AXT Beats Q1 Expectations, Raises $632.5M

AXT reported Q1 revenue above analyst expectations and posted adjusted loss per share of $0.01, narrower than forecast.
The company completed a $632.5 million capital raise during the quarter to fund expansion of indium phosphide production capacity.
Strong demand for indium phosphide substrates used in high‑speed optical data transmission for AI data centers drove the results.
Management indicated capacity expansion will position AXT to meet current and future industry needs for indium phosphide substrates.