AXT(AXTI)2024-10-31 20:10Revenue and Profitability - Revenue for Q3 2024 was 17.4 million in Q3 2023[3] - GAAP gross margin improved to 24.0% in Q3 2024 from 10.7% in Q3 2023[4] - GAAP gross profit for Q3 2024 was 1,866 thousand in Q3 2023, representing a 204% increase[17] - Non-GAAP gross margin for Q3 2024 was 24.3%, up from 11.3% in Q3 2023[4] - Non-GAAP gross profit for Q3 2024 was 1,968 thousand in Q3 2023, indicating a 192% increase[17] Net Loss and Expenses - GAAP net loss decreased to (0.07) per share, compared to a net loss of (0.14) per share in Q3 2023[5] - Non-GAAP net loss for Q3 2024 was (0.05) per share, compared to (0.12) per share in Q3 2023[6] - Total operating expenses for Q3 2024 were 8.6 million in Q3 2023[14] - GAAP loss from operations for Q3 2024 was (6,727) thousand in Q3 2023, a 49% improvement[17] - Non-GAAP loss from operations for Q3 2024 was (5,836) thousand in Q3 2023, indicating a 56% improvement[17] Cash and Liabilities - Cash and cash equivalents decreased to 37.8 million in the previous year[15] - Total current liabilities decreased to 81,557 thousand year-over-year, a reduction of 3.5%[16] - Total liabilities remained relatively stable at 89,555 thousand in the previous year[16] - Stockholders' equity decreased to 227,483 thousand, a decline of 1.1%[16] Future Outlook and Developments - The company anticipates new order momentum in indium phosphide substrates for AI applications[2] - The company is optimistic about growth and expansion as signs of recovery are tangible across its product portfolio[2] - AXT's subsidiary, Tongmei, is in the process of an IPO on the STAR Market, pending regulatory approval[7] Share Information - Shares used to compute diluted net income per share increased to 43,157 thousand from 42,638 thousand year-over-year[17]