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Investments in Privately-held Raw Material Companies (Tables) | 12 Months Ended
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Dec. 31, 2023
Investments in Privately-Held Raw Material Companies |
Summary of investments | The investments are summarized below (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Investment Balance as of | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, | ​ | December 31, | ​ | Accounting | ​ | Ownership | *
Company |  | 2023 |  | 2022 |  | Method |  | Percentage | ​
Nanjing JinMei Gallium Co., Ltd. | ​ | $ | 592 | ​ | $ | 592 |  | Consolidated |  | ** 85.5 | %
ChaoYang JinMei Gallium Co., Ltd. | ​ | ​ | 1,820 | ​ | ​ | 1,820 | ​ | Consolidated | ​ | ** 85.5 | %
Beijing BoYu Semiconductor Vessel Craftwork Technology Co., Ltd. | ​ |  | 1,346 | ​ |  | 1,346 |  | Consolidated |  | ** 85.5 | %
ChaoYang ShuoMei High Purity Semiconductor Materials Co., Ltd. | ​ | ​ | 3,122 | ​ | ​ | 1,000 | ​ | Consolidated | ​ | **** 75.0 | %
ChaoYang XinMei High Purity Semiconductor Materials Co., Ltd. | ​ | ​ | 7,331 | ​ | ​ | 7,331 | ​ | Consolidated |  | *** 58.5 | %
​ | ​ | $ | 14,211 | ​ | $ | 12,089 | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Beijing JiYa Semiconductor Material Co., Ltd. | ​ | $ | 3,806 | ​ | ​ | 6,381 | ​ | Equity | ​ | 39 | %
Xiaoyi XingAn Gallium Co., Ltd. | ​ | ​ | 5,516 | ​ | ​ | 5,094 | ​ | Equity | ​ | ** 25 | %
ChaoYang KaiMei Quartz Co., Ltd. | ​ | ​ | 3,154 | ​ | ​ | 827 | ​ | Equity | ​ | ***** 40 | %
Emeishan Jia Mei High Purity Metals Co., Ltd. | ​ |  | N/A | ​ |  | 418 |  | Equity |  | ****** 25 | %
​ | ​ | $ | 12,476 | ​ | $ | 12,720 | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Emeishan Jia Mei High Purity Metals Co., Ltd. | ​ |  | 551 | ​ |  | N/A |  | Fair value |  | ****** 10 | %
​ | ​ | $ | 551 | ​ | $ | — | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Donghai County Dongfang High Purity Electronic Materials Co., Ltd. | ​ |  | — | ​ |  | 1,887 |  | N/A |  | ******* 0 | %
​ | ​ | $ | — | ​ | $ | 1,887 | ​ | ​ | ​ | ​ | ​
Summarized balance sheet information | These minority investment entities that are not consolidated, but rather are accounted for under the equity method, had the following summarized balance sheet information (in thousands) as of December 31, 2023 and 2022, respectively: (The 2023 balance sheet information excludes Jia Mei.)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31, |
​ |  | 2023 | ​ | 2022 |
Current assets | ​ | $ | 31,636 |  | $ | 43,091 | ​
Noncurrent assets | ​ |  | 19,751 | ​ |  | 12,520 | ​
Current liabilities | ​ |  | 7,367 | ​ |  | 10,552 | ​
Noncurrent liabilities | ​ |  | — | ​ |  | — | ​
Schedule of gain (loss) on sale and re measurement of equity method investments | ​
​ | ​ | ​ | ​
​ | ​ | Amount
​ |  | (in thousands)
Fair value of the consideration received | ​ | $ | 779
Foreign income tax withholding | ​ | ​ | 48
Carrying value of 15% of Emeishan Jia Mei High Purity Metals Co., Ltd. | ​ | ​ | (252)
Gain recognized on sale of 15% of Emeishan Jia Mei High Purity Metals Co., Ltd. | ​ | $ | 575
​ | ​ | ​ | ​
​ | ​ | ​ | ​
​ | ​ | Amount
​ | ​ | (in thousands)
Fair value of the retained investment in Emeishan Jia Mei High Purity Metals Co., Ltd. | ​ | $ | 551
Carrying value of retained noncontrolling investment (10%) | ​ | ​ | (168)
Gain on retained noncontrolling investment due to remeasurement (10%) | ​ | $ | 383
​
​ | ​ | ​ | ​
​ | ​ | Amount
​ |  | (in thousands)
Fair value of the consideration received | ​ | $ | 585
Carrying value of 46% of Donghai County Dongfang High Purity Electronic Materials Co., Ltd. | ​ | ​ | (1,710)
Loss recognized on sale of 46% of Donghai County Dongfang High Purity Electronic Materials Co., Ltd. | ​ | $ | (1,125)
Summarized income information | AXT’s minority investment entities are not consolidated and are accounted for under the equity method. The equity entities had the following summarized income information (in thousands) for the years ended December 31, 2023, 2022 and 2021, respectively: (The 2023 income information includes results of Jia Mei for Q1 and Q2.)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Our share for the |
​ | ​ | ​ | Year Ended | ​ | Year Ended |
​ | ​ | ​ | December 31, | ​ | December 31, |
​ |  | 2023 |  | 2022 | ​ | 2021 |  | 2023 |  | 2022 |  | 2021 |
Net revenue | ​ | $ | 32,544 | ​ | $ | 48,139 | ​ | $ | 35,939 | ​ | $ | 10,033 | ​ | $ | 15,031 | ​ | $ | 11,424 | ​
Gross profit | ​ |  | 11,698 | ​ |  | 27,000 | ​ |  | 17,465 | ​ |  | 3,365 | ​ |  | 8,229 | ​ |  | 5,482 | ​
Operating income | ​ |  | 10,115 | ​ |  | 24,987 | ​ |  | 14,293 | ​ |  | 2,724 | ​ |  | 7,532 | ​ |  | 4,495 | ​
Net income | ​ | ​ | 8,681 | ​ | ​ | 19,104 | ​ | ​ | 12,560 | ​ | ​ | 1,884 | ​ | ​ | 5,957 | ​ | ​ | 4,409 | ​

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