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Note 7 - Investments in Privately-Held Raw Material Companies - Summary of Investments (Details) - USD ($) $ in Thousands | Jun. 30, 2025 | Dec. 31, 2024 | May 31, 2023 | Apr. 30, 2023 | Jul. 31, 2022 | Apr. 30, 2022 | May 31, 2021 | Feb. 28, 2021 | Dec. 31, 2020
--- | --- | --- | --- | --- | --- | --- | --- | --- | ---
Fair Value Investment Balance |  | $ 406 |  | $ 551 |  |  |  |  |  |  |
Equity Method Investment Balance |  | 14,330 |  | 14,066 |  |  |  |  |  |  |
Beijing Jiya [Member] |  |  |  |  |  |  |  |  |  |  |
Equity Method Investment Balance |  | $ 4,177 |  | 4,867 |  |  |  |  |  |  |
Equity Method Investment, Ownership Percentage |  | 39.00% |  |  |  |  |  |  |  |  |
Xiaoyi Xingan Gallium [Member] |  |  |  |  |  |  |  |  |  |  |
Equity Method Investment Balance |  | $ 5,515 |  | 5,304 |  |  |  |  |  |  |
Equity Method Investment, Ownership Percentage | [1] | 25.00% |  |  |  |  |  |  |  |  |
Chaoyang Kaimei Quartz Co [Member] |  |  |  |  |  |  |  |  |  |  |
Equity Method Investment Balance |  | $ 4,638 |  | 3,895 |  |  |  |  |  |  |
Equity Method Investment, Ownership Percentage |  | 40.00% | [2] |  |  |  |  | 40.00% |  |  |
Jia Mei Investment [Member] |  |  |  |  |  |  |  |  |  |  |
Fair Value Investment Balance |  | $ 406 |  | 551 |  |  |  |  |  |  |
Equity Method Investment, Ownership Percentage |  |  |  |  |  | 25.00% |  |  |  |  |
Nanjing Jin Mei Gallium [Member] |  |  |  |  |  |  |  |  |  |  |
Emeishan Jia Mei High Purity Metals Co., Ltd. |  |  |  |  |  |  |  |  |  |  | 8.50%
Beijing Bouy Vessel [Member] |  |  |  |  |  |  |  |  |  |  |
Emeishan Jia Mei High Purity Metals Co., Ltd. |  |  |  |  |  |  |  |  |  |  | 33.00%
Chao Yang ShouMei [Member] |  |  |  |  |  |  |  |  |  |  |
Joint Venture Investment, Ownership Percentage |  |  |  |  |  |  |  | 75.00% |  |  |
ChaoYang XinMei [Member] |  |  |  |  |  |  |  |  |  |  |
Joint Venture Investment, Ownership Percentage |  |  |  |  |  |  | 58.50% |  | 58.50% | 58.50% |
Jia Mei Investment [Member] |  |  |  |  |  |  |  |  |  |  |
Emeishan Jia Mei High Purity Metals Co., Ltd. |  | 10.00% | [3] |  | 10.00% |  |  |  |  |  |
Nanjing Jin Mei Gallium [Member] |  |  |  |  |  |  |  |  |  |  |
Joint Venture Investment Balance |  | $ 592 |  | 592 |  |  |  |  |  |  |
Nanjing Jin Mei Gallium [Member] | Nanjing Jin Mei Gallium [Member] |  |  |  |  |  |  |  |  |  |  |
Joint Venture Investment, Ownership Percentage | [1] | 85.50% |  |  |  |  |  |  |  |  |
Chao Yang Jin Mei Gallium [Member] |  |  |  |  |  |  |  |  |  |  |
Joint Venture Investment Balance |  | $ 1,820 |  | 1,820 |  |  |  |  |  |  |
Chao Yang Jin Mei Gallium [Member] | Chao Yang Jin Mei Gallium [Member] |  |  |  |  |  |  |  |  |  |  |
Joint Venture Investment, Ownership Percentage | [1] | 85.50% |  |  |  |  |  |  |  |  |
Beijing Bouy Vessel [Member] |  |  |  |  |  |  |  |  |  |  |
Joint Venture Investment Balance |  | $ 1,346 |  | 1,346 |  |  |  |  |  |  |
Beijing Bouy Vessel [Member] | Beijing Bouy Vessel [Member] |  |  |  |  |  |  |  |  |  |  |
Joint Venture Investment, Ownership Percentage | [1] | 85.50% |  |  |  |  |  |  |  |  |
Chao Yang ShouMei [Member] |  |  |  |  |  |  |  |  |  |  |
Joint Venture Investment Balance |  | $ 3,122 |  | 3,122 |  |  |  |  |  |  |
Chao Yang ShouMei [Member] | Chao Yang ShouMei [Member] |  |  |  |  |  |  |  |  |  |  |
Joint Venture Investment, Ownership Percentage | [4] | 75.00% |  |  |  |  |  |  |  |  |
ChaoYang XinMei [Member] |  |  |  |  |  |  |  |  |  |  |
Joint Venture Investment Balance |  | $ 7,331 |  | 7,331 |  |  |  |  |  |  |
ChaoYang XinMei [Member] | ChaoYang XinMei [Member] |  |  |  |  |  |  |  |  |  |  |
Joint Venture Investment, Ownership Percentage | [5] | 58.50% |  |  |  |  |  |  |  |  |
Subsidiaries [Member] |  |  |  |  |  |  |  |  |  |  |
Fair Value Investment Balance |  | $ 14,211 |  | $ 14,211 |  |  |  |  |  |  |
[1] | In preparation for Tongmei’s application for a listing of shares in an IPO on the STAR Market, in late December 2020 we reorganized our entity structures in China. JinMei and BoYu and their subsidiaries, previously organized under AXT, Inc., were assigned to Tongmei and effectively merged with Tongmei although they retained their own respective legal entity status and are wholly owned subsidiaries of Tongmei. The 33% minority interest stakeholders of BoYu converted their ownership to a 7.59% minority interest in Tongmei. The 8.5% minority interest stakeholders, employees of JinMei, converted their ownership to a 0.38% minority interest in Tongmei. Further, a number of employees, key managers and contributors, purchased a 0.4% minority interest in Tongmei. In 2020, the Investors transferred approximately $48.1 million of new capital to Tongmei. An additional investment of approximately $1.5 million of new capital was funded in early January 2021. Under China regulations these investments must be formally approved by the appropriate government agency and are not deemed to be dilutive until such approval is granted. The government approved the approximately $49 million investment in its entirety on January 25, 2021 at which time the Investors owned a redeemable noncontrolling interest in Tongmei of 7.28%. As of June 30, 2025, Tongmei’s noncontrolling interests and redeemable noncontrolling interests totaled approximately 14.5%. AXT remains the controlling stakeholder of Tongmei and holds a majority of the Board of Director positions of Tongmei.
[2] | In April 2022, Tongmei signed a joint venture agreement with certain investors to fund a new company, ChaoYang KaiMei.
[3] | In May 2023, we sold 15% of our equity investments in Jia Mei to a third party. We now own 10% of Jia Mei and account for it under the fair value method.
[4] | In April 2022, ChaoYang JinMei signed a joint venture agreement with certain investor to fund a new company, ChaoYang ShuoMei.
[5] | In February 2021, Tongmei signed a joint venture agreement with certain investors to fund ChaoYang XinMei.

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