v3.26.1
Deferred Government Grants (Tables)
12 Months Ended
Dec. 31, 2025
Deferred Government Grant [Abstract]  
Summary of Deferred Government Grants

Summarized below are deferred government grants as of December 31, 2025 and 2024:

 

 

 

December 31,

 

 

 

 

2025

 

 

2024

 

 

Government grants for property, plant and equipment (a)

 

 

 

 

 

 

 

Balance at beginning of the year

 

$

4,301

 

 

$

4,549

 

 

Additions

 

 

2,394

 

 

 

412

 

 

Recognized as government grants

 

 

(764

)

 

 

(660

)

 

Subtotal

 

 

5,931

 

 

 

4,301

 

 

Government grants for research and development (b)

 

 

 

 

 

 

 

Balance at beginning of the year

 

 

2,270

 

 

 

2,902

 

 

Additions

 

 

791

 

 

 

174

 

 

Recognized as government grants

 

 

(65

)

 

 

(806

)

 

Subtotal

 

 

2,996

 

 

 

2,270

 

 

 

 

 

 

 

 

 

 

Total deferred government grants

 

$

8,927

 

 

$

6,571

 

 

 

 

 

 

 

 

 

 

Less: current portion

 

 

3,035

 

 

 

1,728

 

 

Non-current portion

 

$

5,892

 

 

$

4,843

 

 

(a) The Company has five deferred government grants related to property, plant and equipment. As of December 31, 2025, the Company has fulfilled the conditions for four of these grants. $839 will be amortized over the next 12 months which has been included in the current portion of deferred government grant and $5,092 will be amortized beyond the next 12 months which has been included in the non-current portion of deferred government grants.

(b) The Company has twelve deferred government grants related to various research and development projects. As of December 31, 2025, the Company expects to fulfill the conditions for eight of these grants within the next 12 months and recorded $2,196 as the current portion of deferred government grants, while the conditions attached to the remaining four grants are expected to be fulfilled beyond the next 12 months and $800 has been recorded in the non-current portion of deferred government grants.