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AXT cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow$3.6M in Q2 2026 · −$19.6M over twelve months

Operating cash flow$10.8M
Capital spending−$7.2M
Free cash flow+$3.6M
Cash / net income0.8×
Cash conversion cycle336 days

Analysis

In Q2 2026, AXT generated $10.8M of operating cash flow and spent $7.2M on capital projects, leaving free cash flow of $3.6M. That is $8.4M more than in Q2 2025 (−$4.9M).

Over the twelve months to Jun 30, 2026, operating cash flow was −$5.8M; the largest uses were other investing ($306M), capital spending ($13.8M), operating cash flow ($5.8M); besides operations, cash came from other financing ($697M), net borrowing (+) / repaid (−) ($32.7M); the cash balance rose by $410M.

Operating cash flow was $10.8M against net income of $13.0M — 0.8× profit, less cash than reported earnings, worth checking against working capital. The largest differences: accrued liabilities +$13.7M, prepaid and other assets −$10.0M, inventory −$4.8M.

Its cash conversion cycle was 336 days (receivables 66 + inventory 324 − payables 53).

Free cash flow

AXT: free cash flow by quarterAXT: free cash flow by quarter−$6.4MQ3 2024$1.1MQ4 2024−$3.9MQ1 2025−$4.9MQ2 2025−$11.3MQ3 2025$1.3MQ4 2025−$13.1MQ1 2026$3.6MQ2 2026
Operating cash flow less capital spending.
AXT: operating cash flow against capital spendingAXT: operating cash flow against capital spendingOperating cash flowCapital spending−$5.4M$941KQ3 2024$1.3M$167KQ4 2024−$3.3M$510KQ1 2025−$4.6M$279KQ2 2025−$9.2M$2.2MQ3 2025$4.3M$3.0MQ4 2025−$11.7M$1.4MQ1 2026$10.8M$7.2MQ2 2026
Latest (Q2 2026): Operating cash flow $10.8M, Capital spending $7.2M.

Capital allocation, year by year

AXT: where the cash came from (up) and went (down), by fiscal yearAXT: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingFY2021: Operating cash flow −$3.3MFY2021: Net borrowing $1.5MFY2021: Shares issued $1.7MFY2021: Capital spending −$29.6M$3.1MFY2021FY2022: Operating cash flow −$8.8MFY2022: Net borrowing $35.3MFY2022: Shares issued $518KFY2022: Capital spending −$28.5M$35.8MFY2022FY2023: Operating cash flow $3.4MFY2023: Net borrowing $7.9MFY2023: Shares issued $10KFY2023: Capital spending −$10.5M$11.3MFY2023FY2024: Operating cash flow −$12.1MFY2024: Net borrowing −$564KFY2024: Shares issued $28KFY2024: Capital spending −$5.8M$28KFY2024FY2025: Operating cash flow −$12.8MFY2025: Net borrowing $11.9MFY2025: Capital spending −$6.0M$11.9MFY2025
Over these 5 years operating cash flow totalled −$33.6M; the largest uses were capital spending ($80.4M) and operating cash flow ($37.0M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$417M
Debt$84.2M
Net cash$333M
Due within a year$4.3M
Cash runwaymore than 10 years

AXT is burning cash: its operations consume cash, a free cash flow of −$19.6M a year at the current rate against $417M of cash and investments: a runway of more than ten years at that rate; $4.3M of debt also comes due within a year, which the cash covers before any new financing.

AXT: debt maturities by year (FY2025)AXT: debt maturities by year (FY2025)$4.3MYear 1$1.2MYear 2$1.5MYear 3$2.6MYear 4
Principal due in each year as disclosed in the annual report, against $417M of cash and investments now.

Where the cash came from and went

AXT: sources (+) and uses (−) of cash, Q2 2026AXT: sources (+) and uses (−) of cash, Q2 2026Other financing$601MCash drawn (+) / kept (−)−$387MOther investing−$240MNet borrowing (+) / repaid (−)$20.8MOperating cash flow$10.8MCapital spending−$7.2MExchange rates$2.1M
AXT: sources (+) and uses (−) of cash, TTM to Q2 2026AXT: sources (+) and uses (−) of cash, TTM to Q2 2026Other financing$697MCash drawn (+) / kept (−)−$410MOther investing−$306MNet borrowing (+) / repaid (−)$32.7MCapital spending−$13.8MOperating cash flow−$5.8MExchange rates$5.4M

From profit to cash

AXT: net income to operating cash flow, Q2 2026AXT: net income to operating cash flow, Q2 2026Net income$13.0MDepreciation & amortization$2.5MStock-based pay$762KDeferred taxes−$35KGains on disposals$8KReceivables−$4.3MInventory−$4.8MPayables−$1.9MAccrued liabilities$13.7MPrepaid and other assets−$10.0MOther liabilities$369KOperating cash flow$10.8M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 20266632453336
Q1 20269840869437
Q4 202512140260463
Q3 20259333447380
Q2 202511644161496
Q1 202511336251423
Q4 20249838056423
Q3 202410744063485

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026$10.8M−$7.2M$20.8M—−$387M$3.6M
Q1 2026−$11.7M−$1.4M$6.5M$1.5M$70.5M−$13.1M
Q4 2025$4.3M−$3.0M$283K—−$97.2M$1.3M
Q3 2025−$9.2M−$2.2M$5.1M$96K$3.9M−$11.3M
Q2 2025−$4.6M−$279K−$321K—$3.1M−$4.9M
Q1 2025−$3.3M−$510K$6.9M—−$4.4M−$3.9M
Q4 2024$1.3M−$167K−$5.0M—$5.0M$1.1M
Q3 2024−$5.4M−$941K$821K$3K$2.8M−$6.4M

AXT: income statement and cash flow

AXT, Q3 2026: revenue $73.4M (+163% year over year), operating margin 38.7%. The chart follows the revenue to costs, profit and cash.

AXT: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.