v3.25.4
Others (Tables)
 12 Months Ended
Dec. 31, 2025
Others  
Schedule of gearing ratios
As of December 31, 2024 and 2025, the Group’s gearing ratios are as follows:
December 31, 2024December 31, 2025
Total liabilities$34,158 $38,875 
Total equity$147,015 $153,095 
Gearing ratio0.230.25
Schedule of financial instruments by category Financial instruments by category
December 31, 2024December 31, 2025
Financial assets
Financial assets at fair value through profit or loss
Financial assets mandatorily measured at fair value through profit or loss$2,746 $— 
Financial assets at amortized cost
Cash and cash equivalents$127,121 $125,976 
Current financial assets at amortized cost36,000 36,300 
Accounts receivable7,902 7,567 
Other receivables352 358 
Non-current financial assets at amortized cost— 10,173 
Guarantee deposits paid146 193 
$171,521 $180,567 
December 31, 2024December 31, 2025
Financial liabilities
Financial liabilities at fair value through profit or loss
Warrant liabilities$1,793 $419 
Financial liabilities at amortized cost
Other payables (including related parties)$11,702 $12,903 
Lease liabilities$510 $683 
Except for those listed in the table below, the carrying amounts of the Group’s financial instruments not measured at fair value (including cash and cash equivalents, current financial assets at amortized cost, accounts receivable, other receivables (including related parties), guarantee deposits paid, other payables (including related parties) and lease liabilities) are approximate to their fair values.
December 31, 2025
Fair value
Financial assets:Book valueLevel 1Level 2Level 3
Financial assets at amortized cost
US Treasury$10,173 $10,070 $— $— 
Schedule of significant financial assets and liabilities denominated in foreign currencies The Group’s business involves some non-functional currency operations (the Company’s and certain subsidiaries’ functional currency: USD; other certain subsidiaries’ functional currency:
JPY, RMB and EUR). The information of and sensitivity analysis for significant financial assets and liabilities denominated in foreign currencies illustrate as follows:
December 31, 2024
Sensitivity analysis
Foreign currency amount (in thousands)Exchange rateFunctional currencyBook value (USD)
Degree of variation
Effect on profit or loss
Financial assets
Monetary items
NTD:USD$103,569 0.0305$3,159 $3,159 1%$32 
EUR:USD298 1.0411310 310 1%3 
JPY:USD201,668 0.00641,291 1,291 1%13 
USD:RMB320 7.32252,343 320 1%3 
Financial liabilities
Monetary items  
EUR:USD197 1.0411205 205 1%2 
USD:JPY100 156.2215,622 100 1%1 
December 31, 2025
Sensitivity analysis
Foreign currency amount (in thousands)Exchange rateFunctional currencyBook value (USD)Degree of variationEffect on profit or loss
Financial assets
Monetary items
NTD:USD$252,844 0.0318$8,040 $8,040 1%$80 
EUR:USD403 1.1740473 473 1%5 
JPY:USD406,761 0.00642,603 2,603 1%26 
USD:RMB327 6.99072,286 327 1%3 
Financial liabilities
Monetary items
EUR:USD240 1.174282 282 1%3 
USD:JPY98 156.5215,339 98 1%1 
Schedule of ageing analysis of accounts receivable The aging analysis of accounts receivable is as follows:
December 31, 2024December 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 
As of December 31, 2024 and 2025, the provision matrix is as follows:
December 31, 2024Not past dueUp to 30 days
past due		31~90 days
past due		91~180 days
past due		Over 181 days past dueTotal
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 allowance12 49 76 35 94 266 
December 31, 2025Not past dueUp to 30 days
past due		31~90 days
past due		91~180 days
past due		Over 181 days past dueTotal
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 allowance3 6 38 20 114 181 
Schedule of current financial assets Financial assets at fair value through profit or loss
December 31, 2024December 31, 2025
Current items:
Financial assets mandatorily measured at fair value through profit and loss
Money market funds$2,746 $— 
A.Amounts recognized in profit or loss in relation to financial assets at fair value through profit or loss are as follows:
Years ended December 31,
202320242025
Financial assets mandatorily measured at fair value through profit and loss
Money market funds$— $— $51 
Financial assets at amortized cost
December 31, 2024December 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,
202320242025
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 $46,473, respectively.
D.The Group has no financial assets at amortized cost pledged to others.
E.Information relating to credit risk of financial assets at amortized cost is provided in Note 12(2).
Movements in relation to the Group applying the modified approach to provide loss allowance for accounts receivable is as follows:
20242025
Accounts receivableAccounts receivable
At January 1$— $266 
Provision for impairment1,373 75 
Write-offs(1,107)(160)
At December 31$266 $181 
Schedule of contractual undiscounted cash flows of non-derivative financial liabilities The amounts disclosed in the table are the contractual undiscounted cash flows.
Non-derivative financial liabilities: December 31, 2024Less than 1 yearBetween 1-5 yearsOver 5 years
Financial liabilities at fair value through profit or loss$— $1,793 $— 
Other payables (including related parties)11,702 — — 
Lease liabilities (Note)409 109 — 
Non-derivative financial liabilities: December 31, 2025Less than 1 yearBetween 1-5 yearsOver 5 years
Financial liabilities at fair value through profit or loss$— $419 $— 
Other payables (including related parties)12,903 — — 
Lease liabilities (Note)456 240 — 
Note. The amount included the interest of estimated future payments.
Schedule of natures of the liabilities The related information of natures of the liabilities is as follows:
December 31, 2024Level 1Level 2Level 3Total
Assets
Recurring fair value measurements
Financial assets at fair value through profit or loss
Money market funds$2,746 $— $— $2,746 
Liabilities
Recurring fair value measurements
Financial liabilities at fair value through profit or loss
Compound instrument:
Warrant liabilities$1,793 $— $— $1,793 
December 31, 2025Level 1Level 2Level 3Total
Liabilities
Recurring fair value measurements
Financial liabilities at fair value through profit or loss
Compound instrument:
Warrant liabilities$419 $— $— $419