AXT, Inc. (AXTI) Announces Preliminary Revenue Range for Q3

AXT, Inc. (NasdaqGS: AXTI), a leading manufacturer of compound semiconductor substrates, today announced a preliminary revenue range for its third quarter, ended September 30, 2022. AXT’s full financial results for the third quarter of 2022 are not yet available.

AXT expects preliminary revenue for the third quarter of 2022 to be in the range of $34 to $35 million, below the company’s previously stated guidance of $39 million to $41 million provided on July 28, 2022. The preliminary revenue range for the third quarter of 2022 is primarily attributable to weakening macroeconomic conditions, particularly in the demand environment in China.

“Though we continue to feel confident about our participation in a number of exciting technology trends and Tier-1 opportunities, our business is not immune to the effects throughout the supply chain of a deteriorating macroeconomic environment. We are disappointed by the impact to our near-term growth, but we remain confident in our strategy and business opportunity across our key markets,” said Morris Young, chief executive officer.

The company’s actual results for the third quarter of 2022 are not yet available, have not been audited and may differ materially from the preliminary estimates above, which are not a comprehensive statement of the company’s financial results and are not necessarily indicative of the results to be expected for fiscal 2022 or any future period.

The company will host a conference call to discuss these results on October 27, 2022 at 1:30 p.m. PT. To access the call by phone, please go to this link to register and you will be provided with dial in details: https://register.vevent.com/register/BIdbf7aee0a4da485ab0623751b90236cf. A webcast link for the call will also be available on the investor relations page at http://www.axt.com.

To avoid delays, all participants are encouraged to join the conference call fifteen minutes ahead of the scheduled start time. A replay will be available on the investor relations page at axt.com. Additional investor information can be accessed at http://www.axt.com or by calling the company’s Investor Relations Department at (510) 438-4700.

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