v3.26.1
Summary of Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 2026
Summary of Significant Accounting Policies [Abstract]  
Schedule of Translation of Amounts from Exchange Rates Translation of amounts from Vietnam Dong (“VND”) and Renminbi (“RMB”) into USD has been made at the following exchange rates for the respective periods:

 

    June 30,
2026		     December 31,
2025		  
VND exchange rate for balance sheet items, except for equity accounts     26,311       26,291  
RMB exchange rate for balance sheet items, except for equity accounts     6.7925       6.9956  
    For the Six Months Ended
June 30,		  
    2026     2025  
VND exchange rate for items in the statement of operations and comprehensive income, and statement of cash flows     26,250       25,696  
RMB exchange rate for items in the statement of operations and comprehensive income, and statement of cash flows     6.8661       7.2524  
Schedule of Company Disaggregate Revenue

For the three and six months ended June 30,2026, the Company disaggregate revenue into three streams as the following table:

 

    For the Three Months Ended
June 30,		     For the Six Months Ended
June 30,		  
    2026     2025     2026     2025  
Revenues from third parties:                        
Sales of solar cells   $ 54,638,399     $ 72,996,313     $ 147,562,435     $ 114,019,674  
Sales of solar modules     17,049,791       —       18,743,155       —  
Provision of OEM services     24,960,176       —       37,158,520       —  
      96,648,366       72,996,313       203,464,110       114,019,674  
Revenues from related parties:                                
Sales of solar cells     6,764,604       14,566,338       28,454,484       23,830,234  
Sales of solar modules     14,660,493       —       28,928,327       —  
Provision of facilitation services     111,432       —       111,432       1,257,254  
      21,536,529       14,566,338       57,494,243       25,087,488  
Total revenue   $ 118,184,895     $ 87,562,651     $ 260,958,353     $ 139,107,162  
Schedule of Movement of Contract Liabilities

For the six months ended June 30,2026 and 2025, the movement of contract liabilities, including related parties and third parties was as follows:

 

    For the Six Months Ended
June 30,		  
    2026     2025  
Opening balance   $ 107,940,684     $ 23,733,705  
Addition of contract liabilities     313,963,028       60,695,674  
Revenue recognition during the year     (231,357,798 )     (16,649,542 )
Net off gross billing to the OEM customers     (76,499,994 )     —  
Foreign exchange adjustment     (2,321 )     (31,426 )
Ending balance   $ 114,043,599     $ 67,748,411  
Contract liabilities – third party customers   $ 49,327,830     $ 3,205,431  
Contract liabilities – related party customers   $ 64,715,769     $ 64,542,980  
Schedule of Disaggregates Revenues by the Geographic Information The following table disaggregates the Company’s revenues by primary geographical markets based on the location of customers for the three and six months ended June 30, 2026 and 2025.

 

    For the Three Months Ended
June 30,		     For the Six Months Ended
June 30,		  
    2026     2025     2026     2025  
USA   $ 94,419,518     $ 51,754,137     $ 210,516,645     $ 82,925,271  
Other areas     23,765,377       35,808,514       50,441,708       56,181,891  
Total   $ 118,184,895     $ 87,562,651     $ 260,958,353     $ 139,107,162  
Schedule of Disaggregates Geographic Information of Company’s Long-Lived Assets

The following table disaggregates the geographic information of the Company’s long-lived assets, which consist of long-term prepaid expenses, deposits for property and equipment, property and equipment and operating lease right-of-use assets, as of June 30, 2026 and December 31, 2025.

 

    June 30,
2026		     December 31,
2025		  
Vietnam   $ 72,773,235     $ 77,615,854  
USA     45,945,485       42,541,090  
Ethiopia     132,398,021       142,456,332  
Total   $ 251,116,741     $ 262,613,276