v3.26.1
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 412,167 $ 120,266
Restricted cash 33,050 8,100
Short-term investments 5,031 0
Accounts receivable, net of allowances for credit losses of $230 and $164 as of June 30, 2026 and December 31, 2025 36,675 26,849
Inventories 96,322 81,651
Prepaid expenses and other current assets 15,558 9,690
Total current assets 598,803 246,556
Long-term investments 298,600 0
Property, plant and equipment, net 174,924 161,860
Operating lease right-of-use assets 1,766 1,982
Other assets 23,099 23,353
Total assets 1,097,192 433,751
Current liabilities:    
Accounts payable 14,373 12,947
Accrued liabilities 27,052 14,798
Short-term loans 84,233 62,796
Total current liabilities 125,658 90,541
Long-term portion of lease obligations 1,164 1,441
Other long-term liabilities 18,522 7,138
Total liabilities 145,344 99,120
Commitments and contingencies (Note 12)
Redeemable noncontrolling interests (Note 18) 39,735 38,056
Stockholders’ equity:    
Preferred stock Series A, $0.001 par value; 2,000 shares authorized; 883 shares issued and outstanding as of June 30, 2026 and December 31, 2025 (Liquidation preference of $8,317 and $8,229 as of June 30, 2026 and December 31, 2025) 3,532 3,532
Common stock, $0.001 par value; 120,000 and 70,000 shares authorized as of June 30, 2026 and December 31, 2025; 65,570 and 55,337 shares issued and outstanding as of June 30, 2026 and December 31, 2025 66 55
Additional paid-in capital 943,758 339,922
Accumulated deficit (55,416) (64,924)
Accumulated other comprehensive loss (4,666) (5,295)
Total AXT, Inc. stockholders’ equity 887,274 273,290
Noncontrolling interests 24,839 23,285
Total stockholders’ equity 912,113 296,575
Total liabilities, redeemable noncontrolling interests and stockholders’ equity $ 1,097,192 $ 433,751