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Concentrations and Credit Risk
 9 Months Ended
Sep. 30, 2025
Concentrations and Credit Risk [Abstract]  
Concentrations and Credit Risk
27. Concentrations and Credit Risk

 

(a) Concentrations

 

The Company had the following customers that individually comprised 10% or more of net revenue for the three months ended September 30, 2024 and 2025 as follows:

 

   Three months ended September 30, 
Sales of finished goods and raw materials  2024   2025 
Customer A  $8,581,026    19.2%  $*    * 
Customer B   9,061,625    20.3%   *    * 
Customer C   *    *    10,439,859    17.1%
Zhengzhou BAK Battery Co., Ltd   5,166,670    11.6%   *    * 

The Company had the following customers that individually comprised 10% or more of net revenue for the nine months ended September 30, 2024 and 2025 as follows:

 

   Nine months ended September 30, 
Sales of finished goods and raw materials  2024   2025 
Customer A  $15,584,538    10.3%  $17,671,320    13.0%
Customer B   57,550,494    38.1%   *    * 

 

* Comprised less than 10% of net revenue for the respective period.

 

The Company had the following customers that individually comprised 10% or more of net trade receivable (included VAT) as of December 31, 2024 and September 30, 2025 as follows:

 

   December 31, 2024   September 30, 2025 
Customer A  $10,676,044    41.5%  $3,050,845    12.5%
Zhengzhou BAK (note 17)   5,970,184    23.2%   5,615,672    23.0%

 

* Comprised less than 10% of net accounts receivable for the respective period.

 

The Company had the following suppliers that individually comprised 10% or more of net purchase for the three months ended September 30, 2024 and 2025 as follows:

 

    Three months ended September 30,  
    2024     2025  
Supplier A   $ *       *     $ 9,086,462       19.9 %
Supplier B     *       *       5,277,642       11.6 %
Supplier C     3,504,195       11.9 %     *       *  
Supplier D     3,548,023       12.0 %     *       *  

 

The Company had the following suppliers that individually comprised 10% or more of net purchase for the nine months ended September 30, 2024 and 2025 as follows:

 

    Nine months ended September 30,  
    2024     2025  
Supplier A   $          *                *     $ 15,640,546       13.6 %
Supplier B     *       *       11,685,407       10.2 %

 

%*Comprised less than 10% of net purchase for the respective period.

 

The Company had the following suppliers that individually comprised 10% or more of trade payable as of December 31, 2024 and September 30, 2025 as follows:

 

   December 31, 2024   September 30, 2025 
Supplier A  $*    *   $6,886,452    14.1%
Supplier B   *    *    5,766,916    11.8%
Supplier D   3,263,562    12.4%   *    * 
(b) Credit Risk

 

Financial instruments that potentially subject the Company to a significant concentration of credit risk consist primarily of cash and cash equivalents and pledged deposits. As of December 31, 2024 and September 30, 2025 substantially all of the Company’s cash and cash equivalents were held by major financial institutions and online payment platforms located in the PRC, which management believes are of high credit quality. The Company has not experienced any losses on cash and cash equivalents to date. The Company does not require collateral or other securities to support financial instruments that are subject to credit risk.

 

For the credit risk related to trade accounts receivable, the Company performs ongoing credit evaluations of its customers and, if necessary, maintains reserves for potential credit losses.