AXT披露2026年二季度财报，InP收入创新高且盈利大幅转正

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
8-K
CURRENT REPORT
Pursuant to Section
13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
July 30, 2026
AXT, INC.
(Exact name of registrant as specified in its charter)
Delaware
000-24085
94-3031310
(State or other jurisdiction of incorporation)
(Commission File Number)
(IRS Employer Identification No.)
4281 Technology Drive
Fremont
,
California
94538
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (
510
)
438-4700
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8‑K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a‑12 under the Exchange Act (17 CFR 240.14a‑12)
☐
Pre-commencement communications pursuant to Rule 14d‑2(b) under the Exchange Act (17 CFR 240.14d‑2(b))
☐
Pre-commencement communications pursuant to Rule 13e‑4(c) under the Exchange Act (17 CFR 240.13e‑4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Securities registered pursuant to Section 12(b) of the Act:
Title
of
each
class:
Trading
Symbol
Name
of
each
exchange
on
which
registered:
Common Stock
, $0.001 par value
AXTI
The
NASDAQ
Stock Market LLC
Item
2.02
Results of Operations and Financial Condition
On July 30, 2026, AXT, Inc. issued a press release announcing its financial results for the quarter ended June 30, 2026. A copy of the Company’s press release, announcing the results, is attached hereto as Exhibit 99.1 and incorporated herein by reference.
The information in Exhibit 99.1 hereto discussing the Company’s results of operations and financial condition for the quarter ended June 30, 2026, is being “furnished” in accordance with General Instruction B.2 of Form 8‑K and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. The information contained herein and in the accompanying exhibit shall not be incorporated by reference into any filing of the Registrant, whether made before or after the date hereof, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference to such filing.
Item
9.01
Financial Statements and Exhibits
(d)
Exhibits
99.1
Press release dated July 30, 2026, regarding the financial results of AXT, Inc. for the quarter ended June 30, 2026.
EXHIBIT
INDEX
Exhibit
Number
Description
99.1
Press release dated July 30, 2026, regarding the financial results of AXT, Inc. for the quarter ended June 30, 2026.
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
AXT,
INC.
Date: July 30, 2026
By:
/s/ Gary L. Fischer
Gary L. Fischer
Chief Financial Officer and Corporate Secretary

----- EXHIBIT -----

EX-99.1
2
ex_974537.htm
EXHIBIT 99.1
ex_974537.htm
Exhibit 99.1
AXT, Inc.
Second
Quarter
2026
Results
July 30, 2026
Page 1 of 6
AXT, Inc. Announces
Second
Quarter
2026
Financial Results
FREMONT, Calif., July 30, 2026 – AXT, Inc. (NasdaqGS: AXTI), a leading manufacturer of compound semiconductor wafer substrates, today reported financial results for the
second
quarter, ended
June 30, 2026
.
Management Qualitative Comments
“This is an incredibly exciting time for AXT,” said Morris Young, chief executive officer. “We have reached an inflection point in our business where strong customer demand for data center optical connectivity coupled with our continued success in adding manufacturing capacity and improving productivity are driving a step-function increase in our revenue. In Q2, we recorded our highest quarterly indium phosphide revenue to date. We are working closely with our direct customers as well as major end customers to understand their expected demand and roadmaps. We believe AXT is entering one of the most consequential chapters in our company’s history. The investments we are making today—in capacity, in technology, and in our uniquely integrated supply chain—position us to meet the extraordinary demand we see building across the optical and AI infrastructure markets.”
Second
Quarter
2026
Results
In order to provide better clarity on its operational and financial results, AXT reports its financial results on both a GAAP and non-GAAP basis. Non-GAAP results exclude stock-based compensation expense. Investors can find GAAP to non-GAAP reconciliation tables in the financial statements in this earnings release.
●
Revenue for the second quarter of 2026 was $47.6 million, compared with $26.9 million for the first quarter of 2026 and $18.0 million for the second quarter of 2025.
●
GAAP gross margin was 44.9 percent of revenue for the second quarter of 2026, compared with 29.6 percent of revenue for the first quarter of 2026 and 8.0 percent for the second quarter of 2025.
●
Non-GAAP gross margin, after excluding charges for stock-based compensation, was 45.0 percent of revenue for the second quarter of 2026, compared with 29.9 percent of revenue for the first quarter of 2026 and 8.2 percent for the second quarter of 2025.
●
GAAP net income, after minority interests, for the second quarter of 2026 was a net income of $11.1 million, or $0.17 diluted income per share, compared with a net loss of $1.6 million, or $0.03 per share, for the first quarter of 2026 and a net loss of $7.0 million, or $0.16 per share, for the second quarter of 2025.
●
Non-GAAP net income for the second quarter of 2026 was a net income of $11.9 million, or $0.19 per share, compared with a net loss of $0.6 million, or $0.01 per share, for the first quarter of 2026 and a net loss of $6.4 million, or $0.15 per share, for the second quarter of 2025.
AXT, Inc.
Second
Quarter
2026
Results
July 30, 2026
Page 2 of 6
Conference Call
The company will host a conference call to discuss these results today at 1:30 p.m. PT. The conference call can be accessed at (833) 461-5787 (passcode 630205921). The call will also be simulcast at www.axt.com. The webcast will be available at http://www.axt.com until July 30, 2027. Additional investor information can be accessed at http://www.axt.com.
About AXT, Inc.
AXT is a material science company that develops and manufactures high-performance compound and single element semiconductor wafer substrates comprising indium phosphide (InP), gallium arsenide (GaAs) and germanium (Ge). The company’s wafer substrates are used when a typical silicon wafer substrate cannot meet the performance requirements of a semiconductor or optoelectronic device. End markets include 5G infrastructure, data center connectivity (silicon photonics), passive optical networks, LED lighting, lasers, sensors, power amplifiers for wireless devices and satellite solar cells. AXT’s worldwide headquarters are in Fremont, California where the company maintains sales, administration and customer service functions. AXT has its Asia headquarters in Beijing, China and manufacturing facilities in three separate locations in China. In addition, as part of its supply chain strategy, the company has partial ownership in more than ten companies in China producing raw materials and consumables for its manufacturing process. For more information, see AXT’s website at http://www.axt.com.
Note Regarding Use of Non-GAAP Financial Measures
As discussed above, the company provides certain non-GAAP financial measures that exclude stock-based compensation in addition to, and not as a substitute for, or because it believes that such information is superior to, financial measures calculated in accordance with GAAP. The company believes that non-GAAP financial measures, when taken collectively, may be helpful to investors because they provide consistency and comparability with past financial performance and provide better comparability with our peer companies, many of which also use similar non-GAAP financial measures. Further, the company believes that these non-GAAP financial measures offer an important analytical tool to help investors understand the company’s core operating results and trends. In addition, management uses non-GAAP financial measures to compare the company’s performance relative to forecasts and strategic plans and to benchmark its performance externally against peer companies. However, non-GAAP financial information is presented for supplemental informational purposes only, has limitations as an analytical tool and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. In addition, other companies may calculate similarly-titled non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of the company’s non-GAAP financial measures as tools for comparison. The company encourages investors to carefully consider its results under GAAP, as well as its supplemental non‐GAAP information and the reconciliation between these presentations, to more fully understand its business. A reconciliation of our GAAP consolidated financial statements to our non-GAAP consolidated financial statements is provided below.
AXT, Inc.
Second
Quarter
2026
Results
July 30, 2026
Page 3 of 6
Forward-Looking Statements
The foregoing paragraphs contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. For example, our plans and ability to increase manufacturing capacity and to enable our industry to meet future demands and needs for our indium phosphide wafer substrates. Statements relating to our expectations regarding the receipt of export permits for our indium phosphide substrates, results of operations, market and customer demand for our products, our ability to expand our markets or increase sales, emerging applications using chips or devices fabricated on our substrates, including the use of indium phosphide wafer substrates in artificial intelligence (“AI”) applications, product yields and gross margins, expense levels, our investments in capital projects, ramping production at our sites, our ability to utilize or increase our manufacturing capacity, and our belief that we have adequate cash and investments to meet our needs are also forward-looking statements. The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “could,” “would,” “project,” “plan,” “potentially,” “likely,” and similar expressions and variations thereof are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. These statements appear in this press release and elsewhere, include statements regarding the intent, belief or current expectations of our management that are subject to known and unknown risks, uncertainties and assumptions which could cause actual results to differ materially from those expressed or implied in the forward-looking statement. These risks, uncertainties and assumptions include, but are not limited to, the receipt of export permits for our indium phosphide substrates, the withdrawal, cancellations or requests for redemptions by private equity funds in China of their investments in Tongmei, the administrative challenges in satisfying the requirements of various government agencies in China in connection with the investments in Tongmei, geopolitical tensions between China and the United States, and other factors described and captioned “Risk Factors” in the company’s Annual Report on Form 10-K, quarterly reports on Form 10-Q and other filings made with the Securities and Exchange Commission. Each of these factors is difficult to predict and many are beyond the company’s control. The company does not undertake any obligation to update any forward-looking statement, as a result of new information, future events or otherwise. You are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors.
###
FINANCIAL TABLES TO FOLLOW
AXT, Inc.
Second
Quarter
2026
Results
July 30, 2026
Page 4 of 6
AXT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in thousands, except per share data)
Three Months Ended
Six Months Ended
June 30,
June 30,
2026
2025
2026
2025
Revenue
$
47,589
$
17,974
$
74,513
$
37,330
Cost of revenue
26,223
16,541
45,169
37,138
Gross profit
21,366
1,433
29,344
192
Operating expenses:
Selling, general and administrative
7,292
5,653
13,843
11,569
Research and development
3,651
2,525
6,663
5,643
Total operating expenses
10,943
8,178
20,506
17,212
Income (loss) from operations
10,423
(6,745
)
8,838
(17,020
)
Interest income (expense), net
4,728
(202
)
4,829
(471
)
Equity in income (loss) of unconsolidated joint ventures
417
(171
)
770
77
Other income (expense), net
(436
)
23
(360
)
377
Income (loss) before provision for income taxes
15,132
(7,095
)
14,077
(17,037
)
Provision for income taxes
2,102
579
2,532
653
Net income (loss)
13,030
(7,674
)
11,545
(17,690
)
Less: Net (income) loss attributable to noncontrolling interests and redeemable noncontrolling interests
(1,902
)
666
(2,037
)
1,884
Net income (loss) attributable to AXT, Inc.
$
11,128
$
(7,008
)
$
9,508
$
(15,806
)
Net income (loss) attributable to AXT, Inc. per common share:
Basic
$
0.18
$
(0.16
)
$
0.16
$
(0.36
)
Diluted
$
0.17
$
(0.16
)
$
0.16
$
(0.36
)
Weighted-average number of common shares outstanding:
Basic
61,227
43,710
57,274
43,630
Diluted
63,474
43,710
59,642
43,630
AXT, Inc.
Second
Quarter
2026
Results
July 30, 2026
Page 5 of 6
AXT, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited, in thousands)
June 30,
December 31,
2026
2025
ASSETS
Current assets:
Cash and cash equivalents
$
412,167
$
120,266
Restricted cash
33,050
8,100
Short-term investments
5,031
—
Accounts receivable, net
36,675
26,849
Inventories
96,322
81,651
Prepaid expenses and other current assets
15,558
9,690
Total current assets
598,803
246,556
Long-term investments
298,600
—
Property, plant and equipment, net
174,924
161,860
Operating lease right-of-use assets
1,766
1,982
Other assets
23,099
23,353
Total assets
$
1,097,192
$
433,751
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable
$
14,373
$
12,947
Accrued liabilities
27,052
14,798
Short-term loans
84,233
62,796
Total current liabilities
125,658
90,541
Noncurrent operating lease liabilities
1,164
1,441
Other long-term liabilities
18,522
7,138
Total liabilities
145,344
99,120
Redeemable noncontrolling interests
39,735
38,056
Stockholders’ equity:
Preferred stock
3,532
3,532
Common stock
66
55
Additional paid-in capital
943,758
339,922
Accumulated deficit
(55,416
)
(64,924
)
Accumulated other comprehensive loss
(4,666
)
(5,295
)
Total AXT, Inc. stockholders’ equity
887,274
273,290
Noncontrolling interests
24,839
23,285
Total stockholders’ equity
912,113
296,575
Total liabilities, redeemable noncontrolling interests and stockholders’ equity
$
1,097,192
$
433,751
AXT, Inc.
Second
Quarter
2026
Results
July 30, 2026
Page 6 of 6
AXT, INC.
Reconciliation of Statements of Operations Under GAAP and Non-GAAP
(Unaudited, in thousands)
Three Months Ended
Six Months Ended
June 30,
June 30,
2026
2025
2026
2025
GAAP gross profit
$
21,366
$
1,433
$
29,344
$
192
Stock-based compensation expense
65
47
130
110
Non-GAAP gross profit
$
21,431
$
1,480
$
29,474
$
302
GAAP operating expenses
$
10,943
$
8,178
$
20,506
$
17,212
Stock-based compensation expense
697
586
1,667
1,169
Non-GAAP operating expenses
$
10,246
$
7,592
$
18,839
$
16,043
GAAP income (loss) from operations
$
10,423
$
(6,745
)
$
8,838
$
(17,020
)
Stock-based compensation expense
762
633
1,797
1,279
Non-GAAP income (loss) from operations
$
11,185
$
(6,112
)
$
10,635
$
(15,741
)
GAAP net income (loss)
$
11,128
$
(7,008
)
$
9,508
$
(15,806
)
Stock-based compensation expense
762
633
1,797
1,279
Non-GAAP net income (loss)
$
11,890
$
(6,375
)
$
11,305
$
(14,527
)
GAAP net income (loss) per diluted share
$
0.17
$
(0.16
)
$
0.16
$
(0.36
)
Stock-based compensation expense per diluted share
$
0.01
$
0.01
$
0.03
$
0.03
Non-GAAP net income (loss) per diluted share
$
0.19
$
(0.15
)
$
0.19
$
(0.33
)
Shares used to compute diluted net income per share
63,474
43,710
59,642
43,630