AXT subsidiary gets PRC export permits for indium phosphide; adds revenue

Rhea-AI Filing Summary

AXT, Inc. disclosed that its subsidiary Beijing Tongmei Xtal Technology has received export permits from the Ministry of Commerce of the PRC to resume shipping indium phosphide (InP) substrates to certain additional customers. The company expects this permitting to generate several million dollars of revenue that was not included in its Q3 2025 forecast announced July 31, 2025. The export permits relate to controls imposed after the Feb. 4, 2025 PRC announcement restricting exports of materials including indium. Customer shipments remain subject to normal operational and regulatory uncertainties, and the company qualified these forward-looking statements under its Safe Harbor language.

Positive

• Beijing Tongmei obtained export permits from the Ministry of Commerce, enabling resumed InP shipments
• Company expects several million dollars in incremental revenue for Q3 2025 not previously forecast
• Resumption allows sales to additional customers, expanding near-term addressable demand

Negative

• Revenue realization is qualified by operational and regulatory uncertainties despite permits
• Permits apply to certain customers only; scope and duration of approvals are not detailed
• Export controls stem from the Feb. 4, 2025 PRC policy, indicating potential for future regulatory changes

Insights

Trade Compliance Analyst

Resumption of InP exports indicates permit compliance and near-term shipment flow.

Beijing Tongmei obtaining export permits from the Ministry of Commerce means the subsidiary satisfied the specific requirements tied to the PRC's Feb. 4, 2025 export controls.

This approval directly enables shipments of indium phosphide (InP) to additional customers, removing a regulatory barrier that had constrained cross-border deliveries; however, actual fulfillment remains conditional on operational logistics and further regulatory checks.

Financial Analyst

Company expects incremental revenue of several million dollars in Q3 2025 from resumed InP sales.

The filing states the resumed shipments are expected to produce several million dollars of revenue not included in the July 31, 2025 Q3 2025 forecast, which could raise quarterly top-line results if orders convert to deliveries.

Management cautioned that fulfillment depends on normal operational requirements and complex international regulations, so timing and recognition remain subject to uncertainty.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 19, 2025

AXT, INC.

(Exact name of registrant as specified in its charter)

Delaware		000-24085		94-3031310
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

4281 Technology Drive

Fremont, California 94538

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (510) 438-4700

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8‑K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a‑12 under the Exchange Act (17 CFR 240.14a‑12)

☐ Pre-commencement communications pursuant to Rule 14d‑2(b) under the Exchange Act (17 CFR 240.14d‑2(b))

☐ Pre-commencement communications pursuant to Rule 13e‑4(c) under the Exchange Act (17 CFR 240.13e‑4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Securities registered pursuant to Section 12(b) of the Act:

Title of each class:		Trading Symbol		Name of each exchange on which registered:
Common Stock, $0.001 par value		AXTI		The NASDAQ Stock Market LLC

Item 7.01. Regulation FD Disclosure.

In August 2025, Beijing Tongmei Xtal Technology Co., Ltd. (“Tongmei”), a subsidiary of AXT, Inc. (the “Company”), was informed that it has satisfied the applicable requirements for a permit to export indium phosphide and has received export permits from the Ministry of Commerce of the People’s Republic of China to resume shipping indium phosphide substrates to certain additional customers. We believe this will result in several million dollars in revenue that was not included in the Company’s third quarter 2025 forecast, provided on July 31, 2025. The export control restrictions follow the Feb. 4, 2025 announcement by the Ministry of Commerce and the General Administration of Customs of the People’s Republic of China to impose export controls on items related to tungsten, tellurium, bismuth, molybdenum, and indium.

About Beijing Tongmei Xtal Technology

Beijing Tongmei Xtal Technology is a material science company that develops and manufactures high-performance compound and single element semiconductor substrate wafers comprising indium phosphide (InP), gallium arsenide (GaAs) and germanium (Ge). Beijing Tongmei Xtal Technology is headquartered in Beijing, China and it has manufacturing facilities in three separate locations in China. The company also has partial ownership in joint venture companies that produce raw materials for its manufacturing process. Beijing Tongmei Xtal Technology is a subsidiary of AXT, Inc.

Safe Harbor Statement

The foregoing paragraphs contain forward-looking statements within the meaning of the Federal securities laws, including, for example, statements regarding the issuance and timing of export permits for indium phosphide from the Ministry of Commerce of the People’s Republic of China and the resumption of shipping indium phosphide substrates to certain customers. Customer order fulfilment and deliveries are subject to normal operational requirements and the uncertainties of complex international regulations applicable to the exportation of dual use materials and other factors as set forth in the Company’s Annual Report on Form 10-K, quarterly reports on Form 10-Q and other filings made with the Securities and Exchange Commission. Each of these factors is difficult to predict and many are beyond the Company’s control. The Company does not undertake any obligation to update any forward-looking statement, as a result of new information, future events or otherwise.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		AXT, INC.
	By:	/s/ Gary L. Fischer
	Date: August 19, 2025	Gary L. Fischer Chief Financial Officer and Corporate Secretary

FAQ

What did AXT (AXTI) announce about indium phosphide exports?

AXT announced that its subsidiary Beijing Tongmei received export permits from the Ministry of Commerce to resume shipping indium phosphide (InP) substrates to certain additional customers.

How much revenue does AXT expect from resumed InP shipments in Q3 2025?

The company believes the permits will result in several million dollars of revenue that was not included in its Q3 2025 forecast.

When did the PRC impose export controls affecting AXT's products?

The filing references a Feb. 4, 2025 announcement by PRC authorities imposing export controls on items including indium.

Are these shipments guaranteed now that permits were issued?

No. The filing states customer order fulfillment and deliveries remain subject to normal operational requirements and uncertainties tied to international regulations.

Which AXT subsidiary is affected by the permits?

The affected subsidiary is Beijing Tongmei Xtal Technology Co., Ltd., which manufactures InP, GaAs, and Ge substrate wafers.