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CLOSED · 03:25 ET
Market ClerkRecap
Sat Oct 24 · markets closed6 signals on Oct 2394 insider buys this week · $48.3MCIRO short report next: Oct 30The week ahead

AXTI

AXT INC
NASDAQ · TECHNOLOGY · SEMICONDUCTORS & RELATED DEVICES
52.08
+0.52 +1.01%
USD · close Oct 23
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Work order
92
PASS · shorts 92
Insiders, 90 days
0
no open-market filings in 90 days
Congress, 90 days
0 / 0
no disclosures naming it
Big money
0 / 15
none of the tracked funds disclose it
Calls on record
0
nobody we score has called it yet
MKT CAP $3.4BP/E 2604.0DIV YIELD —FCF YIELD -0.57%REV TTM $125.5M +45.8%NET INCOME $4.1MNET CASH $327.9M52W 6.06 – 140.83SEC XBRL · TTM TO Invalid Date

How AXTI rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025
Text kept
51%
of sentences unchanged
Added
323
new sentences
Dropped
246
sentences removed
Length
−4,110
words, now 33,403

New in FY2025

  • Board of Director Changes On July 11, 2025, Ms.
  • Christine Russell, our independent director, Chair of the Audit Committee, member of the Compensation Committee and the Nominating and Corporate Governance Committee, passed away.
  • On July 14, 2025, we notified The Nasdaq Stock Market LLC (“Nasdaq”) that due to the passing of Ms.
  • Russell, our Audit Committee had been reduced to two independent directors, and we were not compliant with Nasdaq Listing Rule 5605(c)(2)(A), which requires the Audit Committee to be comprised of a minimum of three independent directors, and our non-compliance was confirmed by Nasdaq on July 18, 2025.
  • Jesse Chen to serve as the Chair of the Audit Committee.
  • Chen currently serves as an independent director, lead director, Chair of the Nominating and Governance Committee, and a member of the Audit Committee and Compensation Committee.
  • In addition, on July 29, 2025, we appointed Leonard J.
  • Leblanc to the Board of Directors (the “Board”) to fill the vacancy on the Board due to the passing of Ms.
  • Leblanc is serving as a Class III director with a maximum term expiring on July 29, 2027, or until his successor is duly elected and qualified.
  • Leblanc’s appointment to the Board, the Board considered the compensation Mr.
  • Leblanc previously received during his term as director emeritus, and determined that Mr.
  • Leblanc is not independent under the Nasdaq Listing Rules as his total compensation exceeded $120,000 during January 1, 2022 to December 31, 2022.
  • From January 1, 2023 to December 31, 2023, Mr.
  • Leblanc’s total compensation did not exceed $120,000 and Mr.
  • Leblanc did not receive any further compensation from us after December 29, 2023.
  • Leblanc would not have received any compensation from us in excess of $120,000 during any period of twelve consecutive months in the three year look-back period preceding January 1, 2026, and he would therefore be considered independent under the Nasdaq Listing Rules on January 1, 2026.
  • Other than the compensation previously received as director emeritus, the Board has determined that Mr.
  • LeBlanc meets all independence requirements for a member of the audit committee under Rule 10A-3 of the Securities and Exchange Act of 1934, as amended, and the other independence requirements under the Nasdaq Listing Rules.
  • Leblanc’s previous service as a director and chair of the Audit Committee.
  • Leblanc’s experience and previous service with us, the Board determined that Mr.
  • Leblanc's familiarity with our operations, business, supply-chain and manufacturing strategies, and intricacies of our corporate structure was necessary to our current needs.
  • The Board believed that the unforeseen passing of Ms.
  • Russell during a critical period in our operations further necessitated the appointment of a director who is already familiar with our financial operations and our management under the current environment and economic conditions.
  • Accordingly, the Board determined that the appointment of Mr.
  • Leblanc to our Audit Committee as a non-independent director was in the best interests of the Company and our stockholders in reliance on the exception provided under applicable Nasdaq Listing Rules for membership on the Audit Committee, Compensation Committee and Nominating and Corporate Governance Committee under exceptional and limited circumstances.
  • Based on the foregoing determination, the Board also appointed Mr.
  • Leblanc to serve on the Audit Committee, Compensation Committee and Nominating and Corporate Governance Committee in reliance on the limited exception provided under the Nasdaq Listing Rules.
  • LeBlanc’s independence under the Nasdaq Listing Rules will be re-evaluated by the Board on or after January 1, 2026.
  • On January 26, 2026, the Board re-evaluated Mr.
  • LeBlanc’s independence under the Nasdaq Listing Rules, and determined that Mr.
  • LeBlanc is now independent under the Nasdaq Listing Rules.
  • The Board has previously determined that Mr.
  • LeBlanc is now independent under the Nasdaq Listing Rules, the Company’s Audit Committee will consist of three independent directors as required by Nasdaq Listing Rule 5605(c)(2)(A).
  • On January 30, 2026, we received notification from the Nasdaq Listing Qualifications that we have regained compliance with Nasdaq Listing Rule 5605(c)(2).
  • LeBlanc’s determination as an independent director by the Board, Mr.
  • Chen stepped down as Chair of the Audit Committee and the Board appointed Mr.
  • LeBlanc as Chair of the Audit Committee.
  • Chen will remain a member of the Audit Committee.
  • LeBlanc is an “audit committee financial expert” as defined by the rules and regulations of the SEC.
  • Recent Financing On December 29, 2025, we entered into an underwriting agreement (the “Underwriting Agreement”) with Northland Securities, Inc., as representative of the underwriters named therein (the “Underwriters”) related to the offer and sale of shares of the Company’s common stock (the “Offering”).

and 283 more.

Gone since FY2024

  • Revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended Dec. 31 ​ 2023 to 2024 ​ ​ 2022 to 2023 ​ ​ ​ ​ ​ ​ Increase ​ ​ ​ ​ Increase ​ ​ ​ ​ ​ 2024 2023 2022 ​ (Decrease) % Change ​ (Decrease) % Change Product Type: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Substrates ​ $ 67,748 ​ $ 47,466 ​ $ 111,094 ​ $ 20,282 42.7 % ​ $ (63,628) (57.3) % Raw materials and other ​ ​ 31,613 ​ ​ 28,329 ​ ​ 30,024 ​ ​ 3,284 11.6 % ​ ​ (1,695) ​ (5.6) % Total revenue ​ $ 99,361 ​ $ 75,795 ​ $ 141,118 ​ $ 23,566 ​ 31.1 % ​ $ (65,323) ​ (46.3) % Revenue increased $23.6 million, or 31.1%, in 2024 from $75.8 million in 2023.
  • The $3.3 million raw materials revenue increase as compared to the same period in 2023 was primarily the result of increased sales of purified gallium and increased revenue from pBN crucibles and pBN-based OLED manufacturing tools sold by BoYu, one of our consolidated raw material companies.
  • Revenue decreased $65.3 million, or 46.3%, in 2023 from $141.1 million in 2022.
  • The $63.6 million decrease in wafer substrate sales was the result of lower demand for InP wafer substrates for 5G applications, data center upgrades (silicon photonics) and consumer related applications, lower demand for our GaAs wafer substrates as the result of decreased demand for LED products, industrial lasers and other applications requiring low defect densities in the wafer substrate and lower demand for our Ge wafer substrates from our customers in China.
  • The $1.7 million raw materials revenue decrease as compared to the same period in 2022 was primarily the result of decreased revenue from pBN crucibles and pBN-based OLED manufacturing tools sold by BoYu, one of our consolidated raw material companies, partially offset by increased sales of purified gallium.
  • Revenue by Geographic Region ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended Dec. 31, ​ 2023 to 2024 ​ ​ 2022 to 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Increase ​ ​ ​ ​ Increase ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Increase ​ ​ ​ ​ Increase ​ ​ ​ ​ ​ ​ 2024 2023 2022 (Decrease) % Change ​ (Decrease) % Change ​ ​ ​ ($ in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ China ​ $ 56,119 ​ $ 39,778 ​ $ 55,414 ​ $ 16,341 ​ 41.1 % ​ $ (15,636) (28.2) % ​ % of total revenue ​ % % % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Taiwan ​ ​ 14,098 ​ ​ 8,651 ​ ​ 28,780 ​ ​ 5,447 ​ 63.0 % ​ ​ (20,129) (69.9) % ​ % of total revenue ​ % ​ % % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Japan ​ 4,979 ​ ​ 4,641 ​ 11,724 ​ ​ 7.3 % ​ (7,083) (60.4) % ​ % of total revenue ​ % ​ % % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asia Pacific (excluding China, Taiwan and Japan) ​ ​ 2,818 ​ ​ 3,814 ​ 4,188 ​ ​ (996) ​ (26.1) % ​ ​ (374) ​ (8.9) % ​ % of total revenue ​ % ​ % % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Europe (primarily Germany) ​ 13,766 ​ ​ 12,315 ​ 20,592 ​ 1,451 ​ 11.8 % ​ (8,277) (40.2) % ​ % of total revenue ​ % ​ % % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ North America (primarily the United States) ​ 7,581 ​ ​ 6,596 ​ 20,420 ​ ​ 14.9 % ​ (13,824) (67.7) % ​ % of total revenue ​ ​ % ​ % ​ % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenue ​ $ 99,361 ​ $ 75,795 ​ $ 141,118 ​ $ 23,566 ​ 31.1 % ​ $ (65,323) (46.3) % ​ Sales to customers located outside of North America represented approximately 92%, 90% and 86% of our revenue during 2024, 2023 and 2022, respectively.
  • Revenue from customers in China decreased in 2023 by 28.2%, primarily due to lower demand for Ge and InP wafer substrates and GaAs wafer substrates used in wireless and LED applications and pBN crucibles sold by one of our consolidated subsidiaries, partially offset by increased demand for refined gallium.
  • Revenue from customers in Taiwan decreased in 2023 by 69.9%, primarily due to lower demand for InP wafer substrates and GaAs wafer substrates used in wireless applications, partially offset by increased demand for Ge wafer substrates.
  • Revenue from customers in Japan decreased in 2023 by 60.4% as a result of lower demand for InP and Ge wafer substrates, GaAs wafer substrates used in LED and wireless applications, pBN crucibles sold by one of our consolidated subsidiaries and refined gallium.
  • Revenue from customers in Asia Pacific decreased by 8.9% as a result of decreased demand for GaAs wafer substrates used in wireless applications and refined gallium, partially offset by increased demand for InP wafer substrates and pBN crucibles sold by one of our consolidated subsidiaries.
  • Revenue from customers in Europe decreased in 2023 by 40.2%, primarily due to lower demand for GaAs wafer substrates used in LED and wireless applications, InP and Ge wafer substrates and pBN crucibles sold by one of our consolidated subsidiaries.
  • Revenue from customers in North America decreased in 2023 by 67.7% primarily due to lower demand for InP wafer substrates and GaAs wafer substrates used in LED and wireless applications, partially offset by increased demand for pBN crucibles sold by one of our consolidated subsidiaries.
  • Gross Margin ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 to 2024 ​ 2022 to 2023 ​ ​ ​ ​ Year Ended Dec. 31, ​ Increase ​ ​ ​ Increase ​ ​ ​ ​ ​ ​ 2024 2023 2022 (Decrease) % Change (Decrease) % Change ​ ​ ​ ($ in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross profit ​ ​ $ 23,836 ​ $ 13,318 ​ $ 52,121 ​ $ 10,518 79.0 % $ (38,803) (74.4) % Gross Profit % ​ ​ 24.0 % 17.6 % 36.9 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross profit increased $10.5 million in 2024 as compared to 2023.
  • The increase in gross profit is attributed to higher revenue resulting in fixed costs being spread over more units and a favorable change in product mix. ​ Gross profit decreased $38.8 million in 2023 as compared to 2022.
  • Gross margin in 2023 was 17.6% as compared to 36.9% in 2022.
  • The decrease in gross profit is attributed to lower revenue resulting in fixed costs being spread over less units and an unfavorable change in product mix.
  • Selling, General and Administrative Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 to 2024 ​ 2022 to 2023 ​ ​ ​ Years Ended Dec. 31 ​ Increase ​ ​ ​ Increase ​ ​ ​ ​ ​ 2024 2023 2022 (Decrease) % Change ​ (Decrease) % Change ​ ​ ($ in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Selling, general and administrative expenses ​ $ 24,096 ​ $ 22,806 ​ $ 25,654 ​ $ 1,290 5.7 % $ (2,848) (11.1) % % of total revenue ​ 24.3 % 30.1 % 18.2 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Selling, general and administrative expenses increased $1.3 million, or 5.7%, to $24.1 million for 2024 compared to $22.8 million for 2023.
  • Selling, general and administrative expenses decreased $2.8 million, or 11.1%, to $22.8 million for 2023 compared to $25.7 million for 2022.
  • The lower selling, general and administrative expenses were primarily from lower personnel-related expenses, stock compensation expenses and outside commissions, partially offset by higher professional service expenses and D&O insurance costs.
  • Research and Development Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 to 2024 ​ 2022 to 2023 ​ ​ ​ Years Ended Dec. 31 ​ Increase ​ ​ ​ Increase ​ ​ ​ ​ ​ 2024 2023 2022 (Decrease) % Change ​ (Decrease) % Change ​ ​ ($ in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Research and development ​ $ 14,543 ​ $ 12,081 ​ $ 13,913 ​ $ 2,462 20.4 % $ (1,832) (13.2) % % of total revenue ​ 14.6 % 15.9 % 9.9 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Research and development expenses increased $2.5 million, or 20.4%, to $14.5 million in 2024 from $12.1 million in 2023.
  • The increase in research and development expenses in 2024 was primarily due to higher development expenses for 8-inch GaAs and 6-inch InP wafer substrates and the development of new features for certain of our GaAs and InP wafer substrates and new product testing, partially offset by lower personnel-related expenses. ​ Research and development expenses decreased $1.8 million, or 13.2%, to $12.1 million in 2023 from $13.9 million in 2022.
  • The decrease in research and development expenses in 2023 was primarily due to lower personnel-related expenses and development expenses for 8-inch GaAs and 6-inch InP wafer substrates and the development of new features for certain of our GaAs and InP wafer substrates and new product testing.
  • Interest Expense, Net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 to 2024 ​ ​ 2022 to 2023 ​ ​ ​ Years Ended Dec. 31 ​ Increase ​ ​ ​ ​ Increase ​ ​ ​ ​ ​ 2024 2023 2022 (Decrease) % Change ​ ​ (Decrease) % Change ​ ​ ($ in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest expense, net ​ $ 1,340 ​ $ 1,527 ​ $ 1,071 ​ $ (187) (12.2) % ​ $ 42.6 % % of total revenue ​ ​ 1.3 % 2.0 % 0.8 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest expense, net decreased in 2024 as compared to the same period in 2023, primarily due to decreased borrowings in 2024.
  • Interest expense, net increased in 2023 as compared to the same period in 2022, primarily due to lower investment balances in 2023 and increased borrowings in 2023.
  • Equity in Income of Unconsolidated Joint Venture Companies ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 to 2024 ​ ​ 2022 to 2023 ​ ​ ​ Years Ended Dec. 31 ​ Increase ​ ​ ​ ​ Increase ​ ​ ​ ​ ​ 2024 2023 2022 (Decrease) % Change ​ ​ (Decrease) % Change ​ ​ ($ in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity in income of unconsolidated joint ventures ​ $ 3,439 ​ $ 1,884 ​ $ 5,957 ​ $ 1,555 82.5 % ​ $ (4,073) (68.4) % % of total revenue ​ ​ 3.5 % 2.5 % 4.2 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity in income of unconsolidated joint ventures is the aggregate net income (loss) from our minority-owned supply chain joint venture companies that are not consolidated.
  • Equity in income of unconsolidated joint ventures decreased $4.1 million to an income of $1.9 million in 2023 from an income of $6.0 million in 2022 as our unconsolidated joint ventures reported worse net income in 2023 as compared to 2022.
  • The decreased income in 2023 includes total impairment charges of $1.9 million on two of our equity investments.
  • Other Income, Net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 to 2024 ​ ​ 2022 to 2023 ​ ​ ​ Years Ended Dec. 31 ​ Increase ​ ​ ​ ​ Increase ​ ​ ​ ​ ​ 2024 2023 2022 (Decrease) % Change ​ ​ (Decrease) % Change ​ ​ ($ in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other income, net ​ $ 2,047 ​ $ 2,179 ​ $ 3,487 ​ $ (132) (6.1) % ​ $ (1,308) (37.5) % % of total revenue ​ ​ 2.1 % 2.9 % 2.5 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other income, net decreased $0.1 million to an income of $2.0 million for 2024 as compared to an income of $2.2 million in 2023, primarily due to foreign exchange gains of $0.1 million in 2024 compared to foreign exchange gains of $0.2 million in 2023.
  • Other income, net decreased $1.3 million to an income of $2.2 million for 2023 as compared to an income of $3.5 million in 2022, primarily due to foreign exchange gains of $0.2 million in 2023 compared to foreign exchange gains of $1.6 million in 2022 and compensation received from the China government by one of our consolidated subsidiaries for relocating its facilities to Kazuo in 2022.
  • Provision for Income Taxes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 to 2024 ​ ​ 2022 to 2023 ​ ​ ​ Years Ended Dec. 31 ​ Increase ​ ​ ​ ​ Increase ​ ​ ​ ​ ​ 2024 2023 2022 (Decrease) % Change ​ ​ (Decrease) % Change ​ ​ ($ in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Provision for income taxes ​ $ 1,134 ​ $ ​ $ 2,185 ​ $ 608.8 % ​ $ (2,025) (92.7) % % of total revenue ​ ​ 1.1 % 0.2 % 1.5 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Provision for income taxes for 2024 and 2023 were $1.1 million and $0.2 million, respectively, which were mostly related to our consolidated wafer substrate subsidiaries in China and our two partially owned consolidated raw material companies.
  • AXT-Tongmei incurred approximately $3,000 in federal income tax liability for the year ended December 31, 2024.
  • Due to our uncertainty regarding our future profitability, we recorded a valuation allowance against our net deferred tax assets of $20.7 million and $17.5 million for the years 2024 and 2023, respectively.
  • Net (Income) loss Attributable to Noncontrolling Interests and Redeemable Noncontrolling Interests ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 to 2024 ​ ​ 2022 to 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended Dec. 31 ​ Increase ​ ​ ​ ​ Increase ​ ​ ​ ​ ​ 2024 2023 2022 (Decrease) % Change ​ ​ (Decrease) % Change ​ ​ ($ in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net (income) loss attributable to noncontrolling interests and redeemable noncontrolling interests ​ $ ​ $ 1,312 ​ $ (2,931) ​ $ (1,145) (87.3) % ​ $ 4,243 144.8 % % of total revenue ​ ​ 0.2 % 1.7 % (2.1) % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The decrease in noncontrolling interests and redeemable noncontrolling interests’ share of loss for 2024 as compared to 2023 was primarily due to reduced losses at four of our consolidated subsidiaries in China and by a profit from our other consolidated subsidiary in China.
  • The decrease in noncontrolling interests and redeemable noncontrolling interests’ share of income to a loss for 2023 as compared to 2022 was primarily due to losses at four of our consolidated subsidiaries in China, partially offset by a profit from our other consolidated subsidiary in China.
  • Liquidity and Capital Resources ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2024 2023 2022 ​ ​ ($ in thousands) Net cash provided by (used in): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating activities ​ $ (12,112) ​ $ 3,403 ​ $ (8,765) ​ Investing activities ​ (4,445) ​ (2,604) ​ (25,223) ​ Financing activities ​ (536) ​ 8,613 ​ 38,031 ​ Effect of exchange rate changes ​ ​ (646) ​ ​ Net change in cash and restricted cash ​ (16,303) ​ 8,766 ​ 4,585 ​ Cash, restricted cash and cash equivalents—beginning year ​ 50,114 ​ 41,348 ​ 36,763 ​ Cash, restricted cash and cash equivalents —end of year ​ 33,811 ​ 50,114 ​ 41,348 ​ Short and long-term investments—end of year ​ — ​ 2,140 ​ 11,457 ​ Total cash, restricted cash, cash equivalents and short-term and long-term investments ​ $ 33,811 ​ $ 52,254 ​ $ 52,805 ​ ​ We consider cash and cash equivalents, short-term investments and long-term investments as liquid and available for use within two years in our current operations.
  • As of December 31, 2024, we and our consolidated joint ventures held approximately $24.8 million in cash and investments in bank accounts outside the United States.
  • As of December 31, 2024, our principal source of liquidity was cash, restricted cash and cash equivalents of $33.8 million.
  • Total cash, restricted cash and cash equivalents, short-term and long-term investments decreased by $0.6 million in 2023.
  • As of December 31, 2023, our principal source of liquidity was $52.3 million, which consisted of cash, restricted cash and cash equivalents of $50.1 million and short-term investments of $2.1 million.
  • In 2023, cash, restricted cash and cash equivalents increased by $8.8 million and short-term investments decreased by $9.3 million.

and 206 more.

Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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