v3.26.1
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash Flows from Operating Activities:    
Net loss $ (27,018) $ (7,406)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization expenses 13,008 8,970
Amortization of discount on convertible note issued 476
Amortization of discount on debt - third parties 468
Amortization of discount on debt - related parties 329
Share-based compensation expenses 11,006
Impairment of capitalized software assets 5,006
Gain from disposal of property, plant, and equipment (1,822)
Current expected credit losses 2,212
Changes in assets and liabilities:    
Accounts receivable (1,561) (1,187)
Net investment in lease 1,965 1,342
Other current assets 21 3,275
Right-of-use assets 2,758 2,324
Other non-current assets (332) (766)
Accounts payable 5,344 (1,100)
Income tax payable 289 (226)
Other payables and accrued liabilities 6,292 8,504
Other long-term liabilities 6,279 (393)
Deferred revenue 63,608 (19,040)
Lease liabilities (3,117) (2,173)
Deferred tax liabilities (711) 1,043
Amounts due to related parties 4,605
Net Cash Provided by (Used in) Operating Activities 89,105 (6,833)
Cash Flows from Investing Activities:    
Purchases of and deposits made for property, plant, and equipment (344,712) (130,961)
Proceeds from disposal of property, plant and equipment 26,082
Net Cash Used in Investing Activities (318,630) (130,961)
Cash Flows from Financing Activities:    
Net transfers from parent 142,723
Net proceeds from issuance of convertible debt 222,118
Purchase of zero-strike call option (120,000)
Net proceeds from issuance of debt - third parties 53,308
Net proceeds from issuance of debt - related parties 29,100
Repayment of finance lease liabilities (12,599)
Net Cash Provided by Financing Activities 171,927 142,723
Net (decrease) increase in cash, cash equivalents and restricted cash (57,598) 4,929
Effect of exchange rate changes on cash, cash equivalents and restricted cash (331) (203)
Cash, cash equivalents and restricted cash, beginning of period 118,298 15,405
Cash, cash equivalents and restricted cash, end of period 60,369 20,131
Supplemental Cash Flow Information    
Cash paid for interest expense 32
Cash paid for income taxes, net of (refunds) 1,046 225
Non-cash Transactions of Investing and Financing Activities    
Right of use assets exchanged for operating lease liabilities 8,305 30,863
Extinguishment of finance lease by acquiring underlying assets 12,472
Reclassification of deposits to property, plant and equipment 57,765 79,535
Net investment in sales-type lease of equipment 1,051
Construction in progress included in other payables and accrued liabilities (21,486)
Reconciliation of cash, cash equivalents and restricted cash    
Cash and cash equivalents 56,056  
Restricted cash 4,313  
Total $ 60,369 $ 20,131