v3.25.3
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities    
Net loss $ (125,128) $ (175,419)
Adjustments to reconcile net loss to net cash used in operating activities:    
Allowance for credit losses 0 (3)
Inventory write-down 919 814
Depreciation and amortization expenses 11,094 8,824
Amortization of deferred income (3,991) (2,518)
Share-based compensation 49,696 53,413
Loss from fair value changes of equity investment with readily determinable fair value 1,912 6,067
Losses on disposal of property and equipment 235 451
Noncash lease expenses 7,249 6,104
Debt issuance costs 194 700
Foreign currency remeasurement impact (9,909) (8,281)
Changes in operating assets and liabilities:    
Accounts receivable 726 9,712
Notes receivable (15,223) (12,901)
Inventories (28,112) 4,403
Prepayments and other current assets (1,789) (10,767)
Other non-current assets 599 (989)
Accounts payable (426) 6,545
Other current liabilities (6,769) (36,854)
Operating lease liabilities (6,405) (6,853)
Deferred income 361 (1,548)
Net cash used in operating activities (124,767) (159,100)
Cash flows from investing activities    
Proceeds from maturity of short-term investment 330,000 16,300
Proceeds from the sale of equity investment 1,203 0
Purchases of property and equipment (7,424) (3,057)
Proceeds from the sale of property and equipment 85 29
Acquisition of intangible assets (4,702) (40,711)
Net cash provided by (used in) investing activities 319,162 (27,439)
Cash flows from financing activities    
Proceeds from short-term debt 185,564 111,738
Repayment of short-term bank borrowings (116,941) (282)
Payments of debt issuance costs (194) (700)
Proceeds from exercises of stock options 13,426 1,321
Payments of public offering costs (854) 0
Employee taxes paid related to net share settlement of equity awards (8,218) 0
Net cash provided by financing activities 72,783 112,077
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash 311 402
Net increase (decrease) in cash, cash equivalents and restricted cash 267,489 (74,060)
Cash, cash equivalents and restricted cash - beginning of period 550,781 791,264
Cash, cash equivalents and restricted cash - end of period 818,270 717,204
Supplemental disclosure on non-cash investing and financing activities    
Payables for purchase of property and equipment 468 2,612
Payables for acquisition of intangible assets 1,158 11,358
Payables for public offering costs 168 0
Right-of-use asset acquired under operating leases 0 3,945
Receivables for stock option exercise under equity incentive plans 239 1,593
Supplemental disclosure of cash flow information    
Cash paid for interest $ 3,610 $ 1,169