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AXT (AXTI) investor relations material
AXT Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary30 Oct, 2025
Executive summary
Q3 2025 revenue reached $28.0 million, up 56% sequentially and 18% year-over-year, driven by strong Indium Phosphide demand for data center and optical network applications.
Indium Phosphide revenues surged over 250% sequentially, reaching a three-year high due to strong data center demand and successful export permit acquisitions.
Indium Phosphide revenue hit $13.1 million, the highest since 2022, with export permits enabling significant shipments; backlog now exceeds $49 million.
Customers are placing longer-term orders and adapting to permit-driven lead times, reflecting confidence in ongoing demand and permit approvals.
Engagement with new Tier 1 and integrator customers is increasing, including direct relationships with GPU and CPU makers.
Financial highlights
Q3 2025 revenue was $28.0M, up from $18.0M in Q2 2025 and $23.6M in Q3 2024.
Non-GAAP gross margin improved to 22.4% from 8.2% in Q2 2025; GAAP gross margin was 22.3%.
Non-GAAP net loss was $1.2 million ($0.03/share), a significant improvement from $6.4 million ($0.15/share) in Q2 and $2.1 million in Q3 2024.
GAAP net loss was $1.9M ($0.04/share), improved from $7.0M in Q2 2025 and $2.9M in Q3 2024.
Cash and equivalents fell by $3.9 million to $31.2 million, mainly due to increased accounts receivable; cash and cash equivalents at September 30, 2025, were $23.1M.
Outlook and guidance
Q4 2025 revenue expected between $27–$30 million, contingent on export permit timing.
Non-GAAP net loss projected at $0.01–$0.03 per share; GAAP net loss at $0.03–$0.05 per share.
OpEx expected to rise to ~$9 million in Q4 due to normalization and year-end adjustments.
Anticipates strong market trends in data center upgrades to drive meaningful growth and a return to profitability in 2026.
Indium Phosphide backlog is at a record $49 million, with $20 million in revenue highly confident for Q4.
Future InP export permit approval expectations?
Update on STAR Market IPO timeline?
Strategies for gross margin recovery and expansion?
How do InP permit limits affect orders?
What prevents Q4 profitability at current revenue?
Can InP capacity meet 'tsunami' demand?
How do export permits shape InP backlog?
Why lower profitability vs. past revenue levels?
InP capacity for future CPO demand
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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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