v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating activities:    
Net loss $ (37,062) $ (18,270)
Adjustments to reconcile net loss to net cash used in operating activities:    
Allowance for bad debt 49 1
Inventory reserve adjustment 1,133 3,728
Depreciation and amortization 19,729 12,125
Amortization of debt issuance costs and premium (511) (505)
Deferred tax asset 1,374 0
Loss on disposal of assets 244 9
Share-based compensation 9,254 5,726
Warrants contra revenue 2,130 53
Unrealized foreign exchange loss (gain) 532 (5,229)
Changes in operating assets and liabilities:    
Accounts receivable, trade (69,649) (94,652)
Inventories, net (94,092) (51,048)
Other current assets (56,009) (1,472)
Operating right of use asset (26,043) (11,204)
Accounts payable 142,156 27,993
Accrued liabilities 5,169 5,127
Lease liability 27,815 11,229
Net cash used in operating activities (73,781) (116,389)
Investing activities:    
Purchase of property, plant and equipment (335,132) (53,868)
Proceeds from disposal of equipment 3 0
Prepayment for equipment and others (289,744) (21,181)
Purchase of intangible assets (259) (145)
Purchase of land (8,581) 0
Net cash used in investing activities (633,713) (75,194)
Financing activities:    
Proceeds from issuance of notes payable and long-term debt 1,653 0
Proceeds from line of credit borrowings 46,906 22,111
Repayments of line of credit borrowings (24,733) (26,708)
Changes in ADPI 80 0
Proceeds from bank acceptance payable 68,639 55,517
Repayments of bank acceptance payable (69,215) (42,820)
Payments of tax withholding on behalf of employees related to share-based compensation (71,163) (7,821)
Payment on convertible notes (95) (56)
Proceeds from common stock offering, net 1,028,207 195,770
Net cash provided by financing activities 980,279 195,993
Effect of exchange rate changes on cash 19,938 3,652
Net increase in cash, cash equivalents and restricted cash 292,723 8,062
Cash, cash equivalents and restricted cash at beginning of period 216,035 79,133
Cash, cash equivalents and restricted cash at end of period 508,758 87,195
Supplemental disclosure of cash flow information:    
Interest, net of amounts capitalized 1,942 274
Income taxes (3) 0
Non-cash investing and financing activities:    
Net change in accounts payable related to property and equipment additions 770 1,405
Net change in deposits and prepaid for equipment related to property and equipment additions (1,405) (17,484)
Warrant issued and vested to customer $ 1,775 $ 16,739