AXT, Inc. Announces Preliminary Results for the Fourth Quarter 2014

FREMONT, CA--(Marketwired - Feb 4, 2015) - AXT, Inc. (NASDAQ: AXTI), a leading manufacturer of compound semiconductor substrates, today announced preliminary revenue results for the fourth quarter 2014.

AXT expects revenue for the fourth quarter 2014 to be approximately $19.5 million, below the company's previously stated guidance of $20.5 million to $21.5 million. The revenue shortfall is primarily attributable to reduced sales as customers worked down their substrate inventory levels at year end.

"While we are disappointed in these preliminary revenue results, we remain confident in our strategy and business opportunity across our key markets in 2015," said Morris Young, chief executive officer.

These preliminary, unaudited results are based on management's initial review of operations for the quarter ended Dec. 31, 2014, and remain subject to completion of the company's customary quarterly closing and review procedures.

The company will announce its financial results for the fourth quarter 2014 in a press release immediately following the close of market on Feb. 23, 2015. The company will also host a conference call to discuss these results on Feb. 23, 2015 at 1:30 p.m. PT. The conference call can be accessed at (719)457-2664 (passcode 8715677). The call will also be simulcast on the Internet at www.axt.com. Replays will be available at (719)457-0820 (passcode 8715677) until March 1, 2014. 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. Additional investor information can be accessed at http://www.axt.com or by calling the company's Investor Relations Department at (510) 683-5900.

About AXT, Inc.
AXT designs, develops, manufactures and distributes high-performance compound and single element semiconductor substrates comprising gallium arsenide (GaAs), indium phosphide (InP) and germanium (Ge) through its manufacturing facilities in Beijing, China. In addition, AXT maintains its sales, administration and customer service functions at its headquarters in Fremont, California. The company's substrate products are used primarily in lighting display applications, wireless communications, fiber optic communications and solar cell. Its vertical gradient freeze (VGF) technique for manufacturing semiconductor substrates provides significant benefits over other methods and enabled AXT to become a leading manufacturer of such substrates. AXT has manufacturing facilities in China and invests in joint ventures in China producing raw materials. For more information, see AXT's website at http://www.axt.com.