Business
AXT, Inc. Announces Second Quarter 2021 Financial Results - Revenue Reaches $33.7 Million, 52% Over Prior Year
FREMONT, Calif., July 27, 2021 (GLOBE NEWSWIRE) -- AXT, Inc. (NasdaqGS: AXTI), a leading manufacturer of compound semiconductor wafer substrates, today
About this update from Axt Inc
[{"type":"text","content":"FREMONT, Calif., July 27, 2021 (GLOBE NEWSWIRE) -- AXT, Inc. (NasdaqGS: AXTI), a leading manufacturer of compound semiconductor wafer substrates, today reported financial results for the second quarter, ended June 30, 2021. Management Qualitative Comments—“Our Q2 results demonstrate that the momentum in our business continues to build with major customer wins that are increasingly contributing to our revenue,” said Morris Young, chief executive officer. “The investments we’ve made over the past years in our facilities, our team, and our business processes have come at exactly the right time and are producing new opportunities. With these investments, we are able to participate in several major technology trends and are now in the supply chains of some of the most prestigious companies in the world. Our growth and record results underscore our strong competitive positioning and the expanding number of major applications for compound semiconductors.” Second Quarter 2021 Results Revenue for the second quarter of 2021 was $33.7 million, compared with $31.4 million in the first quarter of 2021 and $22.1 million for the second quarter of 2020. This is more than 52 percent growth over the second quarter of 2020.Gross margin was 36.3 percent of revenue for the second quarter of 2021, compared with 36.8 percent of revenue in the first quarter of 2021 and 30.6 percent for the second quarter of 2020.Operating expenses were $8.3 million in the second quarter of 2021, compared with $8.0 million in the first quarter of 2021 and $6.3 million for the second quarter of 2020. Operating profit for the second quarter of 2021 was $3.9 million, compared with an operating profit of $3.6 million in the first quarter of 2021 and operating profit of $0.5 million for the second quarter of 2020.Other income, net for the second quarter of 2021 was a gain of $1.6 million, compared with a gain of $1.0 million in the first quarter of 2021 and a gain of $1.4 million for the second quarter of 2020. Net income in the second quarter of 2021 was $4.4 million, or $0.10 per share, compared with net income of $3.4 million or $0.08 per share in the first quarter of 2021 and net income of $0.4 million or $0.01 per share for the second quarter of 2020. STAR Market Listing Update AXT previously announced on November 16, 2020 a strategic plan to access China’s capital mark...