Investments in Privately-Held Raw Material Companies (Tables)

3 Months Ended

Mar. 31, 2023

Investments in Privately-Held Raw Material Companies

Summary of investments

As of March 31, 2023, the investments are summarized below (in thousands):

	Investment Balance as of
	March 31,		December 31,		Accounting	Ownership	*
Company	2023		2022		Method	Percentage
Nanjing JinMei Gallium Co., Ltd.	$	592	$	592	Consolidated	**85.5	%
ChaoYang JinMei Gallium Co., Ltd.		1,820		1,820	Consolidated	**85.5	%
Beijing BoYu Semiconductor Vessel Craftwork Technology Co., Ltd.		1,346		1,346	Consolidated	**85.5	%
ChaoYang ShuoMei High Purity Semiconductor Materials Co., Ltd.		1,496		1,000	Consolidated	****75.0	%
ChaoYang XinMei High Purity Semiconductor Materials Co., Ltd.		7,331		7,331	Consolidated	***58.5	%
	$	12,585	$	12,089
Donghai County Dongfang High Purity Electronic Materials Co., Ltd.	$	1,876	$	1,887	Equity	**46	%
Beijing JiYa Semiconductor Material Co., Ltd.		6,559		6,381	Equity	39	%
Xiaoyi XingAn Gallium Co., Ltd.		6,007		5,094	Equity	**25	%
ChaoYang KaiMei Quartz Co., Ltd.		1,665		827	Equity	*****40	%
Emeishan Jia Mei High Purity Metals Co., Ltd.		439		418	Equity	25	%
	$	16,546	$	14,607

Summarized income information

AXT’s minority investment entities are not consolidated and are accounted for under the equity method. The equity investment entities had the following summarized statements of operations information (in thousands) for the three months ended March 31, 2023 and 2022:

	Three Months Ended
	March 31,
	2023		2022
Net revenue	$	7,974	$	10,734
Gross profit	$	2,906	$	5,999
Operating income	$	1,991	$	4,149
Net income	$	3,945	$	3,698