v3.26.1
Consolidated Statements of Changes in Shareholders’ Equity (Deficit) - USD ($)
$ in Thousands
Class A
Ordinary shares
Class B
Ordinary shares
Subscription receivables
Additional paid-in capital
Accumulated deficit
Accumulated other comprehensive Loss
Total Company’s equity (deficit)
Non-controlling interests
Total
Balance at Dec. 31, 2022 $ 3 [1] $ 25 [1] $ (576) $ 576,820 $ (299,220) $ (2,586) $ 274,466 $ (2,578) $ 271,888
Balance (in Shares) at Dec. 31, 2022 [1] 32,715,010 253,470,511              
Net loss [1] [1] (265,294) (265,294) (1,401) (266,695)
Foreign currency translation [1] [1] (1,708) (1,708) 163 (1,545)
Liabilities obligated by shareholders (Note 9) [1] [1] 15,000 15,000 15,000
Execution of warrants to ordinary shares [1] [1] 576 12 588 588
Execution of warrants to ordinary shares (in Shares) [1] 1,000              
Issuance of ordinary shares [2] [1] $ 1 [1] 18,358 18,359 18,359
Issuance of ordinary shares (in Shares) [1],[2] 2,378,171              
Share-based compensation $ 1 [1] [1] 23,338 23,339 23,339
Share-based compensation (in Shares) [1] 3,635,001              
Balance at Dec. 31, 2023 $ 4 [1] $ 26 [1] 633,528 (564,514) (4,294) 64,750 (3,816) 60,934
Balance (in Shares) at Dec. 31, 2023 [1] 36,350,011 255,849,682              
Net loss [1] [1] (172,535) (172,535) (191) (172,726)
Foreign currency translation [1] [1] 189 189 36 225
Liabilities obligated by shareholders (Note 9) [1] [1] 45,000 45,000 45,000
Balance at Dec. 31, 2024 $ 4 [1] $ 26 [1] 678,528 (737,049) (4,105) (62,596) (3,971) (66,567)
Balance (in Shares) at Dec. 31, 2024 [1] 36,350,011 255,849,682              
Net loss [1] [1] (167,342) (167,342) (225) (167,567)
Issuance of shares for debt extinguishment [1] [1] 117 117 117
Issuance of shares for debt extinguishment (in Shares) [1] 84,134              
Issuance of shares to acquire16.58% equity interest in Aitos [3] [1] $ 1 [1] 1,606 1,607 1,607
Issuance of shares to acquire16.58% equity interest in Aitos (in Shares) [1],[3] 5,181,250              
Contribution from shareholders [1] $ 1 [1] 750 751 751
Contribution from shareholders (in Shares) [1] 1,851,852              
Foreign currency translation [1] [1] (1,570) (1,570) (131) (1,701)
Share-based compensation [1] $ 5 [1] 117,240 117,245 117,245
Share-based compensation (in Shares) [1] 71,376,511              
Balance at Dec. 31, 2025 $ 4 [1] $ 33 [1] $ 798,241 $ (904,391) $ (5,675) $ (111,788) $ (4,327) $ (116,115)
Balance (in Shares) at Dec. 31, 2025 [1] 36,350,011 334,343,429              
[1] Shares are related to the reverse recapitalization for the business combination and reorganization for the founding shareholders are presented on a retroactive basis to reflect both the reverse recapitalization and the reorganization.
[2] On December 29, 2023, the Company issued 2,378,171 Class B ordinary shares of a par value of US$0.0001 each to W. Motors Automotive Group Holding Limited. See Note 22 for more details
[3] On September 18, 2025, the Company issued 5,181,250 Class B ordinary shares to acquire 1,745 ordinary shares of Aitos.io Pte. Ltd. (“Aitos”), representing approximately 16.58% of Aitos’s issued and outstanding share capital. See Note 7 and Note 22 or further details.