v3.26.1
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION - Parent Company Condensed Balance Sheets (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Current assets      
Cash and cash equivalents $ 73,431 $ 103,072 $ 418,941
Restricted cash 375,865 379,293 $ 7,873
Total current assets 911,089 1,042,938  
Non-current assets      
Securities pledged to an investor 0 315,796  
Total non-current assets 1,041,659 1,242,725  
Total assets 1,952,748 2,285,663  
Current liabilities      
Share buyback forward liabilities 0 117,059  
Put option liabilities - third parties 0 309,115  
Shortterm borrowings 1,263,707 802,519  
Total current liabilities 2,398,078 2,467,397  
Noncurrent liabilities      
Warrant liabilities 800 3,340  
Total noncurrent liabilities 884,916 678,492  
Total liabilities 3,282,994 3,145,889  
Shareholders' deficit      
Ordinary shares 7 7  
Additional paid-in capital 1,933,992 1,785,664  
Accumulated other comprehensive income 39,818 55,165  
Accumulated deficit (3,157,918) (2,693,698)  
Total shareholders' deficit attributable to ordinary shareholders (1,322,498) (852,862)  
Total liabilities and shareholders' deficit 1,952,748 2,285,663  
Related party      
Current assets      
Prepayments and other current assets, net 111,886 74,558  
Current liabilities      
Convertible notes 126,203 113,910  
Accrued expenses and other current liabilities - third parties 213,529 214,760  
Shortterm borrowings 784,288 199,570  
Nonrelated Party      
Current assets      
Prepayments and other current assets, net 77,570 72,541  
Current liabilities      
Accrued expenses and other current liabilities - third parties 251,361 389,791  
Shortterm borrowings 479,419 602,949  
Parent Company      
Current assets      
Cash and cash equivalents 301 963  
Restricted cash   338  
Amounts due from subsidiaries $ 162,128 $ 95,693  
Other Receivable, after Allowance for Credit Loss, Current, Related Party [Extensible Enumeration] Related party Related party  
Total current assets $ 186,239 $ 119,040  
Non-current assets      
Investment securities - related parties $ 1,811 $ 2,221  
Debt Securities, Available-for-Sale, Type [Extensible Enumeration] Related party Related party  
Securities pledged to an investor   $ 315,796  
Total non-current assets $ 1,811 318,017  
Total assets 188,050 437,057  
Current liabilities      
Share buyback forward liabilities   117,059  
Accrued expenses and other current liabilities - third parties 9,313 16,497  
Put option liabilities - third parties   309,115  
Total current liabilities 287,180 557,721  
Noncurrent liabilities      
Share of losses in excess of investments in subsidiaries and consolidated VIEs 1,134,606 728,858  
Warrant liabilities 800 3,340  
Total noncurrent liabilities 1,223,368 732,198  
Total liabilities 1,510,548 1,289,919  
Shareholders' deficit      
Ordinary shares 7 7  
Treasury stock (138,397)    
Additional paid-in capital 1,933,992 1,785,664  
Accumulated other comprehensive income 39,818 55,165  
Accumulated deficit (3,157,918) (2,693,698)  
Total shareholders' deficit attributable to ordinary shareholders (1,322,498) (852,862)  
Total liabilities and shareholders' deficit 188,050 437,057  
Parent Company | Related party      
Current assets      
Prepayments and other current assets, net 18,052 15,684  
Current liabilities      
Convertible notes 126,203 113,910  
Amounts due to subsidiaries   1,140  
Shortterm borrowings 151,664    
Noncurrent liabilities      
Convertible notes 77,175    
Parent Company | Nonrelated Party      
Current assets      
Prepayments and other current assets, net 5,758 $ 6,362  
Noncurrent liabilities      
Convertible notes $ 10,787