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Note 12 - Trade and Other Receivables (Tables)

12 Months Ended

Dec. 31, 2024

Trade and other receivables [abstract]

Summary of Trade Receivables and Other Current Receivables

The table below presents a disaggregation of trade receivables (in thousands):


		As of December 31,
		2023				2024
Trade receivables due from third-party customers		$	76,468			$	97,290
Trade receivables due from related parties (Note 17)			591				713
Total gross trade receivables			77,059				98,003
Allowance for expected credit losses			(7,677	)			(5,180	)
Trade receivables net of loss allowance		$	69,382			$	92,823

The table below presents the items of other current receivables (in thousands):


		As of December 31,
		2023				2024
Value added tax		$	5,781			$	3,275
Receivable due from Kunlun (Note 17)			1,300				—
Other			678				1,284
Total other current receivables		$	7,760			$	4,560

Summary of Aging of Trade Receivables

The credit loss allowance was determined as follows (in thousands, except for percentages):


						Past due
As of December 31, 2023:		Current				<30 days				30-60 days				61-90 days				>90 days				Total
Weighted-average expected credit loss rate			0.7	%			1.2	%			2.1	%			3.1	%			86.4	%			10.0	%
Gross carrying amount of trade receivables		$	62,815			$	4,116			$	1,247			$	634			$	8,248			$	77,059
Loss allowance as of December 31, 2023		$	458			$	47			$	26			$	20			$	7,126			$	7,677

						Past due
As of December 31, 2024:		Current				<30 days				30-60 days				61-90 days				>90 days				Total
Weighted-average expected credit loss rate			0.7	%			1.7	%			2.6	%			3.8	%			80.8	%			5.3	%
Gross carrying amount of trade receivables		$	85,973			$	4,793			$	1,334			$	387			$	5,516			$	98,003
Loss allowance as of December 31, 2024		$	589			$	83			$	35			$	15			$	4,459			$	5,180

Summary of Provision for Impairment of Trade Receivables

The credit loss allowance for trade receivables as of year-end reconciles to the opening loss allowance as follows (in thousands):


		Year ended December 31,
		2023				2024
Loss allowance as of January 1		$	4,062			$	7,677
Write-offs			(252	)			(1,982	)
Increase (decrease) in loss allowance			4,066				(516	)
Effect of movements in exchange rates			(199	)			—
Loss allowance as of December 31		$	7,677			$	5,180

Summary of Movements in Carrying Amount of Receivable

The table below shows the movements in the carrying amount of the receivable (in thousands):


		Year ended December 31,
		2023				2024
Carrying amount as of January 1		$	56,374			$	32,797
Interest income			1,556				165
Dividend set-off			(25,133	)			(32,962	)
Carrying amount as of December 31		$	32,797			$	—