UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended September 30, 2025 Or ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from to Commission File Number 000-24085 AXT, INC. (Exact name of registrant as specified in its charter) DELAWARE 94-3031310 (State or other jurisdiction of I ...

AXT Inc. (AXTI) has strong technical momentum and is trading at a new three-year high. Shares are up 428% over the past 52 weeks and 125% in just the last month. The stock maintains a 100% “Buy” opinion from Barchart. Despite bullish analyst sentiment and strong technicals, this stock is volatile. Today’s Featured Stock Valued at $506 million, AXT Inc. (AXTI) designs, develops, manufactures, and distributes high-performance compound semiconductor substrates, as well as opto-electronic semiconduc ...

How MAG7 CAPEX Will Lift a Constellation of Small Strategic TechsStartup Sapience15 min read·Just nowJust now--Press enter or click to view image in full sizeEvent HorizonThe MAG7 (the handful of mega-tech firms driving the current wave of AI, cloud, and infrastructure investment) have moved from being mere software platforms to becoming enormous industrial actors. Their capital expenditures (CAPEX) for AI compute, data centers, optical and networking upgrades, and supply-chain resilience have ballooned to ...

Gary L. Fischer, CFO of AXT Inc. (NASDAQ:AXTI), sold 22,675 shares at $8.87 each, retaining 463,294 shares.AXT Inc. received a Zacks Rank #2 (Buy), indicating positive earnings prospects and potential stock upward movement.The company's stock, with a Momentum Style Score of A, is considered a top pick for momentum investors despite a recent price decrease.On November 6, 2025, Gary L. Fischer, the Chief Financial Officer of AXT Inc. (NASDAQ:AXTI), sold 22,675 shares of the company's common stock at approxima ...

As of Nov. 5, 2025, two stocks in the information technology sector could be flashing a real warning to investors who value momentum as a key criteria in their trading decisions.The RSI is a momentum indicator, which compares a stock’s strength on days when prices go up to its strength on days when prices go down. When compared to a stock’s price action, it can give traders a better sense of how a stock may perform in the short term. An asset is typically considered overbought when the RSI is above 70, acco ...

Core Insights - Two stocks in the information technology sector are signaling potential warnings for momentum-focused investors as of November 5, 2025 [1] Company Summaries - **Canadian Solar Inc (NASDAQ:CSIQ)**: - Analyst Johnson Wan from Jefferies downgraded the stock from Buy to Hold while raising the price target from $13.7 to $19.64 - The stock has increased approximately 46% over the past month, reaching a 52-week high of $24.70 - The RSI value is at 79.3, indicating overbought conditions - On November 3, shares fell by 3.4% to close at $21.99 - The momentum score is 93.17 [7] - **AXT Inc (NASDAQ:AXTI)**: - Reported better-than-expected third-quarter financial results, with a significant increase in indium phosphide demand from data center applications - Indium phosphide revenues grew over 250% sequentially, reaching a three-year high - The stock has gained around 58% over the past month, with a 52-week high of $9.84 - The RSI value is at 81.3, also indicating overbought conditions - Shares rose by 1% to close at $8.54 on November 3 [7]

Core Viewpoint - AXT (AXTI) has been upgraded to a Zacks Rank 2 (Buy), indicating a positive outlook on its earnings estimates, which is a significant factor influencing stock prices [1][2]. Earnings Estimates and Stock Price Impact - The Zacks rating system emphasizes the importance of earnings estimate revisions, which are strongly correlated with near-term stock price movements [3][5]. - Institutional investors often rely on earnings estimates to determine the fair value of stocks, leading to significant price movements based on their buying or selling actions [3]. AXT's Earnings Outlook - The upgrade for AXT reflects an improvement in the company's underlying business, supported by rising earnings estimates, which should positively influence its stock price [4]. - For the fiscal year ending December 2025, AXT is expected to earn -$0.53 per share, unchanged from the previous year, but the Zacks Consensus Estimate has increased by 3.2% over the past three months [7]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with a strong historical performance, particularly for Zacks Rank 1 stocks, which have generated an average annual return of +25% since 1988 [6]. - AXT's upgrade to Zacks Rank 2 places it in the top 20% of Zacks-covered stocks, indicating a strong potential for market-beating returns in the near term [9].

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分组1 - AXT reported a quarterly loss of $0.03 per share, better than the Zacks Consensus Estimate of a loss of $0.11, representing an earnings surprise of +72.73% [1] - The company posted revenues of $27.96 million for the quarter ended September 2025, exceeding the Zacks Consensus Estimate by 35.24%, compared to $23.65 million in the same quarter last year [2] - AXT has surpassed consensus revenue estimates four times over the last four quarters [2] 分组2 - AXT shares have increased approximately 225.8% since the beginning of the year, significantly outperforming the S&P 500's gain of 17.2% [3] - The current consensus EPS estimate for the upcoming quarter is -$0.09 on revenues of $22.93 million, and for the current fiscal year, it is -$0.55 on revenues of $80.18 million [7] - The Electronics - Semiconductors industry, to which AXT belongs, is currently ranked in the top 30% of over 250 Zacks industries, indicating a favorable outlook [8]

Financial Data and Key Metrics Changes - Revenue for Q3 2025 was $28.0 million, up from $18.0 million in Q2 2025 and $23.6 million in Q3 2024, representing a 56% sequential growth and 18% year-over-year growth [5][12] - Non-GAAP gross margin improved to 22.4% in Q3 2025, compared to 8.2% in Q2 2025 and 24.3% in Q3 2024 [6][9] - Non-GAAP operating loss improved to $0.384 million in Q3 2025 from $6.1 million in Q2 2025 and $2.6 million in Q3 2024 [8][9] - Non-GAAP net loss was $1.2 million, or $0.03 per share, compared to a loss of $6.4 million, or $0.15 per share, in Q2 2025 [9][10] Business Line Data and Key Metrics Changes - Indium Phosphide revenue reached $13.1 million, primarily driven by data center and passive optical network applications [5][12] - Gallium Arsenide revenue was $7.5 million, while Germanium substrates generated $0.64 million [5] - Revenue from consolidated raw material joint ventures was $6.7 million, consistent with the prior quarter [5][18] Market Data and Key Metrics Changes - Revenue from Asia-Pacific accounted for 87%, Europe for 12%, and North America for 1% in Q3 2025 [5] - Indium Phosphide order backlog exceeded $49 million, indicating strong demand from data center applications globally [12][20] Company Strategy and Development Direction - The company is focused on increasing manufacturing capacity and efficiency to meet growing demand, particularly for Indium Phosphide substrates [16][19] - Plans to list subsidiary Tongmei on the STAR Market in Shanghai are ongoing, with the IPO application kept current despite a selective listing environment [10] - The company aims to drive gross margin improvement and operational efficiency while managing export permit processes effectively [19][24] Management's Comments on Operating Environment and Future Outlook - Management noted a strong uptick in Indium Phosphide demand due to AI infrastructure buildout and data center expansions [12][16] - The geopolitical environment is dynamic, affecting export permit processes, which remain a significant gating factor for growth [20][21] - The company expects revenue in Q4 2025 to be in the range of $27 to $30 million, contingent on the timing of export permits [22][24] Other Important Information - Cash and cash equivalents decreased by $3.9 million to $31.2 million as of September 30, 2025, with accounts receivable increasing by $11 million [9][10] - The company is actively engaging with new Tier 1 customers to qualify materials into their supply chains [14][16] Q&A Session Summary Question: Customer behavior regarding longer-term orders and permits - Management explained that the $49 million backlog includes orders from customers with existing permits and those still in the permit phase, indicating confidence in future permit approvals [27][28] Question: Profitability and cost structure changes - Management acknowledged that improving gross margins is essential, focusing on product mix and manufacturing efficiencies to return to previous profitability levels [37][39] Question: Indium Phosphide demand from domestic vs. overseas customers - Approximately 40% of Indium Phosphide business is from domestic Chinese customers, with significant demand driven by AI data center growth in the U.S. [40][42] Question: Capacity and backlog dynamics - The backlog has more than doubled compared to the previous quarter, with customers placing orders for immediate shipment upon receiving permits [46][47] Question: Competitor capacity increases and shipping capabilities - Management reiterated that the ability to ship is contingent on obtaining export permits, which currently take about 60 business days to process [87][88]