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Investments in Privately-Held Companies (Tables) | 9 Months Ended
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Sep. 30, 2018
Investments in Privately-Held Companies |
Summary of investments | The six direct investments are summarized below (in thousands):
|  | Investment Balance as of |  |  |  |  |
|  | September 30, |  | December 31, |  | Accounting |  | Ownership |
Company |  | 2018 |  | 2017 |  | Method |  | Percentage |
Beijing JiYa Semiconductor Material Co., Ltd. |  | $ | 3,331 |  | $ | 3,331 |  | Consolidated |  | 46 | %
Nanjing JinMei Gallium Co., Ltd. |  |  | 592 |  |  | 592 |  | Consolidated |  | 97 | %
Beijing BoYu Semiconductor Vessel Craftwork Technology Co., Ltd. |  |  | 1,346 |  |  | 1,346 |  | Consolidated |  | 63 | %
|  | $ | 5,269 |  | $ | 5,269 |  |  |  |  |
Donghai County Dongfang High Purity Electronic Materials Co., Ltd. |  | $ | 1,450 |  | $ | 1,473 |  | Equity |  | 46 | %
Xilingol Tongli Germanium Co. Ltd. |  |  | 2,811 |  |  | 3,190 |  | Equity |  | 25 | %
Emeishan Jia Mei High Purity Metals Co., Ltd. |  |  | 870 |  |  | 915 |  | Equity |  | 25 | %
|  | $ | 5,131 |  | $ | 5,578 |  |  |  |  |
Summarized equity method income information | AXT’s three direct minority investment entities and the three minority investments of JiYa and the one minority investment of JinMei are not consolidated and are accounted for under the equity method. Excluding one fully impaired entity, the equity entities had the following summarized income information (in thousands) for the three and nine months ended September 30, 2018 and 2017.
|  | Three Months Ended |  | Nine Months Ended |
|  | September 30, |  | September 30, |
|  | 2018 |  | 2017 |  | 2018 |  | 2017 |
Net revenue |  | $ | 8,017 |  | $ | 4,209 |  | $ | 24,366 |  | $ | 15,571 |
Gross profit |  | $ | 2,141 |  | $ | 177 |  | $ | 5,477 |  | $ | 976 |
Operating income (loss) |  | $ | 631 |  | $ | (1,054) |  | $ | 767 |  | $ | (2,685) |
Net income (loss) |  | $ | 315 |  | $ | (1,130) |  | $ | (422) |  | $ | (3,653) |

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- Definition Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571 + Details
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