AXT Stock AXTI
AXT Inc. AXT stock (AXTI): Quarterly and annual results since 2023 from Quarterly Report and SEC filings: revenue, earnings, balance sheet, cash flow and management guidance, every figure with its source. As of 08/2026, quarterly reporting. Stock analysis by NadirAlpha. AXT stock (AXTI): listed on Nasdaq, WKN 914410. NadirAlpha has evaluated 53 original documents, cross-checked every figure automatically and linked each to its source; sources as of 08/2026. Revenue Q2 2026: USD 48 million (+164% year on year). Latest reported (Q2 2026): U.S. federal net operating loss carryforwards, Tongmei investors redemption amount, State net operating loss carryforwards. Latest reading: Strategic pivot, Net income turned positive, Operating income turned positive, Revenue accelerating.
AI-generated report · not investment advice · figures extracted automatically; please verify against the linked original more
AXT Current Status
The current state of AXT at a glance, figures as of Q2 2026, with core figures and the key management statements from the latest filing. NadirAlpha methodology
Assessment by NadirAlpha, as of Q2 2026.
“While we are disappointed that we were not able to ship indium phosphide substrates to fulfil more customer orders in December, we continue to work diligently with the Ministry of Commerce on the export permit process and are hopeful that we will receive additional permits in the first quarter 2026. As we have noted, the timing for permit issuance can be fluid and doesn't necessarily align with our quarterly reporting. That said, customer demand for our products continues to be very strong. Our industry is in the early stages of a multi-year growth cycle, driven by the AI infrastructure build-out and growing demand for high-speed optical connectivity. As such, we are on target to more than double our indium phosphide capacity in the second half of the year. In addition, we are making plans for continued growth and capacity expansion. We were very pleased to complete a capital raise in December and intend to use some of the proceeds to increase manufacturing capacity in anticipation of a multi-year trend in data center expansion. We believe we are uniquely positioned to serve the global market with industry-leading technology, an integrated supply chain, and world-class manufacturing capabilities.”
AXT Stock: Key Figures ($ million)
The core financial figures of AXT stock in three views: fiscal years up to FY2026, half-years and quarters up to Q2 2026, in $ million, most recent period first. NadirAlpha extracts all values automatically from the filings; errors are possible; please verify decision-relevant figures yourself by clicking through to the linked original. NadirAlpha methodology
All figures serve only to support your own investment decision and are not a recommendation; the company's original reports are authoritative.
Fiscal years
| Period | Revenue | Op. income | Net income | EPS ($) | EPS adj. ($) | OCF | Source |
|---|---|---|---|---|---|---|---|
| FY2025 | 88.3 | -22 | -21.3 | -0.49 | – | -12.8 | 24 |
| FY2024 | 99.4 | -14.8 | -11.6 | -0.27 | -0.20 | -12.1 | 18 |
| FY2023 | 75.8 | -21.6 | -17.9 | -0.42 | -0.34 | 3.4 | 11 |
Quarters
| Period | Published | Revenue | Op. income | Op. income (adj.) | Net income | EPS ($) | EPS adj. ($) | FCF | Cash | Source |
|---|---|---|---|---|---|---|---|---|---|---|
| 2026-Q2* | 2026-07-30 | 47.6 | 10.4 | – | 11.1 | 0.17 | 0.19° | 3.6 | 412.2 | 34 |
| 2026-Q1* | 2026-04-30 | 26.9 | -1.6 | -0.6 | -1.6 | -0.03 | – | -13.1 | 41.8 | 33 |
| 2025-Q4* | 2026-02-19 | 23 | -3.8 | – | -3.5 | -0.08*≈ | – | 1.3 | 120.3 | 32 |
| 2025-Q3* | 2025-10-30 | 28 | -1.1 | – | -1.9 | -0.04 | – | -11.3 | 23.1 | 31 |
| 2025-Q2* | 2025-07-09 | 18 | -6.7 | – | -7 | -0.16 | – | -4.9 | 27 | 29 |
| 2025-Q1* | 2025-05-01 | 19.4 | -10.3 | -9.6 | -8.8 | -0.20 | -0.19 | -3.9 | 31.6 | 19 |
| 2024-Q4* | 2025-02-20 | 25.1 | -6.2 | – | -5.1 | -0.12*≈ | -0.10 | 1.1 | 22.8 | 17 |
| 2024-Q3* | 2024-10-31 | 23.6 | -3.4 | – | -2.9 | -0.07 | -0.05 | -6.4 | 24.9 | 15 |
| 2024-Q2* | 2024-08-01 | 27.9 | -1.9 | -1.2 | -1.5 | -0.04 | -0.02 | 0.6 | 27.8 | 28 |
| 2024-Q1* | 2024-04-08 | 22.7 | -3.3 | 2.5 | -2.1 | -0.05 | -0.03 | -13.2 | 25.8 | 12 |
| 2023-Q4* | 2024-02-22 | 20.4 | -3.6 | – | -3.6 | -0.09 | -0.07 | – | 37.8 | 10 |
| 2023-Q3* | 2023-11-02 | 17.4 | -6.7 | -5.8 | -5.8 | -0.14 | -0.12 | -5.2 | 28.5 | 8 |
| 2023-Q2* | 2023-07-05 | 18.6 | -6.8 | -5.9 | -5.1 | -0.12 | -0.10 | 1.1 | 30.1 | 5 |
| 2023-Q1* | 2023-04-27 | 19.4 | -4.4 | 3.5 | -3.3 | -0.08 | -0.06 | -5.2 | 35.4 | 3 |
AXT Balance Sheet & Cash Flow ($ million)
Point-in-time balance sheet items of AXT (cash, financial debt) and cash flow items per fiscal year, half-year and quarter, derived values with their formula in the popover. NadirAlpha extracts all values automatically from the filings; errors are possible; please verify decision-relevant figures yourself by clicking through to the linked original. NadirAlpha methodology
Fiscal years
| Period | Published | Cash | D&A | OCF | Capex | FCF | Source |
|---|---|---|---|---|---|---|---|
| FY2025 | 2026-02-19 | 120.3 | 9.1 | -12.8 | 6 | -18.8 | 32 |
| FY2024 | 2025-02-20 | 22.8 | 9 | -12.1 | 5.8 | -17.9 | 17 |
| FY2023 | 2024-02-22 | 37.8 | 8.7 | 3.4 | 10.5 | -7.1 | 10 |
Quarters
| Period | Published | Cash | D&A | OCF | Capex | FCF | Source |
|---|---|---|---|---|---|---|---|
| 2026-Q2 | 2026-07-30 | 412.2 | 2.5 | 10.8 | 7.2 | 3.6 | 34 |
| 2026-Q1 | 2026-04-30 | 41.8 | 2.4 | -11.7 | 1.4 | -13.1 | 33 |
| 2025-Q4 | 2026-02-19 | 120.3 | 2.3 | 4.3 | 3 | 1.3 | 32 |
| 2025-Q3 | 2025-11-13 | 23.1 | 2.3 | -9.2 | 2.2 | -11.3 | 22 |
| 2025-Q2 | 2025-08-13 | 27 | 2.3 | -4.6 | 0.3 | -4.9 | 21 |
| 2025-Q1 | 2025-05-01 | 31.6 | 2.2 | -3.3 | 0.5 | -3.9 | 19 |
| 2024-Q4 | 2025-02-20 | 22.8 | 2.2 | 1.3 | 0.2 | 1.1 | 17 |
| 2024-Q3 | 2024-10-31 | 24.9 | 2.3 | -5.4 | 0.9 | -6.4 | 15 |
| 2024-Q2 | 2024-08-01 | 27.8 | 2.2 | 0.8 | 0.3 | 0.6 | 28 |
| 2024-Q1 | 2024-05-02 | 25.8 | 2.2 | -8.8 | 4.4 | -13.2 | 27 |
| 2023-Q4 | 2024-02-22 | 37.8 | 2.3 | 1.4 | – | – | 10 |
| 2023-Q3 | 2023-11-02 | 28.5 | 2.2 | -0.8 | 4.4 | -5.2 | 8 |
| 2023-Q2 | 2023-08-03 | 30.1 | 2.1 | 4.3 | 3.2 | 1.1 | 6 |
| 2023-Q1 | 2023-04-27 | 35.4 | 2.1 | -1.5 | 3.6 | -5.2 | 3 |
AXT Guidance Tracking (latest per metric/period · 3/4)
All forecasts (guidance) of the AXT management and their later outcome: per metric and period the most recent statement applies, the status is checked against the reported actuals. NadirAlpha methodology
Actuals: revenue in $m
Direction: cutinitiatedraised Verdict: in line
| For period | Guided on | Metric | Guided | Actual | Verdict | Direction | Source |
|---|---|---|---|---|---|---|---|
| 2025-Q4 | 2026-01-09 ° | Revenue | 22.5–23.5 | 23 | 23 | ||
| 2025-Q2 | 2025-07-09 ° | Revenue | 17.5–18 | 18 | 29 | ||
| 2025-Q2 | 2025-07-09 | Gross margin (GAAP) | high single digits | – | – | 29 | |
| 2024-Q1 | 2024-04-08 ° | Revenue | 22.4–22.7 | 22.7 | 12 |
AXT Stock: Price & Chart
Price history of AXT stock (AXTI) as a TradingView chart, loaded only after a click, alongside the trend of the key figures from the tables. NadirAlpha methodology
Daily candles with news and earnings markers. Loads only on click.
AXT Event Timeline
What happened at AXT since 2023: events from the filings, grouped by quarter, with the source date and a clickable source number. NadirAlpha methodology
2026 · 7 events
Q4 2025 revenue guidance reduced to $22.5-$23.5 million, citing fewer indium phosphide export permits issued by China's Ministry of Commerce than expected 23
“This is an incredibly exciting time for AXT. We have reached an inflection point in our business where strong customer demand for data center optical connectivity coupled with our continued success in adding manufacturing capacity and improving productivity are driving a step-function increase in our revenue. In Q2, we recorded our highest quarterly indium phosphide revenue to date. We are working closely with our direct customers as well as major end customers to understand their expected demand and roadmaps. We believe AXT is entering one of the most consequential chapters in our company's history. The investments we are making today–in capacity, in technology, and in our uniquely integrated supply chain–position us to meet the extraordinary demand we see building across the optical and AI infrastructure markets.”
Tongmei withdrew its STAR Market IPO application on July 8, 2026, redirecting listing efforts toward Hong Kong Stock Exchange with updated business plan focused on InP substrates 26
GAAP net income of USD 11.1 million, or 0.17 diluted per share, versus a net loss of $7.0 million in Q2 2025 34
Revenue of USD 47.6 million, up 164% from Q2 2025, as Tongmei recorded its highest quarterly indium phosphide revenue to date 34
Operating income turned positive for the first time after 14 negative periods (-1.6 to +USD 10.4 million). 34
“This is an incredibly exciting time for AXT. Last week we completed a capital raise for $632.5 million in support of Tongmei's indium phosphide capacity expansion as well as R&D investment in new products like 6-inch indium phosphide. Indium phosphide substrates are a key ingredient in high-speed optical data transmission required in AI focused data centers. Thanks goes to our investors who are helping us address the strong demand we are seeing. As the market continues to grow, capacity will become a critical enabler. Longer-term capacity planning is one of the most important discussions we are having today with customers and major supply chain players in our space. The message we have for them is this: AXT is stepping up. We believe we are in the best position to support and enable our industry in meeting the current and future needs.”
Revenue of USD 26.9 million versus $19.4 million in Q1 2025, driven by higher InP substrate demand for data center applications following export permit grants 33
GAAP gross margin of 29.6% versus negative 6.4% in Q1 2025; prior-year base was depressed by the export-control disruption that halted Tongmei's InP shipments 33
2025 · 14 events
“We are also on track to double our indium phosphide manufacturing capacity this year and have a strong balance sheet to support our continued business expansion.”
Completed public offering of 8,163,265 shares on December 29, 2025, receiving net proceeds of approximately $93.9 million; year-end cash reached $120.3 million 24
Q4 2025 revenue declined to $23.0 million from $28.0 million in Q3 2025 and $25.1 million in Q4 2024 32
Company plans to double indium phosphide manufacturing capacity in 2026; export permits received in early 2026 with sequential revenue growth expected in Q1 2026 driven by AI infrastructure demand 32
“This has been a highly active time for our business with the strong uptick in indium phosphide demand from data center applications globally. In Q3, our indium phosphide revenues grew more than 250 percent sequentially and reached a three-year high as we obtained export permits for a number of significant indium phosphide orders throughout the quarter. In addition, we continue to build healthy backlog for both indium phosphide and gallium arsenide materials as our industry and our customers adapt to a new normal within a rapidly changing environment. We remain highly focused on our efforts to drive gross margin recovery and expansion, operating expense discipline, and inventory reduction. With strong, ongoing market trends fueling the data center upgrade cycle, we believe we have tremendous opportunity in 2026 to drive meaningful growth in our business and a return to profitability.”
EBITDA turned positive for the first time after 4 negative periods (-4.5 to +USD 1.2 million). 22
Indium phosphide revenues grew more than 250% sequentially in Q3 2025 and reached a three-year high following receipt of export permits for significant orders 31
“Our substrate revenue increased in Q2 from the prior quarter, though the increase was less than we had expected as a result of longer processing times for gallium arsenide export permits, coupled with some sluggishness in the demand environment in China, which also affected our raw material business. That said, we made good progress in driving recovery in our gross margins, with a strong focus on our manufacturing process and efficiency. We also saw healthy growth in AI-related demand for indium phosphide in China and, as a result of obtaining our first export permits in June, were able to ship initial orders of indium phosphide substrates to customers outside of China. Our competitive positioning continues to be enhanced by superior product performance in key specifications such as low etch pit density, or EPD, and we are working diligently to support the next-generation technology requirements of our global customer base.”
“Though we continue to feel confident about our participation in a number of exciting technology trends, the current geopolitical environment remains challenging across our business. Further, the demand environment in China has been weaker than expected for our gallium arsenide substrate business, as well as our consolidated raw material joint ventures. That said, we saw a meaningful increase in AI-related demand for indium phosphide in China during Q2 and were also pleased that our subsidiary, Beijing Tongmei Xtal Technology Co., ("Tongmei"), received its first export control permits for indium phosphide late in the quarter. In addition, we remain highly focused on gross margin improvement and despite the revenue shortfall, we expect to deliver Q2 2025 gross margins in the high single digits.”
Tongmei received initial indium phosphide export permits from China's Ministry of Commerce on June 11, 2025, enabling shipments to customers in Europe and Japan 21
GAAP gross margin recovered to 8.0% from negative 6.4% in Q1 2025 with focus on manufacturing process and efficiency improvements 30
Preliminary Q2 2025 revenue guidance lowered to $17.5-$18 million from prior guidance of $20-$22 million due to slower export permit issuance and weaker China GaAs demand 29
“While the geopolitical environment is creating undeniable challenges, we are focusing our energies where we can drive positive returns today. Tongmei, our China subsidiary, is uniquely positioned to optimize growth opportunities in China, such as high-speed data center connectivity and LIDAR for autonomous driving, and are pursuing these and other opportunities with success across key markets for indium phosphide, gallium arsenide, and germanium substrates. We are also working tirelessly on behalf of our global customer base to ensure that we can continue to support their needs across all our products.”
Revenue declined to $19.4 million from $22.7 million in Q1 2024, driven by lower GaAs and InP substrate demand 19
GAAP gross margin turned negative at -6.4% due to significant unfavorable yields in gallium arsenide production and under-absorbed factory overhead 19
China imposed export controls on indium phosphide substrates effective February 4, 2025; InP sales fell 58% quarter-over-quarter 19
2024 · 14 events
“Our growth in 2024 showed a year of improvement for AXT in several key areas. We delivered a 31 percent increase in revenue, a 21 percent improvement in non-GAAP gross profit, and a 40 percent improvement in non-GAAP net loss. Over the last twelve months we have aggressively advanced the technical specifications of our materials to help our global customer base solve complex, next-generation connectivity challenges. As such, 2024 marked a meaningful year of our revenue growth into the cloud and data center infrastructure market, as well as our successful penetration of the cell phone market, which is close to a $100M addressable market, and before now, largely untapped by AXT. Through our product success, world-class manufacturing, and unique supply chain, we have built a valuable company poised to address the rapidly growing market opportunities ahead of us.”
FY2024 revenue $99.4M, +31% YoY from $75.8M; Q4 2024 revenue $25.1M vs $20.4M in Q4 2023 17
Company successfully penetrated the cell phone market in 2024, an addressable market of approximately $100M previously largely untapped by AXT 17
“Q3 came in largely in line with our expectations, coming off a strong quarter in Q2. By comparison to the year ago quarter Q3 2023, our revenue in Q3 of 2024 increased over 36 percent and we are pleased to see that every product, including raw materials, had double digit year-over-year growth. Data center-related demand remained solid, and we are anticipating new order momentum in indium phosphide substrates for photodetectors in AI applications.”
Revenue $23.6M, +36% YoY from $17.4M in Q3 2023 (a period of severely depressed industry volumes); every product category achieved double-digit YoY growth 15
Gross margin 24.0% vs 10.7% in Q3 2023 (Q3 2023 low point driven by industry-wide volume weakness), on higher unit volumes across all wafer substrates and favorable product mix 15
Company anticipated new order momentum in InP substrates for photodetectors in AI applications 15
“Q2 was another solid quarter of growth, with our revenues up 23 percent sequentially and more than 50 percent year over year. We are encouraged by the signs of adoption in new applications, such as AI where we expect that indium phosphide will be required in optical transceivers for high-speed data transmission. These applications span longer distances, such as from rack to rack, rack to aggregation point and between cloud and edge data centers. Across the rest of our portfolio of products, the signs of market recovery are tangible, and though we expect some lumpiness quarter to quarter as our end markets come back to normalized seasonality, we are executing well on behalf of our customers and have laid important groundwork for growth within this highly dynamic technology landscape.”
GAAP operating loss narrowed to ($1.9)M from ($3.3)M in Q1 2024 and ($6.8)M in Q2 2023 28
Revenue $27.9M, +50% YoY and +23% sequential; substrate revenue increased 79.1% YoY to $19.7M, driven by GaAs, InP, and Ge wafer substrates 28
GAAP gross margin 27.4% vs 9.2% in Q2 2023; Q2 2023 represented a period of severely depressed industry demand and volumes 28
EBITDA turned positive for the first time after 5 negative periods (-1.2 to +USD 0.4 million). 28
“We are pleased with our first quarter results. We exceeded our Q1 revenue and profitability guidance, delivering 11 percent sequential growth in our revenues and 54 percent sequential improvement in our non-GAAP net income. Across our product lines, new catalysts, such as artificial intelligence, are providing exciting incremental opportunities for advanced compound semiconductor materials. We understand from our customers that our indium phosphide substrates are currently being utilized for high-speed optical components for artificial intelligence interconnects and we are working closely with a number of customers building next-generation lasers for use in data center transceivers. As we look ahead, we remain steadfastly focused on business efficiency and accelerating our return to profitability.”
Revenue $22.7M in Q1 2024, +16.9% YoY and +11% sequential, driven by higher demand for GaAs and InP wafer substrates and data center applications 27
GAAP gross margin improved to 26.9% from 22.6% in Q4 2023 on higher unit volume and favorable product mix 27
2023 · 11 events
“We believe we are now beginning to see a recovery in our markets. In Q4, we achieved 18 percent sequential growth in our revenues and a 43 percent sequential improvement in our non-GAAP net income. While the overall demand environment remains somewhat soft, we are seeing increased orders for indium phosphide for both artificial intelligence (AI) and fiber optic applications. Further, the gallium arsenide market, which was the first of our markets to go into a correction, appears to have largely worked through excess inventory and is now reflecting truer demand. In total, we are looking forward to 2024 with optimism. We believe that the trends that have driven our revenue and customer expansion remain very much intact, with new catalysts such as AI providing strong incremental opportunity. AI will drive up the need for massive data transfer requirements with increased bandwidth, low attenuation and low distortion. We believe this will result in increased demand for indium phosphide as the best platform for rapid data transfer. We will continue to prioritize cost savings and efficiency, and are focused on accelerating our return to profitability.”
Full-year 2023 GAAP net loss of $17.9M or ($0.42) per share versus net income of $15.8M or $0.37 per share in 2022 10
Revenue recovered 18% sequentially to $20.4M from the Q3 trough of $17.4M, the first sequential increase of the year, with increased orders noted for InP for AI and fiber optic applications 10
GAAP gross margin improved to 22.6% in Q4 2023 from 10.7% in Q3 2023 as sequential volume recovery reduced overhead under-absorption 10
“The demand environment in the third quarter of 2023 remained stable, and we were pleased to see some encouraging early signs of improvement in the data center market, resulting in modestly higher indium phosphide revenue quarter over quarter. While inventory rationalization may persist into the new year, we believe that the trends that have driven our revenue and customer expansion remain very much intact. Further, we have executed well in our development of larger diameter substrates that will pave the way for our opportunities in next-generation devices spanning data center, consumer, and other markets. As we navigate the near-term environment, we will continue to prioritize cost savings and efficiency, and are focused on accelerating our return to profitability.”
China's export licensing requirement for gallium and germanium substrates took effect August 1, 2023, requiring Tongmei to apply for permits specifying the stated end-use of products 9
Revenue declined 51% YoY to $17.4M, the quarterly trough of 2023; nine-month revenue fell 52% to $55.4M 8
“Though the macro environment continues to impact our growth near-term, the trends that have driven our revenue and customer expansion remain very much intact. We continue to excel in our technical capabilities and are readying our business to support new applications in data center, consumer, and other high growth areas. Further, we continue to expand our recycling program and are focused on improving our efficiency and accelerating our return to profitability.”
“We are actively pursuing the necessary permits and are working to minimize any potential disruption to our customers”
GAAP operating loss of $6.8M in Q2 2023 versus operating profit of $5.3M in Q2 2022 6
GAAP gross margin collapsed to 9.2% from 39.1% in Q2 2022 due to lower unit volumes causing under-absorbed overhead and unfavorable product mix 6
Operating cash flow turned positive on a half-year basis (2022-H2: -14.3 to 2023-H1: +USD 2.8 million, aggregated from reported quarters where needed). 6
China announced new export control regulations requiring permits for gallium and germanium material exports effective August 1, 2023; indium phosphide substrates excluded from the requirement 5
“As expected, revenue took a step back in Q1 as a result of the inventory correction that we began to see late last summer. Despite lower revenues, we feel confident in our market position and strong customer relationships. We have continued to focus on manufacturing efficiencies, and are having increasing success in our recycling efforts, which benefited our gross margin performance. As we look forward, we believe that the trends that have driven our revenue and customer expansion remain intact. We continue to excel in our technical capabilities and are readying our business to support new applications and future growth. Further, we continue to work towards improving our efficiency, and are focusing on accelerating our return to profitability.”
Revenue declined 51% YoY to $19.4M from $39.7M in Q1 2022, driven by industry-wide inventory correction reducing demand for InP and GaAs substrates 3
GAAP gross margin contracted to 26.3% from 33.6% YoY due to lower unit volumes causing under-absorbed factory overhead 3
AXT Business Model
How AXT (AXTI) makes its money, summarised from the filings up to Q2 2026, neutral and without forecast. NadirAlpha methodology
AXT Inc. designs and manufactures compound semiconductor substrates, primarily gallium arsenide, indium phosphide, and germanium wafers, through its majority-owned Chinese subsidiary Beijing Tongmei Xtal Technology Co., Ltd. These wafers serve as the base material for semiconductor devices used in fiber-optic and data-center transceivers, consumer electronics, solar cells, and emerging photonic applications. Revenue is generated through substrate sales to device manufacturers worldwide, with pricing and volumes determined by wafer material, diameter, and specification. Manufacturing is concentrated in China, making the company subject to Chinese regulatory requirements, export controls, and environmental compliance obligations.
AXT Stock: Share-Price Drivers
The drivers of AXT stock from the company's perspective: demand, prices, costs and capacity as the investor relations reports describe them. NadirAlpha methodology
Group revenue rebounded to 47.6 million in 2026-Q2 with operating income of 10.4 million, after operating losses in the prior quarters, as the substrate business recovered 26
Substrates revenue of 19.3 million in 2026-Q1, described as up 74%, well ahead of the raw materials line 25
Indium phosphide export permits obtained on 2025-06-11, removing a shipment constraint on the InP business 24
Lumentum capacity reservation agreement, Coherent master development and supply agreement and Casela long-term supply agreement all signed in 2026-Q2, pointing to gaining customer traction 26
Raw materials and other revenue of 7.6 million in 2026-Q1, described as lower year on year 25
Tongmei STAR Market IPO application withdrawn 2026-07-08, with a new IPO application to the Hong Kong Stock Exchange in 2026-Q2 26
Planned doubling of indium phosphide capacity 32
Guidance lowered in the latest change flags, indicating a cut to the outlook
Sector trend: Demand for indium phosphide substrates is heading higher, driven by AI and datacenter optical connectivity, with utilisation and revenue recovering to 47.6 million in 2026-Q2 26. Traditional raw materials demand is softer, so the mix is shifting toward higher-value compound-semiconductor substrates 25.
AXT Revenue by Type (as of 2026-Q2 · USD million · 10/11)
Where the revenue of AXT comes from: segments and product types with share, growth and margin, as of Q2 2026, older structures remain in the expandable part. NadirAlpha methodology
| Segment | Since | Revenue | Growth | Source |
|---|---|---|---|---|
| Period 2026-Q1 (3M) | ||||
| Substrates | 2023-Q2 | 19.3 | 74% | 25 |
| Raw materials and other | 2023-Q2 | 7.6 | -7.6% | 25 |
| Period FY2025 | ||||
| Raw Materials Group | – | – | – | 24 |
| Substrate Group | – | – | – | 24 |
| Period 2025-Q1 (3M) | ||||
| China | 2023-Q2 | 13.4 | 16.6% | 20 |
| Europe (primarily Germany) | 2023-Q2 | 2.1 | -43.6% | 20 |
| Taiwan | 2023-Q2 | 1.2 | -73.4% | 20 |
| North America (primarily the United States) | 2023-Q2 | 1.1 | 3.1% | 20 |
| Asia Pacific (excluding China, Taiwan and Japan) | 2023-Q2 | 0.8 | -2.1% | 20 |
| Japan | 2023-Q2 | 0.7 | -27.5% | 20 |
| Period FY2023 | ||||
| Specialty material substrates | – | – | – | 11 |
AXT Products & announcements (4/21 active+recent)
Product announcements of AXT from the reports: market launches, approvals, partnerships, with first mention and source; discontinued products are shown in grey. NadirAlpha methodology
Status: PlannedLaunched
| Product/Line | Since | Status | Source |
|---|---|---|---|
| 2026 | |||
| 6-inch indium phosphide product development | 2026-03 | 33 | |
| Indium phosphide capacity doubling | 2026 | 32 | |
| 2025 | |||
| Nasdaq capital raising | 2025-12 | 24 | |
| Form S-3 shelf registration statement | 2025-11 | 22 | |
| 2024 | |||
| GaAs recycling process development (2x) | 2024 | 11 | |
| 8-inch gallium arsenide wafer for consumer product (4x) | 2024 | 20 | |
| 2023 | |||
| ChaoYang XinMei equipment financing arrangement | 2023-12 | 11 | |
| Larger diameter substrates development | 2023-09 | 8 | |
| China export permits for gallium arsenide and germanium substrates | 2023-08 | 14 | |
| Six-inch InP substrate development targeting consumer market | 2023 | 11 | |
| 2022 | |||
| Tongmei IPO application accepted for review by CSRC | 2022-08 | 4 | |
| Indium phosphide recycling process | 2022 | 24 | |
| InP recycling program introduction | 2022 | 18 | |
| InP recycling process deployment | 2022 | 11 | |
| 8-inch GaAs wafers (10x) | 2022 | 18 | |
| 2021 | |||
| New facility construction and capacity expansion investments | 2021 | 11 | |
| 2020 | |||
| New manufacturing facility in Kazuo, China (3×) | 2020 | 18 | |
| 2019 | |||
| Gallium arsenide production line relocation completed (2×) | 2019-12 | 9 | |
| 2015 | |||
| Relocation of germanium manufacturing line (2×) | 2015 | 4 | |
| Undated | |||
| Gallium arsenide recycling process | – | 24 | |
| Arsenic production subsidiary formation | – | 24 | |
AXT Transactions & Events (28)
All recorded acquisitions, divestitures and exits of AXT, plus partnerships, contracts and regulatory events affecting the business, each with date and source. NadirAlpha methodology
Acquisitions by AXT
| Transaction / stake | Date | Type | Source |
|---|---|---|---|
| 2026 | |||
| Tongmei acquisition of additional 5% ownership stake | 2026-07 | Completed | 26 |
| April 2026 Public Offering | 2026-04 | Completed | 25 |
| 2025 | |||
| Public offering of common stock | 2025-12 | Completed | 24 |
| Tongmei Indium Phosphide Export Permits (8×) | 2025 | Completed | 29 |
| 2021 | |||
| Assignment of AXT-Tongmei subsidiary to Tongmei | 2021-06 | Completed | 18 |
| 2020 | |||
| Private equity investment in Tongmei (4×) | 2020-12 | Completed | 14 |
| BoYu share purchase | 2020-12 | Completed | 7 |
| Assignment of JinMei and BoYu subsidiaries to Tongmei | 2020-12 | Completed | 18 |
| ChaoYang JinMei ownership sale | 2020-08 | Completed | 7 |
| Beijing facility relocation and Baoding Tongmei production | 2020 | Completed | 22 |
| 2019 | |||
| ChaoYang Tongmei indium phosphide production transfer | 2019 | Completed | 22 |
| ChaoYang Tongmei gallium arsenide ingot production transfer | 2019 | Completed | 16 |
| 2017 | |||
| Baoding Tongmei gallium arsenide production relocation (2x) | 2017 | Completed | 11 |
| 2015 | |||
| Gallium arsenide manufacturing relocation from Beijing (2x) | 2015 | Completed | 18 |
| Dingxing wafer processing production line (2x) | 2015 | Completed | 25 |
| 1999 | |||
| Series A preferred stock issuance | – | Completed | 11 |
| Acquisition of Lyte Optronics, Inc. | – | Completed | 11 |
Divestitures and exits by AXT
| Transaction / stake | Date | Type | Source |
|---|---|---|---|
| 2023 | |||
| Sale of 46% equity stake in Donghai County Dongfang High Purity Electronic Materials Co., Ltd. | 2023-11 | Divested | 11 |
| Sale of 15% shares in Jia Mei | 2023-06 | Divested | 7 |
| Sale of 15% equity stake in Emeishan Jia Mei High Purity Metals Co., Ltd. | 2023-05 | Divested | 11 |
| Equity investment divestiture in Emeishan JiaMei High Pure Materials Co., Ltd. | 2023-05 | Divested | 4 |
| Impairment and divestiture of equity investments | 2023 | Divested | 11 |
| Divestiture of equity investment in PRC joint venture | 2023 | Divested | 11 |
Partnerships and contracts of AXT
| Transaction / stake | Date | Type | Source |
|---|---|---|---|
| 2026 | |||
| Lumentum capacity reservation agreement | 2026-07 | Agreement | 26 |
| Coherent master development and supply agreement | 2026-06 | Agreement | 26 |
| Casela long-term supply agreement | 2026-06 | Agreement | 26 |
| 2020 | |||
| Cross License Agreement with competitor (2x) | 2020-01 | Agreement | 18 |
Regulation and legislation at AXT
| Transaction / stake | Date | Type | Source |
|---|---|---|---|
| 2025 | |||
| U.S. tariff increase to 100% on wafer substrates | 2025-04 | Regulation | 20 |
AXT Risks (165 since the annual report of 2026-03-17, 569 tracked in total)
NadirAlpha lists 165 active risks of AXT from the filings, the category as a coloured dot with legend, the wording as a short summary of the filing with no assessment of our own. NadirAlpha methodology
Category: FinancialGeopoliticsCustomersSupply chainLegalRegulatoryCyberTechnologyMacroMarketCompetitionStrategyaiPeopleESG
| Risk | Category | Last reported |
|---|---|---|
| AXT: first mention in 10-Q quarterly report of 2026-08-13 (2026-Q2), source 26 | ||
| No customer represented more than 10% of accounts receivable as of June 30, 2026 | = | |
| Gross margin fluctuation driven by product mix, unit volume, yields, and manufacturing costs | = | |
| PRC government intervention in operations and rapid regulatory changes possible | = | |
| Previous quality problems caused market share loss; must maintain customer product qualifications | = | |
| Cancellation of customer projects such as 8-inch GaAs wafer application in 2024 | = | |
| Customer prepayments may not result in anticipated revenue if orders are cancelled or reduced | = | |
| Lengthy product qualification cycles make it difficult to forecast new customer revenue accurately | = | |
| All manufacturing and most raw materials sourced in China; exposed to political/regulatory/environmental disruptions | = | |
| Tongmei IPO withdrawal triggers $49 million redemption rights for investors; company has sufficient funds to redeem in full | = | |
| Chinese government can change regulations quickly with little notice; mandatory factory shutdowns for environmental reasons | = | |
| Cyber-attacks and data breaches could disrupt operations and expose proprietary information | = | |
| Broad management discretion over $100 million (Dec 2025) and $632.5 million (April 2026) capital raises; no assurance funds used effectively | = | |
| Sales denominated in multiple currencies; exposure to RMB/USD and JPY/USD fluctuations | = | |
| No dividends paid or intended; stock appreciation only source of shareholder returns | = | |
| Power outages in China could force temporary closure of operations; crystal growth phase work-in-process could be ruined | = | |
| Enhanced government power to restrict exports effective March 1, 2026 creates future uncertainty | = | |
| Loss of smaller reporting company status will increase disclosure obligations and compliance costs | = | |
| AI integration risks and potential regulatory compliance costs for AI technologies | = | |
| Silicon-based technologies (SOI) may replace specialty material substrates in certain applications | = | |
| AXT: first mention in 8-K-EX99.1 earnings release of 2026-07-30 (2026-Q2), source 34 | ||
| Withdrawal, cancellations or redemption requests by private equity funds in China of their Tongmei investments | = | |
| Administrative challenges satisfying requirements of various Chinese government agencies regarding Tongmei investments | = | |
| AXT: first mention in 10-Q quarterly report of 2026-05-14 (2026-Q1), source 25 | ||
| China enacted Foreign Trade Law revisions March 1, 2026, enhancing government power to restrict import/export | 2026-Q2 2026-08-13 26 | |
| AXT: first mention in 8-K-EX99.1 earnings release of 2026-02-19 (2025-Q4), source 32 | ||
| Company faces challenges in qualifying new customers and expanding manufacturing capacity at new sites | 2026-Q2 2026-08-13 26 | |
| AXT: first mention in 10-Q quarterly report of 2025-11-13 (2025-Q3), source 22 | ||
| $50.5 million NOL carryforwards subject to Section 382 limitations if ownership change occurs | 2026-Q2 2026-08-13 26 | |
| Derivative lawsuit filed against CEO, CFO, and directors; appeal pending at Ninth Circuit | 2026-Q2 2026-08-13 26 | |
| AXT: first mention in 10-Q quarterly report of 2025-08-13 (2025-Q2), source 21 | ||
| Future outbreaks could require facility closures and disrupt supply chains and shipping | 2026-Q2 2026-08-13 26 | |
| U.S. tariffs increased from 25% to 70% on imports; may negatively impact revenues, profitability and cash flows | 2026-Q2 2026-08-13 26 | |
| AXT: first mention in 10-Q quarterly report of 2025-05-14 (2025-Q1), source 20 | ||
| Equity investments in raw material suppliers may become fully impaired as in prior years | 2026-Q2 2026-08-13 26 | |
| Global economic uncertainty, inflation, interest rates, and supply chain disruption affect demand and costs | 2026-Q2 2026-08-13 26 | |
| AXT: first mention in 10-K annual report of 2025-03-14 (FY2024), source 18 | ||
| Semiconductor industry downcycles cause demand reduction, inventory correction, and price erosion | 2026-Q2 2026-08-13 26 | |
| PCAOB inspection limitations in China could restrict U.S. capital market access if audit work papers located in China | 2026-Q2 2026-08-13 26 | |
| AXT: first mention in 10-Q quarterly report of 2024-11-12 (2024-Q3), source 16 | ||
| Stock price below $1.00 for 30+ consecutive business days triggers delisting risk from Nasdaq Global Select Market | 2026-Q2 2026-08-13 26 | |
| AXT: first mention in 10-Q quarterly report of 2024-08-09 (2024-Q2), source 14 | ||
| Raw material joint venture failures or hazardous material violations could impact supply | 2026-Q2 2026-08-13 26 | |
| Single or limited source suppliers for critical raw materials including quartz tubing | 2026-Q2 2026-08-13 26 | |
| Subject to federal securities law violation complaint involving CEO, CFO, and directors; derivative lawsuit filed | 2026-Q2 2026-08-13 26 | |
| Putative shareholder class action alleging securities law violations with claims pending | 2026-Q2 2026-08-13 26 | |
| AXT: first mention in 10-Q quarterly report of 2024-05-10 (2024-Q1), source 13 | ||
| Fire, explosion, or natural disaster could render manufacturing facilities inoperable | 2026-Q2 2026-08-13 26 | |
| Manufacturing hazardous materials (gallium arsenide, arsenic, germanium) subject to Chinese environmental controls; failure to comply risks facility closure | 2026-Q2 2026-08-13 26 | |
| Failure to properly accomplish new customer qualifications could result in production disruption and revenue loss | 2026-Q2 2026-08-13 26 | |
| Competitors may develop similar VGF technology or design around patents; non-patented processes at risk | 2026-Q2 2026-08-13 26 | |
| AXT: first mention in 10-K annual report of 2024-03-15 (FY2023), source 11 | ||
| Inventory write-downs may be required if market prices decline below carrying values | 2026-Q2 2026-08-13 26 | |
| AXT: first mention in 10-Q quarterly report of 2023-11-09 (2023-Q3), source 9 | ||
| U.S. and China tariffs/export controls directly impact product imports and profitability; tariff rates increased to 70% | 2026-Q2 2026-08-13 26 | |
| Involved in cross-license agreement through 2029; potential for future patent litigation | 2026-Q2 2026-08-13 26 | |
| AXT: first mention in 10-Q quarterly report of 2023-08-09 (2023-Q2), source 7 | ||
| Foreign exchange exposure on Japanese yen and Chinese renminbi transactions | 2026-Q2 2026-08-13 26 | |
| Mandatory factory shutdowns due to air pollution in Beijing area occurred previously | 2026-Q2 2026-08-13 26 | |
| PRC government can intervene in operations; potential mandatory factory shutdowns due to environmental pollution | 2026-Q2 2026-08-13 26 | |
| AXT: first mention in 8-K-EX99.1 earnings release of 2023-07-05 (2023-Q2), source 5 | ||
| China's export controls on InP, GaAs, and germanium substrates create uncertainty | 2026-Q2 2026-08-13 26 | |
| AXT: first mention in 10-Q quarterly report of 2023-05-10 (2023-Q1), source 4 | ||
| Private equity investors in Tongmei have redemption rights; full redemption would require $49 million | 2026-Q2 2026-08-13 26 | |
| Dual-use customers with military involvement blocked from U.S. gallium arsenide exports due to permit restrictions | 2026-Q2 2026-08-13 26 | |
| Competition from Sumitomo, JX, Freiberger, Umicore, and others; price pressures increasing | 2026-Q2 2026-08-13 26 | |
| AXT: first mention in 10-Q quarterly report of 2026-05-14 (2026-Q1), source 25 | ||
| North America revenue declined $0.9 million to $207K; tariffs and export restrictions primary cause | = | |
| Tongmei private equity investors hold ~$49 million redemption right if IPO fails | = | |
| InP export permit timing remains uncertain and beyond company control; permits required for all three wafer substrate product families as of February 2025 | = | |
| PRC central government may exert control over overseas offerings or foreign investment in China-based issuers. | = | |
| Dividends from PRC subsidiaries subject to 10% withholding tax and SAFE approval for fund transfers. | = | |
| Tongmei STAR Market IPO application pending CSRC approval; lengthy review process ongoing | = | |
| Manufacturing yield fluctuations from contamination, equipment failure, and process inconsistencies; impacts product cost and shipment timing | = | |
| Company does not intend to pay dividends on common stock. | = | |
| International operations expose to export permits, regional downturns, trade wars and IP enforcement variations. | = | |
| Common stock could be delisted from Nasdaq if bid price remains below $1.00 for thirty consecutive business days. | = | |
| Potential for additional U.S. tariffs under alternative legal authorities; China's revised Foreign Trade Law effective March 1, 2026 enhances export restriction powers | = | |
| Trade tensions causing customers and prospective customers to adopt sourcing policies that block purchases from suppliers in opposing countries | = | |
| Audit firm BPM inspected by PCAOB; no guarantee future audits will be fully inspected | = | |
| Outbreaks of epidemic, pandemic or contagious diseases could result in business disruptions. | = | |
| Semiconductor industry highly cyclical; recent downcycle in second half 2022 through 2024 with revenue decline from $39.7M to $17.4M | = | |
| Anti-takeover measures and preferred stock provisions could impair common stockholder rights. | = | |
| PRC government may intervene or influence operations with little advance notice | = | |
| PRC subsidiaries require hazardous materials permits; regulations change frequently | = | |
| Loss of smaller reporting company status would increase disclosure and compliance costs. | = | |
| Intense competition from Sumitomo, JX, Freiberger, Umicore leading to average selling price declines of 5-10% historically | = | |
| Silicon-on-insulator (SOI) technology replacing GaAs substrates in mobile phone RF chips; new silicon-based technologies could further reduce specialty substrate demand | = | |
| AXT: first mention in 8-K-EX99.1 earnings release of 2026-04-30 (2026-Q1), source 33 | ||
| CSRC and other authorities must approve Tongmei STAR Market listing | = | |
| Strong market demand may not continue or capacity expansion may not be timely | = | |
| AXT: first mention in 10-K annual report of 2026-03-17 (FY2025), source 24 | ||
| Management broad discretion over cash use; $100 million raised in December 2025 offering must be deployed effectively. | = | |
| One customer accounted for more than 10% of accounts receivable as of December 31, 2025 and 2024 | = | |
| Deferred tax assets fully reserved at $27.2 million due to uncertainty regarding future U.S. profitability | = | |
| AXT sold 7.28% of Tongmei to private equity investors; $49 million aggregate redemption right if STAR Market IPO fails | = | |
| Escalating U.S.-China trade tensions and geopolitical instability create uncertain business environment affecting tariffs and export restrictions. | = | |
| Approximately 62% of revenue from China; 15% from Taiwan; North America revenue collapsed 77.5% due to export restrictions | = | |
| Raw material costs for germanium wafers increased substantially in 2025, forcing deliberate sales reduction and margin pressure | = | |
| Depends on single or limited suppliers for critical materials including quartz tubing and arsenic | = | |
| Raw material joint ventures in China subject to government restrictions, facility relocations, and operational disruptions. | = | |
| Severe air pollution may trigger mandatory factory shutdowns; occurred 10 days in Q1 2018 | = | |
| PCAOB inspection of audit work in China may have limitations; delisting could occur if inspection capabilities are restricted. | = | |
| Risk of delisting from Nasdaq Global Select Market if minimum bid price or other listing requirements not maintained. | = | |
| Average selling prices decline 5% to 10% annually depending on product; competitive pressures and commoditization threaten margins. | = | |
| AI disruption to business models and markets; future AI integration may impose compliance costs | = | |
| Foreign currency hedging program is partial and may not succeed in minimizing currency fluctuation risks | = | |
| Changes in foreign currency exchange rates or revaluation by China of the renminbi could adversely affect financial results | = | |
| Semiconductor industry is highly cyclical with rapid demand changes and inventory correction periods affecting revenue volatility. | = | |
| Minority investments in privately held raw material companies in China subject to quarterly impairment reviews | = | |
| Future disease outbreaks could require factory closures and disrupt supply chain | = | |
| Foreign exchange losses have had material adverse effects on operating results and cash flows historically and could continue to do so | = | |
| Future inflation could materially impact consolidated results of operations and financial condition | = | |
| Ongoing compliance with Sarbanes-Oxley Section 404 internal control requirements is complex, costly and time-consuming | = | |
| AXT: first mention in 8-K-EX99.1 earnings release of 2026-02-19 (2025-Q4), source 32 | ||
| Net losses in fiscal 2025 of $21.3 million versus positive income in fiscal 2024 | = | |
| Tongmei subsidiary STAR Market IPO subject to ongoing CSRC and government review | = | |
| AXT: first mention in 8-K-EX99.1 earnings release of 2026-01-09, source 23 | ||
| Administrative challenges for STAR Market listing of Tongmei shares. | = | |
| COVID-19 or other contagious disease outbreaks. | = | |
| Emerging applications and end-user acceptance of products. | = | |
| Product announcements by competitors. | = | |
| AXT: first mention in 10-Q quarterly report of 2025-11-13 (2025-Q3), source 22 | ||
| Minority investments in raw material companies reviewed quarterly for impairment; prior impairment charges of $1.1M (2019) and $754K (2023); joint venture risks | 2026-Q1 2026-05-14 25 | |
| Failure to obtain CSRC approval for securities offerings could prevent delisting and access capital markets. | = | |
| Private equity investors hold 7.28% of Tongmei with $49 million redemption rights if STAR Market IPO fails | = | |
| Manufacturing facilities critical to operations; fire, explosion, natural disaster could render facilities inoperable for extended periods | 2026-Q1 2026-05-14 25 | |
| AXT: first mention in 8-K-EX99.1 earnings release of 2025-10-30 (2025-Q3), source 31 | ||
| Private equity fund redemption requests for Tongmei investments. | 2026-01-09 23 | |
| AXT: first mention in 10-Q quarterly report of 2025-08-13 (2025-Q2), source 21 | ||
| Possible factory shutdowns due to air pollution in China. | 2026-01-09 23 | |
| Derivative action filed August 2024; court granted motion to dismiss March 2025; plaintiff filed notice of appeal May 2025 | = | |
| Foreign exchange gains/losses may materially impact statement of operations | 2026-Q1 2026-05-14 25 | |
| Company temporarily non-compliant with Nasdaq audit committee independence requirements following director's passing; regained compliance January 30, 2026 | FY2025 2026-03-17 24 | |
| Although audit firm BPM is US-headquartered, risks remain regarding future PCAOB inspection capabilities of foreign firms | = | |
| Anti-takeover measures including preferred stock issuance authority and staggered board limit acquisition defenses. | = | |
| AXT: first mention in 8-K-EX99.1 earnings release of 2025-07-09 (2025-Q2), source 29 | ||
| Fewer export permits for indium phosphide issued by China than expected. | 2026-01-09 23 | |
| AXT: first mention in 10-Q quarterly report of 2025-05-14 (2025-Q1), source 20 | ||
| Section 382 ownership changes could limit ability to use $50.5 million federal NOL carryforwards. | 2026-Q1 2026-05-14 25 | |
| Escalating trade restrictions, tariff volatility, and political tensions between China and U.S. affecting business environment and supply chain | 2026-Q1 2026-05-14 25 | |
| Complex crystal growth and wafer processing result in variable yields; defects and low yields negatively impact gross margins. | FY2025 2026-03-17 24 | |
| Private equity investors hold $49 million redemption rights if Tongmei STAR Market IPO fails | = | |
| 2005 gallium arsenide exposure complaint; future employee litigation possible | = | |
| High demand for talent in semiconductor industry; loss of senior management or key personnel could adversely affect business. | FY2025 2026-03-17 24 | |
| AXT: first mention in 8-K-EX99.1 earnings release of 2025-05-01 (2025-Q1), source 19 | ||
| No material litigations mentioned in forward-looking statements section | = | |
| AXT: first mention in 10-K annual report of 2025-03-14 (FY2024), source 18 | ||
| Chinese government mandatory factory shutdowns for air pollution; 10-day shutdown occurred Q1 2018; future shutdowns expected to impact production | 2026-Q1 2026-05-14 25 | |
| Subject to securities litigation alleging federal securities law violations involving CEO and CFO. | 2026-Q1 2026-05-14 25 | |
| All manufacturing in China subjects company to complex PRC regulations, intervention by central government, and changing legal requirements. | FY2025 2026-03-17 24 | |
| Dividends from PRC subsidiaries subject to 10% PRC withholding tax and SAFE approval for fund transfers in/out of China. | FY2025 2026-03-17 24 | |
| Inventory corrections within technology sector have caused revenue declines from $39.7 million Q1 2022 to $17.4 million Q3 2023. | 2026-Q1 2026-05-14 25 | |
| AXT: first mention in 10-Q quarterly report of 2024-11-12 (2024-Q3), source 16 | ||
| Limited suppliers for critical materials including quartz tubing, polishing solutions, and key materials like gallium and germanium. | FY2025 2026-03-17 24 | |
| Risk of cyber-attacks, data breaches, system disruptions; costs to eliminate security problems could be significant; AI adoption increases cybersecurity risks | 2026-Q1 2026-05-14 25 | |
| Silicon-based SOI technology may continue to displace specialty material substrates | FY2025 2026-03-17 24 | |
| AXT: first mention in 10-Q quarterly report of 2024-05-10 (2024-Q1), source 13 | ||
| If SEC identifies AXT as Commission-Identified Issuer for three consecutive years, trading may be prohibited on Nasdaq. | 2025-Q2 2025-08-13 21 | |
| Significant portion of operating expenses and manufacturing costs are fixed, limiting ability to adjust spending with revenue shortfalls. | FY2025 2026-03-17 24 | |
| Common stock price fluctuated substantially; bid price historically closed below $1.00 minimum for Nasdaq continued listing. | FY2025 2026-03-17 24 | |
| AXT: first mention in 10-K annual report of 2024-03-15 (FY2023), source 11 | ||
| Product demand depends on end-user applications; demand cyclicality from inventory corrections, technology changes, and general economic conditions | 2026-Q1 2026-05-14 25 | |
| China regulations on hazardous materials restrict operations; gallium arsenide added to controlled substances list in February 2015. | FY2025 2026-03-17 24 | |
| Future success depends on attracting and retaining highly skilled employees | FY2025 2026-03-17 24 | |
| AXT: first mention in 8-K-EX99.1 earnings release of 2024-02-22 (2023-Q4), source 10 | ||
| Withdrawal and redemptions by Chinese private equity funds in Tongmei | 2026-Q1 2026-04-30 33 | |
| Competitors hold substantial patent portfolios and may independently develop similar technology. | 2026-Q1 2026-05-14 25 | |
| AXT: first mention in 10-Q quarterly report of 2023-11-09 (2023-Q3), source 9 | ||
| Transfer pricing challenges by tax authorities could materially increase consolidated income tax expense. | 2026-Q1 2026-05-14 25 | |
| Inability to achieve customer qualifications or control product quality could reduce purchases. | 2026-Q1 2026-05-14 25 | |
| Port restrictions could result in shipping delays or increased costs for raw materials. | 2026-Q1 2026-05-14 25 | |
| PRC subsidiaries subject to data security oversight by Cyberspace Administration of China. | 2026-Q1 2026-05-14 25 | |
| U.S. China trade tensions remain high with fluid controls on exports and tariffs | FY2025 2026-03-17 24 | |
| 2005 complaint alleging personal injury from gallium arsenide exposure; future employee litigation possible if found liable for safety regulation violations | FY2025 2026-03-17 24 | |
| Foreign exchange losses and currency volatility impact operating results; hedging programs partial and may not prevent losses | 2026-Q1 2026-05-14 25 | |
| High demand and competition for talent in specialty materials and semiconductor industries; employee turnover risk could harm operations | 2026-Q1 2026-05-14 25 | |
| PRC central government has virtually unlimited authority to intervene in commercial operations; rules and regulations change quickly with little notice | 2026-Q1 2026-05-14 25 | |
| AXT: first mention in 8-K-EX99.1 earnings release of 2023-11-02 (2023-Q3), source 8 | ||
| Ability to utilize manufacturing capacity and control costs. | 2026-01-09 23 | |
| AXT: first mention in 10-Q quarterly report of 2023-08-09 (2023-Q2), source 7 | ||
| Power shortages in China could force temporary closures and adversely impact manufacturing. | 2026-Q1 2026-05-14 25 | |
| United States foreign policy toward China creates uncertainty for manufacturing and sales disruptions. | 2026-Q1 2026-05-14 25 | |
| PCAOB inspections of audit work in China may be restricted, limiting US capital market access. | 2026-Q1 2026-05-14 25 | |
| Tongmei IPO application under CSRC review with approximately $49 million redemption liability if IPO fails to complete. | FY2025 2026-03-17 24 | |
| North America revenue declined from 8% (2024) to 2% (2025) due to tariffs and export controls | FY2025 2026-03-17 24 | |
| Gross margin fluctuates due to product mix, yields, raw material costs, tariffs, capacity utilization; negative 6.4% in Q1 2025 due to multiple factors | 2026-Q1 2026-05-14 25 | |
| Risk of inventory obsolescence or excess from changing customer specifications or demand declines; prior inventory write-downs taken | 2026-Q1 2026-05-14 25 | |
| PRC central government may intervene in operations with little advance notice; changing regulations require ongoing compliance efforts. | FY2025 2026-03-17 24 | |
| AXT: first mention in 8-K-EX99.1 earnings release of 2023-08-03 (2023-Q2), source 6 | ||
| Product yields and impact on gross margins. | 2026-01-09 23 | |
| AXT: first mention in 10-Q quarterly report of 2023-05-10 (2023-Q1), source 4 | ||
| Financial performance of partially owned supply chain companies. | 2026-01-09 23 | |
| Failure to comply with environmental regulations could result in fines or forced cessation of operations. | 2026-Q1 2026-05-14 25 | |
| Subject to lawsuit from 2005 alleging personal injury from exposure to gallium arsenide and methanol. | 2026-Q1 2026-05-14 25 | |
| Tongmei IPO may fail to complete; investor redemption right could require return of $49 million | FY2025 2026-03-17 24 | |
| Chinese government environmental restrictions and mandatory factory shutdowns due to air pollution; Q1 2018 ten-day shutdown affected revenue. | FY2025 2026-03-17 24 | |
| Cross-license and covenant agreement with competitor expires December 31, 2029. | FY2025 2026-03-17 24 | |
| AXT: first mention in 8-K-EX99.1 earnings release of 2023-04-27 (2023-Q1), source 3 | ||
| Geopolitical tensions between China and the United States. | 2026-01-09 23 | |
| Cancellation of orders and return of product. | 2026-01-09 23 | |
| Tariffs and other trade war issues. | 2026-01-09 23 | |
| Policies and regulations in China. | 2026-01-09 23 | |
AXT Reported KPIs (as disclosed) (282)
The story KPIs of AXT that standard databases usually miss, grouped by publication, most recent first, with source number. NadirAlpha methodology
| KPI | Value / change | Source |
|---|---|---|
| AXT, published 2026-08-13, period 2026-Q2 | ||
| Tongmei PE investment | 49 million | 26 |
| Stock repurchase remaining | 2.7 million | 26 |
| Stock repurchase authorization | 5.0 million | 26 |
| Short-term loans | 79.0 million | 26 |
| Series A preferred cumulative dividends | 2.9 million | 26 |
| September-November 2025 bank loan | 0.7 million | 26 |
| PRC dividends received | 2.0 million | 26 |
| Kazuo investment commitment | 15 million | 26 |
| June 2026 financing | 1.9 million | 26 |
| Form S-3 Registration | 100 million | 26 |
| Foreign Exchange Loss | 74,000 | 26 |
| Foreign Exchange Gain | 0.1 million | 26 |
| Foreign Exchange Gain | 0.2 million | 26 |
| Five Year Credit Facility | 9.7 million | 26 |
| February 2026 Financing | 2.9 million | 26 |
| Equity Method Investments | 14.1 million | 26 |
| Dingxing Investment Commitment | 90 million | 26 |
| December Offering Underwriter Option | 1,064,773 | 26 |
| December Offering Shares | 7,098,492 | 26 |
| December Offering Price | 12.25 | 26 |
| December Offering Net Proceeds | 93.9 million | 26 |
| December 2023 Financing | 2.1 million | 26 |
| Credit Facility Borrowed | 5.8 million | 26 |
| April Offering Underwriter Option | 1,284,046 | 26 |
| April Offering Shares | 8,560,311 | 26 |
| April Offering Price | 64.25 | 26 |
| April Offering Net Proceeds | 600.1 million | 26 |
| April May 2026 Time Deposit Loans | 7.1 million | 26 |
| April June 2026 Unsecured Loans | 2.9 million | 26 |
| U.S. federal net operating loss carryforwards | $50.5 million | 26 |
| Tongmei investors redemption amount | approximately $49 million | 26 |
| State net operating loss carryforwards | $138,000 | 26 |
| Series A preferred stock value | $3,532,000 | 26 |
| Series A preferred stock shares outstanding | 883,000 | 26 |
| Revenue from North America prior year | 8% | 26 |
| Revenue from North America | approximately 2% | 26 |
| International revenue | approximately 98% | 26 |
| International revenue | approximately 99% | 26 |
| AXT, published 2026-05-14, period 2026-Q1 | ||
| Unconsolidated joint ventures loss | $1.9 million | 25 |
| Unconsolidated joint ventures income | $0.8 million | 25 |
| Unconsolidated joint ventures income | $3.4 million | 25 |
| Tariffs paid | $0.3 million | 25 |
| Tariffs paid | $1.0 million | 25 |
| Tariffs paid | $1.0 million | 25 |
| Revenue | $17.4 million | 25 |
| Revenue | $39.7 million | 25 |
| Restructuring charge | approximately $907,000 | 25 |
| North America revenue percentage | approximately 2% | 25 |
| North America revenue percentage | 8% | 25 |
| north america revenue percentage | 10% | 25 |
| minority investments march 31 | 15.5 million | 25 |
| minority investments december 31 | 15.0 million | 25 |
| kazuo investment target | approximately $15 million | 25 |
| investments in marketable debt securities | 65375 | 25 |
| impairment charge q4 | $1.1 million | 25 |
| impairment charge q2 | $754,000 | 25 |
| impairment charge q1 | $1.1 million | 25 |
| gross margin q3 | 22.3% | 25 |
| gross margin q3 | 10.7% | 25 |
| gross margin q3 | 42.0% | 25 |
| gross margin q2 | 8.0% | 25 |
| gross margin q1 | -6.4% | 25 |
| Foreign Exchange Loss | $74,000 | 25 |
| Foreign Exchange Gain | $0.1 million | 25 |
| Foreign Exchange Gain | $0.2 million | 25 |
| dingxing investment target | approximately $90 million | 25 |
| current interest rate investments | 3.51% | 25 |
| current interest rate cash | 1.78% | 25 |
| cash and restricted cash | 57869 | 25 |
| accounts receivable concentration march 31 | Two customers each accounted for more than 10% | 25 |
| accounts receivable concentration december 31 | One customer accounted for more than 10% | 25 |
| AXT, published 2026-03-17, period FY2025 | ||
| minority investments under the equity method | $15.0 million | 24 |
| Minority investment under the fair value method | $0 million | 24 |
| Foreign exchange loss | $74,000 | 24 |
| Cash, restricted cash and cash equivalents | $128,366 | 24 |
| AXT, published 2026-02-19, period 2025-Q4 | ||
| Total stockholders' equity | 296,575 | 32 |
| Short-term loans | 62,796 | 32 |
| Restricted cash | 8,100 | 32 |
| Cash and cash equivalents | 120,266 | 32 |
| AXT, published 2025-11-13, period 2025-Q3 | ||
| SG&A as % of revenue | 22.7% | 22 |
| SG&A as % of revenue | 23.9% | 22 |
| SG&A as % of revenue 9M | 27.4% | 22 |
| SG&A as % of revenue 9M | 23.8% | 22 |
| Restricted cash - foreign accounts | 7.9 | 22 |
| Restricted cash | 8.1 | 22 |
| R&D as % of revenue | 3.6% | 22 |
| R&D as % of revenue | 14.5% | 22 |
| R&D as % of revenue 9M | 10.2% | 22 |
| R&D as % of revenue 9M | 14.0% | 22 |
| Other income % of revenue | -0.6% | 22 |
| Other income % of revenue | 2.2% | 22 |
| Other income % of revenue 9M | 0.3% | 22 |
| other income pct revenue 9m | 2.8% | 22 |
| noncontrolling interests pct revenue q3 | -0.8% | 22 |
| noncontrolling interests pct revenue q3 | -0.2% | 22 |
| noncontrolling interests pct revenue 9m | 2.5% | 22 |
| noncontrolling interests pct revenue 9m | -0.5% | 22 |
| interest expense pct revenue q3 | 1.4% | 22 |
| interest expense pct revenue q3 | 1.7% | 22 |
| interest expense pct revenue 9m | 1.3% | 22 |
| interest expense pct revenue 9m | 1.4% | 22 |
| gross profit margin q3 | 22.3% | 22 |
| gross profit margin q3 | 24.0% | 22 |
| gross profit margin 9m | 9.8% | 22 |
| gross profit margin 9m | 26.2% | 22 |
| gain equity investments pct revenue q3 | 1.8% | 22 |
| gain equity investments pct revenue q3 | 4.3% | 22 |
| gain equity investments pct revenue 9m | 0.9% | 22 |
| gain equity investments pct revenue 9m | 3.4% | 22 |
| equity investments fair value method | $0.7 million | 22 |
| equity investments equity method | $14.6 million | 22 |
| cumulative dividends series a preferred | 2.9 | 22 |
| cash and restricted cash | 31.2 | 22 |
| Cash and Investments, Foreign Bank Accounts | 26.5 | 22 |
| Cash and Equivalents | $31,210 | 22 |
| Cash | 23.1 | 22 |
| Allowance for Credit Losses | 141 | 22 |
| Accrued Product Warranties | 512 | 22 |
| AXT, published 2025-08-13, period 2025-Q2 | ||
| Restricted cash | 8,100 | 21 |
| cash and restricted cash | 35,100 | 21 |
| Cash | 27,000 | 21 |
| Accrued Product Warranties | 435 | 21 |
| Minority Investments, Equity Method | $14.3 million | 21 |
| Minority Investment, Fair Value Method | $0.4 million | 21 |
| Cash, restricted cash and cash equivalents | $35,107 | 21 |
| AXT, published 2025-05-14, period 2025-Q1 | ||
| Tariffs Paid | 271,000 | 20 |
| Short-term loans | 0.1 million | 20 |
| Revenue Worldwide, North America % | 8% | 20 |
| Revenue Outside US | 92% | 20 |
| Revenue North America % | 6% | 20 |
| Revenue North America % | 8% | 20 |
| Revenue North America % | 10% | 20 |
| Revenue North America % | 14% | 20 |
| Other Long-Term Liabilities, Loan Portion | 2.6 million | 20 |
| Minority Investments, Fair Value Method | 0.6 million | 20 |
| Minority Investments, Equity Method | 14.6 million | 20 |
| gross margin q1 | -6.4% | 20 |
| Foreign Exchange Gain | 0.1 million | 20 |
| Foreign Exchange Gain | 0.2 million | 20 |
| Foreign Exchange Gain | 1.6 million | 20 |
| Equity in Income, Unconsolidated JV | 3.4 million | 20 |
| Equity in Income, Unconsolidated JV | 1.9 million | 20 |
| Cash and Equivalents | 38,184 | 20 |
| Stock repurchase program remaining | 2.7 million | 20 |
| Short-term bank loans total | 50,763 | 20 |
| Series A preferred stock cumulative dividends | 2.9 million | 20 |
| Restricted cash | 6.6 million | 20 |
| Lower of cost or net realizable value reserves | 46 | 20 |
| Long-term bank loan in short-term loans | 0.6 million | 20 |
| Long-term bank loan in other long-term liabilities | 5.0 million | 20 |
| ChaoYang XinMei financing in short-term loans | 1.1 million | 20 |
| ChaoYang XinMei financing in other long-term liabilities | 0.3 million | 20 |
| Cash and restricted cash | 38.2 million | 20 |
| Cash and investments in foreign bank accounts | 31.8 million | 20 |
| Cash | 31.6 million | 20 |
| Allowance for credit losses | 147 | 20 |
| Accrued product warranties | 403 | 20 |
| AXT, published 2025-03-14, period FY2024 | ||
| Top five customers revenue | 30% | 18 |
| Top five customers revenue | 25% | 18 |
| Top five customers revenue | 34% | 18 |
| Tongmei investors redemption amount | 49 million | 18 |
| Tongmei investors redeemable noncontrolling interest | 7.28% | 18 |
| Tongmei investors capital investment | 49 million | 18 |
| Tariffs paid | 1.0 million | 18 |
| Tariffs paid | 1.0 million | 18 |
| Tariffs paid | 3.3 million | 18 |
| Substrate revenue % | 68% | 18 |
| Substrate revenue % | 63% | 18 |
| Substrate revenue % | 79% | 18 |
| Raw materials revenue % | 32% | 18 |
| Raw materials revenue % | 37% | 18 |
| Raw materials revenue % | 21% | 18 |
| Raw material subsidiaries top 3 customers | 31% | 18 |
| Raw material subsidiaries top 3 customers | 31% | 18 |
| Raw material subsidiaries top 3 customers | 29% | 18 |
| Raw material companies patents China | 132 | 18 |
| R&D expenses | 14.5 million | 18 |
| Patents United States | 13 | 18 |
| Patents Taiwan | 4 | 18 |
| Patents Japan | 8 | 18 |
| Patents issued | 170 | 18 |
| Patents Germany | 2 | 18 |
| Patents European Union | 4 | 18 |
| Patents China | 139 | 18 |
| North America revenue percentage | 8% | 18 |
| north america revenue percentage | 10% | 18 |
| North America revenue % | 14% | 18 |
| Largest customer | 15% | 18 |
| Jinmei patents | 36 | 18 |
| international sales percentage | 92% | 18 |
| international sales percentage | 90% | 18 |
| international sales percentage | 86% | 18 |
| employees sales administration | 202 | 18 |
| dividends paid | 2.4 million | 18 |
| dividends paid | 4.3 million | 18 |
| dividends paid | 2.9 million | 18 |
| Chaoyang Xinmei patents | 15 | 18 |
| Chaoyang Shuomei patents | 1 | 18 |
| Boyu patents | 80 | 18 |
| AXT, published 2024-11-12, period 2024-Q3 | ||
| Short-term loans | 52.876 million | 16 |
| Restricted cash | 13.9 million | 16 |
| Cash and short-term investments | 38.8 million | 16 |
| Cash and restricted cash | 24.9 million | 16 |
| Cash and investments in foreign bank accounts | 33.8 million | 16 |
| Allowance for credit losses | 263,000 | 16 |
| Accrued product warranties | 392,000 | 16 |
| AXT, published 2024-08-09, period 2024-Q2 | ||
| short-term loans balance | 49,899 | 14 |
| long-term loans drawn | 5.8 million | 14 |
| long-term loans available | 9.7 million | 14 |
| investments | 1.7 million | 14 |
| cash and restricted cash | 41.6 million | 14 |
| cash and investments in foreign accounts | 35.6 million | 14 |
| Allowance for Credit Losses | 263 thousand | 14 |
| Accrued Product Warranties | 421 thousand | 14 |
| AXT, published 2024-05-10, period 2024-Q1 | ||
| investments | 1.7 million | 13 |
| cash and restricted cash | 39.6 million | 13 |
| cash and investments foreign accounts | 34.7 million | 13 |
| AXT, published 2024-03-15, period FY2023 | ||
| tax benefit from preferential rate | 47,000 | 11 |
| stock available for future grant | 1,743 | 11 |
| restricted stock awards outstanding | 1,257 | 11 |
| preferred stock shares | 883,000 shares | 11 |
| preferred stock par value | $0.001 | 11 |
| preferred stock dividend rate | 5.0% | 11 |
| options outstanding | 1,198 | 11 |
| net operating loss carryforwards | $40.2 million | 11 |
| impairment charges | 1.9 million | 11 |
| gross unrecognized tax benefits | 1.1 million | 11 |
| effective tax rate | 10.5% | 11 |
| effective tax rate | 6.2% | 11 |
| effective tax rate | -0.8% | 11 |
| California net operating loss carryforwards | $115,000 | 11 |
| Allowance for Credit Losses | 579,000 | 11 |
| Accrued Product Warranties | 703,000 | 11 |
| Selling, general and administrative expenses % of total revenue | 30.1% | 11 |
| Research and development % of total revenue | 15.9% | 11 |
| Other income, net % of total revenue | 2.9% | 11 |
| Operating margin | -28.5% | 11 |
| Loan Balance (Tongmei and BoYu) | 52,921 | 11 |
| Interest expense, net % of total revenue | 2.0% | 11 |
| Gross profit margin | 17.6% | 11 |
| Equity in income of unconsolidated joint ventures % of total revenue | 2.5% | 11 |
| Depreciation and amortization expense | 8.7 million | 11 |
| Bank loan balance | 52,921 | 11 |
| Allowance for credit losses | 579 | 11 |
| Accrued product warranties | 703 | 11 |
| 401k contributions | 191,000 | 11 |
| 401k contributions | 208,000 | 11 |
| 401k contributions | 186,000 | 11 |
| AXT, published 2023-08-09, period 2023-Q2 | ||
| Weighted average remaining lease term | 5.72 | 7 |
| Weighted average discount rate | 4.61 | 7 |
| Total liquidity | 49.6 | 7 |
| R&D as % of revenue Q2 | 14.7 | 7 |
| R&D as % of revenue H1 | 16.7 | 7 |
| Minority investment entities balance prior | 14.6 million | 7 |
| Minority investment entities balance | 11.8 million | 7 |
| investments | 8.7 | 7 |
| Interest expense, net Q2 | 365 | 7 |
| Interest expense, net H1 | 762 | 7 |
| Gross margin Q2 | 9.2 | 7 |
| Gross margin H1 | 18.0 | 7 |
| Foreign cash and investments | 38.1 | 7 |
| Cash and Equivalents | 40.9 | 7 |
| Total stockholders' equity | 232,991 | 7 |
| Restricted cash | 10,794 | 7 |
| Cash and cash equivalents | 30,092 | 7 |
| Bank loans | 45,622 | 7 |
| AXT, published 2023-05-10, period 2023-Q1 | ||
| Weighted average remaining lease term | 5.80 | 4 |
| Weighted average discount rate, leases | 4.61% | 4 |
| Unrecognized compensation expense, restricted stock | 4,500 | 4 |
| Unrecognized compensation expense at risk performance shares | 400 | 4 |
| Top 5 customers revenue % | 28 | 4 |
| Tariffs paid | 447,000 | 4 |
| Redeemable noncontrolling interests balance | 44,920 | 4 |
| Operating lease liability long-term | 1,275 | 4 |
| Operating lease liability current | 412 | 4 |
| Principal source of liquidity | 53.6 million | 4 |
| minority investments under the equity method | 16.5 million | 4 |
| Investments | 8,658 | 4 |
| Equity in income of unconsolidated joint ventures | 1,034 | 4 |
| Cash, restricted cash and equivalents in foreign bank accounts | 40.4 million | 4 |
| Cash and cash equivalents | 44,893 | 4 |
| Bank loan balance | 52,821 | 4 |
AXT Development
How AXT has developed since 2023: one paragraph per period on revenue, earnings, cash flow and drivers, most recent period first, grouped by year. NadirAlpha methodology
FY2026: AXT
AXT reported revenue of USD 26.9 million in Q1 2026 and USD 47.6 million in Q2 2026, with both periods reflecting the recovery in indium phosphide substrate shipments as Tongmei's export permits from China's Ministry of Commerce remained in effect 33 34. Gross margins expanded through the first half, reaching 44.9% in Q2 2026 as higher revenue spread fixed costs and the product mix shifted toward InP substrates for data center and fiber optic applications 34 26. Net income recovered to USD 11.1 million in Q2 2026 compared with a net loss in the prior-year quarter, while Q1 2026 still recorded a net loss of USD 1.6 million 34 33. Equity offerings in December 2025 (net proceeds $93.9 million) and April 2026 (net proceeds $600.1 million) lifted cash to USD 412.2 million at June 30, 2026, to fund Tongmei's planned indium phosphide capacity expansion in H2 2026 26. AXT also entered long-term supply agreements with Casela, Coherent, and Lumentum during Q2 2026, while Tongmei withdrew its STAR Market IPO application on July 8, 2026, redirecting toward a Hong Kong Stock Exchange listing 26.
FY2025: AXT
AXT reported FY2025 consolidated revenue of $88.3 million, a decline of 11.2% from $99.4 million in fiscal 2024, with the full-year GAAP net loss widening to $21.3 million ($0.49 per share) from $11.6 million in the prior year 32. The year was shaped by two major trade-policy disruptions: China placed indium phosphide substrates on its export control list effective February 4, 2025, and U.S. tariffs on Chinese imports escalated to 100% by April 2025, reducing North American revenue to approximately 2% of total from 8% in 2024 24. Full-year GAAP gross margin declined to 12.7% from 24.0% in 2024, reaching a trough of negative 6.4% in Q1 before recovering to 22.3% in Q3 as gallium arsenide yield issues were addressed and indium phosphide export permits were obtained 24, 32. Indium phosphide revenues grew more than 250% sequentially in Q3 2025 after Tongmei received initial export permits for Europe and Japan on June 11, 2025 31, 21. In December 2025, the company completed an equity offering on Nasdaq that raised approximately $93.9 million in net proceeds, ending the year with cash of $120.3 million 24, 32.
FY2024: AXT
AXT Inc. grew full-year 2024 revenue 31.1% to $99.4 million from $75.8 million in 2023, driven by higher demand for indium phosphide, gallium arsenide, and germanium wafer substrates for data center, 5G infrastructure, and LED applications (18). GAAP gross margin improved to 24.0% from 17.6% in 2023, reflecting higher unit volumes spreading fixed costs and a favorable shift in product mix toward substrate products, which represented 68% of consolidated revenue (18). Despite the revenue and margin recovery, the company reported a GAAP operating loss of $14.8 million and a GAAP net loss of $11.6 million ($0.27 per diluted share) for the full year, with free cash flow of negative $17.9 million (17). AXT entered the cell phone market in 2024 and continued to expand indium phosphide substrate sales for AI data center and optical transceiver applications (17). Subsidiary Tongmei's STAR Market IPO application remained pending regulatory approval throughout the year, while research and development expenses rose to $14.5 million from $12.1 million in 2023, primarily to support development of 8-inch GaAs and 6-inch InP wafer substrates (18).
FY2023: AXT
AXT Inc. reported fiscal year 2023 revenue of $75.8 million, a 46% decline from $141.1 million in 2022, driven by sharply lower demand for InP, GaAs, and Ge wafer substrates across data center, consumer, and telecommunications end markets 11. Revenue contracted sequentially in each of the first three quarters, reaching a trough of $17.4 million in Q3 2023, before recovering 18% sequentially to $20.4 million in Q4 8 10. Gross margin compressed to 17.6% for the full year from 36.9% in 2022 as lower unit volumes caused significant under-absorption of fixed manufacturing costs 11. AXT recorded a GAAP operating loss of $21.6 million and a net loss of $17.9 million, compared to operating income of $12.6 million and net income of $15.8 million in 2022 11. China's imposition of export licensing requirements for gallium and germanium materials effective August 1, 2023 added regulatory complexity for the Tongmei subsidiary's substrate exports, while full-year operating cash flow turned positive at $3.4 million 11.
Glossary
- Revenue: Revenue from contracts with customers, net of sales deductions, as the company itself reports it; not total output, gross revenue, GMV or order intake.
- Op. income: The operating line of the income statement; EBIT only as a marked fallback, never pre-tax or ordinary income.
- Op. income (adj.): Adjusted operating income, verbatim and company-defined (non-GAAP), never derived.
- Net income: Net income attributable to the shareholders of the parent, after discontinued operations; not the result including minority interests, not comprehensive income.
- EPS: Diluted earnings per share attributable to the shareholders of the parent; a printed figure always beats a calculated one, calculated values are marked.
- EPS adj.: Adjusted earnings per share, verbatim and company-defined (non-GAAP).
- FCF: Free cash flow = operating cash flow minus capital expenditure on property, plant and equipment; the company's own free cash flow figure is shown separately.
- OCF: Cash flow from operating activities as reported; IFRS companies may show interest paid in financing cash flow, so the figure is not always comparable.
- Cash: Cash and cash equivalents, without securities unless the company reports them as part of the position.
- *: derived, the formula is in the hover
- ≈: calculated, approximation
- ~: uncertain; the value stays visible, verdicts do not use it
- °: repaired by a targeted query against the document, or curated with documentary evidence
- EBIT: EBIT as a fallback: the income statement carries no operating line
- basic: basic earnings per share as a fallback when diluted is missing
Sources: quarterly reports, annual reports and investor relations documents
The evidence base for AXT stock: every document with type and date, every figure in the report leads here by number and to the original by link. NadirAlpha methodology
Older sources (+19)
| # | Document type | Published |
|---|---|---|
| #202 | 10-K annual report | 2016-05-06 |
| #201 | 10-Q quarterly report | 2016-08-05 |
| #203 | 10-Q quarterly report | 2017-02-27 |
| #205 | 10-K annual report | 2017-02-27 |
| #204 | 10-Q quarterly report | 2017-08-04 |
| #208 | 10-K annual report | 2018-03-09 |
| #206 | 10-Q quarterly report | 2018-08-07 |
| #207 | 10-Q quarterly report | 2018-11-07 |
| #212 | 10-K annual report | 2019-03-11 |
| #209 | 10-Q quarterly report | 2019-05-08 |
| #210 | 10-Q quarterly report | 2019-08-08 |
| #211 | 10-Q quarterly report | 2019-11-08 |
| #216 | 10-K annual report | 2020-03-12 |
| #213 | 10-Q quarterly report | 2020-05-08 |
| #214 | 10-Q quarterly report | 2020-08-07 |
| #215 | 10-Q quarterly report | 2020-11-06 |
| #217 | 10-Q quarterly report | 2021-05-14 |
| #218 | 10-Q quarterly report | 2021-08-12 |
| #219 | 10-Q quarterly report | 2021-11-12 |
AXT Stock FAQ
Which additional key figures does AXT report?
As reported for Q2 2026: U.S. federal net operating loss carryforwards, Tongmei investors redemption amount, State net operating loss carryforwards, Series A preferred stock value, Revenue from North America prior year, Revenue from North America. The chapter Reported KPIs lists every value with its source. Revenue is broken down by Substrates, China, Raw materials and other, Europe (primarily Germany).
Does AXT pay a dividend?
The filings report on the dividend; most recent entry: dividends paid 2.9 million (2026-Q2) (as reported, no assessment of our own). Details with source links are in the report chapters.
Where can I find the official investor relations documents of AXT?
NadirAlpha links all 53 original filings used (SEC filings) in the sources chapter: quarterly report, earnings release, annual report, each with type, publication date and a direct link; every figure in the report carries a source number.