AXT Reports Record 165% Revenue Growth Driven by AI Infrastructure Demand

Key Facts

1AXT, Inc. reported a 165% year-over-year revenue growth in Q2 2026.

2The company's gross margin expanded to 45% as it swung to a GAAP net income of $11.1 million.

3The company holds $716 million in cash and investments, enabling aggressive expansion of InP capacity.

AXT, Inc. reported a 165% year-over-year revenue growth in the second quarter of 2026. Seeking Alpha reported that the company swung to a GAAP net income of $11.1 million as its gross margin expanded to 45%, driven by surging demand for AI infrastructure.

The company holds $716 million in cash and investments, which supports the aggressive expansion of its Indium Phosphide (InP) production capacity for optical connectivity and AI chip packaging. AXTI closed at $81.81 on October 1, 2026, having traded between a high of $83.3 and a low of $77.25 during that session.