AXT Inc
ConvictionWeak
Merchant manufacturer of single-crystal compound-semiconductor wafers via VGF (vertical gradient freeze) growth, sold to epitaxy houses, laser/optical-transceiver makers, RF device makers and solar/satellite cell makers; manufacturing concentrated in China (majority-owned subsidiary Beijing Tongmei) with consolidated raw-material JV subsidiaries; US HQ in Fremont, CA. Revenue is lumpy and gated by Chinese export-permit timing.
Revenue
$88.3M FY2025down from $99.4M FY2024); $26.9M in Q1 2026 (+39% YoY), TTM ~$96M re-accelerating on InPRev growth
FY2025 -11% YoYQ1 2026 +39% YoY, +17% QoQ - inflecting up on InP data-center demand and easing export permitsGross margin
FY2025 non-GAAP 13.1% / GAAP 12.7%vs 24.3% non-GAAP FY2024); Q1 2026 GAAP 29.6% / non-GAAP 29.9% - sharp recovery as higher-margin InP mix risesOp margin
Negative - FY2025 GAAP net loss $21.3M-24% of revenue, $0.49/sh); Q1 2026 GAAP net loss $1.6M ($0.03/sh), near breakevenCapex intensity
Very high - capacity-doubling program2026 + 2027) plus 6-inch InP R&D; the April 2026 ~$632.5M gross raise is earmarked largely for this expansionMarket cap
~$4.25BNASDAQ: AXTI, Jul 6, 2026; extremely volatile - 52-week range spans low single digits to a $143.16 intraday all-time high on May 26, 2026, then ~$60-65 in early JulyThe read
Where our coverage leans
Coverage leans bullish
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