AXT reported third-quarter 2026 revenue of $73.4 million, a 54% increase from the prior quarter and up 162% year-over-year, driven by strong demand for indium phosphide materials. GAAP net income was $25.7 million, or $0.39 per diluted share, compared to a net loss of $1.9 million in the same period last year. Gross margin expanded significantly to 56.0% from 22.3% a year ago. The company operates as a manufacturer of compound semiconductor wafer substrates.
