v3.26.1
BANK BORROWINGS (Tables)
 3 Months Ended
Mar. 31, 2026
Bank Borrowings [Abstract]  
Schedule of Bank Borrowings Repayment
As of March 31, 2026, MPS had outstanding borrowings of $43.5 million under the 2022 Facility Agreement with the following repayment schedule:
Repayment DateRepayment Amount
April 14, 2026
$6.8 million (RMB46.9 million)
April 15, 2026
$8.2 million (RMB56.3 million)
April 20, 2026
$6.8 million (RMB46.7 million)
December 10, 2026
$21.7 million (RMB149.9 million)
As of March 31, 2026, MPS had outstanding borrowings of $14.1 million under this agreement with the following repayment schedule:
Repayment DateRepayment Amount
June 19, 2026
$362 thousand (RMB2.5 million)
December 19, 2026
$362 thousand (RMB2.5 million)
June 19, 2027
$13.4 million (RMB92.5 million)
As of March 31, 2026, MPS had outstanding borrowings of $14.5 million under this agreement with the following repayment schedule:
Repayment DateRepayment Amount
September 18, 2026
$145 thousand (RMB1.0 million)
March 18, 2027
$145 thousand (RMB1.0 million)
September 18, 2027
$145 thousand (RMB1.0 million)
March 18, 2028
$14.1 million (RMB97.0 million)
Schedule of Bank Borrowings
Changes in bank borrowings were as follows (in thousands):
 Three Months Ended
March 31,
 20262025
Beginning balance$106,279 $111,728 
Proceeds from bank borrowings51,721 28,187 
Repayments of principal(20,804)(13,062)
Exchange difference1,573 690 
Ending balance$138,769 $127,543 
Schedule of Banking Facilities and Aggregate Carrying Amount The aggregate carrying amount of the assets pledged by MPS as of March 31, 2026 and December 31, 2025 is as follows (in thousands):
March 31,
2026		December 31,
2025
Buildings$117,825 $117,855 
Machinery and equipment54,114 54,975 
Land use rights11,654 11,570 
Total$183,593 $184,400