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) income $ (21,787) $ (6,120) $ 8,338
Adjustments to reconcile net (loss) income to net cash provided by operating activities:      
Depreciation of property and equipment 561 691 681
Amortization of intangible assets 3,466 2,063 2,150
Amortization of right-of-use assets 122 121 92
Amortization of other assets 140 115 72
Investment income (20) (6) 0
Loss on disposal of subsidiary 3,865    
Goodwill impairment 3,663 0 0
Share-based compensation 314 3,413 0
Changes in operating assets and liabilities:      
Accounts receivable and contract assets 2,065 642 (982)
Prepayments and other current assets (11,162) (4,746) (9,697)
Payment of deferred offering costs 0 0 1,095
Lease liabilities (123) (121) (161)
Accounts payable (55) (4) (98)
Contract liabilities (420) (326) (94)
Accrued expenses and other current liabilities 1,664 (712) (362)
Due to the related parties 0 0 (1,066)
Tax payables (209) (601) 551
Inventories 67 19 38
Net cash (used in) provided by operating activities (17,849) (5,572) 557
Cash Flows from Investing Activities:      
The deposits for AI software 0 (5,897) 0
Acquisition of Bondly HK (5,330) (3,815) 0
Purchases of property and equipment 0 (36) (3,204)
Purchase of intangible assets 0 0 (2,063)
Acquisition in long term investment (1,152) 0 0
Proceeds on disposal of the subsidiary 1,004 0 0
The deposits for Haicang property 0 0 (4,598)
The deposits for potential acquisition 0 (140) 0
Net cash used in investing activities (5,478) (9,888) (9,865)
Cash Flows from Financing Activities:      
Ordinary shares issued for cash 24,483 12,221 0
Due to the related parties (871) 866  
Proceeds from IPO 0 0 14,098
Net cash provided by financing activities 23,612 13,087 14,098
Effect of exchange rate changes on cash and cash equivalents (83) 3,229 (1,533)
Net increase in cash and cash equivalents 202 856 3,257
Cash at the beginning of year 26,712 25,856 22,599
Cash at the end of year 26,914 26,712 25,856
Supplemental disclosures of cash flows information:      
Cash paid for income taxes 115 2,407 2,630
Supplemental disclosures of non-cash flows information:      
Obtaining right-of-use assets in exchange for operating lease liabilities 607 54 23
Purchase of intangible assets prepaid in prior year 0 2,808 667
Acquisition of Bondly HK 5,292 2,364 0
Accrued service fees related to the issuance of Class A Ordinary Shares $ 1,209 $ 0 $ 0