AXT
Makes InP, GaAs, and Ge wafers for optical and electronic devices.
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Profile
Produces InP, GaAs, and Ge substrate wafers plus related raw materials for semiconductor and optoelectronic uses. Manufacturing is concentrated in China, where export permits govern all three wafer families.
Produces indium phosphide, gallium arsenide, and germanium substrate wafers for semiconductor and optoelectronic devices, alongside raw materials including purified gallium and pyrolytic boron nitride products.
Its wafer applications span data-center connectivity, silicon photonics, 5G infrastructure, LEDs, lasers, sensors, and satellite solar cells. Sales, administration, and customer service are based in Fremont, while all substrate and raw-material production takes place in China through subsidiaries and joint ventures.
The operating model relies on Tongmei's wafer-manufacturing capacity and partial ownership of Chinese raw-material companies. Chinese export permits are required for the InP, GaAs, and Ge wafer families.
Company facts
Key statistics
Year to date +250% · Average volume (30d) 11.3M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Jul 31, 2026 | UBS | Target | $35 | $90 | ||
| Jul 31, 2026 | Needham | Upgrade | Hold | Buy | $10 | $90 |
| Jun 3, 2026 | Northland Securities | Target | $90 | $125 | ||
| May 1, 2026 | Wedbush | Reiterate | Outperform | $80 | $93 | |
| Apr 29, 2026 | Wedbush | Reiterate | Outperform | $28 | $80 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 30, 2026Q2 FY26 | $0.07 | $0.19 | +164.0% | $34.1M | $47.6M | +39.6% | +28.74% |
| Apr 30, 2026Q1 FY26 | −$0.04 | −$0.01 | +75.0% | $26.2M | $26.9M | +2.7% | +21.18% |
| Feb 19, 2026Q4 FY25 | −$0.04 | −$0.05 | −25.0% | $25.2M | $23.0M | −8.5% | +24.65% |
| Oct 30, 2025Q3 FY25 | −$0.11 | −$0.03 | +72.7% | $28.8M | $28.0M | −2.8% | +8.61% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $19.4M | $18.0M | $28.0M | $23.0M | $26.9M | $47.6M | |
| Gross profit | −$1.2M | $1.4M | $6.2M | $4.8M | $8.0M | $21.4M | |
| Operating income | −$10.3M | −$6.7M | −$1.1M | −$3.8M | −$1.6M | $10.4M | |
| Net income | −$8.8M | −$7.0M | −$1.9M | −$3.5M | −$1.6M | $11.1M | |
| Diluted EPS | −$0.20 | −$0.16 | −$0.04 | −$0.08 | −$0.03 | $0.18 | |
| Gross margin | -6.4% | 8.0% | 22.3% | 20.9% | 29.6% | 44.9% | |
| Operating margin | -53.1% | -37.5% | -4.0% | -16.6% | -5.9% | 21.9% |
Fiscal years (4-quarter sums)FY21 $137.4M · FY22 $141.1M · FY23 $75.8M · FY24 $99.4M · FY25 $88.3M
Revenue by product · Q2 FY26
Revenue by geography · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $417.2M · Total debt $85.4M · Total assets $1.10B · Shareholders' equity $887.3M
Dividends
No dividends on record.
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 50.75M · Float 42.62M · 84.0% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 4.65M | 7.10% | 13G | Jul 27, 2026 |
| Morris S. Young · director, officer: CEO | 4.30M | 8.47% | Form 4 | Jun 16, 2026 |
| Marex Group PLC | 3.56M | 7.02% | 13F | Aug 14, 2026 |
| Jane Street Group, LLC | 3.53M | 6.95% | 13F | Aug 14, 2026 |
| Vanguard Capital Management LLC | 2.72M | 5.37% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 7, 2026 | Leonard J. Leblanc | director | −2,000 | $88.32 |
| Jun 10, 2026 | Leonard J. Leblanc | director | −500 | $89.59 |
| Aug 17, 2026 | Leonard J. Leblanc | director | −4,000 | $96.07 |
| Jun 15, 2026 | David C. Chang | director | −8,333 | $111.17 |
| Jun 15, 2026 | Jesse Chen | director | −6,172 | $115.24 |
Peers
Not reported.