v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities    
Net profit $ 48,211 $ 61,790
Adjustments to reconcile net profit to net cash used in operating activities:    
Depreciation of property, plant and equipment 8,082 7,985
Noncash lease expenses 717 666
Share-based compensation 1,008 703
Changes in fair value of warrant liability and convertible loan (63,838) (43,160)
(Reversal) provision of credit losses (799) 1,358
Product warranty 2,417 4,825
Other, net 1,680 (102)
Changes in operating assets and liabilities:    
Notes receivable (3,277) (5,263)
Accounts receivable 33,464 (14,108)
Inventories (7,000) 15,783
Prepaid expenses and other current assets 918 (2,402)
Amounts due from/to related parties 15 (5)
Operating lease right-of-use assets (401) (654)
Other non-current assets 1,754 (1,388)
Notes payable (27,045) (4,150)
Accounts payable (1,262) (8,547)
Advance from customers 980 462
Accrued expenses and other liabilities (16,290) (6,812)
Operating lease liabilities (255) (340)
Other non-current liabilities (1,875) 528
Net cash (used in) generated from operating activities (22,796) 7,169
Cash flows from investing activities    
Purchases of property, plant and equipment (2,855) (2,346)
Proceeds on disposal of property, plant and equipment 51 14
Net cash used in investing activities (2,804) (2,332)
Cash flows from financing activities    
Proceeds from bank borrowings 51,721 28,187
Repayment of bank borrowings (20,804) (13,062)
Repayment of bonds payable 0 (1,375)
Payment for equity issuance costs (224) 0
Deferred payment related to purchases of property, plant and equipment (1,368) (4,287)
Net cash generated from financing activities 29,325 9,463
Effect of exchange rate changes on cash, cash equivalents and restricted cash 1,031 (907)
Increase in cash, cash equivalents and restricted cash 4,756 13,393
Cash, cash equivalents and restricted cash at beginning of the period 169,238 109,601
Cash, cash equivalents and restricted cash at end of the period 173,994 122,994
Cash and cash equivalents 126,129 90,898
Restricted cash 47,865 32,096
Total cash, cash equivalents and restricted cash 173,994 122,994
Non-cash investing and financing activities    
Payable for purchase of property, plant and equipment 35,560 51,960
Noncash Or Part Noncash Divestiture, Notes Receivable $ 3,433 $ 2,530