AXTI - AXT Announces Q4 and FY23 Financial Results

2024-02-23 05:54:29 ET

DENVER, Colo., Feb 23, 2024 (www.247marketnews.com)- AXT, Inc. (NASDAQ: AXTI ) reported, after yesterday’s market close, its financial results for the fourth quarter and 2023 fiscal year, ended December 31.

AXT is trading at $2.69, 0.41 (+17.98%), on 1.25M shares traded.

Its 52-week range is $1.89 to $4.62 and its next key inflection point is $2.93.

“We believe we are now beginning to see a recovery in our markets,” said Morris Young, chief executive officer. “In Q4, we achieved 18 percent sequential growth in our revenues and a 43 percent sequential improvement in our non-GAAP net income. While the overall demand environment remains somewhat soft, we are seeing increased orders for indium phosphide for both artificial intelligence (AI) and fiber optic applications. Further, the gallium arsenide market, which was the first of our markets to go into a correction, appears to have largely worked through excess inventory and is now reflecting truer demand. In total, we are looking forward to 2024 with optimism. We believe that the trends that have driven our revenue and customer expansion remain very much intact, with new catalysts such as AI providing strong incremental opportunity. AI will drive up the need for massive data transfer requirements with increased bandwidth, low attenuation and low distortion. We believe this will result in increased demand for indium phosphide as the best platform for rapid data transfer. We will continue to prioritize cost savings and efficiency, and are focused on accelerating our return to profitability.”

Fourth Quarter 2023 results include fourth quarter revenue of $20.4 million, compared with $17.4 million in the third quarter of 2023 and $26.8 million for the fourth quarter of 2022.

Fiscal year 2023 revenue was $75.8 million, compared with $141.1 million in fiscal year 2022.

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