AXT Reports Q1 2024 Financial Results

May 3, 2024

DENVER, Colo., May 03, 2024 (247marketnews.com)- AXT, Inc. (Nasdaq:AXTI) reported its first quarter financial results.

First quarter 2024 revenue grew to $22.7 million, compared with $20.4 million for the fourth quarter of 2023 and $19.4 million for the first quarter of 2023.

GAAP gross margin grew to 26.9 percent of revenue for the first quarter of 2024, compared with 22.6 percent

“We are pleased with our first quarter results,” commented Morris Young, AXT’s chief executive officer. “We exceeded our Q1 revenue and profitability guidance, delivering 11 percent sequential growth in our revenues and 54 percent sequential improvement in our non-GAAP net income. Across our product lines, new catalysts, such as artificial intelligence, are providing exciting incremental opportunities for advanced compound semiconductor materials. We understand from our customers that our indium phosphide substrates are currently being utilized for high-speed optical components for artificial intelligence interconnects and we are working closely with a number of customers building next-generation lasers for use in data center transceivers. As we look ahead, we remain steadfastly focused on business efficiency and accelerating our return to profitability.”

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