AXT (AXTI) financial statements
AXT reported revenue of $88M in fiscal 2025, up 0.9% a year over 9 years.
Net income was -$21M and the operating margin -24.9%, against 7.9% in 2016.
Free cash flow was -$19M.
The diluted share count rose 34% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from AXT's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $81M | $99M | $102M | $83M | $95M | $137M | $141M | $76M | $99M | $88M |
| Cost of revenue | $55M | $64M | $65M | $58M | $65M | $90M | $89M | $62M | $76M | $77M |
| Gross profit | $26M | $34M | $37M | $25M | $30M | $47M | $52M | $13M | $24M | $11M |
| Research and development | $6M | $5M | $6M | $6M | $7M | $10M | $14M | $12M | $15M | $9M |
| Selling, general and admin | $14M | $17M | $19M | $19M | $19M | $24M | $26M | $23M | $24M | $24M |
| Operating income | $6M | $13M | $12M | -$314,000 | $4M | $13M | $13M | -$22M | -$15M | -$22M |
| Interest expense | — | — | — | — | — | — | — | $2M | $1M | $1M |
| Pre-tax income | $6M | $11M | $12M | -$1M | $7M | $18M | $21M | -$19M | -$11M | -$22M |
| Income tax | $733,000 | $792,000 | $938,000 | $562,000 | $2M | $1M | $2M | $160,000 | $1M | $2M |
| Net income | $6M | $10M | $10M | -$3M | $3M | $15M | $16M | -$18M | -$12M | -$21M |
| EPS (diluted) | $0.17 | $0.26 | $0.24 | -$0.07 | $0.07 | $0.34 | $0.37 | -$0.42 | -$0.27 | -$0.49 |
| Diluted shares | 33M | 39M | 40M | 39M | 41M | 43M | 43M | 43M | 43M | 44M |
| Gross margin | 32.4% | 34.9% | 36.2% | 29.8% | 31.7% | 34.5% | 36.9% | 17.6% | 24.0% | 12.7% |
| Operating margin | 7.9% | 12.8% | 11.9% | -0.4% | 4.1% | 9.4% | 8.9% | -28.5% | -14.9% | -24.9% |
| Net margin | 6.9% | 10.3% | 9.4% | -3.1% | 3.4% | 10.6% | 11.2% | -23.6% | -11.7% | -24.1% |
Balance sheet
Fiscal years, from AXT's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $48M | $64M | $39M | $36M | $73M | $42M | $44M | $40M | $23M | $128M |
| Receivables | $14M | $23M | $20M | $19M | $25M | $35M | $29M | $19M | $26M | $27M |
| Inventory | $40M | $46M | $59M | $49M | $52M | $66M | $90M | $87M | $85M | $82M |
| Total current assets | $107M | $141M | $129M | $113M | $165M | $160M | $184M | $171M | $158M | $247M |
| Property, plant and equipment | $28M | $47M | $82M | $97M | $116M | $142M | $161M | $166M | $160M | $162M |
| Total assets | $154M | $211M | $224M | $223M | $299M | $332M | $370M | $359M | $339M | $434M |
| Total current liabilities | $16M | $23M | $29M | $28M | $39M | $48M | $75M | $82M | $74M | $91M |
| Total liabilities | $17M | $23M | $29M | $31M | $43M | $52M | $80M | $90M | $84M | $99M |
| Shareholders' equity | $133M | $184M | $191M | $188M | $193M | $212M | $222M | $204M | $193M | $273M |
| Net debt | -$36M | -$44M | -$17M | -$27M | -$73M | -$37M | -$35M | -$38M | $24M | -$57M |
Cash flow
Fiscal years, from AXT's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $13M | $9M | $3M | $13M | $6M | -$3M | -$9M | $3M | -$12M | -$13M |
| Capital spending | $3M | $21M | $41M | $22M | $20M | $30M | $28M | $10M | $6M | $6M |
| Free cash flow | $10M | -$13M | -$37M | -$9M | -$14M | -$33M | -$37M | -$7M | -$18M | -$19M |
| Stock-based compensation | $1M | $1M | $2M | $2M | $3M | $5M | $4M | $4M | $3M | $3M |
| Net borrowing | — | — | — | — | — | — | — | $635,000 | $5M | $2M |
| Free cash flow margin | 12.0% | -12.9% | -36.4% | -11.0% | -14.7% | -24.0% | -26.4% | -9.3% | -18.0% | -21.3% |
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Open AXTI in InvestinglyQuestions
What was AXT's revenue in 2025?
$88M in fiscal 2025, from its 10-K filing.
How much free cash flow does AXT generate?
-$19M in fiscal 2025 (operating cash flow minus capital spending).
From AXT's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.