AXT(AXTI)2025-02-20 21:11Revenue Performance - Revenue for the fourth quarter of 2024 was 20.4 million in Q4 2023[3] - Fiscal year 2024 revenue reached 75.8 million in fiscal year 2023, representing a 31% increase[7] Gross Margin - GAAP gross margin for fiscal year 2024 improved to 24.0% of revenue, compared to 17.6% in fiscal year 2023[7] - Non-GAAP gross margin for fiscal year 2024 was 24.3%, up from 18.1% in fiscal year 2023[7] Net Loss - GAAP net loss for fiscal year 2024 was 0.27 per share, an improvement from a net loss of 0.42 per share in fiscal year 2023[7] - Non-GAAP net loss for fiscal year 2024 was 0.20 per share, compared to a net income of 0.34 per share in fiscal year 2023[7] - AXT, Inc. reported a GAAP net loss of 3,621,000 in Q4 2023, representing an increase in loss of approximately 40.5% year-over-year[16] - Non-GAAP net loss for the year ended December 31, 2024, was 14,341,000 in 2023, showing an improvement of about 40.3%[16] Operational Performance - AXT, Inc. reported a GAAP loss from operations of 3,560,000 in Q4 2023, indicating a year-over-year increase of 73.1%[16] - The company’s operating expenses for the year ended December 31, 2024, were 34,887,000 in 2023, representing an increase of about 10.1%[16] Assets and Liabilities - Total current assets decreased to 170,656,000 in 2023, reflecting a decline of approximately 7.3%[15] - Cash and cash equivalents decreased to 37,752,000 in 2023, a decline of about 39.5%[15] - Total liabilities decreased to 89,555,000 in 2023, a reduction of approximately 5.5%[15] - The company’s accumulated deficit increased to 32,040,000 in 2023, reflecting a rise of approximately 36.4%[15] - AXT, Inc. reported total stockholders' equity of 227,483,000 in 2023, a decrease of approximately 4.9%[15] Market and Technical Advancements - AXT has successfully penetrated the cell phone market, which is estimated to be close to a $100 million addressable market[2] - The company is advancing technical specifications of its materials to address next-generation connectivity challenges, particularly in cloud and data center infrastructure[2] - AXT's subsidiary, Tongmei, is in the process of an IPO on the STAR Market, which is subject to review and approval by regulatory authorities[6] - The company aims to develop larger diameter substrates to enable next-generation technology innovations across various end-markets[12]