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Note 8 - Stockholders' Equity | 9 Months Ended
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Sep. 30, 2025
Notes to Financial Statements |
Equity [Text Block] | 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, 2025 are as follows:
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Accumulated |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  | Additional |  |  |  |  |  |  | Other |  |  | AXT, Inc. |  |  |  |  |  |  | Total |
|  | Preferred |  |  | Common |  |  | Paid-In |  |  | Accumulated |  |  | Comprehensive |  |  | Stockholders’ |  |  | Noncontrolling |  |  | Stockholders’ |
|  | Stock |  |  | Stock |  |  | Capital |  |  | Deficit |  |  | Income (Loss) |  |  | Equity |  |  | Interests |  |  | Equity |
Balance as of December 31, 2024 |  | $ | 3,532 |  |  | $ | 45 |  |  | $ | 241,514 |  |  | $ | (43,664 | ) |  | $ | (8,657 | ) |  | $ | 192,770 |  |  | $ | 23,561 |  |  | $ | 216,331 |
Stock-based compensation |  |  | — |  |  |  | — |  |  |  | 563 |  |  |  | — |  |  |  | — |  |  |  | 563 |  |  |  | — |  |  |  | 563 |
Tongmei stock-based compensation |  |  | — |  |  |  | 1 |  |  |  | 70 |  |  |  | — |  |  |  | — |  |  |  | 71 |  |  |  | 6 |  |  |  | 77 |
Net loss |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (8,798 | ) |  |  | — |  |  |  | (8,798 | ) |  |  | (610 | ) |  |  | (9,408 | )
Other comprehensive loss |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 431 |  |  |  | 431 |  |  |  | 53 |  |  |  | 484 |
Balance as of March 31, 2025 |  |  | 3,532 |  |  |  | 46 |  |  |  | 242,147 |  |  |  | (52,462 | ) |  |  | (8,226 | ) |  |  | 185,037 |  |  |  | 23,010 |  |  |  | 208,047 |
Stock-based compensation |  |  | — |  |  |  | — |  |  |  | 607 |  |  |  | — |  |  |  | — |  |  |  | 607 |  |  |  | — |  |  |  | 607 |
Tongmei stock-based compensation |  |  | — |  |  |  | — |  |  |  | 22 |  |  |  | — |  |  |  | — |  |  |  | 22 |  |  |  | 2 |  |  |  | 24 |
Net loss |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (7,008 | ) |  |  | — |  |  |  | (7,008 | ) |  |  | (233 | ) |  |  | (7,241 | )
Other comprehensive loss |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,056 |  |  |  | 1,056 |  |  |  | 128 |  |  |  | 1,184 |
Balance as of June 30, 2025 |  |  | 3,532 |  |  |  | 46 |  |  |  | 242,776 |  |  |  | (59,470 | ) |  |  | (7,170 | ) |  |  | 179,714 |  |  |  | 22,907 |  |  |  | 202,621 |
Common stock options exercised |  |  | — |  |  |  | — |  |  |  | 96 |  |  |  | — |  |  |  | — |  |  |  | 96 |  |  |  | — |  |  |  | 96 |
Stock-based compensation |  |  | — |  |  |  | — |  |  |  | 708 |  |  |  | — |  |  |  | — |  |  |  | 708 |  |  |  | — |  |  |  | 708 |
Tongmei stock-based compensation |  |  | — |  |  |  | — |  |  |  | 26 |  |  |  | — |  |  |  | — |  |  |  | 26 |  |  |  | 2 |  |  |  | 28 |
Net loss |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1,906 | ) |  |  | — |  |  |  | (1,906 | ) |  |  | 223 |  |  |  | (1,683 | )
Other comprehensive loss |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 510 |  |  |  | 510 |  |  |  | 65 |  |  |  | 575 |
Balance as of September 30, 2025 |  | $ | 3,532 |  |  | $ | 46 |  |  | $ | 243,606 |  |  | $ | (61,376 | ) |  | $ | (6,660 | ) |  | $ | 179,148 |  |  | $ | 23,197 |  |  | $ | 202,345 |
Net income (loss) and other comprehensive loss attributable to redeemable noncontrolling interests were $10,000 and $65,000, respectively, for the three months ended September 30, 2025, and ($1.0) million and $246,000, respectively, for the nine months ended September 30, 2025 and are not shown in the table above. The changes in stockholders’ equity by component for the three and nine months ended September 30, 2024 are as follows:
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Accumulated |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  | Additional |  |  |  |  |  |  | Other |  |  | AXT, Inc. |  |  |  |  |  |  | Total |
|  | Preferred |  |  | Common |  |  | Paid-In |  |  | Accumulated |  |  | Comprehensive |  |  | Stockholders’ |  |  | Noncontrolling |  |  | Stockholders’ |
|  | Stock |  |  | Stock |  |  | Capital |  |  | Deficit |  |  | Income (Loss) |  |  | Equity |  |  | Interests |  |  | Equity |
Balance as of December 31, 2023 |  | $ | 3,532 |  |  | $ | 44 |  |  | $ | 238,452 |  |  | $ | (32,040 | ) |  | $ | (5,999 | ) |  | $ | 203,989 |  |  | $ | 23,494 |  |  | $ | 227,483 |
Common stock options exercised |  |  | — |  |  |  | — |  |  |  | 20 |  |  |  | — |  |  |  | — |  |  |  | 20 |  |  |  | — |  |  |  | 20 |
Stock-based compensation |  |  | — |  |  |  | — |  |  |  | 614 |  |  |  | — |  |  |  | — |  |  |  | 614 |  |  |  | — |  |  |  | 614 |
Tongmei stock-based compensation |  |  | — |  |  |  | — |  |  |  | 171 |  |  |  | — |  |  |  | — |  |  |  | 171 |  |  |  | 13 |  |  |  | 184 |
Net loss |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (2,083 | ) |  |  | — |  |  |  | (2,083 | ) |  |  | 106 |  |  |  | (1,977 | )
Other comprehensive income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1,627 | ) |  |  | (1,627 | ) |  |  | (187 | ) |  |  | (1,814 | )
Balance as of March 31, 2024 |  |  | 3,532 |  |  |  | 44 |  |  |  | 239,257 |  |  |  | (34,123 | ) |  |  | (7,626 | ) |  |  | 201,084 |  |  |  | 23,426 |  |  |  | 224,510 |
Common stock options exercised |  |  | — |  |  |  | — |  |  |  | 5 |  |  |  | — |  |  |  | — |  |  |  | 5 |  |  |  | — |  |  |  | 5 |
Stock-based compensation |  |  | — |  |  |  | — |  |  |  | 621 |  |  |  | — |  |  |  | — |  |  |  | 621 |  |  |  | — |  |  |  | 621 |
Tongmei stock-based compensation |  |  | — |  |  |  | — |  |  |  | 79 |  |  |  | — |  |  |  | — |  |  |  | 79 |  |  |  | 7 |  |  |  | 86 |
Net loss |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1,516 | ) |  |  | — |  |  |  | (1,516 | ) |  |  | 316 |  |  |  | (1,200 | )
Other comprehensive income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (601 | ) |  |  | (601 | ) |  |  | (69 | ) |  |  | (670 | )
Balance as of June 30, 2024 |  |  | 3,532 |  |  |  | 44 |  |  |  | 239,962 |  |  |  | (35,639 | ) |  |  | (8,227 | ) |  |  | 199,672 |  |  |  | 23,680 |  |  |  | 223,352 |
Common stock options exercised |  |  | — |  |  |  | 1 |  |  |  | 2 |  |  |  | — |  |  |  | — |  |  |  | 3 |  |  |  | — |  |  |  | 3 |
Stock-based compensation |  |  | — |  |  |  | — |  |  |  | 709 |  |  |  | — |  |  |  | — |  |  |  | 723 |  |  |  | — |  |  |  | 723 |
Tongmei stock-based compensation |  |  | — |  |  |  | — |  |  |  | 97 |  |  |  | — |  |  |  | — |  |  |  | 83 |  |  |  | 7 |  |  |  | 90 |
Net loss |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (2,937 | ) |  |  | — |  |  |  | (2,937 | ) |  |  | 190 |  |  |  | (2,747 | )
Other comprehensive income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,189 |  |  |  | 3,189 |  |  |  | 372 |  |  |  | 3,561 |
Balance as of September 30, 2024 |  | $ | 3,532 |  |  | $ | 45 |  |  | $ | 240,770 |  |  | $ | (38,576 | ) |  | $ | (5,038 | ) |  | $ | 200,733 |  |  | $ | 24,249 |  |  | $ | 224,982 |
Net income (loss) and other comprehensive income (loss) attributable to redeemable noncontrolling interests were ($140,000) and $376,000, respectively, for the three months ended September 30, 2024 and ($210,000) and $118,000, respectively, for the nine months ended September 30, 2024 and are 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, 2025 and 2024. 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 2024. During the three and nine months ended September 30, 2025, we did not repurchase any shares under the approved stock repurchase program. As of September 30, 2025, approximately $2.7 million remained available for future repurchases under this program. Currently, we do not plan to repurchase additional shares. By the terms of the Series A preferred stock, so long as any shares of Series A preferred stock are outstanding, neither the Company nor any subsidiary of the Company shall redeem, repurchase or otherwise acquire any shares of common stock, unless all accrued dividends on the Series A preferred stock have been paid. During 2013 and 2015, we repurchased shares of our outstanding common stock. As of December 31, 2015, the Series A preferred stock had cumulative dividends of $2.9 million and we included this amount in “Accrued liabilities” in our consolidated balance sheets. In the quarter ended September 30, 2025 and 2024, we did not repurchase any of our outstanding common stock. If we are required to pay the cumulative dividends on the Series A preferred stock, our cash and cash equivalents would be reduced. We account for the cumulative year-to-date dividends on the Series A preferred stock when calculating our earnings per share.

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