# AXT, Inc. (AXTI)

> Source: Nexqual · https://nexqual.com/AXTI · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, AXT, Inc. (AXTI), nexqual.com/AXTI" · informational, not investment advice.

**Price:** USD 51.56 (-13.02% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 59.28 · day 51–56.72 · 52w 4.9–143.16 · market cap $3.38B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $126M, net income $4.1M (3.2% margin), free cash flow -$19.6M (SEC filings).
- Valuation: P/E 834.0x.
- 1 of 80 tracked superinvestors hold AXTI (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 9 Form 4 filings, $29.8M; 9 not under a Rule 10b5-1 plan ($29.8M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Total return with dividends: 1Y +895.4% vs S&P 500 +14.9%; 5Y +503.8% vs S&P 500 +80.3%.
- Next earnings: 2026-10-29, EPS estimate USD 0.31, revenue estimate $66.0M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $137M | $141M | $75.8M | $99.4M | $88.3M | $126M |
| Gross profit | $47.4M | $52.1M | $13.3M | $23.8M | $11.2M | — |
| Operating income | $12.9M | $12.6M | -$21.6M | -$14.8M | -$22.0M | $3.9M |
| Net income | $14.6M | $15.8M | -$17.9M | -$11.6M | -$21.3M | $4.1M |
| EPS (diluted) | $0.34 | $0.37 | -$0.42 | -$0.27 | -$0.49 | — |
| Free cash flow | -$33.0M | -$37.2M | -$7.1M | -$17.9M | -$18.8M | -$19.6M |
| Gross margin | 34.5% | 36.9% | 17.6% | 24.0% | 12.7% | — |
| Operating margin | 9.4% | 8.9% | -28.5% | -14.9% | -24.9% | 3.1% |
| Net margin | 10.6% | 11.2% | -23.6% | -11.7% | -24.1% | 3.2% |
| Revenue growth | +44.1% | +2.7% | -46.3% | +31.1% | -11.1% | — |
| Cash + short-term investments | $42.2M | $44.3M | $39.9M | — | $128M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 834.0x · P/S 26.9x · P/B 3.8x · FCF yield -0.58% · Earnings yield 0.12%

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold AXTI. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Polen Capital | Polen Capital Management | 0.03% | $3.8M | Added +6.8% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 9 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-17 | Leblanc Leonard J | Director | 4,000 | $384K | 3.4% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-10…2026-08-07 | Leblanc Leonard J | Director | 2,500 | $221K | 2.1% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-15 | Chen Jesse | Director | 6,172 | $711K | 10.9% | No | Too little history (no open-market trades in 2024 or 2025) |
| 2026-06-15 | Chang David C | Director | 8,333 | $926K | 11.3% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-11…2026-06-12 | Chen Jesse | Director | 22,000 | $2.0M | 28% | No | Too little history (no open-market trades in 2024 or 2025) |
| 2026-06-08…2026-06-10 | Chen Jesse | Director | 16,500 | $1.5M | 17.4% | No | Too little history (no open-market trades in 2024 or 2025) |
| 2026-06-03…2026-06-04 | Chen Jesse | Director | 10,133 | $1.1M | 9.6% | No | Too little history (no open-market trades in 2024 or 2025) |
| 2026-06-01…2026-06-02 | Young Morris S | CEO | 197,498 | $22.3M | 8.4% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-01…2026-06-02 | Chen Jesse | Director | 5,200 | $579K | 4.7% | No | Too little history (no open-market trades in 2024 or 2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-07-31 | B. Riley Securities | Target raised | Neutral | $52 → $55 |
| 2026-07-31 | Needham | Upgrade | Hold → Buy | $90 |
| 2026-07-28 | B. Riley Securities | Target lowered | Neutral | $73 → $52 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +895.4% | +503.8% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +903.3% | +43.1% |
| Volatility (annualized) | 150.3% | 90.5% |
| Max drawdown | -73.8% (May 2026→Jul 2026) | -87.8% (Aug 2022→Apr 2025) |

## Peers (Semiconductor Equipment & Materials)
ACMR (ACM Research, Inc.) USD 49.12 -10.18% · ACLS (Axcelis Technologies, Inc.) USD 104.74 -10.16% · KLIC (Kulicke and Soffa Industries, I) USD 73.4 -9.86% · IPGP (IPG Photonics Corporation) USD 69.41 -6.24% · AMBA (Ambarella, Inc.) USD 63.12 -4.36% · VECO (Veeco Instruments Inc.) USD 41.15 -11.81%

## More
Full page: https://nexqual.com/AXTI · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in AXTI's own 10-K filed 2026-03-17 (https://www.sec.gov/Archives/edgar/data/1051627/000143774926008612/axti20251231_10k.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Beijing Tongmei Xtal Technology | "Additionally, statements regarding completing steps in connection with the proposed listing of shares of our wafer manufacturing company, Beijing Tongmei Xtal Technology Co., Ltd. ("Tongmei"), on the Shanghai Stock Excha…" |
| Supplier | The Nasdaq Stock Market | "Delisting from The Nasdaq Global Select Market could also have other negative results, including the potential loss of confidence by customers, suppliers and employees, the loss of institutional investor interest and few…" |
| Competitor | Qorvo (QRVO) | "We face competition for our wafer substrate products from other manufacturers of substrates, such as Sumitomo, JX, Freiberger, Umicore, Vital and CCTC, and from companies, such as Qorvo and Skyworks, that are actively co…" |
| Competitor | Skyworks (SWKS) | "We face competition for our wafer substrate products from other manufacturers of substrates, such as Sumitomo, JX, Freiberger, Umicore, Vital and CCTC, and from companies, such as Qorvo and Skyworks, that are actively co…" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Substrates | $37.6M | 78.9% | +232.7% |
| Raw Materials & Other | $10.0M | 21.1% | +50.0% |
| Total revenue | $47.6M | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| China | $30.8M | 64.8% | +112.8% |
| Europe | $9.2M | 19.2% | +473.1% |
| Asia Pacific Excluding China Taiwan & Japan | $3.5M | 7.3% | +717.1% |
| Taiwan | $2.5M | 5.2% | +368.5% |
| Japan | $1.5M | 3.1% | +107.7% |
| North America | $161,000 | 0.3% | -28.1% |
| Total revenue | $47.6M | 100% | — |

## Customer concentration

Period ended 2025-06-30: 11% of revenue from unnamed direct customers (10-Q, filed 2026-08-13).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.31 | $0.11 | +190.6% | $66.0M | 5 |
| Next quarter (ends 2026-12-31) | $0.36 | $0.13 | +175.8% | $77.5M | 5 |
| Current fiscal year (ends 2026-12-31) | $0.87 | $0.30 | +185.5% | $218.0M | 5 |
| Next fiscal year (ends 2027-12-31) | $2.25 | $0.75 | +199.2% | $460.7M | 5 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-10-30 (includes earnings 2026-10-29): ±18.7%; last 8 reports averaged ±21.8%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 157.1% | ±18.7% |
| 2026-11-06 | 14 | 131.1% | ±21.4% |
| 2026-11-13 | 21 | 118.4% | ±23.3% |
| 2026-11-20 | 28 | 115.5% | ±26.1% |
| 2026-11-27 | 35 | 110.4% | ±27.7% |
| 2026-12-04 | 42 | 110.6% | ±30.3% |
| 2026-12-18 | 56 | 106.4% | ±33.2% |
| 2027-01-15 | 84 | 101.3% | ±38.5% |