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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
CONSOLIDATED STATEMENTS OF OPERATIONS      
Revenue $ 141,118 $ 137,393 $ 95,361
Cost of revenue 88,997 89,979 65,086
Gross profit 52,121 47,414 30,275
Operating expenses:      
Selling, general and administrative 25,654 24,189 19,200
Research and development 13,913 10,328 7,135
Total operating expenses 39,567 34,517 26,335
Income from operations 12,554 12,897 3,940
Interest expense, net (1,071) (213) (179)
Equity in income of unconsolidated joint ventures 5,957 4,409 111
Other income, net 3,487 509 3,200
Income before provision for income taxes 20,927 17,602 7,072
Provision for income taxes 2,185 1,093 2,031
Net income 18,742 16,509 5,041
Less: Net income attributable to noncontrolling interests and redeemable noncontrolling interests (2,931) (1,934) (1,803)
Net income attributable to AXT, Inc. $ 15,811 $ 14,575 $ 3,238
Net income attributable to AXT, Inc. per common share:      
Basic $ 0.37 $ 0.35 $ 0.08
Diluted $ 0.37 $ 0.34 $ 0.07
Weighted-average number of common shares outstanding:      
Basic 42,104 41,367 40,152
Diluted 42,715 42,720 41,025