Filing Flows › AXT (AXTI) › Q3 2025
AXT (AXTI) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 13, 2025
AXT (AXTI) reported revenue of $28.0M for the third quarter 2025 (Q3 2025), +18% from a year earlier and +56% from the quarter before. Operating margin was -4.0%, net loss $1.7M (6.0% of revenue).
AXT, Q3 2025: revenue $28.0M (+18% year over year), operating margin -4.0%, net loss $1.7M, operating cash flow −$9.2M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $28.0M | +56% | +18% |
| Operating profit | −$1.1M | — | — |
| Net earnings | −$1.7M | — | — |
| Operating cash flow | −$9.2M | — | — |
What changed
Revenue was $28.0M in Q3 2025, up 18% year over year and up 56% from the previous quarter. Substrates was the largest line at 76% of revenue. Substrates added $6.3M year over year (up 42%), 145% of the total change. Raw Materials and Other declined 22%.
Gross margin was 22.3%, down 1.8 points from a year earlier. Operating costs exceeded revenue by $1.1M, an operating margin of -4.0%. Operating expenses fell 19% while revenue rose 18%. The fastest-growing cost line was SG&A (+12%). The quarter ended with a net loss of $1.7M, narrower than the previous quarter's $7.7M loss.
Operating cash flow was −$9.2M. Non-cash charges added back $2.3M of depreciation and amortization and $738K of share-based compensation. Working capital and other items used $10.5M. Capital expenditures of $2.2M exceeded it, leaving free cash flow of −$11.3M.
Questions
What was AXT's revenue in the third quarter 2025?
AXT (AXTI) reported revenue of $28.0M for the third quarter 2025 (Q3 2025), +18% from a year earlier and +56% from the quarter before.
Was AXT profitable in the third quarter 2025?
Operating loss was $1.1M (-4.0% of revenue) and net loss $1.7M.
Source: AXT 10-Q on SEC EDGAR.