CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 27,837	$ 16,526
Short-term investments	6,116	22,129
Accounts receivable, net of allowances of $34 and $358 as of September 30, 2019 and December 31, 2018	17,450	19,586
Inventories	49,071	58,571
Prepaid expenses and other current assets	8,249	11,728
Total current assets	108,723	128,540
Long-term investments	4,519	717
Property, plant and equipment, net	89,680	82,280
Operating lease right-of-use assets	2,981
Other assets	11,807	11,987
Total assets	217,710	223,524
Current liabilities:
Accounts payable	8,147	13,338
Accrued liabilities	9,432	15,371
Bank loan	5,609
Total current liabilities	23,188	28,709
Noncurrent operating lease liabilities	2,744
Other long-term liabilities	324	283
Total liabilities	26,256	28,992
Commitments and contingencies (Note 12)
Stockholders’ equity:
Preferred stock Series A, $0.001 par value; 2,000 shares authorized; 883 shares issued and outstanding as of September 30, 2019 and December 31, 2018 (Liquidation preference of $7,125 and $6,992 as of September 30, 2019 and December 31, 2018)	3,532	3,532
Common stock, $0.001 par value; 70,000 shares authorized; 40,220 and 39,985 shares issued and outstanding as of September 30, 2019 and December 31, 2018	40	40
Additional paid-in capital	236,320	234,418
Accumulated deficit	(45,734)	(45,183)
Accumulated other comprehensive loss	(7,240)	(1,972)
Total AXT, Inc. stockholders’ equity	186,918	190,835
Noncontrolling interests	4,536	3,697
Total stockholders’ equity	191,454	194,532
Total liabilities and stockholders’ equity	$ 217,710	$ 223,524