AXT, Inc. reported its financial results for the fourth quarter and fiscal year ended December 31, 2024. Fourth-quarter revenue was $25.105 million, while full-year 2024 revenue increased by 31% to $99.361 million from $75.795 million in fiscal year 2023.
The company posted a GAAP gross profit of $4.408 million for Q4 2024, representing a 17.6% margin, and a GAAP net loss attributable to AXT, Inc. of $5.088 million, or ($0.12) per share. For the full year, the GAAP net loss was $11.624 million, or ($0.27) per share, an improvement from ($17.881 million) or ($0.42) per share in FY 2023.
A significant development impacting the company's outlook is China's addition of indium phosphide substrates to its export control list, effective February 4, 2025. This new regulation necessitates an export permit process for InP shipments outside of China, which is expected to result in lower Q1 2025 revenues.
Management highlighted successful penetration of the cell phone market, which represents a nearly $100 million addressable market, and continued revenue growth in the cloud and data center infrastructure market during 2024. The Tongmei STAR Market IPO remains in process, subject to review and approval by Chinese authorities.
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