AXT Inc (STU:AHV)

€ 2.064 0.064 (3.2%) Market Cap: 83.53 Mil Enterprise Value: 117.03 Mil PE Ratio: 0 PB Ratio: 0.44 GF Score: 70/100

Q4 2019 AXT Inc Earnings Call Transcript

Feb 19, 2020 / 09:30PM GMT

Release Date Price: €3.64

Transcript 8-K

Gary L. Fischer

AXT, Inc. - CFO, VP & Corporate Secretary

(technical difficulty)

shift that occurred in Q1 of 2019.

In the fourth quarter of 2019, revenue from North America was 10%; Asia Pacific, 68%; and Europe 22%. In the fourth quarter, 2 customers reached 10% of revenue, and the top 5 customers generated approximately 42% of revenue.

Gross margin in the fourth quarter was 21%, down from 29% in the prior quarter. Approximately 4% of this decline or half the decline was due to lower manufacturing efficiencies and yields, primarily related to the ramp of 2 new products, 6-inch indium phosphide substrates and a new 6-inch germanium product configuration for a large customer. Both products address new market opportunities for AXT that we believe will contribute positively to our business later this year and for years to come.

Further, we view this decline in efficiency as temporary. Larger diameter substrates are inherently more challenging. We were already taking steps to refine the processes and expect to show improvement in the coming quarters.

The

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