AXT, Inc. Announces Preliminary First Quarter 2024 Revenue Results and Schedules Earnings Release for May 2, 2024
April 08 2024 - 8:30AM
AXT, Inc. (NasdaqGS: AXTI), a leading manufacturer of
compound semiconductor substrates, today announced that it expects
to report revenue in the range of $22.4 to $22.7 million for the
first quarter ended March 31, 2024, exceeding the company’s prior
guidance for the first quarter of 2024 of $20 million to $22
million. This reflects growth in demand for both indium phosphide
and gallium arsenide substrates for a variety of applications,
including artificial intelligence/data center connectivity,
infrastructure, wireless devices, industrial lasers, and others.
The company will announce its financial results
for the first quarter of 2024 in a press release immediately
following the close of market on May 2, 2024. It will also
host a conference call to discuss these results on May 2,
2024 at 1:30 p.m. PT. The conference call can be accessed
at (800) 715-9871 (passcode 4378083). The call will also be
simulcast at www.axt.com. Replays will be available at (800)
770-2030 (passcode 4378083) until May 16, 2024. Additional
investor information can be accessed
at http://www.axt.com or by calling the company’s
Investor Relations Department at (510) 438-4700.
About AXT, Inc.
AXT is a material science company that develops
and manufactures high-performance compound and single element
semiconductor substrate wafers comprising indium phosphide (InP),
gallium arsenide (GaAs) and germanium (Ge). The company’s substrate
wafers are used when a typical silicon substrate wafer cannot meet
the performance requirements of a semiconductor or optoelectronic
device. AXT’s worldwide headquarters are in Fremont,
California and includes sales, administration and customer
service functions. AXT has its Asia headquarters
in Beijing, China and manufacturing facilities
in three separate locations in China. In addition, as
part of its supply chain strategy, the Company has partial
ownership in ten companies in China producing raw
materials for its manufacturing process. For more information, see
AXT’s website at http://www.axt.com.
Cautionary Statement about Preliminary
Revenue Results and Forward-Looking Statements
The preliminary revenue results for the first
quarter ended March 31, 2024 are estimates based on information
available to management as of the date of this release and are
subject to further changes upon completion of the company’s
standard quarter-end financial close process. This update does not
present all necessary information for an understanding of the
company’s financial condition as of the date of this release or its
results of operations for the first quarter of 2024. As the company
completes its quarter-end financial close process and finalizes its
financial statements for the quarter, it will be required to make
significant judgments in a number of areas. It is possible that the
company may identify items that require it to make adjustments to
the preliminary revenue results set forth above and those changes
could be material. The company does not intend to update such
preliminary revenue results prior to release of its final financial
results for the first quarter of 2024, which is currently scheduled
for May 2, 2024.
The foregoing paragraphs contain forward-looking
statements within the meaning of the Federal securities laws,
including statements regarding preliminary revenue for the first
quarter ended March 31, 2024, growth in demand for indium phosphide
and gallium arsenide substrates and our quarter-end financial close
process and preparation of financial statements for the first
quarter ended March 31, 2024. These forward-looking statements are
based upon assumptions that are subject to uncertainties and
factors relating to the company’s operations and business
environment, which could cause actual results to differ materially
from those expressed or implied in the forward-looking statements
contained in the foregoing discussion. These uncertainties and
factors include, but are not limited to, the timing of receipt of
product deliveries by our customers and other factors as set forth
in the company’s Annual Report on Form 10-K, quarterly reports on
Form 10-Q and other filings made with the Securities and Exchange
Commission. Each of these factors is difficult to predict and many
are beyond the company’s control. The company does not undertake
any obligation to update any forward-looking statement as a result
of new information, future events or otherwise.
Contacts:
Gary Fischer
Chief Financial Officer
gfischer@axt.com
Leslie Green
Green Communications Consulting, LLC
leslie@greencommunicationsllc.com
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