Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Jun. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 27,007,000	$ 22,833,000
Restricted cash	8,100,000	10,978,000
Accounts receivable, net of allowances for credit losses of $147 and $147 as of June 30, 2025 and December 31, 2024	22,794,000	25,640,000
Inventories	80,063,000	85,077,000
Prepaid expenses and other current assets	6,996,000	13,744,000
Total current assets	144,960,000	158,272,000
Property, plant and equipment, net	159,714,000	159,721,000
Operating lease right-of-use assets	2,233,000	2,479,000
Other assets	22,096,000	18,842,000
Total assets	329,003,000	339,314,000
Current liabilities:
Accounts payable	11,242,000	12,356,000
Accrued liabilities	12,372,000	14,556,000
Short-term loans	55,928,000	47,264,000
Total current liabilities	79,542,000	74,176,000
Long-term portion of lease obligations	1,714,000	1,977,000
Other long-term liabilities	7,116,000	8,253,000
Total liabilities	88,372,000	84,406,000
Commitments and contingencies (Note 12)
Redeemable noncontrolling interests (Note 18)	38,010,000	38,577,000
Stockholders’ equity:
Preferred stock Series A, $0.001 par value; 2,000 shares authorized; 883 shares issued and outstanding as of June 30, 2025 and December 31, 2024 (Liquidation preference of $8,140 and $8,052 as of June 30, 2025 and December 31, 2024)	3,532,000	3,532,000
Common stock, $0.001 par value; 70,000 shares authorized; 46,078 and 45,358 shares issued and outstanding as of June 30, 2025 and December 31, 2024	46,000	45,000
Additional paid-in capital	242,776,000	241,514,000
Accumulated deficit	(59,470,000)	(43,664,000)
Accumulated other comprehensive loss	(7,170,000)	(8,657,000)
Total AXT, Inc. stockholders’ equity	179,714,000	192,770,000
Noncontrolling interests	22,907,000	23,561,000
Total stockholders’ equity	202,621,000	216,331,000
Total liabilities, redeemable noncontrolling interests and stockholders’ equity	$ 329,003,000	$ 339,314,000