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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Current assets:    
Cash and cash equivalents $ 28,522 $ 34,948
Restricted cash 10,778 6,400
Short-term investments 4,270 9,339
Accounts receivable, net of allowances of $243 and $307 as of September 30, 2023 and December 31, 2022 18,883 29,252
Inventories 86,383 89,629
Prepaid expenses and other current assets 11,474 13,977
Total current assets 160,310 183,545
Long-term investments   2,118
Property, plant and equipment, net 158,773 161,017
Operating lease right-of-use assets 2,878 1,761
Other assets 20,229 21,631
Total assets 342,190 370,072
Current liabilities:    
Accounts payable 6,369 10,084
Accrued liabilities 15,520 18,164
Bank loans 45,776 47,078
Total current liabilities 67,665 75,326
Noncurrent operating lease liabilities 2,437 1,322
Other long-term liabilities 4,007 3,678
Total liabilities 74,109 80,326
Commitments and contingencies (Note 12)
Redeemable noncontrolling interests (Note 18) 40,634 44,846
Stockholders' equity:    
Preferred stock Series A, $0.001 par value; 2,000 shares authorized; 883 shares issued and outstanding as of September 30, 2023 and December 31, 2022 (Liquidation preference of $7,831 and $7,699 as of September 30, 2023 and December 31, 2022) 3,532 3,532
Common stock, $0.001 par value; 70,000 shares authorized; 43,644 and 43,554 shares issued and outstanding as of September 30, 2023 and December 31, 2022 44 44
Additional paid-in capital 237,653 235,308
Accumulated deficit (28,419) (14,159)
Accumulated other comprehensive loss (8,581) (3,118)
Total AXT, Inc. stockholders' equity 204,229 221,607
Noncontrolling interests 23,218 23,293
Total stockholders' equity 227,447 244,900
Total liabilities, redeemable noncontrolling interests and stockholders' equity $ 342,190 $ 370,072