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SEGMENT REPORTING | 12 Months Ended
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Dec. 31, 2025
SEGMENT REPORTING |
SEGMENT REPORTING | 16. SEGMENT REPORTING The Group’s chief operating decision maker has been identified as the Chief Executive Officer who reviews consolidated results when making decisions about allocating resources and assessing performance of the Group. The Group uses the management approach to determine the operating segments. The management approach is based on the internal organization and reporting used by the Group’s chief operating decision maker in making decisions, allocating resources and assessing the performance. The Group operated and reviewed its performance in two segments: (i) Product sales which consisted of online retailing of consumer products and sales to third-party sellers, and (ii) Services which consisted of provision of logistic services to companies and individual customers. Prime membership revenues are included in product sales, which are amortized over the membership period on a straight-line basis. Furthermore, the Group’s chief operating decision maker evaluates performance based on each reporting segment’s revenues, costs and gross profit. There were no separate segment assets and segment liabilities information provided to the Group’s Chief Executive Officer, as he does not use this information to allocate resources to or evaluate the performance of the segments. ​ The following table presents selected financial information relating to the Group’s segments: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year ended December 31, 2025
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Corporate and | ​ | ​ | ​
​ | ​ ​ ​ | Product sales | ​ ​ ​ ​ | Services | ​ ​ ​ ​ | Unallocated | ​ ​ ​ ​ | Consolidated
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ ​ ​ ​ | ​ | ​
Revenues | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Revenue recognized at a point in time | ​ | $ | 215,555 | ​ | $ | — | ​ | $ | — | ​ | $ | 215,555
Revenue recognized over time | ​ | ​ | 220 | ​ | ​ | 8,540 | ​ | ​ | — | ​ | ​ | 8,760
Cost of revenues | ​ | ​ | 76,683 | ​ | ​ | 1,756 | ​ | ​ | — | ​ | ​ | 78,439
Gross profit | ​ | ​ | 139,092 | ​ | ​ | 6,784 | ​ | ​ | — | ​ | ​ | 145,876
Fulfillment | ​ | ​ | 11,992 | ​ | ​ | 4,601 | ​ | ​ | — | ​ | ​ | 16,593
Selling and marketing | ​ | ​ | 102,478 | ​ | ​ | — | ​ | ​ | 20 | ​ | ​ | 102,498
General and administrative | ​ | ​ | 15,854 | ​ | ​ | 1,705 | ​ | ​ | 2,003 | ​ | ​ | 19,562
Other operating income, net | ​ | ​ | (58) | ​ | ​ | (685) | ​ | ​ | — | ​ | ​ | (743)
Income / (loss) from operations | ​ | ​ | 8,826 | ​ | ​ | 1,163 | ​ | ​ | (2,023) | ​ | ​ | 7,966
Interest income | ​ | ​ | 7 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 7
Interest expense | ​ | ​ | (17) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (17)
Other income, net | ​ | ​ | 246 | ​ | ​ | 16 | ​ | ​ | — | ​ | ​ | 262
Total other income | ​ | ​ | 236 | ​ | ​ | 16 | ​ | ​ | — | ​ | ​ | 252
Income / (loss) before income tax | ​ | $ | 9,062 | ​ | $ | 1,179 | ​ | $ | (2,023) | ​ | $ | 8,218
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year ended December 31, 2024
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Corporate and | ​ | ​ | ​
​ | ​ ​ ​ | Product sales | ​ ​ ​ ​ | Services | ​ ​ ​ ​ | Unallocated | ​ ​ ​ ​ | Consolidated
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Revenues | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Revenue recognized at a point in time | ​ | $ | 242,446 | ​ | $ | — | ​ | $ | — | ​ | $ | 242,446
Revenue recognized over time | ​ | ​ | 1,254 | ​ | ​ | 11,587 | ​ | ​ | — | ​ | ​ | 12,841
Cost of revenues | ​ | ​ | 98,926 | ​ | ​ | 2,869 | ​ | ​ | — | ​ | ​ | 101,795
Gross profit | ​ | ​ | 144,774 | ​ | ​ | 8,718 | ​ | ​ | — | ​ | ​ | 153,492
Fulfillment | ​ | ​ | 12,308 | ​ | ​ | 6,624 | ​ | ​ | — | ​ | ​ | 18,932
Selling and marketing | ​ | ​ | 111,825 | ​ | ​ | — | ​ | ​ | 94 | ​ | ​ | 111,919
General and administrative | ​ | ​ | 22,506 | ​ | ​ | 1,381 | ​ | ​ | 1,848 | ​ | ​ | 25,735
Other operating income, net | ​ | ​ | (214) | ​ | ​ | (662) | ​ | ​ | — | ​ | ​ | (876)
(Loss) / income from operations | ​ | ​ | (1,651) | ​ | ​ | 1,375 | ​ | ​ | (1,942) | ​ | ​ | (2,218)
Interest income | ​ | ​ | 53 | ​ | ​ | 37 | ​ | ​ | — | ​ | ​ | 90
Other (expense) / income, net | ​ | ​ | (472) | ​ | ​ | 72 | ​ | ​ | — | ​ | ​ | (400)
Total other (loss) / income | ​ | ​ | (419) | ​ | ​ | 109 | ​ | ​ | — | ​ | ​ | (310)
(Loss) / income before income tax | ​ | $ | (2,070) | ​ | $ | 1,484 | ​ | $ | (1,942) | ​ | $ | (2,528)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year ended December 31, 2023
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Corporate and | ​ | ​ | ​
​ | ​ ​ ​ | Product sales | ​ ​ ​ ​ | Services | ​ ​ ​ ​ | Unallocated | ​ ​ ​ ​ | Consolidated
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Revenues | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Revenue recognized at a point in time | ​ | $ | 615,341 | ​ | $ | — | ​ | $ | — | ​ | $ | 615,341
Revenue recognized over time | ​ | ​ | 1,899 | ​ | ​ | 12,188 | ​ | ​ | — | ​ | ​ | 14,087
Cost of revenues | ​ | ​ | 265,964 | ​ | ​ | 3,532 | ​ | ​ | — | ​ | ​ | 269,496
Gross profit | ​ | ​ | 351,276 | ​ | ​ | 8,656 | ​ | ​ | — | ​ | ​ | 359,932
Fulfillment | ​ | ​ | 29,580 | ​ | ​ | 5,336 | ​ | ​ | — | ​ | ​ | 34,916
Selling and marketing | ​ | ​ | 302,245 | ​ | ​ | 415 | ​ | ​ | 34 | ​ | ​ | 302,694
General and administrative | ​ | ​ | 29,138 | ​ | ​ | 1,725 | ​ | ​ | 3,215 | ​ | ​ | 34,078
Other operating income, net | ​ | ​ | (351) | ​ | ​ | (1,010) | ​ | ​ | — | ​ | ​ | (1,361)
(Loss) / income from operations | ​ | ​ | (9,336) | ​ | ​ | 2,190 | ​ | ​ | (3,249) | ​ | ​ | (10,395)
Interest income | ​ | ​ | 270 | ​ | ​ | 80 | ​ | ​ | — | ​ | ​ | 350
Interest expense | ​ | ​ | — | ​ | ​ | (4) | ​ | ​ | — | ​ | ​ | (4)
Other income, net | ​ | ​ | 485 | ​ | ​ | 14 | ​ | ​ | — | ​ | ​ | 499
Total other income | ​ | ​ | 755 | ​ | ​ | 90 | ​ | ​ | — | ​ | ​ | 845
(Loss) / income before income tax | ​ | $ | (8,581) | ​ | $ | 2,280 | ​ | $ | (3,249) | ​ | $ | (9,550)
​ The following table summarizes the Group’s total revenues generated in different geographic locations and as a percentage of total revenues. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | Years ended December 31,
​ | ​ | 2023 | ​ | 2024 | ​ | 2025
​ | ​ ​ ​ | Revenues | ​ ​ ​ | % | ​ ​ ​ | Revenues | ​ ​ ​ | % | ​ ​ ​ | Revenues | ​ ​ ​ | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Europe | ​ | $ | 313,559 |  | 49.8 | ​ | $ | 96,085 |  | 37.6 | ​ | $ | 62,666 |  | 27.9
North America | ​ |  | 235,974 |  | 37.5 | ​ |  | 119,513 |  | 46.8 | ​ | ​ | 133,030 |  | 59.3
Other countries | ​ |  | 79,895 |  | 12.7 | ​ |  | 39,689 |  | 15.6 | ​ | ​ | 28,619 |  | 12.8
Total revenues | ​ | $ | 629,428 |  | 100.0 | ​ | $ | 255,287 |  | 100.0 | ​ | $ | 224,315 |  | 100.0
​ As of December 31, 2024 and 2025, substantially all of the long-lived assets of the Group are located in Singapore and the PRC.

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- Definition The entire disclosure for reporting segments including data and tables. 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