SEC Form 10-Q filed by AXT Inc

5/10/24 4:16:13 PM ET

$AXTI

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒

Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

for the quarterly period ended March 31, 2024

☐

Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

for the transition period from to

Commission File Number 000-24085

AXT, INC.

(Exact name of registrant as specified in its charter)


DELAWARE		94-3031310
(State or other jurisdiction of Incorporation or organization)		(I.R.S. Employer Identification No.)

4281 Technology Drive, Fremont, California 94538

(Address of principal executive offices) (Zip code)

(510) 438-4700

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class:

Trading Symbol

Name of each exchange on which registered:

Common Stock, $0.001 par value

AXTI

The NASDAQ Stock Market LLC

Indicate by check-mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ⌧ No ◻

Indicate by check-mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ⌧ No ◻

Indicate by check-mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer ◻		Accelerated filer ⌧

Non-accelerated filer ◻		Smaller reporting company ☒
		Emerging growth company ☐

If an emerging growth company, indicate by check-mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

Indicate by check-mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES ☐ NO ⌧

As of May 1, 2024, 44,398,843 shares, $0.001 par value, of the registrant’s common stock were outstanding.

AXT, INC.

FORM 10-Q

TABLE OF CONTENTS


	Page
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (unaudited)
Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023	3
Condensed Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023	4
Condensed Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2024 and 2023	5
Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023	6
Notes To Condensed Consolidated Financial Statements	7
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	31
Item 3. Quantitative and Qualitative Disclosures About Market Risk	51
Item 4. Controls and Procedures	53
PART II. OTHER INFORMATION
Item 1. Legal Proceedings	54
Item 1A. Risk Factors	54
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	80
Item 3. Defaults upon Senior Securities	80
Item 4. Mine Safety Disclosures	80
Item 5. Other Information	80
Item 6. Exhibits	81
Signatures	82


	March 31,		December 31,
	2024		2023

ASSETS
Current assets:
Cash	$	25,793	$	37,752
Restricted cash		13,807		12,362
Short-term investments		1,667		2,140
Accounts receivable, net of allowances for credit losses of $579 and $579 as of March 31, 2024 and December 31, 2023		25,058		19,256
Inventories		85,943		86,503
Prepaid expenses and other current assets		11,474		12,643
Total current assets		163,742		170,656
Property, plant and equipment, net		163,122		166,348
Operating lease right-of-use assets		2,657		2,799
Other assets		19,443		18,898
Total assets	$	348,964	$	358,701
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	10,262	$	9,617
Accrued liabilities		12,697		19,019
Short-term loans		49,048		52,921
Total current liabilities		72,007		81,557
Noncurrent operating lease liabilities		2,211		2,351
Other long-term liabilities		9,655		5,647
Total liabilities		83,873		89,555
Commitments and contingencies (Note 12)
Redeemable noncontrolling interests (Note 18)		40,581		41,663
Stockholders’ equity:
Preferred stock Series A, $0.001 par value; 2,000 shares authorized; 883 shares issued and outstanding as of March 31, 2024 and December 31, 2023 (Liquidation preference of $7,920 and $7,875 as of March 31, 2024 and December 31, 2023)		3,532		3,532
Common stock, $0.001 par value; 70,000 shares authorized; 44,399 and 44,239 shares issued and outstanding as of March 31, 2024 and December 31, 2023		44		44
Additional paid-in capital		239,257		238,452
Accumulated deficit		(34,123)		(32,040)
Accumulated other comprehensive loss		(7,626)		(5,999)
Total AXT, Inc. stockholders’ equity		201,084		203,989
Noncontrolling interests		23,426		23,494
Total stockholders’ equity		224,510		227,483
Total liabilities, redeemable noncontrolling interests and stockholders’ equity	$	348,964	$	358,701


	Three Months Ended
	March 31,
	2024		2023

Revenue	$	22,688	$	19,405
Cost of revenue		16,594		14,295
Gross profit		6,094		5,110
Operating expenses:
Selling, general and administrative		6,227		5,952
Research and development		3,214		3,595
Total operating expenses		9,441		9,547
Loss from operations		(3,347)		(4,437)
Interest expense, net		(349)		(397)
Equity in income of unconsolidated joint ventures		890		1,034
Other income, net		1,032		282
Loss before provision for income taxes		(1,774)		(3,518)
Provision for income taxes		274		148
Net loss		(2,048)		(3,666)
Less: Net (income) loss attributable to noncontrolling interests and redeemable noncontrolling interests		(35)		318
Net loss attributable to AXT, Inc.	$	(2,083)	$	(3,348)
Net loss attributable to AXT, Inc. per common share:
Basic	$	(0.05)	$	(0.08)
Diluted	$	(0.05)	$	(0.08)
Weighted-average number of common shares outstanding:
Basic		42,987		42,498
Diluted		42,987		42,498


	March 31, 2024								December 31, 2023
			Gross		Gross						Gross		Gross
	Amortized		Unrealized		Unrealized		Fair		Amortized		Unrealized		Unrealized		Fair
	Cost		Gain		(Loss)		Value		Cost		Gain		(Loss)		Value
Classified as:
Cash and restricted cash	$	39,600	$	—	$	—	$	39,600	$	50,114	$	—	$	—	$	50,114
Investments (available-for-sale):
Certificates of deposit ¹		1,680		—		(13)		1,667		2,160		—		(20)		2,140
Total cash, restricted cash and investments	$	41,280	$	—	$	(13)	$	41,267	$	52,274	$	—	$	(20)	$	52,254
Contractual maturities on investments:
Due within 1 year ²	$	1,680					$	1,667	$	2,160					$	2,140
	$	1,680					$	1,667	$	2,160					$	2,140


	In Loss Position				In Loss Position				Total In
	< 12 months				> 12 months				Loss Position
			Gross				Gross				Gross
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
As of March 31, 2024	Value		(Losses)		Value		(Losses)		Value		(Losses)
Investments:
Certificates of deposit	$	—	$	—	$	1,667	$	(13)	$	1,667	$	(13)
Total in loss position	$	—	$	—	$	1,667	$	(13)	$	1,667	$	(13)


			Quoted Prices in				Significant
			Active Markets of		Significant Other		Unobservable
	Balance as of		Identical Assets		Observable Inputs		Inputs
	March 31, 2024		(Level 1)		(Level 2)		(Level 3)
Assets:
Investments:
Certificates of deposit	$	1,667	$	—	$	1,667	$	—
Total	$	1,667	$	—	$	1,667	$	—


	Investment Balance as of
	March 31,		December 31,		Accounting	Ownership	*
Company	2024		2023		Method	Percentage
Nanjing JinMei Gallium Co., Ltd.	$	592	$	592	Consolidated	** 85.5	%
ChaoYang JinMei Gallium Co., Ltd.		1,820		1,820	Consolidated	** 85.5	%
Beijing BoYu Semiconductor Vessel Craftwork Technology Co., Ltd.		1,346		1,346	Consolidated	** 85.5	%
ChaoYang ShuoMei High Purity Semiconductor Materials Co., Ltd.		3,122		3,122	Consolidated	**** 75.0	%
ChaoYang XinMei High Purity Semiconductor Materials Co., Ltd.		7,331		7,331	Consolidated	*** 58.5	%
	$	14,211	$	14,211

Beijing JiYa Semiconductor Material Co., Ltd.	$	4,105		3,806	Equity	39	%
Xiaoyi XingAn Gallium Co., Ltd.		5,995		5,516	Equity	** 25	%
ChaoYang KaiMei Quartz Co., Ltd.		3,098		3,154	Equity	***** 40	%
	$	13,198	$	12,476

Emeishan Jia Mei High Purity Metals Co., Ltd.		551		551	Fair value	****** 10	%
	$	551	$	551


	Amount
	(in thousands)
Fair value of the consideration received	$	779
Foreign income tax withholding		48
Carrying value of 15% of Emeishan Jia Mei High Purity Metals Co., Ltd.		(252)
Gain recognized on sale of 15% of Emeishan Jia Mei High Purity Metals Co., Ltd.	$	575


	Amount
	(in thousands)
Fair value of the retained investment in Emeishan Jia Mei High Purity Metals Co., Ltd.	$	551
Carrying value of retained noncontrolling investment (10%)		(168)
Gain on retained noncontrolling investment due to remeasurement (10%)	$	383


									Accumulated
									Other		AXT, Inc.				Total
	Preferred		Common		Additional		Accumulated		Comprehensive		Stockholders’		Noncontrolling		Stockholders’
	Stock		Stock		Paid-In Capital		Deficit		Income (Loss)		Equity		Interests		Equity
Balance as of December 31, 2023	$	3,532	$	44	$	238,452	$	(32,040)	$	(5,999)	$	203,989	$	23,494	$	227,483
Common stock options exercised		—		—		20		—		—		20		—		20
Investment in subsidiary with noncontrolling interest		—		—		—		—		—		—		—		—
Investment in subsidiary with redeemable noncontrolling interest		—		—		—		—		—		—		—		—
Noncontrolling interest portion of Tongmei stock-based compensation		—		—		(24)		—		—		(24)		13		(11)
Stock-based compensation		—		—		614		—		—		614		—		614
Tongmei stock-based compensation		—		—		195		—		—		195		—		195
Net loss		—		—		—		(2,083)		—		(2,083)		106		(1,977)
Other comprehensive income		—		—		—		—		(1,627)		(1,627)		(187)		(1,814)
Balance as of March 31, 2024	$	3,532	$	44	$	239,257	$	(34,123)	$	(7,626)	$	201,084	$	23,426	$	224,510


				Weighted-
				average
		Weighted-		Remaining
	Number of	average		Contractual	Aggregate
	Options	Exercise		Life	Intrinsic
Stock Options	Outstanding	Price		(in years)	Value
Balance as of January 1, 2024	1,198	$	5.10	4.09	$	14
Granted	—		—
Exercised	(9)		2.20
Canceled and expired	—		—
Balance as of March 31, 2024	1,189	$	5.12	3.88	$	684
Options vested as of March 31, 2024 and unvested options expected to vest, net of forfeitures	1,189	$	5.12	3.88	$	684
Options exercisable as of March 31, 2024	1,189	$	5.12	3.88	$	684


		Weighted-Average
		Grant Date
Stock Awards	Shares	Share Value
Non-vested as of January 1, 2024	1,220	$	3.75
Granted	—	$	—
Vested	(7)	$	12.37
Forfeited	—	$	—
Non-vested as of March 31, 2024	1,213	$	3.69


	March 31,		December 31,
	2024		2023
Inventories:
Raw materials	$	28,501	$	32,910
Work in process		54,281		50,008
Finished goods		3,161		3,585
	$	85,943	$	86,503


	March 31,		December 31,
	2024		2023
Property, plant and equipment:
Machinery and equipment, at cost	$	66,472	$	65,918
Less: accumulated depreciation and amortization		(42,065)		(42,112)
Building, at cost		124,200		125,786
Less: accumulated depreciation and amortization		(23,791)		(23,339)
Leasehold improvements, at cost		7,470		7,596
Less: accumulated depreciation and amortization		(6,014)		(5,984)
Construction in progress		36,850		38,483
	$	163,122	$	166,348


	March 31,		December 31,
	2024		2023
Accrued compensation and related charges	$	2,941	$	3,707
Preferred stock dividends payable		2,901		2,901
Payable in connection with construction in progress		1,613		7,249
Other tax payable		652		493
Advances from customers		535		305
Accrued product warranty		495		703
Accrued professional services		471		868
Current portion of operating lease liabilities		463		458
Other personnel-related costs		276		286
Accrued income taxes		272		—
Accrual for sales returns		34		39
Other accrued liabilities		2,044		2,010
	$	12,697	$	19,019


	Three Months Ended
	March 31,
	2024		2023
Geographical region:
China	$	11,517	$	8,102
Taiwan		4,582		2,471
Japan		990		1,535
Asia Pacific (excluding China, Taiwan and Japan)		798		1,091
Europe (primarily Germany)		3,725		3,570
North America (primarily the United States)		1,076		2,636
Total	$	22,688	$	19,405


	As of
	March 31,		December 31,
	2024		2023
Long-lived assets by geographic region, net of depreciation:
North America	$	1,562	$	1,631
China		164,217		167,516
	$	165,779	$	169,147


			Loan	Interest					December 31,		March 31,
Subsidiary	Bank		Detail	Rate		Start Date	Due Date		2023		2024
Tongmei	Bank of China (1)	$	1,848	3.5	%	January-23	January-24	$	1,795	$	-
			2,184	2.8	%	March-23	March-24		2,118		-
			376	2.7	%	September-23	September-24		386		378
			876	3.5	%	November-23	November-24		876		858
			1,003	3.5	%	November-23	November-24		1,003		985
	Bank of China (2)		2,911	3.5	%	January-23	January-24		2,825		-
			2,770	3.0	%	January-24	January-25		-		2,770
	Bank of Communications (1)		1,455	3.3	%	January-23	January-24		1,414		-
			1,380	3.8	%	May-23	May-24		1,414		1,386
			1,373	3.8	%	July-23	May-24		1,414		1,386
	China Merchants Bank (1)		4,367	3.7	%	January-23	January-24		4,235		-
			1,386	3.5	%	January-24	January-25		-		1,386
			692	3.5	%	February-24	February-25		-		692
	Bank of Beijing (3)		2,290	4.2	%	January-23	January-24		2,220		-
			3,541	3.2	%	June-23	May-24		3,626		3,560
			1,380	3.2	%	June-23	February-24		1,414		-
			1,414	3.0	%	December-23	December-24		1,414		1,386
			3,600	3.0	%	March-24	February-25		-		3,600
			1,386	3.0	%	March-24	December-24		-		1,386
	Industrial Bank (1)		2,757	4.3	%	June-23	June-24		2,825		2,770
			2,744	4.3	%	July-23	July-24		2,825		2,770
			2,744	4.3	%	September-23	September-24		2,825		2,770
	NingBo Bank (1)		2,744	4.2	%	August-23	September-24		2,820		2,765
			1,271	4.3	%	November-23	November-24		1,271		1,246
			2,825	4.3	%	December-23	December-24		2,825		2,770
			1,647	4.3	%	January-24	January-25		-		1,647
	Industrial and Commercial Bank of China (1)		2,744	3.3	%	September-23	September-24		2,825		2,770
	NanJing Bank (1)		2,752	3.8	%	October-23	October-24		2,752		2,700
BoYu	Industrial and Commercial Bank of China (4)		1,414	2.7	%	December-23	December-24		1,414		1,386
	Bank of China (1)		1,204	2.4	%	January-23	January-24		849		-
	NingBo Bank (1)		1,414	3.3	%	November-23	May-24		1,414		1,386
	Industrial Bank (1)		688	3.6	%	September-23	September-24		708		692
	Bank of Communications (1)		1,414	3.0	%	November-23	May-24		1,414		1,386
	NanJing Bank (1)		1,386	3.5	%	January-24	January-25		-		1,386
	Loan Balance							$	52,921	$	48,217


Maturity of long term loans
2025	$	1,038
2026		1,315
2027		969
2028		1,246
2029		2,371


Maturity of Lease Liabilities
2024	$	440
2025		599
2026		613
2027		627
2028		610
Thereafter		150
Total minimum lease payments		3,039
Less: Interest		(365)
Present value of lease obligations		2,674
Less: Current portion, included in accrued liabilities		(463)
Long-term portion of lease obligations	$	2,211


Balance as of January 1, 2024	$	41,663
Equity issuance costs incurred		18
Stock-based compensation attributable to redeemable noncontrolling interests		15
Net loss attributable to redeemable noncontrolling interests		(71)
Effect of foreign currency translation on redeemable noncontrolling interests		(855)
Effect of foreign currency translation attributable to redeemable noncontrolling interests		(189)
Balance as of March 31, 2024	$	40,581


Products
Substrate Group and Wafer Diameter		Sample of Applications
Indium Phosphide		• Data center connectivity using light/lasers
(InP)		• High-speed data transfer in data centers to support AI applications
2”, 3”, 4”		• 5G communications
		• Fiber optic lasers and detectors
		• Consumer devices
		• Passive Optical Networks (PONs)
		• Silicon photonics
		• Photonic Integrated circuits (PICs)
		• Thermo-Photovoltaics (TPVs)
		• RF amplifier and switching (military wireless & 5G)
		• Infrared light-emitting diode (LEDs) motion control
		• Lidar for robotics and autonomous vehicles
		• Infrared thermal imaging
Gallium Arsenide		• Wi-Fi devices
(GaAs - semi-insulating)		• IoT devices
1”, 2”, 3”, 4”, 5”, 6”		• High-performance transistors
		• Direct broadcast television
		• Power amplifiers for wireless devices
		• Satellite communications
		• High efficiency solar cells for drones and automobiles
		• Solar cells
Gallium Arsenide		• High brightness LEDs
(GaAs - semi-conducting)		• Screen displays using micro-LEDs
1”, 2”, 3”, 4”, 5”, 6”, 8”		• Printer head lasers and LEDs
		• 3-D sensing using VCSELs
		• Data center communication using VCSELs
		• Sensors for industrial robotics/Near-infrared sensors
		• Laser machining, cutting and drilling
		• Optical couplers
		• High efficiency solar cells for drones and automobiles
		• Other lasers
		• Night vision goggles
		• Lidar for robotics and autonomous vehicles
		• Solar cells
Germanium		• Multi-junction solar cells for satellites
(Ge)		• Optical sensors and detectors
2”, 4”, 6”		• Terrestrial concentrated photo voltaic (CPV) cells
		• Infrared detectors
		• Carrier wafer for LED
Raw Materials Group
6N+ and 7N+ purified gallium		• Key material in single crystal ingots such as:
		- Gallium Arsenide (GaAs)
		- Gallium Nitride (GaN)
		- Gallium Antimonite (GaSb)
		- Gallium Phosphide (GaP)
Boron trioxide (B2O3)		• Encapsulant in the ingot growth of III-V compound semiconductors
Gallium-Magnesium alloy		• Used for the synthesis of organo-gallium compounds in epitaxial growth on semiconductor wafers
pyrolytic boron nitride (pBN) crucibles		• Used when growing single-crystal compound semiconductor ingots
		• Used as effusion rings when growing OLED tools
pBN insulating parts		• Used in MOCVD reactors
		• Used when growing epitaxial layers in Molecular Beam Epitaxy (MBE) reactors


	Three Months Ended

	March 31,				Increase
	2024		2023		(Decrease)		% Change

Product Type:	($ in thousands)
Substrates	$	16,903	$	13,489	$	3,414	25.3	%
Raw materials and other		5,785		5,916		(131)	(2.2)	%
Total revenue	$	22,688	$	19,405	$	3,283	16.9	%



	Three Months Ended						2023 to 2024
	March 31,						Increase
	2024			2023			(Decrease)		% Change

	($ in thousands)
China	$	11,517		$	8,102		$	3,415	42.2	%
% of total revenue		51	%		42	%
Taiwan		4,582			2,471			2,111	85.4	%
% of total revenue		20	%		13	%
Japan		990			1,535			(545)	(35.5)	%
% of total revenue		4	%		8	%
Asia Pacific (excluding China, Taiwan and Japan)		798			1,091			(293)	(26.9)	%
% of total revenue		4	%		6	%
Europe (primarily Germany)		3,725			3,570			155	4.3	%
% of total revenue		16	%		18	%
North America (primarily the United States)		1,076			2,636			(1,560)	(59.2)	%
% of total revenue		5	%		13	%
Total revenue	$	22,688		$	19,405		$	3,283	16.9	%


	Three Months Ended
	March 31,						Equity in Income
	2024			2023			Change		% Change

	($ in thousands)
Equity in income of unconsolidated joint ventures	$	890		$	1,034		$	(144)	(13.9)	%
% of total revenue		3.9	%		5.3	%


	Three Months Ended
	March 31,						Other Income
	2024			2023			Change		% Change

	($ in thousands)
Other income, net	$	1,032		$	282		$	750	266.0	%
% of total revenue		4.5	%		1.5	%

SEC Form 10-Q filed by AXT Inc

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VICE PRESIDENT, CFO & CORP SEC Fischer Gary L was granted 38,800 shares, increasing direct ownership by 10% to 426,074 units (SEC Form 4)

CHAIRMAN AND CEO Young Morris S was granted 111,795 shares, increasing direct ownership by 5% to 2,162,636 units (SEC Form 4)

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SEC Form 10-Q filed by AXT Inc

AXT Inc filed SEC Form 8-K: Results of Operations and Financial Condition, Financial Statements and Exhibits

SEC Form S-8 filed by AXT Inc

AI Boom Spurs Search For New Winners Beyond Nvidia: Bloomberg

12 Information Technology Stocks Moving In Wednesday's After-Market Session

12 Information Technology Stocks Moving In Wednesday's Pre-Market Session

AXT, Inc. Schedules Third Quarter 2024 Earnings Release for Oct. 31, 2024

AXT, Inc. Schedules Second Quarter 2024 Earnings Release for Aug. 1, 2024

AXT, Inc. Announces Preliminary First Quarter 2024 Revenue Results and Schedules Earnings Release for May 2, 2024

AXT, Inc. Announces Third Quarter 2024 Financial Results

AXT, Inc. Schedules Third Quarter 2024 Earnings Release for Oct. 31, 2024

AXT, Inc. Announces Financial Conference Participation for the Third Quarter 2024

$AXTI Analyst Ratings

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AXT upgraded by Craig Hallum with a new price target

AXT upgraded by B. Riley Securities with a new price target

AXT downgraded by Craig Hallum with a new price target

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	Three Months Ended						Net (income) loss attributable to
							noncontrolling interests and
	March 31,						redeemable noncontrolling interests
	2024			2023			Change		% Change

	($ in thousands)
Net (income) loss attributable to noncontrolling interests and redeemable noncontrolling interests	$	(35)		$	318		$	(353)	(111.0)	%
% of total revenue		(0.2)	%		1.6	%


							Proforma 10%		Proforma 10%
	Balance as of		Current		Projected Annual		Interest Rate		Interest Rate
	March 31,		Interest		Interest		Decline		Increase
Instrument	2024		Rate		Income		Income		Income
Cash and restricted cash	$	39,600	0.62	%	$	246	$	221	$	271
Investments in marketable debt securities		1,667	3.34	%		56		50		62
					$	302	$	271	$	333

Exhibit Number		Description


31.1		Certification by Chief Executive Officer Pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2		Certification by Chief Financial Officer Pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1†		Certification by Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2†		Certification by Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS		Inline XBRL Instance.
101.SCH		Inline XBRL Taxonomy Extension Schema.
101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase.
101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase.
101.LAB		Inline XBRL Taxonomy Extension Label Linkbase.
101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase.
104		Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)


	AXT, INC.

Dated: May 10, 2024	By:	/s/ MORRIS S. YOUNG
		Morris S. Young
		Chief Executive Officer and Chairman of the Board of Directors
		(Principal Executive Officer)

		/s/ GARY L. FISCHER
		Gary L. Fischer
		Chief Financial Officer and Corporate Secretary
		(Principal Financial Officer and Principal Accounting Officer)

Date	Price Target	Rating	Analyst
2/23/2024	$2.25 → $3.75	Hold → Buy	Craig Hallum
2/23/2024	$2.40 → $3.80	Neutral → Buy	B. Riley Securities
2/17/2023	$7.00 → $5.50	Buy → Hold	Craig Hallum
6/27/2022	$8.00	Buy	Needham
11/4/2021	$11.00	Outperform	Wedbush