Axt Inc Financials
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
Axt Inc has an operating margin of -14.9%, meaning the company retains $-15 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -28.5% the prior year.
Axt Inc's revenue surged 31.1% year-over-year to $99.4M, reflecting rapid business expansion. This strong growth earns a score of 100/100.
Axt Inc carries a low D/E ratio of 0.44, meaning only $0.44 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 95/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 2.13, Axt Inc holds $2.13 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 65/100.
While Axt Inc generated -$12.1M in operating cash flow, capex of $5.8M consumed most of it, leaving -$17.9M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Axt Inc passes 4 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Axt Inc generates $1.04 in operating cash flow (-$12.1M OCF vs -$11.6M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
This page shows Axt Inc (AXTI) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Key Financial Metrics
Axt Inc generated $99.4M in revenue in fiscal year 2024. This represents an increase of 31.1% from the prior year.
Axt Inc's EBITDA was -$5.8M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 54.7% from the prior year.
Axt Inc generated -$17.9M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 152.9% from the prior year.
Axt Inc reported -$11.6M in net income in fiscal year 2024. This represents an increase of 35.0% from the prior year.
Axt Inc earned $-0.27 per diluted share (EPS) in fiscal year 2024. This represents an increase of 35.7% from the prior year.
Axt Inc held $22.8M in cash against $0 in long-term debt as of fiscal year 2024.
Axt Inc had 45M shares outstanding in fiscal year 2024. This represents an increase of 2.5% from the prior year.
Axt Inc's gross margin was 24.0% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 6.4 percentage points from the prior year.
Axt Inc's operating margin was -14.9% in fiscal year 2024, reflecting core business profitability. This is up 13.6 percentage points from the prior year.
Axt Inc's net profit margin was -11.7% in fiscal year 2024, showing the share of revenue converted to profit. This is up 11.9 percentage points from the prior year.
Axt Inc invested $14.5M in research and development in fiscal year 2024. This represents an increase of 20.4% from the prior year.
Axt Inc invested $5.8M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 44.9% from the prior year.
AXTI Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $28.0M+55.5% | $18.0M-7.1% | $19.4M-22.9% | $25.1M-10.1% | $27.9M+23.1% | $22.7M+11.1% | $20.4M+17.6% | $17.4M |
| Cost of Revenue | $21.7M+31.4% | $16.5M-19.7% | $20.6M-0.5% | $20.7M+2.1% | $20.3M+22.2% | $16.6M+5.0% | $15.8M+1.9% | $15.5M |
| Gross Profit | $6.2M+334.3% | $1.4M+215.5% | -$1.2M-128.2% | $4.4M-42.4% | $7.7M+25.6% | $6.1M+31.7% | $4.6M+148.0% | $1.9M |
| R&D Expenses | $1.0M-59.9% | $2.5M-19.0% | $3.1M-24.6% | $4.1M+10.0% | $3.8M+16.9% | $3.2M+14.0% | $2.8M-3.6% | $2.9M |
| SG&A Expenses | $6.3M+12.0% | $5.7M-4.4% | $5.9M-8.1% | $6.4M+11.4% | $5.8M-7.2% | $6.2M+16.0% | $5.4M-5.3% | $5.7M |
| Operating Income | -$1.1M+83.4% | -$6.7M+34.4% | -$10.3M-66.7% | -$6.2M-227.1% | -$1.9M+43.7% | -$3.3M+6.0% | -$3.6M+47.1% | -$6.7M |
| Interest Expense | $395K+95.5% | $202K | N/A | $391K+38.7% | $282K | N/A | N/A | N/A |
| Income Tax | $504K-13.0% | $579K+682.4% | $74K-34.5% | $113K-6.6% | $121K-55.8% | $274K+8.7% | $252K+349.5% | -$101K |
| Net Income | -$1.9M+72.8% | -$7.0M+20.3% | -$8.8M-72.9% | -$5.1M-235.6% | -$1.5M+27.2% | -$2.1M+42.5% | -$3.6M+37.8% | -$5.8M |
| EPS (Diluted) | $-0.04+75.0% | $-0.16+20.0% | $-0.20-81.8% | $-0.11-175.0% | $-0.04+20.0% | $-0.05+44.4% | $-0.09+35.7% | $-0.14 |
AXTI Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $334.0M+1.5% | $329.0M-1.3% | $333.5M-1.7% | $339.3M-2.9% | $349.4M+0.1% | $349.0M-2.7% | $358.7M+4.8% | $342.2M |
| Current Assets | $149.8M+3.3% | $145.0M-3.1% | $149.5M-5.5% | $158.3M-5.5% | $167.4M+2.2% | $163.7M-4.1% | $170.7M+6.5% | $160.3M |
| Cash & Equivalents | $23.1M-14.4% | $27.0M-14.5% | $31.6M+38.3% | $22.8M-17.9% | $27.8M+7.8% | $25.8M-31.7% | $37.8M+32.4% | $28.5M |
| Inventory | $77.7M-3.0% | $80.1M-0.4% | $80.4M-5.5% | $85.1M-0.8% | $85.8M-0.2% | $85.9M-0.6% | $86.5M+0.1% | $86.4M |
| Accounts Receivable | $33.8M+48.4% | $22.8M-0.3% | $22.9M-10.8% | $25.6M-5.6% | $27.2M+8.4% | $25.1M+30.1% | $19.3M+2.0% | $18.9M |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $93.6M+5.9% | $88.4M+1.2% | $87.3M+3.4% | $84.4M-2.2% | $86.3M+2.9% | $83.9M-6.3% | $89.6M+20.8% | $74.1M |
| Current Liabilities | $84.9M+6.7% | $79.5M+5.7% | $75.3M+1.5% | $74.2M-0.6% | $74.6M+3.7% | $72.0M-11.7% | $81.6M+20.5% | $67.7M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $179.1M-0.3% | $179.7M-2.9% | $185.0M-4.0% | $192.8M-3.5% | $199.7M-0.7% | $201.1M-1.4% | $204.0M-0.1% | $204.2M |
| Retained Earnings | -$61.4M-3.2% | -$59.5M-13.4% | -$52.5M-20.1% | -$43.7M-22.5% | -$35.6M-4.4% | -$34.1M-6.5% | -$32.0M-12.7% | -$28.4M |
AXTI Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$9.2M-100.0% | -$4.6M-36.8% | -$3.3M-363.5% | $1.3M+50.7% | $843K+109.6% | -$8.8M-716.2% | $1.4M+280.4% | -$792K |
| Capital Expenditures | $2.2M+679.6% | $279K-45.3% | $510K+205.4% | $167K-38.4% | $271K-93.8% | $4.4M+724.8% | -$703K-116.0% | $4.4M |
| Free Cash Flow | -$11.3M-133.3% | -$4.9M-25.9% | -$3.9M-449.6% | $1.1M+92.8% | $572K+104.3% | -$13.2M-1917.9% | $726K+114.0% | -$5.2M |
| Investing Cash Flow | -$2.2M-158.9% | -$840K-6.9% | -$786K-78.2% | -$441K+19.2% | -$546K+86.0% | -$3.9M-274.5% | $2.2M+225.7% | -$1.8M |
| Financing Cash Flow | $5.2M+1717.4% | -$321K-104.7% | $6.9M+236.6% | -$5.0M-400.1% | $1.7M-16.1% | $2.0M-68.6% | $6.4M+1011.9% | $573K |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
AXTI Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 22.3%+14.3pp | 8.0%+14.4pp | -6.4%-24.0pp | 17.6%-9.8pp | 27.4%+0.5pp | 26.9%+4.2pp | 22.7%+11.9pp | 10.8% |
| Operating Margin | -4.0%+33.5pp | -37.5%+15.6pp | -53.1%-28.5pp | -24.6%-17.8pp | -6.8%+8.0pp | -14.8%+2.7pp | -17.4%+21.3pp | -38.7% |
| Net Margin | -6.8%+32.2pp | -39.0%+6.5pp | -45.5%-25.2pp | -20.3%-14.8pp | -5.4%+3.8pp | -9.2%+8.5pp | -17.7%+15.8pp | -33.5% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -0.6%+1.6pp | -2.1%+0.5pp | -2.6%-1.1pp | -1.5%-1.1pp | -0.4%+0.2pp | -0.6%+0.4pp | -1.0%+0.7pp | -1.7% |
| Current Ratio | 1.76-0.1 | 1.82-0.2 | 1.99-0.1 | 2.13-0.1 | 2.24-0.0 | 2.27+0.2 | 2.09-0.3 | 2.37 |
| Debt-to-Equity | 0.52+0.0 | 0.49+0.0 | 0.47+0.0 | 0.440.0 | 0.43+0.0 | 0.42-0.0 | 0.44+0.1 | 0.36 |
| FCF Margin | -40.5%-13.5pp | -27.0%-7.1pp | -19.9%-24.3pp | 4.4%+2.3pp | 2.1%+60.2pp | -58.2%-61.7pp | 3.5%+33.4pp | -29.8% |
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Frequently Asked Questions
What is Axt Inc's annual revenue?
Axt Inc (AXTI) reported $99.4M in total revenue for fiscal year 2024. This represents a 31.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Axt Inc's revenue growing?
Axt Inc (AXTI) revenue grew by 31.1% year-over-year, from $75.8M to $99.4M in fiscal year 2024.
Is Axt Inc profitable?
No, Axt Inc (AXTI) reported a net income of -$11.6M in fiscal year 2024, with a net profit margin of -11.7%.
What is Axt Inc's earnings per share (EPS)?
Axt Inc (AXTI) reported diluted earnings per share of $-0.27 for fiscal year 2024. This represents a 35.7% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Axt Inc's EBITDA?
Axt Inc (AXTI) had EBITDA of -$5.8M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
What is Axt Inc's gross margin?
Axt Inc (AXTI) had a gross margin of 24.0% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.
What is Axt Inc's operating margin?
Axt Inc (AXTI) had an operating margin of -14.9% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is Axt Inc's net profit margin?
Axt Inc (AXTI) had a net profit margin of -11.7% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is Axt Inc's free cash flow?
Axt Inc (AXTI) generated -$17.9M in free cash flow during fiscal year 2024. This represents a -152.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Axt Inc's operating cash flow?
Axt Inc (AXTI) generated -$12.1M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Axt Inc's total assets?
Axt Inc (AXTI) had $339.3M in total assets as of fiscal year 2024, including both current and long-term assets.
What are Axt Inc's capital expenditures?
Axt Inc (AXTI) invested $5.8M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How much does Axt Inc spend on research and development?
Axt Inc (AXTI) invested $14.5M in research and development during fiscal year 2024.
How many shares does Axt Inc have outstanding?
Axt Inc (AXTI) had 45M shares outstanding as of fiscal year 2024.
What is Axt Inc's current ratio?
Axt Inc (AXTI) had a current ratio of 2.13 as of fiscal year 2024, which is generally considered healthy.
What is Axt Inc's debt-to-equity ratio?
Axt Inc (AXTI) had a debt-to-equity ratio of 0.44 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Axt Inc's return on assets (ROA)?
Axt Inc (AXTI) had a return on assets of -3.4% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Axt Inc's cash runway?
Based on fiscal year 2024 data, Axt Inc (AXTI) had $22.8M in cash against an annual operating cash burn of $12.1M. This gives an estimated cash runway of approximately 23 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Axt Inc's Piotroski F-Score?
Axt Inc (AXTI) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Axt Inc's earnings high quality?
Axt Inc (AXTI) has an earnings quality ratio of 1.04x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Axt Inc?
Axt Inc (AXTI) scores 52 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.