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Stockholders' Equity | 9 Months Ended
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Sep. 30, 2023
Stockholders' Equity |
Stockholders' Equity | Note 8. 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, 2023 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, 2022 |  | $ | 3,532 |  | $ | 44 |  | $ | 235,308 |  | $ | (14,159) |  | $ | (3,118) | ​ | $ | 221,607 |  | $ | 23,293 |  | $ | 244,900 | ​
Common stock options exercised | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 8 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 8 | ​ | ​ | — | ​ | ​ | 8 | ​
Investment in subsidiary with noncontrolling interest | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (36) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (36) | ​ | ​ | 239 | ​ | ​ | 203 | ​
Investment in subsidiary with redeemable noncontrolling interest | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (36) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (36) | ​ | ​ | — | ​ | ​ | (36) | ​
Noncontrolling interest portion of Tongmei stock-based compensation | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 33 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 33 | ​ | ​ | (16) | ​ | ​ | 17 | ​
Stock-based compensation | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 717 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 717 | ​ | ​ | — | ​ | ​ | 717 | ​
Tongmei stock-based compensation | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 198 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 198 | ​ | ​ | — | ​ | ​ | 198 | ​
Net loss | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (3,348) | ​ | ​ | — | ​ | ​ | (3,348) | ​ | ​ | (169) | ​ | ​ | (3,517) | ​
Other comprehensive income | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 858 | ​ | ​ | 858 | ​ | ​ | 70 | ​ | ​ | 928 | ​
Balance as of March 31, 2023 | ​ | $ | 3,532 | ​ | $ | 44 | ​ | $ | 236,192 | ​ | $ | (17,507) | ​ | $ | (2,260) | ​ | $ | 220,001 | ​ | $ | 23,417 | ​ | $ | 243,418 | ​
Common stock options exercised | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2 | ​ | ​ | — | ​ | ​ | 2 | ​
Investment in subsidiary with noncontrolling interest | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (74) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (74) | ​ | ​ | 380 | ​ | ​ | 306 | ​
Investment in subsidiary with redeemable noncontrolling interest | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (75) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (75) | ​ | ​ | — | ​ | ​ | (75) | ​
Noncontrolling interest portion of Tongmei stock-based compensation | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 31 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 31 | ​ | ​ | (14) | ​ | ​ | 17 | ​
Stock-based compensation | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 720 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 720 | ​ | ​ | — | ​ | ​ | 720 | ​
Tongmei stock-based compensation | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 192 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 192 | ​ | ​ | — | ​ | ​ | 192 | ​
Net loss | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (5,089) | ​ | ​ | — | ​ | ​ | (5,089) | ​ | ​ | 38 | ​ | ​ | (5,051) | ​
Other comprehensive income (loss) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (5,915) | ​ | ​ | (5,915) | ​ | ​ | (623) | ​ | ​ | (6,538) | ​
Balance as of June 30, 2023 |  | $ | 3,532 | ​ | $ | 44 | ​ | $ | 236,988 | ​ | $ | (22,596) | ​ | $ | (8,175) | ​ | $ | 209,793 | ​ | $ | 23,198 | ​ | $ | 232,991 | ​
Common stock options exercised | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​
Investment in subsidiary with noncontrolling interest | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (43) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (43) | ​ | ​ | 242 | ​ | ​ | 199 | ​
Investment in subsidiary with redeemable noncontrolling interest | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (44) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (44) | ​ | ​ | — | ​ | ​ | (44) | ​
Noncontrolling interest portion of Tongmei stock-based compensation | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (139) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (139) | ​ | ​ | 68 | ​ | ​ | (71) | ​
Stock-based compensation | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 703 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 703 | ​ | ​ | — | ​ | ​ | 703 | ​
Tongmei stock-based compensation | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 188 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 188 | ​ | ​ | — | ​ | ​ | 188 | ​
Net loss | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (5,823) | ​ | ​ | — | ​ | ​ | (5,823) | ​ | ​ | (236) | ​ | ​ | (6,059) | ​
Other comprehensive income (loss) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (406) | ​ | ​ | (406) | ​ | ​ | (54) | ​ | ​ | (460) | ​
Balance as of September 30, 2023 |  | $ | 3,532 | ​ | $ | 44 | ​ | $ | 237,653 | ​ | $ | (28,419) | ​ | $ | (8,581) | ​ | $ | 204,229 | ​ | $ | 23,218 | ​ | $ | 227,447 | ​
​ Net loss and Other comprehensive loss attributable to redeemable noncontrolling interests were $356,000 and $55,000, respectively, for the three months ended September 30, 2023 and $807,000 and $615,000, respectively, for the nine months ended September 30, 2023 and are not shown in the table above. ​ 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 were $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 not shown in the table above. ​ There were no reclassification adjustments from accumulated other comprehensive income (loss) for the three and nine months ended September 30, 2023 and 2022. ​ Stock Repurchase Program ​ On October 27, 2014, our Board of Directors approved a stock repurchase program pursuant to which we may repurchase up to $5.0 million of our outstanding common stock. These repurchases can be made from time to time in the open market and are funded from our existing cash balances and cash generated from operations. During 2015, we repurchased approximately 908,000 shares at an average price of $2.52 per share for a total purchase price of approximately $2.3 million under the stock repurchase program. No shares were repurchased from 2016 through 2022. During the three and nine months ended September 30, 2023, we did no t repurchase any shares under the approved stock repurchase program. As of September 30, 2023, approximately $2.7 million remained available for future repurchases under this program. Currently, we do not plan to repurchase additional shares.

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