AXT, Inc. (AXTI) Income Statement
AXTI 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsAXTI revenue and net income
Where AXTI's revenue goes
2025Each bar shows an amount and its share of revenue. AXTI kept −24.1% of revenue as net income.
AXTI profit margins
AXTI growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −11.1% | −14.5% | −1.5% | +1.3% |
| Gross profit | −52.8% | −40.0% | −18.0% | −4.0% |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
AXTI quarterly EPS vs estimates
AXT beat the analyst EPS estimate in 5 of the last 8 quarters. Next report: October 29, 2026 (estimate $0.30).
AXTI income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $88.3M | $99.4M | $75.8M | $141.1M | $137.4M | $95.4M | $83.3M | $102.4M | $98.7M | $81.3M |
| Cost of revenue | $77.1M | $75.5M | $62.5M | $89.0M | $90.0M | $65.1M | $58.4M | $65.3M | $64.2M | $55.0M |
| Gross profit | $11.2M | $23.8M | $13.3M | $52.1M | $47.4M | $30.3M | $24.8M | $37.0M | $34.5M | $26.4M |
| Research & development | $9.0M | $14.5M | $12.1M | $13.9M | $10.3M | $7.1M | $5.8M | $5.9M | $4.8M | $5.8M |
| Sales, general & admin | $24.2M | $24.1M | $23.4M | $25.7M | $24.2M | $19.2M | $19.3M | $19.0M | $17.0M | $13.9M |
| Total operating expenses | $33.2M | $38.6M | $34.9M | $39.6M | $34.5M | $26.3M | $25.1M | $24.9M | $21.8M | $19.7M |
| Operating income | −$22.0M | −$14.8M | −$21.6M | $12.6M | $12.9M | $3.9M | −$314,000 | $12.1M | $12.6M | $6.4M |
| Interest income | — | — | — | — | — | — | $217,000 | $528,000 | $461,000 | $409,000 |
| Interest expense | $1.3M | $1.3M | $1.5M | $1.1M | $213,000 | $179,000 | $3.8M | $528,000 | $461,000 | $409,000 |
| Income before taxes | −$21.5M | −$10.7M | −$19.0M | $20.9M | $17.6M | $7.1M | −$1.0M | $11.9M | $10.9M | $5.7M |
| Income taxes | $1.7M | $1.1M | $160,000 | $2.2M | $1.1M | $2.0M | $562,000 | $938,000 | $792,000 | $733,000 |
| Net income | −$21.3M | −$11.6M | −$17.9M | $15.8M | $14.6M | $3.2M | −$1.6M | $9.7M | $10.1M | $5.6M |
| EBITDA | −$11.2M | −$338,000 | −$8.8M | $30.1M | $25.1M | $11.6M | $5.2M | $17.0M | $17.1M | $11.5M |
| EPS (diluted) | −$0.42 | −$0.22 | −$0.37 | $0.39 | $0.34 | $0.07 | −$0.06 | $0.24 | $0.27 | $0.21 |
| Gross margin | 12.7% | 24.0% | 17.6% | 36.9% | 34.5% | 31.7% | 29.8% | 36.2% | 34.9% | 32.4% |
| Operating margin | −24.9% | −14.9% | −28.5% | 8.9% | 9.4% | 4.1% | −0.4% | 11.9% | 12.8% | 7.9% |
| Net margin | −24.1% | −11.7% | −23.6% | 11.2% | 10.6% | 3.4% | −1.9% | 9.4% | 10.3% | 6.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $47.6M | $26.9M | $23.0M | $28.0M | $18.0M | $19.4M | $25.1M | $23.6M | $27.9M | $22.7M | $20.4M | $17.4M |
| Cost of revenue | $26.2M | $18.9M | $18.2M | $21.7M | $16.5M | $20.6M | $20.7M | $18.0M | $20.3M | $16.6M | $15.8M | $15.5M |
| Gross profit | $21.4M | $8.0M | $4.8M | $6.2M | $1.4M | −$1.2M | $4.4M | $5.7M | $7.7M | $6.1M | $4.6M | $1.9M |
| Research & development | $3.7M | $3.0M | $2.4M | $1.0M | $2.5M | $3.1M | $4.1M | $3.4M | $3.8M | $3.2M | $2.8M | $2.9M |
| Sales, general & admin | $7.3M | $6.6M | $6.3M | $6.3M | $5.7M | $5.9M | $6.4M | $5.7M | $5.8M | $6.2M | $5.4M | $5.7M |
| Total operating expenses | $10.9M | $9.6M | $8.7M | $7.3M | $8.2M | $9.0M | $10.6M | $9.1M | $9.5M | $9.4M | $8.2M | $8.6M |
| Operating income | $10.4M | −$1.6M | −$3.8M | −$1.1M | −$6.7M | −$10.3M | −$6.2M | −$3.4M | −$1.9M | −$3.3M | −$3.6M | −$6.7M |
| Interest expense | — | $101,000 | $391,000 | $395,000 | $202,000 | $269,000 | $318,000 | $391,000 | $282,000 | $349,000 | $384,000 | $381,000 |
| Income before taxes | $15.1M | −$1.1M | −$3.3M | −$1.2M | −$7.1M | −$9.9M | −$5.5M | −$2.3M | −$1.1M | −$1.8M | −$3.5M | −$6.5M |
| Income taxes | $2.1M | $430,000 | $501,000 | $504,000 | $579,000 | $74,000 | $113,000 | $626,000 | $121,000 | $274,000 | $252,000 | −$101,000 |
| Net income | $11.1M | −$1.6M | −$3.5M | −$1.9M | −$7.0M | −$8.8M | −$5.1M | −$2.9M | −$1.5M | −$2.1M | −$3.6M | −$5.8M |
| EBITDA | $12.9M | $850,000 | −$628,000 | $1.5M | −$4.6M | −$7.5M | −$3.0M | $426,000 | $1.5M | $767,000 | −$825,000 | −$4.0M |
| EPS (diluted) | $0.17 | −$0.01 | −$0.05 | −$0.03 | −$0.15 | −$0.19 | −$0.10 | −$0.07 | −$0.02 | −$0.03 | −$0.09 | −$0.12 |
| Gross margin | 44.9% | 29.6% | 20.9% | 22.3% | 8.0% | −6.4% | 17.6% | 24.0% | 27.4% | 26.9% | 22.6% | 10.7% |
| Operating margin | 21.9% | −5.9% | −16.6% | −4.0% | −37.5% | −53.1% | −24.6% | −14.4% | −6.8% | −14.8% | −17.4% | −38.7% |
| Net margin | 23.4% | −6.0% | −15.4% | −6.8% | −39.0% | −45.5% | −20.3% | −12.4% | −5.4% | −9.2% | −17.7% | −33.5% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in AXTI's financial statements (latest annual report filed March 17, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
AXTI financial results
In fiscal year 2025 (ended December 31, 2025), AXT reported revenue of $88.3 million, down 11.1% from the year before. It had a net loss of $21.3 million, a net profit margin of −24.1%. Diluted earnings per share came to −$0.42. Over five years revenue grew at an average rate of −1.5% a year.
See the AXTI stock overview for the latest quote and news, or the AXTI chart for price history and technical indicators.
AXTI income statement FAQ
What is AXT's annual revenue?
AXT reported total revenue of $88.3 million for fiscal year 2025, which ended on December 31, 2025. That was down 11.1% from $99.4 million the previous year.
Is AXT profitable?
No. AXT reported a net loss of $21.3 million in fiscal 2025, a net profit margin of −24.1%; its operating margin was −24.9%.
What is AXT's gross margin?
AXT's gross margin was 12.7% in fiscal 2025: for every $100 of revenue, AXT kept $13 after the direct cost of its products and services.
How much does AXT spend on research and development?
AXT spent $9.0 million on research and development in fiscal 2025, 10.2% of revenue.
How fast is AXT growing?
Revenue grew −1.5% a year on average over the last five fiscal years, from $95.4 million to $88.3 million.
What are AXT's earnings per share?
AXT earned $-0.42 per diluted share in fiscal 2025, compared with $-0.22 a year earlier.
When will AXT report its next earnings?
AXT is expected to report results for the quarter ending September 30, 2026 on October 29, 2026 after the market closes.
When does AXT's fiscal year end?
AXT's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 17, 2026.