8. Property, Equipment and Software, net Property, equipment and software consist of the following: | | | | | | | As of December 31, | | | 2024 | | 2025 | | | US$ | | US$ | Cost: | | | | | Leasehold improvements | | 3,641 | | 4,152 | Computers and electronic equipment | | 7,830 | | 8,930 | Office equipment | | 399 | | 408 | Software | | 998 | | 1,240 | Construction in progress (1) | | 4,185 | | 12,073 | Total cost | | 17,053 | | 26,803 | Less: Accumulated depreciation and amortization | | (10,434) | | (11,150) | Total property, equipment and software, net | | 6,619 | | 15,653 |
| (1) | As of December 31, 2024 and 2025, the balance represents the Group’s capital expenditure contracted for construction of self-used buildings. |
Depreciation expense was US$2,449, US$1,596, and US$1,217 for the years ended December 31, 2023, 2024 and 2025, respectively.
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