v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net loss $ (2,399) $ (64,453) $ (17,579)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:      
(Reversal)/ provision for credit losses 3,695 1,314 (4,112)
Depreciation 6,095 4,503 4,114
Amortization of right-of-use assets 839 775 754
Share-based compensation of subsidiary 998 1,495 1,519
Share-based compensation of the Group 62,040 9,776
(Gain)/Loss on disposal of property, software and equipment 108 4 (27)
Deferred income tax expense /(benefit) (1,007) 1,235 701
Fair value changes of warrant liabilities (897) 286 629
Financing expense related to issuance of GEM Warrants 606 607 377
Accrued liability for GEM litigation 3,100
Changes in operating assets and liabilities:      
Accounts receivable 14,936 (22,710) 30,822
Prepaid expenses and other current assets (8,601) (6,740) (55,908)
Accounts payable (17,412) 31,345 3,140
Contract liabilities 3,117 (554) (418)
Accrued expenses and other current liabilities 3,286 1,437 (288)
Tax payable 46 35 (621)
Operating lease liabilities (793) (691) (680)
Amount due to related parties 1,913 150
Total net cash (used in) provided by operating activities 5,717 11,841 (27,651)
CASH FLOWS FROM INVESTING ACTIVITIES      
Purchase of property, software and equipment (380) (588) (4,928)
Proceeds from disposal of property, software and equipment 3 43 54
Payment for acquisition of an insurance license (236)
Purchase of short-term investment (451) (21,636) (518)
Proceeds from the redemption of short-term investment 750 21,657 4,719
Payment of securities margin (4,029)
Purchase of other non-current assets (8,560) (11,623) (1,721)
Total net cash used in investing activities (12,903) (12,147) (2,394)
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from short-term borrowings 104,625 105,870 104,506
Repayments of short-term borrowings (111,304) (102,993) (93,970)
Proceeds from long-term borrowing 1,430
Payment for GEM litigation (1,550)
Repayments of payables to a related party (11,553) (1,699) (10,000)
Proceeds from issuance of ordinary shares, net of issuance cost 41,631 18,468
Cash required on reverse recapitalization 68
Proceeds from Private Placement 21,737
Payment for offering cost related to Business Combination (588)
Shares repurchase (15,760) (2,000)
Exercise of warrants 2,213
Repurchase of non-controlling interests (3,151) (4,129)
Total net cash provided by (used in) financing activities 4,368 (2,951) 40,434
Effect of exchange rate changes 1,166 (826) (711)
Net change in cash and restricted cash (1,652) (4,083) 9,678
Cash and restricted cash, beginning of the year 29,512 33,595 23,917
Cash and restricted cash, end of the year 27,860 29,512 33,595
Reconciliation of cash and restricted cash to the consolidated balance sheets:      
Cash 25,019 26,865 30,854
Restricted cash 2,841 2,647 2,741
Total cash and restricted cash 27,860 29,512 33,595
Supplemental disclosures of cash flow information:      
Income tax paid 1,307 1,466 2,577
Interest expense paid 3,502 3,669 3,666
Supplemental disclosures of non-cash flow information:      
Decrease of accrued expenses and other current liabilities due to vest of restricted shares 311 311 311
Property, software and equipment transferred from other non-current assets 9,877 3,728
Obtaining right-of-use assets in exchange for operating lease liabilities 2,328 103 1,702
Prepaid financing expense related to issuance of GEM Warrants 229 835 1,442
Repayments of payables to a related party (Note 19) $ 4,504