AXTI on Nasdaq
AXT INC
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Last updated Oct 16, 2026.
Overview
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Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
12.7%Gross margin3
-24.9%Operating margin3
-24.1%Net margin3
-11.1%Revenue growth, 20253
-7.8%Return on equity3
-$18.8MFree cash flow3
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Substrates brought in 67% of the revenue AXT INC broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2023 | 2024 | 2025 |
|---|---|---|---|
| Substrates | $47.5M | $67.7M | $58.9M |
| Raw Materials and Other | $28.3M | $31.6M | $29.4M |
Regions
[Canada] brought in 62% of the revenue AXT INC broke down this way in fiscal 2025.
Regions by year
| Regions | 2023 | 2024 | 2025 |
|---|---|---|---|
| [Canada] | $39.8M | $56.1M | $55.1M |
| Taiwan | $8.7M | $14.1M | $13.0M |
| Europe | $12.3M | $13.8M | $11.2M |
| Japan | $4.6M | $5.0M | $4.9M |
| Asia Pacific Excluding China, Taiwan and Japan | $3.8M | $2.8M | $2.4M |
| North America | $6.6M | $7.6M | $1.7M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue69¢$77.1M
- Research and development8¢$9.0M
- Selling, general and admin22¢$24.2M
- Income tax1¢$1.7M
Out of $88.3M in revenue.3 The company lost money this year.
Financial statements
Every line of the income statement in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Revenue | $88.3M | $99.4M | $75.8M |
| Cost of revenue | $77.1M | $75.5M | $62.5M |
| Gross profit | $11.2M | $23.8M | $13.3M |
| Selling, general and administrative | $24.2M | $24.1M | $22.8M |
| Research and development | $9.0M | $14.5M | $12.1M |
| Total operating expenses | $33.2M | $38.6M | $34.9M |
| Loss from operations | -$22.0M | -$14.8M | -$21.6M |
| Interest expense, net | -$1.3M | -$1.3M | -$1.5M |
| Equity in income of unconsolidated joint ventures | $765.0K | $3.4M | $1.9M |
| Other income, net | $924.0K | $2.0M | $2.2M |
| Loss before provision for income taxes | -$21.5M | -$10.7M | -$19.0M |
| Provision for income taxes | $1.7M | $1.1M | $160.0K |
| Net loss | -$23.2M | -$11.8M | -$19.2M |
| Less: Net loss attributable to noncontrolling interests and redeemable noncontrolling interests | $1.9M | $167.0K | $1.3M |
| Net loss attributable to AXT, Inc. | -$21.3M | -$11.6M | -$17.9M |
| Basic (in dollars per share) | -$0.49 | -$0.27 | -$0.42 |
| Diluted (in dollars per share) | -$0.49 | -$0.27 | -$0.42 |
| Basic (in shares) | 43.9M shares | 43.2M shares | 42.6M shares |
| Diluted (in shares) | 43.9M shares | 43.2M shares | 42.6M shares |
Every line of the balance sheet in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash and cash equivalents | $120.3M | $22.8M | |
| Restricted cash | $8.1M | $11.0M | |
| Accounts receivable, net of allowances for credit losses of $164 and $147 as of December 31, 2025 and December 31, 2024 | $26.8M | $25.6M | |
| Inventories | $81.7M | $85.1M | |
| Prepaid expenses and other current assets | $9.7M | $13.7M | |
| Total current assets | $246.6M | $158.3M | |
| Property, plant and equipment, net | $161.9M | $159.7M | |
| Operating lease right-of-use assets | $2.0M | $2.5M | |
| Other assets | $23.4M | $18.8M | |
| Total assets | $433.8M | $339.3M | |
| Accounts payable | $12.9M | $12.4M | |
| Accrued liabilities | $14.8M | $14.6M | |
| Short-term loans | $62.8M | $47.3M | |
| Total current liabilities | $90.5M | $74.2M | |
| Long-term portion of lease obligations | $1.4M | $2.0M | |
| Other long-term liabilities | $7.1M | $8.3M | |
| Total liabilities | $99.1M | $84.4M | |
| Redeemable noncontrolling interests (Note 17) | $38.1M | $38.6M | $41.7M |
| 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) | $3.5M | $3.5M | |
| 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 | $55.0K | $45.0K | |
| Additional paid-in capital | $339.9M | $241.5M | |
| Accumulated deficit | -$64.9M | -$43.7M | |
| Accumulated other comprehensive loss | -$5.3M | -$8.7M | |
| Total AXT, Inc. stockholders equity | $273.3M | $192.8M | |
| Noncontrolling interests | $23.3M | $23.6M | |
| Total stockholders equity | $296.6M | $216.3M | $227.5M |
| Total liabilities, redeemable noncontrolling interests and stockholders equity | $433.8M | $339.3M | |
| Allowances for credit losses | $164.0K | $147.0K | |
| Preferred stock, par value (in dollars per share) | $0.00 | $0.00 | |
| Preferred stock, shares authorized (in shares) | 2.0M shares | 2.0M shares | |
| Preferred stock, shares issued (in shares) | 883.0K shares | 883.0K shares | |
| Preferred stock, shares outstanding (in shares) | 883.0K shares | 883.0K shares | |
| Preferred stock, liquidation preference | $8.2M | $8.1M | |
| Common stock, par value (in dollars per share) | $0.00 | $0.00 | |
| Common stock, shares authorized (in shares) | 70.0M shares | 70.0M shares | |
| Common stock, shares issued (in shares) | 55.3M shares | 45.4M shares | |
| Common stock, shares outstanding (in shares) | 55.3M shares | 45.4M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net loss | -$23.2M | -$11.8M | -$19.2M |
| Depreciation and amortization | $9.1M | $9.0M | $8.7M |
| Amortization of marketable securities premium | $0 | $0 | $18.0K |
| Stock-based compensation | $3.3M | $3.1M | $3.5M |
| Provision for credit losses | $0 | $0 | $272.0K |
| Loss on sale of equity investment | $0 | $0 | $166.0K |
| Loss on disposal of equipment | $3.0K | $118.0K | $21.0K |
| Return of equity method investments as dividends | $868.0K | $2.4M | $4.3M |
| Equity in income of unconsolidated joint ventures | -$765.0K | -$3.4M | -$2.0M |
| Deferred tax assets | -$88.0K | $265.0K | $553.0K |
| Accounts receivable | -$390.0K | -$6.9M | $9.3M |
| Inventories | $6.3M | -$737.0K | $1.1M |
| Prepaid expenses and other current assets | $1.4M | -$6.0M | -$652.0K |
| Other assets | -$3.1M | $1.3M | $419.0K |
| Accounts payable | $147.0K | $3.0M | -$162.0K |
| Accrued liabilities | $150.0K | $1.0M | -$1.9M |
| Other long-term liabilities | -$6.6M | -$3.4M | -$1.0M |
| Net cash provided by (used in) operating activities | -$12.8M | -$12.1M | $3.4M |
| Purchases of property, plant and equipment | -$6.0M | -$5.8M | -$10.5M |
| Proceeds from sales and maturities of available-for-sale debt securities | $0 | $2.2M | $9.6M |
| Proceeds from sales of equity securities - 15% Jia Mei | $0 | $0 | $827.0K |
| Investments in non-marketable equity investments | -$837.0K | -$834.0K | -$2.5M |
| Net cash used in investing activities | -$6.8M | -$4.4M | -$2.6M |
| Proceeds from issuance of common stock and options exercised, net of issuance costs | $95.2M | $28.0K | $10.0K |
| Proceeds from short-term bank loans | $58.6M | $54.5M | $56.5M |
| Payments on short-term bank loans | -$48.6M | -$60.1M | -$49.2M |
| Proceeds from capital increase in subsidiary shares from noncontrolling interests | $0 | $0 | $708.0K |
| Proceeds from long-term loan | $3.5M | $5.8M | $635.0K |
| Payments on long-term loan | -$1.5M | -$804.0K | $0 |
| Net cash provided by (used in) financing activities | $107.1M | -$536.0K | $8.6M |
| Net increase (decrease) in cash, restricted cash and cash equivalents | $94.6M | -$16.3M | $8.8M |
| Effect of exchange rate changes on cash, restricted cash and cash equivalents | $7.1M | $790.0K | -$646.0K |
| Income taxes paid, net of refunds | $586.0K | $962.0K | $686.0K |
| Interest expense paid | $1.8M | $2.1M | $1.6M |
| Loan proceeds received by notes receivable | $0 | $0 | $1.5M |
| Notes receivables paid to purchase fixed assets | $3.0M | $4.6M | $4.2M |
| Non-cash consideration received from sale of DongFang | $0 | $0 | $585.0K |
| Investment in subsidiary shares from noncontrolling interest | $0 | $0 | $308.0K |
| Consideration payable in connection with construction in progress, included in accrued liabilities | $1.1M | $857.0K | $6.6M |
Former names
- AMERICAN XTAL TECHNOLOGYNov 13, 1998 to Jun 8, 20002
Recent filings
- Aug 19, 20264
- Aug 19, 20264
- Aug 17, 2026144
- Aug 13, 202610-Q
- Aug 12, 2026SCHEDULE 13G/A
- Aug 7, 2026144
- Jul 30, 20268-K
- Jul 29, 20268-K
- Jul 29, 20268-K
- Jul 27, 20263
- Jul 22, 20268-K
- Jul 8, 20268-K
- Jul 2, 20268-K
- Jun 24, 20263
- Jun 22, 20268-K
Every filing from the last three years, summarized. The full record is on SEC EDGAR.1
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1SEC EDGARAXT INC filings on SEC EDGAR
- 2SEC EDGARAXT INC filings on SEC EDGAR
- 3SEC EDGARAXT INC 10-K for fiscal 2025
- 4SEC EDGARAXT INC 10-K for fiscal 2019
- 5SEC EDGARAXT INC 10-K for fiscal 2020
- 6SEC EDGARAXT INC 10-K for fiscal 2021
- 7SEC EDGARAXT INC 10-K for fiscal 2022
- 8SEC EDGARAXT INC 10-Q for fiscal 2026
- 9SEC EDGARAXT INC 10-Q for fiscal 2026
- 10SEC EDGARAXT INC 10-K for fiscal 2019