AXT, Inc. (NASDAQ: AXTI) reported Q2 EPS of $0.03, $0.02 better than the analyst estimate of $0.01. Revenue for the quarter came in at $20.5 million versus the consensus estimate of $19.97 million.

“We continued to show meaningful progress in our business, achieving revenue at the high end of our guidance range, and exceeding our profitability expectations. In addition, we further expanded the gross margin to 29.4% through yield improvements, manufacturing efficiency, and higher production volume. We also generated positive cash flow. Cash, cash equivalents and investments increased by $1.6 million. AXT remains focused on maximizing opportunities in strategic emerging areas, such as indium phosphide substrates, where we are solidly positioned with the expertise, technology and manufacturing capability to support further growth.”

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