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AXTI · Annual Report (Form 10-K) · Filed March 17, 2026

Axt Inc — 10-K exhibit

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Axt Inc on Boardroom Alpha

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Exhibit 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

	Year Ended December 31,
	2025			2024			2023			2022			2021
	(in thousands)
Earnings:
Income (loss) before income taxes	$	(21,544	)	$	(10,657	)	$	(19,033	)	$	20,927		$	17,602
Less: Equity in loss (earnings) of investees		(765	)		(3,439	)		(1,884	)		(5,957	)		(4,409	)
Less: Pre-tax net income attributable to noncontrolling interest and redeemable noncontrolling interests		1,942			167			1,312			(2,931	)		(1,934	)
Add: Distributions paid by equity investees		-			-			-			-			-
Fixed charges and preferred stock dividends, as calculated below		2,072			2,072			2,153			1,476			721
Total earnings	$	(18,295	)	$	(11,857	)	$	(17,452	)	$	13,515		$	11,980

Computation of fixed charges and preferred stock dividends:
Interest expense	$	1,780		$	1,762		$	1,876		$	1,201		$	422
Preferred stock dividends⁽¹⁾		177			177			177			177			177
Interest component of rent expense⁽²⁾		115			133			100			98			122
Total combined fixed charges and preferred stock dividends	$	2,072		$	2,072		$	2,153		$	1,476		$	721

Ratio of earnings to combined fixed charges and preferred stock dividends⁽³⁾		(8.83	)		(5.72	)		(8.11	)		9.16			16.62
Deficiency of earnings to combined fixed charges and preferred stock dividends		N/A			N/A			N/A			N/A			N/A

(1)	Dividends accrue on our outstanding Series A preferred stock at the rate of $0.20 per annum per share of Series A preferred stock. We have not paid any dividends on preferred stock. 883,000 shares of our preferred stock were issued and outstanding for all of the periods presented.
(2)	Effective January 1, 2019 and onwards, interest is calculated consistent with guidance under ASC 842, where an estimate for the Company's incremental borrowing rate of 5.12%. The borrowing rate is calculated using a weighted average for the interest rate on the Company's Fremont office lease of 5.5% and the interest rate on Tongmei’s nitrogen system of 4.7%.
(3)	For periods in which there is a deficiency of earnings available to cover combined fixed charges and preferred stock dividends, the ratio information is not applicable.

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