Stockholders' Equity

3 Months Ended

Mar. 31, 2025

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, 2025 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, 2024	$	3,532	$	45	$	241,514	$	(43,664)	$	(8,657)	$	192,770	$	23,561	$	216,331
Noncontrolling interest portion of Tongmei stock-based compensation		—		1		(13)		—		—		(12)		6		(6)
Stock-based compensation		—		—		563		—		—		563		—		563
Tongmei stock-based compensation		—		—		83		—		—		83		—		83
Net loss		—		—		—		(8,798)		—		(8,798)		(610)		(9,408)
Other comprehensive loss		—		—		—		—		431		431		53		484
Balance as of March 31, 2025	$	3,532	$	46	$	242,147	$	(52,462)	$	(8,226)	$	185,037	$	23,010	$	208,047

Net loss and Other comprehensive loss attributable to redeemable noncontrolling interests were $608,000 and $53,000, respectively, for the three months ended March 31, 2025, and are not shown in the table above.

The changes in stockholders’ equity by component for the three months ended March 31, 2024 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, 2023	$	3,532	$	44	$	238,452	$	(32,040)	$	(5,999)	$	203,989	$	23,494	$	227,483
Common stock options exercised		—		—		20		—		—		20		—		20
Noncontrolling interest portion of Tongmei stock-based compensation		—		—		(24)		—		—		(24)		13		(11)
Stock-based compensation		—		—		614		—		—		614		—		614
Tongmei stock-based compensation		—		—		195		—		—		195		—		195
Net income (loss)		—		—		—		(2,083)		—		(2,083)		106		(1,977)
Other comprehensive income		—		—		—		—		(1,627)		(1,627)		(187)		(1,814)
Balance as of March 31, 2024	$	3,532	$	44	$	239,257	$	(34,123)	$	(7,626)	$	201,084	$	23,426	$	224,510

Net loss and Other comprehensive income attributable to redeemable noncontrolling interests were $71,000 and $189,000, respectively, for the three months ended March 31, 2024, 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, 2025 and 2024.

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 2024. During the three months ended March 31, 2025, we did not repurchase any shares under the approved stock repurchase program. As of March 31, 2025, approximately $2.7 million remained available for future repurchases under this program. Currently, we do not plan to repurchase additional shares.

By the terms of the Series A preferred stock, so long as any shares of Series A preferred stock are outstanding, neither the Company nor any subsidiary of the Company shall redeem, repurchase or otherwise acquire any shares of common stock, unless all accrued dividends on the Series A preferred stock have been paid. During 2013 and 2015, we repurchased shares of our outstanding common stock. As of December 31, 2015, the Series A preferred stock had cumulative dividends of $2.9 million and we included this amount in “Accrued liabilities” in our consolidated balance sheets. In the quarter ended March 31, 2025 and 2024, we did not repurchase any of our outstanding common stock. If we are required to pay the cumulative dividends on the Series A preferred stock, our cash and cash equivalents would be reduced. We account for the cumulative year-to-date dividends on the Series A preferred stock when calculating our earnings per share.