The earnings call highlighted some improvements such as gross margin recovery and AI-related demand growth. However, these are overshadowed by significant revenue declines, export permit delays, and continued net losses. The challenges in obtaining permits and revenue shortfalls due to geopolitical factors are major concerns.

Company Guidance -

Q3 2025

During AXT Inc.'s Second Quarter 2025 Financial Conference Call, the company provided guidance for the third quarter, projecting revenue growth to fall within the range of $19.0 million to $21.0 million. This forecast assumes modest contributions from indium phosphide and gallium arsenide sales outside China, where export permits have been secured. AXT is focusing on emerging opportunities within China, particularly in strategic applications for indium phosphide and gallium arsenide. The company anticipates further gross margin improvement, targeting low to mid-teens percentages in Q3. Non-GAAP net loss is expected to be between $0.11 and $0.13, while GAAP net loss is projected between $0.13 and $0.15, with a share count of approximately 43.8 million shares.

Improved Gross Margin

Non-GAAP gross margin improved to 8.2% in Q2 2025, up from negative 6.1% in Q1 2025.

AI-Related Demand Growth

Healthy growth in AI-related demand for indium phosphide substrate in China, nearly doubling revenue within China.

First Export License Obtained

Obtained first export license in June, allowing shipment of initial orders of indium phosphide substrates outside China.

Sequential Revenue Growth Expected

Q3 revenue expected to grow sequentially to between $19.0 million and $21.0 million.

AXT (AXTI) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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AXTI Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 30, 2025	2025 (Q3)	-0.12 / -	-0.05	―	―	―
Jul 31, 2025	2025 (Q2)	-0.13 / -0.15	-0.02	-650.00% (-0.13)	―
May 01, 2025	2025 (Q1)	-0.14 / -0.19	-0.03	-533.33% (-0.16)	―
Feb 20, 2025	2024 (Q4)	-0.04 / -0.10	-0.07	-42.86% (-0.03)	―
Oct 31, 2024	2024 (Q3)	-0.06 / -0.05	-0.12	58.33% (+0.07)	―
Aug 01, 2024	2024 (Q2)	-0.05 / -0.02	-0.1	80.00% (+0.08)	―
May 02, 2024	2024 (Q1)	-0.08 / -0.03	-0.06	50.00% (+0.03)	―
Feb 22, 2024	2023 (Q4)	-0.13 / -0.07	0.05	-240.00% (-0.12)	―
Nov 02, 2023	2023 (Q3)	-0.11 / -0.12	0.13	-192.31% (-0.25)	―
Aug 03, 2023	2023 (Q2)	-0.10 / -0.10	0.13	-176.92% (-0.23)	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

AXTI Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jul 31, 2025	$2.08	$1.92	-7.69%
May 01, 2025	$1.35	$1.39	+2.96%
Feb 20, 2025	$2.29	$1.58	-31.00%
Oct 31, 2024	$2.58	$2.11	-18.22%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.