v3.26.1
Note 6 - Investments in Privately-Held Raw Material Companies - Summary of Investments (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Sep. 30, 2025
Dec. 31, 2024
Aug. 31, 2023
Apr. 30, 2023
Apr. 30, 2022
Dec. 31, 2020
Fair Value Investment Balance $ 0   $ 551        
Equity method investments 14,968   14,066        
Beijing Jiya [Member]              
Equity method investments $ 4,428   4,867        
Equity Method Investment, Ownership Percentage 39.00%            
Xiaoyi Xingan Gallium [Member]              
Equity method investments $ 5,827   5,304        
Equity Method Investment, Ownership Percentage [1] 25.00%            
Chaoyang Kaimei Quartz Co [Member]              
Equity method investments $ 4,713   3,895        
Equity Method Investment, Ownership Percentage 40.00% [2]         40.00%  
Jia Mei Investment [Member]              
Fair Value Investment Balance $ 0   551        
Equity Method Investment, Ownership Percentage 0.00%       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%   75.00%  
Jia Mei Investment [Member]              
Emeishan Jia Mei High Purity Metals Co., Ltd. 0.00% [3] 7.10%          
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 Boyu Semiconductor Vessel Craftwork Technology Co [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 December 31, 2022, 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 the equity ownership 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.