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AXT AXTI Substrates — Revenue

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Other financials

Income statement

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Revenue$26.9M+39.1%
Gross profit-$1.2M-120%
Operating income-$10.3M-207%
Net income-$1.5M+83.1%
EPS (diluted)-$0.20-300%

Balance sheet

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Cash & equivalents$41.8M+32.2%
Total debt$65.7M+23.6%
Total equity$274.9M+48.6%
Total assets$444.6M+33.3%

Cash flow

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Operating cash flow-$11.7M-249%
CapEx$1.4M+169%
Free cash flow-$13.1M-239%

Valuation

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Market cap$5.53B+4,825%

Profitability

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Gross margin17.2%-0.9pp
Operating margin-22.6%-2.5pp
Net margin-15.3%-2.5pp
FCF margin-30.5%

Returns & leverage

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Return on equity-6.4%-1.6pp
Debt / equity0.2×0.0×
Current ratio2.6×+0.6×

Where this comes from

Reported directly by AXT in its filing.

Tagged under the XBRL concept us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.

The official record: AXT’s 10-Q, filed May 14, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is AXT's substrates — revenue?
AXT (AXTI) reported substrates — revenue of $19.28M in Q1 2026.
How has AXT's substrates — revenue changed year-over-year?
AXT's substrates — revenue increased by 74.0% year-over-year, from $11.08M to $19.28M.
What is the long-term trend for AXT's substrates — revenue?
Over 4 years (2021 to 2025), AXT's substrates — revenue has grown at a -13.0% compound annual growth rate (CAGR), from $103.03M to $58.9M.
What does substrates — revenue mean?
This metric represents the total net sales generated from the sale of compound and single-element semiconductor substrates to customers, excluding any assessed taxes. It serves as a primary indicator of the market demand and commercial performance for the company's core wafer product line. Tracking this revenue stream helps investors evaluate the segment's contribution to overall top-line growth and its competitive positioning within the semiconductor materials industry.