AXTI on Nasdaq
AXT INC
In its 2026 annual report the company says: “AXT is a worldwide materials science company that develops and produces high-performance compound and single element semiconductor substrates, also known as wafers. Our substrate wafers are used when a typical silicon substrate wafer cannot meet the performance requirements of a semiconductor or optoelectronic device. In addition, optoelectronic applications, such as LED lighting and chip-based lasers, do not use silicon substrates because they require a waveform frequency that cannot be achieved using silicon.”5 It is headquartered in Fremont, United States.2 Its shares trade on Nasdaq under the symbol AXTI.2
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Last updated Oct 21, 2026.
Overview
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- TickerAXTI on Nasdaq2
- IndustrySemiconductors & Related Devices2
- HeadquartersFremont, United States2
- Incorporated inDE3
- Business address4281 Technology Dr., Fremont, Ca 945383
- Filer categoryNon-accelerated filer, Smaller reporting company3
- Legal formCorporation2
- LEI549300M2142IVLVIJN372
- StatusActive2
- LEI statusLapsed (not renewed)2
- Registered addressC/O INCORPORATING SERVICES, LTD., 19901 Dover, United States2
- Registered withDivision of Corporations, Department of State, 28176302
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AXT is a worldwide materials science company that develops and produces high-performance compound and single element semiconductor substrates, also known as wafers. Two of our consolidated subsidiaries produce and sell certain raw materials some of which are used in our substrate manufacturing process and some of which are sold to other companies.5 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
12.7%Gross margin6
-24.9%Operating margin6
-24.1%Net margin6
-11.1%Revenue growth, 20256
-7.8%Return on equity6
-$18.8MFree cash flow6
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Substrates brought in 67% of the revenue AXT INC broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2023 | 2024 | 2025 |
|---|---|---|---|
| Substrates | $47.5M | $67.7M | $58.9M |
| Raw Materials and Other | $28.3M | $31.6M | $29.4M |
Regions
[Canada] brought in 62% of the revenue AXT INC broke down this way in fiscal 2025.
Regions by year
| Regions | 2023 | 2024 | 2025 |
|---|---|---|---|
| [Canada] | $39.8M | $56.1M | $55.1M |
| Taiwan | $8.7M | $14.1M | $13.0M |
| Europe | $12.3M | $13.8M | $11.2M |
| Japan | $4.6M | $5.0M | $4.9M |
| Asia Pacific Excluding China, Taiwan and Japan | $3.8M | $2.8M | $2.4M |
| North America | $6.6M | $7.6M | $1.7M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue69¢$77.1M
- Research and development8¢$9.0M
- Selling, general and admin22¢$24.2M
- Income tax1¢$1.7M
Out of $88.3M in revenue.6 The company lost money this year.
Financial statements
Every line of the income statement as filed: the last 3 fiscal years, latest first.6
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Revenue | $88.3M | $99.4M | $75.8M |
| Cost of revenue | $77.1M | $75.5M | $62.5M |
| Gross profit | $11.2M | $23.8M | $13.3M |
| Selling, general and administrative | $24.2M | $24.1M | $22.8M |
| Research and development | $9.0M | $14.5M | $12.1M |
| Total operating expenses | $33.2M | $38.6M | $34.9M |
| Loss from operations | -$22.0M | -$14.8M | -$21.6M |
| Interest expense, net | -$1.3M | -$1.3M | -$1.5M |
| Equity in income of unconsolidated joint ventures | $765.0K | $3.4M | $1.9M |
| Other income, net | $924.0K | $2.0M | $2.2M |
| Loss before provision for income taxes | -$21.5M | -$10.7M | -$19.0M |
| Provision for income taxes | $1.7M | $1.1M | $160.0K |
| Net loss | -$23.2M | -$11.8M | -$19.2M |
| Less: Net loss attributable to noncontrolling interests and redeemable noncontrolling interests | $1.9M | $167.0K | $1.3M |
| Net loss attributable to AXT, Inc. | -$21.3M | -$11.6M | -$17.9M |
| Basic (in dollars per share) | -$0.49 | -$0.27 | -$0.42 |
| Diluted (in dollars per share) | -$0.49 | -$0.27 | -$0.42 |
| Basic (in shares) | 43.9M shares | 43.2M shares | 42.6M shares |
| Diluted (in shares) | 43.9M shares | 43.2M shares | 42.6M shares |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.6
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $120.3M | $22.8M | ||
| Restricted cash | $8.1M | $11.0M | ||
| Accounts receivable, net of allowances for credit losses of $164 and $147 as of December 31, 2025 and December 31, 2024 | $26.8M | $25.6M | ||
| Inventories | $81.7M | $85.1M | ||
| Prepaid expenses and other current assets | $9.7M | $13.7M | ||
| Total current assets | $246.6M | $158.3M | ||
| Property, plant and equipment, net | $161.9M | $159.7M | ||
| Operating lease right-of-use assets | $2.0M | $2.5M | ||
| Other assets | $23.4M | $18.8M | ||
| Total assets | $433.8M | $339.3M | ||
| Accounts payable | $12.9M | $12.4M | ||
| Accrued liabilities | $14.8M | $14.6M | ||
| Short-term loans | $62.8M | $47.3M | ||
| Total current liabilities | $90.5M | $74.2M | ||
| Long-term portion of lease obligations | $1.4M | $2.0M | ||
| Other long-term liabilities | $7.1M | $8.3M | ||
| Total liabilities | $99.1M | $84.4M | ||
| Redeemable noncontrolling interests (Note 17) | $38.1M | $38.6M | $41.7M | |
| Preferred stock Series A, $0.001 par value; 2,000 shares authorized; 883 shares issued and outstanding as of December 31, 2025 and December 31, 2024 (Liquidation preference of $8,229 and $8,052 as of December 31, 2025 and December 31, 2024) | $3.5M | $3.5M | ||
| Common stock, $0.001 par value; 70,000 shares authorized; 55,337 and 45,358 shares issued and outstanding as of December 31, 2025 and December 31, 2024 | $55.0K | $45.0K | ||
| Additional paid-in capital | $339.9M | $241.5M | ||
| Accumulated deficit | -$64.9M | -$43.7M | ||
| Accumulated other comprehensive loss | -$5.3M | -$8.7M | ||
| Total AXT, Inc. stockholders equity | $273.3M | $192.8M | ||
| Noncontrolling interests | $23.3M | $23.6M | ||
| Total stockholders equity | $296.6M | $216.3M | $227.5M | $244.9M |
| Total liabilities, redeemable noncontrolling interests and stockholders equity | $433.8M | $339.3M | ||
| Allowances for credit losses | $164.0K | $147.0K | ||
| Preferred stock, par value (in dollars per share) | $0.00 | $0.00 | ||
| Preferred stock, shares authorized (in shares) | 2.0M shares | 2.0M shares | ||
| Preferred stock, shares issued (in shares) | 883.0K shares | 883.0K shares | ||
| Preferred stock, shares outstanding (in shares) | 883.0K shares | 883.0K shares | ||
| Preferred stock, liquidation preference | $8.2M | $8.1M | ||
| Common stock, par value (in dollars per share) | $0.00 | $0.00 | ||
| Common stock, shares authorized (in shares) | 70.0M shares | 70.0M shares | ||
| Common stock, shares issued (in shares) | 55.3M shares | 45.4M shares | ||
| Common stock, shares outstanding (in shares) | 55.3M shares | 45.4M shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $120.3M | $22.8M | ||
| Restricted cash | $8.1M | $11.0M | ||
| Accounts receivable, net of allowances for credit losses of $164 and $147 as of December 31, 2025 and December 31, 2024 | $26.8M | $25.6M | ||
| Inventories | $81.7M | $85.1M | ||
| Prepaid expenses and other current assets | $9.7M | $13.7M | ||
| Total current assets | $246.6M | $158.3M | ||
| Property, plant and equipment, net | $161.9M | $159.7M | ||
| Operating lease right-of-use assets | $2.0M | $2.5M | ||
| Other assets | $23.4M | $18.8M | ||
| Total assets | $433.8M | $339.3M | ||
| Accounts payable | $12.9M | $12.4M | ||
| Accrued liabilities | $14.8M | $14.6M | ||
| Short-term loans | $62.8M | $47.3M | ||
| Total current liabilities | $90.5M | $74.2M | ||
| Long-term portion of lease obligations | $1.4M | $2.0M | ||
| Other long-term liabilities | $7.1M | $8.3M | ||
| Total liabilities | $99.1M | $84.4M | ||
| Redeemable noncontrolling interests (Note 17) | $38.1M | $38.6M | $41.7M | |
| Preferred stock Series A, $0.001 par value; 2,000 shares authorized; 883 shares issued and outstanding as of December 31, 2025 and December 31, 2024 (Liquidation preference of $8,229 and $8,052 as of December 31, 2025 and December 31, 2024) | $3.5M | $3.5M | ||
| Common stock, $0.001 par value; 70,000 shares authorized; 55,337 and 45,358 shares issued and outstanding as of December 31, 2025 and December 31, 2024 | $55.0K | $45.0K | ||
| Additional paid-in capital | $339.9M | $241.5M | ||
| Accumulated deficit | -$64.9M | -$43.7M | ||
| Accumulated other comprehensive loss | -$5.3M | -$8.7M | ||
| Total AXT, Inc. stockholders equity | $273.3M | $192.8M | ||
| Noncontrolling interests | $23.3M | $23.6M | ||
| Total stockholders equity | $296.6M | $216.3M | $227.5M | $244.9M |
| Total liabilities, redeemable noncontrolling interests and stockholders equity | $433.8M | $339.3M | ||
| Allowances for credit losses | $164.0K | $147.0K | ||
| Preferred stock, par value (in dollars per share) | $0.00 | $0.00 | ||
| Preferred stock, shares authorized (in shares) | 2.0M shares | 2.0M shares | ||
| Preferred stock, shares issued (in shares) | 883.0K shares | 883.0K shares | ||
| Preferred stock, shares outstanding (in shares) | 883.0K shares | 883.0K shares | ||
| Preferred stock, liquidation preference | $8.2M | $8.1M | ||
| Common stock, par value (in dollars per share) | $0.00 | $0.00 | ||
| Common stock, shares authorized (in shares) | 70.0M shares | 70.0M shares | ||
| Common stock, shares issued (in shares) | 55.3M shares | 45.4M shares | ||
| Common stock, shares outstanding (in shares) | 55.3M shares | 45.4M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.6
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net loss | -$23.2M | -$11.8M | -$19.2M |
| Depreciation and amortization | $9.1M | $9.0M | $8.7M |
| Amortization of marketable securities premium | $0 | $0 | $18.0K |
| Stock-based compensation | $3.3M | $3.1M | $3.5M |
| Provision for credit losses | $0 | $0 | $272.0K |
| Loss on sale of equity investment | $0 | $0 | $166.0K |
| Loss on disposal of equipment | $3.0K | $118.0K | $21.0K |
| Return of equity method investments as dividends | $868.0K | $2.4M | $4.3M |
| Equity in income of unconsolidated joint ventures | -$765.0K | -$3.4M | -$2.0M |
| Deferred tax assets | -$88.0K | $265.0K | $553.0K |
| Accounts receivable | -$390.0K | -$6.9M | $9.3M |
| Inventories | $6.3M | -$737.0K | $1.1M |
| Prepaid expenses and other current assets | $1.4M | -$6.0M | -$652.0K |
| Other assets | -$3.1M | $1.3M | $419.0K |
| Accounts payable | $147.0K | $3.0M | -$162.0K |
| Accrued liabilities | $150.0K | $1.0M | -$1.9M |
| Other long-term liabilities | -$6.6M | -$3.4M | -$1.0M |
| Net cash provided by (used in) operating activities | -$12.8M | -$12.1M | $3.4M |
| Purchases of property, plant and equipment | -$6.0M | -$5.8M | -$10.5M |
| Proceeds from sales and maturities of available-for-sale debt securities | $0 | $2.2M | $9.6M |
| Proceeds from sales of equity securities - 15% Jia Mei | $0 | $0 | $827.0K |
| Investments in non-marketable equity investments | -$837.0K | -$834.0K | -$2.5M |
| Net cash used in investing activities | -$6.8M | -$4.4M | -$2.6M |
| Proceeds from issuance of common stock and options exercised, net of issuance costs | $95.2M | $28.0K | $10.0K |
| Proceeds from short-term bank loans | $58.6M | $54.5M | $56.5M |
| Payments on short-term bank loans | -$48.6M | -$60.1M | -$49.2M |
| Proceeds from capital increase in subsidiary shares from noncontrolling interests | $0 | $0 | $708.0K |
| Proceeds from long-term loan | $3.5M | $5.8M | $635.0K |
| Payments on long-term loan | -$1.5M | -$804.0K | $0 |
| Net cash provided by (used in) financing activities | $107.1M | -$536.0K | $8.6M |
| Net increase (decrease) in cash, restricted cash and cash equivalents | $94.6M | -$16.3M | $8.8M |
| Effect of exchange rate changes on cash, restricted cash and cash equivalents | $7.1M | $790.0K | -$646.0K |
| Income taxes paid, net of refunds | $586.0K | $962.0K | $686.0K |
| Interest expense paid | $1.8M | $2.1M | $1.6M |
| Loan proceeds received by notes receivable | $0 | $0 | $1.5M |
| Notes receivables paid to purchase fixed assets | $3.0M | $4.6M | $4.2M |
| Non-cash consideration received from sale of DongFang | $0 | $0 | $585.0K |
| Investment in subsidiary shares from noncontrolling interest | $0 | $0 | $308.0K |
| Consideration payable in connection with construction in progress, included in accrued liabilities | $1.1M | $857.0K | $6.6M |
No quarter-by-quarter statement was filed.
Corporate structure
AXT INC sits at the top of its group. 5 entities, 2 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of AXT INC
- BlackRock Filed SCHEDULE 13G/A on AXT INC, latest Oct 5, 2026 (5 filings since Feb 1, 2022)
- JANE STREET GROUP, LLC Filed SCHEDULE 13G/A on AXT INC, latest Aug 12, 2026 (3 filings since Apr 29, 2026)
- E20 Capital Ltd Filed SCHEDULE 13G on AXT INC, latest May 18, 2026
- Cleveland Capital Management, L.L.C. Filed SCHEDULE 13G/A on AXT INC, latest May 8, 2026 (3 filings since Oct 17, 2024)
- Marex Securities Products Inc. Filed SCHEDULE 13G on AXT INC, latest May 6, 2026
- VANGUARD GROUP INC Filed SCHEDULE 13G/A on AXT INC, latest Apr 30, 2025 (2 filings since Feb 13, 2024)
- FIRST WILSHIRE SECURITIES MANAGEMENT INC Filed SC 13G on AXT INC, latest Feb 12, 2024
- DIMENSIONAL FUND ADVISORS LP Filed SC 13G/A on AXT INC, latest Feb 9, 2024 (3 filings since Feb 8, 2022)
- AXT INC Fremont, California, United States
- AXT-TONGMEI, INC. Subsidiary · Freemont, California, United States
- Beijing BoYu Semiconductor Vessel Craftwork Technology Co., Ltd. Subsidiary · China
- Beijing Tongmei Xtal Technology Co., Ltd. Subsidiary · China
- Nanjing Jin Mei Gallium Co., Ltd. Subsidiary · China
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What AXT INC reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Property and equipment
| Item | Latest | A year before | Change |
|---|---|---|---|
| Construction in progress | $23.5M6 Dec 31, 2025 | $23.5M6 Dec 31, 2024 | −0.2% |
| Property and equipment, net | $161.9M6 Dec 31, 2025 | $159.7M6 Dec 31, 2024 | +1.3% |
| Operating-lease assets (leased space) | $2.0M6 Dec 31, 2025 | $2.5M6 Dec 31, 2024 | −20.0% |
Real estate and locations
| Item | Latest | A year before | Change |
|---|---|---|---|
| Area of real estate | 19,467 sq ft6 Dec 31, 2025 | 19,467 sq ft10 Dec 31, 2024 | 0% |
Investments
| Item | Latest | A year before | Change |
|---|---|---|---|
| Cash and cash equivalents | $120.3M6 Dec 31, 2025 | $22.8M6 Dec 31, 2024 | +426.7% |
| Debt securities available for sale | $06 Dec 31, 2025 | $06 Dec 31, 2024 | |
| Stakes in other companies (equity method) | $15.0M6 Dec 31, 2025 | $14.1M6 Dec 31, 2024 | +6.4% |
Inventory
| Item | Latest | A year before | Change |
|---|---|---|---|
| Inventory, total | $81.7M6 Dec 31, 2025 | $85.1M6 Dec 31, 2024 | −4.0% |
| Raw materials | $24.1M6 Dec 31, 2025 | $31.7M6 Dec 31, 2024 | −24.1% |
| Work in process | $53.7M6 Dec 31, 2025 | $50.8M6 Dec 31, 2024 | +5.7% |
| Finished goods | $3.9M6 Dec 31, 2025 | $2.6M6 Dec 31, 2024 | +51.9% |
Properties, in its own words
Our principal properties as of March 17, 2026 are as follows:
Square
The rest of Item 2
Location · Feet · Principal Use · Ownership
Fremont, CA · 19,467 · Administration · Operating lease, expires November 2028
Beijing, China · 141,524 · Production and Administration · Owned by AXT / Tongmei
DingXing, China · 193,621 · Production · Owned by AXT / Tongmei
Kazuo, China · 528,390 · Production · Owned by AXT / Tongmei
Kazuo, China · 75,703 · Production and Administration · Owned by Beijing BoYu Semiconductor Vessel Craftwork Technology Co., Ltd.*
Tianjin, China · 146,012 · Production and Administration · Owned by Beijing BoYu Semiconductor Vessel Craftwork Technology Co., Ltd., *
Kazuo, China · 190,597 · Production · Owned by ChaoYang JinMei Gallium Ltd.,*
* · Raw material companies consolidated in our consolidated financial statements.
We consider each facility to be in good operating condition and adequate for its present use, and believe that each facility has sufficient plant capacity to meet its current and anticipated operating requirements.
Item 2 of the 10-K filed Mar 17, 2026.5
Leadership
Who has led AXT INC, and when. Pick a name to see everywhere that person has worked.
Chief executive
Chief financial officer
Chief operating officer
2010201520202025
- Chief executive officerMorris S. Young Aug 10, 2009 to now14
- Chief executive officerPhilip C. S. Yin May 5, 2006 to Nov 21, 200815
- ChairMorris S. Young Mar 16, 2022 to now16
- ChairPhilip C. S. Yin Oct 23, 2007 to Nov 21, 200817
- PresidentMorris S. Young Jul 3, 2014 to Jul 3, 201418
- PresidentDavis Zhang Nov 1, 2006 to Nov 5, 201419
- Chief financial officerGary L. Fischer Aug 19, 2014 to now20
- Chief financial officerRaymond Anthony Low Oct 28, 2009 to Nov 19, 201221
- Chief financial officerWilson Wai-Shun Cheung Nov 1, 2006 to Nov 10, 200822
- Chief operating officerWilson Weicheng Lin Oct 2, 2017 to Oct 2, 201723
- Chief operating officerHong Q. Hou Jun 30, 2015 to Nov 4, 201524
- Chief operating officerMinsheng Lin Nov 1, 2006 to Nov 3, 200825
Board members and other officers (14)
- VP Corporate ControllerRaymond Anthony Low Feb 27, 2007 to Apr 28, 200926
- Sr. Director of TechnologyChia Li Wei Oct 23, 2007 to Dec 3, 200727
- VP Business DevelopmentRobert G. Ochrym Oct 23, 2007 to Nov 16, 201728
- Chief Technology OfficerMorris S. Young Feb 23, 2006 to Sep 1, 200629
- VP Global Sales & MarketingJohn J. Cerilli Aug 4, 2006 to Aug 3, 201030
- Board memberTracy Liu Jun 24, 2026 to now31
- Board memberJia-Bin Duh Jul 27, 2026 to now32
- Board memberRussell Christine Dec 30, 2019 to now33
- Board memberUni-Pixel Dec 30, 2019 to Dec 30, 201934
- Board memberNai-Yu Pai Sep 24, 2010 to May 14, 201435
- Board memberLeonard J. Leblanc May 11, 2007 to now36
- Board memberMorris S. Young Feb 23, 2006 to now29
- Board memberPhilip C. S. Yin May 5, 2006 to May 10, 200715
- Board memberJesse Chen Aug 17, 2006 to now37
Subsidiaries and ownership
Subsidiaries (Exhibit 21)
- Beijing BoYu Semiconductor Vessel Craftwork Technology Co., Ltd. China4
- Beijing Tongmei Xtal Technology Co., Ltd. China4
- Nanjing Jin Mei Gallium Co., Ltd. China4
The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.
Former names
- AMERICAN XTAL TECHNOLOGYNov 13, 1998 to Jun 8, 20003
Timeline
- Jul 30, 20268-K Results of operations38
- Jul 29, 20268-K Change to shareholders' rights; Bylaws or fiscal year changed39
- Jul 29, 20268-K Entered a material agreement40
- Jul 22, 20268-K Executive or director change41
- Jul 8, 20268-K Debt or obligation accelerated42
- Jul 2, 20268-K Entered a material agreement43
- Jun 22, 20268-K Executive or director change; Regulation FD disclosure44
- Jun 17, 20268-K Entered a material agreement45
- Jun 9, 20268-K Change to shareholders' rights; Bylaws or fiscal year changed; Shareholder vote46
- May 15, 20268-K Other events47
- Apr 30, 20268-K Results of operations48
- Apr 21, 20268-K Entered a material agreement; Other events49
- Aug 10, 2009New chief executive Morris S. Young becomes CEO14
- May 5, 2006New chief executive Philip C. S. Yin becomes CEO15
Calendar
Coming up
- Oct 29, 2026 · After the closeReports results for the quarter ending Sep/2026 A year earlier it reported ($0.04) a share, on Oct 30, 2025.50
When it reported results
- Jul 30, 2026Reported quarterly or annual results38
- Apr 30, 2026Reported quarterly or annual results48
- Apr 20, 2026Reported quarterly or annual results51
- Feb 19, 2026Reported quarterly or annual results52
- Jan 9, 2026Reported quarterly or annual results53
- Oct 30, 2025Reported quarterly or annual results54
- Jul 31, 2025Reported quarterly or annual results55
- Jul 9, 2025Reported quarterly or annual results56
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
246 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 56 major events, 87 insider forms, 19 large holders, 64 other. The latest 20:
- Oct 5, 2026SCHEDULE 13G/A EDGAR
- Aug 19, 20264 EDGAR
- Aug 19, 20264 EDGAR
- Aug 17, 2026144 EDGAR
- Aug 13, 202610-Q EDGAR
- Aug 12, 2026SCHEDULE 13G/A EDGAR
- Aug 7, 2026144 EDGAR
- Jul 30, 20268-K EDGAR
- Jul 29, 20268-K EDGAR
- Jul 29, 20268-K EDGAR
- Jul 27, 2026SCHEDULE 13G EDGAR
- Jul 27, 20263 EDGAR
- Jul 22, 20268-K EDGAR
- Jul 8, 20268-K EDGAR
- Jul 2, 20268-K EDGAR
- Jun 24, 20263 EDGAR
- Jun 22, 20268-K EDGAR
- Jun 17, 20268-K EDGAR
- Jun 17, 20264 EDGAR
- Jun 17, 20264 EDGAR
The 246 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
55 open-market trades by officers, directors and large owners since October 2021: 1 buys and 54 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Aug 17, 2026 | LEBLANC LEONARD JDirector | Sale | 4,000 | $96.07 | $384.3K | Form 4 |
| Aug 7, 2026 | LEBLANC LEONARD JDirector | Sale | 2,000 | $88.32 | $176.6K | Form 4 |
| Jun 15, 2026 | CHEN JESSEDirector | Sale | 6,172 | $115.24 | $711.3K | Form 4 |
| Jun 15, 2026 | CHANG DAVID CDirector | Sale | 8,333 | $111.17 | $926.4K | Form 4 |
| Jun 12, 2026 | CHEN JESSEDirector | Sale | 13,000 | $95.77 | $1.2M | Form 4 |
| Jun 11, 2026 | CHEN JESSEDirector | Sale | 9,000 | $88.55 | $797.0K | Form 4 |
| Jun 10, 2026 | LEBLANC LEONARD JDirector | Sale | 500 | $89.59 | $44.8K | Form 4 |
| Jun 10, 2026 | CHEN JESSEDirector | Sale | 9,000 | $86.73 | $780.6K | Form 4 |
| Jun 9, 2026 | CHEN JESSEDirector | Sale | 1,500 | $93.30 | $139.9K | Form 4 |
| Jun 8, 2026 | CHEN JESSEDirector | Sale | 6,000 | $94.00 | $564.0K | Form 4 |
| Jun 4, 2026 | CHEN JESSEDirector | Sale | 6,133 | $108.28 | $664.1K | Form 4 |
| Jun 3, 2026 | CHEN JESSEDirector | Sale | 4,000 | $111.36 | $445.4K | Form 4 |
| Jun 2, 2026 | YOUNG MORRIS SCEO | Sale | 123,601 | $113.33 | $14.0M | Form 4 |
| Jun 2, 2026 | CHEN JESSEDirector | Sale | 2,000 | $111.03 | $222.1K | Form 4 |
| Jun 1, 2026 | YOUNG MORRIS SCEO | Sale | 73,897 | $112.39 | $8.3M | Form 4 |
| Jun 1, 2026 | CHEN JESSEDirector | Sale | 3,200 | $111.56 | $357.0K | Form 4 |
| Mar 13, 2026 | CHEN JESSEDirector | Sale | 8,083 | $50.25 | $406.2K | Form 4 |
| Mar 13, 2026 | YOUNG MORRIS SCEO | Sale | 37,905 | $51.13 | $1.9M | Form 4 |
| Mar 13, 2026 | FISCHER GARY LCFO | Sale | 80,776 | $50.64 | $4.1M | Form 4 |
| Mar 12, 2026 | CHEN JESSEDirector | Sale | 6,003 | $48.95 | $293.8K | Form 4 |
All 55 trades can be filtered by person here when JavaScript is on.
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- BlackRockSCHEDULE 13G/A, 5 filings Feb 1, 2022 to Oct 5, 202657
- JANE STREET GROUP, LLCSCHEDULE 13G/A, 3 filings Apr 29, 2026 to Aug 12, 202658
- E20 Capital LtdSCHEDULE 13G, 1 filing May 18, 202659
- Cleveland Capital Management, L.L.C.SCHEDULE 13G/A, 3 filings Oct 17, 2024 to May 8, 202660
- Marex Securities Products Inc.SCHEDULE 13G, 1 filing May 6, 202661
- VANGUARD GROUP INCSCHEDULE 13G/A, 2 filings Feb 13, 2024 to Apr 30, 202562
- FIRST WILSHIRE SECURITIES MANAGEMENT INCSC 13G, 1 filing Feb 12, 202463
- DIMENSIONAL FUND ADVISORS LPSC 13G/A, 3 filings Feb 8, 2022 to Feb 9, 202464
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
| Fund | Shares | Value | Share of the fund | Change |
|---|---|---|---|---|
| BlackRock, Inc. | 5,072,242 | $365.6M | 0.0% | +3,952,774 |
| Marex Group Ltd | 3,563,896 | $256.9M | 1.9% | +3,555,887 |
| Jane Street Group, LLC | 3,527,115 | $254.2M | 0.2% | +1,100,883 |
| Vanguard Capital Management LLC | 2,722,914 | $196.3M | 0.0% | +444,511 |
| D. E. Shaw & Co., Inc. | 2,250,085 | $162.2M | 0.1% | +1,473,829 |
| Assenagon Asset Management S.A. | 2,045,976 | $147.5M | 0.1% | +540,622 |
| Vanguard Portfolio Management LLC | 1,758,421 | $126.7M | 0.0% | New |
| Geode Capital Management, LLC | 1,736,210 | $125.2M | 0.0% | +1,148,531 |
| State Street Corp | 1,482,498 | $106.9M | 0.0% | +1,144,581 |
| Citadel Advisors LLC | 1,481,332 | $106.8M | 0.1% | +911,661 |
| Clear Street Group Inc. | 1,308,921 | $94.3M | 0.3% | New |
| Invesco Ltd. | 1,143,577 | $82.4M | 0.0% | +1,136,390 |
| Citigroup Inc | 1,055,074 | $76.0M | 0.0% | +102,374 |
| Millennium Management LLC | 854,322 | $61.6M | 0.0% | +115,128 |
| Goldman Sachs Group Inc | 819,556 | $59.1M | 0.0% | −113,939 |
| UBS Group AG | 654,117 | $47.1M | 0.0% | −442,519 |
| Bank Of America Corp /de/ | 639,037 | $46.1M | 0.0% | −137,263 |
| Healthcare Of Ontario Pension Plan Trust Fund | 615,377 | $44.4M | 0.1% | New |
| Morgan Stanley | 611,974 | $44.1M | 0.0% | −831,660 |
| Northern Trust Corp | 548,403 | $39.5M | 0.0% | +422,542 |
| Fund Resources Investment Holding Group Co Ltd | 536,706 | $38.7M | 4.7% | New |
| Vanguard Fiduciary Trust Co | 431,889 | $31.1M | 0.0% | +127,985 |
| Two Sigma Investments, LP | 397,732 | $28.7M | 0.0% | +332,632 |
| Susquehanna International Group, Llp | 377,795 | $27.2M | 0.0% | +76,180 |
| Wellington Management Group Llp | 359,481 | $25.9M | 0.0% | New |
13F reports cover disclosed long positions in U.S. stocks only.
SEC filer profile
How AXT INC is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARAXT INC1
- CIK0001051627
- Employer ID (EIN)94-30313105
- Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company5
- Incorporated inDelaware5
- Fiscal year endsDecember 311
- Industry code (SIC)3674 Semiconductors & Related Devices1
- SEC reviewing officeOffice of Manufacturing, Division of Corporation Finance1
- Business address4281 Technology Dr., Fremont, CA 945381
- Phone510.438.47341
- Shares outstanding65,573,212 as of Aug 3, 202612
- Public float$83.8M as of Jun 30, 20255
- AuditorBPM LLP, San Jose, California PCAOB ID 207; no auditor attestation of internal control over financial reporting5
- On EDGAR sinceMar 17, 19981
- Filings1,037 in all: 4 (397), 8-K (208), 10-Q (85), SC 13G/A (68), DEF 14A (28), 10-K (27), SC 13G (26), 144 (24)1
All 43 form types
4/A (21), DEFA14A (19), UPLOAD (16), 3 (14), CORRESP (12), S-3/A (10), S-8 (9), 424B5 (8), S-3 (7), SCHEDULE 13G/A (6), 8-K/A (5), EFFECT (4), SC TO-I/A (4), SCHEDULE 13G (4), 10-Q/A (3), NT 10-Q (3), PRE 14A (3), 10-K/A (2), 424B4 (2), 8-A12G (2), ARS (2), CT ORDER (2), NT 10-K (2), S-1/A (2), S-8 POS (2), 10-K405 (1), 3/A (1), 424B1 (1), 5 (1), DEFR14A (1), POS AM (1), S-1 (1), S-3ASR (1), S-3MEF (1), SC TO-I (1)
- Latest filingsAnnual report (10-K) Mar 17, 2026
Quarterly report (10-Q) Aug 13, 2026
Proxy statement (DEF 14A) Mar 31, 2026
Latest 8-K (8-K) Jul 30, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| Common Stock, $0.001 par value | AXTI | NASDAQ |
From the cover page of the 10-K filed Mar 17, 2026 (Section 12(b) of the Exchange Act).5
Risk factors and legal proceedings
The risks AXT INC names in Item 1A of its 10-K filed Mar 17, 2026: 62 risks under these headings, as written.5
- Global economic and political conditions, including trade tariffs, import-export restrictions, and other restrictions, may have a negative impact on our business and financial results. China's requirement of export permits for InP is an example.
- Silicon substrates (wafers) are significantly lower in cost compared to substrates made from specialty materials, such as those that we produce, and new silicon-based technologies could enable silicon-based substrates to replace specialty material-based substrates for certain applications.
- Our gross margin has fluctuated historically and may decline due to several factors.
- Shutdowns or underutilizing our manufacturing facilities may result in declines in our gross margins.
- Cyber-attacks, system security risks and data protection issues could disrupt our internal operations and cause a reduction in revenue, increase in expenses, negatively impact our results of operations or result in other adverse consequences.
- We may become subject to risks associated with artificial intelligence and machine learning technologies.
- We face risks related to health epidemics and other outbreaks, which could significantly disrupt our business operations.
- If we have low product yields, the shipment of our products may be delayed and our product cost and operating results may be adversely impacted.
- Problems incurred in our raw material companies or our investment partners could result in a material adverse impact on our financial condition or results of operations.
- Our financial performance can be adversely affected if there are unfavorable financial results in any of our raw material companies.
- Unforeseen manufacturing issues and restrictions at the new manufacturing sites could occur.
- If we do not successfully develop new product features and improvements and new products that respond to customer requirements, our ability to generate revenue, obtain new customers, and retain existing customers may suffer.
The other 50 risks
- The loss of one or more of our tier one substrate customers would significantly hurt our operating results.
- Defects in our products could diminish demand for our products.
- Demand for our products may decrease if demand for the end-user applications decrease or if manufacturers downstream in our supply chain experience difficulty manufacturing, marketing or selling their products.
- Intense competition in the markets for our products could prevent us from increasing revenue and achieving profitability.
- The average selling prices of our substrates may decline over relatively short periods, which may reduce our revenue and gross margins.
- We have made and may continue to make strategic investments in raw materials suppliers, which may not be successful and may result in the loss of all or part of our investment.
- If any of our facilities are damaged by occurrences such as fire, explosion, power outage or natural disaster, we might not be able to manufacture our products.
- Our substrate products have a long qualification cycle that makes it difficult to forecast revenue from new customers or for new products sold to existing customers.
- The cyclical nature of the semiconductor industry may limit our ability to maintain or increase net sales and operating results during industry downturns.
- We purchase critical raw materials and parts for our equipment from single or limited sources, and could lose sales if these sources fail to fill our needs.
- We may not be able to identify or form additional complementary raw material joint ventures.
- The financial condition of our customers may affect their ability to pay amounts owed to us.
- We depend on the continuing efforts of our senior management team and other key personnel. If we lose members of our senior management team or other key personnel, or are unable to successfully recruit and train qualified personnel, our ability to manufacture and sell our products could be harmed.
- Our results of operations may suffer if we do not effectively manage our inventory.
- The effect of terrorist threats and actions on the general economy could decrease our revenue.
- Escalating and volatile trade tariffs, import restrictions, export restrictions, Chinese regulations or other trade barriers may materially harm our business.
- Changes in China’s political, social, regulatory or economic environments may affect our financial performance.
- The Chinese central government is increasingly aware of air pollution and other forms of environmental pollution and their reform efforts can impact our manufacturing, including intermittent mandatory shutdowns.
- Although we are a Delaware corporation and are neither a PRC operating company nor do we conduct our operations in China through the use of VIEs, in the event we inadvertently concluded that we do not require any permissions or approvals from the CSRC or other PRC central government authorities to complete a public offering of securities in the U.S. or applicable laws, regulations, or interpretations change, we may be required to obtain such permissions or approvals to complete such a public offering of securities.
- The PRC central government may intervene in or influence our PRC operations at any time and the rules and regulations in China can change quickly with little advance notice.
- Uncertainty regarding the United States’ foreign policy, particularly with regards to China, could disrupt our business.
- Epidemic diseases, such as COVID-19, other contagious diseases or the perception of their effects, may affect our business operations and financial performance.
- Financial market volatility and adverse changes in the domestic, global, political and economic environment could have a significant adverse impact on our business, financial condition and operating results.
- The PRC central government may also exert more control over offerings conducted overseas and/or foreign investment in China-based issuers, which could result in a material change in our operations and/or the value of our common stock.
- Our international operations are exposed to potential adverse tax consequence in China.
- Dividends from within our corporate structure are subject to PRC withholding tax and SAFE approval.
- Our PRC subsidiaries and PRC joint ventures are subject to data security oversight.
- We derive a significant portion of our revenue from international sales, and our ability to sustain and increase our international sales involves significant risks.
- We are subject to foreign exchange gains and losses that may materially impact our consolidated statements of operations.
- Joint venture raw material companies in China bring certain risks.
- If China places restrictions on freight and transportation routes and on ports of entry and departure this could result in shipping delays or increased costs for shipping.
- Our operating results depend in large part on continued customer acceptance of our substrate products manufactured in China and continued improvements in product quality.
- If there are power shortages in China, we may have to temporarily close our China operations, which would adversely impact our ability to manufacture our products and meet customer orders, and would result in reduced revenue.
- Although our audit report is prepared by an independent registered public accounting firm who is currently inspected fully by the PCAOB, there is no guarantee that future audit reports will be prepared by an independent registered public accounting firm that is completely inspected by the PCAOB.
- Management has broad discretion as to the use of our cash balances, including any proceeds from capital raises such as the offering completed in December 2025 for gross proceeds of approximately $100 million, and may not use such funds effectively. If we need additional capital, funds may not be available on acceptable terms, or at all.
- The terms of the private equity raised in China as a first step toward an IPO on the STAR Market grant each Investor a right of redemption if Tongmei fails to achieve its IPO.
- The price of shares of our Common Stock has fluctuated substantially.
- Unpredictable fluctuations in our operating results could disappoint analysts or our investors, which could cause our stock price to decline.
- If our operating results and financial performance do not meet the guidance that we have provided to the public, our stock price may decline.
- Because we do not intend to pay dividends on our common stock, stockholders will benefit from an investment in our stock only if it appreciates in value.
- We have adopted certain anti-takeover measures that may make it more difficult for a third party to acquire us and the rights of the holders of common stock may be impaired by the potential issuance of preferred stock.
- Our common stock may be delisted from The Nasdaq Global Select Market, which could negatively impact the price of our common stock and our ability to access the capital markets.
- Our ability to use our net operating loss carryforwards and certain other tax attributes may be limited.
- Intellectual property infringement claims may be costly to resolve and could divert management attention.
- If we are unable to protect our intellectual property, including our non-patented proprietary process technology, we may lose valuable assets or incur costly litigation.
- If we, or any of our partially owned supply chain companies, fail to comply with environmental and safety regulations, we may be subject to significant fines or forced to cease our operations.
- We face litigation and legal proceedings which could adversely affect our business, financial condition, results of operations or cash flows.
- We could be subject to suits for personal injuries caused by hazardous materials.
- We are subject to internal control evaluations and attestation requirements of Section 404 of the Sarbanes-Oxley Act.
- We need to continue to improve or implement our systems, procedures and controls.
Legal proceedings
From time to time we may be involved in judicial or administrative proceedings concerning matters arising in the ordinary course of business. We do not expect that any of these matters, individually or in the aggregate, will have a material adverse effect on our business, financial condition, cash flows or results of operations.
Shareholder Class Action
On May 6, 2024, a putative shareholder class action complaint was filed in the U.S. District Court for the Eastern District of New York on behalf of persons or entities who purchased or acquired our publicly traded securities, against us, Morris S. Young, our Chief Executive Officer, and Gary L. Fischer, our Chief Financial Officer. The court transferred the case to the Northern District of California, where our headquarters are located. A lead plaintiff has been appointed and an amended complaint was filed. The amended complaint asserts a putative class period from March 24, 2021 and April 3, 2024, inclusive (the “Class Period”). The amended complaint alleges violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and Rule 10b-5 promulgated thereunder by the defendants, and seeks unspecified monetary relief, interest, and attorneys’ fees. Defendants’ motion to dismiss is fully briefed and pending before the Court.
Derivative Action
The opening of Item 3, Legal Proceedings.5
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1SEC EDGARAXT INC filings on SEC EDGAR
- 2
- 3SEC EDGARAXT INC filings on SEC EDGAR
- 4
- 5
- 6SEC EDGARAXT INC 10-K for fiscal 2025
- 7SEC EDGARAXT INC 10-K for fiscal 2019
- 8SEC EDGARAXT INC 10-K for fiscal 2020
- 9SEC EDGARAXT INC 10-K for fiscal 2021
- 10SEC EDGARAXT INC 10-K for fiscal 2022
- 11SEC EDGARAXT INC 10-Q for fiscal 2026
- 12SEC EDGARAXT INC 10-Q for fiscal 2026
- 13SEC EDGARAXT INC 10-K for fiscal 2019
- 14
- 15
- 16SEC EDGARMorris S. Young, Chair
- 17SEC EDGARPhilip C. S. Yin, Chair
- 18SEC EDGARMorris S. Young, President
- 19SEC EDGARDavis Zhang, President
- 20
- 21
- 22
- 23
- 24SEC EDGARHong Q. Hou, Chief operating officer
- 25
- 26
- 27
- 28
- 29
- 30
- 31SEC EDGARTracy Liu, Board member
- 32SEC EDGARJia-Bin Duh, Board member
- 33SEC EDGARRussell Christine, Board member
- 34SEC EDGARUni-Pixel, Board member
- 35SEC EDGARNai-Yu Pai, Board member
- 36SEC EDGARLeonard J. Leblanc, Board member
- 37SEC EDGARJesse Chen, Board member
- 38SEC EDGARResults of operations
- 39
- 40SEC EDGAREntered a material agreement
- 41SEC EDGARExecutive or director change
- 42SEC EDGARDebt or obligation accelerated
- 43SEC EDGAREntered a material agreement
- 44
- 45SEC EDGAREntered a material agreement
- 46
- 47SEC EDGAROther events
- 48SEC EDGARResults of operations
- 49
- 50NasdaqNasdaq calendar
- 51
- 52
- 53
- 54
- 55
- 56
- 57SEC EDGARBlackRock SCHEDULE 13G/A on AXT INC
- 58
- 59
- 60
- 61
- 62
- 63
- 64