AXT INC

Listed Company

AXTICIK 0001051627NasdaqNon-AcceleratedSmaller ReportingSemiconductors & Related DevicesDelawareFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$-21.26M

Total Assets

$433.75M

Equity

$273.29M

Shares Out

55.57M

Op. Cash Flow

$-12.78M

Business

AXT INC develops and produces high-performance compound and single-element semiconductor substrates (wafers) and, through consolidated subsidiaries, manufactures and sells certain raw materials used in substrate production. Its main products include indium phosphide (InP), gallium arsenide (GaAs) and germanium (Ge) wafers, plus purified gallium, pyrolytic boron nitride crucibles and related raw materials. Key business segments comprise a substrate product group and a raw materials product group, including several consolidated PRC raw material subsidiaries and joint ventures. All manufacturing is performed in the People’s Republic of China and products are sold worldwide via a direct salesforce, independent representatives and distributors in Asia, Europe and North America.

Summary from filing dated 2025-03-14

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue	88	99	76	—	—
Cost of revenue	77	76	62	89	90
Gross profit	11	24	13	52	47
Selling, general and administrative	24	24	23	26	24
Research and development	9	15	12	14	10
Total operating expenses	33	39	35	40	35
Loss from operations	−22	−15	−22	13	13
Interest expense, net	−1	−1	−2	—	—
Equity in income of unconsolidated joint ventures	765,000	3	2	6	4
Other income, net	924,000	2	2	3	509,000
Loss before provision for income taxes	−22	−11	−19	21	18
Provision for income taxes	2	1	200,000	2	1
Net loss	−23	−12	−19	19	17
Less: Net loss attributable to noncontrolling interests and redeemable noncontrolling interests	2	167,000	1	−3	−2
Net loss attributable to AXT, Inc.	−21	−12	−18	16	15
Basic (in dollars per share)	−0.49	−0.27	−0.42	0.37	0.35
Diluted (in dollars per share)	−0.49	−0.27	−0.42	0.37	0.34
Basic (in shares)	44	43	43	42	41
Diluted (in shares)	44	43	43	43	43

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	120	23	38	35	37
Restricted cash	8	11	12	6	—
Accounts receivable, net of allowances for credit losses of $164 and $147 as of December 31, 2025 and December 31, 2024	27	26	19	29	35
Inventories	82	85	87	90	66
Prepaid expenses and other current assets	10	14	13	14	17
Total current assets	247	158	171	184	160
Property, plant and equipment, net	162	160	166	161	142
Operating lease right-of-use assets	2	2	3	2	2
Other assets	23	19	19	22	18
Total assets	434	339	359	370	332
Accounts payable	13	12	10	10	17
Accrued liabilities	15	15	19	18	17
Short-term loans	63	47	—	—	—
Total current liabilities	91	74	82	75	48
Long-term portion of lease obligations	1	2	2	1	2
Other long-term liabilities	7	8	6	4	2
Total liabilities	99	84	90	80	52
Commitments and contingencies (Note 16)	—	—	—	—	—
Redeemable noncontrolling interests (Note 17)	38	39	42	45	50
Preferred stock Series A, $0.001 par value; 2,000 shares authorized; 883 shares issued and outstanding as of December 31, 2025 and December 31, 2024 (Liquidation preference of $8,229 and $8,052 as of December 31, 2025 and December 31, 2024)	4	4	4	4	4
Common stock, $0.001 par value; 70,000 shares authorized; 55,337 and 45,358 shares issued and outstanding as of December 31, 2025 and December 31, 2024	55,000	45,000	44,000	44,000	43,000
Additional paid-in capital	340	242	—	—	—
Accumulated deficit	−65	−44	−32	−14	−30
Accumulated other comprehensive loss	−5	−9	−6	−3	6
Total AXT, Inc. stockholders equity	273	193	204	222	212
Noncontrolling interests	23	24	23	23	18
Total stockholders equity	297	216	227	245	230
Total liabilities, redeemable noncontrolling interests and stockholders equity	434	339	359	370	332

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	9	9	9	8	7
Amortization of marketable securities premium	0	0	18,000	58,000	68,000
Stock-based compensation	3	3	4	4	5
Provision for credit losses	0	0	272,000	−177,000	87,000
Loss on sale of equity investment	0	0	166,000	—	—
Loss on disposal of equipment	3,000	118,000	21,000	−85,000	−8,000
Return of equity method investments as dividends	868,000	2	4	—	—
Equity in income of unconsolidated joint ventures	−765,000	−3	−2	−6	−4
Deferred tax assets	−88,000	265,000	553,000	—	—
Accounts receivable	−390,000	−7	9	5	−10
Inventories	6	−737,000	1	−31	−12
Prepaid expenses and other current assets	1	−6	−652,000	−3	−798,000
Other assets	−3	1	419,000	—	—
Accounts payable	147,000	3	−162,000	−6	4
Accrued liabilities	150,000	1	−2	−2	−3
Other long-term liabilities	−7	−3	−1	3	−1
Net cash provided by (used in) operating activities	−13	−12	3	−9	−3
Purchases of property, plant and equipment	−6	−6	−10	−28	−30
Proceeds from sales and maturities of available-for-sale debt securities	0	2	10	5	480,000
Proceeds from sales of equity securities - 15% Jia Mei	0	0	827,000	—	—
Investments in non-marketable equity investments	−837,000	−834,000	−3	—	—
Net cash used in investing activities	−7	−4	−3	−25	−39
Proceeds from issuance of common stock and options exercised, net of issuance costs	95	28,000	10,000	976,000	—
Proceeds from short-term bank loans	59	55	56	53	21
Payments on short-term bank loans	−49	−60	−49	−18	−19
Proceeds from capital increase in subsidiary shares from noncontrolling interests	0	0	708,000	2	—
Proceeds from long-term loan	3	6	635,000	—	—
Payments on long-term loan	−2	−804,000	0	—	—
Net cash provided by (used in) financing activities	107	−536,000	9	38	6
Net increase (decrease) in cash, restricted cash and cash equivalents	95	−16	9	5	−36
Effect of exchange rate changes on cash, restricted cash and cash equivalents	7	790,000	−646,000	—	—
Income taxes paid, net of refunds	586,000	962,000	686,000	2	3
Interest expense paid	2	2	2	—	—
Loan proceeds received by notes receivable	0	0	1	—	—
Notes receivables paid to purchase fixed assets	3	5	4	7	—
Non-cash consideration received from sale of DongFang	0	0	585,000	—	—
Investment in subsidiary shares from noncontrolling interest	0	0	308,000	—	—
Consideration payable in connection with construction in progress, included in accrued liabilities	1	857,000	7	4	3

Filings

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