Filing Flows › AXT (AXTI) › Q2 2025
AXT (AXTI) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 13, 2025
AXT (AXTI) reported revenue of $18.0M for the second quarter 2025 (Q2 2025), -36% from a year earlier and -7% from the quarter before. Operating margin was -37.5%, net loss $7.7M (42.7% of revenue).
AXT, Q2 2025: revenue $18.0M (-36% year over year), operating margin -37.5%, net loss $7.7M, operating cash flow −$4.6M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $18.0M | -7% | -36% |
| Operating profit | −$6.7M | — | — |
| Net earnings | −$7.7M | — | — |
| Operating cash flow | −$4.6M | — | — |
What changed
Revenue was $18.0M in Q2 2025, down 36% year over year and down 7% from the previous quarter. Substrates was the largest line at 63% of revenue. Substrates lost $8.5M year over year (down 43%), 85% of the total change.
Gross margin was 8.0%, down 19.4 points from a year earlier. Operating costs exceeded revenue by $6.7M, an operating margin of -37.5%. Operating expenses fell 14% while revenue fell 36%. The quarter ended with a net loss of $7.7M, narrower than the previous quarter's $10.0M loss. Minority interests bore $666K of it: to shareholders the quarter was a loss of $7.0M.
Operating cash flow was −$4.6M. Non-cash charges added back $2.3M of depreciation and amortization and $633K of share-based compensation. Capital expenditures of $279K exceeded it, leaving free cash flow of −$4.9M.
Questions
What was AXT's revenue in the second quarter 2025?
AXT (AXTI) reported revenue of $18.0M for the second quarter 2025 (Q2 2025), -36% from a year earlier and -7% from the quarter before.
Was AXT profitable in the second quarter 2025?
Operating loss was $6.7M (-37.5% of revenue) and net loss $7.7M.
Source: AXT 10-Q on SEC EDGAR.