v3.25.4
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 $ (175,537) $ (257,103) $ (334,620)
Adjustments to reconcile net loss to net cash used in operating activities:      
Allowance for credit losses 6 8 6
Inventory write-down 12,288 815 973
Depreciation and amortization expenses 15,010 11,856 9,029
Impairment of property and equipment 0 0 57
Amortization of deferred income (5,340) (3,520) (3,383)
Share-based compensation 65,598 70,651 79,634
Loss (gain) from fair value changes of equity investment with readily determinable fair value 1,912 6,105 (2,789)
Losses on disposal of property and equipment 542 453 159
Gain on disposal of land use right 0 0 (408)
Noncash lease expenses 8,836 8,419 8,708
Gain from sale of intellectual property 0 0 (10,000)
Foreign currency remeasurement impact (19,591) 15,137 14,850
Amortization of debt issuance cost 194 700 0
Changes in operating assets and liabilities:      
Accounts receivable (18,932) (26,975) (20,040)
Notes receivable (7,716) 1,762 2,352
Inventories (47,028) 3,896 (14,907)
Prepayments and other current assets 5,059 (18,729) 12,246
Deferred tax assets (3,336) 0 0
Other non-current assets (374) (1,442) 187
Accounts payable 19,926 (2,209) 36,803
Other current liabilities 4,750 (22,022) 19,810
Operating lease liabilities (7,476) (9,259) (8,351)
Deferred income 745 6,588 11,181
Other non-current liabilities (325) 0 325
Net cash used in operating activities (150,789) (214,869) (198,178)
Cash flows from investing activities      
Purchases of short-term investments (10,000) (330,000) (134,000)
Proceeds from maturity of short-term investment 330,000 16,300 117,700
Proceeds from the sale of equity investment 1,203 0 0
Purchases of property and equipment (8,101) (5,657) (7,212)
Proceeds from the sale of property and equipment 87 29 122
Acquisition of intangible assets (5,323) (55,865) (1,279)
Proceeds from sale of intellectual property 0 0 10,000
Proceeds from disposal of land use right 0 0 3,893
Net cash provided by (used in) investing activities 307,866 (375,193) (10,776)
Cash flows from financing activities      
Proceeds from short-term debt 206,837 131,606 0
Repayment of short-term bank borrowings (138,893) (284) 0
Payments of debt issuance costs (194) (700) 0
Proceeds from exercises of stock options 13,675 3,200 2,369
Proceeds from issuance of ordinary shares upon public offerings 0 217,350 0
Payments of public offering costs (854) (1,283) 0
Taxes paid related to settlement of equity awards (8,218) 0 (8,802)
Net cash provided by (used in) financing activities 72,353 349,889 (6,433)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash 478 (310) (2,622)
Net increase (decrease) in cash, cash equivalents and restricted cash 229,908 (240,483) (218,009)
Cash, cash equivalents and restricted cash — beginning of the year 550,781 791,264 1,009,273
Cash, cash equivalents and restricted cash — end of the year 780,689 550,781 791,264
Supplemental disclosure of cash flow information      
Cash paid for interest 4,878 2,021 0
Supplemental disclosure on non-cash investing and financing activities      
Payables for purchase of property and equipment 486 449 2,474
Payables for acquisition of intangible assets 21,948 2,721 11,516
Payables for public offering costs 168 994 0
Right-of-use asset acquired under operating leases 6,050 15,150 3,668
Receivables for stock option exercise under equity incentive plans $ 0 $ 70 $ 0