AXT's Q2 results 'in line with expectations'
AXT, a manufacturer of compound semiconductor substrates, has reported its financial results for the second quarter ended June 30, 2015.
Revenue for the second quarter was slightly up at $21.0 million compared to $20.1 million in the first quarter of 2015, while gross margin was down to 20.9 percent of revenue compared with 23.7 percent in the first quarter of 2015.
Operating expenses were $5.2 million in the second quarter of 2015, compared with $6.5 million in the first quarter of 2015. The decrease was largely the result of professional fees in the first quarter totaling $1.2 million. Operating loss for the second quarter of 2015 was $0.8 million compared with $1.7 million in the first quarter of 2015.
Net interest and other income for the second quarter of 2015 was $1.1 million, compared with $0.9 million in the first quarter of 2015. Net loss in the second quarter of 2015 was $3,000 or a loss of $0.00 per diluted share compared with a net loss of $1.0 million or $0.03 per diluted share in the first quarter of 2015.
"Our financial results in the second quarter were in line with our expectations and we continue to invest and build for the future," said Morris Young, chief executive officer. "We were delighted to welcome Hong Hou to our executive team as chief operating officer and view our acquisition of Crystacomm's InP technology and equipment as a strategic building block for our InP substrate product line."
