AXT, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
November 02, 2023 at 04:05 pm EDT
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AXT, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported sales was USD 17.37 million compared to USD 35.18 million a year ago. Net loss was USD 5.82 million compared to net income of USD 5.76 million a year ago. Basic loss per share from continuing operations was USD 0.14 compared to basic earnings per share from continuing operations of USD 0.14 a year ago. Diluted loss per share from continuing operations was USD 0.14 compared to diluted earnings per share from continuing operations of USD 0.13 a year ago.
For the nine months, sales was USD 55.37 million compared to USD 114.32 million a year ago. Net loss was USD 14.26 million compared to net income of USD 14.47 million a year ago. Basic loss per share from continuing operations was USD 0.34 compared to basic earnings per share from continuing operations of USD 0.34 a year ago. Diluted loss per share from continuing operations was USD 0.34 compared to diluted earnings per share from continuing operations of USD 0.34 a year ago.
AXT, Inc. is a material science company that develops and manufactures high-performance compound and single element semiconductor wafer substrates comprising indium phosphide (InP), gallium arsenide (GaAs) and germanium (Ge). Its wafer substrates are used when a typical silicon wafer substrate cannot meet the performance requirements of a semiconductor or optoelectronic device. It has two product lines: specialty material substrates and raw materials integral to these substrates. Its InP is a semiconductor wafer substrate used in broadband and fiber optic applications, 5G infrastructure and data center connectivity. Its semi-conducting GaAs substrates are used to create opto-electronic products, including high brightness light emitting diodes that are often used to backlight wireless handsets and LCD televisions and for automotive, signage, and lighting applications. Its Ge substrates are used in applications, such as solar cells for space and terrestrial photovoltaic applications.