v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS
¥ in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Operating activities:      
Net loss $ (68,939) $ (137,751) [1] $ (143,899) [1]
Adjustments to reconcile net loss to net cash used in operating activities:      
Allowance for credit losses (1,208) 1,814 [1] 1,063 [1]
Reversal of provision for prepayments and other current assets 0 0 [1] (185) [1]
Write-down of inventories 1,340 925 [1] 1,502 [1]
Share-based compensation 13,341 19,056 [1] 24,866 [1]
Depreciation and amortization 19,871 20,570 [1] 12,110 [1]
Reduction of carrying amount of right-of-use assets 4,522 5,835 [1] 5,482 [1]
Loss (gain) from equity method investments (1,236) (5,611) [2] 6,142 [1]
Change in fair value of equity securities 221 6,114 [1] 3,208 [1]
Accretion of interest expenses 4,413 289 [1] 409 [1]
Change in fair value of warrant liabilities (76) 477 [1] (1,675) [1]
Change in fair value of derivative financial assets (175) 0 [1] 0 [1]
Change in fair value of derivative financial liabilities (214) 0 [1] 0 [1]
Loss/(gain) on disposal of property and equipment, and intangible assets 437 (64) [1] 247 [1]
Net unrealized foreign exchange losses/(gains) (3,329) 3,373 [1] 5,671 [1]
Impairment of property and equipment and intangible assets 3,410 234 [1] 1,445 [1]
Deferred income tax benefit (450) (2,531) [1] (16) [1]
Noncash interest income (838) 0 [1] 0 [1]
Changes in operating assets and liabilities, net of effects of consolidation / deconsolidation of subsidiaries:      
Notes receivable (3,667) 5,985 [1] 11,275 [1]
Inventories (31,935) (9,257) [1] 2,384 [1]
Amounts due from related parties (30,819) (1,826) [1] 5,713 [1]
Prepayments and other current assets and other non-current assets (18,532) 22,404 [1] 441 [1]
Notes payable (33) 17,945 [1] (23,015) [1]
Amounts due to related parties 20,396 (1,397) [1] (1,174) [1]
Accrued expenses and other current liabilities and income tax payable (8,431) (17,244) [1] (17,830) [1]
Operating lease liabilities (4,714) (4,208) [1] (3,040) [1]
Provisions 2,811 2,616 [1] 8,309 [1]
Distributions from equity method investees, return on investment 892 0 [1] 0 [1]
Net cash used in operating activities (94,391) (59,980) [1] (172,440) [1]
Investing activities:      
Cash paid for acquisition of short-term investments (38,192) (40,936) [1] (22,469) [1]
Proceeds from redemption of short-term investments 25,754 42,934 [1] 3,355 [1]
Loans and advances to related parties (11,371) (1,488) [1] (29,433) [1]
Cash collection of loans to related parties and advances to related parties 5,832 2,439 [1] 29,388 [1]
Cash paid for acquisition of equity method investments 0 (7,451) [1] 0 [1]
Proceeds from sale of equity method investments 334 19,899 [1] 0 [1]
Cash received from partial sale of equity interest in SiEngine 17,947 0 [1] 0 [1]
Receivables from partial sale of equity interest in SiEngine 0 17,947 [1] 0 [1]
Proceeds from sale of Zenseact 0 0 [1] 115,000 [1]
Payments for available-for-sale debt investments (42,979) 0 [1] 0 [1]
Payments for equity securities (17,000) 0 [1] 0 [1]
Purchase of property and equipment, and intangible assets (12,168) (15,907) [1] (8,881) [1]
Proceeds from disposal of property and equipment, and intangible assets 1,008 220 [1] 305 [1]
Distributions from equity method investees in excess of cumulative earnings 353 0 [1] 0 [1]
Net cash (used in) provided by investing activities (70,482) (8,121) [1] 87,265 [1]
Financing activities:      
Proceeds from short-term borrowings 328,550 222,432 [1] 208,792 [1]
Repayment of short-term borrowings (216,645) (201,554) [1] (163,237) [1]
Proceeds from long-term borrowings 5,475 0 [1] 0 [1]
Borrowings from related parties 188,495 83,381 [1] 44,458 [1]
Repayments of borrowings from related parties (153,972) (62,360) [1] (44,458) [1]
Acquisition of an entity under common control 0 (1,915) [1] 0 [1]
Cash payment not soon after purchase of intangible assets (7,383) (7,270) [1] 0 [1]
Cash paid to acquire noncontrolling interests 0 (332) [1] 0 [1]
Cash payment not soon after a business acquisition of Hubei Dongjun (1,614) 0 [1] 0 [1]
Proceeds from employee stock option exercises 256 0 [1] 0 [1]
Proceeds from issuance of ordinary shares 43,200 0 [1] 0 [1]
Cash paid for follow-on public offering cost (622) 0 [1] 0 [1]
Cash paid for repurchase of ordinary shares (28,985) (3,000) [1] 0 [1]
Proceeds from issuance of convertible notes 108,500 0 [1] 0 [1]
Payment for issuance costs of convertible notes (2,325) 0 [1] (500) [1]
Repayments of convertible notes (65,000) 0 [1] 0 [1]
Cash paid for costs of the Merger (1,000) 0 [1] (11,289) [1]
Proceeds from conditional government grants 6,933 6,973 [1] 6,853 [1]
Net cash provided by financing activities 203,863 36,355 [1] 40,619 [1]
Effect of foreign currency exchange rate changes on cash and restricted cash 4,102 (2,183) [1] (2,030) [1]
Net decrease in cash and restricted cash 43,092 (33,929) [1] (46,586) [1]
Cash and restricted cash at the beginning of the year [1] 50,164 84,093 130,679
Cash and restricted cash at the end of the year 93,256 50,164 [1] 84,093 [1]
Reconciliation of cash and restricted cash:      
Cash 87,118 44,250 [1] 80,283 [1]
Restricted cash 6,138 5,914 [1] 3,810 [1]
Cash and restricted cash shown in the consolidated statements of cash flows 93,256 50,164 [1] 84,093 [1]
Supplemental information:      
Income tax paid 3,218 1,775 [1] 280 [1]
Interest paid 23,276 15,554 [1] 9,013 [1]
Non-cash investing and financing activities:      
Payable for purchase of property and equipment, and intangible assets 23,917 18,485 [1] 17,920 [1]
Receivables from partial sale of equity interest in SiEngine 0 17,947 [1] 0 [1]
Receivables from shares issued upon exercise of options 174 98 [1] 0 [1]
Transfer of notes receivable as part of consideration to purchase intangible assets 0 0 [1] 7,022 [1]
Payable for issuance cost of convertible notes payable 2,210 0 [1] 0 [1]
Issuance of ordinary shares through conversion of convertible notes 7,664 0 [1] 0 [1]
Waiver of loan receivables from a related party under common control 873 0 [1] 0 [1]
Debt assignment and offset with related parties 29,415 0 [1] 0 [1]
Nonrelated Party      
Changes in operating assets and liabilities, net of effects of consolidation / deconsolidation of subsidiaries:      
Accounts receivable 15,074 14,124 [1] 20,673 [1]
Accounts payable (27,552) (39,339) [1] 46,180 [1]
Contract liabilities (756) 680 [1] (605) [1]
Related Party      
Changes in operating assets and liabilities, net of effects of consolidation / deconsolidation of subsidiaries:      
Accounts receivable (1,872) 32,068 [1] (101,048) [1]
Accounts payable 41,899 27,056 [1] 1,833 [1]
Contract liabilities (18,242) (22,317) [1] (38,906) [1]
Hubei Dongjun Automotive Electronics Technology Co., Ltd.      
Changes in operating assets and liabilities, net of effects of consolidation / deconsolidation of subsidiaries:      
Distributions from equity method investees, return on investment 294    
Investing activities:      
Payments for acquisition, net of cash acquired 0 (1,565) [1] 0 [1]
Suzhou Photon-Matrix      
Investing activities:      
Payments for acquisition, net of cash acquired $ 0 $ (6,266) [1] $ 0 [1]
[1] Restated (refer to Note 2(c))
[2] Restated (refer to Note 2(c))