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MARKETS / NASDAQ / AXTI
NASDAQ · SEMICONDUCTORS & RELATED DEVICES · SMALL CAP

AXT Inc. AXTI

17 fiscal years on record · USD · FY2025 reported · SEC filings only
$88.3M
▼ 11.1% YoY
$-21.3M
$-18.8M
In brief

What this company does

The company has two product lines: specialty material substrates and raw materials integral to these substrates. All of the company's substrate products and raw material products are manufactured in the People's Republic of China by its PRC subsidiaries and PRC joint ventures. AXT was incorporated in California in December 1986 and reincorporated in Delaware in May 1998. As of December 31, 2025, AXT and Tongmei had 1,072 employees, consisting of 23 employees at the Fremont, California headquarters, one sales professional in France and 1,048 employees in China factories. The substrate product group generated 67%, 68% and 63% of consolidated revenue, while the raw materials product group generated 33%, 32% and 37%, for 2025, 2024 and 2023 respectively.

Written from the business description in AXT, INC.'s annual report to the U.S. Securities and Exchange Commission, filed 17 March 2026. Every sentence was checked against that document before publication.

Growth
USD 88.3M
Revenue, FY2025 · full 17-year series below
Revenue $M Net income $M
FY2025 · Revenue 88.3 · Net income -21.3
50M100M-8M-16M200920112013201520172019202120232025
Compound annual growth
−14.5%
−1.5%
+1.3%
−0.5%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at −1.5% a year over five years.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
−26 cents
lost on every revenue dollar
Operating margin Net margin
FY2025 · Operating -24.9% · Net -26.3%
10%20%-10%-20%200920112013201520172019202120232025
ROE
FY2025 · ROE -9.1%
5%10%15%-5%200920112013201520172019202120232025
Gross margin12.7%
Operating margin-24.9%
Net margin-26.3%
Return on assets-6.0%
EBITDAUSD -12.9M

Each USD of equity lost 9 cents this year.

Cash & shareholders
—
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2025 · FCF -18.8
5M10M-20M200920112013201520172019202120232025
Net buybacks $M Dividends $M
FY2015 · Dividends — · Net buybacks 2.1
0.80M1.60M-0.25M-0.50M20112012201320142015
Dividends paid—
Net buybacks—
Share of profit—
Consecutive raises—

Total assetsUSD 433.8M
EquityUSD 273.3M
CashUSD 120.3M
Gross debtUSD 4.3M
Net debtUSD -116.0M
Current ratio2.72×

The company holds more cash than debt.

The 17-year record
17 fiscal years
Every figure from documents filed with the SEC · USD
row low → row highnegative
Metric 20252024202320222021202020192018201720162015201420132012201120102009
Revenue $B0.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.1
Operating income $B−0.0−0.0−0.00.00.00.0−0.00.00.00.0−0.0−0.0−0.00.00.00.0−0.0
EBITDA $B−0.0−0.0−0.00.00.00.00.00.00.00.00.00.0−0.00.00.00.00.0
Income tax $B0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
Net income $B−0.0−0.0−0.00.00.00.0−0.00.00.00.0−0.0−0.0−0.00.00.00.0−0.0
Free cash flow $B−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.00.0−0.00.0−0.00.00.00.00.0
EPS, diluted $−0.49−0.27−0.420.370.340.07−0.070.240.260.17−0.07−0.05−0.250.090.610.57−0.07
Dividend / sh $·················
Payout %·················
ROE %−9.1−5.9−8.47.37.21.7−1.45.26.44.3−1.6−1.0−5.62.216.016.1·
Shares out B0.060.050.040.040.040.040.040.040.040.030.030.030.030.030.030.03·

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance
Company facts, as filed
How we verify · 0 failures in 83 reconciliationsAUDITED

Reconciled in 17 of 19 fiscal years. 12 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures
ActivitySemiconductors & Related Devices
Listed onNASDAQ
Incorporated inDelaware
Fiscal year endsDecember 31
SEC categorysmaller reporting company
Data on record since2009

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