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1/29/26 , 10:32 AM EX - 99.1 2 axti - 20210428xex99d1.htm EX - 99.1 axt sec.gov/Archives/edgar/data/1051627/000155837021005076/axti-20210428xex99d1.htm Exhibit 99.1 AXT , Inc. First Quarter 2021 Results April 28 , 2021 Page 1 of 5 AXT , Inc. Announces First Quarter 2021 Financial Results Revenue Passes $ 30 Million per Quarter Mark FREMONT , Calif . , April 28 , 2021 · AXT , Inc. ( NasdaqGS : AXTI ) , a leading manufacturer of compound semiconductor wafer substrates , today reported financial results for the first quarter , ended March 31 , 2021 . Management Qualitative Comments " Q1 was an important milestone quarter for AXT , " said Morris Young , chief executive officer . " We met and exceeded the $ 30 million dollar quarterly revenue threshold . Our performance surpassed our expectations with growth in nearly all of our strategic products . Likewise , we drove significant improvement in our gross margin and achieved strong growth in profitability . We continue to see a convergence of major technology trends across our portfolio , and these are beginning to have a meaningful impact on the demand for our products . With our new facilities ramping and our successful development of 8 - inch gallium arsenide substrates , we believe we are in a strong position to enable some of the most exciting new and emerging applications for specialty materials today . " First Quarter 2021 Results Revenue for the first quarter of 2021 was $ 31.4 million , compared with $ 27.0 million in the fourth quarter of 2020 and $ 20.7 million for the first quarter of 2020. This is sequential growth of 16 percent over the fourth quarter of 2020 and more than 51 percent growth over Q1 of 2020 . Gross margin was 36.8 percent of revenue for the first quarter of 2021 , up from 33.9 percent of revenue in the fourth quarter of 2020 and 26.6 percent for the first quarter of 2020 . Operating expenses were $ 8.0 million in the first quarter of 2021 , compared with $ 7.2 million in the fourth quarter of 2020 , and $ 6.2 million for the first quarter of 2020 . Operating profit for the first quarter of 2021 was $ 3.6 million , compared with an operating profit of $ 1.9 million in the fourth quarter of 2020 , and an operating loss of $ 0.6 million for the first quarter of 2020 . https://www.sec.gov/Archives/edgar/data/1051627/000155837021005076/axti-20210428xex99d1.htm 1/8 188