v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net income $ 12,209 $ 10,827 $ 10,308
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization of property and equipment 6,427 6,355 6,446
Amortization of operating lease expense 4,604 6,581 9,337
Amortization of intangible assets 452 652 591
(Recovery of) provision for credit losses (95) 88 566
Loss (income) from equity method investment 41 (15) (19)
(Gain) loss on disposal of property and equipment (57) 315 (283)
(Gain) loss from disposal of subsidiaries (8) 90
Deferred income taxes 341 589 1,524
Changes in operating assets and liabilities:      
Notes receivable (111) (724) (682)
Accounts receivable (5,782) (31,241) (10,734)
Prepayments and other current assets 3,300 4,823 3,450
Due from related parties (4,407) (626) (40)
Other non-current assets 945 2,939 (3,670)
Accounts payable (1,089) 29,313 4,509
Due to related parties (6) 8 (80)
Salary and welfare payable 2,400 (1,536) 1,457
Accrued expenses and other current liabilities 1,997 (8,220) 177
Operating lease liabilities (4,497) (6,769) (9,417)
Tax payables 1,048 779 105
Other non-current liabilities (1,621) 880 500
Net cash provided by operating activities 16,099 15,010 14,135
Cash flows from investing activities:      
Investments deposit refund 1,610 6,810 5,676
Investments deposit (9,057)
Purchase of long-term investments (6,160)
Loan to a related party (2,800)
Loan to third parties (11,354) (5,757)
Loan repaid from a third party 2,808
Purchase of intangible assets (9,096) (17,932)
Purchase of property and equipment (18,979) (29,465) (10,780)
Proceeds from disposal of property and equipment 255 1,332 1,212
Proceeds from disposal of subsidiaries 9,656 51
Consideration deposit received from third parties 140 2,838
Dividend received from investment 114
Net cash used in investing activities (37,428) (32,629) (18,821)
Cash flows from financing activities:      
Proceeds from initial public offering 8,547
Proceeds from notes payable 9,114 34,003 8,515
Repayments of notes payable (15,016) (27,381) (2,022)
Proceeds from short-term bank loans 54,439 50,301 37,876
Repayments of short-term bank loans (50,152) (46,464) (48,661)
Proceeds from long-term bank loans 19,522 16,543
Due to related parties 110 (600)
Capital contribution from non-controlling shareholders 238 2,070 556
Dividend to non-controlling shareholders (28)
Payment of deferred issuance costs (279)
Loans from third parties 1,190
Repayment to a third party (600)
Advance from a third-party 7,237
Net cash provided by financing activities 18,817 29,072 11,169
Effects of exchange rate changes on cash, cash equivalents and restricted cash 867 (533) (558)
Net (decrease) increase in cash, cash equivalents and restricted cash (1,645) 10,920 5,925
Cash, cash equivalents and restricted cash, beginning of year 40,213 29,293 23,368
Cash, cash equivalents and restricted cash, end of year 38,568 40,213 29,293
Supplemental cash flow information:      
Cash paid for income tax 1,456 589 634
Cash paid for interest 2,349 1,924 1,775
Non-cash transaction in investing and financing activities:      
Liabilities (settled) incurred for purchase of property and equipment (362) 344 (387)
Operating lease right-of-use assets extinguished in exchange for operating lease liabilities (181) (2,115) (1,347)
Disposition consideration settled by long term investment 700
Reclassification of deferred issuance costs 81
Reconciliation to amount on consolidated balance sheets:      
Cash and cash equivalents 35,290 34,668 26,725
Restricted cash 3,278 5,545 2,568
Total cash, cash equivalents and restricted cash $ 38,568 $ 40,213 $ 29,293