Here are the 10-K annual reports from AXT Inc (AXTI) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow AXTI and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full AXTI filings page.
AXT, Inc. is a materials science company that manufactures high‑performance semiconductor substrates—indium phosphide (InP), gallium arsenide (GaAs) and germanium (Ge)—entirely in China through subsidiaries and joint ventures. These wafers serve data centers, 5G infrastructure, fiber optics, LEDs, lasers and solar cells, with InP closely tied to AI‑driven high‑speed data transmission.
The company runs a vertically integrated supply chain for key raw materials like high‑purity gallium, arsenic, germanium and pBN crucibles, giving cost and sourcing advantages. Substrates provided 67% of 2025 revenue, with raw materials at 33%. International sales dominate: 98% of 2025 revenue came from outside North America.
AXT highlights significant geopolitical and regulatory exposure. All wafers are made in China, and exports face evolving Chinese permit regimes and U.S.–China trade frictions. U.S. tariffs on its wafer imports rose to 70% in 2025, contributing to North America revenue falling from 8% of total in 2024 to about 2% in 2025. A February 2026 U.S. Supreme Court decision invalidated many IEEPA‑based tariffs, though key Section 232 and 301 tariffs remain. The company also depends on Chinese approvals for Tongmei’s planned STAR Market IPO, where investors hold a 7.28% redeemable noncontrolling interest of about $49 million.