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Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2022

Stockholders' Equity

Consolidated statements of stockholders' equity

Condensed Consolidated Statements of Stockholders’ Equity

(in thousands)

The changes in stockholders’ equity by component for the three and nine months ended September 30, 2022 are as follows:


														Accumulated
														Other			AXT, Inc.						Total
		Preferred			Common			Additional			Accumulated			Comprehensive			Stockholders’			Noncontrolling			Stockholders’
		Stock			Stock			Paid-In Capital			Deficit			Income (Loss)			Equity			Interests			Equity
Balance as of December 31, 2021		$	3,532		$	43		$	231,622		$	(29,970)		$	6,302		$	211,529		$	18,317		$	229,846
Investment in subsidiary with noncontrolling interest			—			—			(410)			—			—			(410)			204			(206)
Noncontrolling interest portion of Tongmei stock-based compensation			—			—			17			—			—			17			(7)			10
Stock-based compensation			—			—			875			—			—			875			—			875
Tongmei stock-based compensation			—			—			213			—			—			213			—			213
Net income			—			—			—			3,165			—			3,165			389			3,554
Investment in subsidiary from noncontrolling interest			—			—			—			—			—			—			1,887			1,887
Other comprehensive income			—			—			—			—			327			327			45			372
Balance as of March 31, 2022		$	3,532		$	43		$	232,317		$	(26,805)		$	6,629		$	215,716		$	20,835		$	236,551
Common stock options exercised			—			—			146			—			—			146			—			146
Investment in subsidiary with noncontrolling interest			—			—			(268)			—			—			(268)			1,447			1,179
Noncontrolling interest portion of Tongmei stock-based compensation			—			—			32			—			—			32			(16)			16
Stock-based compensation			—			—			919			—			—			919			—			919
Tongmei stock-based compensation			—			—			218			—			—			218			—			218
Net income			—			—			—			5,546			—			5,546			450			5,996
Other comprehensive income (loss)			—			—			—			—			(5,992)			(5,992)			(569)			(6,561)
Balance as of June 30, 2022		$	3,532		$	43		$	233,364		$	(21,259)		$	637		$	216,317		$	22,147		$	238,464
Common stock options exercised			—			—			371			—			—			371			—			371
Investment in subsidiary with noncontrolling interest			—			—			(259)			—			—			(259)			1,048			789
Noncontrolling interest portion of Tongmei stock-based compensation			—			—			20			—			—			20			(4)			16
Stock-based compensation			—			—			921			—			—			921			—			921
Tongmei stock-based compensation			—			—			115			—			—			115			—			115
Net income			—			—			—			5,759			—			5,759			446			6,205
Other comprehensive income (loss)			—			—			—			—			(6,094)			(6,094)			(628)			(6,722)
Balance as of September 30, 2022		$	3,532		$	43		$	234,532		$	(15,500)		$	(5,457)		$	217,150		$	23,009		$	240,159

Net income and other comprehensive loss attributable to redeemable noncontrolling interests was $525,000 and $635,000, respectively, for the three months ended September 30, 2022, and $1.5 million and $1.2 million, respectively, for the nine months ended September 30, 2022 are not shown in the table above.

The changes in stockholders’ equity by component for the three and nine months ended September 30, 2021 are as follows:


														Accumulated
														Other			AXT, Inc.						Total
		Preferred			Common			Additional			Accumulated			Comprehensive			Stockholders’			Noncontrolling			Stockholders’
		Stock			Stock			Paid-In Capital			Deficit			Income (Loss)			Equity			Interests			Equity
Balance as of December 31, 2020		$	3,532		$	42		$	230,381		$	(44,545)		$	3,209		$	192,619		$	15,350		$	207,969
Common stock options exercised			—			—			704			—			—			704			—			704
Stock-based compensation			—			—			816			—			—			816			—			816
Formation of new subsidiary with noncontrolling interests			—			—			(131)			—			—			(131)			707			576
Sale of common stock to employees in connection with the reorganization			—			—			538			—			—			538			—			538
Purchase of subsidiary shares from noncontrolling interests			—			—			(2,691)			—			—			(2,691)			(1,039)			(3,730)
Net income (loss)			—			—			—			3,425			—			3,425			311			3,736
Other comprehensive loss			—			—			—			—			(131)			(131)			(16)			(147)
Balance as of March 31, 2021		$	3,532		$	42		$	229,617		$	(41,120)		$	3,078		$	195,149		$	15,313		$	210,462
Common stock options exercised			—			—			420			—			—			420			—			420
Stock-based compensation			—			—			975			—			—			975			—			975
Formation of new subsidiary with noncontrolling interests			—			—			(131)			—			—			(131)			706			575
Transfer of subsidiary with noncontrolling interest			—			—			(1,229)			—			—			(1,229)			1,229			—
Transfer of subsidiary with redeemable noncontrolling interest			—			—			(1,241)			—			—			(1,241)			—			(1,241)
Net income			—			—			—			4,385			—			4,385			94			4,479
Other comprehensive income			—			—			—			—			1,455			1,455			137			1,592
Balance as of June 30, 2021		$	3,532		$	42		$	228,411		$	(36,735)		$	4,533		$	199,783		$	17,479		$	217,262
Common stock options exercised			—			1			467			—			—			468			—			468
Stock-based compensation			—			—			1,639			—			—			1,639			—			1,639
Net income			—			—			—			3,800			—			3,800			329			4,129
Other comprehensive income			—			—			—			—			50			50			6			56
Balance as of September 30, 2021		$	3,532		$	43		$	230,517		$	(32,935)		$	4,583		$	205,740		$	17,814		$	223,554