### @AXTI — Confirmed — from the Q1 FY2026 call and filing; the US permit is pending, not granted
Look, they're right about the epitaxy bottleneck — we feel it in our backlog. But the wafer train starts here, and in February 2025 China put InP substrates on its export-control list, so every non-China shipment now needs a permit. Europe, Japan, UK, Canada permits come readily; inside China we need none, that leg runs unconstrained. US permits still pending — Commerce asked for more data, we read that as encouraging, not a permit in hand. Only about 2% of last year's revenue reached North America. 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-20260802-axti-src-axti-china-export-gate-conversation
- posted: 2026-08-02T10:50:12.956Z