AXT Inc. Files 10-Q: Financials and Equity Details

TL;DR

AXT 10-Q filed. Equity and lease details out. Check financials.

AI Summary

AXT Inc. filed its 10-Q for the period ending June 30, 2024. The company reported its financial position, including details on its equity structure and lease obligations. Specific financial data points such as retained earnings, preferred stock, and common stock were disclosed as of June 30, 2024, and March 31, 2024.

Why It Matters

This filing provides investors with a snapshot of AXT Inc.'s financial health and equity structure as of mid-2024, crucial for understanding the company's stability and value.

Risk Assessment

Risk Level: low — This filing is a routine quarterly report and does not contain significant new risks or negative developments.

Key Numbers

• 20240630 — End of Reporting Period (Financial data is reported as of this date.)
• 20240809 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• AXT INC (company) — Filer of the 10-Q report
• 20240630 (date) — End of the reporting period
• 20240809 (date) — Filing date of the report
• 4281 TECHNOLOGY DR. (address) — Company's business and mailing address
• FREMONT (location) — City of the company's address
• DE (location) — State of incorporation

FAQ

Key Financial Figures

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

Filing Documents

• axti-20240630x10q.htm (10-Q) — 3520KB
• axti-20240630xex31d1.htm (EX-31.1) — 17KB
• axti-20240630xex31d2.htm (EX-31.2) — 18KB
• axti-20240630xex32d1.htm (EX-32.1) — 7KB
• axti-20240630xex32d2.htm (EX-32.2) — 9KB
• axti-20240630x10q005.jpg (GRAPHIC) — 34KB
• 0001558370-24-011747.txt ( ) — 15504KB
• axti-20240630.xsd (EX-101.SCH) — 81KB
• axti-20240630_cal.xml (EX-101.CAL) — 68KB
• axti-20240630_def.xml (EX-101.DEF) — 349KB
• axti-20240630_lab.xml (EX-101.LAB) — 715KB
• axti-20240630_pre.xml (EX-101.PRE) — 559KB
• axti-20240630x10q_htm.xml (XML) — 3516KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited) Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2024 and 2023 4 Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended June 30, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 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 34

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 55

Controls and Procedures

Item 4. Controls and Procedures 57

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 58

Risk Factors

Item 1A. Risk Factors 58

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 85

Defaults upon Senior Securities

Item 3. Defaults upon Senior Securities 85

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 85

Other Information

Item 5. Other Information 85

Exhibits

Item 6. Exhibits 86

Signatures

Signatures 87 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) June 30, December 31, 2024 2023 ASSETS Current assets: Cash $ 27,808 $ 37,752 Restricted cash 13,789 12,362 Short-term investments 1,675 2,140 Accounts receivable, net of allowances for credit losses of $ 263 and $ 579 as of June 30, 2024 and December 31, 2023 27,163 19,256 Inventories 85,774 86,503 Prepaid expenses and other current assets 11,187 12,643 Total current assets 167,396 170,656 Property, plant and equipment, net 161,332 166,348 Operating lease right-of-use assets 2,531 2,799 Other assets 18,154 18,898 Total assets $ 349,413 $ 358,701 LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 11,655 $ 9,617 Accrued liabilities 12,268 19,019 Short-term loans 50,724 52,921 Total current liabilities 74,647 81,557 Noncurrent operating lease liabilities 2,083 2,351 Other long-term liabilities 9,570 5,647 Total liabilities 86,300 89,555 Commitments and contingencies (Note 12) Redeemable noncontrolling interests (Note 18) 39,761 41,663 Stockholders' equity: Preferred stock Series A, $ 0.001 par value; 2,000 shares authorized; 883 shares issued and outstanding as of June 30, 2024 and December 31, 2023 (Liquidation preference of $ 7,964 and $ 7,875 as of June 30, 2024 and December 31, 2023) 3,532 3,532 Common stock, $ 0.001 par value; 70,000 shares authorized; 44,482 and 44,239 shares issued and outstanding as of June 30, 2024 and December 31, 2023 44 44 Additional paid-in capital 239,962 238,452 Accumulated deficit ( 35,639 ) ( 32,040 ) Accumulated other comprehensive loss ( 8,227 ) ( 5,999 ) Total AXT, Inc. stockholders' equity 199,672 203,989 Noncontrolling interests 23,680 23,494 Total stockholders' equity 223,352

View Full Filing

View this 10-Q filing on SEC EDGAR