AXT INC AXTI
AXT is a worldwide materials science company that develops and produces high-performance compound and single element semiconductor substrates, also known as wafers. Two of our consolidated subsidiaries produce and sell certain raw materials some of which are used in our substrate manufacturing process and some of which are sold to other companies.
Our substrate wafers are used when a typical silicon substrate wafer cannot meet the performance requirements of a semiconductor or optoelectronic device. The dominant substrates used in producing semiconductor chips and other electronic circuits are made from silicon. However, certain chips may become too hot or perform their function too slowly if silicon is used as the base material. In addition, optoelectronic applications, such as LED lighting and chip-based lasers, do not use silicon substrates because they require a waveform frequency that cannot be achieved using silicon. Alternative or specialty materials are used to replace silicon as the preferred base in these situations. Our wafers provide such alternative or specialty materials. We do not design or manufacture the chips. We add value by researching, developing and producing the specialty material wafers. We have two product lines: specialty material substrates and raw materials integral to these substrates. Our compound substrates combine indium with phosphorous (indium phosphide: InP) or gallium with arsenic (gallium arsenide: GaAs). Our single element substrates are made from germanium (Ge).
Valuation FY2025 figures against the last close
Where the revenue comes from as reported in the latest 10-K
Revenue by geography
- China
- Taiwan
- Europe
- Japan
- Asia Pacific Excluding China, Taiwan and Japan
- North America
| Region | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| China | $55.1M | $56.1M | $39.8M |
| Taiwan | $13.0M | $14.1M | $8.7M |
| Europe | $11.2M | $13.8M | $12.3M |
| Japan | $4.9M | $5.0M | $4.6M |
| Asia Pacific Excluding China, Taiwan and Japan | $2.4M | $2.8M | $3.8M |
| North America | $1.7M | $7.6M | $6.6M |
As the company reported it, from the “Note 14 - Segment Information and Foreign Operations - Segment Revenue Reporting by Geographic Region (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $88.3M | $99.4M | $75.8M | $141.1M | $137.4M | $95.4M | $83.3M | $102.4M | $98.7M | $81.3M |
| Cost of revenue | $77.1M | $75.5M | $62.5M | $89.0M | $90.0M | $65.1M | $58.4M | $65.3M | $64.2M | $55.0M |
| Gross profit | $11.2M | $23.8M | $13.3M | $52.1M | $47.4M | $30.3M | $24.8M | $37.0M | $34.5M | $26.4M |
| R&D | $9.0M | $14.5M | $12.1M | $13.9M | $10.3M | $7.1M | $5.8M | $5.9M | $4.8M | $5.8M |
| SG&A | $24.2M | $24.1M | $22.8M | $25.7M | $24.2M | $19.2M | $19.3M | $19.0M | $17.0M | $13.9M |
| Total operating expenses | $33.2M | $38.6M | $34.9M | $39.6M | $34.5M | $26.3M | $25.1M | $24.9M | $21.8M | $20.0M |
| Operating income | -$22.0M | -$14.8M | -$21.6M | $12.6M | $12.9M | $3.9M | -$314.0K | $12.1M | $12.6M | $6.4M |
| Interest expense | $1.3M | $1.3M | $1.5M | — | — | — | — | — | — | — |
| Pre-tax income | -$21.5M | -$10.7M | -$19.0M | $20.9M | $17.6M | $7.1M | -$1.0M | $11.9M | $10.9M | $5.7M |
| Income tax | $1.7M | $1.1M | $160.0K | $2.2M | $1.1M | $2.0M | $562.0K | $938.0K | $792.0K | $733.0K |
| Net income | -$21.3M | -$11.6M | -$17.9M | $15.8M | $14.6M | $3.2M | -$2.6M | $9.7M | $10.1M | $5.6M |
| EPS, basic | -0.49 | -0.27 | -0.42 | 0.37 | 0.35 | 0.08 | -0.07 | 0.24 | 0.27 | 0.17 |
| EPS, diluted | -0.49 | -0.27 | -0.42 | 0.37 | 0.34 | 0.07 | -0.07 | 0.24 | 0.26 | 0.17 |
| Shares, diluted (wtd. avg.) | 43.9M | 43.2M | 42.6M | 42.6M | 42.7M | 41.0M | 39.5M | 40.3M | 39.0M | 32.9M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $120.3M | $22.8M | $37.8M | $41.3M | $36.8M | $72.6M | $26.9M | $16.5M | $44.4M | $36.2M |
| Short-term investments | — | — | $2.1M | $9.3M | $5.4M | $240.0K | $9.4M | $22.1M | $20.0M | $11.4M |
| Receivables | $26.8M | $25.6M | $19.3M | $29.3M | $34.8M | $24.6M | $19.0M | $19.6M | $22.8M | $14.5M |
| Inventory | $81.7M | $85.1M | $86.5M | $89.6M | $65.9M | $51.5M | $49.2M | $58.6M | $45.8M | $40.2M |
| Total current assets | $246.6M | $158.3M | $170.7M | $183.5M | $160.2M | $164.5M | $113.2M | $128.5M | $140.5M | $107.3M |
| Property, plant and equipment | $161.9M | $159.7M | $166.3M | $161.0M | $142.4M | $115.8M | $97.4M | $82.3M | $46.5M | $27.8M |
| Total assets | $433.8M | $339.3M | $358.7M | $370.1M | $332.4M | $298.9M | $223.3M | $223.5M | $211.2M | $154.2M |
| Accounts payable | $12.9M | $12.4M | $9.6M | $10.1M | $16.6M | $12.7M | $10.1M | $13.3M | $11.4M | $6.7M |
| Short-term debt | $4.3M | $47.3M | $52.9M | $47.1M | $12.2M | — | — | — | — | — |
| Total current liabilities | $90.5M | $74.2M | $81.6M | $75.3M | $47.8M | $39.1M | $27.5M | $28.7M | $22.6M | $16.0M |
| Total liabilities | $99.1M | $84.4M | $89.6M | $80.3M | $52.2M | $43.3M | $30.6M | $29.0M | $22.9M | $16.9M |
| Retained earnings | -$64.9M | -$43.7M | -$32.0M | -$14.2M | -$30.0M | -$44.5M | -$47.8M | -$45.2M | -$54.8M | -$65.0M |
| Total equity | $273.3M | $192.8M | $227.5M | $244.9M | $229.8M | $208.0M | $192.8M | $194.5M | $188.3M | $137.4M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$12.8M | -$12.1M | $3.4M | -$8.8M | -$3.3M | $5.9M | $12.7M | $3.2M | $8.6M | $12.5M |
| Depreciation and amortisation | $9.1M | $9.0M | $8.7M | $8.1M | $7.1M | $4.3M | $5.5M | $4.9M | $4.4M | $4.9M |
| Stock-based compensation | $3.3M | $3.1M | $3.5M | $4.0M | $4.5M | $2.6M | $2.3M | $1.9M | $1.4M | $1.1M |
| Capital expenditure | $6.0M | $5.8M | $10.5M | $28.5M | $29.6M | $19.9M | $21.8M | $40.5M | $21.4M | $2.7M |
| Investing cash flow | -$6.8M | -$4.4M | -$2.6M | -$25.2M | -$38.8M | -$16.4M | -$8.3M | -$30.8M | -$36.5M | -$1.1M |
| Financing cash flow | $107.1M | -$536.0K | $8.6M | $38.0M | $5.7M | $52.7M | $6.2M | $213.0K | $35.6M | $1.3M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001437749-26-008612.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $81.3M | $98.7M | $102.4M | $83.3M | $95.4M | $137.4M | $141.1M | $75.8M | $99.4M | $88.3M |
| Gross profit | $26.4M | $34.5M | $37.0M | $24.8M | $30.3M | $47.4M | $52.1M | $13.3M | $23.8M | $11.2M |
| Net income | $5.6M | $10.1M | $9.7M | -$2.6M | $3.2M | $14.6M | $15.8M | -$17.9M | -$11.6M | -$21.3M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Shareholder rights changed The terms attaching to the shares themselves have changed. Item 3.03
- Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Debt acceleration or default Something has triggered a lender's right to demand early repayment - usually a covenant breach. Item 2.04
- Material agreement signed Item 1.01
- Officer or director change Item 5.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Material agreement signed Item 1.01
- Shareholder rights changed Item 3.03
- Charter or fiscal year changed Item 5.03
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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