v3.26.3
Prepayments and Other Assets, Net - Schedule of Prepayments and Other Assets, Net (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Dec. 31, 2024
Schedule of Prepayments and Other Assets, Net [Abstract]      
Deposits [1] $ 13,232 $ 12,590  
Prepayments for goods and services 3,591 4,362  
VAT recoverable [2] 11,240 6,935  
Prepayments and other receivables for property and equipment [3] 4,044 4,782  
Loan receivable [4] 17,839 17,371  
Advances to employees 152 69  
Others 488 581  
Prepayments and other assets 50,586 46,690  
Less: Allowance for credit losses for prepayments and other assets (543) (517) $ (573)
Prepayments and other assets, net 50,043 46,173  
Less: Prepayments and other current assets, net 25,754 22,189  
Other non-current assets, net $ 24,289 $ 23,984  
[1] Deposits represent the refundable deposits to the lessors for the leased warehouses and office space.
[2] VAT recoverable represents the balances that the Company can utilize to deduct its value-added tax liabilities within the next 12 months.
[3] Prepayments and other receivables for property and equipment represent mainly prepayments and other receivables for constructions of logistic stations.
[4] On June 11, 2024, for the purpose of acquiring a land use right to expand the Company’s logistic business, the Company signed Memorandum of Understanding of Share Purchase Agreement (“2024 MOU”) with two shareholders of Hubei Xingqidian Supply Chain Management Co., Ltd. (“Xingqidian”, formerly named Hubei Tongzhou Information Harbor Co., Ltd.) to acquire 100% equity interest of Xingqidian, which owns land use right and constructed certain office and warehouse on such land use right. As of June 30, 2026, the Company made a loan of approximately $17.8 million (RMB121.5 million) to Xingqidian to secure the transaction and provide working capital for its further development. The loan with interest at an annual rate of 2.6%, and payable quarterly starting August 1, 2025. As of the date of this report, the share purchase transaction is not completed yet.