v3.26.1
FINANCIAL INSTRUMENTS
 12 Months Ended
Dec. 31, 2025
Disclosure Of Financial Instrument [Abstract]  
FINANCIAL INSTRUMENTS FINANCIAL INSTRUMENTS
a.Fair value of financial instruments that are not measured at fair value
Financial instruments not measured at fair value held by the Company included financial assets and financial liabilities measured at amortized cost. The management considered that the carrying amounts of these financial assets and financial liabilities not measured at fair value approximated their fair values or the fair values could not be measured reliably.
b.Fair value of financial instruments that are measured at fair value on a recurring basis
i.Fair value hierarchy
As of December 31, 2025
Level 1Level 2Level 3Total
Financial liabilities at FVTPL
Earnout liabilities$— $— $— $— 
Earn-in liabilities— — — — 
Warrant liabilities152 — 112 264 
$152 $— $112 $264 
As of December 31, 2024
Level 1Level 2Level 3Total
Financial liabilities at FVTPL
Earnout liabilities$— $— $1,411 $1,411 
Earn-in liabilities— — 782 782 
Warrant liabilities293 — 168 461 
$293 $— $2,361 $2,654 
There were no transfers between the levels of the fair value hierarchy for the years ended December 31, 2025, 2024 and 2023. The Company did not measure any financial assets or financial liabilities at fair value on a non-recurring basis as of December 31, 2025 and 2024.
ii.Reconciliation for recurring fair value measurements categorized within level 3 of the fair value hierarchy
Earnout liabilitiesEarn-in liabilitiesWarrant liabilitiesTotal
Balance as of January 1, 2024$16,380 $9,079 $1,924 $27,383 
Gains on financial liabilities at FVTPL(14,969)(8,297)(1,756)(25,022)
Balance as of December 31, 20241,411 782 168 2,361 
Gains on financial liabilities at FVTPL(1,411)(782)(56)(2,249)
Balance as of December 31, 2025$— $— $112 $112 
For recurring fair value measurements categorized within Level 3 of the fair value hierarchy, unrealized gains of $2.2 million and $25.0 million were recognized in profit or loss attributable to balances held at the end of the reporting period as of December 31, 2025 and 2024, respectively. The amounts were included in “Gains on financial liabilities at fair value through profit or loss” in profit or loss.
iii.Valuation techniques and inputs used in the fair value measurements    
Financial InstrumentsValuation Techniques and Key InputsSignificant Unobservable InputsRelationship and Sensitivity of Unobservable Inputs to Fair Value
Warrant liabilities - Public WarrantsQuoted prices in an active marketN/AN/A
Warrant liabilities - Private Placement WarrantsMonte Carlo simulation: Underlying stock price, volatility and risk-free rate
Volatility
(December 31, 2025: 185.6%; December 31, 2024: 103.2%)
10% increase / (decrease) in the volatility would result in increase / (decrease) in fair value by approximately $59 thousand / ($33 thousand) as of December 31, 2025;
10% increase / (decrease) in the volatility would result in increase / (decrease) in fair value by approximately $99 thousand / ($73 thousand) as of December 31, 2024
Earnout liabilitiesMonte Carlo simulation: Underlying stock price, volatility and risk-free rate
Volatility
(December 31, 2025: 78.5%; December 31, 2024: 104.9%)
10% increase (decrease) in the volatility assumption would not have resulted in a meaningful change in the estimated fair value as of December 31, 2025;
10% increase / (decrease) in the volatility would result in increase / (decrease) in fair value by approximately $546 thousand / ($484 thousand) as of December 31, 2024
Earn-in liabilitiesMonte Carlo simulation: Underlying stock price, volatility and risk-free rate
Volatility
(December 31, 2025: 78.5%; December 31, 2024: 104.9%)
10% increase (decrease) in the volatility assumption would not have resulted in a meaningful change in the estimated fair value as of December 31, 2025;
10% increase / (decrease) in the volatility would result in increase / (decrease) in fair value by approximately $303 thousand / ($269 thousand) as of December 31, 2024
iv.Valuation processes for fair value measurements categorized within level 3 of the fair value hierarchy
The Company engaged third party qualified valuers to perform the valuation where significant unobservable inputs were used in the fair value measurements. The financial department worked closely with the qualified external valuers to establish the appropriate valuation techniques and inputs to the model and confirmed the reliability, independence and correspondence of the information sources in the valuation.
c.Categories of financial instruments
As of December 31,
20252024
Financial assets
Financial assets at amortized cost (Note i)$97,985 $148,236 
Financial liabilities
Financial liabilities at FVTPL264 2,654 
Financial liabilities at amortized cost (Note ii)425,923 435,983 
i.The balances included financial assets measured at amortized cost, which comprised cash and cash equivalents, trade receivables and other financial assets.
ii.The balances included financial liabilities measured at amortized cost, which comprise bank loans, notes and trade payables, financial liabilities at amortized cost, and other financial liabilities.
d.Changes in liabilities arising from financing activities
For the Year Ended December 31, 2025
Balance as of January 1Financing Cash FlowsNon-cash RecognitionChanges in Fair ValuesOther Changes*Exchange Differences on TranslationBalance as of December 31
Bank loans$356,768 $(9,682)$— $— $65 $13,806 $360,957 
Earnout liabilities1,411 — — (1,411)— — — 
Earn-in liabilities782 — — (782)— — — 
Warrant liabilities461 — — (197)— — 264 
Lease liabilities36,412 (13,325)— — 2,588 1,633 27,308 
Guarantee deposits984 (30)— — — 43 997 
Financial liabilities24,586 — 414 — — — 25,000 
$421,404 $(23,037)$414 $(2,390)$2,653 $15,482 $414,526 
For the Year Ended December 31, 2024
Balance as of January 1Financing Cash FlowsNon-cash RecognitionChanges in Fair ValuesOther Changes*Exchange Differences on TranslationBalance as of December 31
Bank loans$410,171 $(27,724)$— $— $(20)$(25,659)$356,768 
Earnout liabilities16,380 — — (14,969)— — 1,411 
Earn-in liabilities9,079 — — (8,297)— — 782 
Warrant liabilities5,373 — — (4,912)— — 461 
Lease liabilities30,138 (13,270)— — 22,466 (2,922)36,412 
Guarantee deposits1,215 (178)— — — (53)984 
Financial liabilities— 25,000 (414)— — — 24,586 
$472,356 $(16,172)$(414)$(28,178)$22,446 $(28,634)$421,404 
For the Year Ended December 31, 2023
Balance as of January 1Financing Cash FlowsNon-cash RecognitionChanges in Fair ValuesOther Changes*Exchange Differences on TranslationBalance as of December 31
Bank loans$381,174 $27,848 $— $— $(20)$1,169 $410,171 
Earnout liabilities24,147 — — (7,767)— — 16,380 
Earn-in liabilities13,384 — — (4,305)— — 9,079 
Warrant liabilities9,418 — — (4,045)— — 5,373 
Lease liabilities21,473 (12,635)— — 21,775 (475)30,138 
Guarantee deposits1,251 (62)— — — 26 1,215 
$450,847 $15,151 $— $(16,117)$21,755 $720 $472,356 
*Other changes mainly include interest accruals and payments, new leases and lease modifications.
e.Financial risk management objectives and policies
The Company’s financial risk management objective is to monitor and manage the financial risks relating to the operations of the Company. These risks include market risk (including foreign currency risk and interest rate risk), credit risk and liquidity risk. In order to minimize the effect of financial risks, the Company devoted time and resources to identify and evaluate the uncertainty of the market to mitigate risk exposures.
i.Market risk
The Company’s activities exposed it primarily to the financial risks of changes in foreign currency exchange rates and interest rates.
1)Foreign currency risk
The Company undertook transactions denominated in foreign currencies; consequently, exposures to exchange rate fluctuations arose.
Sensitivity analysis
Since the primary operating entities of the Company are located in Taiwan, which mainly transact in New Taiwan dollars (NTD), those entities were mainly exposed to the fluctuations of USD.
The following table details the Company’s sensitivity to a 1% increase in NTD against USD. The sensitivity analysis included only outstanding foreign currency denominated monetary items. A positive number below indicated a decrease in pre-tax loss or an increase in equity associated with a 1% strengthening of NTD against USD. For a 1% weakening of NTD against USD, there would be an equal and opposite impact on pre-tax loss and equity, and the balances below would be negative.
For the Year Ended December 31
202520242023
Profit or loss$(76)$(78)$(90)
Equity1,132 1,439 2,106 
2)Interest rate risk
The Company was exposed to interest rate risk because the entities in the Company borrowed funds at both fixed and floating interest rates. The Company’s interest rate risk was mainly concentrated in the fluctuation of the benchmark interest rate arising from cash and cash equivalents - time deposits, other financial assets, short-term borrowings, long-term borrowings, financial liabilities at amortized cost, financial liabilities designated as at FVTPL and leasing liabilities. The carrying amount of the Company’s financial assets and financial liabilities with exposure to interest rates at the end of the reporting period were as follows.
As of December 31,
20252024
Fair value interest rate risk
Financial assets$23,945 $80,637 
Financial liabilities27,572 39,066 
Cash flow interest rate risk
Financial assets49,246 46,765 
Financial liabilities361,731 357,205 
Sensitivity analysis
The sensitivity analysis below was determined based on the Company’s exposure to interest rates for non-derivative instruments at the end of the reporting period. For floating rate liabilities, the analyses were prepared assuming the amount of the outstanding liability at the end of the reporting period was outstanding for the whole year. A 10 basis points increase or decrease was used when reporting interest rate risk internally to key management personnel and represents management’s assessment of the reasonably possible change in interest rates.
If interest rates had been 10 basis points higher/lower and all other variables were held constant, the Company’s loss for the years ended December 31, 2025, 2024 and 2023 would increase/decrease by $0.3 million, $0.3 million and $0.4 million, respectively.
ii.Credit risk
Credit risk referred to the risk that counterparty would default on its contractual obligations resulting in financial loss to the Company. The Company’s credit risk was mainly arising from bank deposits, trade receivables, other financial assets and refundable deposits. The Company adopted a policy of only dealing with creditworthy counterparties and financial institutions, where appropriate, as a means of mitigating the risk of financial loss from defaults.
iii.Liquidity risk
The Company managed liquidity risk by monitoring and maintaining a level of cash deemed adequate to finance the Company’s operations and mitigated the effects of fluctuations in cash flows. In addition, management monitored the utilization of bank loans and ensured compliance with loan covenants.
1)Maturity analysis for non-derivative financial liabilities
The following table details the Company’s remaining contractual maturity for its non-derivative financial liabilities with agreed repayment periods. The tables had been compiled based on the undiscounted cash flows of financial liabilities from the earliest date on which the Company can be required to pay. The tables included both interest and principal cash flows. To the extent that interest flows are at floating rates, the undiscounted amount was derived from the interest rate curve at the end of the reporting period.
As of December 31, 2025
Interest
Rate		On Demand
or Less than
1 Month		1 to 3 Months3 Months to
1 Year		1 to 5 YearsMore than 5 Years
Non-derivative financial liabilities
Non-interest bearing liabilities$22,661 $16,597 $567 $144 $— 
Lease liabilities
1.20%-11.00%
1,030 1,926 9,171 18,485 193 
Variable interest rate liabilities
2.28%-3.47%
7,387 19,421 67,742 286,784 — 
$31,078 $37,944 $77,480 $305,413 $193 
As of December 31, 2024
Interest
Rate		On Demand
or Less than
1 Month		1 to 3 Months3 Months to
1 Year		1 to 5 YearsMore than 5 Years
Non-derivative financial liabilities
Non-interest bearing liabilities$35,575 $18,386 $670 $— $— 
Lease liabilities
1.20%-11.50%
1,786 3,494 13,900 34,214 1,578 
Variable interest rate liabilities
2.23%-3.44%
— 20,741 82,257 254,208 — 
$37,361 $42,621 $96,827 $288,422 $1,578 
2)Bank credit limit
As of December 31,
20252024
Unsecured bank general credit limit
Amount used*$437,612 $469,713 
Amount unused16,332 26,274 
$453,944 $495,987 
*The calculation of amount used was based on the initial drawdown of the bank loans, and would not be affected before the Company repaid the full amount of the bank loans. The amount used included guarantees for customs duties and government grants.