AAOI
Applied Optoelectronics, Inc.
AAOI lost money over the past year, so it has no meaningful PE right now. Analysts expect earnings to recover and profitability to improve, though they disagree widely on how much.
MF
MindForge Inc
There isn't enough reported data to score MF yet.
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.
MF Fundamentals
| Metric | Status |
|---|---|
| Unavailable | |
| Under pressure | |
| Unavailable | |
| Unavailable |
MF's profitability is currently under pressure. There isn't enough data to rate its revenue, cash flow and 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.
MF PE Valuation
MF has no meaningful PE right now: it lost money over the past year.
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.
MF Forward outlook
There aren't enough analyst estimates for MF to show an outlook.
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.
MF Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2025 | -$9.25 | +$2.75 |
MF and AAOI do not have enough comparable growth data to identify a winner.
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 MF in the latest year-over-year revenue comparison.
| 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's operating margin was −0.5% last quarter, up 15 points from the same quarter a year ago, near the top of its range since 2019.
MF Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q4 2025 | $11.7M | -33% |
| Q2 2025 | $12.4M | -44% |
| Q4 2024 | $17.3M | -41% |
| Q2 2024 | $22.3M | -41% |
| Q4 2023 | $29.3M | -48% |
| Q2 2023 | $37.8M | +12% |
| Q4 2022 | $56.5M | +7% |
| Q2 2022 | $33.9M | +100% |
MF's revenue has slid since its 2022 peak: $12M last quarter, down 60% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q4 2025 | -88% | -87 points |
| Q2 2025 | -22% | -22 points |
| Q4 2024 | -2.1% | -2.8 points |
| Q2 2024 | -2.9% | -4.2 points |
| Q4 2023 | -0.8% | -0.2 points |
| Q2 2023 | -0.6% | +0.2 points |
| Q4 2022 | 0.7% | +0.6 points |
| Q2 2022 | 1.3% | N/A |
MF's operating margin was −88% last quarter, down 87 points from the same quarter a year ago, near the bottom of its range since 2020.
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.
MF Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2024 | $94K | +$266K |
| Q4 2023 | -$1.5M | -$1.3M |
| Q2 2023 | -$172K | +$333.3K |
| Q4 2022 | -$113.8K | -113% |
| Q2 2022 | -$505.3K | -$285.9K |
| Q4 2021 | $865.4K | -30% |
MF has burned cash in most quarters: −$2M over the past year, against $1M the year before.
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.
MF Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +23% | +14.5K shares |
| 1 year | +29% | +17.6K shares |
MF has the edge over AAOI on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q2 2023 | — |
| Q4 2022 | — |
| Q2 2022 | — |
| Q4 2021 | — |
| Q2 2021 | $16,220 |
| Q4 2020 | $8,110 |
AAOI Net Leverage
AAOI's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
MF Net Leverage
MF's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
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).
MF Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 53.7 | Neutral |
| Stochastic | 38.4 | Neutral |
MF's weekly RSI is 54 (neutral) and its Stochastic is 38 (neutral).
AAOI PE vs Technology Sector
AAOI has no meaningful PE right now: it lost money over the past year.
MF PE vs Technology Sector
MF 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 |
MF has stronger trend alignment. AAOI is above 1 of 5 weekly averages versus MF above 2 of 4.
MF Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $12.1 | 57% above |
| 20 week MA | $11.2 | 69% above |
| 50 week MA | $24.6 | 23% below |
| 100 week MA | $50.7 | 63% below |
MF has bounced recently, but its long-term trend is still down: it's above its 8- and 20-week averages, but 63% below its 100-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 MF on returns for 2026, with the stronger performance.
MF Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2024 | $1,640.0 | $95.3 | -94% |
| 2025 | $95.3 | $48.8 | -49% |
| 2026 YTD | $48.8 | $18.9 | -61% |
MF has finished every year since 2024 lower, and it's down 61% so far in 2026.