| SEGMENT INFORMATION |
CODM reviews financial information of operating
segments based on internal management reports when making decisions about allocating resources and assessing the performance of the Group.
As a result of the assessment made by CODM, the Group has four reportable segments for continuing operations, including auto eInsurance
business, technology service and auto service business. The Group’s CODM evaluates performance based on the operating segment’s
revenue and their operating results. The revenue and operating results by segments were as follows:
| | |
For the year ended December 31, 2023 | |
| | |
Auto eInsurance service | | |
Technology service | | |
Auto service | | |
Others | | |
Consolidated | |
| Revenues from external customers | |
$ | 118,109 | | |
$ | 30,658 | | |
$ | 214,979 | | |
$ | - | | |
$ | 363,746 | |
| Operating cost and expenses | |
| | | |
| | | |
| | | |
| | | |
| | |
| Integrated service cost | |
| - | | |
| (26,428 | ) | |
| (183,125 | ) | |
| - | | |
| (209,553 | ) |
| Promotional service and selling expenses | |
| (114,356 | ) | |
| (11,265 | ) | |
| (7,461 | ) | |
| - | | |
| (133,082 | ) |
| General and administrative expenses | |
| (4,394 | ) | |
| (7,989 | ) | |
| 4,293 | | |
| (14,372 | ) | |
| (22,462 | ) |
| Research and development expenses | |
| (1,236 | ) | |
| (1,919 | ) | |
| (10,456 | ) | |
| (500 | ) | |
| (14,111 | ) |
| Total operating costs and expenses | |
| (119,986 | ) | |
| (47,601 | ) | |
| (196,749 | ) | |
| (14,872 | ) | |
| (379,208 | ) |
| Total other income/(expenses), net (1) | |
| 3,155 | | |
| (183 | ) | |
| (1,272 | ) | |
| (1,245 | ) | |
| 455 | |
| Segment income/(loss) before tax | |
$ | 1,278 | | |
$ | (17,126 | ) | |
$ | 16,958 | | |
$ | (16,117 | ) | |
$ | (15,007 | ) |
| | |
For the year ended December 31, 2024 | |
| | |
Auto eInsurance service | | |
Technology service | | |
Auto service | | |
Others | | |
Consolidated | |
| Revenues from external customers | |
$ | 170,549 | | |
$ | 44,892 | | |
$ | 226,456 | | |
$ | - | | |
$ | 441,897 | |
| Operating cost and expenses | |
| | | |
| | | |
| | | |
| | | |
| | |
| Integrated service cost | |
| - | | |
| (28,103 | ) | |
| (198,069 | ) | |
| - | | |
| (226,172 | ) |
| Promotional service and selling expenses | |
| (166,450 | ) | |
| (15,535 | ) | |
| (4,864 | ) | |
| - | | |
| (186,849 | ) |
| General and administrative expenses | |
| (4,627 | ) | |
| (1,283 | ) | |
| (8,534 | ) | |
| (32,551 | ) | |
| (46,995 | ) |
| Research and development expenses | |
| (1,180 | ) | |
| (1,420 | ) | |
| (4,624 | ) | |
| (33,020 | ) | |
| (40,244 | ) |
| Total operating costs and expenses | |
| (172,257 | ) | |
| (46,341 | ) | |
| (216,091 | ) | |
| (65,571 | ) | |
| (500,260 | ) |
| Total other expenses, net (1) | |
| (121 | ) | |
| (276 | ) | |
| (1,942 | ) | |
| (898 | ) | |
| (3,237 | ) |
| Segment (loss)/income before tax | |
$ | (1,829 | ) | |
$ | (1,725 | ) | |
$ | 8,423 | | |
$ | (66,469 | ) | |
$ | (61,600 | ) |
| | |
For the year ended December 31, 2025 | |
| | |
Auto eInsurance service | | |
Technology service | | |
Auto service | | |
Others | | |
Consolidated | |
| Revenues from external customers | |
$ | 212,568 | | |
$ | 53,619 | | |
$ | 223,104 | | |
$ | - | | |
$ | 489,291 | |
| Operating cost and expenses | |
| | | |
| | | |
| | | |
| | | |
| | |
| Integrated service cost | |
| - | | |
| (37,892 | ) | |
| (203,618 | ) | |
| - | | |
| (241,510 | ) |
| Promotional service and selling expenses | |
| (200,008 | ) | |
| (8,918 | ) | |
| (6,950 | ) | |
| (69 | ) | |
| (215,945 | ) |
| General and administrative expenses | |
| (4,717 | ) | |
| (222 | ) | |
| (11,076 | ) | |
| (2,975 | ) | |
| (18,990 | ) |
| Research and development expenses | |
| (956 | ) | |
| (3,034 | ) | |
| (4,971 | ) | |
| - | | |
| (8,961 | ) |
| Total operating costs and expenses | |
| (205,681 | ) | |
| (50,066 | ) | |
| (226,615 | ) | |
| (3,044 | ) | |
| (485,406 | ) |
| Total other expenses, net (1) | |
| (456 | ) | |
| (337 | ) | |
| (2,384 | ) | |
| (2,761 | ) | |
| (5,938 | ) |
| Segment income/(loss) before tax | |
$ | 6,431 | | |
$ | 3,216 | | |
$ | (5,895 | ) | |
$ | (5,805 | ) | |
$ | (2,053 | ) |
| (1) | Included net of financial expenses, investment income, change of fair value of warrant liabilities and others. |
The total assets by segments as of December 31, 2024 and 2025 were
as follows:
| | |
As of December 31, | |
| | |
2024 | | |
2025 | |
| Segment assets | |
| | |
| |
| Auto eInsurance service | |
$ | 56,769 | | |
$ | 62,550 | |
| Technology service | |
| 39,391 | | |
| 35,906 | |
| Auto service | |
| 148,630 | | |
| 151,165 | |
| Others | |
| 1,938 | | |
| 3,575 | |
| Total segment assets | |
$ | 246,728 | | |
$ | 253,196 | |
|