Note 8 - Stockholders' Equity

6 Months Ended

Jun. 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 six months ended June 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

Net loss and Other comprehensive loss attributable to redeemable noncontrolling interests were $433,000 and $128,000, respectively, for the three months ended June 30, 2025, and $1.0 million and $181,000, respectively, for the six months ended June 30, 2025 and are not shown in the table above.

The changes in stockholders’ equity by component for the three and six months ended June 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

Net income (loss) and Other comprehensive income (loss) attributable to redeemable noncontrolling interests were $1,000 and ($69,000), respectively, for the three months ended June 30, 2024 and ($70,000) and ($258,000), respectively, for the six months ended June 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 six months ended June 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 six months ended June 30, 2025, we did not repurchase any shares under the approved stock repurchase program. As of June 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 June 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.