AXT, Inc. logo

AXT, Inc.

AXTI

NASDAQTechnologySemiconductors

Previous close

$70.74

−$2.38 · -3.25%

Aug 21, 4:00 PM ET

Pre-market

$67.65

−$3.09 · -4.37%

Aug 24, 6:31 AM ET

AXTI company overview

Regular session · ET · Market data may be delayed.

GoAI snapshot

AI-powered factor overview

Jul 10, 2026

GoAI score

Sell

Trim exposure — unfavorable risk-reward

Valuation

14

Overpriced

Momentum

48

Neutral

Sentiment

63

Bullish

Risk resilience

31

High Risk

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Company profile

Company website

AXT, Inc. is a company dedicated to the design, development, production, and worldwide distribution of both compound and single-element semiconductor substrates. Leveraging its proprietary vertical gradient freeze technology, the firm manufactures these essential components. Its diverse product range includes indium phosphide substrates, vital for applications like data center connectivity (utilizing light and lasers), 5G communications, fiber optic lasers and detectors, passive optical networks, silicon photonics, photonic integrated circuits, terrestrial solar cells, RF amplification and switching, infrared LEDs for motion control, LiDAR in robotics and autonomous vehicles, and infrared thermal imaging. AXT also provides semi-insulating gallium arsenide (GaAs) substrates, which are critical for Wi-Fi and IoT devices, transistors, direct broadcast television, power amplifiers, satellite communications, and solar cells. Furthermore, its semi-conducting GaAs substrates find use in LEDs, screen displays, printer head lasers and LEDs, 3D sensing via VCSELs, data center communication using VCSELs, sensors for industrial robotics and near-infrared applications, optical couplers, solar cells, night vision goggles, LiDAR for robotics and autonomous vehicles, and various other laser technologies such as machining, cutting, and drilling. Germanium substrates are another key offering, employed in multi-junction solar cells for satellites, optical sensors and detectors, terrestrial concentrated photovoltaic cells, infrared detectors, and as carrier wafers for LEDs. Beyond these substrates, AXT supplies high-purity materials including 6N+ and 7N+ purified gallium, boron trioxide, gallium-magnesium alloy, along with pyrolytic boron nitride (pBN) crucibles and pBN insulating parts. The company distributes its products via a direct salesforce in the United States, China, and Europe, alongside independent sales representatives and distributors across Japan, Taiwan, Korea, and other international markets. Established in 1986 as American Xtal Technology, Inc., the company rebranded to AXT, Inc. in July 2000 and is headquartered in Fremont, California.

Industry
Semiconductors
Sector
Technology
Headquarters
US
CEO
Morris S. Young
Listed since
May 21, 1998
Employees
1,541

Market position

Day range

Current $70.74

52-week range

Current $70.74

Open
$75.42
Previous close
$73.12
Volume
8.57M
0.78× average
Average volume
10.93M
Average daily volume
Market cap
3.59B USD
Beta
1.93
Market reference 1
50-day average
$68.1156
+3.85% above average
200-day average
$52.0391
+35.94% above average

Financials

Financial snapshot

Latest / TTM

Valuation & yield

Enterprise value
662.85M USD
P/E (TTM)
2,959.83×
P/B (TTM)
4.88×
P/S (TTM)
28.6×
EV / EBITDA
-59.29×
Earnings yield
-2.96%
Free cash flow yield
-2.61%
Dividend yield
0.00%

Profitability & efficiency

Gross margin
32.18%
Operating margin
3.09%
Net margin
3.23%
Return on equity
-7.78%
Return on assets
-4.90%
Return on invested capital
-5.41%

Financial health

Debt / equity
0.1×
Current ratio
2.72×
Altman Z-score
15.4
Piotroski F-score
4 of 9

Financial statements

Margin trends

Profitability as a percentage of reported revenue.

Gross marginOperating marginNet margin
Gross, operating, and net margin trends43%17%-9%-35%Gross margin, FY2021: 34.51%Gross margin, FY2022: 36.93%Gross margin, FY2023: 17.57%Gross margin, FY2024: 23.99%Gross margin, FY2025: 12.73%Operating margin, FY2021: 9.39%Operating margin, FY2022: 8.90%Operating margin, FY2023: -28.46%Operating margin, FY2024: -14.90%Operating margin, FY2025: -24.88%Net margin, FY2021: 10.61%Net margin, FY2022: 11.20%Net margin, FY2023: -23.59%Net margin, FY2024: -11.70%Net margin, FY2025: -24.07%FY2021FY2022FY2023FY2024FY2025
Gross margin FY2021 34.51%. Gross margin FY2022 36.93%. Gross margin FY2023 17.57%. Gross margin FY2024 23.99%. Gross margin FY2025 12.73%. Operating margin FY2021 9.39%. Operating margin FY2022 8.90%. Operating margin FY2023 -28.46%. Operating margin FY2024 -14.90%. Operating margin FY2025 -24.88%. Net margin FY2021 10.61%. Net margin FY2022 11.20%. Net margin FY2023 -23.59%. Net margin FY2024 -11.70%. Net margin FY2025 -24.07%.

Income trends

Revenue

88.33M USD-11.11%

Operating income

−21.98M USD-48.46%

Net income

−21.26M USD-82.90%
Income trends across reported periods157.43M USD92.19M USD26.95M USD−38.29M USDRevenue, FY2021: 137.39M USDRevenue, FY2022: 141.12M USDRevenue, FY2023: 75.8M USDRevenue, FY2024: 99.36M USDRevenue, FY2025: 88.33M USDOperating income, FY2021: 12.9M USDOperating income, FY2022: 12.55M USDOperating income, FY2023: −21.57M USDOperating income, FY2024: −14.8M USDOperating income, FY2025: −21.98M USDNet income, FY2021: 14.58M USDNet income, FY2022: 15.81M USDNet income, FY2023: −17.88M USDNet income, FY2024: −11.62M USDNet income, FY2025: −21.26M USDFY2021FY2022FY2023FY2024FY2025
Revenue FY2021 137.39M USD. Revenue FY2022 141.12M USD. Revenue FY2023 75.8M USD. Revenue FY2024 99.36M USD. Revenue FY2025 88.33M USD. Operating income FY2021 12.9M USD. Operating income FY2022 12.55M USD. Operating income FY2023 −21.57M USD. Operating income FY2024 −14.8M USD. Operating income FY2025 −21.98M USD. Net income FY2021 14.58M USD. Net income FY2022 15.81M USD. Net income FY2023 −17.88M USD. Net income FY2024 −11.62M USD. Net income FY2025 −21.26M USD.
Metric (USD)FY2025FY2024FY2023FY2022FY2021
Revenue88.33M USD99.36M USD75.8M USD141.12M USD137.39M USD
Cost of goods sold77.08M USD75.53M USD62.48M USD89M USD89.98M USD
Gross profit11.24M USD23.84M USD13.32M USD52.12M USD47.41M USD
Research and development9.05M USD14.54M USD12.08M USD13.91M USD10.33M USD
Selling, general, and administrative24.17M USD24.1M USD22.81M USD25.65M USD24.19M USD
Operating expenses33.22M USD38.64M USD34.89M USD39.57M USD34.52M USD
Interest expense1.26M USD1.34M USD1.53M USD1.07M USD213K USD
Depreciation and amortization9.11M USD8.98M USD8.72M USD8.12M USD7.08M USD
Operating income−21.98M USD−14.8M USD−21.57M USD12.55M USD12.9M USD
Net income−21.26M USD−11.62M USD−17.88M USD15.81M USD14.58M USD

Company facts updated Aug 24, 2026.

Earnings

EPS beat rate
64%
7 beats, 4 misses, 0 met estimates
Average EPS surprise
+23.69%
11 comparable reports
Latest EPS result
0.19
Estimate 0.07 · Beat by 164.04%

EPS: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly EPS actual values compared with estimates0.350.16-0.04-0.23Q1 '25MissQ2 '25MissQ3 '25MissQ4 '25BeatQ1 '26MissQ2 '26BeatQ3 '26BeatQ4 '26Estimate
Q1 2025, reported Feb 20, 2025: actual -0.1, estimate -0.04, surprise -150.00%, Miss. Q2 2025, reported May 1, 2025: actual -0.19, estimate -0.13, surprise -46.15%, Miss. Q3 2025, reported Jul 31, 2025: actual -0.15, estimate -0.13, surprise -15.38%, Miss. Q4 2025, reported Oct 30, 2025: actual -0.03, estimate -0.11, surprise +72.73%, Beat. Q1 2026, reported Feb 19, 2026: actual -0.05, estimate -0.04, surprise -25.00%, Miss. Q2 2026, reported Apr 30, 2026: actual -0.01, estimate -0.04, surprise +75.00%, Beat. Q3 2026, reported Jul 30, 2026: actual 0.19, estimate 0.072, surprise +164.04%, Beat. Q4 2026, reported Oct 29, 2026: actual —, estimate 0.31, surprise —, Comparison unavailable.

Revenue: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly Revenue actual values compared with estimates69.85M51.66M33.47M15.28MQ1 '25BeatQ2 '25BeatQ3 '25MissQ4 '25MissQ1 '26MissQ2 '26BeatQ3 '26BeatQ4 '26Estimate
Q1 2025, reported Feb 20, 2025: actual 25.11M USD, estimate 23.94M USD, surprise +4.89%, Beat. Q2 2025, reported May 1, 2025: actual 19.36M USD, estimate 18.98M USD, surprise +1.97%, Beat. Q3 2025, reported Jul 31, 2025: actual 17.97M USD, estimate 19.52M USD, surprise -7.93%, Miss. Q4 2025, reported Oct 30, 2025: actual 27.96M USD, estimate 28.77M USD, surprise -2.82%, Miss. Q1 2026, reported Feb 19, 2026: actual 23.04M USD, estimate 25.18M USD, surprise -8.48%, Miss. Q2 2026, reported Apr 30, 2026: actual 26.92M USD, estimate 26.22M USD, surprise +2.68%, Beat. Q3 2026, reported Jul 30, 2026: actual 47.59M USD, estimate 34.08M USD, surprise +39.63%, Beat. Q4 2026, reported Oct 29, 2026: actual —, estimate 66M USD, surprise —, Comparison unavailable.

Analyst ratings

Third-party consensus; not a GoAI recommendation.

Analyst price target

Average target

$99.50

40.66% upside
Past 12 months12-month forecastHigh $125Average $99.50Low $90.00

Rating distribution

11 ratings
Strong buy00%
Buy873%
Hold327%
Sell00%
Strong sell00%

Recent analyst actions

5 institutions
Northland Capital MarketsmaintainOutperform

AXTI news

AXTI peers

ETFs holding AXTI

Funds reporting this stock among their holdings, ordered by reported position size.

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