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AXT
AXT (AXTI) investor relations material
AXT Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary19 Feb, 2026
Executive summary
Q4 2025 revenue was $23.0 million, down from $28.0 million in Q3 2025 and $25.1 million in Q4 2024.
Fiscal year 2025 revenue totaled $88.3 million, a decrease from $99.4 million in 2024.
Indium phosphide demand is surging, driven by AI and data center build-outs, with backlog exceeding $60 million.
Export permit delays constrained Q4 shipments, but permits received in Q1 position the company for sequential revenue growth.
Customer base is expanding, including more Tier One laser and optical module makers globally.
Financial highlights
Non-GAAP gross margin in Q4 was 21.5%, up from 17.9% in Q4 2024 but down from 22.6% in Q3 2025.
Q4 2025 GAAP gross margin was 20.9%, up from 17.6% in Q4 2024 but down from 22.3% in Q3 2025.
Non-GAAP net loss was $2.6 million ($0.06/share), compared to $4.2 million ($0.10/share) in Q4 2024.
Cash and investments rose to $128.4 million, mainly due to a $93.9 million public offering.
Inventory increased by $4 million to $81.7 million.
Outlook and guidance
Q1 2026 revenue guidance is at least $26 million, with upside possible if more export permits are received.
Non-GAAP net loss expected between $0.02 and $0.04 per share; GAAP net loss between $0.04 and $0.06.
OpEx expected to remain around $9.0 million in Q1.
Capacity expansion underway, aiming to double from Q4 2025 levels by year-end, with $30 million CapEx planned.
Management anticipates continued business expansion and broader Tier-1 customer engagement.
Tongmei IPO: remaining approval steps?
InP capacity doubling: timeline and AI impact?
Export permit outlook and Q1 revenue implications?
Nature of permit denials and resubmission success?
6-inch InP capacity expansion and demand outlook?
Gross margin leverage at $40M quarterly revenue?
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Next AXT earnings date
Q1 202630 Apr, 2026
AXT
Next AXT earnings date
Q1 202630 Apr, 2026
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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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