v3.26.1
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities    
Net loss $ (101,841) $ (89,165)
Adjustments to reconcile net loss to net cash used in operating activities:    
Allowance for credit losses (11) 1
Inventory write-down 6,082 294
Depreciation and amortization expenses 8,117 7,193
Amortization of deferred income (2,861) (2,661)
Share-based compensation 25,465 32,773
Loss from fair value changes of equity investment with readily determinable fair value 0 1,912
Losses on disposal of property and equipment 33 211
Noncash lease expenses 3,479 5,377
Debt issuance costs 0 104
Foreign currency remeasurement impact (29,902) (3,488)
Changes in operating assets and liabilities:    
Accounts receivable 39,031 (2,945)
Notes receivable 9,042 (6,611)
Inventories (21,827) (22,096)
Prepayments and other current assets 4,719 854
Deferred tax assets (1,350) 0
Other non-current assets (418) 51
Accounts payable 2,882 6,474
Other current liabilities (16,403) (15,948)
Operating lease liabilities (2,144) (5,418)
Deferred income 2,364 365
Other non-current liabilities 225 0
Net cash used in operating activities (75,318) (92,723)
Cash flows from investing activities    
Proceeds from maturity of short-term investment 0 330,000
Proceeds from the sale of equity investment 0 1,203
Purchases of property and equipment (2,504) (4,419)
Proceeds from the sale of property and equipment 45 48
Acquisition of intangible assets (21,246) (3,621)
Net cash (used in) provided by investing activities (23,705) 323,211
Cash flows from financing activities    
Proceeds from short-term debt 156,890 124,349
Repayment of short-term bank borrowings (129,919) (82,818)
Payments of debt issuance costs 0 (104)
Proceeds from exercises of stock options 1,779 11,444
Payments of public offering costs 0 (854)
Employee taxes paid related to net share settlement of equity awards (4,472) (27)
Net cash provided by financing activities 24,278 51,990
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash 2,696 125
Net (decrease) increase in cash, cash equivalents and restricted cash (72,049) 282,603
Cash, cash equivalents and restricted cash - beginning of period 780,689 550,781
Cash, cash equivalents and restricted cash - end of period 708,640 833,384
Supplemental disclosure on non-cash investing and financing activities    
Payables for purchase of property and equipment 402 2,498
Payables for acquisition of intangible assets 11,353 2,419
Payables for public offering costs 168 168
Receivables for stock option exercise under equity incentive plans 85 77
Supplemental disclosure of cash flow information    
Cash paid for interest 2,864 2,301
Cash paid for income tax $ 995 $ 0