AXT INC
Business
AXT Inc. is a materials science company that develops and produces high-performance compound and single-element semiconductor substrates (wafers) used in optoelectronic and semiconductor applications where silicon cannot meet performance requirements. The company manufactures indium phosphide (InP), gallium arsenide (GaAs), and germanium (Ge) substrates in various diameters, along with raw materials including purified gallium and pyrolytic boron nitride crucibles through consolidated subsidiaries. AXT operates manufacturing facilities in China and sells substrates and raw materials to epitaxial-layer companies, wafer fabricators, and device manufacturers primarily in Asia, Europe, and limited North America markets.
Summary from 10-K filed 2026-03-17
Financials
Consolidated Statement of Income
| Concept | Trend | 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
| Concept | Trend | 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
| Concept | Trend | 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
Material Events
Insiders
Institutional Holders
Frequently asked questions
What is AXT INC's CIK number?
AXT INC's SEC CIK number is 0001051627 (1051627). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find AXT INC's SEC filings?
All of AXT INC's EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did AXT INC last report earnings?
AXT INC (AXTI) most recently filed an earnings 8-K with the SEC on Apr 30, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001437749-26-014204). This is AXT INC's most recent earnings filing of record — not a forecast of its next earnings date.
What is AXT INC's most recent earnings 8-K?
AXT INC's latest earnings 8-K (Item 2.02) was filed Apr 30, 2026 under accession 0001437749-26-014204. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
View AXT INC's latest earnings 8-K →
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