AXT Inc. expects record-breaking second-quarter results following a surge in demand for Indium Phosphide wafers. The company's order backlog surpassed $100 million for the first time in its history. Management anticipates Indium Phosphide revenues will exceed the previous $17 million record set in 2022.
U.S. hyperscalers and Chinese AI supply chain investments are driving demand for optical networking components. AXT has already secured $34 million in revenue for the second quarter through approved or exempt shipments. This secured figure represents significant growth over the $26.9 million revenue reported in the first quarter.