AXT Inc. reports Q1 EPS (19c), consensus (14c)

Reports Q1 revenue $19.4M, consensus $18.98M. The company said, “While the geopolitical environment is creating undeniable challenges, we are focusing our energies where we can drive positive returns today. Tongmei, our China subsidiary, is uniquely positioned to optimize growth opportunities in China, such as high-speed data center connectivity and LIDAR for autonomous driving, and are pursuing these and other opportunities with success across key markets for indium phosphide, gallium arsenide, and germanium substrates. We are also working tirelessly on behalf of our global customer base to ensure that we can continue to support their needs across all our products. We were highly disappointed with our gross margin performance in Q1.”