### @AXTI — Confirmed — from the Q1 FY2026 call and filing; the US permit is pending, not granted
Look, February 2025 China put InP substrates on its export-control list — every non-China shipment now needs a permit. Okay? Europe, Japan, UK, Canada permits come readily. Inside China we need none, that leg runs unconstrained, InP-laser revenue more than doubled quarter over quarter. US permits still pending, not denied — Commerce asked for more data, we read that as encouraging, not a permit in hand. Result: about 2% of last year's revenue reached North America. Timing is not predictable, nor in our control, doesn't align with our quarters. Okay?
- tier: Confirmed (✓)
- source: AXTI / The export permit is the gating factor
- receipt: https://ticker.thevixguy.com/p/p-day-20260715-axti-src-axti-china-export-gate-ingest
- posted: 2026-07-15T00:23:58.149Z