AAOI
Applied Optoelectronics, Inc.
AAOI offers stronger modeled upside, but that advantage does not outweigh its weaker overall profile.
WATT
Energous Corporation
WATT has a slight edge over AAOI overall, supported by stronger fundamentals 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.
WATT Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Under pressure | |
| Weak | |
| Unavailable |
WATT's revenue is currently healthy, 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.
WATT PE Valuation
WATT 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.
WATT Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| High |
Analysts expect WATT's losses to shrink, 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.
WATT Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | -$2.23 | +$14.38 |
| Q2 2026 | -$3.09 | +$27.21 |
| Q1 2026 | -$4.96 | +$42.44 |
| Q4 2025 | -$8.13 | +$68.97 |
| Q3 2025 | -$16.61 | +$77.89 |
| Q2 2025 | -$30.30 | +$75.00 |
| Q1 2025 | -$47.40 | +$62.40 |
| Q4 2024 | -$77.10 | +$47.40 |
WATT 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's revenue has grown year over year for 10 quarters in a row: $270M last quarter, up 127% from the same quarter a year ago.
| 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 WATT on profitability, with a higher operating margin.
WATT Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $3.4M | +167% |
| Q2 2026 | $3.1M | +217% |
| Q1 2026 | $3.1M | +799% |
| Q4 2025 | $3M | +610% |
| Q3 2025 | $1.3M | +453% |
| Q2 2025 | $975K | +2020% |
| Q1 2025 | $343K | +436% |
| Q4 2024 | $428K | +367% |
WATT has the edge over AAOI on sales, with stronger typical year-over-year growth.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -81% | +91 points |
| Q2 2026 | -103% | +182 points |
| Q1 2026 | -60% | +993 points |
| Q4 2025 | -47% | +774 points |
| Q3 2025 | -172% | +1385 points |
| Q2 2025 | -285% | +9826 points |
| Q1 2025 | -1053% | +9361 points |
| Q4 2024 | -821% | +4193 points |
WATT's operating margin was −81% last quarter, up 91 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.
WATT Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$2.2M | +$229K |
| Q2 2026 | -$5.5M | -$2.6M |
| Q1 2026 | -$5.6M | -$921K |
| Q4 2025 | -$2.4M | +$235K |
| Q3 2025 | -$2.5M | +$1.6M |
| Q2 2025 | -$2.9M | +$2.9M |
| Q1 2025 | -$4.7M | +$385K |
| Q4 2024 | -$2.7M | +$740.1K |
WATT 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 WATT on shareholder dilution, with a more favorable share count trend.
WATT Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.3% | +18.6K shares |
| 1 year | +243% | +3.9M shares |
| 3 years | +3535% | +5.4M shares |
| 5 years | +5242% | +5.4M shares |
| Available history | +10858% | +5.5M shares |
WATT has 6M diluted shares, up 243% from a year ago.
AAOI Net Leverage
AAOI's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
WATT Net Leverage
WATT'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).
WATT Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 39.7 | Neutral |
| Stochastic | 9.3 | Oversold |
WATT's weekly RSI is 40 (neutral) and its Stochastic is 9 (oversold).
AAOI PE vs Technology Sector
AAOI has no meaningful PE right now: it lost money over the past year.
WATT PE vs Technology Sector
WATT 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 the edge over WATT on trend strength, trading above more of its moving averages.
WATT Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $10.2 | 14% below |
| 20 week MA | $13.0 | 33% below |
| 50 week MA | $14.7 | 41% below |
| 100 week MA | $12.3 | 29% below |
| 200 week MA | $60.6 | 86% below |
WATT is in a downtrend: it's below all five of its weekly moving averages, and 86% 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's yearly returns have swung widely, from +891% in 2023 to −65% in 2022. It's up 42% so far in 2026.
WATT Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $1,068.0 | $1,236.0 | +16% |
| 2021 | $1,236.0 | $810.0 | -34% |
| 2022 | $810.0 | $498.0 | -39% |
| 2023 | $498.0 | $54.9 | -89% |
| 2024 | $54.9 | $12.2 | -78% |
| 2025 | $12.2 | $3.76 | -69% |
| 2026 YTD | $3.76 | $8.74 | +132% |
WATT has the edge over AAOI on returns for 2026, with the stronger performance.