AXT Inc. AXTI
Quarterly and annual results for AXT stock (AXTI) since 2023: revenue, earnings, balance sheet, cash flow and management guidance from SEC filings, every figure with its source. As of 08/2026, quarterly reporting. Latest reported (Q2 2026): U.S. federal net operating loss carryforwards, Tongmei investors redemption amount, State net operating loss carryforwards. Latest reading: Operating income turned positive, Net income turned positive, Revenue accelerating, Net debt to net cash.
Operating income turned positive Net income turned positive Revenue accelerating Net debt to net cash
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Business Model#
What the company does and how it earns its money; written AI-editorially, exclusively from the company's original reports, without any assessment of our own.
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.
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Current Status#
Summary of the most recent reporting period: core figures, drivers and management statements; written editorially from the current original report, every figure backed by a source number.
AXT reported quarterly revenue of 47.6 million, with net income of 11.1 million and diluted EPS of 0.17 23. Operating cash flow for the period was 10.8 million. A capital raise was completed in December 2025 and the company stated it is on track to more than double indium phosphide manufacturing capacity in H2 2026 23.
Management commentary on the 2026-Q4 results (8-K-EX99.1, 2026-01-09):
„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.“ – Morris Young, Chief Executive Officer 23
Revenue · 2026-Q248$m+164.4 % vs. 2025-Q2
Net profit · 2026-Q211$m+258.6 % vs. 2025-Q2
EPS · 2026-Q20.17$+206.2 % vs. 2025-Q2
Revenue trend
Guidance
For 2025-Q4, the company guides Revenue to $22.5 to $23.5 million (reported result: inline). 23.
ProfitabilityOperating income for the quarter was 10.4 million. Capital expenditures were 7.2 million, and free cash flow was 3.6 million. No extraordinary one-off items affecting the income statement are identified in the available inputs for this quarter.
LeverageCash at period-end was 412.2 million, compared with 120.3 million at the close of fiscal year 2025. No explicit net debt figure or net-debt-to-EBITDA ratio is stated in the available inputs for this quarter. The cash balance indicates a net cash position based on the reported level.
Management viewAXT presented at the 28th Annual Needham Growth Conference on January 14, 2026 23. An earnings announcement and conference call for quarterly results was scheduled for February 19, 2026 23. No raised revenue guidance or new customer announcements beyond the manufacturing capacity expansion are stated in the available inputs for this quarter.
ChangeFewer export permits for indium phosphide were issued by China's Ministry of Commerce, which led AXT to reduce Q4 2025 revenue guidance to $22.5-$23.5 million 23. Dual-use customers with military involvement were blocked from U.S. gallium arsenide exports due to permit restrictions, reducing addressable demand in that segment 26. No segment discontinuations, significant write-offs, or other one-off items are described in the available inputs for this quarter.
Risks (current)If the Tongmei STAR Market IPO fails to complete, investors hold a redemption right that could require AXT to return $49 million 24. Geopolitical tensions between China and the United States represent an ongoing company-specific risk, directly affecting export permit availability for gallium arsenide and indium phosphide products 23. Chinese government environmental restrictions, including potential mandatory factory shutdowns due to air pollution, pose operational risk at the China-based manufacturing facilities; a ten-day shutdown in Q1 2018 previously affected revenue 24.
New this reporting periodThe planned Tongmei STAR Market listing remained an active in-progress transaction, with administrative challenges cited as a current obstacle and no confirmed completion timeline 23. No acquisition closings, product launches, or joint ventures with dates confirmed for this quarter are described in the available inputs. The listing is the sole pending capital markets event noted in available disclosures 23.
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Price & Chart#
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Share-Price Drivers#
Factors the company itself names as material for its business development (IR-based); reproduced neutrally, no price forecast and no assessment of our own.
Indium phosphide (InP) substrate demand for AI and datacenter optical connectivity
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
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 segment (indium phosphide and gallium arsenide)
Substrates revenue of 19.3 million in 2026-Q1, described as up 74%, well ahead of the raw materials line 25
Substrates revenue of 19.3 million in 2026-Q1, described as up 74%, well ahead of the raw materials line 25
China export permits for indium phosphide substrates
Indium phosphide export permits obtained on 2025-06-11, removing a shipment constraint on the InP business 24
Indium phosphide export permits obtained on 2025-06-11, removing a shipment constraint on the InP business 24
Customer supply and capacity-reservation agreements
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
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 business
Raw materials and other revenue of 7.6 million in 2026-Q1, described as lower year on year 25
Raw materials and other revenue of 7.6 million in 2026-Q1, described as lower year on year 25
Tongmei listing / capital structure
Tongmei STAR Market IPO application withdrawn 2026-07-08, with a new IPO application to the Hong Kong Stock Exchange in 2026-Q2 26
Tongmei STAR Market IPO application withdrawn 2026-07-08, with a new IPO application to the Hong Kong Stock Exchange in 2026-Q2 26
Indium phosphide capacity expansion
Planned doubling of indium phosphide capacity 32
Planned doubling of indium phosphide capacity 32
Near-term guidance
Guidance lowered in the latest change flags, indicating a cut to the outlook
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.
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Event Timeline#
This timeline collects the material events from the original reports: guidance changes, revenue and margin signals, strategy shifts, product and M&A announcements. Events are grouped by quarter (most recent first); the grey tag before each event names the event type, the date is the publication date of the source. Management quotes open the quarter block as direct quotes. Per quarter we show the three most defining events; more can be expanded per quarter, older years are collapsed. Every event carries its source as a superscript, clickable number.
Overview: one dot per event · click jumps to the period
2026 · 7 events
2026-Q2 · Apr – Jun 2026
„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.“ – Morris Young, Chief Executive Officer 34 (translation – original on hover)
Net debt to net cash 2026-08-13
April 2026 equity offering closed with net proceeds of $600.1 million, lifting end-of-quarter cash to 412.2 million against short-term loans of $79.0 million at June 30, 2026 26
April 2026 equity offering closed with net proceeds of $600.1 million, lifting end-of-quarter cash to 412.2 million against short-term loans of $79.0 million at June 30, 2026 26
Operating income turned positive 2026-08-13
Operating income turned positive for the first time after 14 negative periods (-1.6 to +10.4 USDm). 26
Operating income turned positive for the first time after 14 negative periods (-1.6 to +10.4 USDm). 26
Net income turned positive 2026-07-30
Net income of 11.1 million (0.17 per diluted share) versus net loss of $7.0 million in Q2 2025; highest quarterly indium phosphide revenue to date 34
Net income of 11.1 million (0.17 per diluted share) versus net loss of $7.0 million in Q2 2025; highest quarterly indium phosphide revenue to date 34
Revenue accelerating 2026-07-30
Q2 revenue of 47.6 million, up 77% from Q1 2026 and 164% from Q2 2025, driven by InP substrate demand for data center and fiber optic applications 34
Q2 revenue of 47.6 million, up 77% from Q1 2026 and 164% from Q2 2025, driven by InP substrate demand for data center and fiber optic applications 34
2026-Q1 · Jan – Mar 2026
„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.“ – Morris Young, chief executive officer 33
Revenue accelerating 2026-05-14
Q1 revenue of 26.9 million, up 39.1% year-on-year, driven by InP substrate demand recovery following export permit approvals 25
Q1 revenue of 26.9 million, up 39.1% year-on-year, driven by InP substrate demand recovery following export permit approvals 25
Margin expanding 2026-04-30
GAAP gross margin recovered to 29.6% in Q1 2026 from negative 6.4% in Q1 2025, driven by higher revenue and favorable product mix 33
GAAP gross margin recovered to 29.6% in Q1 2026 from negative 6.4% in Q1 2025, driven by higher revenue and favorable product mix 33
Strategic pivot 2026-04-30
Completed $632.5 million capital raise to fund Tongmei's indium phosphide capacity expansion and R&D investment 33
Completed $632.5 million capital raise to fund Tongmei's indium phosphide capacity expansion and R&D investment 33
2025 · 14 events
2025-Q4 · Oct – Dec 2025
„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.“ – Morris Young, chief executive officer 32
Net debt to net cash 2026-03-17
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
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
Revenue decelerating 2026-02-19
Q4 2025 revenue declined to $23.0 million from $28.0 million in Q3 2025 and $25.1 million in Q4 2024 32
Q4 2025 revenue declined to $23.0 million from $28.0 million in Q3 2025 and $25.1 million in Q4 2024 32
New market 2026-02-19
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
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
2025-Q3 · Jul – Sep 2025
„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.“ – Morris Young, Chief Executive Officer 31
EBITDA turned positive 2025-11-13
EBITDA turned positive for the first time after 4 negative periods (-4.5 to +1.2 USDm). 22
EBITDA turned positive for the first time after 4 negative periods (-4.5 to +1.2 USDm). 22
Revenue accelerating 2025-10-30
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
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
2025-Q2 · Apr – Jun 2025
„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.“ – Morris Young, Chief Executive Officer 30
„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.“ – Morris Young, Chief Executive Officer 29
New market 2025-08-13
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
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
Margin expanding 2025-07-31
GAAP gross margin recovered to 8.0% from negative 6.4% in Q1 2025 with focus on manufacturing process and efficiency improvements 30
GAAP gross margin recovered to 8.0% from negative 6.4% in Q1 2025 with focus on manufacturing process and efficiency improvements 30
Guidance cut 2025-07-09
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
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
2025-Q1 · Jan – Mar 2025
„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.“ – Morris Young, chief executive officer 19
Revenue decelerating 2025-05-01
Revenue declined to $19.4 million from $22.7 million in Q1 2024, driven by lower GaAs and InP substrate demand 19
Revenue declined to $19.4 million from $22.7 million in Q1 2024, driven by lower GaAs and InP substrate demand 19
Margin compressing 2025-05-01
GAAP gross margin turned negative at -6.4% due to significant unfavorable yields in gallium arsenide production and under-absorbed factory overhead 19
GAAP gross margin turned negative at -6.4% due to significant unfavorable yields in gallium arsenide production and under-absorbed factory overhead 19
Strategic pivot 2025-05-01
China imposed export controls on indium phosphide substrates effective February 4, 2025; InP sales fell 58% quarter-over-quarter 19
China imposed export controls on indium phosphide substrates effective February 4, 2025; InP sales fell 58% quarter-over-quarter 19
2024 · 14 events
2024-Q4 · Oct – Dec 2024
„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.“ – Morris Young, chief executive officer 17
revenue 2025-02-20
FY2024 revenue $99.4M, +31% YoY from $75.8M; Q4 2024 revenue $25.1M vs $20.4M in Q4 2023 17
FY2024 revenue $99.4M, +31% YoY from $75.8M; Q4 2024 revenue $25.1M vs $20.4M in Q4 2023 17
New market 2025-02-20
Company successfully penetrated the cell phone market in 2024, an addressable market of approximately $100M previously largely untapped by AXT 17
Company successfully penetrated the cell phone market in 2024, an addressable market of approximately $100M previously largely untapped by AXT 17
2024-Q3 · Jul – Sep 2024
„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.“ – Morris Young, Chief Executive Officer 15
revenue 2024-10-31
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
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
Margin expanding 2024-10-31
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
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
New market 2024-10-31
Company anticipated new order momentum in InP substrates for photodetectors in AI applications 15
Company anticipated new order momentum in InP substrates for photodetectors in AI applications 15
2024-Q2 · Apr – Jun 2024
„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.“ – Morris Young, chief executive officer 28
earnings 2024-08-01
GAAP operating loss narrowed to ($1.9)M from ($3.3)M in Q1 2024 and ($6.8)M in Q2 2023 28
GAAP operating loss narrowed to ($1.9)M from ($3.3)M in Q1 2024 and ($6.8)M in Q2 2023 28
Revenue accelerating 2024-08-01
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
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
Margin expanding 2024-08-01
GAAP gross margin 27.4% vs 9.2% in Q2 2023; Q2 2023 represented a period of severely depressed industry demand and volumes 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 2024-08-01
EBITDA turned positive for the first time after 5 negative periods (-1.2 to +0.4 USDm). 28
EBITDA turned positive for the first time after 5 negative periods (-1.2 to +0.4 USDm). 28
2024-Q1 · Jan – Mar 2024
„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.“ – Morris Young, Chief Executive Officer 27
Revenue accelerating 2024-05-02
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
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
Margin expanding 2024-05-02
GAAP gross margin improved to 26.9% from 22.6% in Q4 2023 on higher unit volume and favorable product mix 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
2023-Q4 · Oct – Dec 2023
„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.“ – Morris Young, Chief Executive Officer 10
earnings 2024-02-22
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
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 2024-02-22
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
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
Margin expanding 2024-02-22
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
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
2023-Q3 · Jul – Sep 2023
„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.“ – Morris Young, chief executive officer 8
Strategic pivot 2023-11-09
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
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 decelerating 2023-11-02
Revenue declined 51% YoY to $17.4M, the quarterly trough of 2023; nine-month revenue fell 52% to $55.4M 8
Revenue declined 51% YoY to $17.4M, the quarterly trough of 2023; nine-month revenue fell 52% to $55.4M 8
2023-Q2 · Apr – Jun 2023
„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.“ – Morris Young, Chief Executive Officer 6
„We are actively pursuing the necessary permits and are working to minimize any potential disruption to our customers“ – Morris Young, Chief Executive Officer 5
Operating income turned negative 2023-08-03
GAAP operating loss of $6.8M in Q2 2023 versus operating profit of $5.3M in Q2 2022 6
GAAP operating loss of $6.8M in Q2 2023 versus operating profit of $5.3M in Q2 2022 6
Margin compressing 2023-08-03
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
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 2023-08-03
Operating cash flow turned positive on a half-year basis (2022-H2: -14.3 to 2023-H1: +2.8 USDm, aggregated from reported quarters where needed). 6
Operating cash flow turned positive on a half-year basis (2022-H2: -14.3 to 2023-H1: +2.8 USDm, aggregated from reported quarters where needed). 6
Strategic pivot 2023-07-05
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
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
2023-Q1 · Jan – Mar 2023
„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.“ – Morris Young, chief executive officer 3
Revenue decelerating 2023-04-27
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
Revenue declined 51% YoY to $19.4M from $39.7M in Q1 2022, driven by industry-wide inventory correction reducing demand for InP and GaAs substrates 3
Margin compressing 2023-04-27
GAAP gross margin contracted to 26.3% from 33.6% YoY due to lower unit volumes causing under-absorbed factory overhead 3
GAAP gross margin contracted to 26.3% from 33.6% YoY due to lower unit volumes causing under-absorbed factory overhead 3
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Key Figures ($m)#
The company's core financial figures in three views, one below the other: fiscal years (as reported; after restatements the table shows the most recent filing version, marked), half-years (6-month basis, H2 = second half on its own) and quarters (3-month basis, not cumulative). Each row is one period, most recent first. Values with a dotted underline are clickable and show the raw value, the exact source location, the scale evidence and the source; derived values additionally show their formula and inputs. All values are extracted automatically from the filings; errors are possible; please verify decision-relevant figures yourself by clicking through to the linked original.
All figures serve only to support your own investment decision and are not a recommendation; the company's original reports are authoritative.
Revenue ($m) · annual basis, as reported
Net income ($m) · annual basis, as reported
EPS ($) · annual basis, as reported
Operating cash flow ($m) · annual basis, as reported
Revenue ($m) · quarterly basis, as reported
Net income ($m) · quarterly basis, as reported
EPS ($) · quarterly basis, as reported
Operating cash flow ($m) · quarterly basis, as reported
Cash ($m) · annual basis, as reported
Capex ($m) · annual basis, as reported
FCF ($m) · annual basis, as reported
D&A ($m) · annual basis, as reported
Cash ($m) · quarterly basis, as reported
Capex ($m) · quarterly basis, as reported
FCF ($m) · quarterly basis, as reported
D&A ($m) · quarterly basis, as reported
Shown: the most recent fiscal years. Full history since FY2016 is on record.
Fiscal years
Amounts in $m · EPS in $ per share · as reported
| 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
Amounts in $m · EPS in $ per share · as reported
| Period | Published | Revenue | Op. income | Op. income (adj.) | Net income | EPS ($) | EPS adj. ($) | FCF | Cash | Source |
|---|---|---|---|---|---|---|---|---|---|---|
| 2026-Q2* | 2026-08-13 | 47.6 | 10.4 | – | 11.1 | 0.17 | – | 3.6 | 412.2 | 26 |
| 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* | 2025-11-13 | 28 | -1.1 | – | -1.9 | -0.04 | – | -11.3 | 23.1 | 22 |
| 2025-Q2* | 2025-08-13 | 18 | -6.7 | – | -7 | -0.16 | – | -4.9 | 27 | 21 |
| 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* | 2024-05-02 | 22.7 | -3.3 | 2.5 | -2.1 | -0.05 | -0.03 | -13.2 | 25.8 | 27 |
| 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* | 2023-08-03 | 18.6 | -6.8 | -5.9 | -5.1 | -0.12 | -0.10 | 1.1 | 30.1 | 6 |
| 2023-Q1* | 2023-04-27 | 19.4 | -4.4 | 3.5 | -3.3 | -0.08 | -0.06 | -5.2 | 35.4 | 3 |
* derived: values with formula provenance (hover); Q4 = FY − 9M · H2 = FY − H1 · EPS via implied shares · net debt = financial debt − cash · FCF = OCF − |capex|.
Columns not reported in this reporting cadence are hidden: EBITDA (adj.), Net Debt (not reported in any source for these periods).
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Balance Sheet & Cash Flow ($m)#
Point-in-time balance sheet items (e.g. cash, financial debt) and cash flow items (operating cash flow, investments/capex) per fiscal year, half-year and quarter. Balance sheet values are as of the period end, flow items cover the period. Derived values are marked and are calculated, for example, as: net debt = financial debt − cash; free cash flow = operating cash flow − capex; the click popover shows formula and inputs. All values are extracted automatically from the filings; errors are possible; please verify decision-relevant figures yourself by clicking through to the linked original.
Fiscal years
Amounts in $m · as reported
| 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
Amounts in $m · as reported
| Period | Published | Cash | D&A | OCF | Capex | FCF | Source |
|---|---|---|---|---|---|---|---|
| 2026-Q2 | 2026-08-13 | 412.2 | 2.5 | 10.8 | 7.2 | 3.6 | 26 |
| 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 |
Debt = long-term + current · Net debt = debt − cash · FCF = OCF − capex.
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Revenue by Type (as of 2026-Q2 · USDm · 10/11)#
Revenue split by segment or product type, exactly as the company itself reports it. The basis is stated next to each value (3, 6 or 12 months); segment totals can deviate from group revenue (reconciliation/consolidation items). If the company changes its segment structure, older structures are kept in the expandable part. Rows in grey are no longer reported separately by the company; they show the last available figures and are never extrapolated.
| Segment | Since | Period | Basis | Revenue | Growth | Source |
|---|---|---|---|---|---|---|
| Substrates | 2023-Q2 | 2026-Q1 | 3M | 19.3 | 74% | 25 |
| China | 2023-Q2 | 2025-Q1 | 3M | 13.4 | 16.6% | 20 |
| Raw materials and other | 2023-Q2 | 2026-Q1 | 3M | 7.6 | -7.6% | 25 |
| Europe (primarily Germany) | 2023-Q2 | 2025-Q1 | 3M | 2.1 | -43.6% | 20 |
| Taiwan | 2023-Q2 | 2025-Q1 | 3M | 1.2 | -73.4% | 20 |
| North America (primarily the United States) | 2023-Q2 | 2025-Q1 | 3M | 1.1 | 3.1% | 20 |
| Asia Pacific (excluding China, Taiwan and Japan) | 2023-Q2 | 2025-Q1 | 3M | 0.8 | -2.1% | 20 |
| Japan | 2023-Q2 | 2025-Q1 | 3M | 0.7 | -27.5% | 20 |
| Raw Materials Group | – | FY2025 | – | – | – | 24 |
| Substrate Group | – | FY2025 | – | – | – | 24 |
| Specialty material substrates | – | FY2023 | – | – | – | 11 |
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Products & M&A (5/22 active+recent)#
Product announcements from the reports; market launches, approvals, partnerships; with first mention (date) and source. “Active/current” means: still mentioned in the most recent reports; what the company no longer mentions moves to the expandable part but is never deleted. Rows in grey are discontinued products.
| Product/Line | Since | Status | Source |
|---|---|---|---|
| 6-inch indium phosphide product development | 2026-03 | Launched | 33 |
| Indium phosphide capacity doubling | 2026 | Launched | 32 |
| Nasdaq capital raising | 2025-12 | Launched | 24 |
| Form S-3 shelf registration statement | 2025-11 | Launched | 22 |
| U.S. tariff increase to 100% on wafer substrates | 2025-04 | Launched | 20 |
| GaAs recycling process development (2x) | 2024 | Launched | 11 |
| 8-inch gallium arsenide wafer for consumer product (4x) | 2024 | Launched | 20 |
| ChaoYang XinMei equipment financing arrangement | 2023-12 | Launched | 11 |
| Larger diameter substrates development | 2023-09 | Launched | 8 |
| China export permits for gallium arsenide and germanium substrates | 2023-08 | Launched | 14 |
| Six-inch InP substrate development targeting consumer market | 2023 | Launched | 11 |
| Tongmei IPO application accepted for review by CSRC | 2022-08 | Launched | 4 |
| Indium phosphide recycling process | 2022 | Launched | 24 |
| InP recycling program introduction | 2022 | Launched | 18 |
| InP recycling process deployment | 2022 | Launched | 11 |
| 8-inch GaAs wafers (10x) | 2022 | Launched | 18 |
| New facility construction and capacity expansion investments | 2021 | Launched | 11 |
| New manufacturing facility in Kazuo, China (3×) | 2020 | Launched | 18 |
| Gallium arsenide production line relocation completed (2×) | 2019-12 | Launched | 9 |
| Relocation of germanium manufacturing line (2×) | 2015 | Launched | 4 |
| Gallium arsenide recycling process | – | Launched | 24 |
| Arsenic production subsidiary formation | – | Launched | 24 |
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M&A (31)#
All recorded acquisitions (purchases) and divestitures/exits with date, short description and source; deliberately including smaller transactions that summaries often miss. Purchase prices appear only where the company itself has disclosed them. Rows in grey are cancelled transactions; the cancellation date is shown in the row.
Acquisitions · 10Divestitures/exits · 6older: 13 (in the table)
Acquisitions
| Transaction / stake | Date | Type | Source |
|---|---|---|---|
| Tongmei acquisition of additional 5% ownership stake | 2026-07 | Completed | 26 |
| Lumentum capacity reservation agreement | 2026-07 | Announced | 26 |
| April 2026 Public Offering | 2026-04 | Completed | 25 |
| Public offering of common stock | 2025-12 | Completed | 24 |
| Capital raise | 2025-12 | Completed | 26 |
| Leonard J. Leblanc appointed to Board of Directors | 2025-07 | Completed | 22 |
| Tongmei Indium Phosphide Export Permits (8×) | 2025 | Completed | 29 |
| Five-year credit facility from Bank of China (2×) | 2024-01 | Completed | 21 |
| Lease financing agreement with ChaoYang XinMei | 2023-12 | Announced | 21 |
| Facility lease extension in Fremont, California (2×) | 2023-09 | Completed | 11 |
| Tongmei STAR Market IPO (20×) | 2021-12 | Announced | 25 |
| Assignment of AXT-Tongmei subsidiary to Tongmei | 2021-06 | Completed | 18 |
| 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 |
| Cross License Agreement with competitor (2x) | 2020-01 | Announced | 18 |
| Beijing facility relocation and Baoding Tongmei production | 2020 | Completed | 22 |
| ChaoYang Tongmei indium phosphide production transfer | 2019 | Completed | 22 |
| ChaoYang Tongmei gallium arsenide ingot production transfer | 2019 | Completed | 16 |
| Baoding Tongmei gallium arsenide production relocation (2x) | 2017 | Completed | 11 |
| Gallium arsenide manufacturing relocation from Beijing (2x) | 2015 | Completed | 18 |
| Dingxing wafer processing production line (2x) | 2015 | Completed | 25 |
| Series A preferred stock issuance | – | Completed | 11 |
| Acquisition of Lyte Optronics, Inc. | – | Completed | 11 |
Divestitures / exits
| Transaction / stake | Date | Type | Source |
|---|---|---|---|
| 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 |
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Reported KPIs (as disclosed) (282)#
Figures the company discloses itself in addition to the standard financials; order intake, recurring revenue, user or unit counts, adjusted measures. These “story KPIs” usually slip through standard databases; here they are collected as reported, with no calculation of our own. Important: the definition comes from the company itself and can differ from firm to firm; period and source are stated next to every value.
Company-specific KPIs verbatim from the filings (English, as disclosed; not normalised). Balance-sheet and boilerplate items filtered.
| Date | Period | KPI | Value / change | Source |
|---|---|---|---|---|
| 2026-08-13 | 2026-Q2 | Tongmei PE investment | 49 million | 26 |
| 2026-08-13 | 2026-Q2 | Stock repurchase remaining | 2.7 million | 26 |
| 2026-08-13 | 2026-Q2 | Stock repurchase authorization | 5.0 million | 26 |
| 2026-08-13 | 2026-Q2 | Short-term loans | 79.0 million | 26 |
| 2026-08-13 | 2026-Q2 | Series A preferred cumulative dividends | 2.9 million | 26 |
| 2026-08-13 | 2026-Q2 | September-November 2025 bank loan | 0.7 million | 26 |
| 2026-08-13 | 2026-Q2 | PRC dividends received | 2.0 million | 26 |
| 2026-08-13 | 2026-Q2 | Kazuo investment commitment | 15 million | 26 |
| 2026-08-13 | 2026-Q2 | June 2026 financing | 1.9 million | 26 |
| 2026-08-13 | 2026-Q2 | Form S-3 Registration | 100 million | 26 |
| 2026-08-13 | 2026-Q2 | Foreign Exchange Loss 2025 | 74,000 | 26 |
| 2026-08-13 | 2026-Q2 | Foreign Exchange Gain 2024 | 0.1 million | 26 |
| 2026-08-13 | 2026-Q2 | Foreign Exchange Gain 2023 | 0.2 million | 26 |
| 2026-08-13 | 2026-Q2 | Five Year Credit Facility | 9.7 million | 26 |
| 2026-08-13 | 2026-Q2 | February 2026 Financing | 2.9 million | 26 |
| 2026-08-13 | 2026-Q2 | Equity Method Investments | 14.1 million | 26 |
| 2026-08-13 | 2026-Q2 | Dingxing Investment Commitment | 90 million | 26 |
| 2026-08-13 | 2026-Q2 | December Offering Underwriter Option | 1,064,773 | 26 |
| 2026-08-13 | 2026-Q2 | December Offering Shares | 7,098,492 | 26 |
| 2026-08-13 | 2026-Q2 | December Offering Price | 12.25 | 26 |
| 2026-08-13 | 2026-Q2 | December Offering Net Proceeds | 93.9 million | 26 |
| 2026-08-13 | 2026-Q2 | December 2023 Financing | 2.1 million | 26 |
| 2026-08-13 | 2026-Q2 | Credit Facility Borrowed | 5.8 million | 26 |
| 2026-08-13 | 2026-Q2 | April Offering Underwriter Option | 1,284,046 | 26 |
| 2026-08-13 | 2026-Q2 | April Offering Shares | 8,560,311 | 26 |
| 2026-08-13 | 2026-Q2 | April Offering Price | 64.25 | 26 |
| 2026-08-13 | 2026-Q2 | April Offering Net Proceeds | 600.1 million | 26 |
| 2026-08-13 | 2026-Q2 | April May 2026 Time Deposit Loans | 7.1 million | 26 |
| 2026-08-13 | 2026-Q2 | April June 2026 Unsecured Loans | 2.9 million | 26 |
| 2026-08-13 | 2026-Q2 | U.S. federal net operating loss carryforwards | $50.5 million | 26 |
| 2026-08-13 | 2026-Q2 | Tongmei investors redemption amount | approximately $49 million | 26 |
| 2026-08-13 | 2026-Q2 | State net operating loss carryforwards | $138,000 | 26 |
| 2026-08-13 | 2026-Q2 | Series A preferred stock value | $3,532,000 | 26 |
| 2026-08-13 | 2026-Q2 | Series A preferred stock shares outstanding | 883,000 | 26 |
| 2026-08-13 | 2026-Q2 | Revenue from North America prior year | 8% | 26 |
| 2026-08-13 | 2026-Q2 | Revenue from North America | approximately 2% | 26 |
| 2026-08-13 | 2026-Q2 | International revenue 2025 | approximately 98% | 26 |
| 2026-08-13 | 2026-Q2 | International revenue | approximately 99% | 26 |
| 2026-05-14 | 2026-Q1 | Unconsolidated joint ventures loss 2019 | $1.9 million | 25 |
| 2026-05-14 | 2026-Q1 | Unconsolidated joint ventures income 2025 | $0.8 million | 25 |
| 2026-05-14 | 2026-Q1 | Unconsolidated joint ventures income 2024 | $3.4 million | 25 |
| 2026-05-14 | 2026-Q1 | Tariffs paid 2025 | $0.3 million | 25 |
| 2026-05-14 | 2026-Q1 | Tariffs paid 2024 | $1.0 million | 25 |
| 2026-05-14 | 2026-Q1 | Tariffs paid 2023 | $1.0 million | 25 |
| 2026-05-14 | 2026-Q1 | Revenue Q3 2023 | $17.4 million | 25 |
| 2026-05-14 | 2026-Q1 | Revenue Q1 2022 | $39.7 million | 25 |
| 2026-05-14 | 2026-Q1 | Restructuring charge 2014 | approximately $907,000 | 25 |
| 2026-05-14 | 2026-Q1 | North America revenue percentage 2025 | approximately 2% | 25 |
| 2026-05-14 | 2026-Q1 | North America revenue percentage 2024 | 8% | 25 |
| 2026-05-14 | 2026-Q1 | north america revenue percentage 2023 | 10% | 25 |
| 2026-05-14 | 2026-Q1 | minority investments march 31 2026 | 15.5 million | 25 |
| 2026-05-14 | 2026-Q1 | minority investments december 31 2025 | 15.0 million | 25 |
| 2026-05-14 | 2026-Q1 | kazuo investment target | approximately $15 million | 25 |
| 2026-05-14 | 2026-Q1 | investments in marketable debt securities | 65375 (USD in thousands) | 25 |
| 2026-05-14 | 2026-Q1 | impairment charge q4 2023 | $1.1 million | 25 |
| 2026-05-14 | 2026-Q1 | impairment charge q2 2023 | $754,000 | 25 |
| 2026-05-14 | 2026-Q1 | impairment charge q1 2019 | $1.1 million | 25 |
| 2026-05-14 | 2026-Q1 | gross margin q3 2025 | 22.3% | 25 |
| 2026-05-14 | 2026-Q1 | gross margin q3 2023 | 10.7% | 25 |
| 2026-05-14 | 2026-Q1 | gross margin q3 2022 | 42.0% | 25 |
| 2026-05-14 | 2026-Q1 | gross margin q2 2025 | 8.0% | 25 |
| 2026-05-14 | 2026-Q1 | gross margin q1 2025 | -6.4% | 25 |
| 2026-05-14 | 2026-Q1 | Foreign Exchange Loss 2025 | $74,000 | 25 |
| 2026-05-14 | 2026-Q1 | Foreign Exchange Gain 2024 | $0.1 million | 25 |
| 2026-05-14 | 2026-Q1 | Foreign Exchange Gain 2023 | $0.2 million | 25 |
| 2026-05-14 | 2026-Q1 | dingxing investment target | approximately $90 million | 25 |
| 2026-05-14 | 2026-Q1 | current interest rate investments | 3.51% | 25 |
| 2026-05-14 | 2026-Q1 | current interest rate cash | 1.78% | 25 |
| 2026-05-14 | 2026-Q1 | cash and restricted cash | 57869 (USD in thousands) | 25 |
| 2026-05-14 | 2026-Q1 | accounts receivable concentration march 31 2026 | Two customers each accounted for more than 10% | 25 |
| 2026-05-14 | 2026-Q1 | accounts receivable concentration december 31 2025 | One customer accounted for more than 10% | 25 |
| 2026-03-17 | FY2025 | minority investments under the equity method | $15.0 million | 24 |
| 2026-03-17 | FY2025 | Minority investment under the fair value method | $0 million | 24 |
| 2026-03-17 | FY2025 | Foreign exchange loss 2025 | $74,000 | 24 |
| 2026-03-17 | FY2025 | Cash, restricted cash and cash equivalents | $128,366 | 24 |
| 2026-02-19 | 2025-Q4 | Total stockholders' equity | 296,575 (USD in thousands) | 32 |
| 2026-02-19 | 2025-Q4 | Short-term loans | 62,796 (USD in thousands) | 32 |
| 2026-02-19 | 2025-Q4 | Restricted cash | 8,100 (USD in thousands) | 32 |
| 2026-02-19 | 2025-Q4 | Cash and cash equivalents | 120,266 (USD in thousands) | 32 |
| 2025-11-13 | 2025-Q3 | SG&A as % of revenue Q3 2025 | 22.7% | 22 |
| 2025-11-13 | 2025-Q3 | SG&A as % of revenue Q3 2024 | 23.9% | 22 |
| 2025-11-13 | 2025-Q3 | SG&A as % of revenue 9M 2025 | 27.4% | 22 |
| 2025-11-13 | 2025-Q3 | SG&A as % of revenue 9M 2024 | 23.8% | 22 |
| 2025-11-13 | 2025-Q3 | Restricted cash - foreign accounts | 7.9 | 22 |
| 2025-11-13 | 2025-Q3 | Restricted cash | 8.1 (USD millions) | 22 |
| 2025-11-13 | 2025-Q3 | R&D as % of revenue Q3 2025 | 3.6% | 22 |
| 2025-11-13 | 2025-Q3 | R&D as % of revenue Q3 2024 | 14.5% | 22 |
| 2025-11-13 | 2025-Q3 | R&D as % of revenue 9M 2025 | 10.2% | 22 |
| 2025-11-13 | 2025-Q3 | R&D as % of revenue 9M 2024 | 14.0% | 22 |
| 2025-11-13 | 2025-Q3 | Other income % of revenue Q3 2025 | -0.6% | 22 |
| 2025-11-13 | 2025-Q3 | Other income % of revenue Q3 2024 | 2.2% | 22 |
| 2025-11-13 | 2025-Q3 | Other income % of revenue 9M 2025 | 0.3% | 22 |
| 2025-11-13 | 2025-Q3 | other income pct revenue 9m 2024 | 2.8% | 22 |
| 2025-11-13 | 2025-Q3 | noncontrolling interests pct revenue q3 2025 | -0.8% | 22 |
| 2025-11-13 | 2025-Q3 | noncontrolling interests pct revenue q3 2024 | -0.2% | 22 |
| 2025-11-13 | 2025-Q3 | noncontrolling interests pct revenue 9m 2025 | 2.5% | 22 |
| 2025-11-13 | 2025-Q3 | noncontrolling interests pct revenue 9m 2024 | -0.5% | 22 |
| 2025-11-13 | 2025-Q3 | interest expense pct revenue q3 2025 | 1.4% | 22 |
| 2025-11-13 | 2025-Q3 | interest expense pct revenue q3 2024 | 1.7% | 22 |
| 2025-11-13 | 2025-Q3 | interest expense pct revenue 9m 2025 | 1.3% | 22 |
| 2025-11-13 | 2025-Q3 | interest expense pct revenue 9m 2024 | 1.4% | 22 |
| 2025-11-13 | 2025-Q3 | gross profit margin q3 2025 | 22.3% | 22 |
| 2025-11-13 | 2025-Q3 | gross profit margin q3 2024 | 24.0% | 22 |
| 2025-11-13 | 2025-Q3 | gross profit margin 9m 2025 | 9.8% | 22 |
| 2025-11-13 | 2025-Q3 | gross profit margin 9m 2024 | 26.2% | 22 |
| 2025-11-13 | 2025-Q3 | gain equity investments pct revenue q3 2025 | 1.8% | 22 |
| 2025-11-13 | 2025-Q3 | gain equity investments pct revenue q3 2024 | 4.3% | 22 |
| 2025-11-13 | 2025-Q3 | gain equity investments pct revenue 9m 2025 | 0.9% | 22 |
| 2025-11-13 | 2025-Q3 | gain equity investments pct revenue 9m 2024 | 3.4% | 22 |
| 2025-11-13 | 2025-Q3 | equity investments fair value method | $0.7 million | 22 |
| 2025-11-13 | 2025-Q3 | equity investments equity method | $14.6 million | 22 |
| 2025-11-13 | 2025-Q3 | cumulative dividends series a preferred | 2.9 | 22 |
| 2025-11-13 | 2025-Q3 | cash and restricted cash | 31.2 (USD millions) | 22 |
| 2025-11-13 | 2025-Q3 | Cash and Investments, Foreign Bank Accounts | 26.5 | 22 |
| 2025-11-13 | 2025-Q3 | Cash and Equivalents | $31,210 | 22 |
| 2025-11-13 | 2025-Q3 | Cash | 23.1 (USD millions) | 22 |
| 2025-11-13 | 2025-Q3 | Allowance for Credit Losses | 141 | 22 |
| 2025-11-13 | 2025-Q3 | Accrued Product Warranties | 512 (USD thousands) | 22 |
| 2025-08-13 | 2025-Q2 | Restricted cash | 8,100 (USD in thousands) | 21 |
| 2025-08-13 | 2025-Q2 | cash and restricted cash | 35,100 (USD in thousands) | 21 |
| 2025-08-13 | 2025-Q2 | Cash | 27,000 (USD in thousands) | 21 |
| 2025-08-13 | 2025-Q2 | Accrued Product Warranties | 435 (USD in thousands) | 21 |
| 2025-08-13 | 2025-Q2 | Minority Investments, Equity Method | $14.3 million | 21 |
| 2025-08-13 | 2025-Q2 | Minority Investment, Fair Value Method | $0.4 million | 21 |
| 2025-08-13 | 2025-Q2 | Cash, restricted cash and cash equivalents | $35,107 | 21 |
| 2025-05-14 | 2025-Q1 | Tariffs Paid Q1 2025 | 271,000 | 20 |
| 2025-05-14 | 2025-Q1 | Short-term loans | 0.1 million | 20 |
| 2025-05-14 | 2025-Q1 | Revenue Worldwide, North America % 2024 | 8% | 20 |
| 2025-05-14 | 2025-Q1 | Revenue Outside US 2024 | 92% | 20 |
| 2025-05-14 | 2025-Q1 | Revenue North America % Q1 2025 | 6% | 20 |
| 2025-05-14 | 2025-Q1 | Revenue North America % 2024 | 8% | 20 |
| 2025-05-14 | 2025-Q1 | Revenue North America % 2023 | 10% | 20 |
| 2025-05-14 | 2025-Q1 | Revenue North America % 2022 | 14% | 20 |
| 2025-05-14 | 2025-Q1 | Other Long-Term Liabilities, Loan Portion | 2.6 million | 20 |
| 2025-05-14 | 2025-Q1 | Minority Investments, Fair Value Method | 0.6 million | 20 |
| 2025-05-14 | 2025-Q1 | Minority Investments, Equity Method | 14.6 million | 20 |
| 2025-05-14 | 2025-Q1 | gross margin q1 2025 | -6.4% | 20 |
| 2025-05-14 | 2025-Q1 | Foreign Exchange Gain 2024 | 0.1 million | 20 |
| 2025-05-14 | 2025-Q1 | Foreign Exchange Gain 2023 | 0.2 million | 20 |
| 2025-05-14 | 2025-Q1 | Foreign Exchange Gain 2022 | 1.6 million | 20 |
| 2025-05-14 | 2025-Q1 | Equity in Income, Unconsolidated JV 2024 | 3.4 million | 20 |
| 2025-05-14 | 2025-Q1 | Equity in Income, Unconsolidated JV 2023 | 1.9 million | 20 |
| 2025-05-14 | 2025-Q1 | Cash and Equivalents | 38,184 (USD in thousands) | 20 |
| 2025-05-14 | 2025-Q1 | Stock repurchase program remaining | 2.7 million | 20 |
| 2025-05-14 | 2025-Q1 | Short-term bank loans total | 50,763 (USD thousands) | 20 |
| 2025-05-14 | 2025-Q1 | Series A preferred stock cumulative dividends | 2.9 million | 20 |
| 2025-05-14 | 2025-Q1 | Restricted cash | 6.6 million | 20 |
| 2025-05-14 | 2025-Q1 | Lower of cost or net realizable value reserves | 46 (USD thousands) | 20 |
| 2025-05-14 | 2025-Q1 | Long-term bank loan in short-term loans | 0.6 million | 20 |
| 2025-05-14 | 2025-Q1 | Long-term bank loan in other long-term liabilities | 5.0 million | 20 |
| 2025-05-14 | 2025-Q1 | ChaoYang XinMei financing in short-term loans | 1.1 million | 20 |
| 2025-05-14 | 2025-Q1 | ChaoYang XinMei financing in other long-term liabilities | 0.3 million | 20 |
| 2025-05-14 | 2025-Q1 | Cash and restricted cash | 38.2 million | 20 |
| 2025-05-14 | 2025-Q1 | Cash and investments in foreign bank accounts | 31.8 million | 20 |
| 2025-05-14 | 2025-Q1 | Cash | 31.6 million | 20 |
| 2025-05-14 | 2025-Q1 | Allowance for credit losses | 147 | 20 |
| 2025-05-14 | 2025-Q1 | Accrued product warranties | 403 (USD thousands) | 20 |
| 2025-03-14 | FY2024 | Top five customers revenue 2024 | 30% | 18 |
| 2025-03-14 | FY2024 | Top five customers revenue 2023 | 25% | 18 |
| 2025-03-14 | FY2024 | Top five customers revenue 2022 | 34% | 18 |
| 2025-03-14 | FY2024 | Tongmei investors redemption amount | 49 million | 18 |
| 2025-03-14 | FY2024 | Tongmei investors redeemable noncontrolling interest | 7.28% | 18 |
| 2025-03-14 | FY2024 | Tongmei investors capital investment | 49 million | 18 |
| 2025-03-14 | FY2024 | Tariffs paid 2024 | 1.0 million | 18 |
| 2025-03-14 | FY2024 | Tariffs paid 2023 | 1.0 million | 18 |
| 2025-03-14 | FY2024 | Tariffs paid 2022 | 3.3 million | 18 |
| 2025-03-14 | FY2024 | Substrate revenue % 2024 | 68% | 18 |
| 2025-03-14 | FY2024 | Substrate revenue % 2023 | 63% | 18 |
| 2025-03-14 | FY2024 | Substrate revenue % 2022 | 79% | 18 |
| 2025-03-14 | FY2024 | Raw materials revenue % 2024 | 32% | 18 |
| 2025-03-14 | FY2024 | Raw materials revenue % 2023 | 37% | 18 |
| 2025-03-14 | FY2024 | Raw materials revenue % 2022 | 21% | 18 |
| 2025-03-14 | FY2024 | Raw material subsidiaries top 3 customers 2024 | 31% | 18 |
| 2025-03-14 | FY2024 | Raw material subsidiaries top 3 customers 2023 | 31% | 18 |
| 2025-03-14 | FY2024 | Raw material subsidiaries top 3 customers 2022 | 29% | 18 |
| 2025-03-14 | FY2024 | Raw material companies patents China | 132 | 18 |
| 2025-03-14 | FY2024 | R&D expenses | 14.5 million | 18 |
| 2025-03-14 | FY2024 | Patents United States | 13 | 18 |
| 2025-03-14 | FY2024 | Patents Taiwan | 4 | 18 |
| 2025-03-14 | FY2024 | Patents Japan | 8 | 18 |
| 2025-03-14 | FY2024 | Patents issued | 170 | 18 |
| 2025-03-14 | FY2024 | Patents Germany | 2 | 18 |
| 2025-03-14 | FY2024 | Patents European Union | 4 | 18 |
| 2025-03-14 | FY2024 | Patents China | 139 | 18 |
| 2025-03-14 | FY2024 | North America revenue percentage 2024 | 8% | 18 |
| 2025-03-14 | FY2024 | north america revenue percentage 2023 | 10% | 18 |
| 2025-03-14 | FY2024 | North America revenue % 2022 | 14% | 18 |
| 2025-03-14 | FY2024 | Largest customer 2022 | 15% | 18 |
| 2025-03-14 | FY2024 | Jinmei patents | 36 | 18 |
| 2025-03-14 | FY2024 | international sales percentage 2024 | 92% | 18 |
| 2025-03-14 | FY2024 | international sales percentage 2023 | 90% | 18 |
| 2025-03-14 | FY2024 | international sales percentage 2022 | 86% | 18 |
| 2025-03-14 | FY2024 | employees sales administration | 202 | 18 |
| 2025-03-14 | FY2024 | dividends paid 2024 | 2.4 million | 18 |
| 2025-03-14 | FY2024 | dividends paid 2023 | 4.3 million | 18 |
| 2025-03-14 | FY2024 | dividends paid 2022 | 2.9 million | 18 |
| 2025-03-14 | FY2024 | Chaoyang Xinmei patents | 15 | 18 |
| 2025-03-14 | FY2024 | Chaoyang Shuomei patents | 1 | 18 |
| 2025-03-14 | FY2024 | Boyu patents | 80 | 18 |
| 2024-11-12 | 2024-Q3 | Short-term loans | 52.876 million | 16 |
| 2024-11-12 | 2024-Q3 | Restricted cash | 13.9 million | 16 |
| 2024-11-12 | 2024-Q3 | Cash and short-term investments | 38.8 million | 16 |
| 2024-11-12 | 2024-Q3 | Cash and restricted cash | 24.9 million | 16 |
| 2024-11-12 | 2024-Q3 | Cash and investments in foreign bank accounts | 33.8 million | 16 |
| 2024-11-12 | 2024-Q3 | Allowance for credit losses | 263,000 | 16 |
| 2024-11-12 | 2024-Q3 | Accrued product warranties | 392,000 (USD thousands) | 16 |
| 2024-08-09 | 2024-Q2 | short-term loans balance | 49,899 (USD in thousands) | 14 |
| 2024-08-09 | 2024-Q2 | long-term loans drawn | 5.8 million | 14 |
| 2024-08-09 | 2024-Q2 | long-term loans available | 9.7 million | 14 |
| 2024-08-09 | 2024-Q2 | investments | 1.7 million | 14 |
| 2024-08-09 | 2024-Q2 | cash and restricted cash | 41.6 million | 14 |
| 2024-08-09 | 2024-Q2 | cash and investments in foreign accounts | 35.6 million | 14 |
| 2024-08-09 | 2024-Q2 | Allowance for Credit Losses | 263 thousand | 14 |
| 2024-08-09 | 2024-Q2 | Accrued Product Warranties | 421 thousand | 14 |
| 2024-05-10 | 2024-Q1 | investments | 1.7 million | 13 |
| 2024-05-10 | 2024-Q1 | cash and restricted cash | 39.6 million | 13 |
| 2024-05-10 | 2024-Q1 | cash and investments foreign accounts | 34.7 million | 13 |
| 2024-03-15 | FY2023 | tax benefit from preferential rate | 47,000 | 11 |
| 2024-03-15 | FY2023 | stock available for future grant | 1,743 | 11 |
| 2024-03-15 | FY2023 | restricted stock awards outstanding | 1,257 | 11 |
| 2024-03-15 | FY2023 | preferred stock shares | 883,000 shares | 11 |
| 2024-03-15 | FY2023 | preferred stock par value | $0.001 | 11 |
| 2024-03-15 | FY2023 | preferred stock dividend rate | 5.0% | 11 |
| 2024-03-15 | FY2023 | options outstanding | 1,198 | 11 |
| 2024-03-15 | FY2023 | net operating loss carryforwards | $40.2 million | 11 |
| 2024-03-15 | FY2023 | impairment charges | 1.9 million | 11 |
| 2024-03-15 | FY2023 | gross unrecognized tax benefits | 1.1 million | 11 |
| 2024-03-15 | FY2023 | effective tax rate 2022 | 10.5% | 11 |
| 2024-03-15 | FY2023 | effective tax rate 2021 | 6.2% | 11 |
| 2024-03-15 | FY2023 | effective tax rate | -0.8% | 11 |
| 2024-03-15 | FY2023 | California net operating loss carryforwards | $115,000 | 11 |
| 2024-03-15 | FY2023 | Allowance for Credit Losses | 579,000 | 11 |
| 2024-03-15 | FY2023 | Accrued Product Warranties | 703,000 (USD thousands) | 11 |
| 2024-03-15 | FY2023 | Selling, general and administrative expenses % of total revenue | 30.1% | 11 |
| 2024-03-15 | FY2023 | Research and development % of total revenue | 15.9% | 11 |
| 2024-03-15 | FY2023 | Other income, net % of total revenue | 2.9% | 11 |
| 2024-03-15 | FY2023 | Operating margin | -28.5% | 11 |
| 2024-03-15 | FY2023 | Loan Balance (Tongmei and BoYu) | 52,921 (USD in thousands) | 11 |
| 2024-03-15 | FY2023 | Interest expense, net % of total revenue | 2.0% | 11 |
| 2024-03-15 | FY2023 | Gross profit margin | 17.6% | 11 |
| 2024-03-15 | FY2023 | Equity in income of unconsolidated joint ventures % of total revenue | 2.5% | 11 |
| 2024-03-15 | FY2023 | Depreciation and amortization expense | 8.7 million | 11 |
| 2024-03-15 | FY2023 | Bank loan balance | 52,921 (USD in thousands) | 11 |
| 2024-03-15 | FY2023 | Allowance for credit losses | 579 | 11 |
| 2024-03-15 | FY2023 | Accrued product warranties | 703 (USD in thousands) | 11 |
| 2024-03-15 | FY2023 | 401k contributions 2022 | 191,000 | 11 |
| 2024-03-15 | FY2023 | 401k contributions 2021 | 208,000 | 11 |
| 2024-03-15 | FY2023 | 401k contributions | 186,000 | 11 |
| 2023-08-09 | 2023-Q2 | Weighted average remaining lease term | 5.72 | 7 |
| 2023-08-09 | 2023-Q2 | Weighted average discount rate | 4.61 | 7 |
| 2023-08-09 | 2023-Q2 | Total liquidity | 49.6 | 7 |
| 2023-08-09 | 2023-Q2 | R&D as % of revenue Q2 | 14.7 | 7 |
| 2023-08-09 | 2023-Q2 | R&D as % of revenue H1 | 16.7 | 7 |
| 2023-08-09 | 2023-Q2 | Minority investment entities balance prior | 14.6 million | 7 |
| 2023-08-09 | 2023-Q2 | Minority investment entities balance | 11.8 million | 7 |
| 2023-08-09 | 2023-Q2 | investments | 8.7 (USD millions) | 7 |
| 2023-08-09 | 2023-Q2 | Interest expense, net Q2 | 365 (USD thousands) | 7 |
| 2023-08-09 | 2023-Q2 | Interest expense, net H1 | 762 (USD thousands) | 7 |
| 2023-08-09 | 2023-Q2 | Gross margin Q2 | 9.2 | 7 |
| 2023-08-09 | 2023-Q2 | Gross margin H1 | 18.0 | 7 |
| 2023-08-09 | 2023-Q2 | Foreign cash and investments | 38.1 (USD millions) | 7 |
| 2023-08-09 | 2023-Q2 | Cash and Equivalents | 40.9 (USD millions) | 7 |
| 2023-08-09 | 2023-Q2 | Total stockholders' equity | 232,991 (USD in thousands) | 7 |
| 2023-08-09 | 2023-Q2 | Restricted cash | 10,794 (USD in thousands) | 7 |
| 2023-08-09 | 2023-Q2 | Cash and cash equivalents | 30,092 (USD in thousands) | 7 |
| 2023-08-09 | 2023-Q2 | Bank loans | 45,622 (USD in thousands) | 7 |
| 2023-05-10 | 2023-Q1 | Weighted average remaining lease term | 5.80 | 4 |
| 2023-05-10 | 2023-Q1 | Weighted average discount rate, leases | 4.61% | 4 |
| 2023-05-10 | 2023-Q1 | Unrecognized compensation expense, restricted stock | 4,500 (USD in thousands) | 4 |
| 2023-05-10 | 2023-Q1 | Unrecognized compensation expense at risk performance shares | 400 | 4 |
| 2023-05-10 | 2023-Q1 | Top 5 customers revenue % | 28 | 4 |
| 2023-05-10 | 2023-Q1 | Tariffs paid Q1 2023 | 447,000 | 4 |
| 2023-05-10 | 2023-Q1 | Redeemable noncontrolling interests balance | 44,920 | 4 |
| 2023-05-10 | 2023-Q1 | Operating lease liability long-term | 1,275 | 4 |
| 2023-05-10 | 2023-Q1 | Operating lease liability current | 412 | 4 |
| 2023-05-10 | 2023-Q1 | Principal source of liquidity | 53.6 million | 4 |
| 2023-05-10 | 2023-Q1 | minority investments under the equity method | 16.5 million | 4 |
| 2023-05-10 | 2023-Q1 | Investments | 8,658 (USD in thousands) | 4 |
| 2023-05-10 | 2023-Q1 | Equity in income of unconsolidated joint ventures | 1,034 (USD thousands) | 4 |
| 2023-05-10 | 2023-Q1 | Cash, restricted cash and equivalents in foreign bank accounts | 40.4 million | 4 |
| 2023-05-10 | 2023-Q1 | Cash and cash equivalents | 44,893 (USD in thousands) | 4 |
| 2023-05-10 | 2023-Q1 | Bank loan balance | 52,821 (USD in thousands) | 4 |
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Guidance Tracking (latest per metric/period · 3/4)#
All management forecasts (guidance) and their later outcome. Types: fiscal-year targets as well as quarterly/half-year targets; per metric and period the most recent statement applies, older versions can be expanded. The status is checked automatically against the actuals reported later: open (period still running), met, beaten, missed. For ranges (“X to Y”) reaching the range counts. Logged neutrally, no estimate of our own, no assessment.
Actuals: revenue in $m
| For period | Guided on | Metric | Guided | Actual | Verdict | Direction | Source |
|---|---|---|---|---|---|---|---|
| 2025-Q4 | 2026-01-09 ° | Revenue | 22.5–23.5 | 23 | in line | cut | 23 |
| 2025-Q2 | 2025-07-09 ° | Revenue | 17.5–18 | 18 | in line | cut | 29 |
| 2025-Q2 | 2025-07-09 | Gross margin (GAAP) | high single digits | – | – | initiated | 29 |
| 2024-Q1 | 2024-04-08 ° | Revenue | 22.4–22.7 | 22.7 | in line | raised | 12 |
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Development#
A condensed summary per reporting period as running text: what changed operationally, which drivers management names, how earnings and cash flow developed. Most recent period first, grouped by year; each text is written from the original report of that period, superscript numbers lead to the source.
FY2026
AXT Inc. revenue increased to 26.9 million in Q1 2026 and 47.6 million in Q2 2026, up 77% from Q1 and 164% year-on-year in Q2 2026 34, as indium phosphide substrate shipments recovered following export permit approvals by China's Ministry of Commerce in June 2025 25. The company recorded a net loss of 1.6 million in Q1 2026 33 before returning to net income of 11.1 million, or 0.17 per diluted share, in Q2 2026 34. Two equity offerings, generating net proceeds of $93.9 million in December 2025 and $600.1 million in April 2026, substantially increased the company's cash balance, ending Q2 2026 at 412.2 million 26. Tongmei withdrew its STAR Market IPO application in July 2026, redirecting listing efforts toward the Hong Kong Stock Exchange, and AXT raised its ownership stake in Tongmei to approximately 86.09% through an additional $6.0 million acquisition 26.
FY2025
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 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). The company 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 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. The company 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.
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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
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Sources: official investor relations documents#
All original documents used, with type (e.g. quarterly, half-year, annual report), publication date and a direct link to the filing (EDINET/SEC/IR). Every superscript number in the report points to an entry in this list; so every figure can be traced back to its place in the original.
53 documents · 2016 – 2026 · SEC EDGAR (USA)
| # | Document type | Published | Link |
|---|---|---|---|
| #1 | 8-K-EX99.1 | 2023-02-16 | Open |
| #2 | 10-K | 2023-03-16 | Open |
| #3 | 8-K-EX99.1 | 2023-04-27 | Open |
| #4 | 10-Q | 2023-05-10 | Open |
| #5 | 8-K-EX99.1 | 2023-07-05 | Open |
| #6 | 8-K-EX99.1 | 2023-08-03 | Open |
| #7 | 10-Q | 2023-08-09 | Open |
| #8 | 8-K-EX99.1 | 2023-11-02 | Open |
| #9 | 10-Q | 2023-11-09 | Open |
| #10 | 8-K-EX99.1 | 2024-02-22 | Open |
| #11 | 10-K | 2024-03-15 | Open |
| #12 | 8-K-EX99.1 | 2024-04-08 | Open |
| #27 | 8-K-EX99.1 | 2024-05-02 | Open |
| #13 | 10-Q | 2024-05-10 | Open |
| #28 | 8-K-EX99.1 | 2024-08-01 | Open |
| #14 | 10-Q | 2024-08-09 | Open |
| #15 | 8-K-EX99.1 | 2024-10-31 | Open |
| #16 | 10-Q | 2024-11-12 | Open |
| #17 | 8-K-EX99.1 | 2025-02-20 | Open |
| #18 | 10-K | 2025-03-14 | Open |
| #19 | 8-K-EX99.1 | 2025-05-01 | Open |
| #20 | 10-Q | 2025-05-14 | Open |
| #29 | 8-K-EX99.1 | 2025-07-09 | Open |
| #30 | 8-K-EX99.1 | 2025-07-31 | Open |
| #21 | 10-Q | 2025-08-13 | Open |
| #31 | 8-K-EX99.1 | 2025-10-30 | Open |
| #22 | 10-Q | 2025-11-13 | Open |
| #23 | 8-K-EX99.1 | 2026-01-09 | Open |
| #32 | 8-K-EX99.1 | 2026-02-19 | Open |
| #24 | 10-K | 2026-03-17 | Open |
| #33 | 8-K-EX99.1 | 2026-04-30 | Open |
| #25 | 10-Q | 2026-05-14 | Open |
| #34 | 8-K-EX99.1 | 2026-07-30 | Open |
| #26 | 10-Q | 2026-08-13 | Open |
Older sources (+19)
| # | Document type | Published | Link |
|---|---|---|---|
| #202 | 10-K | 2016-05-06 | Open |
| #201 | 10-Q | 2016-08-05 | Open |
| #203 | 10-Q | 2017-02-27 | Open |
| #205 | 10-K | 2017-02-27 | Open |
| #204 | 10-Q | 2017-08-04 | Open |
| #208 | 10-K | 2018-03-09 | Open |
| #206 | 10-Q | 2018-08-07 | Open |
| #207 | 10-Q | 2018-11-07 | Open |
| #212 | 10-K | 2019-03-11 | Open |
| #209 | 10-Q | 2019-05-08 | Open |
| #210 | 10-Q | 2019-08-08 | Open |
| #211 | 10-Q | 2019-11-08 | Open |
| #216 | 10-K | 2020-03-12 | Open |
| #213 | 10-Q | 2020-05-08 | Open |
| #214 | 10-Q | 2020-08-07 | Open |
| #215 | 10-Q | 2020-11-06 | Open |
| #217 | 10-Q | 2021-05-14 | Open |
| #218 | 10-Q | 2021-08-12 | Open |
| #219 | 10-Q | 2021-11-12 | Open |
FAQ#
Which additional key figures does AXT Inc. 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 Inc. 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 Inc.?
The sources chapter links all 53 original filings used (SEC filings) with type, publication date and a direct link; every figure in the report carries a source number.
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