# AXT, Inc. (AXTI)

**Exchange:** NASDAQ  
**Sector:** Technology  
**Market cap:** $3.79B  
**Price:** $86.20 (+1.07%)

> AXT, Inc. is a material science company that develops and manufactures high-performance compound and single element semiconductor wafer substrates for the global electronics and photonics industries. Its core products include indium phosphide, gallium arsenide, and germanium wafers, which are used when conventional silicon substrates cannot meet demanding performance requirements in applications such as data center connectivity, 5G communications, fiber-optic networks, silicon photonics, lidar, infrared imaging, and other advanced optoelectronic and RF devices. In addition to substrates, the company also sells specialty material substrates and raw materials used in wafer production. AXT, Inc. serves a diversified customer base across regions including China, Europe, Japan, Taiwan, North America, and the broader Asia-Pacific market, reflecting its role in critical segments of the semiconductor supply chain. Headquartered in Fremont, California, with significant manufacturing operations in China through its Tongmei subsidiary, AXT, Inc. occupies a specialized position supplying enabling materials for next-generation communication, sensing, and high-speed data technologies.

## Income Statement (Annual, USD)

| Fiscal Year | Revenue | Gross Profit | Operating Income | Net Income | EPS (dil.) |
| --- | --- | --- | --- | --- | --- |
| 2025 | $88M | $11M | -$21M | -$23M | $-0.49 |
| 2024 | $99M | $24M | -$13M | -$12M | $-0.27 |
| 2023 | $76M | $13M | -$19M | -$19M | $-0.42 |
| 2022 | $141M | $52M | $14M | $19M | $0.37 |
| 2021 | $137M | $47M | $14M | $17M | $0.34 |
| 2020 | $95M | $30M | $8M | $5M | $0.07 |

## Balance Sheet (Annual, USD)

| Fiscal Year | Total Assets | Total Liabilities | Equity | Cash | Long-term Debt |
| --- | --- | --- | --- | --- | --- |
| 2025 | $434M | $99M | $335M | $120M | $1M |
| 2024 | $339M | $84M | $255M | $23M | $2M |
| 2023 | $359M | $90M | $269M | $38M | $2M |
| 2022 | $370M | $80M | $290M | $35M | $1M |
| 2021 | $332M | $52M | $280M | $37M | $2M |
| 2020 | $299M | $43M | $256M | $73M | $2M |

## Cash Flow (Annual, USD)

| Fiscal Year | Operating Cash Flow | CapEx | Free Cash Flow |
| --- | --- | --- | --- |
| 2025 | $9M | -$6M | -$19M |
| 2024 | -$6M | -$6M | -$18M |
| 2023 | $3M | -$10M | -$7M |
| 2022 | $1M | -$28M | -$37M |
| 2021 | $4M | -$30M | -$33M |
| 2020 | $10M | -$20M | -$14M |

Source: [CompaniesByCap](https://companiesbycap.com/company/AXTI)