Filing Flows › AXT (AXTI) › Q1 2026
AXT (AXTI) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 14, 2026
AXT (AXTI) reported revenue of $26.9M for the first quarter 2026 (Q1 2026), +39% from a year earlier and +17% from the quarter before. Operating margin was -5.9%, net loss $1.5M (5.5% of revenue).
AXT, Q1 2026: revenue $26.9M (+39% year over year), operating margin -5.9%, net loss $1.5M, operating cash flow −$11.7M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $26.9M | +17% | +39% |
| Operating profit | −$1.6M | — | — |
| Net earnings | −$1.5M | — | — |
| Operating cash flow | −$11.7M | -372% | — |
What changed
Revenue was $26.9M in Q1 2026, up 39% year over year and up 17% from the previous quarter. Substrates was the largest line at 72% of revenue. Substrates added $8.2M year over year (up 74%), 108% of the total change. Raw Materials and Other declined 8%.
Gross margin was 29.6%. Operating costs exceeded revenue by $1.6M, an operating margin of -5.9%. The fastest-growing cost line was SG&A (+11%). The quarter ended with a net loss of $1.5M, narrower than the previous quarter's $3.8M loss. Non-operating items added $530K, -50% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$11.7M. Non-cash charges added back $2.4M of depreciation and amortization and $1.0M of share-based compensation. Working capital and other items used $13.7M. Capital expenditures of $1.4M exceeded it, leaving free cash flow of −$13.1M.
Questions
What was AXT's revenue in the first quarter 2026?
AXT (AXTI) reported revenue of $26.9M for the first quarter 2026 (Q1 2026), +39% from a year earlier and +17% from the quarter before.
Was AXT profitable in the first quarter 2026?
Operating loss was $1.6M (-5.9% of revenue) and net loss $1.5M.
Source: AXT 10-Q on SEC EDGAR.