CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 35,436	$ 34,948
Restricted cash	9,457	6,400
Short-term investments	7,016	9,339
Accounts receivable, net of allowances of $307 and $307 as of March 31, 2023 and December 31, 2022	21,345	29,252
Inventories	91,678	89,629
Prepaid expenses and other current assets	12,070	13,977
Total current assets	177,002	183,545
Long-term investments	1,642	2,118
Property, plant and equipment, net	162,524	161,017
Operating lease right-of-use assets	1,659	1,761
Other assets	23,796	21,631
Total assets	366,623	370,072
Current liabilities:
Accounts payable	6,766	10,084
Accrued liabilities	13,201	18,164
Bank loans	52,821	47,078
Total current liabilities	72,788	75,326
Noncurrent operating lease liabilities	1,275	1,322
Other long-term liabilities	4,222	3,678
Total liabilities	78,285	80,326
Commitments and contingencies (Note 16)
Redeemable noncontrolling interests (Note 18)	44,920	44,846
Stockholders' equity:
Preferred stock Series A, $0.001 par value; 2,000 shares authorized; 883 shares issued and outstanding as of March 31, 2023 and December 31, 2022 (Liquidation preference of $7,743 and $7,699 as of March 31, 2023 and December 31, 2022)	3,532	3,532
Common stock, $0.001 par value; 70,000 shares authorized; 43,586 and 43,554 shares issued and outstanding as of March 31, 2023 and December 31, 2022	44	44
Additional paid-in capital	236,192	235,308
Accumulated deficit	(17,507)	(14,159)
Accumulated other comprehensive loss	(2,260)	(3,118)
Total AXT, Inc. stockholders' equity	220,001	221,607
Noncontrolling interests	23,417	23,293
Total stockholders' equity	243,418	244,900
Total liabilities, redeemable noncontrolling interests and stockholders' equity	$ 366,623	$ 370,072