Basis of Presentation and Significant Accounting Policies (Policies) |
6 Months Ended | |||
|---|---|---|---|---|
Jun. 30, 2026 | ||||
| Basis of Presentation and Significant Accounting Policies [Abstract] | ||||
| Unaudited Interim Financial Statements |
The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) applicable to interim financial information. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of the Company’s management, all adjustments considered necessary for a fair presentation have been included (consisting only of normal recurring adjustments except as otherwise discussed). For further information, reference is made to the consolidated financial statements and related notes thereto included in the Company’s Annual Report on Form 20-F for the year ended December 31, 2025.
The results of operations for the six months ended June 30, 2026, are not necessarily indicative of the results to be expected for the full fiscal year ending December 31, 2026. |
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| Principles of Consolidation |
The accompanying condensed consolidated financial statements include the accounts of the Group. All intercompany balances and transactions have been eliminated in consolidation. |
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| Use of Estimates |
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. The Company evaluates on an ongoing basis its assumptions, including those related to contingencies, deferred taxes, inventory impairment, derivative liabilities, useful lives of intangible assets, impairments of intangible assets, as well as estimates used in applying the revenue recognition policy. Actual results may differ from those estimates.
In the preparation of these condensed consolidated financial statements, the significant judgments exercised by management in the application of the Group’s accounting policies and the uncertainty involved in the key sources of those estimates was identical to that used in the Group’s consolidated financial statements for the year ended December 31, 2025. |
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| Significant Accounting Policies |
The significant accounting policies followed in the preparation of these unaudited interim condensed consolidated financial statements are identical to those applied in the preparation of the Group’s financial statements for the year ended December 31, 2025. |
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| Income Taxes |
The Company computes its interim income tax provision based on its estimated annual effective tax rate, adjusted for discrete items arising in the period. |
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| Reclassifications |
Certain prior year amounts have been reclassified to conform to the current financial statement presentation. These reclassifications principally reflect the disaggregation of revenues and cost of revenues into product and service components and the separate presentation of amounts attributable to noncontrolling interests. |
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| Recently Issued Accounting Pronouncements |
In July 2025, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (“ASU”) 2025-05, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which allows a practical expedient that assumes current conditions as of the balance sheet date do not change for the remaining life of the asset. The Company adopted ASU 2025-05 effective January 1, 2026, on a prospective basis. The adoption did not have a material impact on these interim condensed consolidated financial statements.
For accounting pronouncements issued but not yet adopted, including ASU 2024-03 regarding disaggregation of income statement expenses and ASU 2025-11 regarding interim reporting, refer to Note 2 to the Company’s consolidated financial statements for the year ended December 31, 2025. There has been no change in the Company’s evaluation of those pronouncements during the period. |