v3.25.2
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities    
Net loss $ (44,268) $ (126,381)
Adjustments to reconcile net loss to net cash used in operating activities:    
Loss on disposal of property, plant and equipment 147 16
Gain on debt restructuring (792) (448)
Interest expense 0 622
Depreciation of property, plant and equipment 16,091 14,912
Amortization of land use right and intangible assets 384 387
Noncash lease expenses 1,311 1,327
Share-based compensation 1,549 23,988
Changes in fair value of warrant liability and convertible loan 78,361 1,526
Allowance of credit losses 2,191 755
Write-down for obsolete inventories 0 1,737
Impairment loss of long-lived assets 1,364 88,027
Product warranty 8,512 6,329
Changes in operating assets and liabilities:    
Notes receivable (13,957) 10,278
Accounts receivable (513) 29,622
Inventories 7,051 (1,454)
Prepaid expenses and other current assets 8,830 8,462
Amounts due to related parties (5) 0
Operating lease right-of-use assets (784) (1,928)
Other non-current assets 312 (44)
Notes payable (8,801) (13,568)
Accounts payable 6,264 (30,516)
Advance from customers (2,279) (2,125)
Accrued expenses and other liabilities (16,802) (11,926)
Operating lease liabilities (640) (267)
Other non-current liabilities 797 2,811
Net cash generated from operating activities 44,323 2,142
Cash flows from investing activities    
Purchases of property, plant and equipment (5,207) (13,186)
Proceeds on disposal of property, plant and equipment 129 180
Proceeds from maturity of short-term investments 0 5,564
Net cash used in investing activities (5,078) (7,442)
Cash flows from financing activities    
Proceeds from borrowings 59,571 40,462
Repayment of bank borrowings (56,184) (23,449)
Convertible loan 0 12,000
Repayment of bonds payable (1,375) 0
Payment for debt issue costs 0 (525)
Deferred payment related to purchases of property, plant and equipment (8,811) 0
Net cash (used in)/ generated from financing activities (6,799) 28,488
Effect of exchange rate changes (3,227) (6,893)
Increase in cash, cash equivalents and restricted cash 29,219 16,295
Cash, cash equivalents and restricted cash at beginning of the period 109,601 88,189
Cash, cash equivalents and restricted cash at end of the period 138,820 104,484
Cash and cash equivalents 99,721 68,183
Restricted cash 39,099 36,301
Total cash, cash equivalents and restricted cash 138,820 104,484
Non-cash investing and financing activities    
Payable for purchase of property, plant and equipment $ 58,241 $ 96,771