0001437749-24-033913 | 10-Q | XBRL Viewer | Applied Optoelectronics INC

Segment Reporting Disclosure [Text Block]

Note 17. Geographic Information

The Company operates in one reportable segment. The Company’s Chief Executive Officer, who is considered to be the chief operating decision maker, manages the Company’s operations as a whole and reviews financial information presented on a consolidated basis, accompanied by information about product revenue, for purposes of evaluating financial performance and allocating resources.

The following tables set forth the Company’s revenue and asset information by geographic region. Revenue is classified based on the location of where the product is manufactured. Long-lived assets in the tables below comprise property, plant, equipment,land use rights, right of use assets and intangible assets (in thousands):

	*Three months ended September 30,*				*Nine months ended September 30,*
	*2024*		*2023*		*2024*		*2023*
Revenues:
United States	$	1,659	$	5,494	$	6,336	$	14,636
Taiwan		34,663		37,194		88,225		113,851
China		28,829		19,859		54,533		28,706
Total	$	65,151	$	62,547	$	149,094	$	157,193

	*September 30,*		*December 31,*
	*2024*		*2023*
Long-lived assets:
United States	$	78,415	$	75,283
Taiwan		46,912		47,668
China		98,453		91,050
Total	$	223,780	$	214,001

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Note 8 - Property, Plant & Equipment (Details Textual) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024
Depreciation	$ 5.1	$ 4.8	$ 15.0

Note 11 - Notes Payable and Long-term Debt (Details Textual) $ in Thousands	May 24, 2024 USD ($)	Jun. 07, 2022 USD ($)	May 24, 2019 USD ($)	Sep. 30, 2024 USD ($)	May 24, 2024 CNY (¥)	Dec. 31, 2023 USD ($)	Jun. 07, 2022 CNY (¥)	May 24, 2019 CNY (¥)
Debt Instrument, Unused Borrowing Capacity, Amount				$ 23,300		$ 22,500
Cash Collateral for Borrowed Securities				6,500		9,700
SPD Bank [Member] \| Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity				24,300		24,300
SPD Bank [Member] \| Global Technology, Inc. [Member] \| Revolving Credit Facility [Member] \| The SPD Credit Line [Member]
Debt Instrument, Term (Year)			5 years
Line of Credit Facility, Maximum Borrowing Capacity			$ 25,400					¥ 180,000,000
SPD Bank [Member] \| Global Technology, Inc. [Member] \| Revolving Credit Facility [Member] \| Renewed SPD Credit Line [Member]
Debt Instrument, Term (Year)	5 years
Line of Credit Facility, Maximum Borrowing Capacity	$ 23,900				¥ 170,000,000
Long-Term Line of Credit				11,800
Bank Acceptances Executed				9,900
China Zheshang Bank Co., Ltd [Member] \| Revolving Credit Facility [Member] \| The ¥200M Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity				28,500		$ 28,500
China Zheshang Bank Co., Ltd [Member] \| Global Technology, Inc. [Member] \| Revolving Credit Facility [Member] \| The ¥50M Credit Facility [Member]
Debt Instrument, Term (Year)		5 years
China Zheshang Bank Co., Ltd [Member] \| Global Technology, Inc. [Member] \| Revolving Credit Facility [Member] \| The ¥200M Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity		$ 29,900					¥ 200,000,000
Long-Term Line of Credit				17,700
Bank Acceptances Executed				$ 0

Note 19 - Subsequent Events (Details Textual) - USD ($) $ in Thousands		9 Months Ended
	Nov. 06, 2024	Sep. 30, 2024	Sep. 30, 2023
Proceeds from Issuance of Common Stock		$ 58,494	$ 32,312
Subsequent Event [Member]
Proceeds from Issuance of Common Stock	$ 59,900

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Dec. 31, 2022	28,623
Balance at Dec. 31, 2022	$ 29	$ 391,526	$ 2,183	$ (209,068)	$ 184,670
Issuance of restricted stock, net of shares withheld for employee tax (in shares)	914
Issuance of restricted stock, net of shares withheld for employee tax	$ 1	(641)	0	0	(640)
Share-based compensation	$ 0	8,587	0	0	8,587
Public offering of common stock, net (in shares)	4,697
Public offering of common stock, net	$ 4	32,307	0	0	32,311
Foreign currency translation adjustment	0	0	(4,371)	(1)	(4,372)
Net loss	$ 0	0	0	(42,190)	(42,190)
Stock options exercised, net of shares withheld for employee tax (in shares)	32
Stock options exercised, net of shares withheld for employee tax	$ 0	(13)	0	0	(13)
Balance (in shares) at Sep. 30, 2023	34,266
Balance at Sep. 30, 2023	$ 34	431,766	(2,188)	(251,259)	178,353
Balance (in shares) at Jun. 30, 2023	31,785
Balance at Jun. 30, 2023	$ 32	407,003	(1,470)	(242,306)	163,259
Issuance of restricted stock, net of shares withheld for employee tax (in shares)	407
Issuance of restricted stock, net of shares withheld for employee tax	$ 0	(482)	0	0	(482)
Share-based compensation	$ 0	3,235	0	0	3,235
Public offering of common stock, net (in shares)	2,042
Public offering of common stock, net	$ 2	22,023	0	0	22,025
Foreign currency translation adjustment	0		(718)	0	(718)
Net loss	$ 0	0	0	(8,953)	(8,953)
Stock options exercised, net of shares withheld for employee tax (in shares)	32
Stock options exercised, net of shares withheld for employee tax	$ 0	(13)	0	0	(13)
Balance (in shares) at Sep. 30, 2023	34,266
Balance at Sep. 30, 2023	$ 34	431,766	(2,188)	(251,259)	178,353
Balance (in shares) at Dec. 31, 2023	38,148
Balance at Dec. 31, 2023	$ 38	478,972	975	(265,116)	214,869
Issuance of restricted stock, net of shares withheld for employee tax (in shares)	1,024
Issuance of restricted stock, net of shares withheld for employee tax	$ 1	(3,054)	0	0	(3,053)
Share-based compensation	$ 0	9,050	0	0	9,050
Public offering of common stock, net (in shares)	5,677
Public offering of common stock, net	$ 6	58,489	0	0	58,495
Foreign currency translation adjustment	0	0	(266)	(2)	(268)
Net loss	$ 0	0	0	(67,042)	$ (67,042)
Stock options exercised, net of shares withheld for employee tax (in shares)	1				(0)
Stock options exercised, net of shares withheld for employee tax	$ 0	(2)	0	0	$ (2)
Shares converted by Notes holders (in shares)	2
Shares converted by Notes holders	$ 0	37	0	0	37
Balance (in shares) at Sep. 30, 2024	44,852
Balance at Sep. 30, 2024	$ 45	543,492	709	(332,160)	212,086
Balance (in shares) at Jun. 30, 2024	40,645
Balance at Jun. 30, 2024	$ 41	502,387	(1,531)	(314,403)	186,494
Issuance of restricted stock, net of shares withheld for employee tax (in shares)	279
Issuance of restricted stock, net of shares withheld for employee tax	$ 0	(383)	0	0	(383)
Share-based compensation	$ 0	2,944	0	0	2,944
Public offering of common stock, net (in shares)	3,928
Public offering of common stock, net	$ 4	38,544	0	0	38,548
Foreign currency translation adjustment	0	0	2,240		2,240
Net loss	$ 0	0	0	(17,757)	(17,757)
Balance (in shares) at Sep. 30, 2024	44,852
Balance at Sep. 30, 2024	$ 45	$ 543,492	$ 709	$ (332,160)	$ 212,086

Note 14 - Other Income and Expense

9 Months Ended

Sep. 30, 2024

Other Nonoperating Income and Expense [Text Block]

Note 14. Other Income and Expense

Other income and expense consisted of the following for the periods indicated (in thousands):

	*Three months ended September 30,*						*Nine months ended September 30,*
	*2024*			*2023*			*2024*			*2023*
Gain (loss) on disposal of assets	$	(28	)	$	5		$	(33	)	$	(2	)
Government subsidy income		43			77			370			910
Foreign Exchange Gain (Loss)		172			(435	)		216			(259	)
Other non-operating gain		149			10			1,404			154
Total other income (expenses) , net	$	336		$	(343	)	$	1,957		$	803

Note 8 - Property, Plant and Equipment - Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Property, plant and equipment, gross	$ 404,588	$ 363,363
Less accumulated depreciation	(204,675)	(194,086)
Property, plant and equipment, net before construction in progress and land	199,913	169,277
Property, plant and equipment, net	205,303	200,317
Land Improvements [Member]
Property, plant and equipment, gross	806	806
Building and Building Improvements [Member]
Property, plant and equipment, gross	120,617	86,534
Machinery and Equipment [Member]
Property, plant and equipment, gross	264,429	257,842
Furniture and Fixtures [Member]
Property, plant and equipment, gross	5,115	5,449
Computer Equipment and Software [Member]
Property, plant and equipment, gross	12,955	12,059
Vehicles [Member]
Property, plant and equipment, gross	666	673
Construction in Progress [Member]
Property, plant and equipment, net	4,289	29,939
Land [Member]
Property, plant and equipment, net	$ 1,101	$ 1,101

Note 8 - Property, Plant & Equipment (Tables)

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Table Text Block]

	*September 30, 2024*			*December 31, 2023*
Land improvements	$	806		$	806
Buildings and improvements		120,617			86,534
Machinery and equipment		264,429			257,842
Furniture and fixtures		5,115			5,449
Computer equipment and software		12,955			12,059
Transportation equipment		666			673
		404,588			363,363
Less accumulated depreciation		(204,675	)		(194,086	)
		199,913			169,277
Construction in progress		4,289			29,939
Land		1,101			1,101
Total property, plant and equipment, net	$	205,303		$	200,317

Note 14 - Other Income and Expense - Other Income and Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Gain (loss) on disposal of assets	$ (28)	$ 5	$ (33)	$ (2)
Government subsidy income	43	77	370	910
Foreign Exchange Gain (Loss)	172	(435)	216	(259)
Other non-operating gain	149	10	1,404	154
Total other income (expenses) , net	$ 336	$ (343)	$ 1,957	$ 803

Note 12 - Convertible Senior Notes (Details Textual) - USD ($)	Mar. 15, 2024	Dec. 05, 2023	Dec. 05, 2019	Sep. 30, 2024	Dec. 31, 2023	Mar. 05, 2019
Common Stock, Par or Stated Value Per Share (in dollars per share)		$ 0.001		$ 0.001	$ 0.001
Conversion Of 2024 Notes To Common Stock [Member]
Debt Conversion, Converted Instrument, Shares Issued (in shares)		466,368
The 5% Convertible Senior Notes Due 2024 [Member]
Debt Instrument, Face Amount		$ 80,200,000				$ 80,500,000
Debt Instrument, Interest Rate, Stated Percentage						5.00%
Proceeds from Convertible Debt			$ 81,100,000
Repayments of Convertible Debt	$ 290,000
The 5.250% Convertible Senior Notes Due 2026 [Member]
Debt Instrument, Face Amount		$ 80,200,000		$ 80,214,000	$ 80,214,000
Debt Instrument, Interest Rate, Stated Percentage		5.25%
Debt Conversion, Converted Instrument, Shares Issued (in shares)		65.6276
Debt Conversion, Converted Instrument, Amount		$ 1,000
Debt Instrument, Convertible, Conversion Price (in dollars per share)		$ 15.24
Debt Instrument, Convertible, Conversion Price Premium, Percentage		15.00%
Share Price (in dollars per share)		$ 13.25
Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger		130.00%
Debt Instrument, Convertible, Threshold Trading Days		20
Debt Instrument, Convertible, Threshold Consecutive Trading Days		30
Debt Instrument, Convertible, Maximum Aggregate Consideration		$ 150,000,000
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed		100.00%
Debt Issuance Costs, Gross		$ 4,300,000

Note 11 - Notes Payable and Long-term Debt

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Text Block]

Note 11. Notes Payable and Long-Term Debt

Notes payable and long-term debt consisted of the following for the periods indicated (in thousands):

	*September 30, 2024*			*December 31, 2023*
Revolving line of credit with a China bank up to $24.3 million with interest between 4.25% to 4.35%, maturing May 24, 2029	$	11,787		$	12,608
Credit facility with a China bank up to $28.5 million with interest between 4.00% and 4.35%, maturing June 6, 2027		17,696			10,589
Total		29,483			23,197
Less current portion		(29,483	)		(23,197	)
Non-current portion	$	—		$	—

Bank Acceptance Notes Payable		*September 30, 2024*				*December 31, 2023*
Bank acceptance notes issued to vendors with a 0.05% handling fees			$ 9,934				$ 15,482

The current portion of long-term debt is the amount payable within one year of the balance sheet date of September 30, 2024.

Maturities of long-term debt are as follows for the future one-year periods ending September 30, 2024 (in thousands):

Within one year	$	29,483
Beyond one year		—
Total outstanding	$	29,483

On May 24, 2019, the Company’s China subsidiary, Global, entered into a five-year revolving credit line agreement, totaling 180,000,000 RMB (the "SPD Credit Line"), or approximately $25.4 million at that time, and a mortgage security agreement (the "Security Agreement"), with Shanghai Pudong Development Bank Co., Ltd ("SPD"). Borrowing under the SPD Credit Line will be used for general corporate and capital investment purposes, including the issuance of bank acceptance notes to Global’s vendors. Global may draw upon the SPD Credit Line on an as-needed basis at any time during the 5-year term; however, draws under the SPD Credit Line may become due and repayable to SPD at SPD’s discretion due to changes in Chinese government regulations and/or changes in Global’s financial and operational condition. Each draw will bear interest equal to SPD’s commercial banking interest rate effective on the day of the applicable draw. Global’s obligations under the SPD Credit Line will be secured by real property owned by Global and mortgaged to the Bank under the terms of the Security Agreement.

On May 24, 2024, Global renewed the SPD Credit Line for a five-year revolving credit line, totaling 170,000,000 RMB (the “Renewed SPD Credit Line”) or approximately $23.9 million at that time, and Global also entered into a mortgage contract security agreement, with SPD. Global may draw upon the Credit Line on an as-needed basis between May 24, 2024 and May 24, 2029.

As of September 30, 2024, $ 11.8 million was outstanding under the Renewed SPD Credit Line and the outstanding balance of bank acceptance notes issued to vendors was $9.9 million.

On June 7, 2022, the Company's China Subsidiary, Global, entered a security agreement with China Zheshang Bank in Ningbo City, China ("CZB") for a five-year credit line agreement, totaling 200,000,000 RMB (the "¥200M Credit Facility"), or approximately $29.9 million at that time. Global may draw upon the ¥200M Credit Facility between June 7, 2022 and June 6, 2027 (the "¥200M Credit Period"). During the ¥200M Credit Period, Global may request to draw upon the ¥200M Credit Facility on an as-needed basis; however, draws under the ¥200M Credit Facility may become due and repayable to CZB at CZB’s discretion due to changes in Chinese government regulations and/or changes in Global’s financial and operational condition. Each draw will be facilitated by a separate credit agreement specifying the terms of each draw and will bear interest equal to CZB's commercial banking interest rate effective on the day of the applicable draw. Global’s obligations under the ¥200M Credit Facility will be secured by real property owned by Global and mortgaged to CZB under the terms of the Real Estate Security Agreement. On December 21, 2023, Global entered into an asset pool business cooperation agreement ("Asset Pool Agreement") and an asset pool pledge contract (the "Pledge Contract") (referred to collectively as the Pledge Asset Line"), with CZB, which supplements the existing ¥200M Credit Facility. The Pledge Asset Line does not constitute a new credit line or an increase to the existing credit limits. Global may draw upon the Pledge Asset Line between December 21, 2023 and December 21, 2025 (the "Asset Pool Period"). During the Asset Pool Period, Global may request to draw upon the Pledge Asset Line on an as-needed bases; however, amount of available credit under the Pledge Asset Line and approval of each draw may be reduced or declined by CZB due to changes in Chinese government regulations and/or changes in Global's financial and operational condition. Each draw will be facilitated by a separate credit agreement specifying the terms of each draw and will bear interest equal to CZB's commercial banking interest rate effective on the day of the applicable draw. Global's obligations under the Pledge Asset Line will be secured by certain financial assets, including but not limited to, deposit receipts, domestic accounts receivable and electronic commercial paper. As of September 30, 2024, $17.7 million was outstanding under the ¥200M Credit Facility, and there was no outstanding balance of bank acceptance notes issued to vendors.

As of September 30, 2024 and December 31, 2023, the Company had $23.3 million and $22.5 million of unused borrowing capacity, respectively.

As of September 30, 2024 and December 31, 2023, there was $6.5 million and $9.7 million of restricted cash, investments or security deposits associated with the loan facilities, respectively.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

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-Topic 470
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Note 17 - Geographic Information (Tables)

9 Months Ended

Sep. 30, 2024

Revenue from External Customers by Geographic Areas [Table Text Block]

	*Three months ended September 30,*				*Nine months ended September 30,*
	*2024*		*2023*		*2024*		*2023*
Revenues:
United States	$	1,659	$	5,494	$	6,336	$	14,636
Taiwan		34,663		37,194		88,225		113,851
China		28,829		19,859		54,533		28,706
Total	$	65,151	$	62,547	$	149,094	$	157,193

Long-Lived Assets by Geographic Areas [Table Text Block]

	*September 30,*		*December 31,*
	*2024*		*2023*
Long-lived assets:
United States	$	78,415	$	75,283
Taiwan		46,912		47,668
China		98,453		91,050
Total	$	223,780	$	214,001

Note 12 - Convertible Senior Notes - Schedule of Carrying Value of Convertible Senior Notes (Details) - The 5.250% Convertible Senior Notes Due 2026 [Member] - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Dec. 05, 2023
Principal	$ 80,214	$ 80,214	$ 80,200
Unamortized debt issuance costs	(3,161)	(3,981)
Net carrying amount	$ 77,053	$ 76,233

Note 7 - Inventories

9 Months Ended

Sep. 30, 2024

Inventory Disclosure [Text Block]

Note 7. Inventories

Inventories, net of inventory write-downs, consist of the following for the periods indicated (in thousands):

	*September 30, 2024*			*December 31, 2023*
Raw materials	$	33,154		$	22,128
Work in process and sub-assemblies		30,650			33,792
Finished goods		16,196			22,452
Allowance for inventory		(15,618	)		(14,506	)
Total inventories	$	64,382		$	63,866

For the three months ended September 30, 2024 and 2023, the inventory reserve adjustment expensed for inventory was $0.7 million and $2.4 million, respectively. For nine months ended September 30, 2024 and 2023, the inventory reserve adjustment expensed for inventory was $2.4 million and $7.5 million, respectively.

For the three months ended September 30, 2024 and 2023, the direct inventory write-offs related to scrap, discontinued products and damaged inventories were $0.7 million and $1.5 million, respectively. For the nine months ended September 30, 2024 and 2023, the direct inventory write-offs related to scrap, discontinued products and damaged inventories were $2.4 million and $8.4 million, respectively.

Note 7 - Inventories - Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Raw materials	$ 33,154	$ 22,128
Work in process and sub-assemblies	30,650	33,792
Finished goods	16,196	22,452
Allowance for inventory	(15,618)	(14,506)
Total inventories	$ 64,382	$ 63,866

Note 4 - Leases (Tables)

9 Months Ended

Sep. 30, 2024

Lease, Cost [Table Text Block]

	*Three months ended September 30,*				*Nine months ended September 30,*
	*2024*		*2023*		*2024*		*2023*
Operating lease expense	$	318	$	287	$	1,028	$	849
Financing lease expense		—		8		—		24
Short Term lease expense		41		3		62		9
Total lease expense	$	359	$	298	$	1,090	$	882

	*Nine months ended September 30,*
	*2024*			*2023*
Weighted Average Remaining Lease Term (Years) - operating leases		4.38			5.33
Weighted Average Remaining Lease Term (Years) - financing leases		—			0.08
Weighted Average Discount Rate - operating leases		3.12	%		3.28	%
Weighted Average Discount Rate - financing leases		—			5.00	%

	*Nine months ended September 30,*
	*2024*		*2023*
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	964	$	934
Operating cash flows from financing lease		—		3
Financing cash flows from financing lease		—		15

Lessee, Operating and Finance Lease, Liability, Maturity [Table Text Block]

Fiscal years:	*Operating*
2024 (remaining 3 months)	$	309
2025		1,256
2026		1,069
2027		1,061
2028		1,060
2029 and thereafter		449
Total lease payments		5,204
Less imputed interest		(358	)
Present value	$	4,846

Insider Trading Arrangements

3 Months Ended

9 Months Ended

Sep. 30, 2024

ecd_TradingArrByIndTable

Material Terms of Trading Arrangement [Text Block]

Item 5. Other Information

(a)

On November 6, 2024, the Company provided notice of its termination, effective on such date, of the Equity Distribution Agreement dated March 13, 2024 between the Company and Raymond James & Associates in connection with the Company’s At-The-Market equity offering program (the “ATM program”). As previously reported, the Company could offer and sell shares of its common stock having an aggregate proceeds of up to $60 million through Raymond James & Associates as sales agent. As of the termination date, the ATM program had generated total gross proceeds of $59.9 million.

(b) None

The adoption or termination of contracts, instructions or written plans for the purchase or sale of our securities by our Section 16 officers and directors for the three months ended September 30, 2024, each of which is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act ("Rule 10b5-1 Plan"), were as follows:

Name	Title	Action	Date Adopted	Expiration Date	Aggregate # of Securities to be Purchased/Sold
Richard B. Black⁽¹⁾	Director	Adopt	8/13/2024	1/31/2025	30,000
Stefan Murry⁽²⁾	Chief Financial Officer	Adopt	9/18/2024	8/1/2025	48,000

Richard B. Black, our Director, entered into a Rule 10b5-1 Plan on August 13, 2024. Mr. Black's plan provides for the potential sale of up to 30,000 shares of the Company's common stock. The plan expires on January 31, 2025, or upon the earlier completion of all authorized transactions under the plan.

Stefan Murry, our Chief Financial Officer, entered into a Rule 10b5-1 Plan on September 18, 2024. Dr. Murry's plan provides for the potential sale of up to 48,000 shares of the Company's common stock. The plan expires on August 1, 2025, or upon the earlier completion of all authorized transactions under the plan.

Non-Rule 10b5-1 Arrangement Terminated [Flag]

false

Non-Rule 10b5-1 Arrangement Adopted [Flag]

false

Rule 10b5-1 Arrangement Terminated [Flag]

false

Richard B Black [Member]

ecd_TradingArrByIndTable

Trading Arrangement Adoption Date

8/13/2024

Trading Arrangement, Securities Aggregate Available Amount

30,000

Trading Arrangement, Individual Name

Richard B. Black

Trading Arrangement, Individual Title

Director

Rule 10b5-1 Arrangement Adopted [Flag]

true

Stefan Murry [Member]

ecd_TradingArrByIndTable

Trading Arrangement Adoption Date

9/18/2024

Trading Arrangement, Securities Aggregate Available Amount

48,000

Trading Arrangement, Individual Name

Stefan Murry

Trading Arrangement, Individual Title

Chief Financial Officer

Rule 10b5-1 Arrangement Adopted [Flag]

true

Note 2 - Significant Accounting Policies

9 Months Ended

Sep. 30, 2024

Significant Accounting Policies [Text Block]

Note 2. Significant Accounting Policies

There have been no changes in the Company’s significant accounting policies for the three and nine months ended September 30, 2024, as compared to the significant accounting policies described in its 2023 Annual Report.

Recent Accounting Pronouncements

There was no accounting pronouncement adopted in the third quarter of 2024.

Recent Accounting Pronouncements Yet to be Adopted

In December 2023, the Financial Accounting Standard Board ("FASB") issued Accounting Standard Update ("ASU") 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures", which requires the Company to disclose disaggregated jurisdictional and categorical information for the tax rate reconciliation, income taxes paid and other income tax related amounts. This guidance is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The adoption is expected to enhance the Company's Notes to the Consolidated Financial Statements. The Company is currently evaluating the impact the new standard will have on its financial statements and related disclosures.

In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures", which requires the Company to expand the breadth and frequency of segment disclosures to include additional information about significant segment expenses, the chief operating decision maker (CODM) and other items, and also require the annual disclosures on an interim basis. This guidance is effective for annual periods beginning after December 15, 2023, with early adoption permitted. The standard will be effective for the Company beginning with 2024 10-K and interim periods afterwards. The Company has evaluated this new standard and intends to comply with the new disclosure requirements when required.

In October 2023, the FASB issued ASU 2023-06, "Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative", which amends U.S. GAAP to include 14 disclosure requirements that are currently required under SEC Regulation S-X or Regulation S-K. Each amendment will be effective on the date on which the SEC removes the related disclosure requirement from SEC Regulation S-X or Regulation S-K. The Company has evaluated the new standard and determined that it will have no material impact on its financial statements or disclosures since the Company is already subject to the relevant SEC disclosure requirements.

Note 3 - Revenue Recognition - Changes in Unearned Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Unearned revenue, beginning of period	$ 1,570	$ 11,720	$ 1,803	$ 3,000
Additional unearned revenue	0	2,724	0	12,608
Revenue recognized	131	1,947	364	3,111
Unearned revenue, end of period	$ 1,439	$ 12,497	$ 1,439	$ 12,497

Note 11 - Notes Payable and Long-term Debt - Schedule of Notes Payable and Long-term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Long-term debt	$ 29,483	$ 23,197
Less current portion	(29,483)	(23,197)
Non-current portion	0	0
Bank Acceptance Notes Payable [Member]
Bank acceptance notes issued to vendors with a 0.05% handling fees	9,934	15,482
SPD Bank [Member] \| Revolving Credit Facility [Member]
Long-term debt	11,787	12,608
China Zheshang Bank Co., Ltd [Member] \| Revolving Credit Facility [Member] \| The ¥200M Credit Facility [Member]
Long-term debt	$ 17,696	$ 10,589

Note 9 - Intangible Assets, Net (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Finite-Lived Intangible Assets [Table Text Block]

	*September 30, 2024*
	*Gross*		*Accumulated*			*Intangible*
	*Amount*		*amortization*			*assets, net*
Patents	$	9,788	$	(6,278	)	$	3,510
Trademarks		202		(49	)		153
Total intangible assets	$	9,990	$	(6,327	)	$	3,663

	*December 31, 2023*
	*Gross*		*Accumulated*			*Intangible*
	*Amount*		*amortization*			*assets, net*
Patents	$	9,502	$	(5,981	)	$	3,521
Trademarks		138		(31	)		107
Total intangible assets	$	9,640	$	(6,012	)	$	3,628

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

2024 (remaining 3 months)	$	102
2025		442
2026		442
2027		442
2028		442
2029 and thereafter		1,793
	$	3,663

Note 3 - Revenue Recognition (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Contract with Customer, Liability	$ 1,439	$ 12,497	$ 1,439	$ 12,497	$ 1,570	$ 1,803	$ 11,720	$ 3,000
Contract With Customer, Liability, Revenue Recognized Including Opening Balance	$ 131	$ 1,947	$ 364	$ 3,111

Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

New Accounting Pronouncements, Policy [Policy Text Block]

Recent Accounting Pronouncements

There was no accounting pronouncement adopted in the third quarter of 2024.

Recent Accounting Pronouncements Yet to be Adopted

Note 5 - Cash, Cash Equivalents and Restricted Cash

9 Months Ended

Sep. 30, 2024

Cash and Cash Equivalents Disclosure [Text Block]

Note 5. Cash, Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the statement of financial position that sum to the total of the same such amounts in the statement of cash flows (in thousands):

	*September 30,*		*December 31,*
	*2024*		*2023*
Cash and cash equivalents	$	34,124	$	45,366
Restricted cash		7,243		9,731
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	$	41,367	$	55,097

Restricted cash includes guarantee deposits for customs duties, China government subsidy fund, and compensating balances associated with certain credit facilities. As of September 30, 2024 and December 31, 2023, there were $4.0 million and $6.5 million of restricted cash required for bank acceptance notes issued to vendors, respectively. In addition, there were deposits of $2.6 million and $2.5 million in certificates of deposit associated with credit facilities with a bank in China as of September 30, 2024 and December 31, 2023 , respectively. There were $0.7 million guarantee deposits for customs duties as of September 30, 2024 and December 31, 2023.

Note 5 - Cash, Cash Equivalents and Restricted Cash (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Cash and Cash Equivalents [Table Text Block]

	*September 30,*		*December 31,*
	*2024*		*2023*
Cash and cash equivalents	$	34,124	$	45,366
Restricted cash		7,243		9,731
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	$	41,367	$	55,097

Note 5 - Cash, Cash Equivalents and Restricted Cash (Details Textual) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Restricted Cash and Cash Equivalents, Current	$ 7,243	$ 9,731
CHINA
Certificates of Deposit, at Carrying Value	2,600	2,500
Bankers Acceptance [Member]
Restricted Cash and Cash Equivalents, Current	4,000	6,500
Guarantee Deposits for Customs Duties [Member]
Restricted Cash and Cash Equivalents, Current	$ 700	$ 700

Note 10 - Fair Value of Financial Instruments (Details Textual) - Senior Notes [Member] - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Convertible Debt, Fair Value Disclosures	$ 94.1	$ 76.5
Convertible Debt	$ 77.1	$ 76.5

Note 15 - Share-based Compensation

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Text Block]

Note 15. Share-Based Compensation

Equity Plans

The Company’s board of directors and stockholders approved the following equity plans:

●

the 2013 Equity Incentive Plan ("2013 Plan")

	●	the 2021 Equity Incentive Plan ("2021 Plan")
	●	the 2023 Equity Inducement Plan ("Inducement Plan")

The Company has issued stock options, restricted stock awards ("RSAs") and restricted stock units ("RSUs") to employees, consultants and non-employee directors. Stock option awards generally vest over a four-year period and have a maximum term of ten years. Stock options under these plans have been granted with an exercise price equal to the fair market value on the date of the grant. Nonqualified and Incentive Stock Options, RSAs and RSUs may be granted from these plans.

Stock Options

Options have been granted to the Company’s employees under the 2013 Plan and generally become exercisable as to 25% of the shares on the first anniversary date following the date of grant and 12.5% on a semi-annual basis thereafter. All options expire ten years after the date of grant.

The following is a summary of option activity:

						*Weighted*				*Weighted*
				*Weighted*		*Average*				*Average*
				*Average*		*Share Price*		*Weighted*		*Remaining*		*Aggregate*
	*Number of*			*Exercise*		*on Date of*		*Average*		*Contractual*		*Intrinsic*
	*shares*			*Price*		*Exercise*		*Fair Value*		*Life*		*Value*
	(in thousands, except price data and Contractual Life)
Outstanding at January 1, 2024		1		$	13.84		—	$	7.12		0.08	$	8
Exercised		—			13.84		—		7.12		—		2
Forfeited		(1	)		13.84		—		7.12		—		—
Outstanding, September 30, 2024		—			—		—		—		—		—
Exercisable, September 30, 2024		—			—		—		—		—		—
Vested and expected to vest		—			—		—		—		—		—

As of September 30, 2024, there was no unrecognized stock option expense.

Performance Based Incentive

Starting in 2021, certain senior executives were granted performance stock units ("PSUs") under our 2021 Equity Incentive Plan ("2021 Plan"), which generally vest over a three-year period subject to achievement of certain pre-established performance metrics. The number of shares of common stock that would ultimately be issued to settle PSUs granted ranged from 0% to 200% of the target number of shares granted. We estimate the fair value of the PSUs on the date of grant using a Monte Carlo simulation model, with stock-based compensation expense recognized ratably over the applicable three-year performance period. The Company recognized stock-based compensation expense for the PSUs for the three months ended September 30, 2024 and 2023 of $3.8 million and $1.1 million, respectively. The Company recognized stock-based compensation expense for the nine months ended September 30, 2024 and 2023 of $5.8 million and $2.0 million, respectively.

On June 12, 2024, the Compensation Committee certified the Company exceeded the maximum performance target level for each of the performance targets set for the PSUs granted in June 2021 (the "2021 PSUs"). Therefore, applicable employees were entitled to payment of the 2021 PSUs at 200% of the target shares granted under the 2021 Plan. On June 6, 2024, at the annual meeting of stockholders, a proposal to increase the number of shares of common stock authorized for issuance under the 2021 Equity Incentive Plan by 2,000,000 shares was not approved, and as a result, the Company did not have enough shares of common stock available for issuance to satisfy the additional shares earned above 100% of target shares of the 2021 PSUs (the "2021 Additional Shares"). In lieu of shares of common stock, the Company settled the 2021 Additional Shares in cash, resulting in an additional $2.8 million of stock-based compensation expense in thenine months ended September 30, 2024.

The following is a summary of PSU activity for the nine months ended September 30, 2024:

				*Weighted*
				*Average Share*		*Weighted*		*Aggregate*
	*Number of*			*Price on Date*		*Average Fair*		*Intrinsic*
	*shares*			*of Release*		*Value*		*Value*
	(in thousands, except price data)
Outstanding at January 1, 2024		1,533			—	$	7.82	$	29,610
Granted		191			—		16.40		1,958
Released		(277	)		10.44		14.27		2,890
Cancelled/Forfeited		—			—		—		—
Outstanding, September 30, 2024		1,447			—		7.72		20,711
Vested and expected to vest		1,447			—	$	7.72		20,711

As of September 30, 2024, there was $6.7 million of unrecognized stock-based compensation expense related to outstanding PSUs, which expense is expected to be recognized over 1.9 years.

Restricted Stock Units

The following is a summary of RSU activity:

				*Weighted*
				*Average Share*		*Weighted*		*Aggregate*
	*Number of*			*Price on Date*		*Average Fair*		*Intrinsic*
	*shares*			*of Release*		*Value*		*Value*
	(in thousands, except price data)
Outstanding at January 1, 2024		2,873			—	$	4.89	$	55,507
Granted		701			—		10.52		7,375
Released		(1,031	)		12.51		6.11		12,895
Cancelled/Forfeited		(27	)		—		6.16		394
Outstanding, September 30, 2024		2,516			—		5.95		36,001
Vested and expected to vest		2,516			—	$	5.95	$	36,001

As of September 30, 2024, there was $13.3 million of unrecognized compensation expense related to these RSUs. This expense is expected to be recognized over 2.5 years.

Share-Based Compensation

Employee share-based compensation expenses recognized for the periods indicated (in thousands):

	*Three months ended*				*Nine months ended*
	*September 30,*				*September 30,*
	*2024*		*2023*		*2024*		*2023*
Share-based compensation - by expense type
Cost of goods sold	$	116	$	123	$	355	$	393
Research and development		356		358		1,114		1,135
Sales and marketing		334		300		1,160		786
General and administrative		2,137		2,454		9,212		6,273
Total share-based compensation expense	$	2,943	$	3,235	$	11,841	$	8,587

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) shares in Thousands, $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Accounts receivable, allowance	$ 1,805	$ 3
Preferred stock, shares authorized (in shares)	5,000	5,000
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, shares authorized (in shares)	80,000	80,000
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares issued (in shares)	44,852	38,148
Common stock, shares outstanding (in shares)	44,852	38,148

Note 6 - Earnings (Loss) Per Share - Potentially Dilutive Securities Excluded from Diluted Net Income (Loss) per Share (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Employee stock options (in shares)	7,361	7,245	7,807	5,560
Share-Based Payment Arrangement, Option [Member]
Employee stock options (in shares)	0	8	0	0
Restricted Stock Units (RSUs) [Member]
Employee stock options (in shares)	2,097	2,650	2,543	973
Convertible Debt Securities [Member]
Employee stock options (in shares)	5,264	4,587	5,264	4,587

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue, net	$ 65,151	$ 62,547	$ 149,094	$ 157,193
Cost of goods sold	49,234	42,373	116,023	119,876
Gross profit	15,917	20,174	33,071	37,317
Operating expenses
Research and development	13,428	9,457	38,218	26,633
Sales and marketing	4,796	3,035	14,503	7,631
General and administrative	14,240	14,368	44,786	39,870
Total operating expenses	32,464	26,860	97,507	74,134
Loss from operations	(16,547)	(6,686)	(64,436)	(36,817)
Other income (expense)
Interest income	156	65	509	133
Interest expense	(1,702)	(1,989)	(5,072)	(6,301)
Other expense, net	336	(343)	1,957	803
Total other income (expense), net	(1,210)	(2,267)	(2,606)	(5,365)
Loss before income taxes	(17,757)	(8,953)	(67,042)	(42,182)
Income tax expense	0	0	0	(8)
Net loss	$ (17,757)	$ (8,953)	$ (67,042)	$ (42,190)
Net loss per share
Basic (in dollars per share)	$ (0.42)	$ (0.27)	$ (1.68)	$ (1.39)
Diluted (in dollars per share)	$ (0.42)	$ (0.27)	$ (1.68)	$ (1.39)
Weighted average shares used to compute net loss per share:
Basic (in shares)	42,311,811	32,774,148	40,021,297	30,392,483
Diluted (in shares)	42,311,811	32,774,148	40,021,297	30,392,483

Note 4 - Leases - Maturities of Lease Liabilities (Details) $ in Thousands	Sep. 30, 2024 USD ($)
2024 (remaining 9 months), Operating Lease	$ 309
2025, Operating Lease	1,256
2026, Operating Lease	1,069
2027, Operating Lease	1,061
2028, Operating Lease	1,060
2028 and thereafter, Operating Lease	449
Total operating lease payments	5,204
Less imputed interest, operating leases	(358)
Present value, operating leases	$ 4,846

Note 6 - Loss Per Share (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	*Three months ended September 30,*						*Nine months ended September 30,*
	*2024*			*2023*			*2024*			*2023*
Numerator:
Net loss		(17,757	)	$	(8,953	)	$	(67,042	)	$	(42,190	)
Denominator:
Weighted average shares used to compute net loss per share
Basic		42,312			32,774			40,021			30,392
Diluted		42,312			32,774			40,021			30,392
Net loss per share
Basic	$	(0.42	)	$	(0.27	)	$	(1.68	)	$	(1.39	)
Diluted	$	(0.42	)	$	(0.27	)	$	(1.68	)	$	(1.39	)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]

	*Three months ended September 30,*				*Nine months ended September 30,*
	*2024*		*2023*		*2024*		*2023*
Employee stock options		—		8		—		—
Restricted stock units		2,097		2,650		2,543		973
Shares for convertible senior notes		5,264		4,587		5,264		4,587
Total antidilutive shares		7,361		7,245		7,807		5,560

Note 11 - Notes Payable and Long-term Debt - Maturities of Notes Payable and Long-term Debt (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Within one year	$ 29,483
Beyond one year	0
Total outstanding	$ 29,483

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Note 12 - Convertible Senior Notes (Tables)

9 Months Ended

Sep. 30, 2024

Convertible Debt [Table Text Block]

	*September 30,*			*December 31,*
	*2024*			*2023*
Principal	$	80,214		$	80,214
Unamortized debt issuance costs		(3,161	)		(3,981	)
Net carrying amount	$	77,053		$	76,233

Interest Income and Interest Expense Disclosure [Table Text Block]

	*Three months ended September 30,*						*Nine months ended September 30,*
	*2024*			*2023*			*2024*			*2023*
Contractual interest expense	$	1,053		$	1,006		$	3,161		$	3,019
Amortization of debt issuance costs		363			208			1,072			618
Total interest cost	$	1,416		$	1,214		$	4,233		$	3,637
Effective interest rate		5.3	%		5.1	%		5.3	%		5.1	%

Note 15 - Share-based Compensation - Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Outstanding, number of shares (in shares)	1
Outstanding, weighted average exercise price (in dollars per share)	$ 13.84
Outstanding, weighted average fair value (in dollars per share)	$ 7.12
Outstanding, weighted average remaining contractual life (Year)		29 days
Outstanding, aggregate intrinsic value	$ 0	$ 8
Exercised, number of shares (in shares)	0
Exercised, weighted average exercise price (in dollars per share)	$ 13.84
Exercised, weighted average share price on date of exercise (in dollars per share)	0
Exercised, weighted average fair value (in dollars per share)	$ 7.12
Exercised, aggregate intrinsic value	$ 2
Forfeited, number of shares (in shares)	(1)
Forfeited, weighted average exercise price (in dollars per share)	$ 13.84
Forfeited, weighted average fair value (in dollars per share)	$ 7.12
Outstanding, number of shares (in shares)	0	1
Outstanding, weighted average exercise price (in dollars per share)	$ 0	$ 13.84
Outstanding, weighted average fair value (in dollars per share)	$ 0	$ 7.12
Exercisable, number of shares (in shares)	0
Exercisable, weighted average exercise price (in dollars per share)	$ 0
Exercisable, weighted average fair value (in dollars per share)	$ 0
Exercisable, aggregate intrinsic value	$ 0
Vested and expected to vest, number of shares (in shares)	0
Vested and expected to vest, weighted average exercise price (in dollars per share)	$ 0
Vested and expected to vest, weighted average fair value (in dollars per share)	$ 0
Vested and expected to vest, aggregate intrinsic value	$ 0

Note 16 - Income Taxes (Details Textual)	3 Months Ended
Note 16 - Income Taxes (Details Textual)	Sep. 30, 2024	Sep. 30, 2023
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%	21.00%

Note 6 - Earnings (Loss) Per Share - Computation of Basic and Diluted Net Income (Loss) per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net loss	$ (17,757)	$ (8,953)	$ (67,042)	$ (42,190)
Basic (in shares)	42,311,811	32,774,148	40,021,297	30,392,483
Diluted (in shares)	42,311,811	32,774,148	40,021,297	30,392,483
Basic (in dollars per share)	$ (0.42)	$ (0.27)	$ (1.68)	$ (1.39)
Diluted (in dollars per share)	$ (0.42)	$ (0.27)	$ (1.68)	$ (1.39)

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Sep. 30, 2024	Nov. 04, 2024
Document Information [Line Items]
Entity Central Index Key	0001158114
Entity Registrant Name	APPLIED OPTOELECTRONICS, INC.
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2024
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-36083
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	76-0533927
Entity Address, Address Line One	13139 Jess Pirtle Blvd.
Entity Address, City or Town	Sugar Land
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77478
City Area Code	281
Local Phone Number	295-1800
Title of 12(b) Security	Common Stock, Par value $0.001
Trading Symbol	AAOI
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		45,078,203

Note 13 - Accrued Liabilities

9 Months Ended

Sep. 30, 2024

Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block]

Note 13. Accrued Liabilities

Accrued liabilities consisted of the following for the periods indicated (in thousands):

	*September 30, 2024*		*December 31, 2023*
Accrued payroll	$	10,143	$	12,146
Accrued employee benefits		3,674		3,376
Accrued state and local taxes		1,392		745
Accrued interest		1,345		341
Accrued shipping and tariff expenses		291		27
Advanced payments		228		187
Accrued commission expenses		667		649
Accrued professional fees		218		270
Accrued product warranty		246		255
Accrued other		936		553
Total accrued liabilities	$	19,140	$	18,549

Note 15 - Share-based Compensation - Performance Stock Unit/Awards Activity (Details) - Performance Shares [Member] $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($) $ / shares shares
Outstanding, number of shares (in shares) \| shares	1,533
Outstanding, weighted average fair value (in dollars per share)	$ 7.82
Outstanding, aggregate intrinsic value \| $	$ 29,610
Granted, number of shares (in shares) \| shares	191
Granted, weighted average fair value (in dollars per share)	$ 16.4
Granted, aggregate intrinsic value \| $	$ 1,958
Released, number of shares (in shares) \| shares	(277)
Released, weighted average share price on date of release (in dollars per share)	$ 10.44
Released, weighted average fair value (in dollars per share)	$ 14.27
Released, aggregate intrinsic value \| $	$ 2,890
Cancelled/Forfeited, number of shares (in shares) \| shares	0
Cancelled/Forfeited, weighted average fair value (in dollars per share)	$ 0
Cancelled/Forfeited, aggregate intrinsic value \| $	$ 0
Outstanding, number of shares (in shares) \| shares	1,447
Outstanding, weighted average fair value (in dollars per share)	$ 7.72
Outstanding, aggregate intrinsic value \| $	$ 20,711
Vested and expected to vest, number of shares (in shares) \| shares	1,447
Vested and expected to vest, weighted average fair value (in dollars per share)	$ 7.72
Vested and expected to vest, aggregate intrinsic value \| $	$ 20,711

Note 9 - Intangible Assets, Net

9 Months Ended

Sep. 30, 2024

Intangible Assets Disclosure [Text Block]

Note 9. Intangible Assets, net

Intangible assets consisted of the following for the periods indicated (in thousands):

	*September 30, 2024*
	*Gross*		*Accumulated*			*Intangible*
	*Amount*		*amortization*			*assets, net*
Patents	$	9,788	$	(6,278	)	$	3,510
Trademarks		202		(49	)		153
Total intangible assets	$	9,990	$	(6,327	)	$	3,663

	*December 31, 2023*
	*Gross*		*Accumulated*			*Intangible*
	*Amount*		*amortization*			*assets, net*
Patents	$	9,502	$	(5,981	)	$	3,521
Trademarks		138		(31	)		107
Total intangible assets	$	9,640	$	(6,012	)	$	3,628

For the three months ended September 30, 2024 and 2023, amortization expense for intangible assets, included in general and administrative expenses on the statement of operations, was $0.1 million and $0.2 million, respectively. For the nine months ended September 30, 2024 and 2023, amortization expense for intangible assets, included in general and administrative expenses on the statement of operations, was $0.3 million and $0.5 million, respectively. The remaining weighted average amortization period for intangible assets is approximately 9 years.

On September 30, 2024, future amortization expenses for intangible assets for future periods are estimated to be (in thousands):

2024 (remaining 3 months)	$	102
2025		442
2026		442
2027		442
2028		442
2029 and thereafter		1,793
	$	3,663

Note 16 - Income Taxes

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Text Block]

Note 16. Income Taxes

For the three months ended September 30, 2024 and 2023, the effective tax rate varied from the federal statutory rate of 21% primarily due to the change of the valuation allowance on federal, state, Taiwan, and China deferred tax assets ("DTA").

The Company continually monitors and performs an assessment of the realizability of its DTAs, including an analysis of factors such as future taxable income, reversal of existing taxable temporary differences, and tax planning strategies. In assessing the need for a valuation allowance, the Company considered both positive and negative evidence related to the likelihood of realization of deferred tax assets using a “more likely than not” standard. In making such assessment, more weight was given to evidence that could be objectively verified, including recent cumulative losses. Based on the Company’s review of this evidence, management determined that a full valuation allowance against all of the Company’s net deferred tax assets at September 30, 2024 was appropriate.

The entire disclosure for income tax.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Note 18 - Contingencies (Details Textual) - Loss Contingency, Obligation for Sales and Use Tax [Member] $ in Millions	Aug. 09, 2021 USD ($)
Loss Contingency, Potential Obligation	$ 1.0
Loss Contingency Accrual, Payments	$ 0.4

Note 9 - Intangible Assets, Net (Details Textual) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Amortization of Intangible Assets	$ 0.1	$ 0.2	$ 0.3	$ 0.5
Finite-Lived Intangible Assets, Remaining Amortization Period (Year)	9 years		9 years

Note 12 - Convertible Senior Notes - Schedule of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Amortization of debt issuance costs			$ 1,037	$ 928
The 2024 Notes and 2026 Notes [Member]
Contractual interest expense	$ 1,053	$ 1,006	3,161	3,019
Amortization of debt issuance costs	363	208	1,072	618
Total interest cost	$ 1,416	$ 1,214	$ 4,233	$ 3,637
Effective interest rate	5.30%	5.10%	5.30%	5.10%

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating activities:
Net loss	$ (67,042)	$ (42,190)
Adjustments to reconcile net loss to net cash used in operating activities:
Allowance of bad debt	1,802	(27)
Inventory reserve adjustment	2,386	7,454
Depreciation and amortization	15,293	15,499
Amortization of debt issuance costs	1,037	928
Gain (loss) on disposal of assets	33	2
Share-based compensation	11,841	8,587
Unrealized foreign exchange (gain)	(25)	(583)
Changes in operating assets and liabilities:
Accounts receivable, trade	(28,884)	450
Trade Notes receivable	172	301
Prepaid income tax	(2)	(2)
Inventories	(2,760)	2,917
Other current assets	(2,029)	1,384
Operating right of use asset	784	345
Accounts payable	23,099	(12,992)
Accrued liabilities	612	(600)
Accrued Income Tax	0	(1)
Unearned revenue	(364)	9,497
Lease liability	(863)	(448)
Net cash used in operating activities	(44,910)	(9,479)
Investing activities:
Purchase of property, plant and equipment	(15,027)	(2,915)
Proceeds from disposal of equipment	7	131
Deposits and prepaid for equipment	(6,033)	(1,948)
Purchase of intangible assets	(374)	(426)
Net cash used in investing activities	(21,427)	(5,158)
Financing activities:
Principal payments of long-term debt and notes payable	(251)	0
Proceeds from line of credit borrowings	35,639	47,047
Repayments of line of credit borrowings	(29,701)	(71,834)
Proceeds from bank acceptance payable	24,831	42,118
Repayments of bank acceptance payable	(30,484)	(39,699)
Proceeds from issuance of convertible senior notes, net of debt issuance costs	(214)	0
Principal payments of financing lease	0	(15)
Exercise of stock options	(2)	(13)
Payments of tax withholding on behalf of employees related to share-based compensation	(3,053)	(640)
Proceeds from common stock offering, net	58,494	32,312
Cash settlement of share-based compensation	(2,791)	0
Net cash provided by financing activities	52,468	9,276
Effect of exchange rate changes on cash	139	1,015
Net decrease in cash, cash equivalents and restricted cash	(13,730)	(4,346)
Cash, cash equivalents and restricted cash at beginning of period	55,097	35,587
Cash, cash equivalents and restricted cash at end of period	41,367	31,241
Supplemental disclosure of cash flow information:
Interest, net of amounts capitalized	2,635	6,054
Income taxes	1	10
Non-cash investing and financing activities:
Net change in accounts payable related to property and equipment additions	(411)	(12)
Net change in deposits and prepaid for equipment related to property and equipment additions	$ 276	$ (473)

Note 17 - Geographic Information - Revenue Information by Geographic Region (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue, net	$ 65,151	$ 62,547	$ 149,094	$ 157,193
UNITED STATES
Revenue, net	1,659	5,494	6,336	14,636
TAIWAN
Revenue, net	34,663	37,194	88,225	113,851
CHINA
Revenue, net	$ 28,829	$ 19,859	$ 54,533	$ 28,706

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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Note 5 - Cash, Cash Equivalents and Restricted Cash - Summary of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Cash and cash equivalents	$ 34,124	$ 45,366
Restricted cash	7,243	9,731
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	$ 41,367	$ 55,097

Note 9 - Intangible Assets, Net - Finite-lived Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Intangible assets, gross amount	$ 9,990	$ 9,640
Intangible assets, accumulated amortization	(6,327)	(6,012)
Intangible assets, net	3,663	3,628
Patents [Member]
Intangible assets, gross amount	9,788	9,502
Intangible assets, accumulated amortization	(6,278)	(5,981)
Intangible assets, net	3,510	3,521
Trademarks [Member]
Intangible assets, gross amount	202	138
Intangible assets, accumulated amortization	(49)	(31)
Intangible assets, net	$ 153	$ 107

Note 4 - Leases (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Note 4 - Leases (Details Textual) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Lease, Cost	$ 359	$ 298	$ 1,090	$ 882
Selling, General and Administrative Expenses [Member]
Lease, Cost	$ 400	$ 300

Note 11 - Notes Payable and Long-term Debt (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Debt [Table Text Block]

	*September 30, 2024*			*December 31, 2023*
Revolving line of credit with a China bank up to $24.3 million with interest between 4.25% to 4.35%, maturing May 24, 2029	$	11,787		$	12,608
Credit facility with a China bank up to $28.5 million with interest between 4.00% and 4.35%, maturing June 6, 2027		17,696			10,589
Total		29,483			23,197
Less current portion		(29,483	)		(23,197	)
Non-current portion	$	—		$	—

Bank Acceptance Notes Payable		*September 30, 2024*				*December 31, 2023*
Bank acceptance notes issued to vendors with a 0.05% handling fees			$ 9,934				$ 15,482

Schedule of Maturities of Long-Term Debt [Table Text Block]

Within one year	$	29,483
Beyond one year		—
Total outstanding	$	29,483

Note 7 - Inventories (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Inventory, Current [Table Text Block]

	*September 30, 2024*			*December 31, 2023*
Raw materials	$	33,154		$	22,128
Work in process and sub-assemblies		30,650			33,792
Finished goods		16,196			22,452
Allowance for inventory		(15,618	)		(14,506	)
Total inventories	$	64,382		$	63,866

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current Assets
Cash and cash equivalents	$ 34,124	$ 45,366
Restricted cash	7,243	9,731
Accounts receivable - trade, net of allowance of $1,805 and $3, respectively	75,154	48,071
Notes receivable	47	219
Inventories	64,382	63,866
Prepaid income tax	4	3
Prepaid expenses and other current assets	7,409	5,349
Total current assets	188,363	172,605
Property, plant and equipment, net	205,303	200,317
Land use rights, net	4,993	5,030
Operating right of use asset	4,102	5,026
Intangible assets, net	3,663	3,628
Other assets, net	3,548	2,580
TOTAL ASSETS	409,972	389,186
Current liabilities
Accounts payable	55,991	32,892
Bank acceptance payable	9,934	15,482
Accrued liabilities	19,140	18,549
Unearned revenue	1,439	1,803
Current lease liability - operating	1,115	1,149
Current portion of notes payable and long-term debt	29,483	23,197
Current portion of convertible senior notes	0	286
Total current liabilities	117,102	93,358
Non-current lease liability - operating	3,731	4,726
Convertible senior notes	77,053	76,233
TOTAL LIABILITIES	197,886	174,317
Stockholders' equity:
Preferred Stock; 5,000 shares authorized at $0.001 par value; no shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively	0	0
Common Stock; 80,000 shares authorized at $0.001 par value; 44,852 and 38,148 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively	45	38
Additional paid-in capital	543,492	478,972
Accumulated other comprehensive income	709	975
Accumulated deficit	(332,160)	(265,116)
TOTAL STOCKHOLDERS' EQUITY	212,086	214,869
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 409,972	$ 389,186

Note 3 - Revenue Recognition - Revenue by Major Product Category (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue, net	$ 65,151	$ 62,547	$ 149,094	$ 157,193
Percent of Revenue	100.00%	100.00%	100.00%	100.00%
Data Center [Member]
Revenue, net	$ 40,945	$ 48,807	$ 104,283	$ 96,731
Percent of Revenue	62.80%	78.00%	69.90%	61.50%
CATV [Member]
Revenue, net	$ 20,947	$ 10,268	$ 35,501	$ 47,391
Percent of Revenue	32.20%	16.40%	23.80%	30.10%
Telecom [Member]
Revenue, net	$ 2,798	$ 3,074	$ 7,445	$ 11,013
Percent of Revenue	4.30%	5.00%	5.00%	7.00%
FTTH [Member]
Revenue, net	$ 0	$ 0	$ 0	$ 57
Percent of Revenue	0.00%	0.00%	0.00%	0.10%
Product and Service, Other [Member]
Revenue, net	$ 461	$ 398	$ 1,865	$ 2,001
Percent of Revenue	0.70%	0.60%	1.30%	1.30%

Note 13 - Accrued Liabilities (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Accrued Liabilities [Table Text Block]

	*September 30, 2024*		*December 31, 2023*
Accrued payroll	$	10,143	$	12,146
Accrued employee benefits		3,674		3,376
Accrued state and local taxes		1,392		745
Accrued interest		1,345		341
Accrued shipping and tariff expenses		291		27
Advanced payments		228		187
Accrued commission expenses		667		649
Accrued professional fees		218		270
Accrued product warranty		246		255
Accrued other		936		553
Total accrued liabilities	$	19,140	$	18,549

Note 13 - Accrued Liabilities - Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Accrued payroll	$ 10,143	$ 12,146
Accrued employee benefits	3,674	3,376
Accrued state and local taxes	1,392	745
Accrued interest	1,345	341
Accrued shipping and tariff expenses	291	27
Advanced payments	228	187
Accrued commission expenses	667	649
Accrued professional fees	218	270
Accrued product warranty	246	255
Accrued other	936	553
Total accrued liabilities	$ 19,140	$ 18,549

Note 4 - Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Operating lease expense	$ 318	$ 287	$ 1,028	$ 849
Financing lease expense	0	8	0	24
Short Term lease expense	41	3	62	9
Total lease expense	$ 359	$ 298	$ 1,090	$ 882
Weighted Average Remaining Lease Term (Years) - operating leases (Year)	4 years 4 months 17 days	5 years 3 months 29 days	4 years 4 months 17 days	5 years 3 months 29 days
Weighted Average Remaining Lease Term (Years) - financing leases (Year)		29 days		29 days
Weighted Average Discount Rate - operating leases	3.12%	3.28%	3.12%	3.28%
Weighted Average Discount Rate - financing leases	0.00%	5.00%	0.00%	5.00%
Operating cash flows from operating leases			$ 964	$ 934
Operating cash flows from financing lease			0	3
Financing cash flows from financing lease			$ (0)	$ 15

Note 6 - Loss Per Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Text Block]

Note 6. Loss Per Share

Basic net loss per share has been computed using the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share has been computed using the weighted-average number of shares of common stock and dilutive potential common shares from stock options, restricted stock units and senior convertible notes outstanding during the period. In periods with net losses, normally dilutive shares become anti-dilutive. Therefore, basic and diluted loss per share are the same.

The following table sets forth the computation of the basic and diluted net loss per share for the periods indicated (in thousands):

	*Three months ended September 30,*						*Nine months ended September 30,*
	*2024*			*2023*			*2024*			*2023*
Numerator:
Net loss		(17,757	)	$	(8,953	)	$	(67,042	)	$	(42,190	)
Denominator:
Weighted average shares used to compute net loss per share
Basic		42,312			32,774			40,021			30,392
Diluted		42,312			32,774			40,021			30,392
Net loss per share
Basic	$	(0.42	)	$	(0.27	)	$	(1.68	)	$	(1.39	)
Diluted	$	(0.42	)	$	(0.27	)	$	(1.68	)	$	(1.39	)

The following potentially dilutive securities were excluded from the diluted net loss per share as their effect would have been antidilutive (in thousands):

	*Three months ended September 30,*				*Nine months ended September 30,*
	*2024*		*2023*		*2024*		*2023*
Employee stock options		—		8		—		—
Restricted stock units		2,097		2,650		2,543		973
Shares for convertible senior notes		5,264		4,587		5,264		4,587
Total antidilutive shares		7,361		7,245		7,807		5,560

Note 7 - Inventories (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Inventory, LIFO Reserve, Period Charge	$ 700	$ 2,400	$ 2,386	$ 7,454
Inventory Write-down	$ 700	$ 1,500	$ 2,400	$ 8,400

Note 9 - Intangible Assets, Net - Future Amortization Expense (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
2024 (remaining 3 months)	$ 102
2025	442
2026	442
2027	442
2028	442
2029 and thereafter	1,793
Finite-Lived Intangible Assets, Net	$ 3,663	$ 3,628

Note 19 - Subsequent Events

9 Months Ended

Sep. 30, 2024

Subsequent Events [Text Block]

Note 19. Subsequent Events

On November 5, 2024, the Company provided notice of its termination, effective on November 6, 2024, of the Equity Distribution Agreement dated March 13, 2024 between the Company and Raymond James & Associates in connection with the Company’s At-The-Market equity offering program (the “ATM program”). As of the termination date, the ATM program had generated total gross proceeds of $59.9 million.

Note 14 - Other Income and Expense (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Other Nonoperating Income (Expense) [Table Text Block]

	*Three months ended September 30,*						*Nine months ended September 30,*
	*2024*			*2023*			*2024*			*2023*
Gain (loss) on disposal of assets	$	(28	)	$	5		$	(33	)	$	(2	)
Government subsidy income		43			77			370			910
Foreign Exchange Gain (Loss)		172			(435	)		216			(259	)
Other non-operating gain		149			10			1,404			154
Total other income (expenses) , net	$	336		$	(343	)	$	1,957		$	803

Note 15 - Share-based Compensation (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement, Option, Activity [Table Text Block]

						*Weighted*				*Weighted*
				*Weighted*		*Average*				*Average*
				*Average*		*Share Price*		*Weighted*		*Remaining*		*Aggregate*
	*Number of*			*Exercise*		*on Date of*		*Average*		*Contractual*		*Intrinsic*
	*shares*			*Price*		*Exercise*		*Fair Value*		*Life*		*Value*
	(in thousands, except price data and Contractual Life)
Outstanding at January 1, 2024		1		$	13.84		—	$	7.12		0.08	$	8
Exercised		—			13.84		—		7.12		—		2
Forfeited		(1	)		13.84		—		7.12		—		—
Outstanding, September 30, 2024		—			—		—		—		—		—
Exercisable, September 30, 2024		—			—		—		—		—		—
Vested and expected to vest		—			—		—		—		—		—

Share-Based Payment Arrangement, Performance Shares, Activity [Table Text Block]

				*Weighted*
				*Average Share*		*Weighted*		*Aggregate*
	*Number of*			*Price on Date*		*Average Fair*		*Intrinsic*
	*shares*			*of Release*		*Value*		*Value*
	(in thousands, except price data)
Outstanding at January 1, 2024		1,533			—	$	7.82	$	29,610
Granted		191			—		16.40		1,958
Released		(277	)		10.44		14.27		2,890
Cancelled/Forfeited		—			—		—		—
Outstanding, September 30, 2024		1,447			—		7.72		20,711
Vested and expected to vest		1,447			—	$	7.72		20,711

Share-Based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block]

				*Weighted*
				*Average Share*		*Weighted*		*Aggregate*
	*Number of*			*Price on Date*		*Average Fair*		*Intrinsic*
	*shares*			*of Release*		*Value*		*Value*
	(in thousands, except price data)
Outstanding at January 1, 2024		2,873			—	$	4.89	$	55,507
Granted		701			—		10.52		7,375
Released		(1,031	)		12.51		6.11		12,895
Cancelled/Forfeited		(27	)		—		6.16		394
Outstanding, September 30, 2024		2,516			—		5.95		36,001
Vested and expected to vest		2,516			—	$	5.95	$	36,001

Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]

	*Three months ended*				*Nine months ended*
	*September 30,*				*September 30,*
	*2024*		*2023*		*2024*		*2023*
Share-based compensation - by expense type
Cost of goods sold	$	116	$	123	$	355	$	393
Research and development		356		358		1,114		1,135
Sales and marketing		334		300		1,160		786
General and administrative		2,137		2,454		9,212		6,273
Total share-based compensation expense	$	2,943	$	3,235	$	11,841	$	8,587

Note 1 - Description of Business

9 Months Ended

Sep. 30, 2024

Business Description and Basis of Presentation [Text Block]

Note 1. Description of Business

Business Overview

Applied Optoelectronics, Inc. ("AOI" or the "Company") is a Delaware corporation. The Company is a leading, vertically integrated provider of fiber-optic networking products, primarily for four networking end-markets: internet data center, cable television ("CATV"), telecommunications ("telecom") and fiber-to-the-home ("FTTH"). The Company designs and manufactures a wide range of optical communications products at varying levels of integration, from components, subassemblies and modules to complete turn-key equipment.

The Company has manufacturing and research and development facilities located in the U.S., Taiwan and China. In the U.S., at its corporate headquarters and manufacturing facilities in Sugar Land, Texas, the Company primarily manufactures lasers and laser components and performs research and development activities for laser component and optical module products. In addition, the Company has a research and development facility in Duluth, Georgia. The Company operates in Taipei, Taiwan and Ningbo, China through its wholly-owned subsidiary Prime World International Holdings, Ltd. ("Prime World", incorporated in the British Virgin Islands). Prime World operates a branch in Taipei, Taiwan, which primarily manufactures transceivers and performs research and development activities for the transceiver products. Prime World is the parent of Global Technology, Inc. ("Global", incorporated in the People’s Republic of China). Through Global, the Company primarily manufactures certain of its data center transceiver products, including subassemblies, as well as CATV systems and equipment, and performs research and development activities for CATV and certain data center transceiver products.

Interim Financial Statements

The accompanying unaudited condensed consolidated financial statements of the Company as of September 30, 2024 and December 31, 2023 and for the three and nine months ended September 30, 2024 and September 30, 2023, have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim information and with the instructions on Form 10-Q and Rule 10-01 of Regulation S-X pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). In accordance with those rules and regulations, the Company has omitted certain information and notes required by GAAP for annual consolidated financial statements. In the opinion of management, the condensed consolidated financial statements contain all adjustments, except as otherwise noted, necessary for the fair presentation of the Company’s financial position and results of operations for the periods presented. The year-end condensed balance sheet data was derived from audited financial statements. These condensed consolidated financial statements should be read in conjunction with the Consolidated Financial Statements and Notes thereto included in the Company’s Annual Report on Form 10-K ("Annual Report") for the fiscal year ended December 31, 2023. The results of operations for the three and nine months ended September 30, 2024 are not necessarily indicative of the results expected for the entire fiscal year. All significant inter-company accounts and transactions have been eliminated.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported. Actual results could differ materially from those estimates in the consolidated financial statements and accompanying notes. Significant estimates and assumptions that impact these financial statements and the accompanying notes relate to, among other things, revenue recognition, allowance for doubtful accounts, inventory reserve, impairment of long-lived assets, service and product warranty costs, share-based compensation expense, estimated useful lives of tangible and intangible assets, and taxes.

Note 15 - Share-based Compensation - Restricted Stock Unit/Awards Activity (Details) - Restricted Stock Units (RSUs) [Member] $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($) $ / shares shares
Outstanding, number of shares (in shares) \| shares	2,873
Outstanding, weighted average fair value (in dollars per share)	$ 4.89
Outstanding, aggregate intrinsic value \| $	$ 55,507
Granted, number of shares (in shares) \| shares	701
Granted, weighted average fair value (in dollars per share)	$ 10.52
Granted, aggregate intrinsic value \| $	$ 7,375
Released, number of shares (in shares) \| shares	(1,031)
Released, weighted average share price on date of release (in dollars per share)	$ 12.51
Released, weighted average fair value (in dollars per share)	$ 6.11
Released, aggregate intrinsic value \| $	$ 12,895
Cancelled/Forfeited, number of shares (in shares) \| shares	(27)
Cancelled/Forfeited, weighted average fair value (in dollars per share)	$ 6.16
Cancelled/Forfeited, aggregate intrinsic value \| $	$ 394
Outstanding, number of shares (in shares) \| shares	2,516
Outstanding, weighted average fair value (in dollars per share)	$ 5.95
Outstanding, aggregate intrinsic value \| $	$ 36,001
Vested and expected to vest, number of shares (in shares) \| shares	2,516
Vested and expected to vest, weighted average fair value (in dollars per share)	$ 5.95
Vested and expected to vest, aggregate intrinsic value \| $	$ 36,001

Note 11 - Notes Payable and Long-term Debt - Schedule of Notes Payable and Long-term Debt (Details) (Parentheticals) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Bank Acceptance Notes Payable [Member]
Long-term debt, interest	0.05%	0.05%
SPD Bank [Member] \| Revolving Credit Facility [Member]
Long-term debt, maximum	$ 24.3	$ 24.3
Long-term debt, maturity date	May 24, 2029	May 24, 2029
SPD Bank [Member] \| Revolving Credit Facility [Member] \| Minimum [Member]
Long-term debt, interest	4.25%	4.25%
SPD Bank [Member] \| Revolving Credit Facility [Member] \| Maximum [Member]
Long-term debt, interest	4.35%	4.35%
China Zheshang Bank Co., Ltd [Member] \| Revolving Credit Facility [Member] \| The ¥200M Credit Facility [Member]
Long-term debt, maximum	$ 28.5	$ 28.5
Long-term debt, maturity date	Jun. 06, 2027	Jun. 06, 2027
China Zheshang Bank Co., Ltd [Member] \| Revolving Credit Facility [Member] \| Minimum [Member] \| The ¥200M Credit Facility [Member]
Long-term debt, interest	4.00%	4.00%
China Zheshang Bank Co., Ltd [Member] \| Revolving Credit Facility [Member] \| Maximum [Member] \| The ¥200M Credit Facility [Member]
Long-term debt, interest	4.35%	4.35%

Note 17 - Geographic Information (Details Textual)	9 Months Ended
Note 17 - Geographic Information (Details Textual)	Sep. 30, 2024
Number of Reportable Segments	1

Note 15 - Share-based Compensation (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 2023	Jun. 12, 2024	Jun. 06, 2024
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount	$ 0		$ 0	$ 0
Share-Based Payment Arrangement, Expense	2,943	$ 3,235		$ 11,841	$ 8,587
Share-Based Payment Arrangement, Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)				4 years
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year)				10 years
Share-Based Payment Arrangement, Option [Member] \| Exercisable on the First Anniversary Date Following the Date of Grant [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage				25.00%
Share-Based Payment Arrangement, Option [Member] \| Exercisable on Semi-annual Basis [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage				12.50%
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)			3 years
Share-Based Payment Arrangement, Expense	3,800	$ 1,100		$ 5,800	$ 2,000
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 6,700		$ 6,700	$ 6,700
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	1 year 10 months 24 days
Performance Shares [Member] \| Minimum [Member]
Sharebased Compensation Arrangement By Sharebased Payment Award Performance Award Value Percentage Of Based Amount	0.00%		0.00%	0.00%
Performance Shares [Member] \| Maximum [Member]
Sharebased Compensation Arrangement By Sharebased Payment Award Performance Award Value Percentage Of Based Amount	200.00%		200.00%	200.00%
2021 PSUs [Member]
Sharebased Compensation Arrangement By Sharebased Payment Award Performance Award Value Percentage Of Based Amount						200.00%	100.00%
Share-Based Payment Arrangement, Expense				$ 2,800
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Proposed But Not Authorized (in shares)							2,000,000
Restricted Stock Units (RSUs) [Member]
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 13,300		$ 13,300	$ 13,300
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	2 years 6 months

Note 18 - Contingencies

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Text Block]

Note 18. Contingencies

Litigation

Overview

From time to time, the Company may be subject to legal proceedings and litigation arising in the ordinary course of business, including, but not limited to, inquiries, investigations, audits and other regulatory proceedings, such as described below. The Company records a loss provision when it believes it is both probable that a liability has been incurred and the amount can be reasonably estimated.

Unless otherwise disclosed, the Company is unable to estimate the possible loss or range of loss for the legal proceeding described below.

Arbitration filed by Yuhan Optoelectronic Technology (Shanghai) Co., Ltd.

On September 12, 2023, the Company delivered notice of termination with respect to that certain Agreement for the Sale and Purchase of a New Company to be Established in Hong Kong Special Administrative Region of the People’s Republic of China (the “Purchase Agreement”), dated September 15, 2022, with Prime World International Holdings Ltd. (the “Seller”) and Yuhan Optoelectronic Technology (Shanghai) Co., Ltd. (the “Purchaser”), pursuant to which the Seller would divest its manufacturing facilities located in the People's Republic of China and certain assets related to its transceiver business and multichannel optical sub-assembly products for the internet data center, FTTH and telecom markets. The termination, in accordance with the terms of the Purchase Agreement, was a result of the Purchaser's failure to satisfy certain of its material obligations under the Purchase Agreement. In terminating the Purchase Agreement, we also asserted the right to recover a break-up fee from the Purchaser. On December 22, 2023, the Purchaser filed for arbitration in Hong Kong with the Hong Kong International Arbitration Centre (“HKIAC”) challenging the validity of our termination notice and seeking specific performance with respect to the transactions contemplated in the Purchase Agreement, which in any case if specific performance is granted by HKIAC, the transaction contemplated by the Purchase Agreement would still have to be approved by the Committee on Foreign Investment in the United States prior to its consummation. On January 22, 2024, the Company filed its response, generally denying the Purchaser’s allegations and asserting counterclaims for recovery of a break-up fee. The Company intends to vigorously defend this matter. The Company is not able to determine the outcome of this dispute or the likelihood or amount of the Company’s loss or recovery, if any, arising from this matter. The HKIAC Tribunal issued a procedural order on April 17, 2024 setting the evidentiary hearing to be held on September 2025.

Other Contingencies

On August 9, 2021, the Company received a Taxes Notification of Audit Result ("Notice") from the Texas Comptroller’s Office (the "Comptroller"), for fiscal years between 2016 and 2019, informing the Company that the Comptroller believes the Company did not qualify for certain sales and use tax exemptions on various Research and Development purchases and accordingly the Company is liable for Sale and Use Tax in the amount of approximately $1.0 million including interest charges. The Company paid $0.4 million for the tax notice in May 2021, but challenged the remaining tax assessments and vigorously defended its position. The Comptroller’s office exhausted its redetermination period and therefore moved AOI’s case to the hearing process. No hearing date has yet been scheduled, and as a result the Company is not able to determine the outcome of this sales tax dispute or the likelihood or amount of the Company’s loss, if any, arising from this matter.

Note 15 - Share-based Compensation - Share-based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Total share-based compensation expense	$ 2,943	$ 3,235	$ 11,841	$ 8,587
Cost of Sales [Member]
Total share-based compensation expense	116	123	355	393
Research and Development Expense [Member]
Total share-based compensation expense	356	358	1,114	1,135
Selling and Marketing Expense [Member]
Total share-based compensation expense	334	300	1,160	786
General and Administrative Expense [Member]
Total share-based compensation expense	$ 2,137	$ 2,454	$ 9,212	$ 6,273

Note 17 - Geographic Information - Asset Information by Geographic Region (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Long-lived assets	$ 223,780	$ 214,001
UNITED STATES
Long-lived assets	78,415	75,283
TAIWAN
Long-lived assets	46,912	47,668
CHINA
Long-lived assets	$ 98,453	$ 91,050

Note 12 - Convertible Senior Notes

9 Months Ended

Sep. 30, 2024

Convertible Debt [Text Block]

Note 12. Convertible Senior Notes

On March 5, 2019, the Company issued $80.5 million of 5% convertible senior notes due 2024 (the “2024 Notes”). On December 5, 2023, the Company issued approximately $80.2 million aggregate principal amount of 5.250% convertible senior notes due 2026 (the "2026 Notes"), and on the same day consummated various separate, privately negotiated exchange agreements with certain holders of its 2024 Notes to exchange or repurchase approximately $80.2 million principal amount of the 2024 Notes for aggregate consideration consisting of approximately $81.1 million in cash, which included accrued interest on the 2024 Notes, and approximately 466,368 shares of the Company's common stock, par value $0.001 per share. The Company paid off the remaining $0.29 million of the 2024 Notes on March 15, 2024.

The 2026 Notes were issued pursuant to an Indenture, dated as of December 5, 2023, (the "Indenture"), between the Company and Computershare Trust Company, N.A., as trustee. The 2026 Notes bear interest at a rate of 5.250% per year and pay interest semi-annually in arrears on June 15 and December 15 of each year, beginning on June 15, 2024. The 2026 Notes mature on December 15, 2026, unless earlier converted, redeemed or repurchased in accordance with their terms.

The following table presents the carrying value of the 2026 Notes for the periods indicated (in thousands):

	*September 30,*			*December 31,*
	*2024*			*2023*
Principal	$	80,214		$	80,214
Unamortized debt issuance costs		(3,161	)		(3,981	)
Net carrying amount	$	77,053		$	76,233

The conversion rate for the 2026 Notes is 65.6276 shares of the Company’s common stock per $1,000 principal amount of the 2026 Notes (which is equivalent to a conversion price of approximately $15.24 per share of the Company’s common stock, representing a premium of approximately 15% over the last reported sale price of the Company’s common stock on November 30, 2023 of $13.25 per share), subject to adjustment. Before September 15, 2026, holders of the 2026 Notes have the right to convert their 2026 Notes only upon the occurrence of certain events. From and after September 15, 2026, holders of the 2026 Notes may convert their 2026 Notes at any time at their election until the close of business on the second scheduled trading day immediately before the maturity date. The Company will settle conversions by paying or delivering, as applicable, cash, shares of its common stock or a combination of cash and shares of its common stock, at the Company’s election, based on the applicable conversion rate(s).

Currently there are no guarantors of the 2026 Notes, but the 2026 Notes would be fully and unconditionally guaranteed, on a senior, unsecured basis by certain of the Company’s future domestic subsidiaries, should any such subsidiaries be formed. The 2026 Notes are the Company’s senior, unsecured obligations and are equal in right of payment with existing and future senior, unsecured indebtedness, senior in right of payment to the Company’s existing and future indebtedness that is expressly subordinated to the 2026 Notes and effectively subordinated to the Company’s existing and future secured indebtedness, to the extent of the value of the collateral securing that indebtedness. The Note Guarantee (as defined in the Indenture) of each future guarantor, if any, will be such guarantor’s senior, unsecured obligations and is equal in right of payment with existing and future senior, unsecured indebtedness, senior in right of payment to such future guarantor’s existing and future indebtedness that is expressly subordinated to the 2026 Notes and effectively subordinated to such future guarantor’s existing and future secured indebtedness, to the extent of the value of the collateral securing that indebtedness.

The Indenture contains covenants that limit the Company’s ability and the ability of our subsidiaries to, among other things: (i) incur or guarantee additional indebtedness or issue disqualified stock; and (ii) create or incur liens.

The 2026 Notes will be redeemable, in whole or in part (subject to certain limitations described in the Indenture), at the Company’s option at any time, and from time to time, on or after December 15, 2024 and on or before the 40th scheduled trading day immediately before the maturity date, at a cash redemption price equal to the principal amount of the 2026 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date, but only if the last reported sale price per share of the Company’s common stock exceeds 130% of the conversion price on (1) each of at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the trading day immediately before the date the Company sends the related redemption notice; and (2) the trading day immediately before the date it sends such notice.

In addition, the 2026 Notes will be redeemable, in whole or in part, at the Company’s option at any time, and from time to time, on or before the 40th scheduled trading day immediately before the maturity date, at a cash redemption price equal to the principal amount of the 2026 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date (subject to the right of a holder of 2026 Notes as of the close of business on a record date to receive the related interest payment on the corresponding interest payment date), if the Company completes the "Specified Divestiture" of (x) one or more of its manufacturing facilities located in the People’s Republic of China and/or (y) significant assets located in the People’s Republic of China which relate to the Company’s transceiver business and multi-channel optical sub-assembly products (or any substantially related assets), for aggregate consideration in cash to the Company of not less than the U.S. Dollar equivalent of $150,000,000 (measured at the time of completion).

Calling any Convertible Note for redemption will constitute a “Make-whole fundamental change” (as defined in the Indenture) with respect to that Convertible Note, in which case the conversion rate applicable to the conversion of that Convertible Note will be increased in certain circumstances if it is converted after it is called for redemption.

In addition, if the Specified Divestiture is completed, then each holder of 2026 Notes will have the right to require the Company to repurchase its 2026 Notes for cash on a date of the Company’s choosing, which must be a business day that is no more than 35, nor less than 20, business days after we send the related notice of Specified Divestiture. The repurchase price for a note tendered for such repurchase will be equal to the principal amount of the 2026 Notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the repurchase date (subject to the right of a holder of 2026 Notes as of the close of business on a record date to receive the related interest payment on the corresponding interest payment date).

Moreover, if the Company undergoes a fundamental change, as described in the Indenture, holders of the 2026 Notes may require the Company to repurchase for cash all or part of their 2026 Notes at a repurchase price equal to 100% of the principal amount of the 2026 Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the required repurchase date.

Additionally, the 2026 Notes are subject to customary events of default. No sinking fund is provided for the 2026 Notes.

Pursuant to the guidance in ASC 815-40, Contracts in Entity’s Own Equity, the Company evaluated whether the conversion feature of the note needed to be bifurcated from the host instrument as a freestanding financial instrument. Under ASC 815-40, to qualify for equity classification (or non-bifurcation, if embedded) the instrument (or embedded feature) must be both (1) indexed to the issuer’s own stock and (2) meet the requirements of the equity classification guidance. Based upon the Company’s analysis, it was determined the conversion option is indexed to its own stock and also met all the criteria for equity classification contained in ASC 815-40-25-7 and 815-40-25-10. Accordingly, the conversion option is not required to be bifurcated from the host instrument as a freestanding financial instrument. Since the conversion feature meets the equity scope exception from derivative accounting, the Company then evaluated whether the conversion feature needed to be separately accounted for as an equity component under ASC 470-20, Debt with Conversion and Other Options. The Company determined that notes should be accounted for in their entirety as a liability.

The Company incurred approximately $4.3 million in transaction costs in connection with the issuance of the 2026 Notes. These costs were recognized as a reduction of the carrying amount of the Notes utilizing the effective interest method and are being amortized over the term of the Notes.

The following table sets forth interest expense information related to the 2024 Notes and 2026 Notes (in thousands):

	*Three months ended September 30,*						*Nine months ended September 30,*
	*2024*			*2023*			*2024*			*2023*
Contractual interest expense	$	1,053		$	1,006		$	3,161		$	3,019
Amortization of debt issuance costs		363			208			1,072			618
Total interest cost	$	1,416		$	1,214		$	4,233		$	3,637
Effective interest rate		5.3	%		5.1	%		5.3	%		5.1	%

Note 3 - Revenue Recognition (Tables)

9 Months Ended

Sep. 30, 2024

Disaggregation of Revenue [Table Text Block]

	*Three months ended September 30,*
			*% of*					*% of*
	*2024*		*Revenue*			*2023*		*Revenue*
Data Center	$	40,945		62.8	%	$	48,807		78.0	%
CATV		20,947		32.2	%		10,268		16.4	%
Telecom		2,798		4.3	%		3,074		5.0	%
FTTH		—		0.0	%		—		0.0	%
Other		461		0.7	%		398		0.6	%
Total Revenue	$	65,151		100.0	%	$	62,547		100.0	%

	*Nine months ended September 30,*
			*% of*					*% of*
	*2024*		*Revenue*			*2023*		*Revenue*
Data Center	$	104,283		69.9	%	$	96,731		61.5	%
CATV		35,501		23.8	%		47,391		30.1	%
Telecom		7,445		5.0	%		11,013		7.0	%
FTTH		—		0.0	%		57		0.1	%
Other		1,865		1.3	%		2,001		1.3	%
Total Revenue	$	149,094		100.0	%	$	157,193		100.0	%

Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block]

	*Three months ended September 30,*				*Nine months ended September 30,*
	*2024*		*2023*		*2024*		*2023*
Unearned revenue, beginning of period	$	1,570	$	11,720	$	1,803	$	3,000
Additional unearned revenue		—		2,724		—		12,608
Revenue recognized		131		1,947		364		3,111
Unearned revenue, end of period	$	1,439	$	12,497	$	1,439	$	12,497

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net loss	$ (17,757)	$ (8,953)	$ (67,042)	$ (42,190)
Gain (Loss) on foreign currency translation adjustment	2,240	(718)	(268)	(4,371)
Comprehensive loss	$ (15,517)	$ (9,671)	$ (67,310)	$ (46,561)

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Amount after tax, before reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature.

+ References + Details

Note 3 - Revenue Recognition

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Text Block]

Note 3. Revenue Recognition

Disaggregation of Revenue

Revenue is classified based on the location where the product is manufactured. For additional information on the disaggregated revenues by geographical region, see Note 17, "Geographic Information."

Revenue is also classified by major product categories and is presented below (in thousands):

	*Three months ended September 30,*
			*% of*					*% of*
	*2024*		*Revenue*			*2023*		*Revenue*
Data Center	$	40,945		62.8	%	$	48,807		78.0	%
CATV		20,947		32.2	%		10,268		16.4	%
Telecom		2,798		4.3	%		3,074		5.0	%
FTTH		—		0.0	%		—		0.0	%
Other		461		0.7	%		398		0.6	%
Total Revenue	$	65,151		100.0	%	$	62,547		100.0	%

	*Nine months ended September 30,*
			*% of*					*% of*
	*2024*		*Revenue*			*2023*		*Revenue*
Data Center	$	104,283		69.9	%	$	96,731		61.5	%
CATV		35,501		23.8	%		47,391		30.1	%
Telecom		7,445		5.0	%		11,013		7.0	%
FTTH		—		0.0	%		57		0.1	%
Other		1,865		1.3	%		2,001		1.3	%
Total Revenue	$	149,094		100.0	%	$	157,193		100.0	%

Unearned Revenue

We record unearned revenues when cash payments are received or due in advance of our performance, including amounts which are refundable. Unearned revenues solely relate to statement of work with Microsoft regarding contract prices allocated to the performance obligations that are unsatisfied, or partially unsatisfied, as of the balance sheet dates. Unearned revenue balance as of September 30, 2024 and December 31, 2023 was $1.4 million and $1.8 million, respectively. For the three months ended September 30, 2024 and 2023, revenue recognized from the unearned revenue balance was $0.1 million and $1.9 million, respectively. For the nine months ended September 30, 2024 and 2023, revenue recognized from the unearned revenue balance was $0.4 million and $3.1 million, respectively. The contract with Microsoft does not fall under ASC 842, Lease Accounting.

	*Three months ended September 30,*				*Nine months ended September 30,*
	*2024*		*2023*		*2024*		*2023*
Unearned revenue, beginning of period	$	1,570	$	11,720	$	1,803	$	3,000
Additional unearned revenue		—		2,724		—		12,608
Revenue recognized		131		1,947		364		3,111
Unearned revenue, end of period	$	1,439	$	12,497	$	1,439	$	12,497

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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Note 10 - Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Text Block]

Note 10. Fair Value of Financial Instruments

The carrying value amounts of cash and cash equivalents, restricted cash, accounts receivable, prepaid expenses, notes receivable and other current assets, accounts payable, accrued expenses, bank acceptance payable and other current liabilities approximate fair value because of the short-term maturity of these instruments. The Company believes that the interest rates in effect at each period end represent the current market rates for similar borrowings.

The fair value of convertible senior notes is measured for disclosure purposes only. The fair value and carrying amount of our convertible senior notes as of September 30, 2024 was $94.1 million and $77.1 million, respectively. As of December 31, 2023, the fair value and carrying amount of our convertible senior notes were both $76.5 million. The fair value is based on observable market prices for this debt, which is traded in less active markets and are therefore classified as a Level 2 fair value measurement.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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Note 4 - Leases

9 Months Ended

Sep. 30, 2024