AXTI·Semiconductor Materials - compound semiconductor substrates (InP, GaAs, Ge)

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 InP

Rev growth

FY2025 -11% YoYQ1 2026 +39% YoY, +17% QoQ - inflecting up on InP data-center demand and easing export permits

Gross 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 rises

Op 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 breakeven

Capex 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 expansion

Market 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 July

Primary source

Reported financials — SEC EDGAR

Audited GAAP figures pulled from SEC filings · latest filing 2026-03-17. The audited primary-source spine — not financial advice.

Live feed

Revenue — annual (GAAP)

FY’21

$137M

FY’22

$141M+3%

FY’23

$76M-46%

FY’24

$99M+31%

FY’25

$88M-11%

Margins & balance sheet — FY’25

Gross margin12.7%

Operating margin-24.9%

Net margin-24.1%

Net cash$37M

The read

Where our coverage leans

Coverage leans bullish

Members only

Full financial intelligence for AXT Inc

Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.

Income statement & margin structure
SWOT, moats & dependency map
Supplier–customer ecosystem graph
Signals, trends & valuation range

See plans

Not financial advice — analyst work product for a qualified professional.