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.
VELO
Velo3D, Inc.
There isn't enough reported data to score VELO 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.
VELO Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Under pressure | |
| Weak | |
| Unavailable |
VELO's revenue is currently strong, but its profitability and cash flow are 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.
VELO PE Valuation
VELO 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.
VELO Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Low |
Analysts expect VELO's losses to shrink, with revenue growing. 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 has the stronger earnings trend. Trailing diluted EPS is down 112% for AAOI versus VELO down 140%.
VELO Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q4 2024 | -$142.05 | +$214.95 |
| Q3 2024 | -$242.10 | -$131.85 |
| Q2 2024 | -$252.30 | +$25.95 |
| Q1 2024 | -$315.00 | -373% |
| Q4 2023 | -$357.00 | -1460% |
VELO is still losing money, but far less than before: $142.05 per share over the past year, against $357.00 at its worst in late 2023.
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 VELO 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 VELO on profitability, with a higher operating margin.
VELO Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $20.5M | +50% |
| Q2 2026 | $20.7M | +52% |
| Q1 2026 | $13.8M | +48% |
| Q4 2025 | $9.4M | -25% |
| Q3 2025 | $13.6M | +65% |
| Q2 2025 | $13.6M | +31% |
| Q1 2025 | $9.3M | -4.8% |
| Q4 2024 | $12.6M | +648% |
VELO's revenue is recovering but still below its 2022 peak: $20M last quarter, up 50% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -85% | -6.6 points |
| Q2 2026 | -54% | +36 points |
| Q1 2026 | -50% | +78 points |
| Q4 2025 | -231% | -61 points |
| Q3 2025 | -78% | +149 points |
| Q2 2025 | -89% | +109 points |
| Q1 2025 | -128% | +91 points |
| Q4 2024 | -170% | +3280 points |
VELO's operating margin was −85% last quarter, down 6.6 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.
VELO Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$14.6M | -$8.2M |
| Q2 2026 | -$25.1M | -$22.1M |
| Q1 2026 | -$18.9M | -$6.6M |
| Q4 2025 | -$8.3M | -$6.1M |
| Q3 2025 | -$6.3M | -$4.3M |
| Q2 2025 | -$3M | +$5M |
| Q1 2025 | -$12.3M | +$8.2M |
| Q4 2024 | -$2.2M | +$22.3M |
VELO 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 the edge over VELO on shareholder dilution, with a more favorable share count trend.
VELO Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +9% | +51K shares |
| 1 year | +67% | +247K shares |
VELO has 616,030 diluted shares, up 67% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2020 | — |
| Q2 2020 | — |
| Q1 2020 | — |
AAOI Net Leverage
AAOI's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
VELO Net Leverage
VELO'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).
VELO Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 36.7 | Neutral |
| Stochastic | 3.3 | Oversold |
VELO's weekly RSI is 37 (neutral) and its Stochastic is 3 (oversold).
AAOI PE vs Technology Sector
AAOI has no meaningful PE right now: it lost money over the past year.
VELO PE vs Technology Sector
VELO 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 stronger trend alignment. AAOI is above 1 of 5 weekly averages versus VELO above 0 of 4.
VELO Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $7.64 | 42% below |
| 20 week MA | $10.4 | 58% below |
| 50 week MA | $13.2 | 67% below |
| 100 week MA | $10.4 | 57% below |
VELO is in a downtrend: it's below all four of its weekly moving averages, and 57% 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 VELO on returns for 2026, with the stronger performance.
VELO Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2024 | $11.7 | $10.2 | -13% |
| 2025 | $10.2 | $13.5 | +32% |
| 2026 YTD | $13.5 | $4.41 | -67% |
VELO has finished lower in one of the last two years. It's down 67% so far in 2026.