v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities    
Net loss $ (8,962,290) $ (2,050,982)
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Depreciation and amortization 3,426,644 2,123,633
Allowance for credit losses 48,817 (58,395)
Write-down of inventories 2,592,622 934,424
Share-based compensation 443 27,066
Share of (income) of an equity investee (55,125)
Amortization of operating lease right-of-use assets 254,310 292,950
Change in fair value of financial derivatives 1,128,941
Loss on disposal of property, plant and equipment 205,945
Changes in operating assets and liabilities:    
Trade and bills receivable (7,550,444) (7,717,786)
Inventories (26,753,382) 8,748,990
Prepayments and other receivables (1,043,933) 1,987,955
Trade and bills payable 47,272,981 8,206,996
Accrued expenses and other payables and product warranty provisions 11,807,100 (4,441,468)
Lease liabilities (145,066) (124,846)
Trade receivable from and payables to a former subsidiary 1,992 3,447
Net cash (used in) provided by operating activities 22,284,680 (9,621,121)
Cash flows from investing activities    
Purchases of property, plant and equipment and construction in progress (11,784,371) (12,689,383)
Government subsidy 2,786,615
Net cash used in investing activities (11,784,371) (9,902,768)
Cash flows from financing activities    
Proceeds from bank borrowings 23,251,835 24,337,737
Repayment of bank borrowings (11,379,607) (17,143,957)
Principal payments on finance leases (558,210)
Placement of term deposits (1,268,009)
Net cash provided by financing activities 11,314,018 5,925,771
Effect of exchange rate changes on cash and cash equivalents and restricted cash 1,105,254 346,819
Net (decrease) increase in cash and cash equivalents and restricted cash 22,919,581 (13,251,299)
Cash and cash equivalents and restricted cash at the beginning of period 75,677,262 60,786,002
Cash and cash equivalents and restricted cash at the end of period 98,596,843 47,534,703
Supplemental non-cash investing and financing activities:    
Transfer of construction in progress to property, plant and equipment 11,575,706 461,234
Cash paid during the period for:    
Income taxes
Interest, net of amounts capitalized $ 252,420 $ 155,212