On September 27, 2022, the Group entered into a $111,483 (RMB800 million) loan facilities agreement with a group of lenders led by a bank in China (the “2022 Facility Agreement”). The interest rate is prime plus 115 basis points where prime is based on the Loan Prime Rate published by the National Inter-bank Funding Center of China and is payable on a quarterly basis. The loan facilities can only be used for the manufacturing capacity expansion at the Group’s facility located in Huzhou, China. The 2022 Facility Agreement contains certain customary restrictive covenants, including but not limited to disposal of assets and dividend distribution without the consent of the lender, and certain customary events of default.


Repayment Date						Repayment Amount
December 10, 2025						$13,946 (RMB99.9 million)
June 10, 2026						$20,920 (RMB149.9 million)
December 10, 2026						$20,920 (RMB149.9 million)

The amount of capitalized interest expenses, which was recorded in construction in progress and property, plant and equipment, was $246 and nil for the three months ended June 30, 2025 and 2024, respectively, and $524 and nil for the six months ended June 30, 2025 and 2024, respectively.

The Group has also entered into short-term loan agreements and bank facilities with certain banks in China. The original terms of these loans are with a maximum maturity of 12 months and the interest rates range from 2.90% to 4.85% per annum. The amount of interest expenses, which was recorded in profit and loss was $471 and $266 for the three months ended June 30, 2025 and 2024, respectively, and $861 and $506 for the six months ended June 30, 2025 and 2024, respectively.


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Beginning balance	$	127,543	$	84,065	$	111,728	$	79,153
Proceeds from bank borrowings	31,384		21,682		59,571		40,462
Repayments of principal	(43,122)		(10,929)		(56,184)		(23,449)
Exchange difference	1,542		(581)		2,232		(1,929)
Ending balance	$	117,347	$	94,237	$	117,347	$	94,237


Balance of bank borrowings includes:	June 30, 2025		December 31, 2024
Current	$	83,166	$	70,666
Non-current	34,181		41,062
Total	$	117,347	$	111,728

Certain assets of the Group have been pledged to secure the above bank facilities granted to the Group. The aggregate carrying amount of the assets pledged by the Group as of June 30, 2025 and December 31, 2024 are as follows:


	June 30, 2025		December 31, 2024
Buildings	$	118,237	$	119,166
Machinery and equipment	56,784		60,991
Land use rights	11,440		11,371
Construction in progress	—		335
Total	$	186,461	$	191,863