v3.26.1
Property and Equipment, Net
 12 Months Ended
Dec. 31, 2025
Property and Equipment, Net [Abstract]  
PROPERTY AND EQUIPMENT, NET
5. PROPERTY AND EQUIPMENT, NET

 

Property and equipment, net consisted of the following:

 

   As of
December 31,
2025		   As of
December 31,
2024		 
Buildings  $47,491   $25,838 
Office equipment   3,102    2,887 
Machinery and tools   1,419    1,562 
Vehicles   32,061    31,007 
Leasehold improvements   6,281    5,776 
Constructions in progress   20,700    28,479 
Subtotal   111,054    95,549 
Less: accumulated depreciation and amortization   (40,960)   (35,581)
Property and equipment, net  $70,094   $59,968 

 

As of December 31, 2025 and 2024, property and equipment with net book value amounted to approximately $33.0 million and $16.3 million, respectively, were pledged for obtaining various loans (See Note 10 Notes payables and Note 11 Bank loans).

 

Depreciation and amortization expenses for the years ended December 31, 2025, 2024 and 2023, amounted to approximately $6.4 million, $6.4 million and $6.4 million, respectively. For the years ended December 31, 2025, 2024 and 2023, depreciation and amortization included in the cost of revenue were approximately $5.7 million, $5.7 million and $5.7 million, respectively. For the years ended December 31, 2025, 2024 and 2023, depreciation and amortization included in operating expenses were approximately $0.8 million, $0.7 million and $0.7 million, respectively.