AXT Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>AXT Inc. filed its quarterly report (10-Q) for the period ending March 31, 2024, providing an update on its financial status.</b>

AI Summary

AXT INC (AXTI) filed a Quarterly Report (10-Q) with the SEC on May 10, 2024. AXT Inc. reported financial results for the quarter ended March 31, 2024. The company's fiscal year ends on December 31st. AXT Inc. is incorporated in Delaware. The filing is a 10-Q, indicating a quarterly report. The filing was submitted on May 10, 2024.

Why It Matters

For investors and stakeholders tracking AXT INC, this filing contains several important signals. This 10-Q filing provides investors with the latest financial performance and operational details of AXT Inc. for the first quarter of 2024. Understanding the details within this report is crucial for assessing the company's current financial health, strategic direction, and potential risks moving forward.

Risk Assessment

Risk Level: low — AXT INC shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate red flags or significant negative developments beyond routine financial disclosures.

Analyst Insight

Review the detailed financial statements and management discussion within the 10-Q to understand AXT Inc.'s performance and outlook for Q1 2024.

Financial Highlights

total Assets

44399000

total Debt

44239000

Key Numbers

• 2024-03-31 — Period of Report (Quarterly report period)
• 2024-05-10 — Filed As Of Date (Date the report was filed)
• 1231 — Fiscal Year End (Company's fiscal year end)
• 44399000 — Total Assets (Q1 2024) (Total assets as of March 31, 2024)
• 44239000 — Total Debt (Q1 2024) (Total debt as of March 31, 2024)

Key Players & Entities

• AXT INC (company) — Filer name
• 2024-03-31 (date) — Period of report
• 2024-05-10 (date) — Filed as of date
• DE (jurisdiction) — State of incorporation
• 3674 (industry_code) — Standard Industrial Classification
• 4281 TECHNOLOGY DR. (address) — Business address
• FREMONT (location) — Business address city
• CA (location) — Business address state

FAQ

Industry Context

AXT Inc. operates in the semiconductors and related devices industry, focusing on materials used in semiconductor manufacturing.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial disclosures.

What Investors Should Do

1. Analyze the balance sheet and income statement for Q1 2024.
2. Review any disclosed debt obligations and their terms.
3. Check for any new or updated risk factors mentioned in the filing.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-05-10: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is the first 10-Q filing for the fiscal year 2024, following the 2023 annual report (10-K).

Key Financial Figures

• $0.001 — ge on which registered: Common Stock, $0.001 par value AXTI The NASDAQ Stock Mar

Filing Documents

• axti-20240331x10q.htm (10-Q) — 2798KB
• axti-20240331xex31d1.htm (EX-31.1) — 17KB
• axti-20240331xex31d2.htm (EX-31.2) — 18KB
• axti-20240331xex32d1.htm (EX-32.1) — 7KB
• axti-20240331xex32d2.htm (EX-32.2) — 9KB
• axti-20240331x10q005.jpg (GRAPHIC) — 34KB
• 0001558370-24-007792.txt (&nbsp;) — 13188KB
• axti-20240331.xsd (EX-101.SCH) — 75KB
• axti-20240331_cal.xml (EX-101.CAL) — 67KB
• axti-20240331_def.xml (EX-101.DEF) — 322KB
• axti-20240331_lab.xml (EX-101.LAB) — 673KB
• axti-20240331_pre.xml (EX-101.PRE) — 525KB
• axti-20240331x10q_htm.xml (XML) — 2840KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited) Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023 4 Condensed Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 6 Notes To Condensed Consolidated Financial Statements 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 31

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 51

Controls and Procedures

Item 4. Controls and Procedures 53

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 54

Risk Factors

Item 1A. Risk Factors 54

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 80

Defaults upon Senior Securities

Item 3. Defaults upon Senior Securities 80

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 80

Other Information

Item 5. Other Information 80

Exhibits

Item 6. Exhibits 81

Signatures

Signatures 82 2 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited) AXT, INC. CONDENSED CONSOLIDATED BALANCE SHEET S (Unaudited, in thousands, except per share data) March 31, December 31, 2024 2023 ASSETS Current assets: Cash $ 25,793 $ 37,752 Restricted cash 13,807 12,362 Short-term investments 1,667 2,140 Accounts receivable, net of allowances for credit losses of $ 579 and $ 579 as of March 31, 2024 and December 31, 2023 25,058 19,256 Inventories 85,943 86,503 Prepaid expenses and other current assets 11,474 12,643 Total current assets 163,742 170,656 Property, plant and equipment, net 163,122 166,348 Operating lease right-of-use assets 2,657 2,799 Other assets 19,443 18,898 Total assets $ 348,964 $ 358,701 LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 10,262 $ 9,617 Accrued liabilities 12,697 19,019 Short-term loans 49,048 52,921 Total current liabilities 72,007 81,557 Noncurrent operating lease liabilities 2,211 2,351 Other long-term liabilities 9,655 5,647 Total liabilities 83,873 89,555 Commitments and contingencies (Note 12) Redeemable noncontrolling interests (Note 18) 40,581 41,663 Stockholders' equity: Preferred stock Series A, $ 0.001 par value; 2,000 shares authorized; 883 shares issued and outstanding as of March 31, 2024 and December 31, 2023 (Liquidation preference of $ 7,920 and $ 7,875 as of March 31, 2024 and December 31, 2023) 3,532 3,532 Common stock, $ 0.001 par value; 70,000 shares authorized; 44,399 and 44,239 shares issued and outstanding as of March 31, 2024 and December 31, 2023 44 44 Additional paid-in capital 239,257 238,452 Accumulated deficit ( 34,123 ) ( 32,040 ) Accumulated other comprehensive loss ( 7,626 ) ( 5,999 ) Total AXT, Inc. stockholders' equity 201,084 203,989 Noncontrolling interests 23,426 23,494 Total stockholders' equity 22

View Full Filing

View this 10-Q filing on SEC EDGAR