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AXT Inc (AXTI-8.82%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total revenue of $99.4 million for 2024, an increase from $75.8 million in 2023. The increase is attributed to higher demand for indium phosphide (InP) and gallium arsenide (GaAs) substrates.
Gross profit for the year was $23.8 million, up from $13.3 million in 2023, with a gross margin of 24.0% compared to 17.6% in the previous year. The improvement is due to higher revenue and a favorable product mix.
Selling, general, and administrative expenses increased to $24.1 million from $22.8 million in 2023, primarily due to higher legal and professional service expenses.
Research and development expenses rose to $14.5 million from $12.1 million in 2023, driven by increased development costs for larger diameter wafers.
The company reported a net loss of $11.8 million for 2024, compared to a net loss of $19.2 million in 2023. The improvement is largely due to increased revenue and gross profit.
Cash and cash equivalents at the end of 2024 were $33.8 million, down from $50.1 million at the end of 2023. The decrease is attributed to cash used in operating and investing activities.
AXT's operations are significantly impacted by international trade tensions, particularly between the United States and China, affecting tariffs and export controls on its products.
The company continues to focus on expanding its production capacity and developing new products to meet market demand for high-performance semiconductor substrates.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the AXT Inc annual 10-K report dated March 14, 2025. To report an error, please email earnings@qz.com.