{"url_path":"/sec/axti/10-q/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-05-14","source_url":"https://www.sec.gov/Archives/edgar/data/1051627/0001437749-26-017054-index.html","accession_number":"0001437749-26-017054","cik":"0001051627","ticker":"AXTI","issuer_name":"AXT INC","edgar_url":"https://www.sec.gov/Archives/edgar/data/1051627/0001437749-26-017054-index.html","primary_entity_key":"0001051627","primary_entity_name":"AXT INC"},"word_count":1270,"has_tables":true,"body_markdown":"axti20260331_10q.htm\n\n0001051627\nAXT INC\nfalse\n--12-31\nQ1\n2026\n164\n164\n\n0.001\n0.001\n2,000\n2,000\n883\n883\n883\n883\n8,273\n8,229\n0.001\n0.001\n70,000\n70,000\n55,579\n55,579\n55,337\n55,337\n3\n0\n0\n0\n85.5\n85.5\n85.5\n75.0\n58.5\n39\n25\n40\n0\n0\n0\n0\n0\n0\n0\n4\n3\n12\n1\n0\n0\n0\n4\n0\n100\n100\n0\n883,000\n883,000\n883,000\n0.001\n1\n1\n0\n5\n1\n1\n12\n0\n1\n1\n5\n14.00\n14\n4\n3\n5\nfalse\nfalse\nfalse\nfalse\nIn preparation for Tongmei’s application for a listing of shares in an IPO on the STAR Market, in late December 2020 we reorganized our entity structures in China. JinMei and BoYu and their subsidiaries, previously organized under AXT, Inc., were assigned to Tongmei and effectively merged with Tongmei although they retained their own respective legal entity status and are wholly owned subsidiaries of Tongmei. The 33% minority interest stakeholders of BoYu converted their ownership to a 7.59% minority interest in Tongmei. The 8.5% minority interest stakeholders, employees of JinMei, converted their ownership to a 0.38% minority interest in Tongmei. Further, a number of employees, key managers and contributors, purchased a 0.4% minority interest in Tongmei. In 2020, the Investors transferred approximately $48.1 million of new capital to Tongmei. An additional investment of approximately $1.5 million of new capital was funded in early January 2021. Under China regulations these investments must be formally approved by the appropriate government agency and are not deemed to be dilutive until such approval is granted. The government approved the approximately $49 million investment in its entirety on January 25, 2021 at which time the Investors owned a redeemable noncontrolling interest in Tongmei of 7.28%. As of March 31, 2026, Tongmei’s noncontrolling interests and redeemable noncontrolling interests totaled approximately 14.5%. AXT remains the controlling stakeholder of Tongmei and holds a majority of the Board of Director positions of Tongmei.\nCertificates of deposit with original maturities of more than three months.\nThe number of shares presented assumes the achievement of 150% of a target financial performance metric to be determined by the Company’s Compensation Committee and will be subject to an at-risk, performance shares agreement.\nClassified as “Short-term investments” in our condensed consolidated balance sheets.\nIn April 2022, ChaoYang JinMei signed a joint venture agreement with certain investor to fund a new company, ChaoYang ShuoMei.\nIn February 2021, Tongmei signed a joint venture agreement with certain investors to fund ChaoYang XinMei.\nIn April 2022, Tongmei signed a joint venture agreement with certain investors to fund a new company, ChaoYang 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STATES**\n**SECURITIES AND EXCHANGE COMMISSION**\n\n**Washington, D.C. 20549**\n\n \n\n**FORM** **10-Q**\n\n**(Mark One)**\n\n**☒         Quarterly report pursuant to Section** **13 or 15(d)** **of the Securities Exchange Act of 1934**\n\n**for the quarterly period ended March 31, 2026**\n\n**Or**\n\n**☐         Transition report pursuant to Section** **13 or 15(d)** **of the Securities Exchange Act of 1934**\n\n**for the transition period from**                 **to**\n\n**Commission File Number 000-24085**\n\n \n\n**AXT,** **INC.**\n\n(Exact name of registrant as specified in its charter)\n\n**Delaware**\n\n**94-3031310**\n\n(State or other jurisdiction of\nIncorporation or organization)\n\n(I.R.S. Employer\nIdentification No.)\n\n \n\n**4281 Technology Drive, Fremont, California 94538**\n\n(Address of principal executive offices)****(Zip code)\n\n**(510) 438-4700**\n\n(Registrant’s telephone number, including area code)\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\n**Title** **of** **each** **class:**\n \n**Trading Symbol**\n \n**Name** **of** **each** **exchange** **on** **which** **registered:**\n\nCommon Stock, $0.001 par value\n \nAXTI\n \nThe NASDAQ Stock Market LLC\n\n \n\nIndicate by check-mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes ☒ No ☐\n\n \n\nIndicate by check-mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes ☒ No ☐\n\n \n\nIndicate by check-mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\n \n\nLarge accelerated filer ☐\n\nAccelerated filer ☐\n\nNon-accelerated filer ☒\n\nSmaller reporting company ☒\n\n \nEmerging growth company ☐ \n\n \n\nIf an emerging growth company, indicate by check-mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐\n\n \n\nIndicate by check-mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒\n\n \n\nAs of May 4, 2026, 65,423,184 shares, $0.001 par value, of the registrant’s common stock were outstanding.\n\n \n\n[Table of Contents](#toc)\n\n \n\n \n\nAXT, INC.\n\nFORM 10-Q\n\nTABLE OF CONTENTS\n\n \n\nMarch 31, 2026\n\n**Page**\n\n[PART I. FINANCIAL INFORMATION](#part1)\n\n \n\n[Item 1. Financial Statements (unaudited)](#finstmts)\n\n \n\n[Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025](#bs)\n\n[3](#bs)\n\n[Condensed Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025](#ops)\n\n[4](#ops)\n\n[Condensed Consolidated Statements of Comprehensive Loss for the three months ended March 31, 2026 and 2025](#comp)\n\n[5](#comp)\n\n[Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025](#cf)\n\n[6](#cf)\n\n[Notes To Condensed Consolidated Financial Statements](#notes)\n\n[7](#notes)\n\n[Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations](#mda)\n\n[28](#mda)\n\n[Item 3. Quantitative and Qualitative Disclosures About Market Risk](#quant)\n\n[49](#quant)\n\n[Item 4. Controls and Procedures](#controls)\n\n[50](#controls)\n\n[PART II. OTHER INFORMATION](#part2)\n\n \n\n[Item 1. Legal Proceedings](#legal)\n\n[51](#legal)\n\n[Item 1A. Risk Factors](#risk)\n\n[51](#risk)\n\n[Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](#unregistered)\n\n[78](#unregistered)\n\n[Item 3. Defaults upon Senior Securities](#defaults)\n\n[78](#defaults)\n\n[Item 4. Mine Safety Disclosures](#mine)\n\n[78](#mine)\n\n[Item 5. Other Information](#otherinfo)\n\n[78](#otherinfo)\n\n[Item 6. Exhibits](#exhibits)\n\n[78](#exhibits)\n\n[Signatures](#sigs)\n\n[79](#sigs)\n\n \n\n \n\n2\n\n[Table of Contents](#toc)\n\n  \n\n \n\n**PART** **I. FINANCIAL INFORMATION**"}