Investments in Privately-held Raw Material Companies (Tables)

12 Months Ended

Dec. 31, 2022

Investments in Privately-held Raw Material Companies

Summary of investments

The investments are summarized below (in thousands):

	Investment Balance as of
	December 31,		December 31,		Accounting	Ownership	*
Company	2022		2021		Method	Percentage
Nanjing JinMei Gallium Co., Ltd.	$	592	$	592	Consolidated	**85.5	%
ChaoYang JinMei Gallium Co., Ltd.		1,820		1,820	Consolidated	**85.5	%
Beijing BoYu Semiconductor Vessel Craftwork Technology Co., Ltd.		1,346		1,346	Consolidated	**85.5	%
ChaoYang ShuoMei High Purity Semiconductor Materials Co., Ltd.		1,000		—	Consolidated	****75.0	%
ChaoYang XinMei High Purity Semiconductor Materials Co., Ltd.		7,331		1,814	Consolidated	***58.5	%
	$	12,089	$	5,572
Donghai County Dongfang High Purity Electronic Materials Co., Ltd.	$	1,887	$	2,053	Equity	**46	%
Beijing JiYa Semiconductor Material Co., Ltd.		6,381		3,760	Equity	39	%
Xilingol Tongli Germanium Co., Ltd.		—		—	Equity	25	%
Xiaoyi XingAn Gallium Co., Ltd.		5,094		4,095	Equity	**25	%
ChaoYang KaiMei Quartz Co., Ltd.		827		—	Equity	*****40	%
Emeishan Jia Mei High Purity Metals Co., Ltd.		418		258	Equity	25	%
	$	14,607	$	10,166

Summarized income information

AXT’s minority investment entities are not consolidated and are accounted for under the equity method. Excluding one fully impaired entity, the equity entities had the following summarized income information (in thousands) for the years ended December 31, 2022, 2021 and 2020, respectively:

							Our share for the
		Year Ended					Year Ended
		December 31,					December 31,
	2022		2021		2020		2022		2021		2020
Net revenue	$	48,139	$	35,939	$	20,049	$	15,031	$	11,424	$	6,252
Gross profit		27,000		17,465		4,907		8,229		5,482		1,504
Operating income		24,987		14,293		1,957		7,532		4,495		504
Net income		19,104		12,560		1,014		5,957		4,409		111

Summarized balance sheet information

Excluding one fully impaired entity, these minority investment entities that are not consolidated, but rather are accounted for under the equity method, had the following summarized balance sheet information (in thousands) as of December 31, 2022 and 2021, respectively:

	As of December 31,
	2022		2021
Current assets	$	43,091	$	27,503
Noncurrent assets		12,520		11,707
Current liabilities		10,552		5,799
Noncurrent liabilities		—		—