v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net (loss)/profit $ 57,890 $ 4,997 $ (60,315)
Adjustments to reconcile net (loss)/profit to net cash generated from operating activities:      
Share-based compensation 22,263 67,750 65,216
Depreciation and amortization of property, equipment and software 1,217 1,596 2,449
Amortization of right-of-use assets 3,967 3,469 4,100
Allowance for credit losses/(reversal) of allowance for credit losses (637) 1,243 1,595
Inventory write-downs 1,062 1,997 3,298
(Gain)/loss on disposal of property, equipment and software 17 43 (221)
Gain on disposal of long-term investment   (451)  
(Gain)/loss on foreign currency exchange rates 1,030 136 (669)
Change in unrealized investment income 5,380 (533) (697)
Fair value change on short-term and long-term investments (807) 157 76
Impairment loss/(reversal) of long-term investments (53) 261 15,537
Changes in operating assets and liabilities:      
Accounts receivable (4,884) 484 1,046
Notes receivable (2,701) (2,638) (2,284)
Inventories (8,165) 7,028 9,217
Prepayments and other current assets (1,815) (3,942) (1,251)
Other non-current assets 1 203 290
Accounts payable 9,561 5,915 1,982
Advances from customers (2,016) (430) 4,143
Deferred revenue 2,182 594 93
Income tax payables (218) (329) 689
Accruals and other liabilities 2,934 (564) (1,372)
Lease liabilities (4,401) (3,510) (3,366)
Other non-current liabilities (767) (3,124) (3,113)
Net cash generated from operating activities 81,040 80,352 36,443
Cash flows from investing activities:      
Payment for short-term investments (50,588) (264,681) (327,244)
Proceeds from disposal of short-term investments 184,332 354,547 853,703
Proceeds from disposal of long-term investments 98,875 43,160  
Purchase of property, equipment and software (7,136) (4,184) (1,499)
Purchase of land use rights   (8,914)  
Proceeds from disposal of property, equipment and software 16 163 509
Payment for long-term investments   (11,163) (193,014)
Pre-payment for long-term investments (1,020)    
Provision of third-party loans   (1,500)  
Proceeds from collection of third-party loans 1,500    
Net cash generated from investing activities 225,979 107,428 332,455
Cash flows from financing activities:      
Payment for repurchase of ordinary shares (12) (70) (3,339)
Payment for cancellation of treasury shares (12)    
Proceeds from exercise of share options 2 168 1,187
Payments of deferred offering costs   (276) (71)
Payments of dividend (69,848) (33,022)  
Net cash used in financing activities (69,870) (33,200) (2,223)
Effect of exchange rate changes on cash and cash equivalents, restricted cash 420 116 (1,148)
Net increase in cash and cash equivalents, restricted cash 237,569 154,696 365,527
Cash and cash equivalents, restricted cash at the beginning of year 653,384 498,688 133,161
Cash and cash equivalents, restricted cash at the end of year 890,953 653,384 498,688
Supplemental cash flow disclosures      
Cash paid for income tax (2,534) (2,687) (2,819)
Cash and cash equivalents 890,708 653,334 498,688
Restricted cash 245 50  
Total cash, cash equivalents and restricted cash shown in the statements of cash flows $ 890,953 $ 653,384 $ 498,688