### @AXTI — Confirmed — from the Q1 FY2026 call and filing; the US permit is pending, not granted
Look, in February 2025 China added InP substrates to its export‑control list, so every non‑China shipment now needs a permit. All our manufacturing sits in China, making that permit the biggest growth gate. Europe, Japan, UK, Canada permits keep coming; shipments inside China run free, and US permits stay pending — still‑pending, not granted. Only about 2% of last year’s revenue reached North America, and timing is not predictable, nor in our control. Okay?
- tier: Confirmed (✓)
- source: AXTI / The export permit is the gating factor
- receipt: https://ticker.thevixguy.com/p/p-day-20260722-axti-src-axti-china-export-gate-rotation
- posted: 2026-07-22T09:50:06.719Z