AXT (AXTI -9.38%), a specialty materials producer known for high-performance semiconductor substrates, reported second-quarter 2025 earnings on July 31, 2025. The headline news from the release was a sharper-than-expected revenue decline, as GAAP revenue was $18.0 million, missing the analysts' estimate of $19.78 million by $1.78 million, or 9.0%, with non-GAAP earnings falling short of market estimates amid ongoing pressure from regulatory delays and a slow demand environment in China. GAAP revenue was $18 ...