Filing Flows › AXT (AXTI) › Q2 2026
AXT (AXTI) Q2 2026 earnings results (second quarter 2026)
10-Q filed Aug 13, 2026
AXT (AXTI) reported revenue of $47.6M for the second quarter 2026 (Q2 2026), +165% from a year earlier and +77% from the quarter before. Operating margin was 21.9%, net earnings $11.1M (23.4% of revenue).
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 follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $47.6M | +77% | +165% |
| Gross profit | $21.4M | +168% | 15× |
| Operating profit | $10.4M | — | — |
| Net earnings | $11.1M | — | — |
| Operating cash flow | $10.8M | — | — |
| Free cash flow | $3.6M | — | — |
What changed
Revenue was $47.6M in Q2 2026, up 165% year over year and up 77% from the previous quarter. Substrates was the largest line at 79% of revenue. Substrates added $26.3M year over year (up 233%), 89% of the total change.
Gross margin was 44.9%, up 36.9 points from Q2 2025. Operating profit was $10.4M, a 21.9% margin (up 59.4 points year over year). Operating expenses grew 34% against revenue growth of 165%. The fastest-growing cost line was Research & development (+45%). Net earnings were $11.1M. The effective tax rate was 13.9%. Non-operating items added $4.7M, 31% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $10.8M, 83% of net income including minority interests. Non-cash charges added back $2.5M of depreciation and amortization and $762K of share-based compensation. Working capital and other items used $5.5M. Capital expenditures of $7.2M left free cash flow of $3.6M.
Questions
What was AXT's revenue in the second quarter 2026?
AXT (AXTI) reported revenue of $47.6M for the second quarter 2026 (Q2 2026), +165% from a year earlier and +77% from the quarter before.
Was AXT profitable in the second quarter 2026?
Operating profit was $10.4M (21.9% of revenue) and net earnings $11.1M.
Source: AXT 10-Q on SEC EDGAR.