AXT Inc. (AXTI) Revenues Climb on AI Demand, Shares Hit Fresh High

AXT Inc. (NASDAQ:AXTI) is one of the 10 Stocks With Remarkable Gains.

AXT climbed to a new all-time high on Friday, as investor optimism was fueled by its strong earnings performance in the first quarter of the year, amid the rapidly growing AI needs that propelled a strong demand for its products.

At intra-day trade, AXT Inc. (NASDAQ:AXTI) climbed to its highest price of $96.32 before trimming gains to finish the session just up by 21.18 percent at $96 apiece.

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In a statement, AXT Inc. (NASDAQ:AXTI) said that it was able to narrow its attributable net loss for the first three months of the year by 81 percent to just $1.62 million from the $8.80 million in the same period last year.

Revenues increased by 39 percent to $26.9 million from $19.3 million year-on-year.

“This is an incredibly exciting time for AXT…we completed a capital raise for $632.5 million in support of Tongmei’s indium phosphide capacity expansion as well as R&D investment in new products like 6-inch indium phosphide. Indium phosphide substrates are a key ingredient in high-speed optical data transmission required in AI-focused data centers,” AXT Inc. (NASDAQ:AXTI) CEO Morris Young noted.

“As the market continues to grow, capacity will become a critical enabler. Longer-term capacity planning is one of the most important discussions we are having today with customers and major supply chain players in our space. The message we have for them is this: AXT is stepping up. We believe we are in the best position to support and enable our industry in meeting the current and future needs,” he noted.

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