v3.26.1
Intangible assets, net
 12 Months Ended
Dec. 31, 2025
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
Intangible assets, net Intangible assets, net
Intangible assets, net consisted of the following:
As of December 31,
20242025
US$US$
Software22,406 23,923 
Distribution and licensing rights25,248 34,176 
Trademark37 40 
Patent362 380 
Developed technology (Refer to Note 3.(c))18,874 19,851 
Intangible assets66,927 78,370 
Less: accumulated amortization(24,236)(34,476)
Less: impairment(487)(3,513)
Intangible assets, net42,204 40,381 

In November 2023, the Group entered into a licensing agreement with Hubei Xingji Meizu Group Co., Ltd., (“Xingji Meizu”), a related party. Pursuant to the licensing agreement, the Group obtained a non-exclusive license under certain software of Xingji Meizu to develop and sell this software worldwide for three years. The consideration is due in three equal annual installments of US$7,007. The Group recognized US$20,141 software license rights based on the present value of the consideration and amortized it over three years. In May 2025, the Group entered into a modification agreement with Xingji Meizu and both parties agreed to extend the license for additional 8 years from the modification date to November 2033 on an exclusive basis for no additional consideration. The Group accounted for the modification as an extension of the licensing period and the carrying amount of the intangible asset on the modification date is amortized over the remaining contractual period.
Amortization of intangible assets was allocated as follows:
Year ended December 31,
202320242025
US$US$US$
Cost of revenues1,127 6,682 3,515 
Selling, general and administrative expenses1,418 1,232 1,145 
Research and development expenses1,949 4,776 7,545 
Total amortization expense4,494 12,690 12,205 
Estimated amortization expenses relating to the existing intangible assets with finite lives for the next five years is as follows:
As of December 31,
US$
202611,139 
20278,919 
20286,601 
20295,842 
20303,484 
Impairment loss was allocated as follows:
Year ended December 31,
202320242025
US$US$US$
Selling, general and administrative expenses376 90 223 
Research and development expenses1
40 — 3,068 
Total impairment loss416 90 3,291 

1 For the year ended December 31, 2025 the Company recognized US$3,068 of impairment losses related to developed technology due to weaker-than-expected operations, as the carrying amount was not recoverable based on the undiscounted cash flows. The fair value was estimated using discounted cash flows under the income approach classified in Level 3 of the fair value hierarchy. Significant unobservable inputs used in the fair value measurement include revenue growth rates, technology migration rates and discount rate, which were determined with the assistance of an independent valuation specialist.