Revenue growth remains highly erratic, swinging from a 35.6% contraction in 2025Q2 to a 39.1% expansion by 2026Q1, while gross margins continue to fluctuate significantly, reaching 29.6% in the most recent quarter.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 |
|---|
| Sales/Revenue | 95.89M | 88.33M | 99.36M | 75.8M | 141.12M | 137.39M | 95.36M | 83.26M | 102.4M | 98.67M | 81.35M | 77.5M | 83.5M | 85.33M | 88.37M | 104.12M | 95.49M | 55.36M | 73.08M | 58.2M | 44.45M | 26.54M | 35.45M | 34.71M | 63.17M | 119.53M | 121.5M | 81.52M | 43.3M |
| Revenue Growth % | -0.14% | -11.11% | 31.09% | -46.29% | 2.71% | 44.08% | 14.54% | -18.69% | 3.77% | 21.3% | 4.96% | -7.18% | -2.15% | -3.44% | -15.12% | 9.04% | 72.48% | -24.24% | 25.55% | 30.96% | 67.49% | -25.15% | 2.13% | -45.05% | -47.15% | -1.62% | 49.05% | 88.27% | - |
| Cost of Goods Sold | 75.43M | 77.08M | 75.53M | 62.48M | 89M | 89.98M | 65.09M | 58.43M | 65.35M | 64.2M | 54.97M | 60.67M | 66.33M | 73.51M | 63.52M | 59.34M | 59M | 41.49M | 55.12M | 37.94M | 31.71M | 24.34M | 35.7M | 32.48M | 74.03M | 82.19M | 66.28M | 51.15M | 23.4M |
| COGS % of Revenue | - | 87.27% | 76.01% | 82.43% | 63.07% | 65.49% | 68.25% | 70.18% | 63.82% | 65.06% | 67.57% | 78.29% | 79.44% | 86.14% | 71.88% | 56.99% | 61.78% | 74.95% | 75.42% | 65.19% | 71.34% | 91.71% | 100.71% | 93.56% | 117.18% | 68.76% | 54.55% | 62.75% | 54.04% |
| Gross Profit | 20.46M | 11.24M | 23.84M | 13.32M | 52.12M | 47.41M | 30.27M | 24.82M | 37.05M | 34.48M | 26.38M | 16.83M | 17.17M | 11.83M | 24.85M | 44.78M | 36.49M | 13.87M | 17.96M | 20.26M | 12.74M | 2.2M | -251K | 2.23M | -10.86M | 37.34M | 55.22M | 30.37M | 19.9M |
| Gross Margin % | 21.34% | 12.73% | 23.99% | 17.57% | 36.93% | 34.51% | 31.75% | 29.82% | 36.18% | 34.94% | 32.43% | 21.71% | 20.56% | 13.86% | 28.12% | 43.01% | 38.22% | 25.05% | 24.58% | 34.81% | 28.66% | 8.29% | -0.71% | 6.44% | -17.18% | 31.24% | 45.45% | 37.25% | 45.96% |
| Gross Profit Growth % | - | -52.84% | 78.98% | -74.45% | 9.93% | 56.61% | 21.95% | -32.99% | 7.46% | 30.68% | 56.76% | -1.97% | 45.14% | -52.41% | -44.5% | 22.71% | 163.14% | -22.78% | -11.36% | 59.08% | 479.17% | 976.1% | -111.23% | 120.59% | -129.07% | -32.38% | 81.85% | 52.6% | - |
| Operating Expenses | 33.75M | 33.22M | 38.64M | 34.89M | 39.57M | 34.52M | 26.34M | 25.14M | 24.9M | 21.84M | 19.73M | 21.73M | 19.11M | 19.49M | 18.89M | 17.31M | 16.31M | 14.96M | 17.91M | 14.96M | 16.42M | 14.68M | 13.25M | 11.81M | 23.52M | 29.69M | 34.21M | 23.32M | 9.5M |
| OpEx % of Revenue | - | 37.61% | 38.89% | 46.03% | 28.04% | 25.12% | 27.62% | 30.19% | 24.32% | 22.13% | 24.25% | 28.04% | 22.89% | 22.84% | 21.37% | 16.62% | 17.08% | 27.02% | 24.52% | 25.71% | 36.94% | 55.31% | 37.37% | 34.03% | 37.22% | 24.84% | 28.16% | 28.6% | 21.94% |
| Selling, General & Admin | 24.8M | 24.17M | 24.1M | 22.81M | 25.65M | 24.19M | 19.2M | 19.3M | 19M | 17.01M | 13.88M | 16.06M | 14.97M | 16.07M | 15.42M | 14.84M | 13.97M | 13.39M | 15.75M | 13.75M | 12.65M | 12.96M | 11.56M | 10.47M | 18.65M | 21.49M | 18.04M | 14.02M | 5M |
| SG&A % of Revenue | - | 27.36% | 24.25% | 30.09% | 18.18% | 17.61% | 20.13% | 23.19% | 18.56% | 17.24% | 17.06% | 20.73% | 17.93% | 18.83% | 17.45% | 14.25% | 14.63% | 24.18% | 21.55% | 23.62% | 28.46% | 48.82% | 32.61% | 30.18% | 29.52% | 17.98% | 14.85% | 17.19% | 11.55% |
| Research & Development | 8.94M | 9.05M | 14.54M | 12.08M | 13.91M | 10.33M | 7.13M | 5.83M | 5.9M | 4.83M | 5.85M | 5.66M | 4.14M | 3.42M | 3.47M | 2.47M | 2.34M | 1.57M | 2.16M | 1.7M | 2.35M | 1.72M | 1.48M | 1.34M | 4.87M | 8.2M | 8.77M | 3.09M | 2.5M |
| R&D % of Revenue | - | 10.24% | 14.64% | 15.94% | 9.86% | 7.52% | 7.48% | 7.01% | 5.76% | 4.89% | 7.19% | 7.31% | 4.96% | 4.01% | 3.92% | 2.38% | 2.45% | 2.83% | 2.96% | 2.92% | 5.29% | 6.49% | 4.17% | 3.85% | 7.71% | 6.86% | 7.22% | 3.79% | 5.77% |
| Other Operating Expenses | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -481K | 1.42M | 0 | 210K | 0 | 0 | 0 | 7.4M | 6.21M | 2M |
| Operating Income | -13.29M | -21.98M | -14.8M | -21.57M | 12.55M | 12.9M | 3.94M | -314K | 12.15M | 12.64M | 6.42M | -4.9M | -2.85M | -7.66M | 5.96M | 27.47M | 20.18M | -1.6M | -38K | 5.3M | -3.68M | -13.31M | -14.81M | -9.58M | -73.46M | 7.65M | 21.01M | 7.05M | 10.4M |
| Operating Margin % | -13.85% | -24.88% | -14.9% | -28.46% | 8.9% | 9.39% | 4.13% | -0.38% | 11.86% | 12.81% | 7.9% | -6.32% | -3.42% | -8.98% | 6.75% | 26.39% | 21.14% | -2.88% | -0.05% | 9.1% | -8.28% | -50.18% | -41.77% | -27.59% | -116.28% | 6.4% | 17.29% | 8.65% | 24.02% |
| Operating Income Growth % | - | -48.46% | 31.37% | -271.81% | -2.66% | 227.34% | 1354.78% | -102.58% | -3.89% | 96.72% | 231.15% | -71.65% | 62.75% | -228.45% | -78.29% | 36.11% | 1364.66% | -4100% | -100.72% | 243.94% | 72.36% | 10.09% | -54.63% | 86.96% | -1060.49% | -63.6% | 198% | -32.21% | - |
| EBITDA | -3.97M | -12.87M | -5.82M | -12.85M | 20.67M | 19.98M | 8.27M | 5.22M | 17.02M | 17.06M | 11.29M | 595K | 2.79M | -2.19M | 9.89M | 30.88M | 23.1M | 1.46M | 2.16M | 6.72M | -1.13M | -9.38M | -9.63M | -3.29M | -63.56M | 16.51M | 28.41M | 13.27M | 12.4M |
| EBITDA Margin % | -4.14% | -14.57% | -5.86% | -16.95% | 14.65% | 14.54% | 8.68% | 6.27% | 16.62% | 17.29% | 13.88% | 0.77% | 3.34% | -2.57% | 11.19% | 29.66% | 24.19% | 2.64% | 2.95% | 11.54% | -2.55% | -35.34% | -27.17% | -9.49% | -100.61% | 13.81% | 23.38% | 16.27% | 28.64% |
| EBITDA Growth % | 68.82% | -120.95% | 54.67% | -162.14% | 3.49% | 141.45% | 58.58% | -69.34% | -0.25% | 51.12% | 1797.48% | -78.64% | 227.05% | -122.16% | -67.97% | 33.69% | 1480.03% | -32.19% | -67.91% | 692.42% | 87.91% | 2.65% | -192.53% | 94.82% | -484.99% | -41.89% | 114.18% | 6.98% | - |
| D&A (Non-Cash Add-back) | 9.32M | 9.11M | 8.98M | 8.72M | 8.12M | 7.08M | 4.33M | 5.53M | 4.87M | 4.42M | 4.87M | 5.49M | 5.64M | 5.47M | 3.93M | 3.41M | 2.92M | 3.06M | 2.19M | 1.42M | 2.55M | 3.94M | 5.18M | 6.28M | 9.9M | 8.86M | 7.4M | 6.21M | 2M |
| EBIT | -11.57M | -20.29M | -9.32M | -17.51M | 22M | 18.02M | 7.25M | -932K | 12.15M | 12.64M | 6.65M | -4.9M | -1.95M | -7.66M | 5.96M | 27.47M | 20.18M | -1.09M | 45K | 4.82M | -3.68M | -12.48M | -13.5M | -9.58M | -39.72M | 7.65M | 21.01M | 12.31M | 11.55M |
| Net Interest Income | -1.09M | -1.26M | -1.34M | -1.53M | -1.07M | -213K | -179K | 217K | 528K | 461K | 409K | 412K | 483K | 408K | 518K | 449K | 53K | 177K | 513K | 704K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 217K | 528K | 461K | 409K | 412K | 483K | 408K | 518K | 449K | 53K | 0 | 0 | 704K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 1.09M | 1.26M | 1.34M | 1.53M | 1.07M | 213K | 179K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 177K | 513K | 0 | 0 | 0 | 290K | 466K | 1.33M | 2.08M | 0 | 0 | 0 |
| Other Income/Expense | 629K | 432K | 4.15M | 2.54M | 8.37M | 4.71M | 3.13M | -712K | -200K | -1.79M | -726K | 2.9M | 2.37M | 1.04M | 1.04M | 1.15M | 2.52M | 562K | 372K | 720K | 3.15M | -394K | 356K | -1.52M | -14.03M | -15.45M | 18.41M | -3.59M | 988K |
| Pretax Income | -12.66M | -21.54M | -10.66M | -19.03M | 20.93M | 17.6M | 7.07M | -1.03M | 11.95M | 10.85M | 5.7M | -2M | -482K | -6.63M | 7M | 28.62M | 22.7M | -1.03M | 334K | 6.02M | -528K | -13.79M | -14.45M | -11.09M | -87.49M | -7.81M | 39.42M | 2.82M | 10.2M |
| Pretax Margin % | -13.2% | -24.39% | -10.73% | -25.11% | 14.83% | 12.81% | 7.42% | -1.23% | 11.67% | 11% | 7.01% | -2.58% | -0.58% | -7.76% | 7.92% | 27.49% | 23.77% | -1.87% | 0.46% | 10.34% | -1.19% | -51.97% | -40.77% | -31.96% | -138.49% | -6.53% | 32.44% | 3.46% | 23.56% |
| Income Tax | 2.01M | 1.66M | 1.13M | 160K | 2.19M | 1.09M | 2.03M | 562K | 938K | 792K | 733K | 531K | 215K | 188K | 853K | 2.79M | 2.32M | 471K | 1.02M | 728K | -1.45M | -950K | 71K | 0 | -6.31M | -2.81M | 14.98M | 2.14M | 3.9M |
| Effective Tax Rate % | -15.91% | -7.7% | -10.64% | -0.84% | 10.44% | 6.21% | 28.72% | -54.78% | 7.85% | 7.3% | 12.86% | -26.52% | -44.61% | -2.84% | 12.18% | 9.77% | 10.23% | -45.55% | 306.29% | 12.1% | 275.38% | 6.89% | -0.49% | 0% | 7.21% | 36% | 38% | 75.88% | 38.24% |
| Net Income | -14.08M | -21.26M | -11.62M | -17.88M | 15.81M | 14.57M | 3.24M | -2.6M | 9.65M | 10.15M | 5.64M | -2.23M | -1.39M | -7.96M | 3.11M | 20.32M | 18.65M | -1.9M | -689K | 5.29M | 944K | -12.21M | -13.63M | -26.73M | -81.18M | -5M | 21.61M | 172K | 6.3M |
| Net Margin % | -14.69% | -24.07% | -11.7% | -23.59% | 11.2% | 10.61% | 3.4% | -3.12% | 9.43% | 10.28% | 6.93% | -2.87% | -1.66% | -9.33% | 3.52% | 19.52% | 19.53% | -3.43% | -0.94% | 9.09% | 2.12% | -46.03% | -38.45% | -77.01% | -128.5% | -4.18% | 17.79% | 0.21% | 14.55% |
| Net Income Growth % | 23.21% | -82.9% | 34.99% | -213.09% | 8.48% | 350.12% | 224.54% | -126.93% | -4.87% | 80.06% | 352.96% | -60.52% | 82.56% | -355.88% | -84.69% | 8.94% | 1082.77% | -175.47% | -113.03% | 460.28% | 107.73% | 10.4% | 49% | 67.07% | -1524.92% | -123.12% | 12463.95% | -97.27% | - |
| Net Income (Continuing) | -14.67M | -23.2M | -11.79M | -19.19M | 18.74M | 16.51M | 5.04M | -1.59M | 11.01M | 10.06M | 4.97M | -2.53M | -697K | -6.81M | 6.15M | 25.82M | 20.38M | -1.5M | 742K | 7.19M | 926K | -12.76M | -14.52M | -11.09M | -54.98M | -5M | 24.44M | 4.34M | 6.72M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 18K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 62.09M | 61.34M | 62.14M | 65.16M | 68.14M | 68.7M | 62.91M | 4.88M | 3.7M | 4.5M | 4.38M | 5.59M | 6.42M | 5.88M | 7.3M | 8.27M | 4.04M | 2.65M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.26 | -0.49 | -0.27 | -0.42 | 0.37 | 0.34 | 0.07 | -0.04 | 0.24 | 0.26 | 0.17 | -0.07 | -0.04 | -0.24 | 0.09 | 0.61 | 0.57 | -0.06 | -0.02 | 0.16 | 0.03 | -0.53 | -0.59 | -1.17 | -3.62 | -0.22 | 1.03 | 0.01 | 0.26 |
| EPS Growth % | 25.86% | -81.48% | 35.71% | -213.51% | 8.82% | 355.76% | 285.57% | -116.75% | -7.69% | 52.94% | 345.66% | -61.68% | 82.17% | -366.67% | -85.25% | 7.02% | 1016.4% | -174.01% | -114.19% | 433.33% | 105.66% | 10.17% | 49.57% | 67.68% | -1545.45% | -121.36% | 10200% | -96.15% | - |
| EPS (Basic) | - | -0.49 | -0.27 | -0.42 | 0.37 | 0.35 | 0.08 | -0.04 | 0.25 | 0.27 | 0.17 | -0.07 | -0.04 | -0.24 | 0.09 | 0.63 | 0.60 | -0.06 | -0.02 | 0.17 | 0.03 | -0.53 | -0.59 | -1.17 | -3.62 | -0.22 | 1.10 | 0.01 | 0.27 |
| Diluted Shares Outstanding | 53.32M | 43.93M | 43.15M | 42.64M | 42.72M | 42.72M | 41.02M | 39.49M | 40.27M | 38.97M | 32.89M | 32.18M | 32.45M | 32.7M | 32.87M | 33.06M | 32.51M | 30.5M | 30.4M | 31.35M | 24.6M | 23.05M | 23.06M | 22.78M | 22.43M | 22.93M | 21.06M | 19.77M | 16.32M |
| Basic Shares Outstanding | 53.32M | 43.93M | 43.15M | 42.64M | 42.1M | 41.37M | 40.15M | 39.49M | 39.05M | 37.44M | 32.14M | 32.18M | 31.3M | 32.54M | 32.14M | 31.87M | 31.01M | 30.5M | 30.4M | 30.04M | 23.3M | 23.05M | 23.06M | 22.78M | 22.43M | 22.28M | 19.68M | 18.66M | 16.08M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | 4.58% | - | - | - | - | - | 8.05% | 2.83% | - | - | - | - | - | - | - | - | - | - | - | - |
Geopolitical supply chain volatility
According to recent quarterly filings, AXTI's revenue growth has exhibited extreme volatility, swinging from a 35.6% contraction in 2025Q2 to a 39.1% expansion by 2026Q1, reflecting the company's high sensitivity to inventory cycles within the optical communications and semiconductor substrate end-markets.
The erratic top-line performance suggests that AXTI remains highly susceptible to the bullwhip effect common in specialized substrate manufacturing. Investors should monitor whether the recent growth acceleration is a sustainable trend driven by AI-related InP demand or merely a temporary rebound from previous inventory destocking.
As reported in financial statements, AXTI's gross margin profile remains highly unstable, fluctuating from a negative 6.4% in 2025Q1 to a recent peak of 29.6% in 2026Q1, underscoring the significant impact of capacity utilization on the company's high fixed-cost manufacturing base.
The wide variance in gross margins indicates that the company lacks the pricing power to fully offset fluctuations in raw material costs and production inefficiencies. Until the company achieves consistent scale in 6-inch InP wafer production, margins will likely remain vulnerable to cyclical downturns.
Based on the provided income statement data, AXTI has struggled to achieve positive operating leverage, as SG&A expenses consistently consume a significant portion of gross profit, contributing to persistent operating losses that reached a trough of -53.1% operating margin in 2025Q1.
The inability to scale operating income faster than gross profit suggests that the company's overhead structure is currently misaligned with its revenue generation capacity. This persistent operating loss warrants further investigation into whether management can optimize its cost base without compromising long-term R&D competitiveness.
Data from recent filings indicates that AXTI continues to report net losses, with stock-based compensation of $1.0M in 2026Q1 adding to the dilution of shareholders while the company fails to generate consistent bottom-line profitability across the observed ten-quarter period.
The reliance on stock-based compensation during periods of negative net income suggests a misalignment between executive incentives and shareholder value creation. Investors should scrutinize the quality of these earnings, as the lack of operational profitability makes the company's valuation highly dependent on speculative future growth.
Quick answers to the most common questions about buying AXTI stock.
For fiscal year 2025, AXT, Inc. (AXTI) reported total revenue of $88.3M. This represents a 104.0% increase compared to $43.3M in 1998.
AXT, Inc. (AXTI) reported a net loss of $21.3M for the fiscal year ending 2025.
AXT, Inc. (AXTI) reported an operating income of $-22.0M, resulting in an operating profit margin of -24.9%. This margin reflects the operational efficiency of the business before interest and taxes.
AXT, Inc. (AXTI) generated $11.2M in gross profit for the year, representing a gross profit margin of 12.7%. This demonstrates the company's core pricing power and production efficiency.