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AXT, Inc. reports developments around its business as a manufacturer of compound and single-element semiconductor substrate wafers. The company develops and manufactures indium phosphide, gallium arsenide and germanium wafers used where silicon substrates do not meet performance requirements for semiconductor or optoelectronic devices, including fiber optic and 5G communications, data center connectivity, LEDs, lasers, photonic integrated circuits, lidar and advanced sensing.
Recurring AXTI news includes financial results, earnings-release scheduling, common stock financing, and capacity or research spending tied to indium phosphide substrates through Beijing Tongmei Xtal Technology Co., Ltd. Coverage also includes market products linked to AXTI shares, such as single-stock leveraged ETFs that reference the company’s daily stock performance.
AXT, Inc. (NasdaqGS: AXTI) reported strong financial results for Q2 2024. Revenue increased by 23% sequentially and 50% year-over-year to $27.9 million. GAAP gross margin improved to 27.4%, up from 9.2% in Q2 2023. The company reported a GAAP net loss of ($1.5) million, or ($0.04) per share, compared to a loss of ($5.1) million, or ($0.12) per share, in Q2 2023.
CEO Morris Young highlighted growing adoption in new applications, particularly in AI, where indium phosphide is expected to be used in optical transceivers for high-speed data transmission. The company sees tangible signs of market recovery across its product portfolio, despite potential quarterly fluctuations as end markets return to normalized seasonality.
AXT, a leading manufacturer of compound semiconductor substrates, will release its Q2 2024 financial results on August 1, 2024, post-market close. The company will also host a conference call at 1:30 p.m. PT on the same day to discuss the results. The call will be accessible via telephone and simulcast on the company’s website, with replays available until August 15, 2024.
AXT, Inc. reported strong first-quarter 2024 financial results with an 11% revenue growth quarter over quarter. The company's GAAP gross margin improved to 26.9%, and non-GAAP gross margin was 27.3% for the same quarter. The GAAP net loss was $2.1 million, while the non-GAAP net loss was $1.3 million in Q1 2024. AXT's subsidiary Tongmei's IPO application for the STAR Market was approved, showing promising future growth opportunities.
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