AXT Inc balance sheet

At the end of fiscal 2025, AXT Inc had total assets of $434m, total liabilities of $99.1m and shareholders' equity of $273m. It held $120m in cash against $72.3m of debt: net cash of $48.0m.

Balance sheet

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

AXT Inc: balance sheet, annual
Fiscal year	2009Dec 2009	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Cash and equivalents	17	24	25	31	25	29	25	36	44	17	27	73	37	35	38	23	120	412
Receivables	—	23	18	18	15	18	18	14	23	20	19	25	35	29	19	26	27	37
Inventory	—	36	46	40	39	39	38	40	46	59	49	52	66	90	87	85	82	96
Total current assets	—	97	103	106	100	103	97	107	141	129	113	165	160	184	171	158	247	599
Total assets	—	140	162	168	164	162	152	154	211	224	223	299	332	370	359	339	434	1,097
Accounts payable	—	7	3	6	8	7	6	7	11	13	10	13	17	10	10	12	13	14
Deferred revenue (current)	—	—	—	—	—	—	—	—	1	0	0	0	1	0	0	2	0	12
Total current liabilities	—	15	11	13	15	15	13	16	23	29	28	39	48	75	82	74	91	126
Short-term debt	—	—	—	—	—	—	—	—	—	—	—	—	12	47	53	47	63	84
Total debt	0	0	0	0	0	0	0	0	0	0	6	10	12	47	53	54	72	89
Total liabilities	—	20	15	17	18	17	14	17	23	29	31	43	52	80	90	84	99	145
Shareholders' equity	97	116	139	144	140	138	132	133	184	191	188	193	212	222	204	193	273	887
Non-controlling interests and other (assets − liabilities − equity)	—	4	8	7	6	6	6	4	4	—	5	63	69	68	65	62	61	65
Net debt (negative = net cash)	−17	−24	−25	−31	−25	−29	−25	−36	−44	−17	−21	−62	−25	12	15	32	−48	−323
Shares outstanding	—	32m	32m	32m	33m	33m	33m	33m	39m	40m	41m	42m	43m	44m	44m	45m	—	—

US$ millions unless shown otherwise. Fiscal quarters.

AXT Inc: balance sheet, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Receivables	28	26	23	23	34	27	32	37
Inventory	86	85	80	80	78	82	90	96
Total current assets	168	158	150	145	150	247	254	599
Total assets	356	339	333	329	334	434	445	1,097
Accounts payable	13	12	11	11	11	13	16	14
Deferred revenue (current)	0	2	0	0	1	0	1	12
Total current liabilities	79	74	75	80	85	91	98	126
Short-term debt	1	47	2	56	62	63	69	84
Total debt	1	47	2	56	62	63	69	84
Total liabilities	89	84	87	88	94	99	108	145
Shareholders' equity	201	193	185	180	179	273	275	887
Non-controlling interests and other (assets − liabilities − equity)	65	62	61	61	61	61	62	65
Shares outstanding	45m	45m	46m	46m	46m	55m	56m	66m

Balances at each fiscal year end (quarter end in the quarterly view). Total debt is short- plus long-term borrowings, including lease debt where the company reports it within debt. Where assets do not equal liabilities plus shareholders' equity, the difference (non-controlling interests, redeemable preferred shares) is shown on its own line.

Compare with peers

Head to head: ASYS vs AXTI AEHR vs AXTI AXTI vs CAMT

More: Semiconductor Materials & Equipment stocks compared, Technology sector, rankings of US companies

Figures from AXT Inc's SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to AXT Inc.