AXT(US:AXTI)2024-10-31 20:10Revenue and Profitability - Revenue for Q3 2024 was $23.6 million, a 36% increase compared to $17.4 million in Q3 2023[3] - GAAP gross margin improved to 24.0% in Q3 2024 from 10.7% in Q3 2023[4] - GAAP gross profit for Q3 2024 was $5,682 thousand, up from $1,866 thousand in Q3 2023, representing a 204% increase[17] - Non-GAAP gross margin for Q3 2024 was 24.3%, up from 11.3% in Q3 2023[4] - Non-GAAP gross profit for Q3 2024 was $5,755 thousand, compared to $1,968 thousand in Q3 2023, indicating a 192% increase[17] Net Loss and Expenses - GAAP net loss decreased to ($2.9) million, or ($0.07) per share, compared to a net loss of ($5.8) million, or ($0.14) per share in Q3 2023[5] - Non-GAAP net loss for Q3 2024 was ($2.1) million, or ($0.05) per share, compared to ($4.9) million, or ($0.12) per share in Q3 2023[6] - Total operating expenses for Q3 2024 were $9.1 million, compared to $8.6 million in Q3 2023[14] - GAAP loss from operations for Q3 2024 was $(3,406) thousand, improved from $(6,727) thousand in Q3 2023, a 49% improvement[17] - Non-GAAP loss from operations for Q3 2024 was $(2,586) thousand, compared to $(5,836) thousand in Q3 2023, indicating a 56% improvement[17] Cash and Liabilities - Cash and cash equivalents decreased to $24.9 million from $37.8 million in the previous year[15] - Total current liabilities decreased to $78,773 thousand from $81,557 thousand year-over-year, a reduction of 3.5%[16] - Total liabilities remained relatively stable at $89,361 thousand compared to $89,555 thousand in the previous year[16] - Stockholders' equity decreased to $224,982 thousand from $227,483 thousand, a decline of 1.1%[16] Future Outlook and Developments - The company anticipates new order momentum in indium phosphide substrates for AI applications[2] - The company is optimistic about growth and expansion as signs of recovery are tangible across its product portfolio[2] - AXT's subsidiary, Tongmei, is in the process of an IPO on the STAR Market, pending regulatory approval[7] Share Information - Shares used to compute diluted net income per share increased to 43,157 thousand from 42,638 thousand year-over-year[17]