Filing Flows › AXT (AXTI) › Q4 2025
AXT (AXTI) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 17, 2026
AXT (AXTI) reported revenue of $23.0M for the fourth quarter 2025 (Q4 2025), -8% from a year earlier and -18% from the quarter before. Operating margin was -16.6%, net loss $3.8M (16.7% of revenue).
AXT, Q4 2025: revenue $23.0M (-8% year over year), operating margin -16.6%, net loss $3.8M, operating cash flow $4.3M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $23.0M | -18% | -8% |
| Operating profit | −$3.8M | — | — |
| Net earnings | −$3.8M | — | — |
| Operating cash flow | $4.3M | — | +238% |
| Free cash flow | $1.3M | — | +14% |
What changed
Revenue was $23.0M in Q4 2025, down 8% year over year and down 18% from the previous quarter. Substrates was the largest line at 66% of revenue.
Gross margin was 20.9%, up 3.4 points from a year earlier. Operating costs exceeded revenue by $3.8M, an operating margin of -16.6%. Operating expenses fell 18% while revenue fell 8%. The quarter ended with a net loss of $3.8M, wider than the previous quarter's $1.7M loss. Minority interests bore $291K of it: to shareholders the quarter was a loss of $3.5M.
Operating cash flow was $4.3M (up 238% year over year). Non-cash charges added back $2.3M of depreciation and amortization and $1.3M of share-based compensation. Working capital and other items added $4.5M. Capital expenditures of $3.0M left free cash flow of $1.3M.
Questions
What was AXT's revenue in the fourth quarter 2025?
AXT (AXTI) reported revenue of $23.0M for the fourth quarter 2025 (Q4 2025), -8% from a year earlier and -18% from the quarter before.
Was AXT profitable in the fourth quarter 2025?
Operating loss was $3.8M (-16.6% of revenue) and net loss $3.8M.
Source: AXT 10-K on SEC EDGAR.