AXT, Inc.
- Open
- 56.37
- Day high
- 59.90
- Day low
- 55.73
- Prev close
- 56.11
- Volume
- 5.6M
- Mkt cap
- $3.7B
- P/E (TTM)
- 2382.8
- EPS (TTM)
- $0.02
- P/B
- 4.2
- P/S
- 29.8
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$6.9M over the last 3 months (0 open-market buys, 12 sales)
- 🏛Institutions accumulating (13F)
AXT, Inc. (AXTI) is a Technology company listed on NASDAQ. The stock is up 1725% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 12 sales (SEC Form 4). Drillr has 1 published research article covering AXTI.
AXT, Inc. (AXTI) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
AXTI earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 30, 2026 | $0.07 | $0.19 | +164.0% | $48M | +43.0% |
| Apr 30, 2026 | $-0.04 | $-0.01 | +75.0% | $27M | +4.5% |
| Feb 19, 2026 | $-0.04 | $-0.05 | -25.0% | $23M | -13.4% |
| Oct 30, 2025 | $-0.11 | $-0.03 | +72.7% | $28M | -1.8% |
| Jul 31, 2025 | $-0.13 | $-0.15 | -15.4% | $18M | -11.2% |
| May 1, 2025 | $-0.13 | $-0.19 | -46.2% | $19M | -0.8% |
| Feb 20, 2025 | $-0.04 | $-0.10 | -150.0% | $25M | +5.0% |
| Oct 31, 2024 | $-0.06 | $-0.05 | +16.7% | $24M | +0.6% |
| Aug 1, 2024 | $-0.05 | $-0.02 | +60.0% | $28M | +9.0% |
| May 2, 2024 | $-0.08 | $-0.03 | +62.5% | $23M | +8.0% |
| Feb 22, 2024 | $-0.13 | $-0.07 | +46.2% | $20M | +17.3% |
| Nov 2, 2023 | $-0.13 | $-0.12 | +7.7% | $17M | -3.6% |
AXTI insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 19, 2026 | LEBLANC LEONARD Jdirector | Sell | 2,000 | $88.31 |
| Aug 19, 2026 | LEBLANC LEONARD Jdirector | Sell | 500 | $89.59 |
| Aug 19, 2026 | LEBLANC LEONARD Jdirector | Sell | 4,000 | $96.07 |
| Jun 17, 2026 | CHEN JESSEdirector | Sell | 6,172 | $115.24 |
| Jun 17, 2026 | CHANG DAVID Cdirector | Sell | 8,333 | $111.17 |
| Jun 15, 2026 | CHEN JESSEdirector | Sell | 9,000 | $88.55 |
| Jun 15, 2026 | CHEN JESSEdirector | Sell | 13,000 | $95.77 |
| Jun 10, 2026 | CHEN JESSEdirector | Sell | 1,500 | $93.30 |
| Jun 10, 2026 | CHEN JESSEdirector | Sell | 9,000 | $86.73 |
| Jun 10, 2026 | CHEN JESSEdirector | Sell | 6,000 | $94.00 |
| Jun 5, 2026 | CHEN JESSEdirector | Grant | 754 | $105.99 |
| Jun 5, 2026 | LEBLANC LEONARD Jdirector | Grant | 754 | $105.99 |
| Jun 5, 2026 | CHANG DAVID Cdirector | Grant | 754 | $105.99 |
| Jun 5, 2026 | CHEN JESSEdirector | Sell | 4,000 | $111.36 |
| Jun 5, 2026 | CHEN JESSEdirector | Sell | 6,133 | $108.28 |
Source: AXTI SEC Form 4 filings, latest Aug 19, 2026. For informational purposes only — not investment advice.
See the full AXTI insider & 13F page →AXT, Inc. company profile
Overview
AXT, Inc. (NASDAQ:AXTI) is a California-based semiconductor substrate manufacturer founded in 1986 and incorporated under the name American Xtal Technology, Inc. before changing to its current name in 2000. The company went public in 1998 and specializes in designing, developing, manufacturing, and distributing compound and single-element semiconductor substrates using proprietary vertical gradient freeze technology. AXT operates primarily from its headquarters in Fremont, California, with a significant manufacturing presence in China through joint ventures, and serves global markets across Asia Pacific, Europe, and North America.
Business
AXT operates in the specialized semiconductor substrate manufacturing industry, producing the foundational materials that enable advanced electronic and optical devices. The company's core business revolves around creating high-purity crystalline substrates that serve as the base layer for semiconductor devices used in cutting-edge applications. The company's primary products include three main substrate categories. Indium phosphide substrates are compound semiconductors that enable high-speed data transmission and optical communications, used in data center connectivity, 5G infrastructure, fiber optic systems, silicon photonics, and emerging applications like lidar for autonomous vehicles. Gallium arsenide (GaAs) substrates come in both semi-insulating and semi-conducting varieties, serving wireless communications (Wi-Fi, IoT devices), power amplifiers, LED displays, laser applications, and 3D sensing technologies. Germanium substrates are primarily used in specialized applications including multi-junction solar cells for satellites, infrared detectors, and concentrated photovoltaic systems. Beyond substrates, AXT operates raw material joint ventures that produce high-purity materials including gallium, arsenic, boron compounds, and specialized crucibles used in semiconductor manufacturing. This vertical integration provides both cost advantages and additional revenue streams. Based on recent financial data, indium phosphide represents approximately 35-40% of substrate revenues, gallium arsenide accounts for 25-30%, germanium substrates contribute 5-10%, while raw material joint ventures generate roughly 35-40% of total revenues. The company's geographic revenue distribution shows heavy concentration in Asia Pacific (75-80%), with Europe (10-15%) and North America (5-10%) representing smaller but significant markets.
Revenue model
AXT generates revenue through direct product sales of semiconductor substrates and raw materials to device manufacturers and electronics companies. The company operates under a traditional manufacturing business model, selling physical products at negotiated prices based on specifications, quality requirements, and volume commitments. The primary customers include semiconductor device manufacturers, optical component companies, telecommunications equipment makers, and electronics manufacturers who incorporate AXT's substrates into their final products. These B2B customers typically operate under supply agreements and purchase substrates for integration into devices like optical transceivers, power amplifiers, LED displays, solar cells, and various sensors. Revenue generation faces several key margin influencers. Positive factors include growing demand from AI and data center infrastructure driving premium pricing for indium phosphide substrates, technological leadership in large-diameter substrates (6-inch indium phosphide, 8-inch gallium arsenide) commanding higher prices, successful recycling programs reducing raw material costs, and vertical integration through joint ventures providing cost advantages and additional revenue streams. Negative margin pressures stem from volatile raw material costs, particularly for germanium where prices have doubled, making some business unprofitable. Export restrictions and trade tensions, especially China's recent controls on indium phosphide exports, create revenue delays and supply chain complications. Manufacturing yield issues, particularly when scaling production quickly, can significantly impact profitability. Market cyclicality in end-user industries like telecommunications and consumer electronics creates demand volatility, while competitive pricing pressure from alternative suppliers, though limited, can compress margins. The company's heavy dependence on Asian markets (80%+ of revenue) also creates geographic concentration risk and exposure to regional economic fluctuations.
Competitive moat
AXT possesses a moderate to strong competitive moat built primarily on technological expertise and market positioning, though it faces some structural vulnerabilities. The company's strongest competitive advantage lies in its proprietary vertical gradient freeze technology and decades of materials science expertise, which enables production of high-quality, low-defect substrates that competitors struggle to match. AXT holds an estimated 40-50% market share in indium phosphide substrates, making it a critical supplier that customers cannot easily replace. The company's technological moat is reinforced by its advanced capabilities in large-diameter substrates, particularly 6-inch indium phosphide and 8-inch gallium arsenide, which represent significant technical achievements that create barriers to entry. The vertical integration through raw material joint ventures provides both cost advantages and supply chain security that competitors lack. However, AXT's moat faces several challenges. The company operates in a specialized but relatively small market, making it vulnerable to demand cycles and technological shifts. Geographic concentration in China creates regulatory and geopolitical risks, as evidenced by recent export restrictions on indium phosphide. The semiconductor substrate industry, while technically demanding, has established competitors like Sumitomo who can potentially challenge AXT's market position with sufficient investment. The emergence of alternative technologies or materials could potentially disrupt AXT's market position, though the company's focus on cutting-edge applications like AI infrastructure and autonomous vehicles provides some protection. The specialized nature of the business creates high switching costs for customers, but also limits market size and growth potential. Overall, AXT's moat appears sustainable in the medium term but requires continued technological innovation and market expansion to maintain long-term competitive advantages.
Risks & safety
AXT presents a moderate margin of safety with manageable financial risks but concerning profitability trends. • Liquidity and Solvency: Strong current ratio of 1.99x and $31.6 million in cash provides adequate short-term liquidity. Total debt-to-equity ratio of 0.30x indicates conservative leverage. However, negative free cash flow of -$3.9 million in Q1 2025 and -$17.9 million for FY 2024 raises concerns about cash burn sustainability. • Valuation Metrics: Trading at 0.33x price-to-book ratio suggests potential undervaluation relative to tangible assets. Negative earnings make traditional P/E ratios meaningless. Enterprise value metrics are distorted by negative EBITDA, but the company's small market cap of $81 million appears reasonable given $99 million in annual revenue. • Other Considerations: Graham net-net working capital provides minimal downside protection at current prices. The company's asset-heavy business model (manufacturing facilities, inventory) provides some tangible value floor. Export restrictions and trade tensions create near-term revenue uncertainty, while cyclical end markets add volatility risk.
Recent development
Over the past several years, AXT has undergone significant strategic evolution focused on technological advancement and market positioning for emerging growth opportunities. The company has made substantial investments in developing larger diameter substrates, achieving breakthroughs in 8-inch gallium arsenide and 6-inch indium phosphide technologies that represent major competitive advantages and command premium pricing. A key strategic pivot has been the expansion of raw material joint ventures, which now contribute 35-40% of total revenues. This vertical integration strategy provides cost advantages, supply chain security, and additional revenue streams through sales of high-purity materials including gallium, arsenic, boron compounds, and specialized crucibles to external customers. The company has positioned itself strategically for the AI and data center boom, with indium phosphide substrates increasingly used in high-speed optical interconnects essential for AI infrastructure. Management reports that AI-related applications now represent approximately 20% of indium phosphide revenue with significant growth potential as data centers upgrade to 800 gigabit and 1.6 terabit transmission speeds. AXT has also developed successful recycling programs for gallium arsenide substrates, reducing raw material costs and improving sustainability. The company continues pursuing a STAR Market listing in Shanghai for its Tongmei subsidiary, which would provide additional capital and strengthen its position in the Chinese market. Recent challenges have included navigating export restrictions imposed by China on indium phosphide in February 2025, requiring the company to obtain export permits for shipments outside China. Despite initial delays, management expects to resume international shipments by mid-2025 and views the restrictions as potentially beneficial for domestic Chinese market development.
AXTI company profile · for informational purposes only — not investment advice.
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