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Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
Sep. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 23,110,000 $ 22,833,000
Restricted cash 8,100,000 10,978,000
Accounts receivable, net of allowances for credit losses of $141 and $147 as of September 30, 2025 and December 31, 2024 33,837,000 25,640,000
Inventories 77,656,000 85,077,000
Prepaid expenses and other current assets 7,052,000 13,744,000
Total current assets 149,755,000 158,272,000
Property, plant and equipment, net 159,283,000 159,721,000
Operating lease right-of-use assets 2,103,000 2,479,000
Other assets 22,893,000 18,842,000
Total assets 334,034,000 339,314,000
Current liabilities:    
Accounts payable 10,848,000 12,356,000
Accrued liabilities 12,502,000 14,556,000
Short-term loans 61,547,000 47,264,000
Total current liabilities 84,897,000 74,176,000
Noncurrent operating lease liabilities 1,587,000 1,977,000
Other long-term liabilities 7,094,000 8,253,000
Total liabilities 93,578,000 84,406,000
Commitments and contingencies (Note 12)
Redeemable noncontrolling interests (Note 18) 38,111,000 38,577,000
Stockholders’ equity:    
Preferred stock Series A, $0.001 par value; 2,000 shares authorized; 883 shares issued and outstanding as of September 30, 2025 and December 31, 2024 (Liquidation preference of $8,184 and $8,052 as of September 30, 2025 and December 31, 2024) 3,532,000 3,532,000
Common stock, $0.001 par value; 70,000 shares authorized; 46,218 and 45,358 shares issued and outstanding as of September 30, 2025 and December 31, 2024 46,000 45,000
Additional paid-in capital 243,606,000 241,514,000
Accumulated deficit (61,376,000) (43,664,000)
Accumulated other comprehensive loss (6,660,000) (8,657,000)
Total AXT, Inc. stockholders’ equity 179,148,000 192,770,000
Noncontrolling interests 23,197,000 23,561,000
Total stockholders’ equity 202,345,000 216,331,000
Total liabilities, redeemable noncontrolling interests and stockholders’ equity $ 334,034,000 $ 339,314,000