AXT INC
For the period ended Dec 31, 2025. Filed Mar 17, 2026.
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FY2025 · Filed Mar 17, 2026
AXTI$39.31-8.4%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash flows from operating activities: | |||
| Net loss | $(23,202) | $(11,791) | $(19,193) |
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||
| Depreciation and amortization | 9,108 | 8,979 | 8,722 |
| Amortization of marketable securities premium | — | — | 18 |
| Stock-based compensation | 3,292 | 3,097 | 3,540 |
| Provision for credit losses | — | — | 272 |
| Loss on sale of equity investment | — | — | 166 |
| Loss on disposal of equipment | 3 | 118 | 21 |
| Return of equity method investments as dividends | 868 | 2,396 | 4,316 |
| Equity in income of unconsolidated joint ventures | (765) | (3,439) | (2,050) |
| Deferred tax assets | (88) | 265 | 553 |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | (390) | (6,896) | 9,306 |
| Inventories | 6,347 | (737) | 1,073 |
| Prepaid expenses and other current assets | 1,389 | (6,002) | (652) |
| Other assets | (3,056) | 1,261 | 419 |
| Accounts payable | 147 | 3,038 | (162) |
| Accrued liabilities | 150 | 1,004 | (1,897) |
| Other long-term liabilities | (6,586) | (3,405) | (1,049) |
| Net cash provided by (used in) operating activities | (12,783) | (12,112) | 3,403 |
| Cash flows from investing activities: | |||
| Purchases of property, plant and equipment | (5,995) | (5,771) | (10,475) |
| Proceeds from sales and maturities of available-for-sale debt securities | — | 2,160 | 9,582 |
| Proceeds from sales of equity securities - 15% Jia Mei | — | — | 827 |
| Investments in non-marketable equity investments | (837) | (834) | (2,538) |
| Net cash used in investing activities | (6,832) | (4,445) | (2,604) |
| Cash flows from financing activities: | |||
| Proceeds from issuance of common stock and options exercised, net of issuance costs | 95,155 | 28 | 10 |
| Proceeds from short-term bank loans | 58,559 | 54,501 | 56,470 |
| Payments on short-term bank loans | (48,569) | (60,092) | (49,210) |
| Proceeds from capital increase in subsidiary shares from noncontrolling interests | — | — | 708 |
| Proceeds from long-term loan | 3,463 | 5,831 | 635 |
| Payments on long-term loan | (1,513) | (804) | — |
| Net cash provided by (used in) financing activities | 107,095 | (536) | 8,613 |
| Effect of exchange rate changes on cash, restricted cash and cash equivalents | 7,075 | 790 | (646) |
| Net increase (decrease) in cash, restricted cash and cash equivalents | 94,555 | (16,303) | 8,766 |
| Cash, restricted cash and cash equivalents at the beginning of the year | 33,811 | 50,114 | 41,348 |
| Cash, restricted cash and cash equivalents at the end of the period | $128,366 | $33,811 | $50,114 |
| Supplemental disclosures: | |||
| Income taxes paid, net of refunds | $586 | $962 | $686 |
| Interest expense paid | $1,792 | $2,069 | $1,564 |
| Supplemental disclosure of non-cash flow information: | |||
| Loan proceeds received by notes receivable | $— | $— | $1,481 |
| Notes receivables paid to purchase fixed assets | $2,957 | $4,572 | $4,170 |
| Non-cash consideration received from sale of DongFang | $— | $— | $585 |
| Investment in subsidiary shares from noncontrolling interest | $— | $— | $308 |
| Consideration payable in connection with construction in progress, included in accrued liabilities | $1,128 | $857 | $6,574 |
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