v3.26.1
Concentration of Risk (Tables)
9 Months Ended
Sep. 30, 2025
Concentration of Risk [Abstract]  
Schedule of Major Customers

During the three and nine months ended September 30, 2025 and during the three and nine months ended September 30, 2024, the major customers of the Company are as below. Iluminar is a related party of the Company since April 11, 2023, as disclosed in Note 13— Related party transactions.

 

   For the
Three Months
ended
September 30,
2025
   For the
Nine Months
ended
September 30,
2025
   As of
September 30,
2025
 
   Percentage
of
Revenue
   Percentage
of
Revenue
   Percentage
of
Account
Receivable
 
Customer A   <10%   <10%   34%
Customer C   43%   34%   <10%
Customer M   15%   <10%   <10%
Customer N   11%   <10%   <10%
Iluminar   <10%   <10%   30%

 

 

   For the
Three Months
ended
September 30,
2024
   For the
Nine Months
ended
September 30,
2024
   As of
December 31,
2024
 
   Percentage
of
Revenue
   Percentage
of
Revenue
   Percentage of
Account
Receivable
 
Iluminar   37%   25%   35%
Customer A   15%   21%   31%
Customer C   <10%   10%   <10%
Schedule of Major Vendors

During the three and nine months ended September 30, 2025 and during the three and nine months ended September 30, 2024, the major vendors of the Company are as below. Both Megaphoton and Uninet Global Inc. are related parties of the Company (Megaphoton is no longer a related party of the Company after April 2023), as disclosed in Note 13— Related party transactions, and all purchases from Uninet Global Inc. are products originally manufactured by Megaphoton Inc.

 

   For the
Three Months
ended September  30,
2025
   For the
Nine Months
ended
September  30,
2025
   As of
September 30,
2025
 
   Percentage of
Purchase
   Percentage of
Purchase
   Percentage of
Account
Payable
 
Vendor A   <10%   <10%   10%
Vendor E   <10%   54%   <10%
Iluminar   <10%   42%   <10%
Megaphoton Inc.   <10%   <10%   55%

 

   For the
Three  Months
ended September 30,
2024
   For the
Nine Months
ended
September 30,
2024
   As of
December 31,
2024
 
   Percentage of
Purchase
   Percentage of
Purchase
   Percentage of
Account
Payable
 
Vendor A   31%   42%   20%
Vendor B   25%   <10%   <10%
Vendor E   18%   31%   <10%
Vendor F   11%   <10%   <10%
Megaphoton Inc.   <10%   <10%   49%