Q4 Results of AXT

AXT Q4 Results Beat Expectations, Stock Jumps in Pre-market

AXT Inc, a key player in the compound semiconductor substrates manufacturing space, made waves in the market today as it released its fourth-quarter (Q4) and fiscal year 2023 financial results. The company’s stock surged significantly following the announcement, opening trading at $3.16 on Friday morning, a marked increase from its previous close of $2.28 on Thursday.


At the time of this publication, AXT Inc stock (AXTI) has witnessed a surge.
Current Price: $3.91
Change : +1.63
Change (%): (71.49%)
Volume: 83.1M
Source: Tomorrow Events Market Data 


Q4 Results of AXT: In its Q4 report, AXT aimed to provide investors with a comprehensive overview of its operational and financial performance, reporting results on both a GAAP and non-GAAP basis. Non-GAAP results, which exclude stock-based compensation expenses, were eagerly awaited by analysts seeking deeper insights into the company’s underlying performance.


For the fourth quarter of 2023, AXT reported revenue of $20.4 million, up from $17.4 million in the previous quarter but down from $26.8 million in the same period last year. Both GAAP and non-GAAP gross margins showed improvements compared to the third quarter of 2023, but remained below the levels seen in the fourth quarter of 2022.


Operating expenses for the quarter were slightly lower compared to the previous year, contributing to a reduction in both GAAP and non-GAAP operating losses. However, the company reported a net loss for the quarter on both GAAP and non-GAAP bases, with GAAP net loss at ($3.6) million and non-GAAP net loss at ($2.8) million.


Moving to the fiscal year 2023 results, AXT reported a significant decline in revenue compared to the previous year, with revenue totaling $75.8 million compared to $141.1 million in fiscal year 2022. This decline was reflected in both GAAP and non-GAAP gross margins, which also saw a notable decrease year-over-year.


Operating expenses for fiscal year 2023 were lower compared to the previous year, but the company reported an operating loss on both GAAP and non-GAAP bases. Similarly, AXT reported a net loss for fiscal year 2023, both on GAAP and non-GAAP bases, marking a sharp contrast to the net income reported in fiscal year 2022.


Overall, while the Q4 results of AXT showed some improvements compared to the previous quarter, the company continues to face challenges amid ongoing market dynamics. Investors will be closely monitoring the company’s strategies and performance in the coming quarters as it navigates these challenges and works towards long-term growth and profitability.


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