AXT (AXTI) Financials

$140.83 +19.81 (+16.37%)

Closing price 04:00 PM Eastern

Extended Trading

$142.23 +1.40 (+0.99%)

As of 05:56 PM Eastern

Annual Income Statements for AXT

This table shows AXT's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-2.23	5.64	10	9.65	-2.60	3.24	15	16	-18	-12	-21
Consolidated Net Income / (Loss)	-2.53	4.97	10	11	-1.59	5.04	17	19	-19	-12	-23
Net Income / (Loss) Continuing Operations	-2.53	4.97	10	11	-1.59	5.04	17	19	-19	-12	-23
Total Pre-Tax Income	-2.00	5.70	11	12	-1.03	7.07	18	21	-19	-11	-22
Total Operating Income	-4.90	6.43	13	12	-0.31	3.94	13	13	-22	-15	-22
Total Gross Profit	17	26	34	37	25	30	47	52	13	24	11
Total Revenue	78	81	99	102	83	95	137	141	76	99	88
Operating Revenue	78	81	99	102	83	95	137	141	76	99	88
Total Cost of Revenue	61	55	64	65	58	65	90	89	62	76	77
Operating Cost of Revenue	61	55	64	65	58	65	90	89	62	76	77
Total Operating Expenses	22	20	22	25	25	26	35	40	35	39	33
Selling, General & Admin Expense	16	14	17	19	19	19	24	26	23	24	24
Research & Development Expense	5.66	5.85	4.83	5.90	5.83	7.14	10	14	12	15	9.05
Total Other Income / (Expense), net	2.90	-0.73	-1.79	-0.20	-0.71	3.13	4.71	8.37	2.54	4.15	0.43
Interest Expense	-	-	-	-	-	-	-	-	1.53	1.34	1.26
Interest & Investment Income	0.87	-1.59	-1.23	-0.55	-1.66	-0.07	4.20	4.89	1.88	3.44	0.77
Other Income / (Expense), net	2.02	0.86	-0.55	0.35	0.95	3.20	0.51	3.49	2.18	2.05	0.92
Income Tax Expense	0.53	0.73	0.79	0.94	0.56	2.03	1.09	2.19	0.16	1.13	1.66
Net Income / (Loss) Attributable to Noncontrolling Interest	-0.31	-0.67	-0.09	1.36	1.01	1.80	1.93	2.93	-1.31	-0.17	-1.94
Basic Earnings per Share	($0.07)	$0.17	$0.27	$0.24	($0.07)	$0.08	$0.35	$0.37	($0.42)	($0.27)	($0.49)
Weighted Average Basic Shares Outstanding	32.18M	32.14M	37.44M	39.05M	39.49M	40.15M	41.37M	42.10M	42.64M	43.15M	43.93M
Diluted Earnings per Share	($0.07)	$0.17	$0.26	$0.24	($0.07)	$0.07	$0.34	$0.37	($0.42)	($0.27)	($0.49)
Weighted Average Diluted Shares Outstanding	32.18M	32.89M	38.97M	40.27M	39.49M	41.03M	42.72M	42.72M	42.64M	43.15M	43.93M
Weighted Average Basic & Diluted Shares Outstanding	31.80M	33.20M	37.60M	40.20M	40.83M	42.09M	42.96M	43.57M	44.25M	45.60M	55.57M

This table shows AXT's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-5.82	-3.62	-2.08	-1.52	-2.94	-5.09	-8.80	-7.01	-1.91	-3.55	-1.62
Consolidated Net Income / (Loss)	-6.42	-3.76	-2.05	-1.20	-2.89	-5.66	-10	-7.67	-1.67	-3.84	-1.49
Net Income / (Loss) Continuing Operations	-6.42	-3.76	-2.05	-1.20	-2.89	-5.66	-10	-7.67	-1.67	-3.84	-1.49
Total Pre-Tax Income	-6.52	-3.51	-1.77	-1.08	-2.26	-5.54	-9.94	-7.10	-1.17	-3.34	-1.06
Total Operating Income	-6.73	-3.56	-3.35	-1.89	-3.41	-6.17	-10	-6.75	-1.12	-3.83	-1.59
Total Gross Profit	1.87	4.63	6.09	7.65	5.68	4.41	-1.24	1.43	6.22	4.83	7.98
Total Revenue	17	20	23	28	24	25	19	18	28	23	27
Operating Revenue	17	20	23	28	24	25	19	18	28	23	27
Total Cost of Revenue	16	16	17	20	18	21	21	17	22	18	19
Operating Cost of Revenue	16	16	17	20	18	21	21	17	22	18	19
Total Operating Expenses	8.59	8.19	9.44	9.54	9.09	11	9.03	8.18	7.35	8.66	9.56
Selling, General & Admin Expense	5.67	5.37	6.23	5.78	5.65	6.44	5.92	5.65	6.33	6.27	6.55
Research & Development Expense	2.93	2.82	3.21	3.76	3.44	4.13	3.12	2.53	1.01	2.39	3.01
Total Other Income / (Expense), net	0.21	0.05	1.57	0.81	1.15	0.62	0.33	-0.35	-0.05	0.50	0.53
Interest & Investment Income	-0.01	0.68	0.54	0.60	1.01	1.29	-0.02	-0.17	0.52	0.44	0.45
Other Income / (Expense), net	0.22	0.90	1.03	0.49	0.53	-0.01	0.35	0.02	-0.17	0.71	0.08
Income Tax Expense	-0.10	0.25	0.27	0.12	0.63	0.11	0.07	0.58	0.50	0.50	0.43
Net Income / (Loss) Attributable to Noncontrolling Interest	-0.59	-0.14	0.04	0.32	0.05	-0.57	-1.22	-0.67	0.23	-0.29	0.14
Basic Earnings per Share	($0.14)	($0.08)	($0.05)	($0.04)	($0.07)	($0.11)	($0.20)	($0.16)	($0.04)	($0.09)	($0.03)
Weighted Average Basic Shares Outstanding	42.64M	42.64M	42.99M	43.09M	43.16M	43.15M	43.55M	43.71M	43.84M	43.93M	53.32M
Diluted Earnings per Share	($0.14)	($0.08)	($0.05)	($0.04)	($0.07)	($0.11)	($0.20)	($0.16)	($0.04)	($0.09)	($0.03)
Weighted Average Diluted Shares Outstanding	42.64M	42.64M	42.99M	43.09M	43.16M	43.15M	43.55M	43.71M	43.84M	43.93M	53.32M
Weighted Average Basic & Diluted Shares Outstanding	43.64M	44.25M	44.40M	44.48M	44.75M	45.60M	45.60M	46.12M	46.62M	55.57M	65.42M

This table details how cash moves in and out of AXT's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-3.94	11	8.20	-27	10	46	-36	4.59	8.77	-16	95
Net Cash From Operating Activities	1.88	13	8.62	3.22	13	5.87	-3.31	-8.77	3.40	-12	-13
Net Cash From Continuing Operating Activities	1.88	13	8.62	3.22	13	5.87	-3.31	-8.77	3.40	-12	-13
Net Income / (Loss) Continuing Operations	-2.53	4.97	10	11	-1.59	5.04	17	19	-19	-12	-23
Consolidated Net Income / (Loss)	-2.53	4.97	10	11	-1.59	5.04	17	19	-19	-12	-23
Depreciation Expense	5.49	4.87	4.42	4.87	5.53	4.33	7.08	8.12	8.72	8.98	9.11
Amortization Expense	0.22	0.09	0.17	0.16	0.04	0.03	0.07	0.06	0.02	0.00	0.00
Non-Cash Adjustments To Reconcile Net Income	0.26	2.98	3.08	2.91	4.66	2.75	0.96	-0.61	6.27	2.17	3.40
Changes in Operating Assets and Liabilities, net	-1.56	-0.40	-9.12	-16	4.02	-6.29	-28	-35	7.59	-11	-2.09
Net Cash From Investing Activities	-2.48	-1.11	-36	-31	-8.33	-16	-39	-25	-2.60	-4.45	-6.83
Net Cash From Continuing Investing Activities	-2.48	-1.11	-36	-31	-8.33	-16	-39	-25	-2.60	-4.45	-6.83
Purchase of Property, Plant & Equipment	-4.15	-2.73	-21	-41	-22	-20	-30	-28	-10	-5.77	-6.00
Acquisitions	-0.16	-	-	-	-	0.00	0.00	0.00	-2.54	-0.83	-0.84
Divestitures	-	-	-	-	-	-	0.00	0.00	0.83	0.00	0.00
Sale and/or Maturity of Investments	15	14	15	20	22	9.40	0.48	5.40	9.58	2.16	0.00
Net Cash From Financing Activities	-2.23	1.30	36	0.21	6.19	53	5.73	38	8.61	-0.54	107
Net Cash From Continuing Financing Activities	-2.23	1.30	36	0.21	6.19	53	5.73	38	8.61	-0.54	107
Repayment of Debt	-	-	-	0.00	0.00	-6.00	-19	-18	-49	-61	-50
Issuance of Debt	-	-	-	0.00	5.81	10	21	53	57	60	62
Other Financing Activities, net	0.17	1.34	36	0.63	0.63	50	4.04	2.75	0.72	0.03	95
Other Net Changes in Cash	-	-1.41	0.41	-	-0.15	3.61	0.55	0.54	-0.65	0.79	7.08
Cash Interest Paid	-	-	-	-	-	-	0.00	0.00	1.56	2.07	1.79
Cash Income Taxes Paid	0.28	0.79	0.71	1.13	0.75	1.96	3.18	1.69	0.69	0.96	0.59

This table details how cash moves in and out of AXT's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-1.59	11	-11	2.00	-2.81	-4.98	4.37	-3.08	-3.90	97	-70
Net Cash From Operating Activities	-0.79	1.43	-8.81	0.84	-5.42	1.27	-3.35	-4.58	-9.15	4.29	-12
Net Cash From Continuing Operating Activities	-0.79	1.43	-8.81	0.84	-5.42	1.27	-3.35	-4.58	-9.15	4.29	-12
Net Income / (Loss) Continuing Operations	-6.42	-3.76	-2.05	-1.20	-2.89	-5.66	-10	-7.67	-1.67	-3.84	-1.49
Consolidated Net Income / (Loss)	-6.42	-3.76	-2.05	-1.20	-2.89	-5.66	-10	-7.67	-1.67	-3.84	-1.49
Depreciation Expense	2.18	2.30	2.19	2.25	2.30	2.24	2.22	2.26	2.31	2.32	2.44
Amortization Expense	0.00	-	-	-	-	-	0.00	-	-	-	0.04
Non-Cash Adjustments To Reconcile Net Income	0.54	2.21	-0.08	2.18	-0.19	0.26	0.40	1.67	0.22	1.11	0.66
Changes in Operating Assets and Liabilities, net	2.90	0.68	-8.87	-2.39	-4.64	4.42	4.05	-0.83	-10	4.70	-13
Net Cash From Investing Activities	-1.78	2.24	-3.91	-0.55	0.45	-0.44	-0.79	-0.84	-2.18	-3.03	-67
Net Cash From Continuing Investing Activities	-1.78	2.24	-3.91	-0.55	0.45	-0.44	-0.79	-0.84	-2.18	-3.03	-67
Purchase of Property, Plant & Equipment	-4.39	0.70	-4.39	-0.27	-0.94	-0.17	-0.51	-0.28	-2.18	-3.03	-1.37
Acquisitions	-1.92	-0.62	0.00	-0.28	-0.29	-0.27	-0.28	-0.56	-	-	0.00
Purchase of Investments	-	-	-	-	-	-	0.00	-	-	-	-66
Net Cash From Financing Activities	0.57	6.37	2.00	1.68	0.82	-5.04	6.88	-0.32	5.19	95	7.99
Net Cash From Continuing Financing Activities	0.57	6.37	2.00	1.68	0.82	-5.04	6.88	-0.32	5.19	95	7.99
Repayment of Debt	-13	-8.54	-17	-12	-14	-18	-9.55	-11	-14	-15	-17
Issuance of Debt	13	15	19	14	15	13	16	11	19	16	24
Other Financing Activities, net	0.20	-	0.02	0.01	0.00	-	0.00	-	0.10	95	1.48
Other Net Changes in Cash	-	-	0.20	0.02	1.34	-0.77	1.62	2.66	2.24	0.56	0.45

This table presents AXT's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	152	154	211	224	223	299	332	370	359	339	434
Total Current Assets	97	107	141	129	113	165	160	184	171	158	247
Cash & Equivalents	25	36	44	17	27	73	37	35	38	23	120
Restricted Cash	-	-	-	-	-	-	0.00	6.40	12	11	8.10
Short-Term Investments	11	11	20	22	9.43	0.24	5.42	9.34	2.14	-	0.00
Accounts Receivable	18	14	23	20	19	25	35	29	19	26	27
Inventories, net	38	40	46	59	49	52	66	90	87	85	82
Prepaid Expenses	4.10	5.11	7.52	12	8.70	16	17	14	13	14	9.69
Plant, Property, & Equipment, net	31	28	47	82	97	116	142	161	166	160	162
Total Noncurrent Assets	24	19	24	13	13	19	30	26	22	21	25
Other Noncurrent Operating Assets	16	13	12	12	13	13	20	23	22	21	25
Total Liabilities & Shareholders' Equity	152	154	211	224	223	299	332	370	359	339	434
Total Liabilities	14	17	23	29	31	43	52	80	90	84	99
Total Current Liabilities	13	16	23	29	28	39	48	75	82	74	91
Short-Term Debt	-	-	-	-	5.75	10	12	47	53	47	63
Accounts Payable	6.46	6.69	11	13	10	13	17	10	9.62	12	13
Accrued Expenses	6.38	9.26	11	15	12	16	17	18	19	15	15
Total Noncurrent Liabilities	1.49	0.91	0.29	0.28	3.06	4.26	4.39	5.00	8.00	10	8.58
Other Noncurrent Operating Liabilities	0.34	0.33	0.29	0.28	3.06	4.26	4.39	5.00	8.00	10	8.58
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	-	-	-	-	0.00	48	50	45	42	39	38
Total Equity & Noncontrolling Interests	138	137	188	195	193	208	230	245	227	216	297
Total Preferred & Common Equity	132	133	184	191	188	193	212	222	204	193	273
Preferred Stock	3.53	3.53	3.53	3.53	3.53	3.53	3.53	3.53	3.53	3.53	3.53
Total Common Equity	128	129	180	187	184	189	208	218	200	189	270
Common Stock	195	194	232	234	237	230	232	235	238	242	340
Retained Earnings	-71	-65	-55	-45	-48	-45	-30	-14	-32	-44	-65
Accumulated Other Comprehensive Income / (Loss)	4.38	0.25	3.41	-1.97	-4.86	3.21	6.30	-3.12	-6.00	-8.66	-5.30
Noncontrolling Interest	5.59	4.38	4.50	3.70	4.88	15	18	23	23	24	23

This table presents AXT's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	346	342	349	349	356	333	329	334	445
Total Current Assets	165	160	164	167	168	150	145	150	254
Cash & Equivalents	30	29	26	28	25	32	27	23	42
Restricted Cash	11	11	14	14	14	6.60	8.10	8.10	16
Short-Term Investments	7.09	4.27	1.67	1.68	0.00	-	-	-	65
Accounts Receivable	20	19	25	27	28	23	23	34	32
Inventories, net	87	86	86	86	86	80	80	78	90
Prepaid Expenses	11	11	11	11	15	8.08	7.00	7.05	8.35
Plant, Property, & Equipment, net	159	159	163	161	166	159	160	159	165
Total Noncurrent Assets	22	23	22	21	21	25	24	25	26
Other Noncurrent Operating Assets	20	23	22	21	21	25	24	25	26
Total Liabilities & Shareholders' Equity	346	342	349	349	356	333	329	334	445
Total Liabilities	72	74	84	86	89	87	88	94	108
Total Current Liabilities	67	68	72	75	79	75	80	85	98
Short-Term Debt	46	46	49	51	54	53	56	62	69
Accounts Payable	4.69	6.37	10	12	13	11	11	11	16
Accrued Expenses	17	16	13	12	12	12	12	13	13
Total Noncurrent Liabilities	4.56	6.44	12	12	11	12	8.83	8.68	9.76
Other Noncurrent Operating Liabilities	4.56	6.44	12	12	11	12	8.83	8.68	9.76
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	41	41	41	40	41	38	38	38	39
Total Equity & Noncontrolling Interests	233	227	225	223	225	208	203	202	298
Total Preferred & Common Equity	210	204	201	200	201	185	180	179	275
Preferred Stock	3.53	3.53	3.53	3.53	3.53	3.53	3.53	3.53	3.53
Total Common Equity	206	201	198	196	197	182	176	176	271
Common Stock	237	238	239	240	241	242	243	244	342
Retained Earnings	-23	-28	-34	-36	-39	-52	-59	-61	-67
Accumulated Other Comprehensive Income / (Loss)	-8.18	-8.58	-7.63	-8.23	-5.04	-8.23	-7.17	-6.66	-4.60
Noncontrolling Interest	23	23	23	24	24	23	23	23	24

This table displays calculated financial ratios and metrics derived from AXT's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	32,541,268.00	32,559,384.00	38,891,344.00	39,537,821.00	40,219,782.00	41,300,000.00	42,770,675.00	43,553,384.00	43,644,313.00	44,750,581.00	46,623,170.00
DEI Adjusted Shares Outstanding	32,541,268.00	32,559,384.00	38,891,344.00	39,537,821.00	40,219,782.00	41,300,000.00	42,770,675.00	43,553,384.00	43,644,313.00	44,750,581.00	46,623,170.00
DEI Earnings Per Adjusted Shares Outstanding	-0.07	0.17	0.26	0.24	-0.06	0.08	0.34	0.36	-0.41	-0.26	-0.46
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Net Operating Profit after Tax (NOPAT)	-3.43	5.60	12	11	-0.22	2.81	12	11	-15	-10	-15
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	3.85%	-5.38%	-3.93%	-4.28%
Earnings before Interest and Taxes (EBIT)	-2.88	7.29	12	12	0.63	7.14	13	16	-19	-13	-21
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	2.84	12	17	18	6.20	12	21	24	-11	-3.78	-12
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-0.66	16	-15	-33	-7.25	-22	-41	-32	-0.89	-8.91	-16
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	95	84	111	155	162	187	241	284	270	268	269
Increase / (Decrease) in Invested Capital	-2.77	-10	27	44	7.03	25	53	43	-14	-1.45	0.70
Book Value per Share	$3.95	$3.98	$4.64	$4.74	$4.58	$4.58	$4.86	$5.01	$4.59	$4.23	$5.79
Tangible Book Value per Share	$3.95	$3.98	$4.64	$4.74	$4.58	$4.58	$4.86	$5.01	$4.59	$4.23	$5.79
Total Capital	139	138	188	195	199	266	292	337	322	302	397
Total Debt	1.15	0.58	0.00	0.00	5.75	10	12	47	53	47	63
Total Long-Term Debt	1.15	0.58	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-43	-53	-77	-39	-31	-68	-40	-5.73	0.67	13	-66
Capital Expenditures (CapEx)	4.15	2.69	21	40	22	20	30	28	10	5.77	6.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	48	44	54	61	55	63	82	105	90	98	90
Debt-free Net Working Capital (DFNWC)	84	91	118	100	91	136	125	155	142	131	219
Net Working Capital (NWC)	84	91	118	100	86	125	112	108	89	84	156
Net Nonoperating Expense (NNE)	-0.90	0.63	1.66	0.18	1.37	-2.23	-4.41	-7.50	4.09	1.43	7.82
Net Nonoperating Obligations (NNO)	-43	-53	-77	-39	-31	-68	-40	-5.73	0.67	13	-66
Total Depreciation and Amortization (D&A)	5.71	4.96	4.60	5.03	5.57	4.37	7.15	8.18	8.74	8.98	9.11
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.07)	$0.17	$0.27	$0.24	($0.07)	$0.00	$0.35	$0.37	($0.42)	($0.27)	($0.49)
Adjusted Weighted Average Basic Shares Outstanding	32.18M	32.14M	37.44M	39.05M	39.49M	40.15M	41.37M	42.10M	42.64M	43.15M	43.93M
Adjusted Diluted Earnings per Share	($0.07)	$0.17	$0.26	$0.24	($0.07)	$0.00	$0.34	$0.37	($0.42)	($0.27)	($0.49)
Adjusted Weighted Average Diluted Shares Outstanding	32.18M	32.89M	38.97M	40.27M	39.49M	41.03M	42.72M	42.72M	42.64M	43.15M	43.93M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	32.34M	33.03M	39.41M	39.98M	40.83M	42.09M	42.96M	43.57M	44.25M	45.60M	55.57M
Normalized Net Operating Profit after Tax (NOPAT)	-3.43	5.80	12	11	-0.22	2.81	12	11	-15	-10	-15
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-

This table displays calculated financial ratios and metrics derived from AXT's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	43,656,861.00	43,644,313.00	44,248,248.00	44,398,843.00	44,482,215.00	44,750,581.00	45,597,995.00	45,603,682.00	46,124,935.00	46,623,170.00	55,573,599.00
DEI Adjusted Shares Outstanding	43,656,861.00	43,644,313.00	44,248,248.00	44,398,843.00	44,482,215.00	44,750,581.00	45,597,995.00	45,603,682.00	46,124,935.00	46,623,170.00	55,573,599.00
DEI Earnings Per Adjusted Shares Outstanding	-0.13	-0.08	-0.05	-0.03	-0.07	-0.11	-0.19	-0.15	-0.04	-0.08	-0.03
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-50.64%	-23.76%	16.92%	50.16%	36.16%	22.89%	-14.69%	-35.63%	18.23%	-	39.10%
EBITDA Growth	-156.90%	-110.99%	93.94%	121.70%	86.55%	-975.89%	-6,158.54%	-622.48%	275.04%	-	112.60%
EBIT Growth	-217.74%	-314.07%	44.28%	77.03%	55.77%	-131.69%	-328.55%	-382.21%	55.20%	-	84.79%
NOPAT Growth	-210.78%	-148.45%	24.57%	72.46%	49.37%	-73.17%	-206.99%	-257.82%	67.03%	-	84.57%
Net Income Growth	-195.32%	-351.44%	44.14%	77.60%	55.00%	-50.49%	-389.06%	-540.03%	42.05%	-	85.17%
EPS Growth	-207.69%	-300.00%	37.50%	66.67%	50.00%	-37.50%	-300.00%	-300.00%	42.86%	-	85.00%
Operating Cash Flow Growth	94.66%	166.60%	-474.05%	-80.40%	-584.22%	-11.13%	62.00%	-642.82%	-68.87%	-	-249.19%
Free Cash Flow Firm Growth	111.70%	126.43%	145.41%	88.20%	-364.25%	-124.45%	-58.27%	394.04%	172.92%	-	-548.51%
Invested Capital Growth	-3.52%	-5.00%	-5.12%	0.06%	4.14%	-0.54%	-4.53%	-3.37%	-3.80%	-	8.48%
Revenue Q/Q Growth	-6.61%	17.64%	11.06%	23.07%	-15.32%	6.17%	-22.90%	-7.14%	55.53%	-	16.85%
EBITDA Q/Q Growth	-9.73%	91.55%	66.30%	794.31%	-168.03%	-575.90%	-96.03%	42.04%	122.79%	-	221.10%
EBIT Q/Q Growth	-7.19%	59.06%	13.07%	39.78%	-106.38%	-114.46%	-60.79%	32.24%	80.82%	-	51.63%
NOPAT Q/Q Growth	1.72%	47.08%	5.98%	43.68%	-80.69%	-81.00%	-66.67%	34.36%	83.35%	-	58.65%
Net Income Q/Q Growth	-19.84%	41.40%	45.52%	41.46%	-140.78%	-95.95%	-77.06%	23.38%	78.20%	-	61.32%
EPS Q/Q Growth	-16.67%	42.86%	37.50%	20.00%	-75.00%	-57.14%	-81.82%	20.00%	75.00%	-	66.67%
Operating Cash Flow Q/Q Growth	-118.42%	280.43%	-716.24%	109.57%	-742.82%	123.44%	-363.46%	-36.76%	-99.98%	-	-372.35%
Free Cash Flow Firm Q/Q Growth	140.60%	127.98%	5.80%	-112.05%	-809.09%	78.91%	280.60%	-15.08%	125.46%	-	-585.60%
Invested Capital Q/Q Growth	-0.04%	-0.18%	1.13%	-0.85%	4.03%	-4.66%	-2.93%	0.36%	3.57%	-	5.03%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	10.75%	22.65%	26.86%	27.40%	24.03%	17.56%	-6.41%	7.97%	22.26%	-	29.63%
EBITDA Margin	-24.87%	-1.79%	-0.54%	3.06%	-2.46%	-15.64%	-39.77%	-24.82%	3.64%	-	3.60%
Operating Margin	-38.74%	-17.43%	-14.75%	-6.75%	-14.40%	-24.56%	-53.08%	-37.53%	-4.02%	-	-5.89%
EBIT Margin	-37.45%	-13.04%	-10.20%	-4.99%	-12.17%	-24.58%	-51.26%	-37.40%	-4.61%	-	-5.60%
Profit (Net Income) Margin	-36.94%	-18.40%	-9.03%	-4.29%	-12.21%	-22.53%	-51.75%	-42.70%	-5.98%	-	-5.52%
Tax Burden Percent	98.45%	107.19%	115.45%	111.22%	127.69%	102.04%	100.74%	108.16%	143.11%	-	140.76%
Interest Burden Percent	100.18%	131.69%	76.63%	77.33%	78.59%	89.85%	100.21%	105.55%	90.69%	-	69.91%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Return on Invested Capital (ROIC)	-8.10%	-3.34%	-2.91%	-1.54%	-3.46%	-6.35%	-13.38%	-8.50%	-0.92%	-	-1.46%
ROIC Less NNEP Spread (ROIC-NNEP)	105.00%	46.74%	5.45%	5.42%	-9.22%	-25.35%	-38.91%	-29.39%	-4.81%	-	0.42%
Return on Net Nonoperating Assets (RNNOA)	-0.57%	-0.42%	0.07%	0.03%	-0.30%	-0.68%	-1.68%	-1.65%	-0.43%	-	-0.03%
Return on Equity (ROE)	-8.67%	-3.76%	-2.84%	-1.51%	-3.76%	-7.03%	-15.06%	-10.15%	-1.35%	-	-1.48%
Cash Return on Invested Capital (CROIC)	-1.26%	-0.32%	0.14%	-4.08%	-7.15%	-3.31%	-1.07%	-3.57%	-2.29%	-	-11.56%
Operating Return on Assets (OROA)	-8.74%	-2.71%	-2.26%	-1.27%	-3.30%	-7.00%	-14.42%	-9.49%	-1.21%	-	-1.38%
Return on Assets (ROA)	-8.62%	-3.83%	-2.00%	-1.09%	-3.31%	-6.42%	-14.56%	-10.83%	-1.57%	-	-1.36%
Return on Common Equity (ROCE)	-6.49%	-2.82%	-2.13%	-1.13%	-2.80%	-5.23%	-11.17%	-7.50%	-1.00%	-	-1.15%
Return on Equity Simple (ROE_SIMPLE)	-6.83%	0.00%	-8.74%	0.00%	0.00%	0.00%	-10.68%	0.00%	0.00%	-	0.00%
Net Operating Profit after Tax (NOPAT)	-4.71	-2.49	-2.34	-1.32	-2.38	-4.32	-7.19	-4.72	-0.79	-2.68	-1.11
NOPAT Margin	-27.12%	-12.20%	-10.33%	-4.73%	-10.08%	-17.19%	-37.16%	-26.27%	-2.81%	-	-4.12%
Net Nonoperating Expense Percent (NNEP)	-113.10%	-50.08%	-8.36%	-6.97%	5.76%	19.00%	25.53%	20.89%	3.89%	-	-1.88%
Return On Investment Capital (ROIC_SIMPLE)	-	-0.89%	-0.86%	-0.48%	-0.85%	-1.64%	-2.76%	-1.83%	-0.30%	-0.75%	-0.30%
Cost of Revenue to Revenue	89.25%	77.35%	73.14%	72.60%	75.97%	82.44%	106.41%	92.03%	77.74%	-	70.37%
SG&A Expenses to Revenue	32.63%	26.27%	27.45%	20.70%	23.90%	25.65%	30.56%	31.45%	22.66%	-	24.33%
R&D to Revenue	16.85%	13.80%	14.17%	13.46%	14.54%	16.46%	16.11%	14.05%	3.62%	-	11.19%
Operating Expenses to Revenue	49.48%	40.08%	41.61%	34.15%	38.44%	42.12%	46.67%	45.50%	26.28%	-	35.52%
Earnings before Interest and Taxes (EBIT)	-6.50	-2.66	-2.32	-1.39	-2.88	-6.17	-9.92	-6.72	-1.29	-3.12	-1.51
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-4.32	-0.37	-0.12	0.85	-0.58	-3.93	-7.70	-4.46	1.02	-0.80	0.97
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.52	0.52	1.03	0.77	0.55	0.51	0.35	0.54	1.18	-	11.67
Price to Tangible Book Value (P/TBV)	0.52	0.52	1.03	0.77	0.55	0.51	0.35	0.54	1.18	-	11.67
Price to Revenue (P/Rev)	1.28	1.38	2.57	1.70	1.14	0.98	0.67	1.11	2.29	-	33.02
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.65	0.65	1.02	0.83	0.68	0.66	0.55	0.69	1.12	-	11.25
Enterprise Value to Revenue (EV/Rev)	2.12	2.30	3.52	2.54	2.03	1.77	1.49	2.10	3.34	-	33.14
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	69.47	51.16	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	694.83	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.17	0.20	0.19	0.19	0.20	0.19	0.21	0.23	0.26	-	0.20
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00
Financial Leverage	-0.01	-0.01	0.01	0.01	0.03	0.03	0.04	0.06	0.09	-	-0.07
Leverage Ratio	1.27	1.30	1.29	1.29	1.31	1.33	1.33	1.35	1.36	-	1.33
Compound Leverage Factor	1.27	1.72	0.99	1.00	1.03	1.20	1.34	1.42	1.23	-	0.93
Debt to Total Capital	14.59%	16.43%	15.61%	16.16%	16.88%	15.64%	17.58%	18.86%	20.38%	-	16.97%
Short-Term Debt to Total Capital	14.59%	16.43%	15.61%	16.16%	16.88%	15.64%	17.58%	18.86%	20.38%	-	16.97%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Preferred Equity to Total Capital	1.13%	1.10%	1.12%	1.13%	1.10%	1.17%	1.18%	1.19%	1.17%	-	0.87%
Noncontrolling Interests to Total Capital	20.34%	20.23%	20.38%	20.21%	20.45%	20.56%	20.47%	20.54%	20.30%	-	15.30%
Common Equity to Total Capital	63.95%	62.24%	62.89%	62.50%	61.57%	62.63%	60.77%	59.41%	58.15%	-	66.86%
Debt to EBITDA	-6.57	-4.97	-5.60	-12.82	-251.40	-12.51	-4.63	-3.36	-4.08	-	-21.02
Net Debt to EBITDA	-0.32	-0.06	-0.89	-1.88	-70.98	-3.56	-1.26	-1.25	-2.01	-	16.60
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00
Debt to NOPAT	-3.44	-3.51	-3.42	-4.67	-6.33	-4.56	-3.45	-3.00	-3.62	-	-7.41
Net Debt to NOPAT	-0.17	-0.04	-0.54	-0.69	-1.79	-1.30	-0.94	-1.12	-1.78	-	5.85
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00
Altman Z-Score	1.23	1.06	1.84	1.46	1.11	1.04	0.68	0.83	1.56	-	18.07
Noncontrolling Interest Sharing Ratio	25.14%	25.11%	25.19%	25.13%	25.53%	25.64%	25.86%	26.09%	26.42%	-	22.34%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.37	2.09	2.27	2.24	2.13	2.13	1.99	1.82	1.76	-	2.59
Quick Ratio	0.76	0.73	0.73	0.76	0.67	0.65	0.72	0.63	0.67	-	1.42
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	5.14	12	12	-1.49	-14	-2.86	5.17	4.39	9.90	-3.38	-23
Operating Cash Flow to CapEx	-18.06%	0.00%	-200.50%	311.07%	-575.88%	760.48%	-656.08%	-1,640.14%	-420.74%	-	-851.60%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	-5.30	-34.72	0.00	0.00	21.74	25.07	-	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	2.99	-13.86	0.00	0.00	-22.65	-23.17	-	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	2.03	-16.27	0.00	0.00	-24.03	-28.67	-	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.23	0.21	0.22	0.25	0.27	0.28	0.28	0.25	0.26	-	0.25
Accounts Receivable Turnover	2.88	3.13	3.41	3.76	4.04	4.43	4.01	3.45	2.92	-	3.49
Inventory Turnover	0.74	0.71	0.73	0.79	0.82	0.88	0.96	0.91	0.97	-	0.88
Fixed Asset Turnover	0.53	0.46	0.49	0.55	0.58	0.61	0.60	0.54	0.56	-	0.59
Accounts Payable Turnover	6.58	6.34	7.61	8.34	7.38	6.87	7.44	6.62	6.73	-	5.54
Days Sales Outstanding (DSO)	126.64	116.80	107.09	97.07	90.31	82.46	91.07	105.91	124.79	-	104.44
Days Inventory Outstanding (DIO)	491.96	514.49	500.43	462.73	445.70	414.61	381.74	399.29	375.63	-	412.69
Days Payable Outstanding (DPO)	55.48	57.55	47.97	43.77	49.48	53.10	49.04	55.13	54.20	-	65.92
Cash Conversion Cycle (CCC)	563.12	573.74	559.55	516.03	486.53	443.98	423.78	450.07	446.22	-	451.21
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	270	270	273	271	281	268	261	261	271	269	283
Invested Capital Turnover	0.30	0.27	0.28	0.33	0.34	0.37	0.36	0.32	0.33	-	0.35
Increase / (Decrease) in Invested Capital	-9.85	-14	-15	0.17	11	-1.45	-12	-9.11	-11	0.70	22
Enterprise Value (EV)	174	174	278	224	192	176	143	181	302	-	3,178
Market Capitalization	105	105	203	150	108	97	64	95	207	-	3,167
Book Value per Share	$4.60	$4.59	$4.46	$4.42	$4.43	$4.23	$3.98	$3.86	$3.81	$5.79	$4.88
Tangible Book Value per Share	$4.60	$4.59	$4.46	$4.42	$4.43	$4.23	$3.98	$3.86	$3.81	$5.79	$4.88
Total Capital	314	322	314	314	320	302	299	297	302	397	406
Total Debt	46	53	49	51	54	47	53	56	62	63	69
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	2.21	0.67	7.78	7.45	15	13	14	21	30	-66	-54
Capital Expenditures (CapEx)	4.39	-0.70	4.39	0.27	0.94	0.17	0.51	0.28	2.18	3.03	1.37
Debt-free, Cash-free Net Working Capital (DFCFNWC)	95	90	100	100	104	98	89	86	95	90	102
Debt-free Net Working Capital (DFNWC)	138	142	141	143	143	131	127	121	126	219	225
Net Working Capital (NWC)	93	89	92	93	89	84	74	65	65	156	156
Net Nonoperating Expense (NNE)	1.71	1.27	-0.29	-0.12	0.50	1.34	2.82	2.95	0.89	1.16	0.38
Net Nonoperating Obligations (NNO)	2.21	0.67	7.78	7.45	15	13	14	21	30	-66	-54
Total Depreciation and Amortization (D&A)	2.19	2.30	2.19	2.25	2.30	2.24	2.22	2.26	2.31	2.32	2.48
Debt-free, Cash-free Net Working Capital to Revenue	115.45%	118.43%	125.85%	113.34%	110.21%	98.18%	92.28%	100.18%	105.32%	-	105.87%
Debt-free Net Working Capital to Revenue	168.48%	187.37%	178.03%	162.29%	151.17%	132.20%	132.04%	140.97%	139.84%	-	234.39%
Net Working Capital to Revenue	112.76%	117.55%	116.01%	104.91%	94.09%	84.64%	77.35%	76.00%	71.75%	-	162.57%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.14)	($0.08)	($0.05)	($0.04)	($0.07)	($0.11)	($0.20)	($0.16)	($0.04)	($0.09)	($0.03)
Adjusted Weighted Average Basic Shares Outstanding	42.64M	42.64M	42.99M	43.09M	43.16M	43.15M	43.55M	43.71M	43.84M	43.93M	53.32M
Adjusted Diluted Earnings per Share	($0.14)	($0.08)	($0.05)	($0.04)	($0.07)	($0.11)	($0.20)	($0.16)	($0.04)	($0.09)	($0.03)
Adjusted Weighted Average Diluted Shares Outstanding	42.64M	42.64M	42.99M	43.09M	43.16M	43.15M	43.55M	43.71M	43.84M	43.93M	53.32M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	43.64M	44.25M	44.40M	44.48M	44.75M	45.60M	45.60M	46.12M	46.62M	55.57M	65.42M
Normalized Net Operating Profit after Tax (NOPAT)	-4.71	-2.49	-2.34	-1.32	-2.38	-4.32	-7.19	-4.72	-0.79	-2.68	-1.11
Normalized NOPAT Margin	-27.12%	-12.20%	-10.33%	-4.73%	-10.08%	-17.19%	-37.16%	-26.27%	-2.81%	-	-4.12%
Pre Tax Income Margin	-37.52%	-17.17%	-7.82%	-3.86%	-9.56%	-22.08%	-51.36%	-39.47%	-4.18%	-	-3.92%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	-4.94	-7.36	0.00	0.00	-33.28	-3.26	-	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	-4.68	-6.10	0.00	0.00	-23.37	-1.99	-	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	-5.90	-9.76	0.00	0.00	-34.66	-8.77	-	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	-5.64	-8.50	0.00	0.00	-24.76	-7.50	-	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%

Financials Breakdown Chart

Key Financial Trends

AXT Inc (AXTI) has faced ongoing profitability challenges over the past four years, but recent quarterly data show improving liquidity driven by a sizable financing inflow in Q4 2025 and a smaller, positive operating cash flow. Below is a concise, investor-focused take on the latest four-year trend using the provided statements for AXTI.

Net cash from continuing operating activities in Q4 2025 turned positive, at about $4.29 million.
Net cash from financing activities in Q4 2025 was substantial, about $95.34 million, giving the company a strong liquidity runway.
Total assets remained robust around the low-to-mid $300s million range (roughly $329–$355 million across recent periods), and total equity plus noncontrolling interests remained roughly in the $200 million area, implying a meaningful equity cushion.
Net change in cash and equivalents in Q4 2025 was a healthy approximately $97.16 million, largely driven by financing inflows rather than operations alone.
Revenue levels have been steady in the mid-teens to mid-30s million per quarter historically, with 2025 Q4 revenue at $23.041 million and varying across quarters.
Gross margins in 2025 have generally sat in the 20%–22% range (e.g., ~21% in Q4 2025 and ~22% in Q3 2025), indicating modest profitability headwinds but consistency in margin band.
Debt composition shows short-term debt around $61 million and redeemable noncontrolling interest in the high $30s to low $40s million range; financing activity has been the primary driver of cash flows in several periods.
Net income remains negative across 2025 quarters (e.g., -$3.84 million in Q4 2025; -$1.67 million in Q3 2025), signaling ongoing profitability challenges.
Retained earnings remain negative and continued to widen deficits, reflecting elevated cumulative losses (approximately -$60 million on the balance sheet in mid-2025 and beyond).
Operating cash flow was negative in multiple quarters in 2025 (e.g., -$3.35 million in Q1 2025, -$4.58 million in Q2 2025, -$9.15 million in Q3 2025) before the Q4 turnaround, indicating liquidity dependence on financing to fund operating needs.

05/22/26 05:56 PM ETAI Generated. May Contain Errors.

AXT Financials - Frequently Asked Questions

According to the most recent income statement we have on file, AXT's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

AXT's net income appears to be on a downward trend, with a most recent value of -$23.20 million in 2025, rising from -$2.53 million in 2015. The previous period was -$11.79 million in 2024. See AXT's forecast for analyst expectations on what's next for the company.

AXT's total operating income in 2025 was -$21.98 million, based on the following breakdown:

Total Gross Profit: $11.24 million
Total Operating Expenses: $33.22 million

Over the last 10 years, AXT's total revenue changed from $77.50 million in 2015 to $88.33 million in 2025, a change of 14.0%.

AXT's total liabilities were at $99.12 million at the end of 2025, a 17.4% increase from 2024, and a 591.5% increase since 2015.

In the past 10 years, AXT's cash and equivalents has ranged from $16.53 million in 2018 to $120.27 million in 2025, and is currently $120.27 million as of their latest financial filing in 2025.

Over the last 10 years, AXT's book value per share changed from 3.95 in 2015 to 5.79 in 2025, a change of 46.6%.

Related Companies

Financial statements for NASDAQ:AXTI last updated on 5/19/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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AXT (AXTI) Financials

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AXT (AXTI) Financials

Annual Income Statements for AXT

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Quarterly Cash Flow Statements for AXT

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Quarterly Metrics And Ratios for AXT

Financials Breakdown Chart

Key Financial Trends

AXT Financials - Frequently Asked Questions

When does AXT's financial year end?

How has AXT's net income changed over the last 10 years?

What is AXT's operating income?

How has AXT's revenue changed over the last 10 years?

How much debt does AXT have?

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How has AXT's book value per share changed over the last 10 years?

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