v3.26.3
Details of Significant Accounts (Tables)
 6 Months Ended
Jun. 30, 2026
Details of Significant Accounts [Abstract]  
Schedule of cash and cash equivalents Cash and cash equivalents
December 31, 2025June 30, 2026
Checking accounts $3,006 $1,839 
Demand deposits 25,010 18,419 
Time deposits 97,700 105,100 
Others260 263 
$125,976 $125,621 
Schedule of current financial assets at amortized cost Financial assets at fair value through profit or loss
December 31, 2025June 30, 2026
Current items:
Financial assets mandatorily measured at fair value through profit and loss
Money market funds$— $— 
A.Amounts recognized in profit or loss in relation to financial assets at fair value through profit or loss are as follows:
Six months ended June 30,
20252026
Financial assets mandatorily measured at fair value through profit and loss
Money market funds$9 $26 
Financial assets at amortized cost
December 31, 2025June 30, 2026
Current items:
Time deposits with maturities over three months$36,300 $36,400 
Non-current items:
US Treasury$10,173 $15,122 
A.Amounts recognized in profit or loss in relation to financial assets at amortized cost are listed below:
Six months ended June 30,
20252026
Interest income from financial assets at amortized cost$772 $897 
B.The counterparties of the Group's time deposits are financial institutions with high credit quality, so the Group expects that the probability of counterparty default is remote. As of June 30, 2026, 100% of current financial assets at amortized cost are denominated in U.S. Dollars.
C.As at December 31, 2025 and June 30, 2026, without taking into account any collateral held or other credit enhancements, the maximum exposure to credit risk in respect of the amount that best represents the financial assets at amortized cost held by the Group was $46,473 and $51,522, respectively.
D.The Group has no financial assets at amortized cost pledged to others.
E.Information relating to credit risk of financial assets at amortized cost is provided in Note 12(2).
Movements in relation to the Group applying the modified approach to provide loss allowance for accounts receivable is as follows:
Accounts receivable
At December 31, 2025$181 
Provision for impairment363 
Write-offs(368)
At June 30, 2026$176 
Schedule of accounts receivable Accounts receivable
December 31, 2025June 30, 2026
Accounts receivable$7,748 $6,131 
Less: Allowance for expected credit losses (Note)(181)(176)
$7,567 $5,955 
Note. For movements in the allowance for expected credit losses, please refer to Note 12(2) Credit risk for details.
Schedule of ageing analysis of accounts receivable The aging analysis of accounts receivable is as follows:
December 31, 2025June 30, 2026
Not past due$7,124 $5,783 
Up to 30 days75 69 
31 to 90 days149 65 
91 to 180 days286 89 
Over 181 days114 125 
Less: Allowance for expected credit losses(181)(176)
$7,567 $5,955 
As of December 31, 2025 and June 30, 2026, the provision matrix is as follows:
December 31, 2025Not past dueUp to 30 days
past due		31~90 days
past due		91~180 days
past due		Over 181 days past dueTotal
rate
0%~0.2%
0.15%~15.58%
0.31%~33.48%
0.63%~100%
100%
Total book value$7,124 $75 $149 $286 $114 $7,748 
Loss allowance3 6 38 20 114 181 
June 30, 2026Not past dueUp to 30 days
past due		31~90 days
past due		91~180 days
past due		Over 181 days past dueTotal
rate
0%~0.02%
4.04%~6.63%
12.74%~20.36%
18.79%~95.36%
100%
Total book value$5,783 $69 $65 $89 $125 $6,131 
Loss allowance1 3 10 37 125 176 
Schedule of other current assets Other current assets
December 31, 2025June 30, 2026
Prepaid expenses$2,041 $1,592 
Others 97 114 
$2,138 $1,706 
Schedule of property, plant and equipment Property, plant and equipment
Leasehold
improvements		MachineryOffice
equipment		Total
At January 1, 2026
Cost$744 $1,568 $56 $2,368 
Accumulated depreciation(706)(921)(46)(1,673)
$38 $647 $10 $695 
Opening net book amount$38 $647 $10 $695 
Additions78 11 6 95 
Cost of disposals(82)(65)— (147)
Accumulated depreciation on disposals82 64 — 146 
Depreciation expense(41)(119)(4)(164)
Closing net book amount$75 $538 $12 $625 
At June 30, 2026
Cost$739 $1,514 $62 $2,315 
Accumulated depreciation(664)(976)(50)(1,690)
$75 $538 $12 $625 
Schedule of movements of right-of-use assets The movements of right-of-use assets of the Group are as follows:
BuildingsBusiness vehiclesTotal
At January 1, 2026
Cost$1,644 $259 $1,903 
Accumulated depreciation(1,098)(146)(1,244)
$546 $113 $659 
Opening net book amount$546 $113 $659 
Additions235 — 235 
Cost of derecognition(194)(68)(262)
Derecognized accumulated depreciation194 68 262 
Depreciation expense(216)(53)(269)
Closing net book amount$565 $60 $625 
At June 30, 2026
Cost$1,685 $191 $1,876 
Accumulated depreciation(1,120)(131)(1,251)
$565 $60 $625 
Schedule of lease liabilities relating to lease contracts Lease liabilities relating to lease contracts:
December 31, 2025June 30, 2026
Total lease liabilities$683 $644 
Less: current portion (shown as ‘current lease liabilities’)(444)(478)
$239 $166 
Schedule of information on profit and loss accounts relating to lease contracts The information on profit and loss accounts relating to lease contracts is as follows:
Six months ended June 30,
20252026
Items affecting profit or loss
Interest expense on lease liabilities$6 $9 
Expense on short-term lease contracts161 133 
$167 $142 
Schedule of intangible assets Intangible assets
GoodwillUnpatented technologySoftwareTotal
At January 1, 2026
Cost$4,739 $1,760 $71 $6,570 
Accumulated amortization and impairment(1,965)(117)(67)(2,149)
$2,774 $1,643 $4 $4,421 
Opening net book amount$2,774 $1,643 $4 $4,421 
Amortization charge— (59)(2)(61)
Closing net book amount$2,774 $1,584 $2 $4,360 
At June 30, 2026
Cost$4,739 $1,760 $71 $6,570 
Accumulated amortization and impairment(1,965)(176)(69)(2,210)
$2,774 $1,584 $2 $4,360 
Schedule of amortization on intangible assets Details of amortization on intangible assets are as follows:
Six months ended June 30,
20252026
Cost of sales and services$— $59 
Research and development expenses75 2 
$75 $61 
Schedule of financial liabilities at fair value through profit or loss Financial liabilities at fair value through profit or loss
December 31, 2025June 30, 2026
Financial liabilities designated as at fair value through profit or loss
Non-current items:
Warrant liabilities$419 $27 
Schedule of amounts recognized in profit or loss and other comprehensive income in relation to financial liabilities at fair value through profit or loss Amounts recognized in profit or loss in relation to financial liabilities at fair value through profit or loss are as follows:
Six months ended June 30,
20252026
Net gains recognized in profit or loss
Warrant liabilities$1,036 $392 
The amounts presented above are recognized under “Gains (losses) on financial liabilities at fair value through profit or loss” and included within other gains and losses. See Note 6(20) for further details and reconciliation.
Schedule of other payables Other payables
December 31, 2025June 30, 2026
Employee bonus$5,325 $6,013 
Promotional fees1,759 2,205 
Payroll2,958 1,953 
Professional service fees756 931 
Platform fees951 737 
Remuneration to directors115 470 
Post and telecommunications expenses291 323 
Sales VAT payables157 209 
Others519 554 
$12,831 $13,395 
Schedule of provisions Provisions
Warranty
At January 1, 2026$1,061 
Additional provisions257 
Net exchange differences(11)
At June 30, 2026$1,307 
Schedule of analysis of total provisions
Analysis of total provisions:
December 31, 2025June 30, 2026
Current$1,061 $1,307 
Schedule of terms and condition For the six months ended June 30, 2025 and 2026, the Group’s Share Incentive Plan’s terms and condition are as follows:
PlanType of arrangementSettled byMaximum terms of option grantedVesting conditions
Share Incentive PlanEmployee stock optionsEquityFive years
2 years’ service: exercise 50%
3 years’ service: exercise 75%
4 years’ service: exercise 100%
Schedule of movements of outstanding options under share incentive plan Movements of outstanding options under Share Incentive Plan are as follows:
20252026
No. of options
(units in thousands)		Weighted-average exercise price per share
(in dollars)		No. of options
(units in thousands)		Weighted-average exercise price per share
(in dollars)
Options outstanding at January 13,877 $4.44 3,698 $4.42 
Options granted35 1.84 — — 
Options forfeited(148)4.52 (133)4.57 
Options outstanding at June 30 3,764 4.42 3,565 4.41 
Options exercisable at June 302,268 4.37 3,022 4.40 
Schedule of fair value of stock options granted on grant date measured using the black-scholes option-pricing model The fair value of stock options granted on grant date is measured using the Black-Scholes option-pricing model. Relevant information is as follows:
PlanGrant dateUnits granted
 (in thousands)		Stock price per share
(in dollars)		Exercise price per share
(in dollars)		Expected price volatility (Note ii)Expected option lifeExpected dividendsRisk-free interest rateFair value per unit
(in dollars)
Share Incentive Plan2022.01.21 (Note i)2,143$5.39$3.9553.75%3.880.00%1.46%$2.7637
2023.01.0387.207.2064.85%3.870.00%4.07%3.7198
2023.05.232,2604.934.9369.15%3.880.00%3.90%2.6615
2023.08.2174.003.91670.65%3.880.00%4.64%2.2411
2023.11.0252.432.4370.37%3.880.00%4.77%1.3487
2024.05.2752.132.1372.67%3.880.00%4.65%1.2069
2024.12.23452.262.2274.64%3.870.00%4.46%1.3100
2025.05.01351.841.8479.57%3.880.00%3.77%1.0973
Note i: Stock price, exercise price and fair value of stock option granted on January 21, 2022 were adjusted in connection with the recapitalization. All amounts in the table are presented on a consistent adjusted basis.
Note ii: Expected price volatility is estimated based on the daily historical stock price fluctuation data of the Company and guideline companies of the last five years before the grant date.
Schedule of expenses incurred on share-based payment transactions Expenses incurred on share-based payment transactions are shown below:
Six months ended June 30,
20252026
Equity settled$900 $287 
Schedule of illustrates movement for the company's share capital Movements for the Company’s share capital are as follows:
Shares (in thousands)
At January 1, 2026101,849 
At June 30, 2026101,849 
Schedule of capital surplus
The following table illustrates the detail of capital surplus:
December 31, 2025June 30, 2026
Additional paid-in capital$477,415 $477,415 
Other:
Employees’ stock option cost9,614 9,901 
Retirement of treasury shares27,371 27,371 
Subtotal36,985 37,272 
$514,400 $514,687 
Schedule of revenue from contracts with customers Revenue
Six months ended June 30,
20252026
Revenue from contracts with customers$32,361 $34,275 
Schedule of disaggregation of revenue from contracts with customers The Group derives revenue from the transfer of goods and services over time and at a point in time in the following geographical regions:
Six months ended June 30, 2025United StatesAmericas_ OthersEuropeAsia-PacificOthersTotal
Revenue from external customer contracts$12,361 $3,699 $9,423 $5,915 $963 $32,361 
Timing of revenue recognition:
At a point in time$972 $43 $642 $1,435 $8 $3,100 
Over time11,389 3,656 8,781 4,480 955 29,261 
$12,361 $3,699 $9,423 $5,915 $963 $32,361 
Six months ended June 30, 2026United StatesAmericas_ OthersEuropeAsia-PacificOthersTotal
Revenue from external customer contracts$12,032 $4,321 $9,547 $6,905 $1,470 $34,275 
Timing of revenue recognition:
At a point in time$839 $77 $610 $1,940 $67 $3,533 
Over time11,193 4,244 8,937 4,965 1,403 30,742 
$12,032 $4,321 $9,547 $6,905 $1,470 $34,275 
Note. “Americas_Others” includes North and South America, excluding the United States.
(b)Alternatively, the disaggregation of revenue could also be distinct as follows:
Six months ended June 30,
20252026
AR/AI cloud solutions and Subscription$28,971 $30,415 
Licensing2,565 2,227 
Others825 1,633 
$32,361 $34,275 
Schedule of contract assets and contract liabilities
January 1, 2025December 31, 2025June 30, 2026
Contract assets:
Unbilled revenue$977 $968 $934 
Contract liabilities:
Advance sales receipts$17,218 $21,902 $20,441 
Schedule of revenue recognized that was included in contract liability balance at beginning of the period
Six months ended June 30,
20252026
Revenue recognized that was included in the contract liability balance at the beginning of the period
Advance sales receipts$13,440 $17,047 
Schedule of interest income Interest income
Six months ended June 30,
20252026
Interest income from bank deposits$2,391 $1,918 
Interest income from financial assets at amortized cost772 897 
Others1 1 
$3,164 $2,816 
Schedule of other income Other income
Six months ended June 30,
20252026
Subsidy from government$15 $32 
Others1 1 
$16 $33 
Schedule of other gains and losses Other gains and losses
Six months ended June 30,
20252026
Foreign exchange gains (losses)$544 $(114)
Gains on financial assets at fair value through profit or loss9 26 
Gains on financial liabilities at fair value through profit or loss1,036 392 
Others3 — 
$1,592 $304 
Schedule of finance costs Finance costs
Six months ended June 30,
20252026
Interest expense – lease liabilities$6 $9 
Schedule of costs and expenses by nature Costs and expenses by nature
Six months ended June 30,
20252026
Employee benefit expenses$15,875 $14,568 
Promotional fees6,656 7,899 
Platform fees6,812 5,361 
Professional service fees1,677 1,110 
Insurance expenses550 425 
Warranty cost267 257 
Depreciation of right-of-use assets280 269 
Depreciation of property, plant and equipment147 164 
Amortization of intangible assets75 61 
Expected credit losses(67)363 
Others1,713 2,432 
$33,985 $32,909 
Schedule of employee benefit expenses Employee benefit expenses
Six months ended June 30,
20252026
Wages and salaries$12,978 $12,286 
Remuneration to directors345 467 
Employee insurance fees778 723 
Pension costs445 502 
Employee stock options900 287 
Other personnel expenses429 303 
$15,875 $14,568 
Schedule of income tax expense Income tax
Six months ended June 30,
20252026
Current income tax:
Current tax expense recognized for the current period$536 $903 
Tax on undistributed surplus earnings72 129 
Prior year income tax underestimation256 28 
Total current tax864 1,060 
Deferred income tax:
Origination and reversal of temporary differences(222)(183)
Total deferred income tax(222)(183)
Income tax expense$642 $877 
Schedule of earnings (losses) per share
Six months ended June 30, 2025
Amount after taxWeighted average number of ordinary shares outstanding
(shares in thousands)		Earnings per share
(in dollars)
Basic earnings per share
Profit attributable to ordinary shareholders of the parent$2,500 101,849$0.025 
Dilutive earnings per share
Profit attributable to ordinary shareholders of the Group plus assumed conversion of all dilutive potential ordinary shares$2,500 101,849$0.025 
Six months ended June 30, 2026
Amount after taxWeighted average number of ordinary shares outstanding
(shares in thousands)		Earnings per share
(in dollars)
Basic earnings per share
Profit attributable to ordinary shareholders of the parent$3,633 101,849$0.036 
Dilutive earnings per share
Profit attributable to ordinary shareholders of the Group plus assumed conversion of all dilutive potential ordinary shares$3,633 101,849$0.036 
Schedule of potential dilutive instruments not included in calculation of diluted earnings per share As at December 31, 2025 and June 30, 2026, the potentially dilutive instruments are as follows:
December 31, 2025June 30, 2026
Potentially dilutive instruments (shares in thousands)
Warrant liabilities20,850 20,850 
Employee stock options3,698 3,565 
Shareholder Earnout10,000 10,000 
Sponsor Earnout1,176 1,176 
35,724 35,591 
Schedule of changes in liabilities from financing activities Changes in liabilities from financing activities
Non-current financial liabilities at fair value through profit or lossLease liabilities (including current portion)Liabilities from financing activities-gross
At January 1, 2026$419 $683 $1,102 
Changes in cash flow from financing activities— (274)(274)
Change in fair value through profit and loss(392)— (392)
Changes in other non-cash items – additions— 235 235 
At June 30, 2026$27 $644 $671 
Schedule of detailed information about business combination The following table summarizes the consideration paid for Wannaby and the fair values of the assets acquired and liabilities assumes at the acquisition date:
January 7, 2025
Purchase consideration
Cash paid$6,473 
Contingent consideration-Earnout liabilities (Note)158 
6,631 
Fair value of the identifiable assets acquired and liabilities assumed
Cash492 
Accounts receivable221 
Other receivables50 
Other current assets51 
Property, plant and equipment28 
Intangible assets1,760 
Guarantee deposits paid5 
Current contract liabilities(115)
Other payables(77)
Deferred income tax liabilities(523)
Total identifiable net assets1,892 
Goodwill$4,739 
Note. No later than April 30, 2026, the Group shall pay Farfetch US Holdings, Inc. (“Farfetch”) an earnout based on defined revenue for the year ended December 31, 2025, not exceeding $500. As the defined revenue for the year ended December 31, 2025 was not achieved, the Group determined that no earnout would be payable and therefore reversed the related contingent consideration liability to zero during the year ended December 31, 2025.
Six months ended June 30, 2025
Cash and cash equivalent balances acquired$492 
Cash paid(6,473)
Net cash outflow$(5,981)