v3.26.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 18,481 $ 75,317
Accounts receivable, net of allowance for credit losses of $614 and $211, respectively 24,849 30,506
Inventories 29,713 28,638
Prepaid expenses and other current assets 7,971 11,601
Due from related parties 3,095 1,561
Total current assets 84,109 147,623
Non-current assets:    
Goodwill 44,961 44,130
Property, plant, and equipment, net 11,767 14,595
Intangible assets, net 36,185 39,521
Right-of-use assets, net 2,073 3,448
Deferred tax assets, net 87 34
Other non-current assets 3,345 3,268
Total non-current assets 98,418 104,996
Total assets 182,527 252,619
Current liabilities:    
Accounts payable, current 37,947 40,485
Accrued expenses and other current liabilities 34,836 45,959
Loans payable, current 2,897 10,931
Contract liabilities 12,272 11,281
Accrued warranties 15,918 15,749
Lease liabilities, current 1,011 1,047
Due to related parties 5,343 4,621
Total current liabilities 110,224 130,073
Non-current liabilities:    
Loans payable, non-current 61,083 58,077
Loans payable, related parties, non-current 0 5,006
Contract liabilities, non-current 17,971 18,581
Lease liabilities, non-current 1,751 2,761
Deferred tax liabilities 9,000 9,756
Total non-current liabilities 89,805 94,181
Total liabilities 200,029 224,254
Commitments and contingencies
Shareholders’ equity (deficit):    
Ordinary shares par value of $0.001; 990,000,000 shares authorized. 465,868,720 shares issued and 462,192,400 shares outstanding as of December 31, 2025. 456,477,820 shares issued and 454,958,590 shares outstanding as of December 31, 2024. 10,000,000 shares, $0.001 par value, without designation; none authorized, issued and outstanding as of December 31, 2025 and 2024. 465 456
Treasury shares, at cost, 3,676,320 and 1,519,230 shares, respectively (454) (342)
Additional paid-in capital 487,481 479,480
Accumulated other comprehensive income 3,648 3,344
Accumulated deficit (508,642) (454,573)
Total shareholders’ (deficit) equity (17,502) 28,365
Total liabilities and shareholders’ equity $ 182,527 $ 252,619

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