04:32 PM EDT, 07/09/2025 (MT Newswires) -- AXT (AXTI) said Wednesday it expects preliminary Q2 revenue between $17.5 million and $18 million, below its prior guidance of between $20 million and $22 million.

Analysts surveyed by FactSet expect $20.9 million.

AXT said the preliminary revenue range is mainly the "result of slower than expected issuance of export control permits for the company's gallium arsenide products in Q2 and a weaker demand environment in China."

The company's shares were falling nearly 15% in recent after-hours activity.

AXT said full Q2 results will be released on July 31.