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AXT (AXTI) investor relations material
AXT Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary31 Jul, 2025
Executive summary
Q2 2025 revenue was $18M, down from $19.4M in Q1 2025 and $27.9M in Q2 2024, due to export permit delays and soft demand in China.
Gross margin improved to 8.2% non-GAAP (8.0% GAAP) from negative margins in Q1, aided by manufacturing efficiency, but was down year-over-year.
Net loss narrowed to $6.4M non-GAAP ($0.15/share) and $7.0M GAAP ($0.16/share), improving from Q1 but worse than Q2 2024.
Export permit delays for gallium arsenide and indium phosphide impacted shipments, though initial permits enabled first international indium phosphide exports.
Backlog exceeds $10M, with strong demand for indium phosphide in AI/data center and gallium arsenide in wireless.
Financial highlights
Q2 2025 revenue: $18M; Q1 2025: $19.4M; Q2 2024: $27.9M.
Non-GAAP gross margin: 8.2% (Q1: -6.1%, Q2 2024: 27.6%); GAAP gross margin: 8.0%.
Non-GAAP net loss: $6.4M ($0.15/share); GAAP net loss: $7.0M ($0.16/share).
Cash and equivalents: $35.1M as of June 30, 2025, up from year-end 2024.
Operating expenses for Q2 2025: $8.2M, down 14.3% year-over-year; R&D expenses: $2.5M.
Outlook and guidance
Q3 2025 revenue expected at $19M–$21M, with sequential growth from Q2.
Gross margin projected to improve to low-mid to mid-teens.
Non-GAAP net loss forecasted at $0.11–$0.13/share; GAAP net loss at $0.13–$0.15/share.
Indium phosphide revenue expected to grow 30%+ in Q3, driven by PON, data center, and sensor applications.
Management expects continued volatility due to trade tensions, export controls, and tariffs, with ongoing uncertainty in permit timing for U.S. shipments.
Explain the reasons for lower than expected Q2 revenue.
When does Tongmei hope to complete STAR Market IPO?
Detail AXT's competitive advantages in substrate performance.
Assess potential market share loss due to permit delays.
Quantify AI-driven indium phosphide growth in China.
Explain gallium arsenide export license slowdown.
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Frequently asked questions
AXT, Inc. designs, develops, manufactures, and distributes compound and single element semiconductor substrates. AXT’s product lines include sapphire substrates that have been an important component of leading-edge integrated circuits since the inception of large scale, commercial manufacturing of integrated circuits. Furthermore, the company's comprehensive product portfolio includes wafers, substrates, sapphire material and ceramic-based substrates.
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