Long-Term Investments, Net

6 Months Ended

Jun. 30, 2026

Long-Term Investments, Net [Abstract]

NOTE 7 — LONG-TERM INVESTMENTS, NET

Long-term investments, net consisted of the following:

	As of
	Ownership interest			June 30, 2026		Ownership interest			December 31, 2025
Marketable equity securities:
Investment C		0.00	%*	$	2		0.00	%*	$	1

Non-marketable equity securities:
Investment A		9.98	%		6,017		9.98	%		6,191
Investment B		3.30	%		252		3.30	%		254
Investment D		4.30	%		10,407		4.30	%		10,733
Investment E, related party		4.00	%		520		4.00	%		524
Investment G		27.98	%		—		27.98	%		—
Investment H		3.36	%		2,574		3.36	%		2,574
Net carrying value				$	19,772				$	20,277

*	Less than 0.001%

Investments in Marketable Equity Securities

Investments in equity securities, such as marketable securities, are accounted for at its current market value with the changes in fair value recognized in net gain (loss). Investment C was listed and publicly traded on Nasdaq Stock Exchange.

Investments in Non-Marketable Equity Securities

Investments in non-marketable equity securities consist of investments in limited liability companies in which the Company’s interests are deemed minor and long-term, strategic investments in companies that are in various stages of development. These investments do not have readily determinable fair values and, therefore, are reported at cost, minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer.

Management assesses each of these investments on an individual basis, subject to a periodic impairment review and considers qualitative and quantitative factors including the investee’s financial condition, the business outlook for its products and technology, its projected results and cash flow, financing transactions subsequent to the acquisition of the investment, the likelihood of obtaining subsequent rounds of financing and cash usage. The Company is not required to determine the fair value of these investments unless impairment indicators existed. When an impairment exists, the investment will be written down to its fair value by recording the corresponding charge as a component of other income (expense), net. Fair value is determined by an independent valuer using the market-based approach, utilizing observable inputs, including relevant market data and comparable market transactions.

The following table presents the movement of non-marketable equity securities as of June 30, 2026 and December 31, 2025:

	As of
	June 30, 2026			December 31, 2025
Balance at beginning of period/year	$	20,277		$	25,455
Adjustments:
Downward adjustments		—			(7,086	)
Foreign exchange adjustment		(505	)		1,908
Balance at end of period/year	$	19,772		$	20,277

Cumulative unrealized gains and losses, included in the carrying value of the Company’s non-marketable equity securities:

	As of
	June 30, 2026			December 31, 2025
Downward adjustments (including impairment)	$	(60,404	)	$	(60,404	)
Upward adjustments		6,209			6,209
Total	$	(54,195	)	$	(54,195	)