AXT announces Q1 results
Revenue was $20.2 million compared with $22.2 million in previous quarter
Compound semiconductor substrate firm AXT has reported financial results for the first quarter, ended March 31, 2019.
Revenue for the first quarter of 2019 was $20.2 million, compared with $22.2 million in the fourth quarter of 2018 and $24.4 million for the first quarter of 2018.
Gross margin was 33.1 percent of revenue for the first quarter of 2019, compared with 26.3 percent of revenue in the fourth quarter of 2018 and 39.2 percent for the first quarter of 2018.
Operating expenses were $6.1 million in the first quarter of 2019, compared with $6.5 million in the fourth quarter of 2018 and $5.6 million for the first quarter of 2018. Operating profit for the first quarter of 2019 was $0.6 million, compared with an operating loss of $0.6 million in the fourth quarter of 2018 and an operating profit of $3.9 million for the first quarter of 2018.
Net loss in the first quarter of 2019 was $1.1 million, or $0.03 per share, compared with a net loss of $1.1 million or $0.03 per share in the fourth quarter of 2018 and a net profit of $2.9 million or $0.07 per diluted share for the first quarter of 2018.
"With a strong performance in our InP business in Q1, we are building a solid foundation for its growth this year," said Morris Young, CEO. "In addition, we continue to execute the relocation of our facility on schedule and with positive customer qualification results. We are also taking the opportunity to strengthen our financial structure by controlling inventory, applying discipline to our spending, focusing on gross margin improvement, and making appropriate adjustments in our joint venture portfolio. We are encouraged by the significant technology trends that are likely to drive demand for our products over time, and we believe that our focus on the fundamentals of our model will provide positive returns as the economic environment improves."
