# AXT INC (AXTI) · Edgar & Edgarette company card

> Axt (AXTI) saw revenue fall 11.1% in FY2025 to $88 million, operating margin -24.9% against a 2.4% median for semiconductors & related devices, equity 63.0% of assets. Every figure is from the company’s own annual report filed with the SEC.

SEC CIK 1051627 · fiscal year ended 2025-12-31 · 5 audited years read · [page](https://www.pops4.com/boards/company/AXTI) · [JSON](https://www.pops4.com/boards/company/AXTI.json)

## Figures, as filed in the 10-K

| Measure | Value |
|---|---|
| Revenue | $88M |
| Revenue growth, 1 year | -11.1% |
| Revenue growth per year | -10.5% |
| Operating margin | -24.9% (prior year -14.9%) |
| Net margin | -26.3% |
| Operating cash flow | −$13M |
| Capital spending | $6M |
| Free cash flow | −$19M |
| Cash | $120M |
| Long-term debt | — |
| Total assets | $434M |
| Total equity | $273M |
| Equity ÷ assets | 63.0% |
| Return on equity | -8.5% |
| Dividend per share | — |
| Dividend years rising | — |

## Readings, computed from those figures

- Altman Z: 4.43 (safe zone)
- Piotroski F: 3 of 9 (middling)
- Beneish M: -2.1 (below the −1.78 line)
- Health Harbor boat: Rotting at the dock · four or more warning signs · filed debt accelerated or triggered in the last 12 months; slow and jumpy: growing slower than its size class, with revenue that swings more; operating cash flow was negative; revenue is hard to predict: its 80% range is ±56%
- Cash Compass: Fading · slow and jumpy, lagging its peers

## Edgarette's reading

Exposure: revenue $88.3M (FY2025). Experience: revenue down 11.1% on the year, down 10.5% a year over 4 years; operating margin -24.9%, down from -14.9%. Soundness: equity 63.0% of assets, return on equity -8.5%. Credibility: four or more audited years, reasonable weight. Range: 80% of past cases like this landed between $39.0M and $139.7M next year (method v4.1: its own 6-year record of growth weighed at 63% against $50M–100M filers; across 2019–2025, 69.0% landed inside, 83.4% on the one year the method never saw). In a shock year the stress range is $40.9M to $133.6M. A statistical range, not company guidance. Against peers (63 filers, $50M+ revenue, semiconductors & related devices): operating margin -24.9% against a 2.4% median; growth -11.1% against 15.5%.

Range logged 2026-10-29, receipt dd9029cf5c682649, status open. A statistical range, not company guidance.

## Health Watch, last 12 months

- Item 2.04 Debt accelerated or triggered: 1, latest 2026-07-08 ([filing](https://www.sec.gov/Archives/edgar/data/1051627/000143774926022984/0001437749-26-022984-index.htm))
- Item 5.02 Director or officer change: 3, latest 2026-07-22 ([filing](https://www.sec.gov/Archives/edgar/data/1051627/000143774926024184/0001437749-26-024184-index.htm))

## Recent filings

- 8-K · filed 2026-10-28 · 1.01 Entry into a Material Definitive Agreement; 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1051627/000121390026113058/0001213900-26-113058-index.htm)
- 10-Q · filed 2026-08-13 · [filing](https://www.sec.gov/Archives/edgar/data/1051627/000143774926027677/0001437749-26-027677-index.htm)
- 8-K · filed 2026-07-30 · 2.02 Results of Operations and Financial Condition; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1051627/000143774926025061/0001437749-26-025061-index.htm)
- 8-K · filed 2026-07-29 · 1.01 Entry into a Material Definitive Agreement; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1051627/000143774926024883/0001437749-26-024883-index.htm)
- 8-K · filed 2026-07-29 · 3.03 Material Modifications to Rights of Security Holders; 5.03 Amendments to Articles or Bylaws; Change in Fiscal Year; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1051627/000143774926024882/0001437749-26-024882-index.htm)
- 8-K · filed 2026-07-22 · 5.02 Departure or Election of Directors; Appointment of Officers; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1051627/000143774926024184/0001437749-26-024184-index.htm)

## Sources

- facts: https://data.sec.gov/api/xbrl/companyfacts/CIK0001051627.json
- filings: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1051627

## Cite

POPS4, Edgar & Edgarette: AXT INC (AXTI) company card, from the company's own SEC filings, accessed 2026-10-29, https://www.pops4.com/boards/company/AXTI. CC BY 4.0. For a figure, add the filing URL under filings or sources.

DOI https://doi.org/10.5281/zenodo.23672509 · catalog https://www.pops4.com/boards/catalog.json · Figures as filed with the SEC. Card text CC BY 4.0, POPS4.

Reporting, not investment advice. No price targets and no trading recommendations.

Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.