v3.26.1
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' DEFICIT - USD ($)
$ in Thousands
Total shareholders' deficit attributable to ordinary shareholders
Series Pre-A Preferred Shares
Total shareholders' deficit attributable to ordinary shareholders
Cumulative effect of adoption of new accounting standard
Total shareholders' deficit attributable to ordinary shareholders
Adjusted balance
Total shareholders' deficit attributable to ordinary shareholders
Westwood Capital Group LLC
Total shareholders' deficit attributable to ordinary shareholders
ECARX
Total shareholders' deficit attributable to ordinary shareholders
Convertible note
Total shareholders' deficit attributable to ordinary shareholders
Ordinary shares
Series Pre-A Preferred Shares
Ordinary shares
Adjusted balance
Ordinary shares
Westwood Capital Group LLC
Ordinary shares
ECARX
Ordinary shares
Convertible note
Ordinary shares
Treasury stock
Additional paid-in capital
Series Pre-A Preferred Shares
Additional paid-in capital
Adjusted balance
Additional paid-in capital
Westwood Capital Group LLC
Additional paid-in capital
ECARX
Additional paid-in capital
Convertible note
Additional paid-in capital
Receivables from shareholders
Adjusted balance
Receivables from shareholders
Accumulated other comprehensive income
Adjusted balance
Accumulated other comprehensive income
Accumulated deficit
Cumulative effect of adoption of new accounting standard
Accumulated deficit
Adjusted balance
Accumulated deficit
Noncontrolling interests
Adjusted balance
Noncontrolling interests
Series Pre-A Preferred Shares
Cumulative effect of adoption of new accounting standard
Adjusted balance
Westwood Capital Group LLC
ECARX
Convertible note
Total
Beginning balance at Dec. 31, 2022   $ (15) $ (452,388)       $ (452,373)   $ 21       $ 21     $ 403,103       $ 403,103 $ (26,447) $ (26,447) $ 17,707 $ 17,707 $ (15) $ (846,772) $ (846,757) $ (642) $ (642)   $ (15) $ (453,030)       $ (453,015)
Beginning balance (in shares) at Dec. 31, 2022                 474,621,603       474,621,603                                              
Net loss             (742,001)                                       (742,001)   (8,254)             (750,255)
Fair value changes of liabilities due to instrument-specific credit risk, net of nil income taxes             (8,650)                                 (8,650)                       (8,650)
Foreign currency translation adjustment, net of nil income taxes             16,210                                 16,210                       16,210
Total comprehensive loss             (734,441)                                 7,560     (742,001)   (8,254)             (742,695)
Contribution from noncontrolling shareholders             968                         968                 3,492             4,460
Settlement of receivable from shareholders             26,447                             $ 26,447                           26,447
Shareholder contribution related to the issuance of exchangeable notes             909                         909                               909
Deemed distribution arising from reorganization under common control             (31,672)                         (31,672)                               (31,672)
Accretion of redeemable convertible preferred shares             (15,121)                         (15,121)                               (15,121)
Ending balance at Dec. 31, 2023             (1,205,298)           $ 21             358,187       25,267     (1,588,773)   (5,404)             (1,210,702)
Ending balance (in shares) at Dec. 31, 2023 [1]                         474,621,603                                              
Net loss             (1,104,925)                                       (1,104,925)   (2,364)             (1,107,289)
Fair value changes of liabilities due to instrument-specific credit risk, net of nil income taxes             13,547                                 13,547                       13,547
Foreign currency translation adjustment, net of nil income taxes             16,351                                 16,351                       16,351
Total comprehensive loss             (1,075,027)                                 29,898     (1,104,925)   (2,364)             (1,077,391)
Contribution from noncontrolling shareholders                                                         404             404
Accretion of redeemable convertible preferred shares             (2,979)                         (2,979)                               (2,979)
Recapitalization of ordinary shares                         $ (16)             16                                
Share-based compensation             31,930                         31,930                               31,930
Issuance of ordinary shares       $ 4,307                         $ 4,307                               $ 4,307      
Issuance of ordinary shares (in shares) [1]                   902,500                                                    
Exercise of share options             318                         318                               $ 318
Exercise of share options (in shares)                         110,300 [1]                                             0
Conversion of convertible notes to ordinary shares $ 386,509         $ 30,114   $ 1             $ 386,508       $ 30,114                     $ 386,509         $ 30,114  
Conversion of convertible notes to ordinary shares (in shares) [1]               68,228,526       3,011,368                                                
Exchange of exchangeable notes to ordinary shares             365,970                         365,970                               $ 365,970
Exchange of exchangeable notes to ordinary shares (in shares) [1]                         36,597,038                                              
Issuance of ordinary shares and warrants to L Catterton Asia Acquisition Corp ("LCAA"), the Private Investment in Public Equity ("PIPE") investors and warrant holders in connection with the consummation of business combination, net of transaction costs             675,379           $ 1             675,378                               675,379
Issuance of ordinary shares and warrants to L Catterton Asia Acquisition Corp ("LCAA"), the Private Investment in Public Equity ("PIPE") investors and warrant holders in connection with the consummation of business combination, net of transaction costs (in shares) [1]                         92,859,735                                              
Exercise of public warrants             5,975                         5,975                               5,975
Exercise of public warrants (in shares) [1]                         495,724                                              
Gain on disposal of a subsidiary under common control             990                         990                               990
Meritz Securities Co., Ltd.("Meritz") share buyback             (71,050)                         (71,050)                               (71,050)
Ending balance at Dec. 31, 2024             (852,862)           $ 7             1,785,664       55,165     (2,693,698)   (7,364)             $ (860,226)
Ending balance (in shares) at Dec. 31, 2024                         676,826,794 [1]                                             694,134,038
Net loss             (464,220)                                       (464,220)   (2)             $ (464,222)
Fair value changes of liabilities due to instrument-specific credit risk, net of nil income taxes             13,875                                 13,875                       13,875
Foreign currency translation adjustment, net of nil income taxes             (29,222)                                 (29,222)                       (29,222)
Total comprehensive loss             (479,567)                                 (15,347)     (464,220)   (2)             (479,569)
Share-based compensation             2,274                         2,274                               $ 2,274
Issuance of ordinary shares       $ 1,301 [2] $ 17,000                       $ 1,301 [2] $ 17,000                             $ 1,301 [2] $ 17,000    
Issuance of ordinary shares (in shares)                   649,000 [2] 12,408,759                                                  
Exercise of share options (in shares)                                                                       0
Conversion of convertible notes to ordinary shares             1,210             $ 3,178           (1,968)                               $ 1,210
Conversion of convertible notes to ordinary shares (in shares)                         787,778                                              
Disposal of an equity investment under common control             58,671                         58,671                               58,671
Disposal of a subsidiary                                                         (382)             (382)
Meritz Securities Co., Ltd.("Meritz") share buyback             (70,525)             (141,575)           71,050                               (70,525)
Meritz Securities Co., Ltd.("Meritz") share buyback (in shares)                         (50,000,000)                                              
Ending balance at Dec. 31, 2025             $ (1,322,498)           $ 7 $ (138,397)           $ 1,933,992       $ 39,818     $ (3,157,918)   $ (7,748)             $ (1,330,246)
Ending balance (in shares) at Dec. 31, 2025                         640,672,331                                             707,196,733
[1] Shares outstanding for all periods reflect the adjustment for Recapitalization.
[2] Amounts less than US$0.5.