v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net loss $ (167,567) $ (172,726) $ (266,695)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:      
Depreciation and amortization 699 775 800
Amortization of operating lease right-of-use asset 903 2,767 2,383
Changes in fair value of warrant liabilities 35 (236) (212)
Change in fair value of convertible notes 2,626
Issuance costs and discount on convertible notes 1,365
Loss of impairment on investments 15,918
Impairment of property and equipment 3,183
Disposal loss of property and equipment 1,217 37
Lawsuit provision 1,143 22,143
Inventory write-down 109 890 16,107
Inventory write-off 443
Allowance for expected credit losses 23,691 61,988 22,766
Impairment loss of advance to suppliers and prepaid expenses and other current assets 4,319 3,665 62,665
Financial expenses on PIPE 36,137 30,000
Gain from dissolution of a subsidiary 90
Interests on loans from a third party 1,831 1,751 3,578
Interests on loans from a related party 150
Expense paid by the related parties on behalf of the Group 205
Share-based compensation 117,036 23,338
Accounts payable exemption treated as capital injection 2,440
Loss on early termination of operating lease 56 74
Changes in assets and liabilities:      
Accounts receivable, current 847 (6,269)
Advance to supplier 19 (329) 13,777
Inventories 1,823 28,921 2,635
Prepaid expenses and other current assets (773) 715 (54,447)
Accounts receivable, non-current (3,829)
Amounts due from/due to related parties 471 54 53
PIPE escrow account 55,000 15,000
Operating lease (1,697) (3,033) (1,671)
Accounts payable 3,760 (24,255) (4,134)
Advance from customers (85) (299) 383
Accrued expenses and other current liabilities 3,155 2,772 13
Net cash (used in) provided by operating activities (5,066) 33,577 (138,046)
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchases of property and equipment (160) (5,509)
Purchases of intangible asset (2) (17) (41)
Proceeds from disposal of property and equipment 189 63
Loan to a related party (111) (542) (15,679)
Net cash provided by (used in) investing activities 76 (656) (21,229)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Loan proceeds from related parties 1,129
Repayments of loan from a related party (188) (4,658)
Repayments of loan from third parties (7,909)
Proceeds from convertible notes 7,135
Proceeds from shareholder contributions 751
Payments of financial expenses (55,000) (15,000)
Proceeds from execution of warrants 588
Net cash provided by (used in) financing activities 8,827 (55,000) (26,979)
Effect of exchange rate changes 203 (24) (2,366)
Net increase/(decrease) in cash and cash equivalents 4,040 (22,103) (188,620)
Cash and cash equivalents and restricted cash, at beginning of the period 1,287 23,390 212,010
Cash and cash equivalents and restricted cash, at end of the period 5,327 1,287 23,390
SUPPLEMENTAL DISCLOSURE OF NON CASH FLOW INFORMATION:      
Expenses paid by related parties on behalf of the Company 54 53
Issuance of shares to acquire16.58% equity interest in Aitos (Note 7 and Note 22) 1,607
Issuance of shares for debt extinguishment 117
Issuance of shares to settle employee compensation liabilities 209
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:      
Interest paid $ 10,000 $ 748