AXT Inc. Q3 2024 10-Q Filing

TL;DR

AXT Inc. 10-Q filed: Q3 financials out, check balance sheet and related party loans.

AI Summary

AXT Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial information for the third quarter and the first nine months of the year, including balance sheet items like common stock and retained earnings, and operational data related to leases and loans from related parties, such as Chaoyang Xinmei High Purity Semiconductor Materials Co. Ltd.

Why It Matters

This filing provides investors with a detailed look at AXT Inc.'s financial health and operational status as of the end of the third quarter of 2024.

Risk Assessment

Risk Level: medium — The filing contains detailed financial data, including information on related party transactions and leases, which can carry inherent risks.

Key Numbers

• 2024-09-30 — Reporting Period End Date (Indicates the end of the financial reporting period covered by the 10-Q.)
• 2024-06-30 — Previous Quarter End Date (Provides a comparative point for financial performance.)
• 2023-12-31 — Previous Fiscal Year End Date (Used for year-over-year comparisons.)

Key Players & Entities

• AXT INC (company) — Filer of the 10-Q
• 20240930 (date) — End of the reporting period
• Chaoyang Xinmei High Purity Semiconductor Materials Co. Ltd (company) — Related party involved in a loan
• 4281 TECHNOLOGY DR. FREMONT CA 94538 (address) — Business and mailing address of AXT Inc.

FAQ

Key Financial Figures

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

Filing Documents

• axti-20240930x10q.htm (10-Q) — 3729KB
• axti-20240930xex31d1.htm (EX-31.1) — 17KB
• axti-20240930xex31d2.htm (EX-31.2) — 18KB
• axti-20240930xex32d1.htm (EX-32.1) — 7KB
• axti-20240930xex32d2.htm (EX-32.2) — 9KB
• axti-20240930x10q005.jpg (GRAPHIC) — 34KB
• 0001558370-24-015320.txt ( ) — 16311KB
• axti-20240930.xsd (EX-101.SCH) — 81KB
• axti-20240930_cal.xml (EX-101.CAL) — 68KB
• axti-20240930_def.xml (EX-101.DEF) — 348KB
• axti-20240930_lab.xml (EX-101.LAB) — 736KB
• axti-20240930_pre.xml (EX-101.PRE) — 565KB
• axti-20240930x10q_htm.xml (XML) — 3809KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited) Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023 4 Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows for the nine months ended September 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 35

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 56

Controls and Procedures

Item 4. Controls and Procedures 58

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 59

Risk Factors

Item 1A. Risk Factors 59

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 86

Defaults upon Senior Securities

Item 3. Defaults upon Senior Securities 86

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 86

Other Information

Item 5. Other Information 86

Exhibits

Item 6. Exhibits 87

Signatures

Signatures 88 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) September 30, December 31, 2024 2023 ASSETS Current assets: Cash $ 24,898 $ 37,752 Restricted cash 13,893 12,362 Short-term investments — 2,140 Accounts receivable, net of allowances for credit losses of $ 263 and $ 579 as of September 30, 2024 and December 31, 2023 27,970 19,256 Inventories 86,109 86,503 Prepaid expenses and other current assets 14,991 12,643 Total current assets 167,861 170,656 Property, plant and equipment, net 166,459 166,348 Operating lease right-of-use assets 2,451 2,799 Other assets 18,809 18,898 Total assets $ 355,580 $ 358,701 LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 12,780 $ 9,617 Accrued liabilities 11,941 19,019 Short-term loans 54,052 52,921 Total current liabilities 78,773 81,557 Noncurrent operating lease liabilities 1,993 2,351 Other long-term liabilities 8,595 5,647 Total liabilities 89,361 89,555 Commitments and contingencies (Note 12) Redeemable noncontrolling interests (Note 18) 41,237 41,663 Stockholders' equity: Preferred stock Series A, $ 0.001 par value; 2,000 shares authorized; 883 shares issued and outstanding as of September 30, 2024 and December 31, 2023 (Liquidation preference of $ 8,008 and $ 7,875 as of September 30, 2024 and December 31, 2023) 3,532 3,532 Common stock, $ 0.001 par value; 70,000 shares authorized; 44,677 and 44,239 shares issued and outstanding as of September 30, 2024 and December 31, 2023 45 44 Additional paid-in capital 240,770 238,452 Accumulated deficit ( 38,576 ) ( 32,040 ) Accumulated other comprehensive loss ( 5,038 ) ( 5,999 ) Total AXT, Inc. stockholders' equity 200,733 203,989 Noncontrolling interests 24,249 23,494 Total stockhold

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