AXT (AXTI) Company Report

AXT is positioned as the only pure-play indium phosphide company on NASDAQ, with its products being critical for AI data centers and optical transceivers, driving significant demand.
The company held approximately 40% of the merchant indium phosphide market share in 2024 and is doubling its capacity through 2026 to meet anticipated demand, aiming to gain market share.
A major risk factor is China's export control on indium phosphide, implemented on February 4, 2025, which has led to permit delays and unpredictability for shipments outside China.
AXT's Chinese subsidiary, Tongmei, is still awaiting a public listing on the Shanghai Stock Exchange's STAR Market, a process that has been delayed.

Jan 14, 2026, 8:00 PM

Transcript

AXT Highlights Indium Phosphide Growth, Capacity Expansion, and China Export Challenges

AXTI

Revenue Acceleration/Inflection

New Projects/Investments

Delisting/Listing Issues

Jan 14, 2026, 8:00 PM

Transcript

AXTI Discusses Indium Phosphide Growth, Capacity Expansion, and China Export Controls at Needham Conference

AXTI

New Projects/Investments

Revenue Acceleration/Inflection

AXTI, the sole pure-play indium phosphide company on NASDAQ, anticipates indium phosphide demand to double in 2026 and again in 2027 for scale-out applications, driven by AI data centers.
The company is doubling its indium phosphide capacity through 2026 by repurposing an existing building, positioning it to potentially gain market share over competitors like Sumitomo, which has a longer expansion timeline.
A significant risk factor is China's export control on indium phosphide, effective February 4, 2025, which has led to permit delays and an opaque approval process for shipments outside China.
AXTI's Chinese subsidiary, Tongmei, is still in the queue for an IPO on the Shanghai Stock Exchange's STAR Market, though the process has faced delays.

Jan 14, 2026, 8:00 PM

Transcript

AXT Updates Q4 2025 Revenue Expectations and Announces Earnings Date

AXTI

Guidance Update

New Projects/Investments

AXT, Inc. updated its revenue expectations for the fourth quarter 2025 to be in the range of $22.5 to $23.5 million.
This revised outlook is primarily due to fewer export control permits for indium phosphide being issued by China’s Ministry of Commerce than previously anticipated.
The company is actively working with China’s Ministry of Commerce for additional permits and plans to more than double its indium phosphide capacity in the second half of 2025.
AXT will announce its financial results for the fourth quarter 2025 on February 19, 2026.

Jan 9, 2026, 1:00 PM

8-K

AXT Updates Q4 2025 Revenue Expectations and Announces Earnings Date

AXTI

Guidance Update

New Projects/Investments

AXT, Inc. has updated its revenue expectations for the fourth quarter 2025 to a range of $22.5 to $23.5 million.
This revision is primarily due to fewer export control permits for indium phosphide being issued by China’s Ministry of Commerce than previously anticipated.
The company will announce its financial results for the fourth quarter 2025 on February 19, 2026, and will participate in the 28th Annual Needham Growth Conference on January 14, 2026.
Despite the permit challenges, AXT notes strong customer demand and plans to more than double its indium phosphide capacity in the second half of 2025, supported by a recent capital raise.

Jan 8, 2026, 9:05 PM

Press Release

AXT Announces Closing of Public Offering and Full Exercise of Underwriters’ Option

AXTI

New Projects/Investments

AXT, Inc. announced the closing of its underwritten public offering of common stock, which included the full exercise of the underwriters’ option to purchase additional shares.
A total of 8,163,265 shares of common stock were sold at a price of $12.25 per share.
The company received total gross proceeds of approximately $100 million from the offering.
The net proceeds are intended to primarily increase the manufacturing capacity of its subsidiary, Beijing Tongmei Xtal Technology Co., Ltd., for indium phosphide substrates, for research and development, and for general corporate and working capital purposes.

Dec 30, 2025, 9:05 PM

Press Release

AXT Announces Pricing of Public Offering of Common Stock

AXTI

Equity Offering

New Projects/Investments

AXT, Inc. announced the pricing of an underwritten public offering of 7,098,492 shares of common stock at $12.25 per share on December 29, 2025.
This offering is expected to generate gross proceeds of approximately $87 million before deducting underwriting discounts and other expenses.
The underwriters fully exercised their option to purchase an additional 1,064,773 shares, bringing the total expected gross proceeds to approximately $100 million.
The net proceeds will be used primarily to increase manufacturing capacity for indium phosphide substrates, for research and development, and for general corporate and working capital purposes.

Dec 30, 2025, 11:31 AM

8-K

AXT Prices Public Offering of Common Stock

AXTI

New Projects/Investments

AXT announced the pricing of a public offering of 7,098,492 shares of common stock at $12.25 per share.
The offering is expected to generate gross proceeds of approximately $87 million, before deductions, and could reach $100 million if the overallotment option is fully exercised.
The company plans to use the net proceeds primarily to increase manufacturing capacity for indium phosphide substrates, for research and development, and for general corporate and working capital purposes.
The offering is expected to close on or about December 30, 2025.

Dec 29, 2025, 12:00 PM

Press Release

AXT Prices $87M Offering for Manufacturing Expansion

AXTI

New Projects/Investments

AXT Inc. priced an underwritten public offering of approximately 7.10 million shares at $12.25 per share, aiming to raise roughly $87 million.
The company granted underwriters a 30-day option to purchase up to 1.06 million additional shares, which could increase total gross proceeds to about $100 million.
The net proceeds are primarily intended to fund expanded manufacturing at its Beijing Tongmei Xtal subsidiary to boost indium phosphide substrate production for global export.
Following the announcement, AXT's stock fell roughly 15.4% in pre-market trading to approximately $13.

Dec 29, 2025, 11:27 AM

Morningstar

AXTI Reports Strong Q3 2025 Revenue Growth and Increased Indium Phosphide Backlog

AXTI

Earnings

Guidance Update

Revenue Acceleration/Inflection

AXTI reported Q3 2025 revenue of $28.0 million, marking a 56% sequential increase and 18% year-over-year growth, primarily driven by a significant uptick in Indium Phosphide demand from data center applications.
The company's non-GAAP gross margin improved to 22.4%, and it reported a non-GAAP net loss of $1.2 million, or $0.03 per share, showing substantial improvement compared to the prior quarter.
The Indium Phosphide order backlog has grown to over $49 million, which is the largest in the company's history, fueled by the AI infrastructure buildout and new Tier 1 customer engagements.
For Q4 2025, AXTI provided revenue guidance in the range of $27 million to $30 million and a non-GAAP net loss guidance of $0.01 to $0.03 per share, with the timing of export permits identified as the most significant factor for growth.
The company currently has Indium Phosphide capacity of approximately $20 million per quarter and can increase it by 25% within three months or double it in about nine months with an estimated $10 million to $15 million in capital expenditure.