AXT Q1 2025 revenue $19.4M; GAAP gross margin -6.4%; net loss $0.20/share

AXT INC

2025-Q1 EPS reported -$0.20 revenue$19,356,000

Revenue $19.4M, down 23% sequentially from $25.1M and 15% YoY from $22.7M.
GAAP gross margin turned negative to (6.4)% from 17.6% in Q4 2024; non-GAAP (6.1)%.
GAAP net loss $8.8M ($0.20 per share) vs loss of $5.1M ($0.12) Q4 2024 and $2.1M ($0.05) Q1 2024.
Decline driven by 58% drop in indium phosphide sales from China trade restrictions, GaAs yield issues, and under-absorbed overhead.
Management expects gross margin improvement starting Q2 2025; Tongmei STAR Market IPO still pending CSRC approval.

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