v3.26.1
Income taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of components of income / (loss) before income taxes
The components of loss before income taxes are as follows:
Year ended December 31,
202320242025
US$US$US$
Cayman Islands(7,657)(16,918)(13,699)
British Virgin Islands2,691 (824)(779)
Hong Kong(2,478)7,304 (7,227)
Sweden1,911 449 8,494 
United Kingdom(35,166)(26,200)(17,251)
Americas(3,752)785 176 
Germany (1,895)(3,516)409 
Singapore— — (8,346)
Malaysia— — (34)
Mainland PRC(98,078)(98,621)(29,438)
Total(144,424)(137,541)(67,695)
Schedule of income tax expense recognized in the consolidated statements of comprehensive loss
Income tax benefit (expense) recognized in the consolidated statements of comprehensive loss consisted of the following:
Year ended December 31,
202320242025
US$US$US$
Current income tax benefit (expense)
Mainland PRC1,060 (1,242)(168)
Others(551)(1,499)(1,526)
Total current income tax benefit (expense)
509 (2,741)(1,694)
Deferred income tax benefit
Mainland PRC— 2,539 464 
Others16 (8)(14)
Total deferred income tax benefit
16 2,531 450 
Income tax benefit (expense)525 (210)(1,244)
Schedule of reconciliation of the differences between PRC statutory income tax rate and the Group's effective income tax rates
A reconciliation of the provision for income taxes to the amount computed by applying the 25% statutory PRC corporate income tax rate to income before income taxes after the adoption of ASU 2023-09 is as follows:
Year ended December 31, 2025
US$%
Tax calculated at the statutory tax rate:(16,924)25%
Non-deductible expenses and non-taxable income1,333 (2)%
Research and development expenses additional deduction(2,954)4%
Effect of preferential tax rate2,720 (4)%
Change in valuation allowance5,512 (8)%
Prior year return-to-provision true up405 (1)%
Foreign tax effect:
United Kingdom
Tax rate differential1,038 (2)%
Change in valuation allowance2,979 (4)%
Non-deductible expenses296 —%
Cayman Islands
Tax rate differential3,425 (5)%
Singapore
Tax rate differential875 (1)%
Non-taxable income(669)1%
Change in valuation allowance1,881 (3)%
Hong Kong
Tax rate differential614 (1)%
Change in valuation allowance877 (1)%
Non-deductible expenses408 (1)%
Other tax jurisdictions(572)1%
Total1,244 (2)%
Reconciliation of the differences between PRC statutory income tax rate and the Group’s effective income tax rates for the years ended December 31, 2023, and 2024 are as follows:
Year ended December 31,
20232024
Computed expected income tax benefit 25%25%
Effect of preferential tax rate (4)%(7)%
Effect of different tax jurisdiction (2)%(4)%
Change in tax rate(18)%(4)%
Prior year return-to-provision true up2%—%
Non-deductible expenses and non-taxable income(4)%(1)%
Research and development expenses additional deduction 6%5%
Change in valuation allowance (5)%(14)%
Actual income tax expense —%—%
Schedule of principal components of the deferred tax assets and liabilities
The principal components of the deferred tax assets and liabilities are as follows:
As of December 31,
20242025
US$US$
Deferred tax assets:
Inventories435 539 
Allowance for doubtful accounts521 273 
Intangible assets17,224 18,477 
Plant, property and equipment291 263 
Contract cost assets202 15 
Accrued product warranties3,271 3,906 
Accrued salaries and benefits641 442 
Accounts payable, accrued expenses and other liabilities10,471 11,353 
Donation20 21 
Government grants3,456 5,297 
Unrealized investment loss of equity method investments174 — 
Operating lease liabilities1,544 685 
Net operating loss carryforwards69,314 84,889 
Total deferred tax assets 107,564 126,160 
Less: valuation allowance (102,576)(119,072)
Deferred tax assets, net of valuation allowance4,988 7,088 
Deferred tax liabilities:
Operating lease right-of-use assets(1,640)(825)
Depreciation of plant, property, and equipment(1,183)(3,031)
Unrealized investment gain of equity method investments— (966)
Intangible assets(4,221)(3,955)
Total deferred tax liabilities(7,044)(8,777)
Net deferred tax liabilities(2,056)(1,689)
Analyzed as:
As of December 31,
20242025
US$US$
Deferred tax assets14 11 
Deferred tax liabilities(2,070)(1,700)
Net deferred tax liabilities(2,056)(1,689)
Schedule of movement of the valuation allowance for the deferred tax assets
The following table presents the movement of the valuation allowance for the deferred tax assets:
As of December 31,
202320242025
US$US$US$
Balance as of January 1, 77,874 81,830 102,576 
Increase during the year 6,418 23,648 10,915 
Foreign currency translation adjustments(2,462)(2,902)5,581 
Balance as of December 3181,830 102,576 119,072 
Schedule of net operating loss carryforwards by the PRC companies will expire during the period from year 2022 to year 2031, if unused by the following year-end
As of December 31, 2025, the net operating loss carryforwards by the PRC companies will expire during the period from year 2026 to year 2035, if unused by the following year-end:
Year ending December 31,Amount
US$
20265,428 
202714,698 
20284,246 
20294,024 
20303,439 
203193 
2032102,601 
203367,322 
2034125,973 
203561,155 
Total388,979 
Schedule of income taxes paid
The amounts of cash income taxes paid by the Company during the year ended December 31, 2025 are as follows:
Year ended December 31, 2025
US$
Mainland PRC1,105 
Hong Kong942 
Sweden1,068 
Other foreign jurisdictions103 
Income taxes, net of amounts refunded3,218