FREMONT, Calif., Oct. 03, 2022 (GLOBE NEWSWIRE) — AXT, Inc. (NasdaqGS: AXTI), a main producer of compound semiconductor substrates, immediately introduced a preliminary income vary for its third quarter, ended September 30, 2022. AXT’s full monetary outcomes for the third quarter of 2022 usually are not but accessible.
AXT expects preliminary income for the third quarter of 2022 to be within the vary of $34 to $35 million, under the corporate’s beforehand acknowledged steerage of $39 million to $41 million offered on July 28, 2022. The preliminary income vary for the third quarter of 2022 is primarily attributable to weakening macroeconomic situations, notably within the demand surroundings in China.
“Though we continue to feel confident about our participation in a number of exciting technology trends and Tier-1 opportunities, our business is not immune to the effects throughout the supply chain of a deteriorating macroeconomic environment. We are disappointed by the impact to our near-term growth, but we remain confident in our strategy and business opportunity across our key markets,” stated Morris Young, chief government officer.
The firm’s precise outcomes for the third quarter of 2022 usually are not but accessible, haven’t been audited and will differ materially from the preliminary estimates above, which aren’t a complete assertion of the corporate’s monetary outcomes and usually are not essentially indicative of the outcomes to be anticipated for fiscal 2022 or any future interval.
The firm will host a convention name to debate these outcomes on October 27, 2022 at 1:30 p.m. PT. To entry the decision by telephone, please go to this hyperlink to register and you’ll be supplied with dial in particulars:
https://register.vevent.com/register/BIdbf7aee0a4da485ab0623751b90236cf. A webcast hyperlink for the decision can even be accessible on the investor relations web page at http://www.axt.com.
To keep away from delays, all members are inspired to hitch the convention name fifteen minutes forward of the scheduled begin time. A replay will likely be accessible on the investor relations web page at axt.com. Additional investor info could be accessed at http://www.axt.com or by calling the corporate’s Investor Relations Department at (510) 438-4700.
About AXT, Inc.
AXT is a materials science firm that develops and manufactures high-performance compound and single component semiconductor substrate wafers comprising indium phosphide (InP), gallium arsenide (GaAs) and germanium (Ge). The firm’s substrate wafers are used when a typical silicon substrate wafer can’t meet the efficiency necessities of a semiconductor or optoelectronic machine. End markets embody 5G infrastructure, information middle connectivity (silicon photonics), passive optical networks, LED lighting, lasers, sensors, energy amplifiers for wi-fi units and satellite tv for pc photo voltaic cells. AXT’s worldwide headquarters are in Fremont, California and contains gross sales, administration and customer support features. AXT has its Asia headquarters in Beijing, China and manufacturing services in three separate areas in China. In addition, as a part of its provide chain technique, the corporate has partial possession in ten firms in China producing uncooked supplies for its manufacturing course of. For extra info, see AXT’s web site at http://www.axt.com.
Forward-Looking Statements
The foregoing paragraphs comprise forward-looking statements throughout the which means of the Federal securities legal guidelines, together with, for instance, statements concerning sure preliminary monetary outcomes for the third quarter, ended September 30, 2022, together with a preliminary income vary through the quarter, the market demand for our merchandise, our development prospects and alternatives for continued business enlargement, together with expertise traits, new functions and Tier-1 alternatives, our market alternative, our potential to steer our trade, our relocation and our expectations with respect to our business prospects and monetary outcomes. These forward-looking statements are primarily based upon assumptions which can be topic to uncertainties and elements referring to the corporate’s operations and business surroundings, which might trigger precise outcomes to vary materially from these expressed or implied within the forward-looking statements contained within the foregoing dialogue. These uncertainties and elements embody however usually are not restricted to: the requests for redemptions by non-public fairness funds in China of investments in our subsidiary in China, Beijing Tongmei Xtal Technology Co., Ltd. (“Tongmei”), the executive challenges in satisfying the necessities of assorted authorities companies in China in reference to the itemizing of shares of Tongmei on the Shanghai Stock Exchange’s Sci-Tech innovAtion boaRd (the “STAR Market”), continued open entry to firms to record 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 elements embody, however usually are not restricted to: the timing and receipt of serious orders; the cancellation of orders and return of product; rising functions utilizing chips or units fabricated on our substrates; end-user acceptance of merchandise containing chips or units fabricated on our substrates; our potential to deliver new merchandise to market; product bulletins by our rivals; the power to regulate prices and enhance effectivity; the power to make the most of our manufacturing capability; product yields and their impression on gross margins; the relocation of producing traces and ramping of manufacturing; potential manufacturing facility shutdowns as a results of air air pollution or energy shortages in China or COVID-19; COVID-19 or different outbreaks of a contagious illness; tariffs and different commerce struggle points; the monetary efficiency of our partially owned provide chain firms; insurance policies and laws in China; and different elements as set forth within the firm’s Annual Report on Form 10-Okay, quarterly reviews on Form 10-Q and different filings made with the Securities and Exchange Commission. Each of those elements is troublesome to foretell and plenty of are past the corporate’s management. The firm doesn’t undertake any obligation to replace any forward-looking assertion, as a results of new info, future occasions or in any other case.
