Filing Flows › AXT (AXTI) › Q2 2026 › vs Q1 2026
AXT (AXTI) Q2 2026 vs Q1 2026 (quarter over quarter)
AXT's revenue rose $20.7M (+77%) from $26.9M in Q1 2026 to $47.6M in Q2 2026. The biggest changes: Substrates +$18.3M (+95%); Raw Materials and Other +$2.4M (+31%). Gross margin 44.9% against 29.6% (+15.3 pts).
AXT, Q2 2026: revenue $47.6M (+165% year over year), operating margin 21.9%, net earnings $11.1M, operating cash flow $10.8M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Gross margin | 44.9% | 29.6% | +15.3 pts |
| Operating margin | 21.9% | -5.9% | +27.8 pts |
| Net margin | 23.4% | -6.0% | +29.4 pts |
| Free cash flow margin | 7.5% | -48.5% | +56.0 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Substrates | $37.6M | $19.3M | $18.3M | +95% |
| Raw Materials and Other | $10.0M | $7.6M | $2.4M | +31% |
| Revenue | $47.6M | $26.9M | $20.7M | +77% |
| Gross profit | $21.4M | $8.0M | $13.4M | +168% |
| Cost of revenue | $26.2M | $18.9M | $7.3M | +38% |
| Other income, net | $4.7M | $530K | $4.2M | +788% |
| Operating profit | $10.4M | −$1.6M | $12.0M | — |
| Operating expenses | $10.9M | $9.6M | $1.4M | +14% |
| Pre-tax earnings | $15.1M | −$1.1M | $16.2M | — |
| Research & development | $3.7M | $3.0M | $639K | +21% |
| SG&A | $7.3M | $6.6M | $741K | +11% |
| Net earnings | $11.1M | −$1.6M | $12.7M | — |
| Minority interests | $1.9M | $135K | $1.8M | 14× |
| Income tax | $2.1M | $430K | $1.7M | +389% |
| Depreciation & amortization | $2.5M | $2.4M | $71K | +3% |
| Share-based compensation | $762K | $1.0M | −$273K | -26% |
| Working capital & other | $3.6M | $13.5M | −$9.9M | -73% |
| Operating cash flow | $10.8M | −$11.7M | $22.5M | — |
| Free cash flow (OCF − capex) | $3.6M | −$13.1M | $16.6M | — |
| Capital expenditures | $7.2M | $1.4M | $5.9M | +427% |
Questions
How much did AXT's revenue grow quarter over quarter in Q2 2026?
AXT's revenue rose $20.7M (+77%) from $26.9M in Q1 2026 to $47.6M in Q2 2026.
What drove AXT's revenue change in Q2 2026?
Substrates +$18.3M (+95%); Raw Materials and Other +$2.4M (+31%).