CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 32,918	$ 36,763
Restricted cash	3,900
Short-term investments	7,207	5,419
Accounts receivable, net of allowances of $307 and $130 as of September 30, 2022 and December 31, 2021	38,131	34,839
Inventories	88,496	65,912
Prepaid expenses and other current assets	10,804	17,252
Total current assets	181,456	160,185
Long-term investments	4,196	9,576
Property, plant and equipment, net	152,727	142,415
Operating lease right-of-use assets	1,820	2,324
Other assets	21,577	17,941
Total assets	361,776	332,441
Current liabilities:
Accounts payable	13,354	16,649
Accrued liabilities	16,555	17,057
Short-term loan from noncontrolling interest		1,887
Bank loan	42,998	12,229
Total current liabilities	72,907	47,822
Noncurrent operating lease liabilities	1,384	1,935
Other long-term liabilities	2,128	2,453
Total liabilities	76,419	52,210
Commitments and contingencies (Note 12)
Redeemable noncontrolling interests (Note 18)	45,198	50,385
Stockholders' equity:
Preferred stock Series A, $0.001 par value; 2,000 shares authorized; 883 shares issued and outstanding as of September 30, 2022 and December 31, 2021 (Liquidation preference of $7,655 and $7,522 as of September 30, 2022 and December 31, 2021)	3,532	3,532
Common stock, $0.001 par value; 70,000 shares authorized; 43,161 and 42,886 shares issued and outstanding as of September 30, 2022 and December 31, 2021	43	43
Additional paid-in capital	234,532	231,622
Accumulated deficit	(15,500)	(29,970)
Accumulated other comprehensive income	(5,457)	6,302
Total AXT, Inc. stockholders' equity	217,150	211,529
Noncontrolling interests	23,009	18,317
Total stockholders' equity	240,159	229,846
Total liabilities, redeemable noncontrolling interests and stockholders' equity	$ 361,776	$ 332,441