FREMONT, Calif. — AXT Inc. shares jumped 16.37% to close at $140.83 on May 22, 2026, extending recent gains as the semiconductor substrate manufacturer continued to benefit from strong demand for indium phosphide products used in artificial intelligence data center applications.

The stock traded in a wide range during the session, reflecting high volatility that has characterized the company's shares throughout 2026. In after-hours trading, shares fell slightly to around $139.30.

Q1 2026 Financial Results

AXT reported first-quarter 2026 revenue of $26.9 million, up 39% from $19.4 million in the first quarter of 2025 and up from $23.0 million in the fourth quarter of 2025. The increase was driven primarily by higher substrate sales, particularly indium phosphide products.

GAAP gross margin reached 29.6% in the quarter, compared with 20.9% in the prior quarter and negative 6.4% in the year-ago period. Non-GAAP gross margin stood at 29.9%. The company reported a GAAP net loss of $1.6 million, or $0.03 per share, narrowing from an $8.8 million........

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