AXT INC

AXT, Inc. announced the appointment of Tracy Liu to its Board of Directors, effective June 17, 2026. The Board expanded from four to five members to accommodate the new appointment. Ms. Liu, an experienced professional with over 30 years in business advisory, tax strategy, and accounting, will serve as a Class II independent director and join the audit, compensation, and nominating and corporate governance committees. Her appointment is expected to strengthen the Board's expertise, particularly in international operations and financial governance.

AXT's subsidiary, Beijing Tongmei Xtal Technology Co., Ltd. (Tongmei), signed a long-term supply agreement with Nanjing Casela Technologies Corporation, Ltd. (Casela) for indium phosphide (InP) wafer substrates. The agreement commits Casela to purchase approximately $25.4 million worth of InP wafers in 2027, with Tongmei reserving production capacity and granting supply priority. Casela is required to prepay 50% of the total purchase price within 15 business days and the remaining 50% by December 31, 2026.

AXT, Inc. held its 2026 Annual Meeting of Stockholders on June 4, 2026, where several key proposals were approved. The most significant outcome was the approval to amend the company's Restated Certificate of Incorporation, increasing the authorized shares of common stock from 70,000,000 to 120,000,000. Additionally, Dr. Morris Young and Dr. David Chang were re-elected as Class I directors, executive compensation was approved on an advisory basis, and BPM was ratified as the independent public accounting firm for 2026.

AXT, Inc. announced that its 2026 Annual Meeting of Stockholders, held on May 14, 2026, was adjourned without conducting any business due to a lack of the required quorum. The meeting has been rescheduled to reconvene on Thursday, June 4, 2026, at 11:00 a.m. Pacific Time at the company's headquarters. The record date for the meeting remains March 20, 2026, and no changes have been made to the proposals to be voted on. The company will continue to solicit votes and has engaged Alliance Advisors to assist.

AXT Inc. reported a significant increase in revenue and a substantial reduction in net loss for the first quarter of 2026 compared to the prior year. The company's gross profit also saw a notable improvement, moving from a loss to a profit. However, AXT experienced a significant decrease in cash and cash equivalents, primarily due to substantial purchases of available-for-sale debt securities, and a larger outflow from operating activities.

AXT, Inc. announced strong financial results for the first quarter of 2026, with revenue increasing to $26.9 million and a significant improvement in GAAP gross margin to 29.6%. The company also reported a reduced GAAP net loss of $1.6 million. Additionally, AXT completed a $632.5 million capital raise to fund the expansion of its Tongmei subsidiary's indium phosphide capacity and R&D, while Tongmei's STAR Market IPO application continues to progress.

AXT, Inc. has entered into an underwriting agreement with Northland Securities, Inc. for the offer and sale of 8,560,311 shares of its common stock at $64.25 per share. This offering is expected to generate approximately $550 million in gross proceeds for the company. The underwriters also have an option to purchase up to 1,284,046 additional shares, which could increase the total gross proceeds to $632.5 million. The company plans to use the net proceeds to support its subsidiary, Beijing Tongmei Xtal Technology Co., Ltd., in expanding indium phosphide substrate production capacity for export and for research and development.

AXT, Inc. announced its anticipated financial results for the first quarter ended March 31, 2026. The company expects revenues to be between $26 million and $28 million. Additionally, AXT anticipates a net loss attributable to the company ranging from $1.6 million to $2.6 million, translating to a net loss per share of $0.03 to $0.05. These preliminary figures are based on management's initial review and are subject to change upon completion of financial closing procedures.