Axt Inc SEC Filings

AXT Inc (AXTI) director Leonard J. LeBlanc received a prorated equity grant of 29,112 shares of common stock on 07/29/2025. The grant was calculated using the closing share price of $2.29 on that date and vests on May 15, 2026, subject to continuous service through the vesting date. After the grant, the filing reports Mr. LeBlanc beneficially owns 122,512 shares. The transaction was reported on a Form 4 signed by an attorney-in-fact on 08/14/2025. The grant aligns the director’s compensation with shareholder value through a time-based vesting schedule.

AXT, Inc. reported a significant decline in revenue and widening losses in the quarter ended June 30, 2025. Quarterly revenue fell to $17.97 million from $27.92 million a year earlier, and six-month revenue declined to $37.33 million from $50.61 million. Gross profit contracted sharply to $1.43 million for the quarter and to $0.19 million for the six months, compared with $7.65 million and $13.75 million a year ago, respectively. Net loss attributable to AXT, Inc. was $7.01 million for the quarter and $15.81 million for six months, driving basic EPS of $(0.16) and $(0.36) for the quarter and six months.

On the balance sheet, cash and cash equivalents were $27.01 million with restricted cash of $8.10 million, totaling $35.11 million; short-term loans increased to $55.93 million. Inventories were $80.06 million and total assets were $329.00 million. The company holds $14.3 million of strategic investments in privately held raw material companies and recognized a $145,000 impairment on a fair-value investment in Jia Mei during the period. A putative securities class action is pending and a derivative suit dismissal was affirmed with an appeal filed.

On 29 Jul 2025, AXT, Inc. (AXTI) filed an 8-K announcing two board changes under Item 5.02. Leonard J. LeBlanc, a former director (2003-2021) and prior audit-committee chair, was re-appointed as a Class III director, filling the vacancy created by the recent passing of Ms. Christine Russell. His term runs through 29 Jul 2027. Because LeBlanc earned >$120 k in 2022 under a now-terminated consulting agreement, he is not yet independent per Nasdaq rules; however, the board used the “exceptional and limited circumstances” exemption to place him on the Audit, Compensation and Nominating & Governance Committees. Independence will be re-evaluated on or after 1 Jan 2026, when the look-back period lapses.

LeBlanc will receive standard non-employee director pay plus an initial grant of 29,112 restricted shares that vest 15 May 2026. No other related-party transactions or family ties were disclosed.

The board also named independent director Jesse Chen as Audit Committee Chair, effective immediately, with an additional $20 k annual cash retainer. No financial statements were included in this filing.