Item 5. Market for Registrant’s Common Equity
Item 5.
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
On September 26, 2013, our common stock began to trade on the NASDAQ Global Market under the symbol "AAOI". Prior to that time, there was no public market for our common stock. As of February 24, 2026, there were 58 holders of record of our common stock (not including beneficial holders of our common stock holding in street name).
The graph below shows the cumulative total stockholder return of an investment of $100 (and the reinvestment of any dividends thereafter) on January 1, 2020 (the last five fiscal years) in (i) our common stock, (ii) the NASDAQ Composite Index and (iii) the NASDAQ Telecommunications Index. Our stock price performance shown in the graph below is not indicative of future stock price performance. The following graph and related information is being “furnished” and shall not be deemed “soliciting material” or be deemed to be “filed” with the SEC, nor shall such information be incorporated by reference into any future filing, except to the extent that we specifically state that such graph and related information are incorporated by reference into such filing.
Date
AAOI
NASDAQ Telecom
NASDAQ Composite
12/31/2020
100.00
%
100.00
%
100.00
%
12/31/2021
60.40
%
104.78
%
121.39
%
12/31/2022
22.21
%
78.34
%
81.21
%
12/31/2023
227.03
%
87.97
%
116.47
%
12/31/2024
433.14
%
97.78
%
149.83
%
12/31/2025
409.64
%
107.40
%
180.33
%
For equity compensation plan information refer to Item 12 of this Form 10-K.
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Table of Contents
Dividend Policy
We have never declared or paid any cash dividends on our capital stock, and we do not anticipate paying any cash dividends on our common stock for the foreseeable future. We currently intend to retain all available funds and future earnings for use in the operation and expansion of our business. Any future determination to pay cash dividends will be at the discretion of our board of directors and will depend upon our financial condition, results of operations, terms of financing arrangements, applicable Delaware law, capital requirements and such other factors as our board of directors deems relevant. In addition, the terms of our loan agreements governing our long-term debt obligations restricts us from paying dividends.
Unregistered Sales of Equity Securities
None.
Purchases of Equity Securities by Issuer and Affiliated Purchasers
None.
Item 6.
[Reserved]
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