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AXT , Inc. Announces Second Quarter 2021 Financial Results - Revenue Reaches $ 33.7 Million , 52 % Over Prior Year 07/27/2021 FREMONT , Calif . , July 27 , 2021 ( GLOBE NEWSWIRE ) -- AXT , Inc. ( NasdaqGS : AXTI ) , a leading manufacturer of compound semiconductor wafer substrates , today reported financial results for the second quarter , ended June 30 , 2021 . Management Qualitative Comments― " Our Q2 results demonstrate that the momentum in our business continues to build with major customer wins that are increasingly contributing to our revenue , ” said Morris Young , chief executive officer . " The investments we've made over the past years in our facilities , our team , and our business processes have come at exactly the right time and are producing new opportunities . With these investments , we are able to participate in several major technology trends and are now in the supply chains of some of the most prestigious companies in the world . Our growth and record results underscore our strong competitive positioning and the expanding number of major applications for compound semiconductors . " Second Quarter 2021 Results • • • • • Revenue for the second quarter of 2021 was $ 33.7 million , compared with $ 31.4 million in the first quarter of 2021 and $ 22.1 million for the second quarter of 2020. This is more than 52 percent growth over the second quarter of 2020 . Gross margin was 36.3 percent of revenue for the second quarter of 2021 , compared with 36.8 percent of revenue in the first quarter of 2021 and 30.6 percent for the second quarter of 2020 . Operating expenses were $ 8.3 million in the second quarter of 2021 , compared with $ 8.0 million in the first quarter of 2021 and $ 6.3 million for the second quarter of 2020 . Operating profit for the second quarter of 2021 was $ 3.9 million , compared with an operating profit of $ 3.6 million in the first quarter of 2021 and operating profit of $ 0.5 million for the second quarter of 2020 . Other income , net for the second quarter of 2021 was a gain of $ 1.6 million , compared with a gain of $ 1.0 million in the first quarter of 2021 and a gain of $ 1.4 million for the second quarter of 2020 . • Net income in the second quarter of 2021 was $ 4.4 million , or $ 0.10 per share , compared with net income of $ 3.4 million or $ 0.08 per share in the first quarter of 2021 and net income of $ 0.4 million or $ 0.01 per share for the second quarter of 2020 . STAR Market Listing Update AXT previously announced on November 16 , 2020 a strategic plan to access China's capital markets and progress to an initial public offering by Beijing Tongmei Xtal Technology Co. , Ltd. ( " Tongmei ” ) , its wafer manufacturing company in China , on the Shanghai Stock Exchange's Sci - Tech innovation boaRd ( the " STAR Market " ) . The company is currently preparing required documents for submission to the STAR Market authorities . The process of going public on the STAR Market includes several periods of review and , therefore , is a lengthy process . Tongmei expects to accomplish this goal in mid - 2022 . AXT has posted a brief summary of the plan and the process on its website at www.axt.com . Conference Call The company will host a conference call to discuss these results today at 1:30 p.m. PT . The conference call can be accessed at ( 844 ) 892-6598 ( passcode 4868076 ) . The call will also be simulcast at www.axt.com . Replays will be available at ( 855 ) 859-2056 ( passcode 4868076 ) until August 2 , 2021. Financial and statistical information to be discussed in the call will be available on the company's website immediately prior to commencement of the call .