Latest news with #MorrisYoung
Yahoo
17-07-2025
- Business
- Yahoo
AXT, Inc. Announces Passing of Board Member Christine Russell
FREMONT, Calif., July 17, 2025--(BUSINESS WIRE)--AXT, Inc. (NasdaqGS: AXTI), a leading manufacturer of compound semiconductor substrates, is saddened to report that Ms. Christine Russell, a member of the Company's Board of Directors, passed away on July 11, 2025. Ms. Russell joined the Company's Board in December 2019 as an independent director. Ms. Russell served as Chair of the Audit Committee and was a member of the Compensation Committee and the Nominating and Corporate Governance Committee. "AXT is grateful for Christine's exemplary dedication and service to our company," said Morris Young, Chief Executive Officer. "She brought tremendous intelligence, strategic planning and thoughtful decision-making to our board and she will be greatly missed. This is a sad moment in our history. On behalf of AXT's management and Board of Directors, we extend our sincerest condolences to her family and the breadth of Silicon Valley executives who hold her in high esteem." About AXT, Inc. AXT is a material science company that develops and manufactures high-performance compound and single element semiconductor substrate wafers comprising indium phosphide (InP), gallium arsenide (GaAs) and germanium (Ge). The company's substrate wafers are used when a typical silicon substrate wafer cannot meet the performance requirements of a semiconductor or optoelectronic device. End markets include 5G infrastructure, data center connectivity (silicon photonics), passive optical networks, LED lighting, lasers, sensors, power amplifiers for wireless devices and satellite solar cells. AXT's worldwide headquarters are in Fremont, California and includes sales, administration and customer service functions. AXT has its Asia headquarters in Beijing, China and manufacturing facilities in three separate locations in China. In addition, as part of its supply chain strategy, the Company has partial ownership in ten companies in China producing raw materials for its manufacturing process. For more information, see AXT's website at View source version on Contacts Gary L. FischerChief Financial Officergfischer@ Leslie GreenGreen Communications Consulting, LLCleslie@ Sign in to access your portfolio
Yahoo
09-07-2025
- Business
- Yahoo
AXT, Inc. Announces a Preliminary Revenue Range for Second Quarter 2025
Second Quarter 2025 Earnings Announcement Scheduled for July 31, 2025 FREMONT, Calif., July 09, 2025--(BUSINESS WIRE)--AXT, Inc. (NasdaqGS: AXTI), a leading manufacturer of compound semiconductor substrates, today announced a preliminary revenue range for its second quarter, ended June 30, 2025. AXT's full financial results for the second quarter of 2025 are scheduled to be announced on July 31, 2025. AXT expects preliminary revenue for the second quarter of 2025 to be in the range of $17.5 to $18 million, below the company's previously stated guidance of $20 million to $22 million provided on May 1, 2025. The preliminary revenue range for the second quarter of 2025 is primarily the result of slower than expected issuance of export control permits for the company's gallium arsenide products in Q2 and a weaker demand environment in China. "Though we continue to feel confident about our participation in a number of exciting technology trends, the current geopolitical environment remains challenging across our business," said Morris Young, chief executive officer. "Further, the demand environment in China has been weaker than expected for our gallium arsenide substrate business, as well as our consolidated raw material joint ventures. That said, we saw a meaningful increase in AI-related demand for indium phosphide in China during Q2 and were also pleased that our subsidiary, Beijing Tongmei Xtal Technology Co., ("Tongmei"), received its first export control permits for indium phosphide late in the quarter. In addition, we remain highly focused on gross margin improvement and despite the revenue shortfall, we expect to deliver Q2 2025 gross margins in the high single digits." The company will also host a conference call to discuss these results on July 31, 2025 at 1:30 p.m. PT. The conference call can be accessed at (800) 715-9871 (passcode 4378083). The call will also be simulcast at Replays will be available at (800) 770-2030 (passcode 4378083) until Aug 7, 2025. Additional investor information can be accessed at About AXT, Inc. AXT is a material science company that develops and manufactures high-performance compound and single element semiconductor substrate wafers comprising indium phosphide (InP), gallium arsenide (GaAs) and germanium (Ge). The company's substrate wafers are used when a typical silicon substrate wafer cannot meet the performance requirements of a semiconductor or optoelectronic device. AXT's worldwide headquarters are in Fremont, California and includes sales, administration and customer service functions. AXT has its Asia headquarters in Beijing, China and manufacturing facilities in three separate locations in China. In addition, as part of its supply chain strategy, the Company has partial ownership in ten companies in China producing raw materials for its manufacturing process. For more information, see AXT's website at Preliminary Results Disclosures and Forward-Looking Statements The company's actual results for the second quarter of 2025 are not yet available, have not yet been reviewed by our auditor, and may differ materially from the preliminary estimates above, which are not a comprehensive statement of the company's financial results and are not necessarily indicative of the results to be expected for fiscal 2025 or any future period. In addition, the foregoing paragraphs contain forward-looking statements within the meaning of the Federal securities laws, including, for example, statements regarding a preliminary revenue range and other financial results for the second quarter, ended June 30, 2025. Additional examples of forward-looking statements include statements regarding the market demand for our products, our product mix, our growth prospects and opportunities for continued business expansion, including technology trends, new applications and the ramping of Tier-1 customers, our market opportunity, our ability to lead our industry, our relocation, our expectations with respect to our business prospects and financial results, including our gross margin performance, and our development of larger diameter substrates that we believe will enable the next generation of technology innovation across a number of end-markets. These forward-looking statements are based upon assumptions that are subject to uncertainties and factors relating to the company's operations and business environment, which could cause actual results to differ materially from those expressed or implied in the forward-looking statements contained in the foregoing discussion. These uncertainties and factors include but are not limited to: the requests for redemptions by private equity funds in China of investments in Tongmei, the administrative challenges in satisfying the requirements of various government agencies in China in connection with the listing of shares of Tongmei on the STAR Market, continued open access to companies to list shares on the STAR Market, investor enthusiasm for new listings of shares on the STAR Market and geopolitical tensions between China and the United States. Additional uncertainties and factors include, but are not limited to: the timing and receipt of significant orders; the cancellation of orders and return of product; emerging applications using chips or devices fabricated on our substrates; end-user acceptance of products containing chips or devices fabricated on our substrates; our ability to bring new products to market; product announcements by our competitors; the ability to control costs and improve efficiency; the ability to utilize our manufacturing capacity; product yields and their impact on gross margins; the relocation of manufacturing lines and ramping of production; possible factory shutdowns as a result of air pollution in China or COVID-19; COVID-19 or other outbreaks of a contagious disease; tariffs and other trade war issues; the financial performance of our partially owned supply chain companies; policies and regulations in China; and other factors as set forth in the company's Annual Report on Form 10-K, quarterly reports on Form 10-Q and other filings made with the Securities and Exchange Commission. Each of these factors is difficult to predict and many are beyond the company's control. The company does not undertake any obligation to update any forward-looking statement, as a result of new information, future events or otherwise. View source version on Contacts Gary L. FischerChief Financial Officergfischer@ Leslie GreenGreen Communications Consulting, LLCleslie@ Sign in to access your portfolio
Business Wire
09-07-2025
- Business
- Business Wire
AXT, Inc. Announces a Preliminary Revenue Range for Second Quarter 2025
FREMONT, Calif.--(BUSINESS WIRE)--AXT, Inc. (NasdaqGS: AXTI), a leading manufacturer of compound semiconductor substrates, today announced a preliminary revenue range for its second quarter, ended June 30, 2025. AXT's full financial results for the second quarter of 2025 are scheduled to be announced on July 31, 2025. AXT expects preliminary revenue for the second quarter of 2025 to be in the range of $17.5 to $18 million, below the company's previously stated guidance of $20 million to $22 million provided on May 1, 2025. The preliminary revenue range for the second quarter of 2025 is primarily the result of slower than expected issuance of export control permits for the company's gallium arsenide products in Q2 and a weaker demand environment in China. 'Though we continue to feel confident about our participation in a number of exciting technology trends, the current geopolitical environment remains challenging across our business,' said Morris Young, chief executive officer. 'Further, the demand environment in China has been weaker than expected for our gallium arsenide substrate business, as well as our consolidated raw material joint ventures. That said, we saw a meaningful increase in AI-related demand for indium phosphide in China during Q2 and were also pleased that our subsidiary, Beijing Tongmei Xtal Technology Co., ('Tongmei'), received its first export control permits for indium phosphide late in the quarter. In addition, we remain highly focused on gross margin improvement and despite the revenue shortfall, we expect to deliver Q2 2025 gross margins in the high single digits.' The company will also host a conference call to discuss these results on July 31, 2025 at 1:30 p.m. PT. The conference call can be accessed at (800) 715-9871 (passcode 4378083). The call will also be simulcast at Replays will be available at (800) 770-2030 (passcode 4378083) until Aug 7, 2025. Additional investor information can be accessed at About AXT, Inc. AXT is a material science company that develops and manufactures high-performance compound and single element semiconductor substrate wafers comprising indium phosphide (InP), gallium arsenide (GaAs) and germanium (Ge). The company's substrate wafers are used when a typical silicon substrate wafer cannot meet the performance requirements of a semiconductor or optoelectronic device. AXT's worldwide headquarters are in Fremont, California and includes sales, administration and customer service functions. AXT has its Asia headquarters in Beijing, China and manufacturing facilities in three separate locations in China. In addition, as part of its supply chain strategy, the Company has partial ownership in ten companies in China producing raw materials for its manufacturing process. For more information, see AXT's website at Preliminary Results Disclosures and Forward-Looking Statements The company's actual results for the second quarter of 2025 are not yet available, have not yet been reviewed by our auditor, and may differ materially from the preliminary estimates above, which are not a comprehensive statement of the company's financial results and are not necessarily indicative of the results to be expected for fiscal 2025 or any future period. In addition, the foregoing paragraphs contain forward-looking statements within the meaning of the Federal securities laws, including, for example, statements regarding a preliminary revenue range and other financial results for the second quarter, ended June 30, 2025. Additional examples of forward-looking statements include statements regarding the market demand for our products, our product mix, our growth prospects and opportunities for continued business expansion, including technology trends, new applications and the ramping of Tier-1 customers, our market opportunity, our ability to lead our industry, our relocation, our expectations with respect to our business prospects and financial results, including our gross margin performance, and our development of larger diameter substrates that we believe will enable the next generation of technology innovation across a number of end-markets. These forward-looking statements are based upon assumptions that are subject to uncertainties and factors relating to the company's operations and business environment, which could cause actual results to differ materially from those expressed or implied in the forward-looking statements contained in the foregoing discussion. These uncertainties and factors include but are not limited to: the requests for redemptions by private equity funds in China of investments in Tongmei, the administrative challenges in satisfying the requirements of various government agencies in China in connection with the listing of shares of Tongmei on the STAR Market, continued open access to companies to list shares on the STAR Market, investor enthusiasm for new listings of shares on the STAR Market and geopolitical tensions between China and the United States. Additional uncertainties and factors include, but are not limited to: the timing and receipt of significant orders; the cancellation of orders and return of product; emerging applications using chips or devices fabricated on our substrates; end-user acceptance of products containing chips or devices fabricated on our substrates; our ability to bring new products to market; product announcements by our competitors; the ability to control costs and improve efficiency; the ability to utilize our manufacturing capacity; product yields and their impact on gross margins; the relocation of manufacturing lines and ramping of production; possible factory shutdowns as a result of air pollution in China or COVID-19; COVID-19 or other outbreaks of a contagious disease; tariffs and other trade war issues; the financial performance of our partially owned supply chain companies; policies and regulations in China; and other factors as set forth in the company's Annual Report on Form 10-K, quarterly reports on Form 10-Q and other filings made with the Securities and Exchange Commission. Each of these factors is difficult to predict and many are beyond the company's control. The company does not undertake any obligation to update any forward-looking statement, as a result of new information, future events or otherwise.
Yahoo
20-02-2025
- Business
- Yahoo
AXT, Inc. Announces Fourth Quarter and Fiscal Year 2024 Financial Results
Year on Year Revenue Increases 31 Percent FREMONT, Calif., February 20, 2025--(BUSINESS WIRE)--AXT, Inc. (NasdaqGS: AXTI), a leading manufacturer of compound semiconductor wafer substrates, today reported financial results for the fourth quarter and fiscal year ended December 31, 2024. Management Qualitative Comments "Our growth in 2024 showed a year of improvement for AXT in several key areas," said Morris Young, chief executive officer. "We delivered a 31 percent increase in revenue, a 21 percent improvement in non-GAAP gross profit, and a 40 percent improvement in non-GAAP net loss. Over the last twelve months we have aggressively advanced the technical specifications of our materials to help our global customer base solve complex, next-generation connectivity challenges. As such, 2024 marked a meaningful year of our revenue growth into the cloud and data center infrastructure market, as well as our successful penetration of the cell phone market, which is close to a $100M addressable market, and before now, largely untapped by AXT. Through our product success, world-class manufacturing, and unique supply chain, we have built a valuable company poised to address the rapidly growing market opportunities ahead of us." Fourth Quarter 2024 Results Revenue for the fourth quarter of 2024 was $25.1 million, compared with $23.6 million for the third quarter of 2024 and $20.4 million for the fourth quarter of 2023. GAAP gross margin was 17.6 percent of revenue for the fourth quarter of 2024, compared with 24.0 percent of revenue for the third quarter of 2024 and 22.6 percent for the fourth quarter of 2023. Non-GAAP gross margin, after excluding charges for stock-based compensation, was 17.9 percent of revenue for the fourth quarter of 2024, compared with 24.3 percent of revenue for the third quarter of 2024 and 23.2 percent for the fourth quarter of 2023. GAAP net loss, after minority interests, for the fourth quarter of 2024 was a net loss of $5.1 million, or $0.12 per share, compared with a net loss of $2.9 million, or $0.07 per share, for the third quarter of 2024 and a net loss of $3.6 million, or $0.09 per share, for the fourth quarter of 2023. Non-GAAP net loss for the fourth quarter of 2024 was a net loss of $4.3 million, or $0.10 per share, compared with a net loss of $2.1 million, or $0.05 per share, for the third quarter of 2024 and a net loss of $2.8 million, or $0.07 per share, for the fourth quarter of 2023. Fiscal Year 2024 Results (January 1 to December 31, 2024) Revenue for fiscal year 2024 was $99.4 million, compared with $75.8 million in fiscal year 2023. GAAP gross margin for fiscal year 2024 was 24.0 percent of revenue, compared with 17.6 percent of revenue in fiscal year 2023. Non-GAAP gross margin for fiscal year 2024 was 24.3 percent of revenue, compared with 18.1 percent of revenue in fiscal year 2023. GAAP net loss for fiscal 2024 was a net loss of $11.6 million, or $0.27 per share, compared with a net loss of $17.9 million, or $0.42 per share for fiscal 2023. Non-GAAP net loss for fiscal 2024 was a net loss of $8.5 million, or $0.20 per share, compared with net income of $14.3 million, or $0.34 per share for fiscal 2023. STAR Market Listing Update On January 10, 2022, AXT announced that Beijing Tongmei Xtal Technology Co., Ltd. ("Tongmei"), its subsidiary in Beijing, China, submitted to the Shanghai Stock Exchange (the "SSE") its application to list its shares in an initial public offering (the "IPO") on the SSE's Sci-Tech innovAtion boaRd (the "STAR Market") and the application was accepted for review. Subsequently, Tongmei responded to several rounds of questions received from the SSE. On July 12, 2022, the SSE approved the listing of Tongmei's shares in an IPO on the STAR Market. On August 1, 2022, the China Securities Regulatory Commission (the "CSRC") accepted for review Tongmei's IPO application. The STAR Market IPO remains subject to review and approval by the CSRC and other authorities. The process of going public on the STAR Market includes several periods of review and, therefore, is a lengthy process. Subject to review and approval by the CSRC and other authorities, Tongmei hopes to accomplish this goal in the coming months. AXT has posted a brief summary of the plan and the process on its website at Conference Call The company will host a conference call to discuss these results today at 1:30 p.m. PT. The conference call can be accessed at (800) 715-9871 (passcode 4378083). The call will also be simulcast at Replays will be available at (800) 770-2030 (Playback ID: 4378083 followed by # key) until March 6, 2025. Financial and statistical information to be discussed in the call will be available on the company's website immediately prior to commencement of the call. Additional investor information can be accessed at or by calling the company's Investor Relations Department at (510) 438-4700. About AXT, Inc. AXT is a material science company that develops and manufactures high-performance compound and single element semiconductor substrate wafers comprising indium phosphide (InP), gallium arsenide (GaAs) and germanium (Ge). The company's substrate wafers are used when a typical silicon substrate wafer cannot meet the performance requirements of a semiconductor or optoelectronic device. End markets include 5G infrastructure, data center connectivity (silicon photonics), passive optical networks, LED lighting, lasers, sensors, power amplifiers for wireless devices and satellite solar cells. AXT's worldwide headquarters are in Fremont, California where the company maintains sales, administration and customer service functions. AXT has its Asia headquarters in Beijing, China and manufacturing facilities in three separate locations in China. In addition, as part of its supply chain strategy, the company has partial ownership in ten companies in China producing raw materials for its manufacturing process. For more information, see AXT's website at Safe Harbor Statement The foregoing paragraphs contain forward-looking statements within the meaning of the Federal securities laws, including, for example, statements regarding the timing and completion of the proposed listing of shares of Tongmei on the STAR Market. Additional examples of forward-looking statements include statements regarding the market demand for our products, our product mix, our growth prospects and opportunities for continued business expansion, including technology trends, new applications and the ramping of Tier-1 customers, our market opportunity, our ability to lead our industry, our relocation, our expectations with respect to our business prospects and financial results, including our gross margin performance, and our development of larger diameter substrates that we believe will enable the next generation of technology innovation across a number of end-markets. These forward-looking statements are based upon assumptions that are subject to uncertainties and factors relating to the company's operations and business environment, which could cause actual results to differ materially from those expressed or implied in the forward-looking statements contained in the foregoing discussion. These uncertainties and factors include but are not limited to: the requests for redemptions by private equity funds in China of investments in Tongmei, the administrative challenges in satisfying the requirements of various government agencies in China in connection with the listing of shares of Tongmei on the STAR Market, continued open access to companies to list shares on the STAR Market, investor enthusiasm for new listings of shares on the STAR Market and geopolitical tensions between China and the United States. Additional uncertainties and factors include, but are not limited to: the timing and receipt of significant orders; the cancellation of orders and return of product; emerging applications using chips or devices fabricated on our substrates; end-user acceptance of products containing chips or devices fabricated on our substrates; our ability to bring new products to market; product announcements by our competitors; the ability to control costs and improve efficiency; the ability to utilize our manufacturing capacity; product yields and their impact on gross margins; the relocation of manufacturing lines and ramping of production; possible factory shutdowns as a result of air pollution in China or COVID-19; COVID-19 or other outbreaks of a contagious disease; tariffs and other trade war issues; the financial performance of our partially owned supply chain companies; policies and regulations in China; and other factors as set forth in the company's Annual Report on Form 10-K, quarterly reports on Form 10-Q and other filings made with the Securities and Exchange Commission. Each of these factors is difficult to predict and many are beyond the company's control. The company does not undertake any obligation to update any forward-looking statement, as a result of new information, future events or otherwise. AXT, CONSOLIDATED STATEMENTS OF OPERATIONS(Unaudited, in thousands, except per share data) Three Months Ended Year Ended December 31, December 31, 2024 2023 2024 2023 Revenue $ 25,105 $ 20,429 $ 99,361 $ 75,795 Cost of revenue 20,697 15,802 75,525 62,477 Gross profit 4,408 4,627 23,836 13,318 Operating expenses: Selling, general and administrative 6,440 5,367 24,096 22,806 Research and development 4,133 2,820 14,543 12,081 Total operating expenses 10,573 8,187 38,639 34,887 Loss from operations (6,165 ) (3,560 ) (14,803 ) (21,569 ) Interest expense, net (318 ) (384 ) (1,340 ) (1,527 ) Equity in income (loss) of unconsolidated joint ventures 944 (460 ) 3,439 1,884 Other income (expense), net (5 ) 897 2,047 2,179 Loss before provision for income taxes (5,544 ) (3,507 ) (10,657 ) (19,033 ) Provision for income taxes 113 252 1,134 160 Net loss (5,657 ) (3,759 ) (11,791 ) (19,193 ) Less: Net loss attributable to noncontrolling interests and redeemable noncontrolling interests 569 138 167 1,312 Net loss attributable to AXT, Inc. $ (5,088 ) $ (3,621 ) $ (11,624 ) $ (17,881 ) Net loss attributable to AXT, Inc. per common share: Basic $ (0.12 ) $ (0.09 ) $ (0.27 ) $ (0.42 ) Diluted $ (0.12 ) $ (0.09 ) $ (0.27 ) $ (0.42 ) Weighted-average number of common shares outstanding: Basic 43,381 42,851 43,154 42,643 Diluted 43,381 42,851 43,154 42,643 AXT, CONSOLIDATED BALANCE SHEETS(Unaudited, in thousands) December 31, December 31, 2024 2023 ASSETS Current assets: Cash and cash equivalents $ 22,833 $ 37,752 Restricted cash 10,978 12,362 Short-term investments — 2,140 Accounts receivable, net 25,640 19,256 Inventories 85,077 86,503 Prepaid expenses and other current assets 13,744 12,643 Total current assets 158,272 170,656 Property, plant and equipment, net 159,721 166,348 Operating lease right-of-use assets 2,479 2,799 Other assets 18,842 18,898 Total assets $ 339,314 $ 358,701 LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 12,356 $ 9,617 Accrued liabilities 14,556 19,019 Short-term loans 47,264 52,921 Total current liabilities 74,176 81,557 Noncurrent operating lease liabilities 1,977 2,351 Other long-term liabilities 8,253 5,647 Total liabilities 84,406 89,555 Redeemable noncontrolling interests 38,577 41,663 Stockholders' equity: Preferred stock 3,532 3,532 Common stock 45 44 Additional paid-in capital 241,514 238,452 Accumulated deficit (43,664 ) (32,040 ) Accumulated other comprehensive loss (8,657 ) (5,999 ) Total AXT, Inc. stockholders' equity 192,770 203,989 Noncontrolling interests 23,561 23,494 Total stockholders' equity 216,331 227,483 Total liabilities, redeemable noncontrolling interests and stockholders' equity $ 339,314 $ 358,701 AXT, of Statements of Operations Under GAAP and Non-GAAP(Unaudited, in thousands) Three Months Ended Year Ended December 31, December 31, 2024 2023 2024 2023 GAAP gross profit $ 4,408 $ 4,627 $ 23,836 $ 13,318 Stock-based compensation expense 76 103 322 414 Non-GAAP gross profit $ 4,484 $ 4,730 $ 24,158 $ 13,732 GAAP operating expenses $ 10,573 $ 8,187 $ 38,639 $ 34,887 Stock-based compensation expense 677 719 2,775 3,126 Non-GAAP operating expenses $ 9,896 $ 7,468 $ 35,864 $ 31,761 GAAP loss from operations $ (6,165 ) $ (3,560 ) $ (14,803 ) $ (21,569 ) Stock-based compensation expense 753 822 3,097 3,540 Non-GAAP loss from operations $ (5,412 ) $ (2,738 ) $ (11,706 ) $ (18,029 ) GAAP net loss $ (5,088 ) $ (3,621 ) $ (11,624 ) $ (17,881 ) Stock-based compensation expense 753 822 3,097 3,540 Non-GAAP net loss $ (4,335 ) $ (2,799 ) $ (8,527 ) $ (14,341 ) GAAP net loss per diluted share $ (0.12 ) $ (0.09 ) $ (0.27 ) $ (0.42 ) Stock-based compensation expense per diluted share $ 0.02 $ 0.02 $ 0.07 $ 0.08 Non-GAAP net loss per diluted share $ (0.10 ) $ (0.07 ) $ (0.20 ) $ (0.34 ) Shares used to compute diluted net income per share 43,381 42,851 43,154 42,643 View source version on Contacts Gary FischerChief Financial Officer(510) 438-4700 Leslie GreenGreen Communications Consulting, LLC(650) 312-9060 Sign in to access your portfolio
