AXT, Inc. Announces Passing of Board Member Christine Russell

July 17, 2025 at 18:02 PM EDT

AXT, Inc. (NasdaqGS: AXTI), a leading manufacturer of compound semiconductor substrates, is saddened to report that Ms. Christine Russell, a member of the Company’s Board of Directors, passed away on July 11, 2025. Ms. Russell joined the Company’s Board in December 2019 as an independent director. Ms. Russell served as Chair of the Audit Committee and was a member of the Compensation Committee and the Nominating and Corporate Governance Committee.

“AXT is grateful for Christine's exemplary dedication and service to our company,” said Morris Young, Chief Executive Officer. “She brought tremendous intelligence, strategic planning and thoughtful decision-making to our board and she will be greatly missed. This is a sad moment in our history. On behalf of AXT’s management and Board of Directors, we extend our sincerest condolences to her family and the breadth of Silicon Valley executives who hold her in high esteem.”

About AXT, Inc.

AXT is a material science company that develops and manufactures high-performance compound and single element semiconductor substrate wafers comprising indium phosphide (InP), gallium arsenide (GaAs) and germanium (Ge). The company’s substrate wafers are used when a typical silicon substrate wafer cannot meet the performance requirements of a semiconductor or optoelectronic device. End markets include 5G infrastructure, data center connectivity (silicon photonics), passive optical networks, LED lighting, lasers, sensors, power amplifiers for wireless devices and satellite solar cells. AXT’s worldwide headquarters are in Fremont, California and includes sales, administration and customer service functions. AXT has its Asia headquarters in Beijing, China and manufacturing facilities in three separate locations in China. In addition, as part of its supply chain strategy, the Company has partial ownership in ten companies in China producing raw materials for its manufacturing process. For more information, see AXT’s website at http://www.axt.com.