v3.26.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Assets    
Cash and cash equivalents $ 126,129 $ 104,963
Restricted cash 47,865 64,275
Accounts receivable (net of allowance for credit losses of $4,028 and $4,693 as of March 31, 2026 and December 31, 2025, respectively) 123,592 155,763
Notes receivable 5,511 5,590
Inventories, net 95,037 89,411
Prepaid expenses and other current assets 16,189 17,221
Assets held for sale 11,500 11,500
Total Current Assets 425,823 448,723
Property, plant and equipment, net 510,050 508,057
Land use rights, net 11,654 11,570
Acquired intangible assets, net 2,077 2,183
Operating lease right-of-use assets 16,769 17,336
Deferred tax assets 5,429 5,429
Other non-current assets 15,694 12,150
Total Assets 987,496 1,005,448
Liabilities    
Accounts payable 46,370 47,003
Notes payable 52,263 78,321
Accrued expenses and other current liabilities 109,472 123,429
Advance from customers 6,663 5,605
Convertible loan measured at fair value 76,456 140,929
Short-term bank borrowings 111,152 93,052
Bonds payable 41,693 0
Total Current Liabilities 444,086 488,341
Long-term bonds payable 0 41,693
Long-term bank borrowings 27,617 13,227
Operating lease liabilities 13,984 14,476
Other non-current liabilities 35,703 37,198
Total Liabilities 521,390 594,935
Commitments and contingencies (Note 16)
Stockholders’ Equity    
Common Stock ($0.0001 par value, 750,000 shares authorized; 334,845 and 333,474 shares issued, and 333,157 and 331,786 shares outstanding as of March 31, 2026 and December 31, 2025) 34 34
Preferred Stock ($0.0001 par value, 50,000 shares authorized; none issued and outstanding as of March 31, 2026 and December 31, 2025) 0 0
Additional paid-in capital 1,544,805 1,543,797
Statutory reserves 6,032 6,032
Accumulated deficit (1,073,965) (1,122,176)
Accumulated other comprehensive loss (10,800) (17,174)
Total Equity 466,106 410,513
Total Liabilities and Equity 987,496 1,005,448
Related Party    
Liabilities    
Other current liabilities $ 17 $ 2