AXT INC

AXT, Inc. (Nasdaq: AXTX) is a worldwide materials science company that develops and produces high-performance compound and single element semiconductor substrates, commonly known as wafers. The company specializes in substrates made from indium phosphide (InP), gallium arsenide (GaAs), and germanium (Ge)—materials required for applications where conventional silicon substrates cannot meet performance requirements.

The company operates two primary product lines. Its substrate group generated 67 percent of consolidated revenue in 2025, offering InP wafers used in fiber optic applications, 5G infrastructure, and data center connectivity for high-speed optical data transmission. The company believes growing artificial intelligence applications will increase demand for InP substrates in data centers. GaAs substrates serve applications including power amplifiers for wireless devices, high-brightness LEDs for automotive and display applications, and industrial lasers. Ge substrates are used in solar cells for space and terrestrial photovoltaic applications. The raw materials group contributed 33 percent of revenue, producing pyrolytic boron nitride crucibles, purified gallium, and indium phosphide base material used both internally and sold to third parties.

All manufacturing operations are conducted in the People's Republic of China through subsidiaries and joint ventures, providing cost advantages in facilities and labor compared to operations in the United States, Europe, or Japan. The company maintains a vertically integrated supply chain with partial ownership of raw material companies, providing pricing advantages, reliable supply, and shorter lead times for critical materials.

AXT was incorporated in California in 1986 and reincorporated in Delaware in 1998. The company went public in 1998 and changed its name from American Xtal Technology, Inc. to AXT, Inc. in 2000. The company maintains its principal corporate office in Fremont, California.

A significant strategic initiative involves the proposed listing of Beijing Tongmei Xtal Technology Co., Ltd., a consolidated subsidiary formed in 1998, on the Shanghai Stock Exchange's STAR Market. This process began in 2020 with private equity investments totaling approximately $49 million, with the Shanghai Stock Exchange approving the IPO application in July 2022 and the Chinese Securities Regulatory Commission accepting it for review in August 2022.