Balance Sheet Components (Tables)
|
6 Months Ended |
Jun. 30, 2026 |
|---|
| Balance Sheet Related Disclosures [Abstract] |
|
| Schedule of Inventories, Net of Reserves |
Inventories as of June 30, 2026 and December 31, 2025, respectively, consisted of the following components (in thousands):
|
|
|
|
|
|
|
|
|
|
|
June 30, 2026 |
|
|
December 31, 2025
(As Recast) |
|
Raw materials |
|
$ |
774 |
|
|
$ |
970 |
|
Work in progress |
|
|
7,710 |
|
|
|
6,307 |
|
Finished goods |
|
|
2,944 |
|
|
|
2,894 |
|
Inventories, net |
|
$ |
11,428 |
|
|
$ |
10,171 |
|
|
| Schedule of Accrued Expenses and Other Current Liabilities |
Accrued expenses and other current liabilities consisted of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
June 30, 2026 |
|
|
December 31, 2025
(As Recast) |
|
Accrued payroll and welfare |
|
$ |
7,247 |
|
|
$ |
8,953 |
|
Accrued professional services |
|
|
2,182 |
|
|
|
352 |
|
Payable to property and equipment & intangible asset suppliers |
|
|
2,311 |
|
|
|
2,161 |
|
Accrued sales rebates |
|
|
2,826 |
|
|
|
1,382 |
|
Payable to selling expense suppliers |
|
|
516 |
|
|
|
270 |
|
Accrued expenses - research and development |
|
|
1,817 |
|
|
|
1,115 |
|
Accrued expenses - general and administrative |
|
|
903 |
|
|
|
1,796 |
|
Deferred government grants |
|
|
189 |
|
|
|
97 |
|
Employee reimbursement |
|
|
100 |
|
|
|
12 |
|
Other accrued liabilities |
|
|
490 |
|
|
|
839 |
|
Withholding individual income tax on employee stock options |
|
|
205 |
|
|
|
— |
|
Contract liabilities |
|
|
24 |
|
|
|
1,184 |
|
Accrued expenses and other current liabilities |
|
$ |
18,810 |
|
|
$ |
18,161 |
|
|
| Schedule of Accounts and Note Receivable, Net |
Accounts and note receivables, net consisted of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
June 30, 2026 |
|
|
December 31, 2025
(As Recast) |
|
Accounts receivable |
|
$ |
28,079 |
|
|
$ |
31,229 |
|
Note receivable |
|
|
232 |
|
|
|
5,638 |
|
Allowance for credit losses |
|
|
(319 |
) |
|
|
(151 |
) |
Accounts and note receivables, net |
|
$ |
27,992 |
|
|
$ |
36,716 |
|
|
| Schedule of Property and Equipment, Net |
Property and equipment, net consisted of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
June 30, 2026 |
|
|
December 31, 2025
(As Recast) |
|
Buildings |
|
$ |
20,297 |
|
|
$ |
19,568 |
|
Construction in progress |
|
|
566 |
|
|
|
765 |
|
Machinery and electronic devices |
|
|
10,432 |
|
|
|
9,895 |
|
Furniture and fixtures |
|
|
904 |
|
|
|
823 |
|
Motor vehicles |
|
|
195 |
|
|
|
189 |
|
Equipment |
|
|
5,242 |
|
|
|
5,073 |
|
Leasehold improvements |
|
|
2,348 |
|
|
|
2,238 |
|
Property and equipment, gross |
|
|
39,984 |
|
|
|
38,551 |
|
Less: Accumulated depreciation |
|
|
(12,700 |
) |
|
|
(11,002 |
) |
Property and equipment, net |
|
$ |
27,284 |
|
|
$ |
27,549 |
|
|
| Schedule of Prepaid Assets and Other Current Assets |
Prepaid assets and other current assets consisted of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
June 30, 2026 |
|
|
December 31, 2025
(As Recast) |
|
Deferred transaction cost |
|
$ |
— |
|
|
$ |
3,831 |
|
Prepaid VAT |
|
|
394 |
|
|
|
262 |
|
Other tax recoverable |
|
|
1,207 |
|
|
|
1,949 |
|
Other deposits |
|
|
112 |
|
|
|
203 |
|
Advances to suppliers |
|
|
5,878 |
|
|
|
3,354 |
|
Interest Receivable |
|
|
10 |
|
|
|
14 |
|
Prepaid Assets and Other Current Assets |
|
$ |
7,601 |
|
|
$ |
9,613 |
|
|
| Schedule of Other Assets, Noncurrent |
Other assets, noncurrent consisted of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
June 30, 2026 |
|
|
December 31, 2025
(As Recast) |
|
Right-of-use assets |
|
$ |
3,279 |
|
|
$ |
3,609 |
|
Land use rights, net |
|
|
1,450 |
|
|
|
1,425 |
|
Long-term investment |
|
|
1,599 |
|
|
|
1,591 |
|
Other assets, noncurrent |
|
|
1,016 |
|
|
|
999 |
|
Other assets, noncurrent |
|
$ |
7,344 |
|
|
$ |
7,624 |
|
|