Why AXT, Inc. Stock Jumped 21% as AI Wafer Demand Put Its $100 Million Backlog in Focus
AXT, Inc. shares surged 21% to $96.00 after the company reported Q1 revenue of $26.9 million, up from $19.4 million, and narrowed its net loss to $1.6 million. The company raised $82.5 million through a share sale to fund indium phosphide wafer capacity expansion. InP backlog topped $100 million, but executives warned export permit delays could affect future sales.