v3.26.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Assets    
Cash and cash equivalents $ 127,828 $ 104,963
Restricted cash 15,257 64,275
Accounts receivable (net of allowance for credit losses of $4,130 and $4,693 as of June 30, 2026 and December 31, 2025, respectively) 121,181 155,763
Notes receivable 1,334 5,590
Inventories, net 93,594 89,411
Prepaid expenses and other current assets 15,727 17,221
Assets held for sale 0 11,500
Total Current Assets 374,921 448,723
Property, plant and equipment, net 526,050 508,057
Land use rights, net 11,771 11,570
Acquired intangible assets, net 1,974 2,183
Operating lease right-of-use assets 17,399 17,336
Deferred tax assets 5,429 5,429
Other non-current assets 14,649 12,150
Total Assets 952,193 1,005,448
Liabilities    
Accounts payable 62,639 47,003
Notes payable 15,246 78,321
Accrued expenses and other current liabilities 114,817 123,429
Advance from customers 4,991 5,605
Convertible loan measured at fair value 0 140,929
Short-term bank borrowings 104,179 93,052
Bonds payable 41,693 0
Total Current Liabilities 343,746 488,341
Long-term bonds payable 0 41,693
Long-term bank borrowings 14,443 13,227
Operating lease liabilities 13,996 14,476
Other non-current liabilities 36,914 37,198
Total Liabilities 409,099 594,935
Commitments and contingencies (Note 16)
Stockholders’ Equity    
Common Stock ($0.0001 par value, 750,000 shares authorized; 386,222 and 333,474 shares issued, and 384,534 and 331,786 shares outstanding as of June 30, 2026 and December 31, 2025) 39 34
Preferred Stock ($0.0001 par value, 50,000 shares authorized; none issued and outstanding as of June 30, 2026 and December 31, 2025) 0 0
Additional paid-in capital 1,627,198 1,543,797
Statutory reserves 6,032 6,032
Accumulated deficit (1,085,953) (1,122,176)
Accumulated other comprehensive loss (4,222) (17,174)
Total Equity 543,094 410,513
Total Liabilities and Equity 952,193 1,005,448
Related Party    
Liabilities    
Other current liabilities $ 181 $ 2