Tongmei signed new InP capacity deals, including a $22.29 million Coherent prepayment and a $43.5 million Lumentum deposit for multi-year reservations.
Operating expenses and interest income
Selling, general and administrative expenses rose 29% to $7.29 million, driven by higher legal, compensation, travel, and license-related costs.
Interest income swung to $4.73 million from an expense a year earlier, on investing secondary offering proceeds of about $100 million and $632.5 million.
Revenue and gross profit jump on stronger InP demand
AXT posted revenue of $47.59 million, up 164.8% from a year earlier, lifted by higher InP demand on additional China export approvals.
Gross profit climbed to $21.37 million, pushing gross margin to 44.9% from 8% a year earlier.
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