v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating activities:      
Net loss $ (464,222) $ (1,107,289) $ (750,255)
Adjustments to reconcile net loss to net cash used in operating activities      
Depreciation 54,740 76,488 54,957
Reduction in the carrying amount of operating lease right-of-use assets 14,061 18,253 20,056
Investment (income) loss, net (10,740) (14,232) 1,162
Share of results of equity method investments (1,987) 171 1,048
Changes in fair values of liabilities, excluding impact of instrument-specific credit risk 28,319 285,423 10,039
Share-based compensation expense 2,274 31,930  
Deferred income tax expense 687   (126)
Non-cash interest expenses 12,907 14,784 1,620
Non-cash interest income (21,225) (13,415)  
Amortization of deferred income relating to government grants (60) (25)  
Expected credit loss (reversal) accrual (4,818) 5,815 389
Warranty expenses 21,003 21,852 8,492
Commission fee for Westwood subscription commitment   3,500  
Impairment of long-lived assets 51,800 0 0
Non-cash other operating income (33,019)    
Net unrealized foreign currency exchange losses 1,640 496 1,466
Changes in operating assets and liabilities:      
Inventories 81,235 69,675 (235,074)
Operating lease liabilities (17,138) (16,351) (29,357)
Net cash used in operating activities (333,907) (848,520) (386,932)
Investing activities:      
Payments for purchases of property, equipment and software and intangible assets (79,432) (57,337) (213,714)
Proceeds from disposal of property, equipment and software 20,237 6,539 5,117
Payments for purchases of short-term investments   (48,150) (38,254)
Proceeds from sales of short-term investments   48,257 37,428
Proceeds from settlement of derivative instruments 740 239  
Receipts of government grants related to assets 11,331 28,135 16,345
Payments for investments in equity investees   (414) (5,059)
Disposal of a subsidiary, net of cash disposed (371) 6,788 1,379
Payments for purchases of securities pledged to an investor   (500,000)  
Proceeds from sales of securities pledged to an investor 326,891 189,630  
Proceeds from investment income arising from securities pledged to an investor   8,936  
Loans to related parties (60,722) (262,203) (1,227)
Proceed from settlement of related party loans   140  
Disposal of equity investment under common control 58,885    
Net cash provided by (used in) investing activities 277,559 (579,440) (197,985)
Financing activities:      
Payments of cash collateral to Meritz   (76,469)  
Payment for settlement of Meritz (512,925)    
Payment for redemption of exchangeable notes   (365,994)  
Proceeds from issuance of ordinary shares to exchangeable notes holders   361,262  
Proceeds from issuance of exchangeable notes 27,842 28,541 27,883
Proceeds from exercise of public warrant   5,700  
Proceeds from settlement of receivable from shareholders     26,139
Proceeds from issuance of convertible notes 199,263 119,284 25,297
Repayment of mandatorily redeemable noncontrolling interest     (11,554)
Repayments of refundable deposits in connection with PIPE investments   (10,264)  
Payment for redemption of convertible notes (119,263)   (5,648)
Receipts of refundable deposits in connection with PIPE investments     10,000
Capital contributions by noncontrolling interests   404 4,460
Proceeds from borrowings 1,404,766 1,033,046 481,176
Repayments of borrowings (889,531) (460,948) (272,897)
Payments to a noncontrolling interest in the liquidation of a subsidiary     (148)
Net cash provided by financing activities 128,453 1,459,527 284,708
Effect of exchange rate changes on cash, cash equivalents and restricted cash (6,765) 26,235 (12,189)
Net increase (decrease) in cash, cash equivalents and restricted cash 65,340 57,802 (312,398)
Cash, cash equivalents and restricted cash at beginning of the year 484,937 427,135 739,533
Cash, cash equivalents and restricted cash at end of the year 550,277 484,937 427,135
Reconciliation of cash, cash equivalents and restricted cash:      
Cash and cash equivalents 73,431 103,072 418,941
Restricted cash, current 375,865 379,293 7,873
Restricted cash, non-current 100,981 2,572 321
Total cash, cash equivalents and restricted cash 550,277 484,937 427,135
Supplemental information      
Interest paid 19,156 8,140 8,086
Income taxes paid 16,460 678 1,152
Income taxes refund (349) (127) (45)
Non-cash investing and financing activities:      
Purchase of property, equipment and software and intangible assets included in accrued expenses and other current liabilities 25,377 70,887 71,064
Accretion of redeemable convertible preferred shares   2,979 15,121
Issuance of ordinary shares through conversion of redeemable convertible preferred shares   386,509  
Payable arising from a distribution agreement     22,296
Issuance of put option liabilities     9,376
Payable arising from deferred listing expenses     1,613
Issuance costs payable 6,556 6,556  
Issuance of ordinary shares through conversion of convertible notes 1,210 30,114  
Acquire equity interest through licensing certain internally developed intellectual property 35,568    
LCAA and PIPE Investors      
Financing activities:      
Proceeds from issuance of ordinary shares to PIPE investors and LCAA, net of transaction costs   824,158  
Westwood Capital Group LLC      
Financing activities:      
Proceeds from issuance of ordinary shares 1,301 807  
ECARX      
Financing activities:      
Proceeds from issuance of ordinary shares 17,000    
Related party      
Changes in operating assets and liabilities:      
Accounts receivable 6,102 (88,808) (14,356)
Prepayments and other current assets (32,765) (46,564) (18,880)
Other non-current assets 544 1,583 (2,706)
Accounts payable 51,420 76,329 335,307
Accrued expenses and other current liabilities (13,983) (55,875) 89,876
Other non-current liabilities (638) (140) (91)
Investing activities:      
Proceed from settlement of related party loans   140  
Disposal of equity investment under common control 58,885    
Nonrelated Party      
Changes in operating assets and liabilities:      
Accounts receivable 89,354 (67,262) (75,265)
Prepayments and other current assets 415 (21,655) (20,268)
Other non-current assets (7,970) (20,893) (34,248)
Accounts payable (9,378) 43,685 21,067
Contract liabilities - third parties (18,939) (7,150) 42,393
Accrued expenses and other current liabilities (99,444) (30,062) 124,094
Other non-current liabilities $ (14,082) $ (8,783) $ 81,728