v3.26.1
RELATED PARTY TRANSACTIONS
 6 Months Ended
Jun. 30, 2026
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS RELATED PARTY TRANSACTIONS
Purchase Transactions
The Company has purchase agreements for Uninterruptible Power Supply (“UPS”) and ESS products with Winner Technology International Limited, a related party due to its relationship with the Company’s Chief Executive Officer, Mr. Chiao Chieh Jay Huang. In addition, the Company has a purchase agreement for TLED products and spare parts and fixed assets with Sander Electronics, Inc. (located in the US), an affiliate of Sander Electronics Co. Ltd (located in Taiwan), which is a shareholder of the Company that is controlled by our Chief Executive Officer.
Purchase Activities
Three months ended June 30,
Six months ended June 30,
Name of related party2026
% of purchases
2025
% of purchases
2026
% of purchases
2025
% of purchases
Winner Technology International Limited$2,429 77.0 %$— — %$3,612 68.4 %$— — %
Sander Electronics, Inc.— — %131 13.7 %— — %250 12.6 %
Sander Electronics Co. Ltd207 6.6 %15 1.5 %668 12.6 %81 4.1 %
$2,636 83.6 %$146 15.2 %$4,280 81.0 %$331 16.7 %
Accounts Payable
 
Name of related party
As of
June 30, 2026
% of accounts payable
As of
December 31, 2025
% of accounts payable
Winner Technology International Limited$2,881 85.2 %$— — %
Sander Electronics Co. Ltd319 9.4 %386 70.9 %
$3,200 94.6 %$386 70.9 %

Related Party Risk Concentration

The Company’s business operations involve significant related party relationships that create concentration risks. As of June 30, 2026, related parties represented 95% of total accounts payable and 98% of outstanding purchase commitments. This concentration in related party suppliers, while providing certain operational benefits, creates risks regarding pricing, payment terms, supply continuity, and potential conflicts of interest. The Company has limited readily available alternative suppliers to replace the current production capacity provided by related parties. These transactions are subject to review and approval by the Company’s independent directors.
Private Placements
Please refer to Note 9 for further details on Private Placements during the six months ended June 30, 2026 and the year ended December 31, 2025.