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Investments in Privately-Held Companies (Tables) | 3 Months Ended
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Mar. 31, 2019
Investments in Privately-Held Companies |
Summary of investments | The six direct investments are summarized below (in thousands):
|  | Investment Balance as of |  |  |  |  |
|  | March 31, |  | December 31, |  | Accounting |  | Ownership |
Company |  | 2019 |  | 2018 |  | Method |  | Percentage |
Nanjing JinMei Gallium Co., Ltd. |  | $ | 592 |  | $ | 592 |  | Consolidated |  | 97 | %
Beijing JiYa Semiconductor Material Co., Ltd. |  |  | N/A |  |  | 3,331 |  | Consolidated |  | *46 | %
Beijing BoYu Semiconductor Vessel Craftwork Technology Co., Ltd. |  |  | 1,346 |  |  | 1,346 |  | Consolidated |  | 63 | %
|  | $ | 1,938 |  | $ | 5,269 |  |  |  |  |
Donghai County Dongfang High Purity Electronic Materials Co., Ltd. |  | $ | 1,459 |  | $ | 1,416 |  | Equity |  | 46 | %
Beijing JiYa Semiconductor Material Co., Ltd. |  |  | 2,027 |  |  | N/A |  | Equity |  | *39 | %
Xilingol Tongli Germanium Co. Ltd. |  |  | — |  |  | 1,700 |  | Equity |  | 25 | %
Emeishan Jia Mei High Purity Metals Co., Ltd. |  |  | 790 |  |  | 842 |  | Equity |  | 25 | %
|  | $ | 4,276 |  | $ | 3,958 |  |  |  |  |
Summary of gain on deconsolidation |
|  | Amount
|  | (in thousands)
Fair value of the consideration received |  | $ | 366
Fair value of the retained investment in Beijing JiYa Semiconductor Material Co., Ltd. |  |  | 2,040
Carrying value of noncontrolling interest, net of accumulated other comprehensive income attributable to subsidiary |  |  | 617
Derecognition of Beijing JiYa Semiconductor Material Co., Ltd.'s net asset |  |  | (2,848)
Gain recognized on deconsolidation of Beijing JiYa Semiconductor Material Co., Ltd. |  | $ | 175
|  | Amount
|  | (in thousands)
Fair value of the retained investment in Beijing JiYa Semiconductor Material Co., Ltd. |  | $ | 2,040
Carrying value of retained noncontrolling investment |  |  | (1,559)
Gain on retained noncontrolling investment due to remeasurement |  | $ | 481
Summarized equity method income information | AXT’s direct minority investment entities 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 months ended March 31, 2019 and 2018:
|  | Three Months Ended
|  | March 31,
|  | 2019 |  | 2018
Net revenue |  | $ | 6,441 |  | $ | 7,356
Gross profit (loss) |  | $ | (51) |  | $ | 586
Operating loss |  | $ | (2,039) |  | $ | (1,735)
Net loss |  | $ | (2,446) |  | $ | (1,430)

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