"Gaetano" • Precise Market Analysis

$AXTI I listened to the whole call Some Positives: > Significant backlog increase >$100m > Selling globally outside of U.S. > Can sell to U.S. customers based outside of U.S. > Capacity ramp going better/faster than expected > Sees themselves as the strongest in ramping > Locking down raw material supply > Doubling, then doubling again capacity > Direct communication with end customers > China growth is visible and real Some Negatives: > Still doesn't have U.S. permits > Permits are completely out of their control and uncertain > Even at max capacity in a few years, hard to underwrite mkt cap for me (sentiment aside) > Material cost is higher, so price increases are used to offset > Customers are working to lock in as much supply as possible with Axt competitors What are all your thoughts? Bullish, neutral, bearish?

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