Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $81.3M | $98.7M | $102M | $83.3M | $95.4M | $137M | $141M | $75.8M | $99.4M | $88.3M |
| Revenue growth | — | 21.3% | 3.8% | -18.7% | 14.5% | 44.1% | 2.7% | -46.3% | 31.1% | -11.1% |
| Gross profit | $26.4M | $34.5M | $37.0M | $24.8M | $30.3M | $47.4M | $52.1M | $13.3M | $23.8M | $11.2M |
| Gross margin | 32.4% | 34.9% | 36.2% | 29.8% | 31.7% | 34.5% | 36.9% | 17.6% | 24.0% | 12.7% |
| Operating income | $6.42M | $12.6M | $12.1M | -$314K | $3.94M | $12.9M | $12.6M | -$21.6M | -$14.8M | -$22.0M |
| Operating margin | 7.9% | 12.8% | 11.9% | -0.4% | 4.1% | 9.4% | 8.9% | -28.5% | -14.9% | -24.9% |
| Net income | $5.64M | $10.1M | $9.65M | -$2.60M | $3.24M | $14.6M | $15.8M | -$17.9M | -$11.6M | -$21.3M |
| Net margin | 6.9% | 10.3% | 9.4% | -3.1% | 3.4% | 10.6% | 11.2% | -23.6% | -11.7% | -24.1% |
| EPS (diluted) | $0.17 | $0.26 | $0.24 | -$0.07 | $0.07 | $0.34 | $0.37 | -$0.42 | -$0.27 | -$0.49 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $12.5M | $8.62M | $3.22M | $12.7M | $5.87M | -$3.31M | -$8.77M | $3.40M | -$12.1M | -$12.8M |
| Capital expenditures | $2.73M | $21.4M | $40.5M | $21.8M | $19.9M | $29.6M | $28.5M | $10.5M | $5.77M | $6.00M |
| Free cash flow | $9.78M | -$12.7M | -$37.3M | -$9.13M | -$14.0M | -$33.0M | -$37.2M | -$7.07M | -$17.9M | -$18.8M |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $36.2M | $44.4M | $16.5M | $26.9M | $72.6M | $36.8M | $34.9M | $37.8M | $22.8M | $120M |
| Total assets | $154M | $211M | $224M | $223M | $299M | $332M | $370M | $359M | $339M | $434M |
| Total liabilities | $16.9M | $22.9M | $29.0M | $30.6M | $43.3M | $52.2M | $80.3M | $89.6M | $84.4M | $99.1M |
| Shareholders' equity | $133M | $184M | $191M | $188M | $193M | $212M | $222M | $204M | $193M | $273M |
| Retained earnings | -$65.0M | -$54.8M | -$45.2M | -$47.8M | -$44.5M | -$30.0M | -$14.2M | -$32.0M | -$43.7M | -$64.9M |
| Shares (wtd avg diluted) | 32.9M | 39.0M | 40.3M | 39.5M | 41.0M | 42.7M | 42.7M | 42.6M | 43.2M | 43.9M |
Every figure is extracted from AXT INC’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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