On June 26, 2026, AXT's subsidiary AXT-Tongmei signed a three-year Master Development and Supply Agreement with Coherent Corp, effective from June 25, 2026. The agreement covers the large-scale development and supply of 6-inch indium phosphide (InP) wafer substrates from AXT's factory in Beijing. Under the terms of the agreement, Coherent Corp will pay AXT a prepayment of $22.3 million in exchange for the agreed product capacity during the period from 2026 to 2028. AXT agrees to expand its manufacturing capacity and deliver the agreed quantity of products at the agreed price per wafer