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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Taxes

Schedule of components of income tax expense

​

​	​	​	​	​	​	​
​	​	Year Ended December 31,
​		2021		2022		2023
​	​	US$	​	US$	​	US$
Loss before tax					​	​
Loss from PRC entities		(150,478)		(143,951)	​	(71,249)
(Loss)/profit from overseas entities		(24,456)		(344)	​	14,183
Total loss before tax		(174,934)		(144,295)	​	(57,066)

​

​	​	​	​	​	​	​
​	​	Year Ended December 31,
​		2021		2022		2023
​	​	US$	​	US$	​	US$
Current income tax expense		490		1,880	​	3,249
Deferred income tax		—		—	​	—
Total income tax expense		490		1,880	​	3,249

Schedule of reconciliation of differences between statutory tax rate and effective tax rate

​

​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
​		2021		2022		2023
PRC Statutory income tax rate		25.0	%	25.0	%	25.0	%
Effect of tax rates in different tax jurisdiction		(2.0)	%	(0.3)	%	(2.5)	%
Effect of preferential tax rate for qualified HNTE entities (1)		(2.2)	%	(6.0)	%	(5.4)	%
Additional deduction for research and development expenditures		7.2	%	8.5	%	17.7	%
Share-based compensation expenses	​	(8.4)	%	(10.5)	%	(19.7)	%
Permanent book-tax differences	​	6.2	%	(1.4)	%	1.6	%
Change in valuation allowance (2)	​	(26.0)	%	(16.6)	%	(22.4)	%
Effective tax rates	​	(0.2)	%	(1.3)	%	(5.7)	%

(1) The effect of the preferential income tax rate that the WFOE is entitled to enjoy as a qualified HNTE is 15%.

(2) Valuation allowance for the years ended December 31, 2021, 2022 and 2023 are related to the deferred tax assets of certain group entities which reported losses. The Group believes that it is more likely than not that the deferred tax assets of these entities will not be utilized. Therefore, valuation allowance has been provided.

Summary of deferred tax assets and deferred tax liabilities

​

​	​	​	​	​	​	​
​		​	​	​	​	​
​	​	As of December 31,
​		2021		2022		2023
​	​	US$	​	US$	​	US$
Deferred tax assets		​		​	​	​
Net accumulated losses-carry forward		76,944		103,231	​	114,958
Payroll liabilities		5,438		2,915	​	2,451
Credit-related impairment of long-term investments	​	—	​	—	​	1,421
Inventory write-downs		402		691	​	531
Receivables allowances		171		42	​	279
Other deductible temporary difference		9		88	​	106
Less: valuation allowance		(82,964)		(106,967)	​	(119,746)
Total deferred tax assets		—		—	​	—

Summary of tax losses carry forwarded for future years

​

​	​	​
At December 31, 2023		US$
2024		227
2025		59,719
2026		106,030
2027		50,463
2028		59,405
2029		68,687
2030		37,607
2031		34,690
2032		98,215
2033		36,502
Total tax losses carry forwards		551,545

Schedule of movement of valuation allowance

​

​	​	​	​	​	​	​
​	​	As of December 31,
​		2021		2022		2023
​	​	US$	​	US$	​	US$
Balance at beginning of the year		37,405		82,964	​	106,967
Changes of valuation allowance(1)		45,559		24,003	​	12,779
Balance at end of the year		82,964		106,967	​	119,746

(1) Valuation allowances have been provided against deferred tax assets when the Group determines that it is more likely than not that the deferred tax assets will not be utilized in the future. In making such determination, the Group evaluates a variety of factors including the Group’s entities’ operating history, accumulated deficit, existence of taxable temporary differences and reversal periods. As of December 31, 2022 and 2023, full valuation allowances on deferred tax assets were provided because it was more likely than not that the Group will not be able to utilize tax loss carry forwards and other temporary tax difference generated by its unprofitable subsidiaries and the VIE.

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of tax credit carryforwards available to reduce future taxable income, including amounts, expiration dates, limitations on use and the related deferred tax assets and valuation allowances.

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Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance.

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