Details of Significant Accounts (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Details of Significant Accounts |
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| Schedule of cash and cash equivalents |
Cash and cash equivalents | | | | | | | | | | | | | December 31, 2024 | | December 31, 2025 | | Checking accounts | $ | 3,651 | | | $ | 3,006 | | | Demand deposits | 17,246 | | | 25,010 | | | Time deposits | 106,000 | | | 97,700 | | | Others | 224 | | | 260 | | | $ | 127,121 | | | $ | 125,976 | |
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| Schedule of current financial assets |
Financial assets at fair value through profit or loss | | | | | | | | | | | | | December 31, 2024 | | December 31, 2025 | | Current items: | | | | | Financial assets mandatorily measured at fair value through profit and loss | | | | | Money market funds | $ | 2,746 | | | $ | — | | | | | | | | | | | | | |
A.Amounts recognized in profit or loss in relation to financial assets at fair value through profit or loss are as follows: | | | | | | | | | | | | | | | | | | | Years ended December 31, | | 2023 | | 2024 | | 2025 | | Financial assets mandatorily measured at fair value through profit and loss | | | | | | | Money market funds | $ | — | | | $ | — | | | $ | 51 | |
| | | | | | | | | | | | | December 31, 2024 | | December 31, 2025 | | Current items: | | | | | Time deposits with maturities over three months | $ | 36,000 | | | $ | 36,300 | | | Non-current items: | | | | | US Treasury | $ | — | | | $ | 10,173 | |
A.Amounts recognized in profit or loss in relation to financial assets at amortized cost are listed below: | | | | | | | | | | | | | | | | | | | Years ended December 31, | | 2023 | | 2024 | | 2025 | | Interest income from financial assets at amortized cost | $ | 5,309 | | | $ | 1,898 | | | $ | 1,541 | |
B.The counterparties of the Group's time deposits are financial institutions with high credit quality, so the Group expects that the probability of counterparty default is remote. As of December 31, 2025, 100% of current financial assets at amortized cost are denominated in U.S. Dollars. C.As at December 31, 2024 and 2025, without taking into account any collateral held or other credit enhancements, the maximum exposure to credit risk in respect of the amount that best represents the financial assets at amortized cost held by the Group was $36,000 and $46,473, respectively. D.The Group has no financial assets at amortized cost pledged to others. E.Information relating to credit risk of financial assets at amortized cost is provided in Note 12(2). Movements in relation to the Group applying the modified approach to provide loss allowance for accounts receivable is as follows: | | | | | | | | | | | | | 2024 | | 2025 | | Accounts receivable | | Accounts receivable | | At January 1 | $ | — | | | $ | 266 | | | Provision for impairment | 1,373 | | | 75 | | | | | | | Write-offs | (1,107) | | | (160) | | | At December 31 | $ | 266 | | | $ | 181 | |
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| Schedule of accounts receivable |
Accounts receivable | | | | | | | | | | | | | December 31, 2024 | | December 31, 2025 | | Accounts receivable | $ | 8,168 | | | $ | 7,748 | | | Less: Allowance for expected credit losses (Note) | (266) | | | (181) | | | $ | 7,902 | | | $ | 7,567 | |
Note. For movements in the allowance for expected credit losses, please refer to Note 12(2) Credit risk for details.
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| Schedule of ageing analysis of accounts receivable |
The aging analysis of accounts receivable is as follows: | | | | | | | | | | | | | December 31, 2024 | | December 31, 2025 | | Not past due | $ | 7,535 | | | $ | 7,124 | | | Up to 30 days | 261 | | | 75 | | | 31 to 90 days | 213 | | | 149 | | | 91 to 180 days | 65 | | | 286 | | | Over 181 days | 94 | | | 114 | | | Less: Allowance for expected credit losses | (266) | | | (181) | | | $ | 7,902 | | | $ | 7,567 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | Not past due | | Up to 30 days
past due | | 31~90 days
past due | | 91~180 days
past due | | Over 181 days past due | | Total | | rate | | 0.11%~0.32% | | 6.48%~30.86% | | 8.36%~42.53% | | 22.69%~97.44% | | 100% | | | | Total book value | | $ | 7,535 | | | $ | 261 | | | $ | 213 | | | $ | 65 | | | $ | 94 | | | $ | 8,168 | | | Loss allowance | | 12 | | | 49 | | | 76 | | | 35 | | | 94 | | | 266 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | Not past due | | Up to 30 days
past due | | 31~90 days
past due | | 91~180 days
past due | | Over 181 days past due | | Total | | rate | | 0%~0.20% | | 0.15%~15.58% | | 0.31%~33.48% | | 0.63%~100.00% | | 100% | | | | Total book value | | $ | 7,124 | | | $ | 75 | | | $ | 149 | | | $ | 286 | | | $ | 114 | | | $ | 7,748 | | | Loss allowance | | 3 | | | 6 | | | 38 | | | 20 | | | 114 | | | 181 | |
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| Schedule of other current assets |
Other current assets | | | | | | | | | | | | | December 31, 2024 | | December 31, 2025 | | Prepaid expenses | $ | 2,433 | | | $ | 2,041 | | | Others | 89 | | | 97 | | | $ | 2,522 | | | $ | 2,138 | |
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| Schedule of property, plant and equipment |
Property, plant and equipment | | | | | | | | | | | | | | | | | | | | | | | | | 2024 | | Leasehold
improvements | | Machinery | | Office
equipment | | Total | | At January 1 | | | | | | | | | Cost | $ | 675 | | | $ | 729 | | | $ | 53 | | | $ | 1,457 | | | Accumulated depreciation | (553) | | | (488) | | | (36) | | | (1,077) | | | $ | 122 | | | $ | 241 | | | $ | 17 | | | $ | 380 | | | Opening net book amount | $ | 122 | | | $ | 241 | | | $ | 17 | | | $ | 380 | | | Additions | 69 | | | 323 | | | — | | | 392 | | | | | | | | | | | | | | | | | | | Depreciation expense | (70) | | | (142) | | | (6) | | | (218) | | | | | | | | | | | Closing net book amount | $ | 121 | | | $ | 422 | | | $ | 11 | | | $ | 554 | | | At December 31 | | | | | | | | | Cost | $ | 744 | | | $ | 1,052 | | | $ | 53 | | | $ | 1,849 | | | Accumulated depreciation | (623) | | | (630) | | | (42) | | | (1,295) | | | $ | 121 | | | $ | 422 | | | $ | 11 | | | $ | 554 | |
| | | | | | | | | | | | | | | | | | | | | | | | | 2025 | | Leasehold
improvements | | Machinery | | Office
equipment | | Total | | At January 1 | | | | | | | | | Cost | $ | 744 | | | $ | 1,052 | | | $ | 53 | | | $ | 1,849 | | | Accumulated depreciation | (623) | | | (630) | | | (42) | | | (1,295) | | | $ | 121 | | | $ | 422 | | | $ | 11 | | | $ | 554 | | | Opening net book amount | $ | 121 | | | $ | 422 | | | $ | 11 | | | $ | 554 | | | Additions | — | | | 422 | | | 3 | | | 425 | | | Acquired from business combinations | — | | | 28 | | | — | | | 28 | | | Cost of disposals | — | | | (14) | | | — | | | (14) | | | Accumulated depreciation on disposals | — | | | 11 | | | — | | | 11 | | | Depreciation expense | (83) | | | (223) | | | (4) | | | (310) | | | Net exchange differences | — | | | 1 | | | — | | | 1 | | | Closing net book amount | $ | 38 | | | $ | 647 | | | $ | 10 | | | $ | 695 | | | At December 31 | | | | | | | | | Cost | $ | 744 | | | $ | 1,568 | | | $ | 56 | | | $ | 2,368 | | | Accumulated depreciation | (706) | | | (921) | | | (46) | | | (1,673) | | | $ | 38 | | | $ | 647 | | | $ | 10 | | | $ | 695 | |
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| Schedule of movements of right-of-use assets |
The movements of right-of-use assets of the Group are as follows: | | | | | | | | | | | | | | | | | | | 2024 | | Buildings | | Business vehicles | | Total | | At January 1 | | | | | | | Cost | $ | 942 | | | $ | 202 | | | $ | 1,144 | | | Accumulated depreciation | (237) | | | (60) | | | (297) | | | $ | 705 | | | $ | 142 | | | $ | 847 | | | Opening net book amount | $ | 705 | | | $ | 142 | | | $ | 847 | | | Additions | 82 | | | 85 | | | 167 | | | | | | | | | | | | | | | Depreciation expense | (422) | | | (107) | | | (529) | | | Closing net book amount | $ | 365 | | | $ | 120 | | | $ | 485 | | | At December 31 | | | | | | | Cost | $ | 1,024 | | | $ | 287 | | | $ | 1,311 | | | Accumulated depreciation | (659) | | | (167) | | | (826) | | | $ | 365 | | | $ | 120 | | | $ | 485 | |
| | | | | | | | | | | | | | | | | | | 2025 | | Buildings | | Business vehicles | | Total | | At January 1 | | | | | | | Cost | $ | 1,024 | | | $ | 287 | | | $ | 1,311 | | | Accumulated depreciation | (659) | | | (167) | | | (826) | | | $ | 365 | | | $ | 120 | | | $ | 485 | | | Opening net book amount | $ | 365 | | | $ | 120 | | | $ | 485 | | | Additions | 620 | | | 123 | | | 743 | | | Cost of derecognition | — | | | (151) | | | (151) | | | Derecognized accumulated depreciation | — | | | 143 | | | 143 | | | Depreciation expense | (439) | | | (122) | | | (561) | | | Closing net book amount | $ | 546 | | | $ | 113 | | | $ | 659 | | | At December 31 | | | | | | | Cost | $ | 1,644 | | | $ | 259 | | | $ | 1,903 | | | Accumulated depreciation | (1,098) | | | (146) | | | (1,244) | | | $ | 546 | | | $ | 113 | | | $ | 659 | |
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| Schedule of lease liabilities relating to lease contracts |
Lease liabilities relating to lease contracts: | | | | | | | | | | | | | December 31, 2024 | | December 31, 2025 | | Total lease liabilities | $ | 510 | | | $ | 683 | | | Less: current portion (shown as ‘current lease liabilities’) | (402) | | | (444) | | | $ | 108 | | | $ | 239 | |
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| Schedule of information on profit and loss accounts relating to lease contracts |
The information on profit and loss accounts relating to lease contracts is as follows: | | | | | | | | | | | | | | | | | | | Years ended December 31, | | 2023 | | 2024 | | 2025 | | Items affecting profit or loss | | | | | | | Interest expense on lease liabilities | $ | 15 | | | $ | 18 | | | $ | 16 | | | Expense on short-term lease contracts | 352 | | | 348 | | | 306 | | | $ | 367 | | | $ | 366 | | | $ | 322 | |
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| Schedule of intangible assets |
Intangible assets | | | | | | | | | | | | | | | | | | | 2024 | | Software | | Other intangible assets | | Total | | At January 1 | | | | | | | Cost | $ | 137 | | | $ | 89 | | | $ | 226 | | | Accumulated amortization | (68) | | | (81) | | | (149) | | | $ | 69 | | | $ | 8 | | | $ | 77 | | | Opening net book amount | $ | 69 | | | $ | 8 | | | $ | 77 | | | Additions | 6 | | | — | | | 6 | | | Cost of disposals | (29) | | | (74) | | | (103) | | | Accumulated amortization on disposals | 29 | | | 74 | | | 103 | | | Amortization charge | (46) | | | (5) | | | (51) | | | Closing net book amount | $ | 29 | | | $ | 3 | | | $ | 32 | | | At December 31 | | | | | | | Cost | $ | 114 | | | $ | 15 | | | $ | 129 | | | Accumulated amortization | (85) | | | (12) | | | (97) | | | $ | 29 | | | $ | 3 | | | $ | 32 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2025 | | Goodwill | | Unpatented technology | | Software | | Other
intangible assets | | Total | | At January 1 | | | | | | | | | | | Cost | $ | — | | | $ | — | | | $ | 114 | | | $ | 15 | | | $ | 129 | | | Accumulated amortization and impairment | — | | | — | | | (85) | | | (12) | | | (97) | | | $ | — | | | $ | — | | | $ | 29 | | | $ | 3 | | | $ | 32 | | | Opening net book amount | $ | — | | | $ | — | | | $ | 29 | | | $ | 3 | | | $ | 32 | | | | | | | | | | | | | Acquired from business combinations | 4,739 | | | 1,760 | | | — | | | — | | | 6,499 | | | Cost of disposals | — | | | — | | | (43) | | | (15) | | | (58) | | | Accumulated amortization on disposals | — | | | — | | | 43 | | | 15 | | | 58 | | | Amortization charge | — | | | (117) | | | (25) | | | (3) | | | (145) | | | Impairment loss | (1,965) | | | — | | | — | | | — | | | (1,965) | | | Closing net book amount | $ | 2,774 | | | $ | 1,643 | | | $ | 4 | | | $ | — | | | $ | 4,421 | | | At December 31 | | | | | | | | | | | Cost | $ | 4,739 | | | $ | 1,760 | | | $ | 71 | | | $ | — | | | $ | 6,570 | | | Accumulated amortization and impairment | (1,965) | | | (117) | | | (67) | | | — | | | (2,149) | | | $ | 2,774 | | | $ | 1,643 | | | $ | 4 | | | $ | — | | | $ | 4,421 | |
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| Schedule of amortization on intangible assets |
Details of amortization on intangible assets are as follows: | | | | | | | | | | | | | | | | | | | Years ended December 31, | | 2023 | | 2024 | | 2025 | | Cost of sales and services | $ | — | | | $ | — | | | $ | 117 | | | Research and development expenses | 75 | | | 51 | | | 28 | | | $ | 75 | | | $ | 51 | | | $ | 145 | |
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| Schedule of impairment loss |
The Group recognized impairment loss for the year ended December 31, 2025 was $1,965. Details of such loss is as follow: | | | | | | | | | | | | | Year ended December 31, 2025 | | Recognized in profit or loss | | Recognized in other
comprehensive income | | Impairment loss on goodwill | $ | 1,965 | | | $ | — | |
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| Schedule of discount rates |
| | | | | | | | | | | | | Discount rates | | Decrease 0.5% | | Increase 0.5% | | December 31, 2025 | | | | | Effects on value in use | $ | 170 | | | $ | (161) | |
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| Schedule of financial liabilities at fair value through profit or loss |
Financial liabilities at fair value through profit or loss | | | | | | | | | | | | | December 31, 2024 | | December 31, 2025 | | Financial liabilities designated as at fair value through profit or loss | | | | | Non-current items: | | | | | Warrant liabilities | $ | 1,793 | | | $ | 419 | |
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| Schedule of amounts recognized in profit or loss and other comprehensive income in relation to financial liabilities at fair value through profit or loss |
Amounts recognized in profit or loss in relation to financial liabilities at fair value through profit or loss are as follows: | | | | | | | | | | | | | | | | | | | Years ended December 31, | | 2023 | | 2024 | | 2025 | | Net gains (losses) recognized in profit or loss | | | | | | | Warrant liabilities | $ | 1,641 | | | $ | (227) | | | $ | 1,374 | | | Earnout liabilities (Note) | — | | | — | | | 158 | | | $ | 1,641 | | | $ | (227) | | | $ | 1,532 | |
The amounts presented above are recognized under “Gains (losses) on financial liabilities at fair value through profit or loss” and included within other gains and losses. See Note 6(21) for further details and reconciliation. Note: Earnout liabilities please refer to Note 6(28) for details of business combinations.
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| Schedule of other payables |
Other payables | | | | | | | | | | | | | December 31, 2024 | | December 31, 2025 | | Employee bonus | $ | 4,593 | | | $ | 5,325 | | | Payroll | 2,441 | | | 2,958 | | | Promotional fees | 1,496 | | | 1,759 | | | Platform fees | 969 | | | 951 | | | Professional service fees | 1,198 | | | 756 | | | Remuneration to directors | 115 | | | 115 | | | Sales VAT payables | 204 | | | 157 | | | Post and telecommunications expenses | 271 | | | 291 | | | Others | 369 | | | 519 | | | $ | 11,656 | | | $ | 12,831 | |
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| Schedule of provisions |
Provisions | | | | | | | | | | | | | 2024 | | 2025 | | Warranty | | Warranty | | At January 1 | $ | 2,394 | | | $ | 1,899 | | | Additional provisions | 581 | | | 405 | | | Used during the year | (1,030) | | | (1,254) | | | Net exchange differences | (46) | | | 11 | | | At December 31 | $ | 1,899 | | | $ | 1,061 | |
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| Schedule of analysis of total provisions |
Analysis of total provisions: | | | | | | | | | | | | | December 31, 2024 | | December 31, 2025 | | Current | $ | 1,899 | | | $ | 1,061 | |
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| Schedule of net defined benefit liability amounts recognized in the balance sheet |
The amounts recognized in the balance sheet are as follows: | | | | | | | | | | | | | December 31, 2024 | | December 31, 2025 | | Present value of defined benefit obligations | $ | (61) | | | $ | (83) | | | Fair value of plan assets | 15 | | | 19 | | | Net defined benefit liability | $ | (46) | | | $ | (64) | |
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| Schedule of movements in net defined benefit liability |
Movements in net defined benefit liability are as follows: | | | | | | | | | | | | | | | | | | | 2024 | | Present value of defined benefit obligations | | Fair value of plan assets | | Net defined benefit liability | | At January 1 | $ | (92) | | | $ | 13 | | | $ | (79) | | | Current service cost | (4) | | | — | | | (4) | | | Interest (expense) income | (1) | | | — | | | (1) | | | (97) | | | 13 | | | (84) | | | Remeasurements: | | | | | | | Return on plan assets | — | | | 1 | | | 1 | | | Change in demographic assumptions | 5 | | | — | | | 5 | | | Change in financial assumptions | 5 | | | — | | | 5 | | | Experience adjustments | 20 | | | — | | | 20 | | | 30 | | | 1 | | | 31 | | | Pension fund contribution | — | | | 2 | | | 2 | | | Net exchange differences | 6 | | | (1) | | | 5 | | | At December 31 | $ | (61) | | | $ | 15 | | | $ | (46) | |
| | | | | | | | | | | | | | | | | | | 2025 | | Present value of defined benefit obligations | | Fair value of plan assets | | Net defined benefit liability | | At January 1 | $ | (61) | | | $ | 15 | | | $ | (46) | | | Current service cost | (1) | | | — | | | (1) | | | Interest (expense) income | (1) | | | — | | | (1) | | | (63) | | | 15 | | | (48) | | | Remeasurements: | | | | | | | Return on plan assets | — | | | 1 | | | 1 | | | Change in demographic assumptions | (4) | | | — | | | (4) | | | Change in financial assumptions | (4) | | | — | | | (4) | | | Experience adjustments | (9) | | | — | | | (9) | | | (17) | | | 1 | | | (16) | | | Pension fund contribution | — | | | 2 | | | 2 | | | Net exchange differences | (3) | | | 1 | | | (2) | | | At December 31 | $ | (83) | | | $ | 19 | | | $ | (64) | |
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| Schedule of principal actuarial assumptions and effect on present value of defined benefit obligation |
The principal actuarial assumptions used were as follows: | | | | | | | | | | | | | Years ended December 31, | | 2024 | | 2025 | | Discount rate | 1.80 | % | | 1.55 | % | | Future salary increases | 3.00 | % | | 3.00 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | Discount rate | | Future salary increases | | Increase | | Decrease | | Increase | | Decrease | | 0.25% | | 0.25% | | 0.25% | | 0.25% | | December 31, 2024 | | | | | | | | | Effect on present value of defined benefit obligation | $ | (3) | | | $ | 4 | | | $ | 4 | | | $ | (3) | | | December 31, 2025 | | | | | | | | | Effect on present value of defined benefit obligation | $ | (4) | | | $ | 5 | | | $ | 5 | | | $ | (4) | |
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| Schedule of analysis of timing of the future pension payment |
The expected timing of the future pension payment was as follows: | | | | | | | Within 1 year | $ | — | | | 1-5 year(s) | — | | | Over 5 years | 118 | | | $ | 118 | |
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| Schedule of terms and condition |
For the years ended December 31, 2024 and 2025, the Group’s Share Incentive Plan’s terms and condition are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | Plan | | Type of arrangement | | Settled by | | Maximum terms of option granted | | Vesting conditions | | Share Incentive Plan | | Employee stock options | | Equity | | Five years | | 2 years’ service: exercise 50% | | | | | | | | | 3 years’ service: exercise 75% | | | | | | | | | 4 years’ service: exercise 100% |
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| Schedule of movements of outstanding options under share incentive plan |
Movements of outstanding options under Share Incentive Plan are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | 2024 | | 2025 | | No. of options
(units in thousands) | | Weighted- average exercise price per share (in dollars) | | No. of options
(units in thousands) | | Weighted- average exercise price per share (in dollars) | | Options outstanding at January 1 | 4,073 | | | $ | 4.47 | | | 3,877 | | | $ | 4.44 | | | Options granted | 50 | | | 2.21 | | | 35 | | | 1.84 | | | Options forfeited | (246) | | | 4.48 | | | (214) | | | 4.50 | | | Options outstanding at December 31 | 3,877 | | | 4.44 | | | 3,698 | | | 4.42 | | | Options exercisable at December 31 | 894 | | | 3.95 | | | 2,230 | | | 4.37 | |
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| Schedule of fair value of stock options granted on grant date measured using the black-scholes option-pricing model |
The fair value of stock options granted on grant date is measured using the Black-Scholes option-pricing model. Relevant information is as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Plan | | Grant date | | Units granted
(in thousands) | | Stock price per share
(in dollars) | | Exercise price per share
(in dollars) | | Expected price volatility (Note ii) | | Expected option life | | Expected dividends | | Risk-free interest rate | | Fair value per unit
(in dollars) | | Share Incentive Plan | | 2022.01.21 (Note i) | | 2,143 | | $ | 5.39 | | $ | 3.95 | | 53.75% | | 3.88 | | 0.00% | | 1.46% | | $ | 2.7637 | | | 2023.01.03 | | 8 | | 7.20 | | 7.20 | | 64.85% | | 3.87 | | 0.00% | | 4.07% | | 3.7198 | | | 2023.05.23 | | 2,260 | | 4.93 | | 4.93 | | 69.15% | | 3.88 | | 0.00% | | 3.90% | | 2.6615 | | | 2023.08.21 | | 7 | | 4.00 | | 3.916 | | 70.65% | | 3.88 | | 0.00% | | 4.64% | | 2.2411 | | | 2023.11.02 | | 5 | | 2.43 | | 2.43 | | 70.37% | | 3.88 | | 0.00% | | 4.77% | | 1.3487 | | | 2024.05.27 | | 5 | | 2.13 | | 2.13 | | 72.67% | | 3.88 | | 0.00% | | 4.65% | | 1.2069 | | | 2024.12.23 | | 45 | | 2.26 | | 2.22 | | 74.64% | | 3.87 | | 0.00% | | 4.46% | | 1.3100 | | | 2025.05.01 | | 35 | | 1.84 | | 1.84 | | 79.57% | | 3.88 | | 0.00% | | 3.77% | | 1.0973 |
Note i: Stock price, exercise price and fair value of stock option granted on January 21, 2022 were adjusted in connection with the recapitalization. All amounts in the table are presented on a consistent adjusted basis. Note ii: Expected price volatility is estimated based on the daily historical stock price fluctuation data of the Company and guideline companies of the last five years before the grant date.
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| Schedule of expenses incurred on share-based payment transactions |
Expenses incurred on share-based payment transactions are shown below: | | | | | | | | | | | | | | | | | | | Years ended December 31, | | 2023 | | 2024 | | 2025 | | Equity settled | $ | 3,268 | | | $ | 2,774 | | | $ | 1,410 | |
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| Schedule of illustrates movement for the company's share capital |
Movements for the Company’s share capital are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Perfect Class A Ordinary Shares | | Perfect Class B Ordinary Shares | | Total | | | Note | | Shares
(in thousand) | | Amount | | Shares
(in thousand) | | Amount | | Amount | | At January 1, 2023 | | | | 101,475 | | | $ | 10,147 | | | 16,789 | | | $ | 1,679 | | | $ | 11,826 | | | Shares retired | | (b) | | (16,347) | | (1,634) | | | — | | — | | | (1,634) | | | At December 31, 2023 | | (a) | | 85,128 | | | 8,513 | | | 16,789 | | | 1,679 | | | 10,192 | | | Shares retired | | (b) | | (68) | | (7) | | | — | | — | | | (7) | | | At December 31, 2024 | | (a) | | 85,060 | | | 8,506 | | | 16,789 | | | 1,679 | | | 10,185 | | | At December 31, 2025 | | | | 85,060 | | | $ | 8,506 | | | 16,789 | | | $ | 1,679 | | | $ | 10,185 | |
(a)As of December 31, 2023, the Company’s authorized capital is $82,000 consisting of 700,000 thousand shares of Class A Ordinary Shares, 90,000 thousand shares of Class B Ordinary Shares, 30,000 thousand shares of classes reserved and may determine by Board of Directors. The paid-in capital was $10,192, consisting of 85,128 thousand Class A Ordinary Shares and 16,789 thousand Class B Ordinary Shares with a par value of $0.1 (in dollars) per share. All proceeds from shares issued have been collected.
As of December 31, 2024, the Company’s authorized capital is $82,000 consisting of 700,000 thousand shares of Class A Ordinary Shares, 90,000 thousand shares of Class B Ordinary Shares, 30,000 thousand shares of classes reserved and may determine by Board of Directors. The paid-in capital was $10,185, consisting of 85,060 thousand Class A Ordinary Shares and 16,789 thousand Class B Ordinary Shares with a par value of $0.1 (in dollars) per share. All proceeds from shares issued have been collected. (b)On October 26, 2023, the Company completed the retirement of 191 thousand of Class A Ordinary shares. These retired shares were acquired as part of the share repurchase plan announced on May 4, 2023. On November 29, 2023, a shareholder surrendered 27 thousand of Class A Ordinary shares for personal reason, and those ordinary shares were canceled. On December 29, 2023, the Company completed the retirement of 16,129 thousand of Class A Ordinary shares. These retired shares were acquired from the tender offer announced on November 27, 2023. On February 7, 2024, the Company completed the retirement of 68 thousand of Class A Ordinary shares. These retired shares were acquired as part of the share repurchase plan announced on May 4, 2023. The reconciliation of the capital surplus due to shares repurchased and retired is provided in Note 6(16).
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| Schedule of capital surplus |
The following tables illustrates the detail of capital surplus: | | | | | | | | | | | | | December 31, 2024 | | December 31, 2025 | | Additional paid-in capital | $ | 477,415 | | | $ | 477,415 | | | Other: | | | | | Employees’ stock option cost | 8,204 | | | 9,614 | | | Retirement of treasury shares | 27,371 | | | 27,371 | | | Subtotal | 35,575 | | | 36,985 | | | $ | 512,990 | | | $ | 514,400 | |
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| Schedule of revenue from contracts with customers |
Revenue | | | | | | | | | | | | | | | | | | | Years ended December 31, | | 2023 | | 2024 | | 2025 | | Revenue from contracts with customers | $ | 53,505 | | | $ | 60,202 | | | $ | 69,154 | |
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| Schedule of disaggregation of revenue from contracts with customers |
The Group derives revenue from the transfer of goods and services over time and at a point in time in the following geographical regions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2023 | United States | | Americas_ Others | | Europe | | Asia-Pacific | | Others | | Total | | Revenue from external customer contracts | $ | 24,992 | | | $ | 4,937 | | | $ | 13,777 | | | $ | 8,553 | | | $ | 1,246 | | | $ | 53,505 | | | Timing of revenue recognition: | | | | | | | | | | | | | At a point in time | $ | 4,380 | | | $ | 1 | | | $ | 1,555 | | | $ | 1,530 | | | $ | 122 | | | $ | 7,588 | | | Over time | 20,612 | | | 4,936 | | | 12,222 | | | 7,023 | | | 1,124 | | | 45,917 | | | $ | 24,992 | | | $ | 4,937 | | | $ | 13,777 | | | $ | 8,553 | | | $ | 1,246 | | | $ | 53,505 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2024 | United States | | Americas_ Others | | Europe | | Asia-Pacific | | Others | | Total | | Revenue from external customer contracts | $ | 25,142 | | | $ | 6,669 | | | $ | 16,586 | | | $ | 10,109 | | | $ | 1,696 | | | $ | 60,202 | | | Timing of revenue recognition: | | | | | | | | | | | | | At a point in time | $ | 2,751 | | | $ | 119 | | | $ | 1,116 | | | $ | 1,858 | | | $ | 273 | | | $ | 6,117 | | | Over time | 22,391 | | | 6,550 | | | 15,470 | | | 8,251 | | | 1,423 | | | 54,085 | | | $ | 25,142 | | | $ | 6,669 | | | $ | 16,586 | | | $ | 10,109 | | | $ | 1,696 | | | $ | 60,202 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2025 | United States | | Americas_ Others | | Europe | | Asia-Pacific | | Others | | Total | | Revenue from external customer contracts | $ | 25,978 | | | $ | 8,285 | | | $ | 20,284 | | | $ | 12,021 | | | $ | 2,586 | | | $ | 69,154 | | | Timing of revenue recognition: | | | | | | | | | | | | | At a point in time | $ | 3,275 | | | $ | 156 | | | $ | 1,717 | | | $ | 2,250 | | | $ | 89 | | | $ | 7,487 | | | Over time | 22,703 | | | 8,129 | | | 18,567 | | | 9,771 | | | 2,497 | | | 61,667 | | | $ | 25,978 | | | $ | 8,285 | | | $ | 20,284 | | | $ | 12,021 | | | $ | 2,586 | | | $ | 69,154 | |
Note. “Americas_Others” includes North and South America, excluding the United States. (b)Alternatively, the disaggregation of revenue could also be distinct as follows: | | | | | | | | | | | | | | | | | | | Years ended December 31, | | 2023 | | 2024 | | 2025 | | AR/AI cloud solutions and Subscription | $ | 44,755 | | | $ | 53,795 | | | $ | 61,071 | | | Licensing | 7,546 | | | 5,220 | | | 5,308 | | | Others | 1,204 | | | 1,187 | | | 2,775 | | | $ | 53,505 | | | $ | 60,202 | | | $ | 69,154 | |
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| Schedule of contract assets and contract liabilities |
| | | | | | | | | | | | | December 31, 2024 | | December 31, 2025 | | Contract assets: | | | | | Unbilled revenue | $ | 977 | | | $ | 968 | | | Contract liabilities: | | | | | Advance sales receipts | $ | 17,218 | | | $ | 21,902 | |
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| Schedule of revenue recognized that was included in contract liability balance at beginning of the period |
| | | | | | | | | | | | | | | | | | | Years ended December 31, | | 2023 | | 2024 | | 2025 | | Revenue recognized that was included in the contract liability balance at the beginning of the period | | | | | | | Advance sales receipts | $ | 12,738 | | | $ | 15,270 | | | $ | 17,161 | |
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| Schedule of interest income |
Interest income | | | | | | | | | | | | | | | | | | | Years ended December 31, | | 2023 | | 2024 | | 2025 | | Interest income from bank deposits | $ | 4,188 | | | $ | 5,799 | | | $ | 4,592 | | | Interest income from financial assets at amortized cost | 5,309 | | | 1,898 | | | 1,541 | | | Others | 1 | | | 11 | | | 1 | | | $ | 9,498 | | | $ | 7,708 | | | $ | 6,134 | |
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| Schedule of other income |
Other income | | | | | | | | | | | | | | | | | | | Years ended December 31, | | 2023 | | 2024 | | 2025 | | Subsidy from government | $ | 21 | | | $ | 34 | | | $ | 22 | | | Others | 12 | | | 21 | | | 6 | | | $ | 33 | | | $ | 55 | | | $ | 28 | |
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| Schedule of other gains and losses |
Other gains and losses | | | | | | | | | | | | | | | | | | | Years ended December 31, | | 2023 | | 2024 | | 2025 | | Foreign exchange gains (losses) | $ | 34 | | | $ | (89) | | | $ | (265) | | | Gains on financial assets at fair value through profit or loss | — | | | — | | | 51 | | | Gains (losses) on financial liabilities at fair value through profit or loss | 1,641 | | | (227) | | | 1,532 | | | Others | — | | | — | | | 1 | | | $ | 1,675 | | | $ | (316) | | | $ | 1,319 | |
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| Schedule of finance costs |
Finance costs | | | | | | | | | | | | | | | | | | | Years ended December 31, | | 2023 | | 2024 | | 2025 | | Interest expense – lease liabilities | $ | 15 | | | $ | 18 | | | $ | 16 | |
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| Schedule of costs and expenses by nature |
Costs and expenses by nature | | | | | | | | | | | | | | | | | | | Years ended December 31, | | 2023 | | 2024 | | 2025 | | Cost of goods sold | $ | 3 | | | $ | 13 | | | $ | — | | | Employee benefit expenses | 27,956 | | | 28,237 | | | 31,782 | | | Platform fees | 8,708 | | | 11,671 | | | 13,997 | | | Promotional fees | 9,565 | | | 11,531 | | | 13,649 | | | Professional service fees | 6,888 | | | 4,748 | | | 3,278 | | | Impairment loss on goodwill | — | | | — | | | 1,965 | | | Insurance expenses | 2,102 | | | 1,417 | | | 1,066 | | | Warranty cost | 677 | | | 581 | | | 405 | | | Depreciation of right-of-use assets | 441 | | | 529 | | | 561 | | | Depreciation of property, plant and equipment | 197 | | | 218 | | | 310 | | | Amortization of intangible assets | 75 | | | 51 | | | 145 | | | Expected credit losses | — | | | 1,373 | | | 75 | | | Others | 2,553 | | | 2,976 | | | 3,649 | | | $ | 59,165 | | | $ | 63,345 | | | $ | 70,882 | |
Please refer to Note 6(9) for details of impairment loss on goodwill.
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| Schedule of employee benefit expenses |
Employee benefit expenses | | | | | | | | | | | | | | | | | | | Years ended December 31, | | 2023 | | 2024 | | 2025 | | Wages and salaries | $ | 21,263 | | | $ | 21,814 | | | $ | 26,660 | | | Remuneration to directors | 553 | | | 600 | | | 600 | | | Employee insurance fees | 1,349 | | | 1,409 | | | 1,487 | | | Pension costs | 707 | | | 754 | | | 855 | | | Employee stock options | 3,268 | | | 2,774 | | | 1,410 | | | Other personnel expenses | 816 | | | 886 | | | 770 | | | $ | 27,956 | | | $ | 28,237 | | | $ | 31,782 | |
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| Schedule of income tax expense |
| | | | | | | | | | | | | | | | | | | Years ended December 31, | | 2023 | | 2024 | | 2025 | | Current income tax: | | | | | | | Current tax expense recognized for the current period | $ | 144 | | | $ | 1,076 | | | $ | 1,248 | | | Tax on undistributed surplus earnings | — | | | — | | | 73 | | | Prior year income tax underestimation | — | | | 6 | | | 242 | | | Total current tax | 144 | | | 1,082 | | | 1,563 | | | Deferred income tax: | | | | | | | Origination and reversal of temporary differences | (29) | | | (1,817) | | | (469) | | | Total deferred income tax | (29) | | | (1,817) | | | (469) | | | Income tax expense (benefit) | $ | 115 | | | $ | (735) | | | $ | 1,094 | |
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| Schedule of reconciliation between income tax expense and accounting loss |
| | | | | | | | | | | | | | | | | | | Years ended December 31, | | 2023 | | 2024 | | 2025 | | Tax calculated based on profit (loss) before tax and statutory tax rate (Note i) | $ | (221) | | | $ | 29 | | | $ | (87) | | | Effects from items disallowed by tax regulation | 18 | | | 24 | | | 54 | | | Effects from non-deductible offshore income tax | 6 | | | 6 | | | 11 | | | | | | | | | Temporary difference not recognized as deferred income tax assets | 702 | | | 94 | | | 389 | | | Prior year income tax underestimation | — | | | 6 | | | 242 | | | Taxable loss not recognized as deferred income tax assets | 1,732 | | | 1,842 | | | 925 | | | Effect from investment tax credits (Note iii) | — | | | (357) | | | (480) | | | Change in assessment of realization of deferred income tax assets (Note ii) | (2,139) | | | (2,377) | | | (26) | | | Tax on undistributed earnings | — | | | — | | | 73 | | | Effects from other states apart from where United States subsidiary registered | 8 | | | 8 | | | 8 | | | | | | | | | Others | 9 | | | (10) | | | (15) | | | Income tax (benefit) expense | $ | 115 | | | $ | (735) | | | $ | 1,094 | |
Note i: As a Cayman Islands corporation, the Company’s domestic statutory income tax rate is 0.0%. Hence, there was no tax impact to the Company. The difference between the Company’s domestic statutory income tax rate and its income tax expense is due to the effect of the tax rates in the other jurisdictions in which the Group operates. The basis for computing the applicable tax rate are the rates applicable in the respective countries where the Group entities operate. Note ii: The change in assessment of the realization of deferred income tax assets mainly consists of the use of net operating loss (NOL) and temporary difference. These temporary difference mainly consist of unrealized expenses, including stock-based payments, warranty provisions, and unused paid leave. The Taiwan subsidiary began generating profits in 2023 and fully utilized all loss carryforwards by 2024, and it's expected to remain profitable in the foreseeable future. Note iii: The Taiwan subsidiary is profitable and has utilized part of the investment tax credits.
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| Schedule of statutory tax raters for significant jurisdictions |
The following table illustrates the statutory tax rates for significant jurisdictions that the Company operates: | | | | | | | | | | | | | | | | | | | | | | | Years ended December 31, | | Jurisdictions | | 2023 | | 2024 | | 2025 | | United States (Federal/State) | | 21%/8.84% | | 21%/8.84% | | 21%/8.84% | | Japan | | 34.60 | % | | 36.86 | % | | 34.60 | % | | Taiwan | | 20 | % | | 20 | % | | 20 | % |
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| Schedule of deferred income tax assets or liabilities as a result of temporary differences and tax losses |
Amounts of deferred income tax assets or liabilities as a result of temporary differences and tax losses are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2024 | | January 1 | | Recognized in profit or loss | | Net exchange differences | | Business
Combination | | December 31 | | Deferred income tax assets: | | | | | | | | | | | – Temporary differences: | | | | | | | | | | | Unrealized expenses | $ | 256 | | | $ | 1,820 | | | $ | (26) | | | $ | — | | | $ | 2,050 | | | Allowance for bad debts | — | | | 13 | | | — | | | — | | | 13 | | | Unrealized exchange losses | — | | | (14) | | | — | | | — | | | (14) | | | Others | 1 | | | (2) | | | (1) | | | — | | | (2) | | | $ | 257 | | | $ | 1,817 | | | $ | (27) | | | $ | — | | | $ | 2,047 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2025 | | January 1 | | Recognized in profit or loss | | Net exchange differences | | Business
Combination | | December 31 | | Deferred income tax assets: | | | | | | | | | | | – Temporary differences: | | | | | | | | | | | Unrealized expenses | $ | 2,050 | | | $ | 217 | | | $ | 2 | | | $ | — | | | $ | 2,269 | | | Allowance for bad debts | 13 | | | (12) | | | — | | | — | | | 1 | | | Unrealized exchange losses | (14) | | | 2 | | | — | | | — | | | (12) | | | Others | (2) | | | 227 | | | — | | | — | | | 225 | | | $ | 2,047 | | | $ | 434 | | | $ | 2 | | | $ | — | | | $ | 2,483 | | | | | | | | | | | | | Deferred income tax liabilities: | | | | | | | | | | | – Temporary differences: | | | | | | | | | | | Unpatented technology | $ | — | | | $ | 35 | | | $ | — | | | $ | (523) | | | $ | (488) | |
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| Schedule of expiration dates of unused taxable losses and amounts of unrecognized deferred income tax assets |
Expiration dates of unused taxable losses primarily originating from the losses of U.S. subsidiary, and amounts of unrecognized deferred income tax assets are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | Year incurred | | Amount filed/assessed | | Unused amount | | Unrecognized deferred income tax assets | | Expiry year | | 2016 | | $ | 4,867 | | | $ | 4,043 | | | $ | 4,043 | | | 2036 | | 2017 | | 3,601 | | | 3,601 | | | 3,601 | | | 2037 | | 2018 | | 1,888 | | | 1,888 | | | 1,888 | | | no expiration | | | | | | | | | | | | | | | | | | | | 2021 | | 6,416 | | | 6,416 | | | 6,416 | | | no expiration | | 2022 | | 4,094 | | | 4,094 | | | 4,094 | | | 2027~no expiration | | 2023 | | 9,355 | | | 9,342 | | | 9,342 | | | 2028~no expiration | | 2024 | | 9,274 | | | 9,274 | | | 9,274 | | | 2029~no expiration | | 2025 | | 2,980 | | | 2,980 | | | 2,980 | | | 2030~no expiration | | | $ | 42,475 | | | $ | 41,638 | | | $ | 41,638 | | | |
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| Schedule of deductible temporary difference that are not recognized as deferred income tax assets |
The amounts of deductible temporary difference that are not recognized as deferred income tax assets are as follows: | | | | | | | | | | | | | December 31, 2024 | | December 31, 2025 | | Deductible temporary differences | $ | 769 | | | $ | 7,385 | |
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| Schedule of earnings (losses) per share |
| | | | | | | | | | | | | | | | | | | Year ended December 31, 2023 | | Amount after tax | | Weighted average number of ordinary shares outstanding
(shares in thousands) | | Earnings per share
(in dollars) | | Basic earnings per share | | | | | | | Profit attributable to ordinary shareholders of the parent | $ | 5,416 | | | 118,024 | | $ | 0.05 | | | Dilutive earnings per share | | | | | | | Profit attributable to ordinary shareholders of the Group plus assumed conversion of all dilutive potential ordinary shares | $ | 5,416 | | | 118,024 | | $ | 0.05 | |
| | | | | | | | | | | | | | | | | | | Year ended December 31, 2024 | | Amount after tax | | Weighted average number of ordinary shares outstanding
(shares in thousands) | | Earnings per share
(in dollars) | | Basic earnings per share | | | | | | | Profit attributable to ordinary shareholders of the parent | $ | 5,021 | | | 101,849 | | $ | 0.05 | | | Dilutive earnings per share | | | | | | | Profit attributable to ordinary shareholders of the Group plus assumed conversion of all dilutive potential ordinary shares | $ | 5,021 | | | 101,849 | | $ | 0.05 | |
| | | | | | | | | | | | | | | | | | | Year ended December 31, 2025 | | Amount after tax | | Weighted average number of ordinary shares outstanding
(shares in thousands) | | Earnings per share
(in dollars) | | Basic earnings per share | | | | | | | Profit attributable to ordinary shareholders of the parent | $ | 4,643 | | | 101,849 | | $ | 0.05 | | | Dilutive earnings per share | | | | | | | Profit attributable to ordinary shareholders of the Group plus assumed conversion of all dilutive potential ordinary shares | $ | 4,643 | | | 101,849 | | $ | 0.05 | |
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| Schedule of instruments with potential future dilutive effect not included in calculation of diluted earnings per share |
As of December 31, 2024 and 2025, the potentially dilutive instruments are as follows: | | | | | | | | | | | | | December 31, 2024 | | December 31, 2025 | | Potentially dilutive instruments (shares in thousands) | | | | | Warrant liabilities | 20,850 | | | 20,850 | | | Employee stock options | 3,877 | | | 3,698 | | | Shareholder Earnout | 10,000 | | | 10,000 | | | Sponsor Earnout | 1,176 | | | 1,176 | | | 35,903 | | | 35,724 | |
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| Schedule of changes in liabilities from financing activities |
Changes in liabilities from financing activities | | | | | | | | | | | | | | | | | | | 2023 | | Non-current financial liabilities at fair value through profit or loss | | Lease liabilities (including current portion) | | Liabilities from financing activities-gross | | At January 1 | $ | 3,207 | | | $ | 338 | | | $ | 3,545 | | | Changes in cash flow from financing activities | — | | | (435) | | | (435) | | | Change in fair value through profit and loss | (1,641) | | | — | | | (1,641) | | | Changes in other non-cash items – additions | — | | | 1,012 | | | 1,012 | | | Changes in other non-cash items – lease modification | — | | | (47) | | | (47) | | | At December 31 | $ | 1,566 | | | $ | 868 | | | $ | 2,434 | |
| | | | | | | | | | | | | | | | | | | 2024 | | Non-current financial liabilities at fair value through profit or loss | | Lease liabilities (including current portion) | | Liabilities from financing activities-gross | | At January 1 | $ | 1,566 | | | $ | 868 | | | $ | 2,434 | | | Changes in cash flow from financing activities | — | | | (525) | | | (525) | | | Change in fair value through profit and loss | 227 | | | — | | | 227 | | | | | | | | | Changes in other non-cash items – additions | — | | | 167 | | | 167 | | | | | | | | | At December 31 | $ | 1,793 | | | $ | 510 | | | $ | 2,303 | |
| | | | | | | | | | | | | | | | | | | 2025 | | Non-current financial liabilities at fair value through profit or loss | | Lease liabilities (including current portion) | | Liabilities from financing activities-gross | | At January 1 | $ | 1,793 | | | $ | 510 | | | $ | 2,303 | | | Changes in cash flow from financing activities | — | | | (562) | | | (562) | | | Change in fair value through profit and loss | (1,374) | | | — | | | (1,374) | | | Changes in other non-cash items – additions | — | | | 743 | | | 743 | | | Changes in other non-cash items – lease modification | — | | | (8) | | | (8) | | | At December 31 | $ | 419 | | | $ | 683 | | | $ | 1,102 | |
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| Schedule of detailed information about business combination |
The following table summarizes the consideration paid for Wannaby and the fair values of the assets acquired and liabilities assumes at the acquisition date: | | | | | | | January 7, 2025 | | Purchase consideration | | | Cash paid | $ | 6,473 | | | Contingent consideration-Earnout liabilities (Note) | 158 | | | 6,631 | | | Fair value of the identifiable assets acquired and liabilities assumed | | | Cash | 492 | | | Accounts receivable | 221 | | | Other receivables | 50 | | | Other current assets | 51 | | | Property, plant and equipment | 28 | | | Intangible assets | 1,760 | | | Guarantee deposits paid | 5 | | | Current contract liabilities | (115) | | | Other payables | (77) | | | Deferred income tax liabilities | (523) | | | Total identifiable net assets | 1,892 | | | Goodwill | $ | 4,739 | |
Note. No later than April 30, 2026, the Group shall pay Farfetch, Inc. an earnout based on defined revenue for the year ended December 31, 2025, not exceeding $500. As the defined revenue for the year ended December 31, 2025 was not achieved, the Group determined that no earnout would be payable and therefore reversed the related contingent consideration liability to zero. Please refer to Note 6(10) for details of gains (losses) on financial liabilities at fair value through profit or loss. | | | | | | | Year ended December 31, 2025 | | Cash and cash equivalent balances acquired | $ | 492 | | | Cash paid | (6,473) | | | Net cash outflow | $ | (5,981) | |
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