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AXT(AXTI) - 2023 Q4 - Annual Results
AXTAXT(US:AXTI)2024-02-21 16:00

Revenue Performance - Revenue for Q4 2023 was $20.4 million, a sequential increase of 18% from $17.4 million in Q3 2023, but down from $26.8 million in Q4 2022[5] - Fiscal year 2023 revenue was $75.8 million, significantly down from $141.1 million in fiscal year 2022[8] - Revenue for Q4 2023 was $20,429 million, a decrease of 23.6% from $26,795 million in Q4 2022[20] Profitability Metrics - GAAP gross margin for Q4 2023 was 22.6%, up from 10.7% in Q3 2023, but down from 32.1% in Q4 2022[5] - Non-GAAP gross margin for fiscal year 2023 was 18.1%, down from 37.2% in fiscal year 2022[8] - Gross profit for Q4 2023 was $4,627 million, down 46.1% from $8,596 million in Q4 2022[20] - GAAP net loss for fiscal year 2023 was ($17.9) million, or ($0.42) per share, compared to net income of $15.8 million, or $0.37 per share in fiscal year 2022[9] - Non-GAAP net loss for Q4 2023 was ($2.8) million, or ($0.07) per share, compared to a net loss of ($4.9) million, or ($0.12) per share in Q3 2023[7] - Net loss attributable to AXT, Inc. for Q4 2023 was $3,621 million, compared to a net income of $1,341 million in Q4 2022[20] - Basic net income (loss) per share for Q4 2023 was $(0.09), compared to $0.03 in Q4 2022[20] Operating Performance - GAAP operating loss for Q4 2023 was ($3.6) million, an improvement from a loss of ($6.7) million in Q3 2023[6] - Total operating expenses for Q4 2023 were $8,187 million, a reduction of 14.5% from $9,597 million in Q4 2022[20] Cash and Assets - Cash and cash equivalents increased to $37,752 million in Q4 2023 from $34,948 million in Q4 2022[22] - Total assets decreased to $358,701 million in Q4 2023 from $370,072 million in Q4 2022[22] - Total liabilities increased to $89,555 million in Q4 2023 from $80,326 million in Q4 2022[22] Market Trends and Outlook - Management noted increased orders for indium phosphide driven by demand in AI and fiber optic applications[4] - The gallium arsenide market has largely worked through excess inventory, reflecting improved demand[4] - AXT is optimistic about 2024, citing trends in revenue and customer expansion, particularly in AI applications[4] Shareholder Information - Weighted-average number of common shares outstanding for Q4 2023 was 42,851 million, compared to 42,705 million in Q4 2022[25] - Non-GAAP net loss for Q4 2023 was $2,799 million, compared to a non-GAAP net income of $2,086 million in Q4 2022[25]