Stockholders' Equity

3 Months Ended

Mar. 31, 2023

Stockholders' Equity

Stockholders' Equity

Note 8. Stockholders’ Equity

Condensed Consolidated Statements of Stockholders’ Equity

(in thousands)

The changes in stockholders’ equity by component for the three months ended March 31, 2023 are as follows:

									Accumulated
									Other		AXT, Inc.				Total
	Preferred		Common		Additional		Accumulated		Comprehensive		Stockholders’		Noncontrolling		Stockholders’
	Stock		Stock		Paid-In Capital		Deficit		Income (Loss)		Equity		Interests		Equity
Balance as of December 31, 2022	$	3,532	$	44	$	235,308	$	(14,159)	$	(3,118)	$	221,607	$	23,293	$	244,900
Common stock options exercised		—		—		8		—		—		8		—		8
Investment in subsidiary with noncontrolling interest		—		—		(36)		—		—		(36)		239		203
Investment in subsidiary with redeemable noncontrolling interest		—		—		(36)		—		—		(36)		—		(36)
Noncontrolling interest portion of Tongmei stock-based compensation		—		—		33		—		—		33		(16)		17
Stock-based compensation		—		—		717		—		—		717		—		717
Tongmei stock-based compensation		—		—		198		—		—		198		—		198
Net loss		—		—		—		(3,348)		—		(3,348)		(169)		(3,517)
Other comprehensive income		—		—		—		—		858		858		70		928
Balance as of March 31, 2023	$	3,532	$	44	$	236,192	$	(17,507)	$	(2,260)	$	220,001	$	23,417	$	243,418

Net loss and other comprehensive income attributable to redeemable noncontrolling interests were $149,000 and $70,000, respectively, for the three months ended March 31, 2023 and are not shown in the table above.

The changes in stockholders’ equity by component for the three months ended March 31, 2022 are as follows:

									Accumulated
									Other		AXT, Inc.				Total
	Preferred		Common		Additional		Accumulated		Comprehensive		Stockholders’		Noncontrolling		Stockholders’
	Stock		Stock		Paid-In Capital		Deficit		Income (Loss)		Equity		Interests		Equity
Balance as of December 31, 2021	$	3,532	$	43	$	231,622	$	(29,970)	$	6,302	$	211,529	$	18,317	$	229,846
Investment in subsidiary with noncontrolling interest		—		—		(410)		—		—		(410)		204		(206)
Noncontrolling interest portion of Tongmei stock-based compensation		—		—		17		—		—		17		(7)		10
Stock-based compensation		—		—		875		—		—		875		—		875
Tongmei stock-based compensation		—		—		213		—		—		213		—		213
Net income		—		—		—		3,165		—		3,165		389		3,554
Investment in subsidiary from noncontrolling interest		—		—		—		—		—		—		1,887		1,887
Other comprehensive income		—		—		—		—		327		327		45		372
Balance as of March 31, 2022	$	3,532	$	43	$	232,317	$	(26,805)	$	6,629	$	215,716	$	20,835	$	236,551

Net income and other comprehensive income attributable to redeemable noncontrolling interests were $418,000 and $46,000, respectively, for the three months ended March 31, 2023 and are not shown in the table above.

There were no reclassification adjustments from accumulated other comprehensive income (loss) for the three months ended March 31, 2023 and 2022.

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 2022. During the three months ended March 31, 2023, we did not repurchase any shares under the approved stock repurchase program. As of March 31, 2023, approximately $2.7 million remained available for future repurchases under this program. Currently, we do not plan to repurchase additional shares.