AXTI

MKT CAP:$3B

AXT, Inc.

Market Cap

$3B

Technology·Semiconductors·🇺🇸 United States·NASDAQ

Technology·Semiconductors·🇺🇸·NASDAQ

Stock Price

$86.94+$70.18 (+418.74%)

Apr 22, 2026

Company Details

AXT, Inc. designs, develops, manufactures, and distributes compound and single element semiconductor substrates. It produces semiconductor substrates using its proprietary vertical gradient freeze technology. The company offers indium phosp...

CEO

Morris S. Young

IPO Date

May 21, 1998

Website

www.axt.com

Key Metrics TTM

Revenue

$97M

— YoY

Net Income

-$10M

EPS (Diluted)

-$0.23

Free Cash Flow

-$18M

Revenue / Share

$2.18

Gross Margin

24.9%

Operating Margin

-12.8%

Net Margin

-10.4%

FCF Margin

-18.2%

P/S

35.2x

P/E

—

Earnings Reports

Q1 2026

Apr 30, 2026

PENDING

FY 2025

Mar 17, 2026

$88MEPS -$0.48

Q4 2025

Mar 17, 2026

$23MEPS -$0.08

Q3 2024

Nov 12, 2024

$24MEPS -$0.07

Q2 2024

Aug 9, 2024

$28MEPS -$0.04

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 20	$22M	$7M	$478.0K
Q3 20	$25M	$9M	$2M
Q3 21	$35M	$12M	$2M
Q1 24	$23M	$6M	-$3M
Q2 24	$28M	$8M	-$2M
Q3 24	$24M	$6M	-$3M
Q4 25	$23M	$5M	-$4M

Valuation

Quarter	P/S	P/E
Q2 20	—	—
Q3 20	—	—
Q3 21	—	—
Q1 24	32.7x	1116.3x
Q2 24	31.0x	2874.0x
Q3 24	31.5x	—
Q4 25	35.2x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 20	$8M	$4M
Q3 20	$4M	-$1M
Q3 21	-$168.0K	-$6M
Q1 24	-$9M	-$13M
Q2 24	$843.0K	$572.0K
Q3 24	-$5M	-$6M
Q4 25	$4M	$1M

Capital Expenditures

Quarter	CapEx
Q2 20	$4M
Q3 20	$6M
Q3 21	$6M
Q1 24	$4M
Q2 24	$271.0K
Q3 24	$941.0K
Q4 25	$3M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 24	+26.2%	+37.6%
Q3 24	-7.2%	+16.1%
Q4 25	-33.4%	-16.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 20	$0	0.0%
Q3 20	$0	0.0%
Q3 21	$0	0.0%
Q1 24	$809.0K	3.6%
Q2 24	$715.0K	2.6%
Q3 24	$820.0K	3.5%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	SG&A
Q2 20	$2M	$5M
Q3 20	$2M	$5M
Q3 21	$3M	$6M
Q1 24	$3M	$6M
Q2 24	$4M	$6M
Q3 24	$3M	$6M
Q4 25	$2M	$6M

Revenue Segments

Quarter	Raw Materials And Others	Substrates	Raw materials and others
Q2 20	$5M	$17M	—
Q3 20	$5M	$20M	—
Q3 21	$8M	$26M	—
Q1 24	—	$17M	$6M
Q2 24	—	$20M	$8M
Q3 24	—	$15M	$9M

Revenue by Geography

Quarter	Asia Pacific Excluding Japan And Taiwan	C	Europe	J	North America	T	Asia Pacific (excluding China, Taiwan and Japan)	China	Japan	Taiwan	Asia Pacific Excluding China, Taiwan and Japan
Q2 20	$2M	$8M	$4M	$2M	$2M	$4M	—	—	—	—	—
Q3 20	$1M	$11M	$5M	$2M	$3M	$3M	—	—	—	—	—
Q3 21	$2M	$17M	$5M	$3M	$4M	$4M	—	—	—	—	—
Q2 24	—	—	$5M	—	$1M	—	$712.0K	$17M	$796.0K	$3M	—
Q3 24	—	—	$3M	—	$3M	—	$797.0K	$14M	$2M	$2M	—
Q4 25	—	—	$4M	—	$235.0K	—	—	$14M	$2M	$2M	$2M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$29M	$5M	$35M
Q2 22	$41M	$4M	$46M
Q3 22	$33M	$7M	$40M
Q4 22	$35M	$9M	$44M
Q1 23	$35M	$7M	$42M
Q2 23	$30M	$7M	$37M
Q3 23	$29M	$4M	$33M
Q4 23	$38M	$2M	$40M
Q1 24	$26M	$2M	$27M
Q2 24	$28M	$2M	$29M
Q3 24	$25M	$0	$25M
Q4 24	$23M	$0	$23M
Q1 25	$32M	$0	$32M
Q2 25	$27M	$0	$27M
Q3 25	$23M	$0	$23M
Q4 25	$120M	$0	$120M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 20	41M	—	—
Q3 20	41M	+0.6%	—
Q3 21	43M	+4.1%	—
Q1 24	43M	+0.7%	—
Q2 24	43M	+0.2%	+5.7%
Q3 24	43M	+0.2%	+5.3%
Q4 25	45M	+3.6%	+4.8%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 20	$22.4K	988
Q3 20	$25.8K	988
Q3 21	$44.1K	784
Q1 24	$22.7K	999
Q2 24	$28.0K	999
Q3 24	$23.7K	999
Q4 25	$21.5K	1K

Revenue / Employee