v3.25.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net loss $ (172,726) $ (266,695) $ (48,243)
Adjustments to reconcile net loss to net cash generated from (used in) operating activities:      
Depreciation and amortization 775 800 45
Amortization of operating lease right-of-use asset 2,767 2,383 704
Changes in fair value of warrant liabilities (236) (212) 238
Investment loss 13
Loss of impairment on investments 15,918 2,959
Impairment of property and equipment 3,183
Disposal loss of property and equipment 37
Lawsuit provision 22,143
Inventory write-downs 890 16,107
Allowance for expected credit losses 65,653 85,431
Financial expenses on PIPE 36,137 30,000 3,863
Gain from dissolution of a subsidiary 90
Interests on loans from a third party 1,751 3,578
Gain on settlement of loans from a third party (658)
Gain on settlement of payables associated with litigations (1,053)
Individual income tax expenses of settlement of employee lawsuits 1,498
Share-based compensation 23,338 3,197
Accounts payable exemption treated as capital injection 2,440
Loss on early termination of operating lease 74
Changes in assets and liabilities:      
Accounts receivable, current 847 (6,269)
Advance to supplier (329) 13,777 (1,476)
Inventories 28,921 2,635 (1,670)
Prepaid expenses and other current assets 715 (54,447) (11,412)
Accounts receivable, non-current (3,829)
Amounts due from/due to related parties 54 53 (11,507)
PIPE escrow account 55,000 15,000 (100,000)
Operating lease (3,033) (1,671) (564)
Accounts payable (24,255) (4,134) (2,456)
Advance from customers (299) 383
Accrued expenses and other current liabilities 2,772 13 (11,490)
Net cash generated from (used in) operating activities 33,577 (138,046) (178,012)
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchases of property and equipment (160) (5,509) (1,207)
Purchases of intangible asset (17) (41) (7)
Proceeds from disposal of property and equipment 63
Loan to a related party (542) (15,679) (1,490)
Recovery of loan to related parties 5,841
Loan to a third party (7,000)
Purchases of long-term investments (2,972)
Net cash used in investing activities (656) (21,229) (6,835)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Loan proceeds from related parties, current 2,359
Loan proceeds from related parties, noncurrent 5,045
Repayments of loan from a related party (4,658)
Proceeds from convertible debt 2,229
Repayments of convertible debt (2,229)
Loan proceeds from third parties 272
Repayments of loan from third parties (7,909) (6,150)
Payments of offering costs (15,076)
Proceeds from issuance of ordinary shares 3
Cash acquired on reverse recapitalization 9
Proceeds from PIPE 400,000
Payments of financial expenses (55,000) (15,000)
Proceeds from execution of warrants 588 6,748
Net cash provided by financing activities (55,000) (26,979) 393,210
Effect of exchange rate changes (24) (2,366) 3,587
Net (decrease)/increase in cash and cash equivalents (22,103) (188,620) 211,950
Cash and cash equivalents and restricted cash, at beginning of the period 23,390 212,010 60
Cash and cash equivalents and restricted cash, at end of the period 1,287 23,390 212,010
SUPPLEMENTAL DISCLOSURE OF NON CASH FLOW INFORMATION:      
Repayments of Magic loan by Mr. Nan Wu 3,338
Repayments of Magic loan by My Car 3,056
Expenses paid by the Company on behalf of related parties 6,083
Expenses paid by related parties on behalf of the Company 54 53 3,224
The claim on My Car transferred to Mr. Nan Wu 1,490
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:      
Interest paid $ 10,000 $ 748 $ 84