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Investments in Privately-Held Raw Material Companies (Tables) | 9 Months Ended
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Sep. 30, 2020
Investments in Privately-Held Raw Material Companies |
Summary of investments | As of September 30, 2020, the investments are summarized below (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Investment Balance as of | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, | ​ | December 31, | ​ | Accounting | ​ | Ownership | ​
Company |  | 2020 |  | 2019 |  | Method |  | Percentage | ​
Nanjing JinMei Gallium Co., Ltd. | ​ | $ | 592 | ​ | $ | 592 |  | Consolidated |  | **100 | %
Chaoyang JinMei Gallium Co., Ltd. | ​ | $ | 1,820 | ​ | $ | 1,820 | ​ | Consolidated | ​ | ***91.5 | %
Beijing JiYa Semiconductor Material Co., Ltd. | ​ | ​ | N/A | ​ | ​ | N/A | ​ | Consolidated | ​ | *46 | %
Beijing BoYu Semiconductor Vessel Craftwork Technology Co., Ltd. | ​ |  | 1,346 | ​ |  | 1,346 |  | Consolidated |  | 63 | %
​ | ​ | $ | 3,758 | ​ | $ | 3,758 | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Donghai County Dongfang High Purity Electronic Materials Co., Ltd. | ​ | $ | 1,509 | ​ | $ | 1,326 |  | Equity |  | 46 | %
Beijing JiYa Semiconductor Material Co., Ltd. | ​ | ​ | 1,192 | ​ | ​ | 1,621 | ​ | Equity | ​ | *39 | %
Xilingol Tongli Germanium Co., Ltd. | ​ |  | — | ​ |  | — |  | Equity |  | 25 | %
Xiaoyi XingAn Gallium Co., Ltd. | ​ | ​ | 2,605 | ​ | ​ | 2,367 | ​ | Equity | ​ | 25 | %
Emeishan Jia Mei High Purity Metals Co., Ltd. | ​ |  | 520 | ​ |  | 647 |  | Equity |  | 25 | %
​ | ​ | $ | 5,826 | ​ | $ | 5,961 | ​ | ​ | ​ | ​ | ​
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 interests, 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 minority investment entities 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, 2020 and 2019:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Nine Months Ended | ​
​ | ​ | September 30, | ​ | September 30, | ​
​ |  | 2020 |  | 2019 |  | 2020 |  | 2019 |
Net revenue | ​ | $ | 5,052 | ​ | $ | 3,713 | ​ | $ | 12,610 | ​ | $ | 14,713 | ​
Gross profit | ​ | $ | 918 | ​ | $ | 309 | ​ | $ | 2,944 | ​ | $ | 1,423 | ​
Operating income (loss) | ​ | $ | 136 | ​ | $ | (436) | ​ | $ | 598 | ​ | $ | (1,857) | ​
Net income (loss) | ​ | $ | 7 | ​ | $ | (502) | ​ | $ | (151) | ​ | $ | (2,518) | ​

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