |
| Q4 2022 | — |
| Q3 2022 | — |
| Q2 2022 | — |
| Q1 2022 | $557,000 |
| Q4 2021 | $441,000 |
AAOI Net Leverage
AAOI's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
GNSS Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 17.8x | High |
| Q2 2022 | -23.3x | Net Cash |
| Q1 2022 | -6.2x | Net Cash |
| Q4 2021 | -4.6x | Net Cash |
| Q3 2021 | -4.8x | Net Cash |
| Q2 2021 | -3.1x | Net Cash |
| Q1 2021 | -3.1x | Net Cash |
| Q4 2020 | -3.5x | Net Cash |
GNSS's net debt is about 18 years of its operating earnings (EBITDA), after holding more cash than debt a year ago.
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).
GNSS Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 42.1 | Neutral |
| Stochastic | 38.5 | Neutral |
GNSS's weekly RSI is 42 (neutral) and its Stochastic is 39 (neutral).
AAOI PE vs Technology Sector
AAOI has no meaningful PE right now: it lost money over the past year.
GNSS PE vs Technology Sector
| Metric | GNSS | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 28x | — |
GNSS has no meaningful PE right now: it lost money over the past year.
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 fallen below most of its moving averages, though it's still 43% above its 200-week average.
GNSS Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $1.43 | 0% above |
| 20 week MA | $1.56 | 8.3% below |
| 50 week MA | $1.81 | 21% below |
| 100 week MA | $2.02 | 29% below |
| 200 week MA | $2.33 | 39% below |
GNSS is in a downtrend: it's below all five of its weekly moving averages, and 39% 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 GNSS on returns for 2026, with the stronger performance.
GNSS Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $3.19 | $7.07 | +122% |
| 2021 | $7.07 | $3.88 | -45% |
| 2022 | $3.88 | $3.12 | -20% |
| 2023 | $3.12 | $2.03 | -35% |
| 2024 | $2.03 | $2.60 | +28% |
| 2025 | $2.60 | $2.22 | -15% |
| 2026 YTD | $2.22 | $1.43 | -36% |
GNSS's yearly returns have swung widely, from +122% in 2020 to −45% in 2021. It's down 36% so far in 2026.