AXT

Q3 FY2026 EarningsQ3 FY26 outperformed consensus across all primary metrics: revenue $73.4M vs. $66.0M expected (+11.22%), and gross margin 56.0% vs. 45.56% consensus. Substrate revenue surged 200% YoY to $63.8M, primarily driven by high-speed InP demand for AI data centers and a shift toward larger 4-inch diameters. Diluted EPS reached $0.39, beating the $0.30 consensus by 30%, while income from operations of $28.4M exceeded expectations by nearly 48%. Management highlighted the strategic withdrawal of the STAR Market IPO in favor of a Hong Kong listing, supported by a new financing agreement for its Tongmei subsidiary totaling up to $545M.