AXT, Inc. (AXTI) financial statements: income statement, balance sheet and cash flow
AXT, Inc.'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), AXT, Inc. reported revenue of $88.3M (-11.1% year on year) and net income of ($23.2M) (-96.8% year on year).
Income statement
AXT, Inc. income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Revenue
$88.3M
$99.4M
$75.8M
$141.1M
Cost of revenue
$77.1M
$75.5M
$62.5M
$89.0M
Gross profit
$11.2M
$23.8M
$13.3M
$52.1M
Selling, general and administrative
$24.2M
$24.1M
$22.8M
$25.7M
Research and development
$9.0M
$14.5M
$12.1M
$13.9M
Total operating expenses
$33.2M
$38.6M
$34.9M
$39.6M
Loss from operations
($22.0M)
($14.8M)
($21.6M)
$12.6M
Interest expense, net
($1.3M)
($1.3M)
($1.5M)
($1.1M)
Equity in income of unconsolidated joint ventures
$765.0K
$3.4M
$1.9M
$6.0M
Other income, net
$924.0K
$2.0M
$2.2M
$3.5M
Loss before provision for income taxes
($21.5M)
($10.7M)
($19.0M)
$20.9M
Provision for income taxes
$1.7M
$1.1M
$160.0K
$2.2M
Net loss
($23.2M)
($11.8M)
($19.2M)
$18.7M
Less: Net loss attributable to noncontrolling interests and redeemable noncontrolling interests
$1.9M
$167.0K
$1.3M
($2.9M)
Net loss attributable to AXT, Inc.
($21.3M)
($11.6M)
($17.9M)
$15.8M
Basic (in dollars per share)
-$0.49
-$0.27
-$0.42
$0.37
Diluted (in dollars per share)
-$0.49
-$0.27
-$0.42
$0.37
Basic (in shares)
43.9M
43.2M
42.6M
42.1M
Diluted (in shares)
43.9M
43.2M
42.6M
42.7M
AXT, Inc. income statement, quarters
Line item
Jun 30, 2026 · Q2
Mar 31, 2026 · Q1
Sep 30, 2025 · Q3
Jun 30, 2025 · Q2
Revenue
$47.6M
$26.9M
$28.0M
$18.0M
Cost of revenue
$26.2M
$18.9M
$21.7M
$16.5M
Gross profit
$21.4M
$8.0M
$6.2M
$1.4M
Selling, general and administrative
$7.3M
$6.6M
$6.3M
$5.7M
Research and development
$3.7M
$3.0M
$1.0M
$2.5M
Total operating expenses
$10.9M
$9.6M
$7.3M
$8.2M
Income (loss) from operations
$10.4M
($1.6M)
($1.1M)
($6.7M)
Interest income (expense), net
$4.7M
$101.0K
—
—
Equity in income (loss) of unconsolidated joint ventures
$417.0K
$353.0K
$515.0K
($171.0K)
Other income (expense), net
($436.0K)
$76.0K
($166.0K)
$23.0K
Income (loss) before provision for income taxes
$15.1M
($1.1M)
($1.2M)
($7.1M)
Provision for income taxes
$2.1M
$430.0K
$504.0K
$579.0K
Net income (loss)
$13.0M
($1.5M)
($1.7M)
($7.7M)
Less: Net (income) loss attributable to noncontrolling interests and redeemable noncontrolling interests
($1.9M)
($135.0K)
($233.0K)
$666.0K
Net income (loss) attributable to AXT, Inc.
$11.1M
($1.6M)
($1.9M)
($7.0M)
Basic (in dollars per share)
$0.18
-$0.03
-$0.04
-$0.16
Diluted (in dollars per share)
$0.17
-$0.03
-$0.04
-$0.16
Basic (in shares)
61.2M
53.3M
43.8M
43.7M
Diluted (in shares)
63.5M
53.3M
43.8M
43.7M
Balance sheet
AXT, Inc. balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Cash and cash equivalents
$120.3M
$22.8M
$37.8M
$34.9M
Restricted cash
$8.1M
$11.0M
$12.4M
$6.4M
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
$19.3M
$29.3M
Inventories
$81.7M
$85.1M
$86.5M
$89.6M
Prepaid expenses and other current assets
$9.7M
$13.7M
$12.6M
$14.0M
Total current assets
$246.6M
$158.3M
$170.7M
$183.5M
Property, plant and equipment, net
$161.9M
$159.7M
$166.3M
$161.0M
Operating lease right-of-use assets
$2.0M
$2.5M
$2.8M
$1.8M
Other assets
$23.4M
$18.8M
$18.9M
$21.6M
Total assets
$433.8M
$339.3M
$358.7M
$370.1M
Accounts payable
$12.9M
$12.4M
$9.6M
$10.1M
Accrued liabilities
$14.8M
$14.6M
$19.0M
$18.2M
Short-term loans
$62.8M
$47.3M
—
—
Total current liabilities
$90.5M
$74.2M
$81.6M
$75.3M
Long-term portion of lease obligations
$1.4M
$2.0M
$2.4M
$1.3M
Other long-term liabilities
$7.1M
$8.3M
$5.6M
$3.7M
Total liabilities
$99.1M
$84.4M
$89.6M
$80.3M
Redeemable noncontrolling interests (Note 17)
$38.1M
$38.6M
$41.7M
$44.8M
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
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
44.0K
44.0K
Additional paid-in capital
$339.9M
$241.5M
$238.5M
$235.3M
Accumulated deficit
($64.9M)
($43.7M)
($32.0M)
($14.2M)
Accumulated other comprehensive loss
($5.3M)
($8.7M)
($6.0M)
($3.1M)
Total AXT, Inc. stockholders’ equity
$273.3M
$192.8M
$204.0M
$221.6M
Noncontrolling interests
$23.3M
$23.6M
$23.5M
$23.3M
Total stockholders’ equity
$296.6M
$216.3M
$227.5M
$244.9M
Total liabilities, redeemable noncontrolling interests and stockholders’ equity
$433.8M
$339.3M
$358.7M
$370.1M
AXT, Inc. balance sheet, quarters
Line item
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Jun 30, 2025
Cash and cash equivalents
$412.2M
$41.8M
$23.1M
$27.0M
Restricted cash
$33.0M
$16.1M
$8.1M
$8.1M
Short-term investments
$5.0M
$65.4M
—
—
Accounts receivable, net of allowances for credit losses of $230 and $164 as of June 30, 2026 and December 31, 2025
$36.7M
$32.0M
$33.8M
$22.8M
Inventories
$96.3M
$90.2M
$77.7M
$80.1M
Prepaid expenses and other current assets
$15.6M
$8.3M
$7.1M
$7.0M
Total current assets
$598.8M
$253.8M
$149.8M
$145.0M
Long-term investments
$298.6M
—
—
—
Property, plant and equipment, net
$174.9M
$164.6M
$159.3M
$159.7M
Operating lease right-of-use assets
$1.8M
$1.9M
$2.1M
$2.2M
Other assets
$23.1M
$24.3M
$22.9M
$22.1M
Total assets
$1.1B
$444.6M
$334.0M
$329.0M
Accounts payable
$14.4M
$16.1M
$10.8M
$11.2M
Accrued liabilities
$27.1M
$12.9M
$12.5M
$12.4M
Short-term loans
$84.2M
$68.9M
$61.5M
$55.9M
Total current liabilities
$125.7M
$97.9M
$84.9M
$79.5M
Long-term portion of lease obligations
$1.2M
$1.3M
$1.6M
$1.7M
Other long-term liabilities
$18.5M
$8.4M
$7.1M
$7.1M
Total liabilities
$145.3M
$107.6M
$93.6M
$88.4M
Redeemable noncontrolling interests (Note 18)
$39.7M
$38.5M
$38.1M
$38.0M
Preferred stock Series A, $0.001 par value; 2,000 shares authorized; 883 shares issued and outstanding as of June 30, 2026 and December 31, 2025 (Liquidation preference of $8,317 and $8,229 as of June 30, 2026 and December 31, 2025)
3.5M
3.5M
3.5M
3.5M
Common stock, $0.001 par value; 120,000 and 70,000 shares authorized as of June 30, 2026 and December 31, 2025; 65,570 and 55,337 shares issued and outstanding as of June 30, 2026 and December 31, 2025
66.0K
56.0K
46.0K
46.0K
Additional paid-in capital
$943.8M
$342.4M
$243.6M
$242.8M
Accumulated deficit
($55.4M)
($66.5M)
($61.4M)
($59.5M)
Accumulated other comprehensive loss
($4.7M)
($4.6M)
($6.7M)
($7.2M)
Total AXT, Inc. stockholders’ equity
$887.3M
$274.9M
$179.1M
$179.7M
Noncontrolling interests
$24.8M
$23.6M
$23.2M
$22.9M
Total stockholders’ equity
$912.1M
$298.4M
$202.3M
$202.6M
Total liabilities, redeemable noncontrolling interests and stockholders’ equity
$1.1B
$444.6M
$334.0M
$329.0M
Cash flow statement
AXT, Inc. cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net loss
($23.2M)
($11.8M)
($19.2M)
$18.7M
Depreciation and amortization
$9.1M
$9.0M
$8.7M
$8.1M
Amortization of marketable securities premium
$0
—
$18.0K
$58.0K
Stock-based compensation
$3.3M
$3.1M
$3.5M
$4.0M
Provision for credit losses
$0
—
$272.0K
($177.0K)
Loss on sale of equity investment
$0
—
$166.0K
—
Loss on disposal of equipment
$3.0K
$118.0K
$21.0K
($85.0K)
Return of equity method investments as dividends
$868.0K
$2.4M
—
—
Equity in income of unconsolidated joint ventures
($765.0K)
($3.4M)
($2.0M)
($6.0M)
Deferred tax assets
($88.0K)
$265.0K
$553.0K
$104.0K
Accounts receivable
($390.0K)
($6.9M)
$9.3M
$4.5M
Inventories
$6.3M
($737.0K)
$1.1M
($31.4M)
Prepaid expenses and other current assets
$1.4M
($6.0M)
($652.0K)
($3.5M)
Other assets
($3.1M)
$1.3M
$419.0K
($471.0K)
Accounts payable
$147.0K
$3.0M
($162.0K)
($5.5M)
Accrued liabilities
$150.0K
$1.0M
($1.9M)
($2.1M)
Other long-term liabilities
($6.6M)
($3.4M)
($1.0M)
$3.3M
Net cash provided by (used in) operating activities
($12.8M)
($12.1M)
$3.4M
($8.8M)
Purchases of property, plant and equipment
($6.0M)
($5.8M)
($10.5M)
($28.5M)
Proceeds from sales and maturities of available-for-sale debt securities
$0
$2.2M
$9.6M
$5.4M
Proceeds from sales of equity securities - 15% Jia Mei
$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)
($25.2M)
Proceeds from issuance of common stock and options exercised, net of issuance costs
$95.2M
—
—
$976.0K
Proceeds from short-term bank loans
$58.6M
$54.5M
$56.5M
$53.1M
Payments on short-term bank loans
($48.6M)
($60.1M)
($49.2M)
($17.8M)
Proceeds from capital increase in subsidiary shares from noncontrolling interests
0
—
708.0K
2.2M
Proceeds from long-term loan
$3.5M
$5.8M
$635.0K
—
Payments on long-term loan
($1.5M)
($804.0K)
—
—
Net cash provided by (used in) financing activities
$107.1M
($536.0K)
$8.6M
$38.0M
Net increase (decrease) in cash, restricted cash and cash equivalents
$94.6M
($16.3M)
$8.8M
$4.6M
Cash, restricted cash and cash equivalents at the beginning of the year
$33.8M
$50.1M
$41.3M
—
Cash, restricted cash and cash equivalents at the end of the period
$128.4M
$33.8M
$50.1M
—
Effect of exchange rate changes on cash, restricted cash and cash equivalents
$7.1M
$790.0K
—
—
Income taxes paid, net of refunds
$586.0K
$962.0K
$686.0K
$1.7M
Interest expense paid
$1.8M
$2.1M
$1.6M
—
Loan proceeds received by notes receivable
$0
—
$1.5M
—
Notes receivables paid to purchase fixed assets
$3.0M
$4.6M
$4.2M
$6.8M
Non-cash consideration received from sale of DongFang
$0
—
$585.0K
—
Investment in subsidiary shares from noncontrolling interest
0
—
308.0K
937.0K
Consideration payable in connection with construction in progress, included in accrued liabilities
$1.1M
$857.0K
$6.6M
$4.1M
AXT, Inc. cash flow statement, quarters
Line item
Jun 30, 2026 · YTD
Mar 31, 2026 · Q1
Sep 30, 2025 · YTD
Jun 30, 2025 · YTD
Net income (loss)
$11.5M
($1.5M)
($19.4M)
($17.7M)
Depreciation and amortization
$4.9M
$2.4M
$6.8M
$4.5M
Amortization of marketable securities premium
$78.0K
$44.0K
—
—
Stock-based compensation
$1.8M
$1.0M
$2.0M
$1.3M
Gain on disposal of equipment
($12.0K)
($20.0K)
($7.0K)
($7.0K)
Return of equity method investments as dividends
$2.0M
—
$868.0K
$868.0K
Equity in income of unconsolidated joint ventures
($770.0K)
($353.0K)
—
—
Deferred tax assets
$62.0K
$97.0K
($51.0K)
($38.0K)
Accounts receivable
($9.2M)
($4.9M)
($7.7M)
$3.2M
Inventories
($12.2M)
($7.4M)
$9.1M
$6.2M
Prepaid expenses and other current assets
($10.0M)
($85.0K)
$4.1M
$5.3M
Other assets
($609.0K)
($512.0K)
($3.1M)
($2.9M)
Accounts payable
$1.1M
$3.0M
($1.8M)
($1.3M)
Accrued liabilities
$11.9M
($1.7M)
($2.2M)
($2.3M)
Other long-term liabilities
($1.4M)
($1.8M)
($5.2M)
($5.0M)
Net cash used in operating activities
($900.0K)
($11.7M)
($17.1M)
($7.9M)
Purchases of property, plant and equipment
($8.6M)
($1.4M)
($3.0M)
($789.0K)
Purchases of available-for-sale debt securities
($305.6M)
($65.9M)
—
—
Investments in non-marketable equity investments
$0
$0
($837.0K)
($837.0K)
Net cash used in investing activities
($314.2M)
($67.3M)
($3.8M)
($1.6M)
Proceeds from issuance of common stock and options exercised, net of issuance costs
$602.0M
—
—
—
Proceeds from short-term bank loans
$44.4M
$20.9M
$43.3M
$24.4M
Payments on short-term bank loans
($25.9M)
($16.6M)
($33.6M)
($20.2M)
Proceeds from long-term loans
$13.0M
$2.9M
$3.2M
$2.8M
Payments on long-term loans
($4.2M)
($743.0K)
($1.1M)
($456.0K)
Net cash provided by financing activities
$629.4M
$8.0M
$11.8M
$6.6M
Net increase in cash, restricted cash and cash equivalents
$316.9M
($70.5M)
($2.6M)
$1.3M
Cash, restricted cash and cash equivalents at the beginning of the year
$128.4M
$128.4M
$33.8M
$33.8M
Cash, restricted cash and cash equivalents at the end of the period
$445.2M
$57.9M
$31.2M
$35.1M
Effect of exchange rate changes on cash, restricted cash and cash equivalents
$2.6M
$453.0K
$6.5M
$4.3M
Notes receivables paid to purchase fixed assets
$6.4M
$1.5M
$2.7M
$1.5M
Long-term loan received in the form of a note receivable
$1.9M
—
—
—
Consideration payable in connection with construction in progress, included in accrued liabilities