AXT Inc：2025年季度报告

AXT,INC. Indicate by check-mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d)of the Securities Exchange Act of 1934during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject to such filingrequirements for the past 90 days.Yes☒No☐ Indicate by check-mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule405 ofRegulationS-T (§232.405 of this chapter) during the preceding 12months (or for such shorter period that the registrant was required to submit suchfiles).Yes☒No☐ Indicate by check-mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or anemerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company”in Rule 12b-2 of the Exchange Act. If an emerging growth company, indicate by check-mark if the registrant has elected not to use the extended transition period for complying with anynew or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check-mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act). Yes☐No☒ As of November 1, 2025,46,623,170shares, $0.001 par value, of the registrant’s common stock were outstanding. AXT,INC.FORM10-QTABLE OF CONTENTS September 30, 2025PagePARTI. FINANCIAL INFORMATIONItem 1. Financial Statements (unaudited)Condensed Consolidated Balance Sheets as of September 30, 2025 and December 31, 20243Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2025 and 20244Condensed Consolidated Statements of Comprehensive Loss for the three and nine months ended September 30, 2025 and 20245Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 20246Notes To Condensed Consolidated Financial Statements7Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations31Item 3. Quantitative and Qualitative Disclosures About Market Risk54Item 4. Controls and Procedures56PARTII. OTHER INFORMATIONItem 1. Legal Proceedings57Item 1A. Risk Factors57Item 2. Unregistered Sales of Equity Securities and Use of Proceeds84Item 3. Defaults upon Senior Securities84Item 4. Mine Safety Disclosures84Item 5. Other Information85Item 6. Exhibits85Signatures86 PARTI. FINANCIAL INFORMATION AXT,INC.CONDENSED CONSOLIDATED BALANCE SHEETS(Unaudited, in thousands, except per share data) AXT,INC.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(Unaudited, in thousands, except per share data) AXT, INC.CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS(Unaudited, in thousands) AXT,INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited, in thousands) AXT,INC.NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(Unaudited) Note1.Basis of Presentation The accompanying condensed consolidated financial statements of AXT,Inc., a Delaware corporation (“AXT,” the “Company,”“we,” “us,” and “our” refer to AXT,Inc. and all of its consolidated subsidiaries) are unaudited, and have been prepared in accordance withaccounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with theinstructions to Form10-Q and Article10of Regulation S-X.Accordingly, this interim quarterly financial report doesnotinclude alldisclosures required by U.S. GAAP for complete consolidated financial statements. In the opinion of our management, the unauditedcondensed consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, considered necessary topresent fairly the financial position, results of operations and cash flows of the Company for all periods presented. Our management has made a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosureof contingent assets and liabilities to prepare these condensed consolidated financial statements in conformity with U.S. GAAP. Due to theCOVID-19pandemic, there has been uncertainty and disruption in the global economy and financial markets. These estimates andassumptionsmaychange as new events occur and additional information is obtained. Actual results could differ materially from thoseestimates. The results of operations for thethreeandninemonths endedSeptember 30, 2025arenotnecessarily indicative of the results to beexpected in the future or for the full fiscal year. It is recommended that these condensed consolidated financial statements be read inconjunction with our audited consolidated financial statements and the notes thereto included in our Annual Report on Form10-K for the yearendedDecember 31, 2024filed with the Securities and Exchange Commission (the “SEC”) onMa