AXT, Inc. (AXT) is a developer and producer of high-performance compound and single element semiconductor substrates, including substrates made from gallium arsenide (GaAs), indium phosphide (InP) and germanium (Ge). The Company manufactures all of its semiconductor substrates using its vertical gradient freeze (VGF) technology. Most of its revenue is from sales of GaAs substrates. The Company manufactures all of its products in the People's Republic of China. The Company has five joint ventures in China that sell raw materials used by it in substrate manufacturing and by others. These joint ventures produce products including 99.99% pure gallium (4N Ga), high purity gallium, arsenic, and germanium, germanium dioxide, paralytic boron nitride (pBN) crucibles and boron oxide (B2O3).