Business
AXT, Inc. Announces Second Quarter 2024 Financial Results
Revenue up 23 percent sequentially and up 50 percent from Q2 2023 FREMONT, Calif.--(BUSINESS WIRE)-- AXT, Inc. (NasdaqGS: AXTI), a leading manufacturer of
About this update from Axt Inc
[{"type":"text","content":"\nRevenue up 23 percent sequentially and up 50 percent from Q2 2023\n\n\n FREMONT, Calif.--(BUSINESS WIRE)--\nAXT, Inc. (NasdaqGS: AXTI), a leading manufacturer of compound semiconductor wafer substrates, today reported financial results for the second quarter, ended June 30, 2024.\n\n\nManagement Qualitative Comments\n\n\n“Q2 was another solid quarter of growth, with our revenues up 23 percent sequentially and more than 50 percent year over year,” said Morris Young, chief executive officer. “We are encouraged by the signs of adoption in new applications, such as AI where we expect that indium phosphide will be required in optical transceivers for high-speed data transmission. These applications span longer distances, such as from rack to rack, rack to aggregation point and between cloud and edge data centers. Across the rest of our portfolio of products, the signs of market recovery are tangible, and though we expect some lumpiness quarter to quarter as our end markets come back to normalized seasonality, we are executing well on behalf of our customers and have laid important groundwork for growth within this highly dynamic technology landscape.”\n\n\nSecond Quarter 2024 Results\n\n\n\nRevenue for the second quarter of 2024 was $27.9 million, compared with $22.7 million for the first quarter of 2024 and $18.6 million for the second quarter of 2023.\n\n\n\n\nGAAP gross margin was 27.4 percent of revenue for the second quarter of 2024, compared with 26.9 percent of revenue for the first quarter of 2024 and 9.2 percent for the second quarter of 2023.\n\n\n\n\nNon-GAAP gross margin, after excluding charges for stock-based compensation, was 27.6 percent of revenue for the second quarter of 2024, compared with 27.3 percent of revenue for the first quarter of 2024 and 9.8 percent for the second quarter of 2023.\n\n\n\n\nGAAP operating expenses were $9.5 million for the second quarter of 2024, compared with $9.4 million for the first quarter of 2024 and $8.6 million for the second quarter of 2023.\n\n\n\n\nNon-GAAP operating expenses were $8.9 million for the second quarter of 2024, compared with $8.7 million for the first quarter of 2024 and $7.8 million for the second quarter of 2023.\n\n\n\n\nGAAP operating loss for the second quarter of 2024 was an operating loss of ($1.9) million, compared with an operating loss of ($3.3) million...