AXT announces Q3 results
Company reports reduced revenue of $17.4 million compared to $35.2 million in Q3 2022
Compound semiconductor wafer substrates firm AXT has reported financial results for the third quarter, with revenue of $17.4 million, compared with $18.6 million for Q2 2023 and $35.2 million for Q3 2022.
GAAP operating profit/(loss) for Q3 2023 was an operating loss of ($6.7) million, compared with an operating loss of ($6.8) million for Q2 2023 and an operating profit of $4.6 million for Q3 2022.
Non-GAAP operating profit/(loss) for Q3 2023 was an operating loss of ($5.8) million, compared with an operating loss of ($5.9) million for Q2 2023 and an operating profit of $5.6 million for Q3 2022.
“The demand environment in Q3 2023 remained stable, and we were pleased to see some encouraging early signs of improvement in the data centre market, resulting in modestly higher indium phosphide revenue quarter over quarter,” said Morris Young, CEO.
“While inventory rationalisation may persist into the new year, we believe that the trends that have driven our revenue and customer expansion remain very much intact. Further, we have executed well in our development of larger diameter substrates that will pave the way for our opportunities in next-generation devices spanning data centre, consumer, and other markets. As we navigate the near-term environment, we will continue to prioritise cost savings and efficiency, and are focused on accelerating our return to profitability.”
On January 10, 2022, AXT announced that Beijing Tongmei Xtal Technology, its subsidiary in Beijing, China, submitted to the Shanghai Stock Exchange its application to list its shares in IPO on the SSE’s STAR Market and the application was accepted for review.
On August 1, 2022, the China Securities Regulatory Commission accepted for review Tongmei’s IPO application. The STAR Market IPO remains subject to review and approval by the CSRC and other authorities. Tongmei hopes to accomplish this goal in the coming months.