News Article

AXT Continues To Realign Business

Company posts net loss in Q4

AXT, a manufacturer of compound semiconductor substrates, has reported financial results for Q4 ended December 31, 2015.

Revenue was $18.1 million compared with $18.4 million in Q3 2015. Gross margin was 17.1 percent of revenue compared with 25.1 percent of revenue in Q3 2015. Operating expenses were $4.8 million, compared with $5.3 million in the Q3 of 2015. Operating loss for Q4 was $1.7 million compared with $0.7 million in the third quarter of 2015.

Net interest and other income for the fourth quarter of 2015 was $0.1 million, compared with $0.8 million in the third quarter of 2015. Net loss in Q4 2015 was $1.2 million compared with a net profit of $42,000 in Q3.

"2015 was a year of transformation for AXT as we continued to realign our business with the trends that are driving growth in compound semiconductor substrates," said Morris Young, chief executive officer.

He added: "We focused on strategic investments in our technology and manufacturing capabilities that would improve our competitive positioning, and enable us to drive better consistency and efficiency across our substrate portfolio. We are pleased with these investments, and in the early results of our efforts. Although raw material pricing is providing a near-term headwind, we expect to continue to see a positive shift in our revenue mix in 2016 driven by InP, providing the potential for both revenue and margin expansion."

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