AXT just delivered a Q3 2026 earnings jolt that clashes sharply with the latest price slide. The stock dropped about 10% today to roughly US$55, even as the company posted about US$73.4m in quarterly revenue and around US$0.40 in basic earnings per share. That move takes place after a choppy few months for the share price, yet the latest results show a business that has pushed firmly into profitability. Right now the market looks fixated on a richly valued story, while the income statement points to a different mood entirely.

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