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sec.gov/Archives/edgar/data/1051627/000155837021013617/axti-20211027xex99d1.htm 1/29/26 , 10:38 AM EX - 99.1 2 axti - 20211027xex99d1.htm EX - 99.1 axt Exhibit 99.1 AXT , Inc. Third Quarter 2021 Results October 27 , 2021 AXT , Inc. Announces Third Quarter 2021 Financial Results Year - to - Date Revenue Grows 46 % from the Prior Year Page 1 of 7 FREMONT , Calif . , October 27 , 2021 - AXT , Inc. ( NasdaqGS : AXTI ) , a leading manufacturer of compound semiconductor wafer substrates , today reported financial results for the third quarter , ended September 30 , 2021 . Management Qualitative Comments " Our third quarter and year - to - date revenue results continue to underscore the gathering momentum of the technology mega trends that our substrates help to enable - trends such as 5G telecommunications , data center upgrades , health monitoring , the internet of everything , and the proliferation of LED lighting and display , " said Morris Young , chief executive officer . " Year to date , we have increased revenue by 46 % over the same period in 2020. With our new , expanded manufacturing facilities , we are able to accommodate increasing demand across these applications and others , while meeting the stringent technical requirements of Tier - 1 customers . As such , 2021 is unfolding to be a pivotal year for our business . And as we look ahead , we believe 2022 will be another year of strong growth , with existing applications continuing to mature , and new ones being layered on to the current demand . " Third Quarter 2021 Results In order to provide better clarity on its operational and financial results , AXT will begin reporting its financial results on both a GAAP and non - GAAP basis . Non- GAAP results exclude stock - based compensation . Investors can find GAAP to non- GAAP reconciliation tables in the financial statements in this press release . . Revenue for the third quarter of 2021 was $ 34.6 million , compared with $ 33.7 million in the second quarter of 2021 and $ 25.5 million for the third quarter of 2020. This is approximately 35 percent growth over the third quarter of 2020 . GAAP gross margin was 33.3 percent of revenue for the third quarter of 2021 , compared with 36.3 percent of revenue in the second quarter of 2021 and 34.6 percent for the third quarter of 2020 . Non - GAAP gross margin was 33.8 percent of revenue for the third quarter of 2021 , compared with 36.4 percent of revenue in the second quarter of 2021 and 34.8 percent for the third quarter of 2020 . https://www.sec.gov/Archives/edgar/data/1051627/000155837021013617/axti-20211027xex99d1.htm 1/10