Financial Performance - Total revenue increased by $23.6 million, or 31.1%, in 2024 to $99.4 million from $75.8 million in 2023, driven by higher demand for InP and GaAs wafer substrates [288]. - Gross profit increased by $10.5 million in 2024, resulting in a gross margin of 24.0% compared to 17.6% in 2023 [297]. - Revenue from customers in China increased by 41.1% in 2024, primarily due to higher demand for GaAs, InP, and Ge wafer substrates [293]. - Revenue from customers in Taiwan surged by 63.0% in 2024, primarily due to increased demand for GaAs and InP wafer substrates [293]. - Revenue from North America increased by 14.9% in 2024, primarily due to higher demand for InP wafer substrates [293]. Expenses and Costs - Research and development expenses rose by $2.5 million, or 20.4%, to $14.5 million in 2024, mainly due to higher development costs for GaAs and InP wafer substrates [301]. - Selling, general and administrative expenses increased by $1.3 million, or 5.7%, to $24.1 million in 2024, attributed to higher legal and professional service expenses [299]. - Interest expense, net decreased by $187,000, or 12.2%, to $1.34 million in 2024 compared to $1.53 million in 2023, while it increased by $456,000, or 42.6%, from $1.07 million in 2022 [303]. Assets and Liabilities - The company recorded accounts receivable net balance of $25.6 million as of December 31, 2024, compared to $19.3 million in 2023, reflecting an increase of approximately 32.1% [266]. - The allowance for credit losses decreased by $432,000 during 2024, while it increased by $272,000 in 2023, indicating a shift in credit risk assessment [266]. - As of December 31, 2024, the company had an inventory reserve of $24.1 million for excess and obsolete inventory, up from $21.9 million in 2023, representing a 10.1% increase [268]. - The accrued product warranties decreased to $451,000 in 2024 from $703,000 in 2023, a reduction of approximately 35.8% due to fewer quality claims [267]. - The company has no impairment of long-lived assets as of December 31, 2024, and 2023, indicating stable asset valuations [276]. Tax and Deferred Assets - The company’s deferred tax assets have been reduced to zero by a valuation allowance, reflecting uncertainties in realizing these assets [281]. - The company recorded a valuation allowance against net deferred tax assets of $20.7 million and $17.5 million for the years 2024 and 2023, respectively [309]. - Provision for income taxes increased by $974,000, or 608.8%, to $1.1 million in 2024 from $0.2 million in 2023, while it decreased by $2.0 million, or 92.7%, from $2.2 million in 2022 [308]. Cash Flow and Financing - Net cash used in operating activities was $12.1 million in 2024, primarily due to a net loss of $11.8 million and a net change in operating assets and liabilities of $11.7 million [315]. - Total cash, restricted cash, and cash equivalents decreased by $16.3 million in 2024, ending the year at $33.8 million [313]. - Net cash used in investing activities was $4.4 million in 2024, primarily for property, plant, and equipment [318]. - The company has no current intentions to distribute earnings to investors under its corporate structure, maintaining cash management policies for funding between subsidiaries [330]. - The company reported net cash provided by financing activities of $38.0 million for 2022, with $53.1 million from short-term loans in China and $2.2 million from capital increases in subsidiary shares [323]. Investments and Equity - The company sold approximately 7.28% of Tongmei to private equity investors for about $49 million as part of its IPO process on the STAR Market [331]. - The IPO application for Tongmei was accepted for review by the Shanghai Stock Exchange on January 10, 2022, and approved on July 12, 2022 [332]. - Dividends received from PRC subsidiaries were approximately $2.4 million, $4.3 million, and $2.9 million for the years ended December 31, 2024, 2023, and 2022, respectively [329]. - Minority investments under the fair value method totaled $0.6 million as of December 31, 2024, unchanged from 2023, while investments under the equity method increased from $12.5 million in 2023 to $14.1 million in 2024 [354]. Regulatory and Economic Environment - The company faced significant economic challenges due to escalating trade tensions, with U.S. tariffs on imports from China increasing to 70% [286]. - The company anticipates potential delays in export permit processing for indium phosphide substrates due to new regulations, impacting future operations [286]. - Approximately 92% of the company's revenue in 2024 came from customers located outside of North America [292]. Miscellaneous - The company has no off-balance sheet financing arrangements or special purpose entities established [341]. - The company has committed to a total investment of approximately $90 million in Dingxing, China, including cash for land and buildings, equipment, and local employment [344]. - The company has instituted a foreign currency hedging program to mitigate foreign exchange exposure related to Japanese yen, which may also be applied to the Chinese renminbi in the future [351]. - A registration statement was filed with the SEC to offer up to $60 million in various securities for working capital and potential acquisitions [335].

AXT, Inc. (NASDAQ: AXTI ) reported Q4 2024 financial results last Friday. Revenues were up 23% YoY due to high demand for the company’s indium phosphide wafers. AI computing and data center growth are contributing to this higher demand. The companyWelcome to the home of The Cannabis Report: a monthly report on the cannabis industry. I am an analyst and consultant in the cannabis industry. I have contributed to High Times Magazine. I currently have a book out, Cannabis in the Ancient Greek and Roman World. I ...

AXT, Inc. (NASDAQ:AXTI) Q4 2024 Earnings Conference Call February 20, 2025 4:30 PM ET Company Participants Leslie Green - IR Morris Young - CEO Gary Fischer - CFO Tim Bettles - VP, Business Development Conference Call Participants Richard Shannon - Craig-Hallum Charles Shi - Needham Tim Savageaux - Northland Capital Markets Dave Kang - B. Riley Operator Good afternoon, everyone, and welcome to AXT's Fourth Quarter 2024 Financial Conference Call. Leading the call today is Dr. . Morris Young, Chief Executive ...

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 ...

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, 2024 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. (NASDAQ:AXTI) Q3 2024 Earnings Call Transcript October 31, 2024 4:30 PM ET Company Participants Leslie Green - Investor Relations, Green Communications Consulting, LLC Morris Young - Chief Executive Officer Gary Fischer - Chief Financial Officer Tim Bettles - Vice President of Business Development Conference Call Participants Richard Shannon - Craig Hallum Operator Good afternoon, everyone. And welcome to AXT's Third Quarter 2024 Financial Conference Call. Leading the call today from China is Dr. ...

AXT (AXTI) came out with a quarterly loss of $0.05 per share versus the Zacks Consensus Estimate of a loss of $0.06. This compares to loss of $0.12 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 16.67%. A quarter ago, it was expected that this semiconductor materials supplier would post a loss of $0.05 per share when it actually produced a loss of $0.02, delivering a surprise of 60%.Over the last four quarters, the company ha ...

Y Exhibit 99.1 AXT, Inc. Third Quarter 2024 Results October 31, 2024 Page 1 of 7 AXT, Inc. Announces Third Quarter 2024 Financial Results FREMONT, Calif., October 31, 2024 – AXT, Inc. (NasdaqGS: AXTI), a leading manufacturer of compound semiconductor wafer substrates, today reported financial results for the third quarter, ended September 30, 2024. Management Qualitative Comments "Q3 came in largely in line with our expectations, coming off a strong quarter in Q2," said Morris Young, chief executive officer ...

AXT, Inc. (NASDAQ: AXTI ), a supplier of single element and compound wafer substrates and materials to the semiconductor industry, has been up and down all year. AXTI has rebounded in recent weeks, and it is up by a modest amount in Welcome to my author's site. As an avid follower of SeekingAlpha, I take great interest in articles posted as the subject matter is often something that appeals to me. However, I will sometimes encounter an article that I might not agree with. My purpose is to present an alterna ...

NEW YORK, Aug. 26, 2024 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against AXT, Inc. (NASDAQ: AXTI) on behalf of long-term stockholders following a class action complaint that was filed against AXT on May 6, 2024 with a Class Period from March 24, 2021 to April 3, 2024. Our investigation concerns whether the board of directors of AXT have breached their fiduciary duties to the company. According to the lawsuit, defe ...