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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
Current assets:    
Cash and cash equivalents $ 30,092 $ 34,948
Restricted cash 10,794 6,400
Short-term investments 7,088 9,339
Accounts receivable, net of allowances of $291 and $307 as of June 30, 2023 and December 31, 2022 19,857 29,252
Inventories 87,063 89,629
Prepaid expenses and other current assets 10,576 13,977
Total current assets 165,470 183,545
Long-term investments 1,641 2,118
Property, plant and equipment, net 158,672 161,017
Operating lease right-of-use assets 1,473 1,761
Other assets 18,946 21,631
Total assets 346,202 370,072
Current liabilities:    
Accounts payable 4,692 10,084
Accrued liabilities 16,949 18,164
Bank loans 45,622 47,078
Total current liabilities 67,263 75,326
Noncurrent operating lease liabilities 1,157 1,322
Other long-term liabilities 3,398 3,678
Total liabilities 71,818 80,326
Commitments and contingencies (Note 16)
Redeemable noncontrolling interests (Note 18) 41,393 44,846
Stockholders' equity:    
Preferred stock Series A, $0.001 par value; 2,000 shares authorized; 883 shares issued and outstanding as of June 30, 2023 and December 31, 2022 (Liquidation preference of $7,787 and $7,699 as of June 30, 2023 and December 31, 2022) 3,532 3,532
Common stock, $0.001 par value; 70,000 shares authorized; 43,657 and 43,554 shares issued and outstanding as of June 30, 2023 and December 31, 2022 44 44
Additional paid-in capital 236,988 235,308
Accumulated deficit (22,596) (14,159)
Accumulated other comprehensive loss (8,175) (3,118)
Total AXT, Inc. stockholders' equity 209,793 221,607
Noncontrolling interests 23,198 23,293
Total stockholders' equity 232,991 244,900
Total liabilities, redeemable noncontrolling interests and stockholders' equity $ 346,202 $ 370,072