AXT, Inc. announced its financial results for the third quarter ended September 30, 2024, reporting revenue of $23.645 million. This represents a 36% increase compared to $17.366 million in the third quarter of 2023, indicating a significant year-over-year improvement in sales.
The company's GAAP gross profit reached $5.682 million, translating to a gross margin of 24.0%, a notable rise from 10.7% in the prior year's quarter. AXT reported a GAAP net loss attributable to AXT, Inc. of $2.937 million, or ($0.07) per share, which is an improvement from a net loss of ($5.823 million), or ($0.14) per share, in Q3 2023.
Management noted that every product category, including raw materials, achieved double-digit year-over-year growth, with data center-related demand remaining solid. The company anticipates new order momentum for indium phosphide substrates in AI applications. For the fourth quarter of 2024, AXT projected non-GAAP EPS to be in the range of ($0.05) to ($0.03).
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