v3.26.1
FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2025
Disclosure Of Financial Instrument [Abstract]  
Schedule of Financial Instruments Measured on a Recurring Basis 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 
Schedule of Reconciliation for Recurring Fair Value Measurements Categorized within Level 3 of the Fair Value Hierarchy 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 
Schedule of Valuation Techniques and Inputs Applied for Level 3 Fair Value Measurement
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
Schedule of Financial Asset Instruments Categories of financial instruments
As of December 31,
20252024
Financial assets
Financial assets at amortized cost (Note i)$97,985 $148,236 
Financial liabilities
Financial liabilities at FVTPL264 2,654 
Financial liabilities at amortized cost (Note ii)425,923 435,983 
i.The balances included financial assets measured at amortized cost, which comprised cash and cash equivalents, trade receivables and other financial assets.
ii.The balances included financial liabilities measured at amortized cost, which comprise bank loans, notes and trade payables, financial liabilities at amortized cost, and other financial liabilities.
Schedule of Financial Liabilities Instruments
As of December 31,
20252024
Earnout liabilities (Note a)$— $1,411 
Earn-in liabilities (Note b)— 782 
Warrant liabilities (Note c)264 461 
$264 $2,654 
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.
Schedule of Changes in Liabilities Arising from Financing Activities 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 $472,356 
*Other changes mainly include interest accruals and payments, new leases and lease modifications.
Schedule of Sensitivity Analysis for Currency Risk
The following table details the Company’s sensitivity to a 1% increase in NTD against USD. The sensitivity analysis included only outstanding foreign currency denominated monetary items. A positive number below indicated a decrease in pre-tax loss or an increase in equity associated with a 1% strengthening of NTD against USD. For a 1% weakening of NTD against USD, there would be an equal and opposite impact on pre-tax loss and equity, and the balances below would be negative.
For the Year Ended December 31
202520242023
Profit or loss$(76)$(78)$(90)
Equity1,132 1,439 2,106 
Summary of Assets and Liabilities Interest Rate Risk 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 
Schedule of 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 
Schedule of Bank Credit Limit
As of December 31,
20252024
Bank loans - Syndicated loans (Note a)$264,690 $286,944 
Bank loans - Loans for batteries (Note b)63,337 49,084 
Bank loans - Loans for procurement and operating capital32,930 20,740 
$360,957 $356,768 
Current83,361 103,018 
Non-current277,596 253,750 
$360,957 $356,768 
Interest rates
Bank loans - Syndicated loans
3.41%-3.44%
3.39%-3.41%
Bank loans - Loans for batteries3.47%3.44%
Bank loans - Loans for procurement and operating capital
2.28%-2.61%
2.23%-2.61%
Bank loans - Syndicated loans
As of December 31,
20252024
Syndicated loans$264,690 $286,944 
Current$42,604 $33,194 
Non-current222,086 253,750 
$264,690 $286,944 
Bank loans - Loans for batteries
As of December 31,
20252024
Loans for batteries$63,337 $49,084 
Current$7,827 $49,084 
Non-current55,510 — 
$63,337 $49,084 
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.