Q2 25 EPS
$-0.15
MISS 11.94%
Est. $-0.13
Q2 25 Revenue
$18.0M
BEAT +0.18%
Est. $17.9M
vs S&P Since Q2 25
+3,114.3%
BEATING MARKET
AXTI +3,132.3% vs S&P +17.9%
Market Reaction
Did AXTI Beat Earnings? Q2 2025 Results
AXT, Inc. Reported Q2 2025 non-GAAP EPS of -$0.15, with no consensus estimate available for comparison. Revenue came in at $17.97 million, representing a 35.6% YoY decline from $27.92 million in Q2 2024. GAAP gross margin recovered to 8.0% from negat… Read more AXT, Inc. Reported Q2 2025 non-GAAP EPS of -$0.15, with no consensus estimate available for comparison. Revenue came in at $17.97 million, representing a 35.6% YoY decline from $27.92 million in Q2 2024. GAAP gross margin recovered to 8.0% from negative 6.4% in Q1 2025, though it remained well below the 27.4% posted in the year-ago quarter. The company cited longer processing times for gallium arsenide export permits and sluggish demand in China as headwinds, while noting healthy growth in AI-related demand for indium phosphide substrates. AXT received its first export permits in June 2025 and shipped initial indium phosphide orders to customers outside China. Non-GAAP net loss narrowed sequentially to $6.4 million from $8.2 million in Q1 2025. Cash and cash equivalents stood at $27.01 million as of June 30, 2025, up from $22.83 million at year-end 2024. Total assets were $329.0 million.
Key Takeaways
- • Longer processing times for gallium arsenide export permits constrained revenue growth
- • Sluggish demand environment in China affected both substrate and raw material business
- • Gross margin recovered to 8.0% GAAP from negative 6.4% in Q1 through manufacturing efficiency improvements
- • Healthy growth in AI-related demand for indium phosphide in China
- • First export permits obtained in June enabled initial indium phosphide shipments outside China
AXTI YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
“Our substrate revenue increased in Q2 from the prior quarter, though the increase was less than we had expected as a result of longer processing times for gallium arsenide export permits, coupled with some sluggishness in the demand environment in China, which also affected our raw material business.”
— Morris Young, Q2 2025 Earnings Press Release
AXTI Earnings Trends
AXTI vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
AXTI EPS Trend
Earnings per share: estimate vs actual
AXTI Revenue Trend
Quarterly revenue: estimate vs actual
AXTI Quarterly Results
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $-0.05 | $-0.01 | +78.26% | $26.9M | +2.69% |
| Q4 25 BEAT | $-0.06 | $-0.05 | +13.79% | $23.0M | -4.96% |
| Q3 25 BEAT | $-0.12 | $-0.03 | +75.41% | $28.0M | +37.68% |
| Q2 25 MISS | $-0.13 | $-0.15 | -11.94% | $18.0M | +0.18% |
| Q1 25 MISS | $-0.14 | $-0.19 | -37.68% | $19.4M | +1.97% |
| Q4 24 MISS | $-0.04 | $-0.10 | -138.10% | $25.1M | +4.89% |