AXT reported October 29 that third-quarter revenue reached a company record of $73.4 million, up from $47.6 million in the preceding quarter and $28 million a year earlier.
The Fremont, California, semiconductor-materials company reported GAAP net income attributable to AXT of $25.7 million, or 39 cents per diluted share. A year earlier, it lost $1.9 million, or four cents per share.
Quarterly GAAP gross margin rose to 56%, compared with 44.9% in the second quarter and 22.3% a year earlier. Adjusted net income, excluding stock-based compensation, was $26.8 million, or 41 cents per share.
Chief Executive Morris Young attributed the revenue increase to demand for indium phosphide material. That explanation is the company’s account of its performance.
AXT manufactures semiconductor substrate wafers used in applications including data-center connectivity, telecommunications, lasers and sensors. It has manufacturing facilities in China.
The reported financial quarter ended September 30. The results were released after the October 29 market close, separately from the company’s earlier announcements about financing and production expansion.
Sources: AXT — October 29 Financial Results: https://www.businesswire.com/news/home/20261029498407/en/AXT-Inc.-Announces-Third-Quarter-2026-Financial-Results