AXT (AXTI)
Makes InP, GaAs, and Ge wafers for optical and electronic devices.
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Produces InP, GaAs, and Ge substrate wafers plus related raw materials for semiconductor and optoelectronic uses. Manufacturing is concentrated in China, where export permits govern all three wafer families.
Produces indium phosphide, gallium arsenide, and germanium substrate wafers for semiconductor and optoelectronic devices, alongside raw materials including purified gallium and pyrolytic boron nitride products.
Its wafer applications span data-center connectivity, silicon photonics, 5G infrastructure, LEDs, lasers, sensors, and satellite solar cells. Sales, administration, and customer service are based in Fremont, while all substrate and raw-material production takes place in China through subsidiaries and joint ventures.
The operating model relies on Tongmei's wafer-manufacturing capacity and partial ownership of Chinese raw-material companies. Chinese export permits are required for the InP, GaAs, and Ge wafer families.
Company facts
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Jul 31, 2026 | UBS | Target | Target: $35 | Target: $90 |
| Jul 31, 2026 | Needham | Upgrade | Target: $10 | Target: $90 |
| Jun 3, 2026 | Northland Securities | Target | Target: $90 | Target: $125 |
| May 1, 2026 | Wedbush | Reiterate | Rating: —Target: $80 | Target: $93 |
| Apr 29, 2026 | Wedbush | Reiterate | Rating: —Target: $28 | Target: $80 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $417.2M · Total debt $85.4M · Total assets $1.10B · Shareholders' equity $887.3M
- Revenue
- $47.6M
- Operating income
- $10.4M
- Net income
- $11.1M
No dividends on record.
| Institutions | ≈ 67.83% | 44.37M shares | |
|---|---|---|---|
| 295 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | |||
| Insiders | 7.63% | 4.99M shares | |
| 8 holders · as of Aug 19, 2026 | |||
| Strategic holders | 6.12% | 4.01M shares | |
| 1 holder · as of May 6, 2026 | |||
| Other | ≈ 18.42% | 12.05M shares | |
| remainder | |||
65.42M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Two share counts disagree (65.42M in the company's Sep 22, 2026 report, 50.75M elsewhere); stakes use the report.
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Institution | 7.75% | 5.07M | as of Jun 30, 2026 |
Morris S. YoungInsiderdirector, officer: CEO | 6.57% | 4.30M | filed Jun 16, 2026 |
Marex Securities Products Inc.Strategic | 6.12% | 4.01M | filed May 6, 2026 |
Marex Group PLCInstitution | 5.45% | 3.56M | as of Jun 30, 2026 |
Jane Street Group, LLCInstitution | 5.39% | 3.53M | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 7, 2026 | Leonard J. Leblanc | director | −2,000 | $88.32 |
| Jun 10, 2026 | Leonard J. Leblanc | director | −500 | $89.59 |
| Aug 17, 2026 | Leonard J. Leblanc | director | −4,000 | $96.07 |
| Jun 15, 2026 | David C. Chang | director | −8,333 | $111.17 |
| Jun 15, 2026 | Jesse Chen | director | −6,172 | $115.24 |
Not reported.