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CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 22,833,000 $ 37,752,000
Restricted cash 10,978,000 12,362,000
Short-term investments   2,140,000
Accounts receivable, net of allowances for credit losses of $147 and $579 as of December 31, 2024 and December 31, 2023 25,640,000 19,256,000
Inventories 85,077,000 86,503,000
Prepaid expenses and other current assets 13,744,000 12,643,000
Total current assets 158,272,000 170,656,000
Property, plant and equipment, net 159,721,000 166,348,000
Operating lease right-of-use assets 2,479,000 2,799,000
Other assets 18,842,000 18,898,000
Total assets 339,314,000 358,701,000
Current liabilities:    
Accounts payable 12,356,000 9,617,000
Accrued liabilities 14,556,000 19,019,000
Short-term loans 47,264,000 52,921,000
Total current liabilities 74,176,000 81,557,000
Noncurrent operating lease liabilities 1,977,000 2,351,000
Other long-term liabilities 8,253,000 5,647,000
Total liabilities 84,406,000 89,555,000
Commitments and contingencies (Note 16)
Redeemable noncontrolling interests (Note 18) 38,577,000 41,663,000
Stockholders' equity:    
Preferred stock Series A, $0.001 par value; 2,000 shares authorized; 883 shares issued and outstanding as of December 31, 2024 and December 31, 2023 (Liquidation preference of $8,052 and $7,875 as of December 31, 2024 and December 31, 2023) 3,532,000 3,532,000
Common stock, $0.001 par value; 70,000 shares authorized; 45,358 and 44,239 shares issued and outstanding as of December 31, 2024 and December 31, 2023 45,000 44,000
Additional paid-in capital 241,514,000 238,452,000
Accumulated deficit (43,664,000) (32,040,000)
Accumulated other comprehensive loss (8,657,000) (5,999,000)
Total AXT, Inc. stockholders' equity 192,770,000 203,989,000
Noncontrolling interests 23,561,000 23,494,000
Total stockholders' equity 216,331,000 227,483,000
Total liabilities, redeemable noncontrolling interests and stockholders' equity $ 339,314,000 $ 358,701,000