$AAOIB What’s most lacking right now may not be orders, but capacity.
Demand for 800G and 1.6T will, for quite a long time, exceed the company’s production capacity.
Even orders are already booked out to 2027 Q2.
What’s even more interesting is that each month the key customer’s demand for AAOI is about 20%–40% higher than the production capacity the company can currently provide.
And it’s not that the customer just occasionally asks when they can get the goods—it’s already at the level of weekly follow-ups to expedite shipments.
For a manufacturing business, this information is actually more valuable than, “Our pipeline is strong.”
Because you can boast about a pipeline, but customers usually don’t push for faster delivery without reason.
That also explains why the company still maintains its full-year 2026 revenue guidance of about $1.1 billion.
The issue isn’t whether the market can sell.
It’s whether the factory can produce it. So AAOI’s real growth formula going forward has gradually shifted from: demand × market share
to: capacity × yield × delivery speed × customer qualification.
That’s also why, in the end, almost all the questions in the call circled back to capacity expansion.
$AAOIB If capacity can be solved, then it really is something worth looking forward to.
#光模块订单排到2028年 #AAOI
Demand for 800G and 1.6T will, for quite a long time, exceed the company’s production capacity.
Even orders are already booked out to 2027 Q2.
What’s even more interesting is that each month the key customer’s demand for AAOI is about 20%–40% higher than the production capacity the company can currently provide.
And it’s not that the customer just occasionally asks when they can get the goods—it’s already at the level of weekly follow-ups to expedite shipments.
For a manufacturing business, this information is actually more valuable than, “Our pipeline is strong.”
Because you can boast about a pipeline, but customers usually don’t push for faster delivery without reason.
That also explains why the company still maintains its full-year 2026 revenue guidance of about $1.1 billion.
The issue isn’t whether the market can sell.
It’s whether the factory can produce it. So AAOI’s real growth formula going forward has gradually shifted from: demand × market share
to: capacity × yield × delivery speed × customer qualification.
That’s also why, in the end, almost all the questions in the call circled back to capacity expansion.
$AAOIB If capacity can be solved, then it really is something worth looking forward to.
#光模块订单排到2028年 #AAOI