v3.26.1
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2025
INCOME TAXES  
Schedule of current and deferred component of income tax expenses (benefit)

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For the years ended December 31, 

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  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

Current income tax expense

​

$

—

​

$

—

​

$

(1)

Deferred income tax benefit

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2,733

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​

931

​

​

229

Total income tax benefit

​

$

2,733

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$

931

​

$

228

Schedule of reconciliations of statutory income tax rate and the Group's effective income tax rate

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For the years ended December 31,

 

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  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

 

Net loss before provision for income taxes

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$

56,641

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$

41,911

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$

53,782

​

PRC statutory tax rate

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25

%

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25

%

​

25

%

Income tax at statutory tax rate

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14,160

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​

10,477

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​

13,446

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Fair value change on warrants

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5

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53

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(52)

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Non-deductible loss and SBC expenses not deductible for tax purposes

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(6,397)

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(2,818)

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(3,075)

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Effect of income tax rate differences in jurisdictions other than the PRC

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(4,574)

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(6,378)

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(1,636)

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NOL not applicable for carryforward

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—

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4

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​

—

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Change in valuation allowance

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(461)

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(407)

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(8,455)

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Income tax benefit

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$

2,733

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$

931

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$

228

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Effective tax rates

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4.83

%

​

2.22

%

​

0.42

%

Schedule of principal components of the deferred tax assets and liabilities

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As of December 31, 

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  ​ ​ ​

2025

  ​ ​ ​

2024

Deferred tax assets:

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​

​

​

​

Write-down of prepaid expenses and other current assets

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$

8,027

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$

8,028

Net operating loss carry forwards

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​

1,767

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​

1,251

Sub-total

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​

9,794

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​

9,279

Deferred tax liabilities:

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​

​

​

​

Intangible assets acquired in business combination

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​

(2,125)

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​

(2,333)

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​

​

​

​

​

Less: valuation allowance

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(9,794)

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​

(9,279)

Deferred tax liabilities, net

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$

(2,125)

​

$

(2,333)

Summary of movements of the valuation allowance

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For the years ended December 31, 

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  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

Balance at the beginning of the year

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$

9,279

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$

9,180

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$

1,061

Current year addition

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​

466

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​

407

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8,455

Decrease in disposal of subsidiaries

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(531)

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(239)

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​

—

Exchange rate effect

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580

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(69)

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(336)

Balance at the end of the year

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$

9,794

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$

9,279

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$

9,180