AXT Inc. (AXTI) Hits New 24-Year High Ahead of Business Updates

Core Viewpoint - AXT Inc. (NASDAQ:AXTI) has experienced significant stock price appreciation, reaching a 24-year high, driven by investor interest ahead of upcoming business updates and strong demand in the semiconductor market [1][3]. Company Performance - AXT Inc. reported a narrowing of its attributable net loss by 35% in Q3, reducing the loss to $1.9 million from $2.9 million year-on-year [3]. - Revenues increased by 18.2% year-on-year, reaching $27.9 million, up from $23.6 million, primarily due to heightened demand for indium phosphide in data center applications [4]. - Indium phosphide revenues surged over 250% on a quarter-on-quarter basis, marking a three-year high [4]. Market Outlook - The CEO of AXT Inc., Morris Young, expressed optimism about the company's growth potential, citing strong market trends that could lead to meaningful growth and a return to profitability by 2026 [5]. - AXT Inc. is set to participate in the Northland Securities Growth Conference on December 16, where investors will seek updates on the company's business and growth outlook [2].