Exhibit 99.1

AXT, Inc. Third Quarter 2025 Results

October 30, 2025

Page 1 of 6

AXT, Inc. Announces Third Quarter 2025 Financial Results

FREMONT, Calif., October 30, 2025 – AXT, Inc. (NasdaqGS: AXTI), a leading manufacturer of compound semiconductor wafer substrates, today reported financial results for the third quarter, ended September 30, 2025.

Management Qualitative Comments

“This has been a highly active time for our business with the strong uptick in indium phosphide demand from data center applications globally,” said Morris Young, chief executive officer. “In Q3, our indium phosphide revenues grew more than 250 percent sequentially and reached a three-year high as we obtained export permits for a number of significant indium phosphide orders throughout the quarter. In addition, we continue to build healthy backlog for both indium phosphide and gallium arsenide materials as our industry and our customers adapt to a new normal within a rapidly changing environment. We remain highly focused on our efforts to drive gross margin recovery and expansion, operating expense discipline, and inventory reduction. With strong, ongoing market trends fueling the data center upgrade cycle, we believe we have tremendous opportunity in 2026 to drive meaningful growth in our business and a return to profitability.”

Third Quarter 2025 Results

In order to provide better clarity on its operational and financial results, AXT reports its financial results on both a GAAP and non-GAAP basis. Non-GAAP results exclude stock-based compensation expense. Investors can find GAAP to non-GAAP reconciliation tables in the financial statements in this earnings release.

● Revenue for the third quarter of 2025 was $28.0 million, compared with $18.0 million for the second quarter of 2025 and $23.6 million for the third quarter of 2024.

● GAAP gross margin was 22.3 percent of revenue for the third quarter of 2025, compared with 8.0 percent of revenue for the second quarter of 2025 and 24.0 percent for the third quarter of 2024.

● Non-GAAP gross margin, after excluding charges for stock-based compensation, was 22.4 percent of revenue for the third quarter of 2025, compared with 8.2 percent of revenue for the second quarter of 2025 and 24.3 percent for the third quarter of 2024.

● GAAP net loss, after minority interests, for the third quarter of 2025 was a net loss of $1.9 million, or $0.04 per share, compared with a net loss of $7.0 million, or $0.16 per share, for the second quarter of 2025 and a net loss of $2.9 million, or $0.07 per share, for the third quarter of 2024.

● Non-GAAP net loss for the third quarter of 2025 was a net loss of $1.2 million, or $0.03 per share, compared with a net loss of $6.4 million, or $0.15 per share, for the second quarter of 2025 and a net loss of $2.1 million, or $0.05 per share, for the third quarter of 2024.

AXT, Inc. Third Quarter 2025 Results

October 30, 2025

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STAR Market Listing Update

On January 10, 2022, AXT announced that Beijing Tongmei Xtal Technology Co., Ltd. (“Tongmei”), its subsidiary in Beijing, China, submitted to the Shanghai Stock Exchange (the “SSE”) its application to list its shares in an initial public offering (the “IPO”) on the SSE’s Sci-Tech innovAtion boaRd (the “STAR Market”) and the application was accepted for review. Subsequently, Tongmei responded to several rounds of questions received from the SSE. On July 12, 2022, the SSE approved the listing of Tongmei’s shares in an IPO on the STAR Market. On August 1, 2022, the China Securities Regulatory Commission (the “CSRC”) accepted for review Tongmei’s IPO application. The STAR Market IPO remains subject to review and approval by the CSRC and other authorities. The process of going public on the STAR Market includes several periods of review and, therefore, is a lengthy process. Subject to review and approval by the CSRC and other authorities, Tongmei hopes to accomplish this goal in the coming months. AXT has posted a brief summary of the plan and the process on its website at http://www.axt.com.

Conference Call

The company will host a conference call to discuss these results today at 1:30 p.m. PT. The conference call can be accessed at (800) 715-9871 (passcode 4378083). The call will also be simulcast at www.axt.com. Replays will be available at (800) 770-2030 (Playback ID: 4378083 followed by # key) until November 6, 2025. Financial and statistical information to be discussed in the call will be available on the company’s website immediately prior to commencement of the call. Additional investor information can be accessed at http://www.axt.com or by calling the company’s Investor Relations Department at (510) 438-4700.

About AXT, Inc.

AXT is a material science company that develops and manufactures high-performance compound and single element semiconductor wafer substrates comprising indium phosphide (InP), gallium arsenide (GaAs) and germanium (Ge). The company’s wafer substrates are used when a typical silicon wafer substrate cannot meet the performance requirements of a semiconductor or optoelectronic device. End markets include 5G infrastructure, data center connectivity (silicon photonics), passive optical networks, LED lighting, lasers, sensors, power amplifiers for wireless devices and satellite solar cells. AXT’s worldwide headquarters are in Fremont, California where the company maintains sales, administration and customer service functions. AXT has its Asia headquarters in Beijing, China and manufacturing facilities in three separate locations in China. In addition, as part of its supply chain strategy, the company has partial ownership in more than ten companies in China producing raw materials and consumables for its manufacturing process. For more information, see AXT’s website at http://www.axt.com.

Note Regarding Use of Non-GAAP Financial Measures

As discussed above, the company provides certain non-GAAP financial measures that exclude stock-based compensation in addition to, and not as a substitute for, or because it believes that such information is superior to, financial measures calculated in accordance with GAAP. The company believes that non-GAAP financial measures, when taken collectively, may be helpful to investors because they provide consistency and comparability with past financial performance and provide better comparability with our peer companies, many of which also use similar non-GAAP financial measures. Further, the company believes that these non-GAAP financial measures offer an important analytical tool to help investors understand the company’s core operating results and trends. In addition, management uses non-GAAP financial measures to compare the company’s performance relative to forecasts and strategic plans and to benchmark its performance externally against peer companies. However, non-GAAP financial information is presented for supplemental informational purposes only, has limitations as an analytical tool and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. In addition, other companies may calculate similarly-titled non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of the company’s non-GAAP financial measures as tools for comparison. The company encourages investors to carefully consider its results under GAAP, as well as its supplemental non‐GAAP information and the reconciliation between these presentations, to more fully understand its business. A reconciliation of our GAAP consolidated financial statements to our non-GAAP consolidated financial statements is provided below.

AXT, Inc. Third Quarter 2025 Results

October 30, 2025

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Forward-Looking Statements

The foregoing paragraphs contain forward-looking statements within the meaning of the Federal securities laws, including, for example, statements regarding the timing and completion of the proposed listing of shares of Tongmei on the STAR Market. Additional examples of forward-looking statements include statements regarding the market demand for our products, our product mix, our growth prospects and opportunities for continued business expansion, including trends, new applications and the ramping of Tier-1 customers, our market opportunity, our ability to lead our industry, our expectations with respect to our business prospects and financial results, including our gross margin performance, and our development of larger diameter substrates that we believe will enable the next generation of technology innovation across a number of end-markets. These forward-looking statements are based upon assumptions that are subject to uncertainties and factors relating to the company’s operations and business environment, which could cause actual results to differ materially from those expressed or implied in the forward-looking statements contained in the foregoing discussion. These uncertainties and factors include but are not limited to: the requests for redemptions by private equity funds in China of investments in Tongmei, the administrative challenges in satisfying the requirements of various government agencies in China in connection with the listing of shares of Tongmei on the STAR Market, continued open access to companies to list shares on the STAR Market, investor enthusiasm for new listings of shares on the STAR Market and geopolitical tensions between China and the United States. Additional uncertainties and factors include, but are not limited to: the timing and receipt of significant orders; the cancellation of orders and return of product; emerging applications using chips or devices fabricated on our substrates; end-user acceptance of products containing chips or devices fabricated on our substrates; our ability to bring new products to market; product announcements by our competitors; the ability to control costs and improve efficiency; the ability to utilize our manufacturing capacity; product yields and their impact on gross margins; the relocation of manufacturing lines and ramping of production; possible factory shutdowns as a result of air pollution in China or COVID-19; COVID-19 or other outbreaks of a contagious disease; tariffs and other trade war issues; the financial performance of our partially owned supply chain companies; policies and regulations in China; and other factors as set forth in the company’s Annual Report on Form 10-K, quarterly reports on Form 10-Q and other filings made with the Securities and Exchange Commission. Each of these factors is difficult to predict and many are beyond the company’s control. The company does not undertake any obligation to update any forward-looking statement, as a result of new information, future events or otherwise.

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FINANCIAL TABLES TO FOLLOW

AXT, Inc. Third Quarter 2025 Results

October 30, 2025

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AXT, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited, in thousands, except per share data)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2025			2024			2025			2024
Revenue	$	27,955		$	23,645		$	65,285		$	74,256
Cost of revenue		21,731			17,963			58,869			54,828
Gross profit		6,224			5,682			6,416			19,428
Operating expenses:
Selling, general and administrative		6,334			5,650			17,903			17,656
Research and development		1,013			3,438			6,656			10,410
Total operating expenses		7,347			9,088			24,559			28,066
Loss from operations		(1,123	)		(3,406	)		(18,143	)		(8,638	)
Interest expense, net		(395	)		(391	)		(866	)		(1,022	)
Gain from equity method and fair value investments		515			1,007			592			2,495
Other income (expense), net		(166	)		529			211			2,052
Loss before provision for income taxes		(1,169	)		(2,261	)		(18,206	)		(5,113	)
Provision for income taxes		504			626			1,157			1,021
Net loss		(1,673	)		(2,887	)		(19,363	)		(6,134	)
Less: Net (income) loss attributable to noncontrolling interests and redeemable noncontrolling interests		(233	)		(50	)		1,651			(402	)
Net loss attributable to AXT, Inc.	$	(1,906	)	$	(2,937	)	$	(17,712	)	$	(6,536	)
Net loss attributable to AXT, Inc. per common share:
Basic	$	(0.04	)	$	(0.07	)	$	(0.41	)	$	(0.15	)
Diluted	$	(0.04	)	$	(0.07	)	$	(0.41	)	$	(0.15	)
Weighted-average number of common shares outstanding:
Basic		43,842			43,157			43,701			43,079
Diluted		43,842			43,157			43,701			43,079

AXT, Inc. Third Quarter 2025 Results

October 30, 2025

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AXT, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited, in thousands)

	September 30,			December 31,
	2025			2024
ASSETS
Current assets:
Cash and cash equivalents	$	23,110		$	22,833
Restricted cash		8,100			10,978
Accounts receivable, net		33,837			25,640
Inventories		77,656			85,077
Prepaid expenses and other current assets		7,052			13,744
Total current assets		149,755			158,272
Property, plant and equipment, net		159,283			159,721
Operating lease right-of-use assets		2,103			2,479
Other assets		22,893			18,842
Total assets	$	334,034		$	339,314
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	10,848		$	12,356
Accrued liabilities		12,502			14,556
Short-term loans		61,547			47,264
Total current liabilities		84,897			74,176
Noncurrent operating lease liabilities		1,587			1,977
Other long-term liabilities		7,094			8,253
Total liabilities		93,578			84,406
Redeemable noncontrolling interests		38,111			38,577
Stockholders’ equity:
Preferred stock		3,532			3,532
Common stock		46			45
Additional paid-in capital		243,606			241,514
Accumulated deficit		(61,376	)		(43,664	)
Accumulated other comprehensive loss		(6,660	)		(8,657	)
Total AXT, Inc. stockholders’ equity		179,148			192,770
Noncontrolling interests		23,197			23,561
Total stockholders’ equity		202,345			216,331
Total liabilities, redeemable noncontrolling interests and stockholders’ equity	$	334,034		$	339,314

AXT, Inc. Third Quarter 2025 Results

October 30, 2025

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AXT, INC.

Reconciliation of Statements of Operations Under GAAP and Non-GAAP

(Unaudited, in thousands)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2025			2024			2025			2024
GAAP gross profit	$	6,224		$	5,682		$	6,416		$	19,428
Stock-based compensation expense		50			73			159			246
Non-GAAP gross profit	$	6,274		$	5,755		$	6,575		$	19,674
GAAP operating expenses	$	7,347		$	9,088		$	24,559		$	28,066
Stock-based compensation expense		688			747			1,858			2,098
Non-GAAP operating expenses	$	6,659		$	8,341		$	22,701		$	25,968
GAAP loss from operations	$	(1,123	)	$	(3,406	)	$	(18,143	)	$	(8,638	)
Stock-based compensation expense		738			820			2,017			2,344
Non-GAAP loss from operations	$	(385	)	$	(2,586	)	$	(16,126	)	$	(6,294	)
GAAP net loss	$	(1,906	)	$	(2,937	)	$	(17,712	)	$	(6,536	)
Stock-based compensation expense		738			820			2,017			2,344
Non-GAAP net loss	$	(1,168	)	$	(2,117	)	$	(15,695	)	$	(4,192	)
GAAP net loss per diluted share	$	(0.04	)	$	(0.07	)	$	(0.41	)	$	(0.15	)
Stock-based compensation expense per diluted share	$	0.01		$	0.02		$	0.05		$	0.05
Non-GAAP net loss per diluted share	$	(0.03	)	$	(0.05	)	$	(0.36	)	$	(0.10	)
Shares used to compute diluted net income per share		43,842			43,157			43,701			43,079