AXT INC
AXTI · Semiconductors & Related Devices · 65.4M shares · +2%/yr ↑ shares · EDGAR filings ↗
Net buyback after stock comp: -$1M (gross $2M, SBC $4M)
Reference price $115.24 · est. market cap ~$7.5B — last insider sale, 2026-06-15 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D44Compound-semiconductor substrate maker with deep losses, cash burn, and China-export exposure.
Strengths
- Adequate liquidity — current ratio 2.72 (49th)
Risks
- Deep losses — operating margin -24.9%, net margin -24.1%
- Cash burn and revenue decline — FCF -$18.8M, revenue -11.1% (7th)
- China-operations and export-control exposure — per 10-K
Notable findings
- Cash burnNegative free cash flow (-18.8M)
- Net lossNet loss (net margin -24.1%)
- Exec changeRecent 8-K item 5.02 8-K ↗
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC, RENAISSANCE TECHNOLOGIES LLC
- Strong balance sheetStrong balance sheet — $120M cash & investments, ~26 quarters of runway
- Notable holderHeld by 4 notable fund(s): CITADEL ADVISORS LLC, GOLDMAN SACHS GROUP INC, STATE STREET CORP +1 more (as of 2026-03-31)
- Insider sellingInsider selling — 34 open-market sale(s) by 4 insider(s) (cluster of 4 insiders, ~$72M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
12.7%
Operating margin
-24.9%
Net margin
-24.1%
Return on equity
-7.8%
Return on assets
-4.9%
ROIC
-5.2%
Revenue growth (QoQ)
16.9%
Debt / equity
0.2×
Current ratio
2.7×
Free cash flow
-$19M
EBITDA
-$13M
Tangible book value
$273M
Cash & investments
$120M
Cash runway
26q
Stock comp / revenue
3.7%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-15 | CHEN JESSE | Sell | 6.2K | $115.24 |
| 2026-06-15 | CHANG DAVID C | Sell | 8.3K | $111.17 |
| 2026-06-12 | YOUNG MORRIS S | Gift | 1.2K | — |
| 2026-06-12 | CHEN JESSE | Sell | 13K | $95.77 |
| 2026-06-11 | CHEN JESSE | Sell | 9.0K | $88.55 |
| 2026-06-10 | CHEN JESSE | Sell | 9.0K | $86.73 |
| 2026-06-09 | CHEN JESSE | Sell | 1.5K | $93.30 |
| 2026-06-08 | CHEN JESSE | Sell | 6.0K | $94.00 |
| 2026-06-04 | CHEN JESSE | Sell | 6.1K | $108.28 |
| 2026-06-04 | CHEN JESSE | Grant | 754 | — |
| 2026-06-04 | LEBLANC LEONARD J | Grant | 754 | — |
| 2026-06-04 | CHANG DAVID C | Grant | 754 | — |
| 2026-06-03 | CHEN JESSE | Sell | 4.0K | $111.36 |
| 2026-06-02 | YOUNG MORRIS S | Option exercise | 12K | $5.21 |
| 2026-06-02 | CHEN JESSE | Sell | 2.0K | $111.03 |
| 2026-06-02 | YOUNG MORRIS S | Sell | 124K | $113.33 |
| 2026-06-01 | YOUNG MORRIS S | Option exercise | 74K | $5.21 |
| 2026-06-01 | YOUNG MORRIS S | Sell | 74K | $112.39 |
| 2026-06-01 | CHEN JESSE | Sell | 3.2K | $111.56 |
| 2026-05-01 | YOUNG MORRIS S | Gift | 7.5K | — |
| 2026-05-01 | YOUNG MORRIS S | Gift | 6.5K | — |
| 2026-03-13 | CHEN JESSE | Sell | 8.1K | $50.25 |
| 2026-03-13 | YOUNG MORRIS S | Sell | 38K | $51.13 |
| 2026-03-13 | FISCHER GARY L | Sell | 81K | $50.64 |
| 2026-03-12 | FISCHER GARY L | Sell | 8.3K | $50.20 |
| 2026-03-12 | CHEN JESSE | Sell | 6.0K | $48.95 |
| 2026-03-11 | CHEN JESSE | Sell | 15K | $47.13 |
| 2026-03-10 | YOUNG MORRIS S | Sell | 31K | $45.60 |
| 2026-03-10 | CHANG DAVID C | Sell | 20K | $46.00 |
| 2026-03-10 | CHEN JESSE | Sell | 14K | $46.15 |
| 2026-03-09 | CHEN JESSE | Sell | 12K | $37.69 |
| 2026-03-09 | YOUNG MORRIS S | Sell | 126K | $36.51 |
| 2026-03-06 | CHEN JESSE | Sell | 2.0K | $36.63 |
| 2026-03-06 | YOUNG MORRIS S | Sell | 8.3K | $39.65 |
| 2026-03-05 | CHEN JESSE | Sell | 11K | $38.26 |
| 2026-03-05 | CHANG DAVID C | Sell | 20K | $38.42 |
| 2026-03-04 | CHEN JESSE | Sell | 8.8K | $38.83 |
| 2026-03-04 | CHANG DAVID C | Sell | 20K | $38.53 |
| 2026-03-03 | CHEN JESSE | Sell | 11K | $40.49 |
| 2026-03-03 | YOUNG MORRIS S | Gift | 3.8K | — |
| 2026-03-02 | YOUNG MORRIS S | Gift | 17K | — |
| 2026-03-02 | CHEN JESSE | Sell | 11K | $45.59 |
| 2026-03-02 | YOUNG MORRIS S | Sell | 160K | $43.32 |
| 2026-03-02 | YOUNG MORRIS S | Gift | 10K | — |
| 2026-03-02 | FISCHER GARY L | Sell | 405K | $41.45 |
| 2026-02-26 | FISCHER GARY L | Option exercise | 66K | $5.21 |
| 2026-02-26 | FISCHER GARY L | Option exercise | 34K | $9.50 |
| 2026-02-26 | FISCHER GARY L | Option exercise | 56K | $5.77 |
| 2026-02-26 | FISCHER GARY L | Option exercise | 92K | $3.06 |
| 2026-02-18 | YOUNG MORRIS S | Grant | 218K | — |
| 2026-02-18 | FISCHER GARY L | Grant | 76K | — |
| 2025-12-09 | CHANG DAVID C | Sell | 25K | $14.84 |
| 2025-12-09 | YOUNG MORRIS S | Gift | 7.8K | — |
| 2025-12-08 | YOUNG MORRIS S | Sell | 37K | $12.46 |
| 2025-12-04 | YOUNG MORRIS S | Option exercise | 33K | $3.06 |
| 2025-12-04 | YOUNG MORRIS S | Option exercise | 17K | $5.77 |
| 2025-12-04 | YOUNG MORRIS S | Option exercise | 19K | $5.21 |
| 2025-12-04 | YOUNG MORRIS S | Sell | 35K | $12.05 |
| 2025-12-02 | CHANG DAVID C | Sell | 25K | $12.33 |
| 2025-11-28 | CHANG DAVID C | Sell | 25K | $10.72 |
| 2025-11-21 | YOUNG MORRIS S | Gift | 12K | — |
| 2025-11-21 | YOUNG MORRIS S | Gift | 3.0K | — |
| 2025-11-17 | YOUNG MORRIS S | Sell | 33K | $10.39 |
| 2025-11-14 | YOUNG MORRIS S | Option exercise | 70K | $5.21 |
| 2025-11-13 | FISCHER GARY L | Sell | 101K | $10.14 |
| 2025-11-07 | LEBLANC LEONARD J | Sell | 3.6K | $8.41 |
| 2025-11-06 | FISCHER GARY L | Sell | 23K | $8.87 |
| 2025-11-05 | FISCHER GARY L | Sell | 53K | $9.21 |
| 2025-11-05 | CHANG DAVID C | Sell | 100K | $8.94 |
| 2025-11-04 | FISCHER GARY L | Sell | 28K | $8.09 |
| 2025-11-03 | YOUNG MORRIS S | Sell | 80K | $8.65 |
| 2025-10-31 | YOUNG MORRIS S | Gift | 30K | — |
| 2025-10-28 | YOUNG MORRIS S | Grant | 100K | — |
| 2025-10-28 | FISCHER GARY L | Grant | 38K | — |
| 2025-10-20 | FISCHER GARY L | Option exercise | 10K | $2.18 |
| 2025-07-29 | LEBLANC LEONARD J | Grant | 29K | — |
| 2025-05-15 | CHRISTINE RUSSELL | Grant | 55K | — |
| 2025-05-15 | CHEN JESSE | Grant | 55K | — |
| 2025-05-15 | CHANG DAVID C | Grant | 55K | — |
| 2025-02-25 | YOUNG MORRIS S | Buy | 30K | $1.36 |
| 2025-02-18 | YOUNG MORRIS S | Grant | 33K | — |
| 2025-02-18 | YOUNG MORRIS S | Grant | 224K | — |
| 2025-02-18 | FISCHER GARY L | Grant | 15K | — |
| 2025-02-18 | FISCHER GARY L | Grant | 78K | — |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-22 | Exec/director changeReg FDExhibits | filing ↗ |
| 2026-06-17 | Material agreementExhibits | filing ↗ |
| 2026-06-09 | 3.035.03Shareholder voteExhibits | filing ↗ |
| 2026-05-15 | OtherExhibits | filing ↗ |
| 2026-04-30 | ResultsExhibits | filing ↗ |
| 2026-04-21 | Material agreementOtherExhibits | filing ↗ |
| 2026-04-20 | Results | filing ↗ |
| 2026-02-19 | ResultsExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-22 | 2026-06-17 | 0001437749-26-021307 ↗ |
| 8-K | 2026-06-17 | 2026-06-11 | 0001437749-26-020978 ↗ |
| 8-K | 2026-06-09 | 2026-06-04 | 0001437749-26-020004 ↗ |
| 8-K | 2026-05-15 | 2026-05-14 | 0001213900-26-057122 ↗ |
| 10-Q | 2026-05-14 | 2026-03-31 | 0001437749-26-017054 ↗ |
| 8-K | 2026-04-30 | 2026-04-30 | 0001437749-26-014204 ↗ |
| 8-K | 2026-04-21 | 2026-04-20 | 0001213900-26-045867 ↗ |
| 8-K | 2026-04-20 | 2026-04-20 | 0001213900-26-045652 ↗ |
| 10-K | 2026-03-17 | 2025-12-31 | 0001437749-26-008612 ↗ |
| 8-K | 2026-02-19 | 2026-02-19 | 0001437749-26-004731 ↗ |
| 8-K | 2026-01-29 | 2026-01-26 | 0001213900-26-009482 ↗ |
| 8-K | 2026-01-09 | 2026-01-08 | 0001213900-26-002690 ↗ |