v3.26.1
PROPERTY, PLANT AND EQUIPMENT, NET
 6 Months Ended
Jun. 30, 2026
Property, Plant, and Equipment [Abstract]  
PROPERTY, PLANT AND EQUIPMENT, NET PROPERTY, PLANT AND EQUIPMENT, NET
At June 30, 2026 and December 31, 2025, property, plant and equipment consisted of the following:
June 30,
2026		December 31,
2025
Buildings and plants$279,947 $229,731 
Land2,099 2,099 
Manufacturing equipment87,197 70,680 
Office equipment9,758 9,339 
Transportation equipment759 693 
Leasehold improvement14,226 12,656 
Construction in progress40,751 28,396 
Total cost434,737 353,594 
Less: Accumulated depreciation(50,144)(38,764)
Total property, plant and equipment, net$384,593 $314,830 
Depreciation expense for the three months ended June 30, 2026 and 2025 was $6,219 and $3,517, respectively. Depreciation expense for the six months ended June 30, 2026 and 2025 was $11,380 and $5,904, respectively.
On June 5, 2026, the Company purchased a facility consisting of 3,196 square meters of general-purpose office space located in Shanghai Pudong New Area for RMB 312,699 ($45,904). To partially finance the purchase, the Company entered into a loan agreement with the Bank of China for RMB 231,518 ($33,987) at a 2.65% interest rate, with a repayment term of 120 months. The facility was subsequently pledged as security for a loan from the Bank of China in July 2026 (note 9).
At June 30, 2026, building and plants included $36,663 for the Lingang housing property, which are pledged as a security for loans from the China Merchants Bank (note 9).