AXT Earnings 2020-06-30

Balance Sheet	Income Statement	Cash Flow
Assets, Equity	Rev, G Profit, Net Income	Ops, Inv, Fin

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒

Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

for the quarterly period ended June 30, 2020

☐

Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

for the transition period from to

Commission File Number 000-24085

AXT, INC.

(Exact name of registrant as specified in its charter)


DELAWARE		94-3031310
(State or other jurisdiction of Incorporation or organization)		(I.R.S. Employer Identification No.)

4281 Technology Drive, Fremont, California 94538

(Address of principal executive offices) (Zip code)

(510) 438-4700

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class:

Trading Symbol

Name of each exchange on which registered:

Common Stock, $0.001 par value

AXTI

The NASDAQ Stock Market LLC

Indicate by check-mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during 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 filing requirements 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 Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). 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 an emerging 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.


Large accelerated filer ◻		Accelerated filer ⌧

Non-accelerated filer ◻		Smaller reporting company ◻
		Emerging growth company ◻

If an emerging growth company, indicate by check-mark if the registrant has elected not to use the extended transition period for complying with any new 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 Rule 12b-2 of the Exchange Act). YES ◻ NO ⌧

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.


Class		Outstanding at August 1, 2020
Common Stock, $0.001 par value		40,997,141

AXT, INC.

FORM 10-Q

TABLE OF CONTENTS

	Page
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (unaudited)
Condensed Consolidated Balance Sheets as of June 30, 2020 and December 31, 2019	3
Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2020 and 2019	4
Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended June 30, 2020 and 2019	5
Condensed Consolidated Statements of Cash Flows for the three and six months ended June 30, 2020 and 2019	6
Notes To Condensed Consolidated Financial Statements	7
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	29
Item 3. Quantitative and Qualitative Disclosures About Market Risk	46
Item 4. Controls and Procedures	48
PART II. OTHER INFORMATION
Item 1. Legal Proceedings	49
Item 1A. Risk Factors	49
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	71
Item 3. Defaults upon Senior Securities	71
Item 4. Mine Safety Disclosures	71
Item 5. Other Information	72
Item 6. Exhibits	72
Signatures	74

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PART I. FINANCIAL INFORMATION

Item 1. Financial Statements (unaudited)

AXT, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited, in thousands, except per share data)


	June 30,		December 31,
	2020		2019

ASSETS
Current assets:
Cash and cash equivalents	$	26,515	$	26,892
Short-term investments		5,247		9,427
Accounts receivable, net of allowances of $77 and $34 as of June 30, 2020 and December 31, 2019		19,760		19,031
Inventories		49,586		49,152
Prepaid expenses and other current assets		9,621		8,703
Total current assets		110,729		113,205
Long-term investments		720		—
Property, plant and equipment, net		101,031		97,403
Operating lease right-of-use assets		2,722		2,938
Other assets		11,018		9,803
Total assets	$	226,220	$	223,349
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	11,540	$	10,098
Accrued liabilities		10,511		11,681
Bank loan		6,087		5,747
Total current liabilities		28,138		27,526
Long-term portion of royalty payments		1,177		—
Noncurrent operating lease liabilities		2,455		2,695
Other long-term liabilities		396		366
Total liabilities		32,166		30,587
Commitments and contingencies (Note 12)
Stockholders’ equity:
Preferred stock Series A, $0.001 par value; 2,000 shares authorized; 883 shares issued and outstanding as of June 30, 2020 and December 31, 2019 (Liquidation preference of $7,257 and $7,169 as of June 30, 2020 and December 31, 2019)		3,532		3,532
Common stock, $0.001 par value; 70,000 shares authorized; 40,889 and 40,632 shares issued and outstanding as of June 30, 2020 and December 31, 2019		41		41
Additional paid-in capital		238,754		236,957
Accumulated deficit		(47,600)		(47,783)
Accumulated other comprehensive loss		(6,365)		(4,862)
Total AXT, Inc. stockholders’ equity		188,362		187,885
Noncontrolling interests		5,692		4,877
Total stockholders’ equity		194,054		192,762
Total liabilities and stockholders’ equity	$	226,220	$	223,349

See accompanying notes to condensed consolidated financial statements.

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AXT, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited, in thousands, except per share data)


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2020		2019		2020		2019

Revenue	$	22,134	$	24,797	$	42,857	$	45,005
Cost of revenue		15,366		16,291		30,567		29,804
Gross profit		6,768		8,506		12,290		15,201
Operating expenses:
Selling, general and administrative		4,747		4,769		9,496		9,492
Research and development		1,543		1,399		2,950		2,745
Total operating expenses		6,290		6,168		12,446		12,237
Income (loss) from operations		478		2,338		(156)		2,964
Interest income (expense), net		(39)		79		(68)		174
Equity in income (loss) of unconsolidated joint ventures		(168)		8		(288)		(1,446)
Other income (expense), net		1,608		(90)		2,974		(224)
Income before provision for income taxes		1,879		2,335		2,462		1,468
Provision for income taxes		920		597		1,286		753
Net income		959		1,738		1,176		715
Less: Net income attributable to noncontrolling interests		(598)		(287)		(993)		(368)
Net income attributable to AXT, Inc.	$	361	$	1,451	$	183	$	347
Net income attributable to AXT, Inc. per common share:
Basic	$	0.01	$	0.04	$	0.00	$	0.01
Diluted	$	0.01	$	0.04	$	0.00	$	0.01
Weighted-average number of common shares outstanding:
Basic		39,973		39,447		39,891		39,399
Diluted		40,750		40,123		40,543		40,045

See accompanying notes to condensed consolidated financial statements.

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AXT, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited, in thousands)


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2020		2019		2020		2019

Net income	$	959	$	1,738	$	1,176	$	715
Other comprehensive income (loss), net of tax:
Change in foreign currency translation gain (loss), net of tax		261		(2,474)		(1,613)		—
Change in unrealized gain on available-for-sale debt investments, net of tax		20		23		21		80
Reclassification adjustment for gains included in net loss upon deconsolidation of a subsidiary		—		—		—		(617)
Total other comprehensive income (loss), net of tax		281		(2,451)		(1,592)		(537)
Comprehensive income (loss)		1,240		(713)		(416)		178
Less: Comprehensive income attributable to noncontrolling interests		(607)		(233)		(904)		(989)
Comprehensive income (loss) attributable to AXT, Inc.	$	633	$	(946)	$	(1,320)	$	(811)

See accompanying notes to condensed consolidated financial statements.

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AXT, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited, in thousands)


	Six Months Ended
	June 30,
	2020		2019
Cash flows from operating activities:
Net income	$	1,176	$	715
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		1,968		2,830
Amortization of marketable securities premium		20		23
Impairment charge on equity investee		—		1,068
Stock-based compensation		1,284		1,126
Provision for doubtful accounts		43		—
Loss on disposal of equipment		—		30
Gain from deconsolidation of a subsidiary		—		(175)
Loss from equity method investments, net		288		553
Return on equity method investments		—		362
Changes in operating assets and liabilities:
Accounts receivable		(854)		1,304
Inventories		(902)		8,209
Prepaid expenses and other current assets		(996)		4,870
Other assets		(1,402)		(3,173)
Accounts payable		1,538		(7,330)
Accrued liabilities		(1,352)		(4,664)
Other long-term liabilities, including royalties		1,172		199
Net cash provided by operating activities		1,983		5,947
Cash flows from investing activities:
Purchases of property, plant and equipment		(6,465)		(8,226)
Purchases of available-for-sale debt securities		—		(2,514)
Proceeds from sales and maturities of available-for-sale debt securities		3,461		16,640
Net cash provided by (used in) investing activities		(3,004)		5,900
Cash flows from financing activities:
Proceeds from common stock options exercised		513		232
Proceeds from sale of previously consolidated subsidiary shares		—		366
Consideration paid to repurchase subsidiary shares from noncontrolling interests		—		(262)
Proceeds from short-term loan		395		—
Dividends paid by joint ventures to their minority shareholders		(89)		—
Net cash provided by financing activities		819		336
Effect of exchange rate changes on cash and cash equivalents		(175)		23
Net increase (decrease) in cash and cash equivalents		(377)		12,206
Cash and cash equivalents at the beginning of the year		26,892		16,526
Cash and cash equivalents at the end of the year	$	26,515	$	28,732
Supplemental disclosure of non-cash flow information:
Consideration payable to repurchase subsidiary shares from noncontrolling interests, included in accrued liabilities	$	—	$	151
Reduction of noncontrolling interests in excess (deficit) of total consideration paid and payable in connection with the repurchase of subsidiary shares from noncontrolling interests	$	—	$	(74)

See accompanying notes to condensed consolidated financial statements.

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AXT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note 1. Basis of Presentation

The accompanying condensed consolidated financial statements of AXT, Inc. (“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 with accounting principles generally accepted in the United States of America (“US GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, this interim quarterly financial report does not include all disclosures required by US GAAP. In the opinion of our management, the unaudited condensed consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, considered necessary to present fairly the financial position, results of operations and cash flows of AXT and our consolidated subsidiaries for all periods presented.

Our management has made a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities to prepare these condensed consolidated financial statements in conformity with US GAAP. Due to the COVID-19 pandemic, there has been uncertainty and disruption in the global economy and financial markets. These estimates and assumptions may change as new events occur and additional information is obtained. Actual results could differ materially from those estimates.

The results of operations for the three and six months ended June 30, 2020 are not necessarily indicative of the results to be expected in the future or for the full fiscal year. It is recommended that these condensed consolidated financial statements be read in conjunction with our consolidated financial statements and the notes thereto included in our 2019 Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 12, 2020 and our Quarterly Report on Form 10-Q for the three months ended March 31, 2020 filed with the SEC on May 8, 2020.

The condensed consolidated financial statements include the accounts of AXT, our wholly-owned subsidiaries, Beijing Tongmei Xtal Technology Co., Ltd. (“Tongmei”), Baoding Tongmei Xtal Technology Co., Ltd. (“Tongmei Baoding”), ChaoYang Tongmei Xtal Technology Co., Ltd. (“Tongmei ChaoYang”), ChaoYang LiMei Semiconductor Technology Co., Ltd. (“LiMei ChaoYang”), Nanjing JinMei Gallium Co., Ltd. (“JinMei”), ChaoYang JinMei Gallium Ltd. and MaAnShan JinMei Gallium Ltd., and, except as discussed below and in Note 7, our majority-owned subsidiary, Beijing BoYu Semiconductor Vessel Craftwork Technology Co., Ltd. (“BoYu”). Tongmei Baoding is located in the city of Dingxing, China. Each of Tongmei ChaoYang and LiMei ChaoYang is located in the city of Kazuo, China. All significant inter-company accounts and transactions have been eliminated. Investments in business entities in which we do not have controlling interests, but have the ability to exercise significant influence over operating and financial policies (generally 20-50% ownership), are accounted for by the equity method. As of June 30, 2020 and December 31, 2019, we have five companies accounted for by the equity method. For the majority-owned subsidiary that we consolidate, we reflect the portion we do not own as noncontrolling interests on our condensed consolidated balance sheets in stockholders' equity and in our condensed consolidated statements of operations.

When market conditions are warranted, we intend to construct facilities at the LiMei ChaoYang location to provide us with additional production capacity. For the three and six months ended June 30, 2020, expenses associated with LiMei ChaoYang had a de minimis impact on the condensed consolidated financial statements.

As discussed in Note 7, “Investments in Privately-Held Companies”, effective as of March 11, 2019 we reduced our ownership in Beijing JiYa Semiconductor Material Co., Ltd. (“JiYa”) from 46% to 39% by selling a portion of our JiYa shares to our investor partner, which is also JiYa’s landlord. As a result of this transaction, our investor partner became the largest shareholder of JiYa and assumed the right to appoint the general manager of JiYa and thereby exercised greater control over JiYa’s long-term strategic direction. Further, although our Chief Executive Officer remains on the board, as of March 11, 2019, he was no longer the chairman of JiYa’s board of directors and our Chief Financial Officer was no longer a member of JiYa’s board of financial supervisors. Therefore, we deconsolidated JiYa

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from our consolidated financial statements as of March 11, 2019 in accordance with Accounting Standards Codification (“ASC”) Topic 810 Consolidation (“ASC 810”). As of March 12, 2019, we accounted for our retained investment in JiYa under the equity method of accounting, as we continue to exercise significant influence.

Our condensed consolidated balance sheet as of December 31, 2019, as reported, does not include the assets and liabilities of JiYa since we deconsolidated JiYa as of March 11, 2019. Our unaudited condensed consolidated statement of operations for the six months ended June 30, 2019 includes JiYa’s results for the period through March 11, 2019.

As discussed in Note 7, in May 2019, we purchased the remaining 3% ownership interest of JinMei from retiring members of the JinMei management team for approximately $413,000. As a result, our ownership of JinMei increased from 97% to 100%. As of June 1, 2019, we referred to JinMei as a wholly-owned subsidiary instead of a significantly controlled subsidiary and reduced the carrying value of the corresponding noncontrolling interests to zero.

Note 2. Investments and Fair Value Measurements

Our cash and cash equivalents consist of cash and instruments with original maturities of less than three months. Our investments consist of instruments with original maturities of more than three months. As of June 30, 2020 and December 31, 2019, our cash, cash equivalents and debt investments are classified as follows (in thousands):


	June 30, 2020								December 31, 2019
			Gross		Gross						Gross		Gross
	Amortized		Unrealized		Unrealized		Fair		Amortized		Unrealized		Unrealized		Fair
	Cost		Gain		(Loss)		Value		Cost		Gain		(Loss)		Value
Classified as:
Cash	$	26,515	$	—	$	—	$	26,515	$	26,892	$	—	$	—	$	26,892
Cash equivalents:
Certificates of deposit ¹		—		—		—		—		—		—		—		—
Total cash and cash equivalents		26,515		—		—		26,515		26,892		—		—		26,892
Investments (available-for-sale):
Certificates of deposit ²		1,440		—		—		1,440		2,400		2		—		2,402
Corporate bonds		4,509		18		—		4,527		7,030		4		(9)		7,025
Total investments		5,949		18		—		5,967		9,430		6		(9)		9,427
Total cash, cash equivalents and investments	$	32,464	$	18	$	—	$	32,482	$	36,322	$	6	$	(9)	$	36,319
Contractual maturities on investments:
Due within 1 year ³	$	5,229					$	5,247	$	9,430					$	9,427
Due after 1 through 5 years ⁴		720						720		—						—
	$	5,949					$	5,967	$	9,430					$	9,427

1.	Certificates of deposit with original maturities of less than three months.

2.	Certificates of deposit with original maturities of more than three months.

3.	Classified as “Short-term investments” in our condensed consolidated balance sheets.

4.	Classified as “Long-term investments” in our condensed consolidated balance sheets.

We manage our debt investments as a single portfolio of highly marketable securities that is intended to be available to meet our current cash requirements. Certificates of deposit and corporate bonds are typically held until maturity.

Historically, the gross unrealized losses related to our portfolio of available-for-sale debt securities were immaterial, and primarily due to normal market fluctuations and not due to increased credit risk or other valuation concerns. There were no gross unrealized losses on our available-for-sale debt securities as of June 30, 2020, and

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historically, such gross unrealized losses have been temporary in nature and we believe that it is probable the principal and interest will be collected in accordance with the contractual terms. We review our debt investment portfolio at least quarterly, or when there are changes in credit risks or other potential valuation concerns, to identify and evaluate whether an allowance for credit losses or impairment would be necessary. Factors considered in determining whether a loss is temporary include the magnitude of the decline in market value, the length of time the market value has been below cost (or adjusted cost), credit quality, and our ability and intent to hold the securities for a period of time sufficient to allow for any anticipated recovery in market value.

None of our debt investments would generate a loss if we sold them on June 30, 2020.

The following table summarizes the fair value and gross unrealized losses related to available-for-sale debt securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of December 31, 2019 (in thousands):


	In Loss Position				In Loss Position				Total In
	< 12 months				> 12 months				Loss Position
			Gross				Gross				Gross
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
As of December 31, 2019	Value		(Loss)		Value		(Loss)		Value		(Loss)
Investments:
Corporate bonds		4,515		(9)		—		—		4,515		(9)
Total in loss position	$	4,515	$	(9)	$	—	$	—	$	4,515	$	(9)

Investments in Privately-held Raw Material Companies

We have made strategic investments in private companies located in China in order to gain access at a competitive cost to raw materials that are critical to our substrate business (see Note 7). The investment balances for the non-consolidated companies are accounted for under the equity method and included in “Other assets” in the condensed consolidated balance sheets and totaled $5.6 million and $6.0 million as of June 30, 2020 and December 31, 2019, respectively. As of June 30, 2020, there were five companies accounted for under the equity method. There were no impairment charges in the three and six months ended June 30, 2020. The six months ended June 30, 2019 include an impairment charge of $1.1 million for one of our minority investments (see Note 7). There were no impairment charges in the three months ended June 30, 2019.

Fair Value Measurements

We invest primarily in money market accounts, certificates of deposits, corporate bonds and notes, and government securities. We review our debt investment portfolio for credit loss at least quarterly or when there are changes in credit risk or other potential valuation concerns. As of June 30, 2020 and December 31, 2019, the total unrealized loss, net of tax, included in accumulated other comprehensive loss was immaterial. We believe it is probable the principal and interest will be collected in accordance with the contractual terms, and the unrealized loss on these securities was due to normal market fluctuations, and not due to increased credit risk or other valuation concerns. ASC Topic 820, Fair Value Measurements and Disclosures (“ASC 820”), establishes three levels of inputs that may be used to measure fair value. Level 1 instrument valuations are obtained from real-time quotes for transactions in active exchange markets of the asset or identical assets. Level 2 instrument valuations are obtained from readily-available, observable pricing sources for comparable instruments. Level 3 instrument valuations are obtained from unobservable inputs in which there is little or no market data, which require us to develop our own assumptions. On a recurring basis, we measure certain financial assets and liabilities at fair value, primarily consisting of our short-term and long-term debt investments.

The type of instrument valued based on quoted market prices in active markets include our money market funds, which are generally classified within Level 1 of the fair value hierarchy. We classify our available-for-sale debt securities including certificates of deposit and corporate bonds as having Level 2 inputs. The valuation techniques used to measure the fair value of these financial instruments having Level 2 inputs were derived from bank statements, quoted

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market prices, broker or dealer statements or quotations, or alternative pricing sources with reasonable levels of price transparency.

We place short-term foreign currency hedges that are intended to offset the potential cash exposure related to fluctuations in the exchange rate between the United States dollar and Japanese yen. We measure the fair value of these foreign currency hedges at each month end and quarter end using current exchange rates and in accordance with US GAAP. At quarter end, any foreign currency hedges not settled are netted in “Accrued liabilities” on the condensed consolidated balance sheet and classified as Level 3 assets and liabilities. As of June 30, 2020, the net change in fair value from the placement of the hedge to settlement at each month end during the quarter had a de minimis impact on the condensed consolidated results.

There were no changes in valuation techniques or related inputs in the three and six months ended June 30, 2020. There have been no transfers between fair value measurements levels during the three and six months ended June 30, 2020.

The following table summarizes our financial assets and liabilities measured at fair value on a recurring basis in accordance with ASC 820 as of June 30, 2020 (in thousands):


			Quoted Prices in				Significant
			Active Markets of		Significant Other		Unobservable
	Balance as of		Identical Assets		Observable Inputs		Inputs
	June 30, 2020		(Level 1)		(Level 2)		(Level 3)
Assets:
Cash equivalents and investments:
Certificates of deposit	$	1,440	$	—	$	1,440	$	—
Corporate bonds		4,527		—		4,527		—
Total	$	5,967	$	—	$	5,967	$	—

The following table summarizes our financial assets and liabilities measured at fair value on a recurring basis in accordance with ASC 820 as of December 31, 2019 (in thousands):

Price	3.72	EPS	-0
Shares	40	P/E	-178
MCap	150	P/FCF	20
Net Debt	-28	EBIT	-0
TEV	122	TEV/EBIT	-1,874
TTM 2019-09-30, in MM, except price, ratios

10-Q	2020-06-30	Filed 2020-08-10
10-Q	2020-03-31	Filed 2020-05-08
10-K	2019-12-31	Filed 2020-03-12
10-Q	2019-09-30	Filed 2019-11-08
10-Q	2019-06-30	Filed 2019-08-08
10-Q	2019-03-31	Filed 2019-05-08
10-K	2018-12-31	Filed 2019-03-11
10-Q	2018-09-30	Filed 2018-11-07
10-Q	2018-06-30	Filed 2018-08-07
10-Q	2018-03-31	Filed 2018-05-04
10-K	2017-12-31	Filed 2018-03-09
10-Q	2017-09-30	Filed 2017-11-08
10-Q	2017-06-30	Filed 2017-08-04
10-Q	2017-03-31	Filed 2017-05-08
10-K	2016-12-31	Filed 2017-02-27
10-Q	2016-09-30	Filed 2016-11-04
10-Q	2016-06-30	Filed 2016-08-05
10-Q	2016-03-31	Filed 2016-05-06
10-K	2015-12-31	Filed 2016-03-11
10-Q	2015-09-30	Filed 2015-11-06
10-Q	2015-06-30	Filed 2015-08-07
10-Q	2015-03-31	Filed 2015-05-08
10-K	2014-12-31	Filed 2015-03-13
10-Q	2014-09-30	Filed 2014-11-06
10-Q	2014-06-30	Filed 2014-08-08
10-Q	2014-03-31	Filed 2014-05-09
10-K	2013-12-31	Filed 2014-03-14
10-Q	2013-09-30	Filed 2013-11-08
10-Q	2013-06-30	Filed 2013-08-09
10-Q	2013-03-31	Filed 2013-05-10
10-K	2012-12-31	Filed 2013-03-15
10-Q	2012-09-30	Filed 2012-11-09
10-Q	2012-06-30	Filed 2012-08-09
10-Q	2012-03-31	Filed 2012-05-10
10-K	2011-12-31	Filed 2012-03-15
10-Q	2011-09-30	Filed 2011-11-08
10-Q	2011-06-30	Filed 2011-08-09
10-Q	2011-03-31	Filed 2011-05-10
10-K	2010-12-31	Filed 2011-03-16
10-Q	2010-09-30	Filed 2010-11-09
10-Q	2010-06-30	Filed 2010-08-09
10-Q	2010-03-31	Filed 2010-05-17
10-K	2009-12-31	Filed 2010-03-22

8-K	2020-07-22	Earnings, Exhibits
8-K	2020-05-21
8-K	2020-04-22
8-K	2020-02-19
8-K	2019-12-23
8-K	2019-10-30
8-K	2019-10-02
8-K	2019-07-24
8-K	2019-05-23
8-K	2019-04-24
8-K	2019-02-20
8-K	2019-01-14
8-K	2018-11-06
8-K	2018-10-31
8-K	2018-07-25
8-K	2018-05-25
8-K	2018-04-25
8-K	2018-04-11
8-K	2018-02-21
8-K	2018-02-21

EX-31.1	axti-20200630ex311cb2890.htm
EX-31.2	axti-20200630ex312a3e96e.htm
EX-32.1	axti-20200630ex3210e28d3.htm
EX-32.2	axti-20200630ex3221d4319.htm

AXTI 10Q Quarterly Report

AXT Earnings 2020-06-30