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Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 32,831 $ 30,057
Accounts receivable, net 4,436 7,880
Inventories, net 4,378 1,312
Prepayments and other assets 4,574 5,637
Other investments 13,346 8,703
Total current assets 61,262 55,560
Non-current assets:    
Long-term investments 2,044 2,011
Property and equipment, net 2,224 4,025
Right-of-use asset, net 1,745 2,876
Intangible assets, net 511 507
Prepayment 43
Total non-current assets 6,567 9,419
Total assets 67,829 64,979
Current liabilities:    
Short term borrowings [1] 5,549 6,956
Current portion of long-term bank borrowings [2] 68
Accrued expenses and other liabilities 19,343 25,169
Accounts payable 7,193 7,445
Contract liabilities 3,425 709
Operating lease liabilities 1,189 1,853
Total current liabilities 36,767 42,181
Non-current liabilities:    
Long term borrowings 1,622
Operating lease liabilities 574 1,088
Other non-current liabilities 58 87
Total non-current liabilities 2,254 1,175
Total liabilities 39,021 43,356
Commitments and contingencies
Shareholders’ equity:    
Additional paid-in capital 242,421 241,378
Accumulated other comprehensive income 2,075 2,234
Accumulated losses (215,707) (222,008)
Total shareholders’ equity 28,808 21,623
Total liabilities and shareholders’ equity 67,829 64,979
Class A Ordinary Shares    
Shareholders’ equity:    
Ordinary shares, value 13 13
Class B Ordinary Shares    
Shareholders’ equity:    
Ordinary shares, value 6 6
Related Party    
Current assets:    
Amounts due from related parties 1,697 1,971
Current liabilities:    
Amounts due to related parties $ 49
[1] The Group’s short-term bank borrowings are primarily used for working capital and business development purposes and bear interest rate of 2.4% ~ 2.9% (2024: 3.00% ~ 3.17%) per annum, with a weighted average interest rate of 2.64% (2024: 3.11%) per annum. Certain bank borrowings are guaranteed by certain of our directors and certain subsidiaries as of December 31, 2024 and 2025.
[2] In September and December 2025, the Group entered into a two-year and a twenty-one-month financing agreement, respectively, with a bank, totaling US$1,707 thousand and guaranteed by certain director. The interest rate ranged from 3.1% to 3.2% per annum.