| Schedule of CONDENSED PARENT COMPANY BALANCE SHEETS |
| | | | | | | | | As of December 31, | | | 2025 | | 2024 | ASSETS | | | | | | | Cash and cash equivalents | | $ | 673 | | $ | 1,968 | Other receivables, net | | | — | | | — | Amounts due from related parties | | | 95,149 | | | 57,589 | Total assets | | $ | 95,822 | | $ | 59,557 | | | | | | | | LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | Accrued expenses and other current liabilities | | $ | 6,012 | | $ | 5,138 | Amounts due to related parties | | | — | | | — | Convertible note | | | — | | | 635 | Deficits in investment in subsidiaries | | | 67,882 | | | 40,589 | Warrant liabilities | | | — | | | 22 | Total liabilities | | | 73,894 | | | 46,384 | | | | | | | | Shareholders’ equity | | | | | | | Class A Ordinary Shares (par value of $1.35 per shares; 1,015,049,250 shares authorized, 21,279,792 and 182,972 shares issued and outstanding as of December 31, 2025 and 2024, respectively) | | | 28,728 | | | 247 | Class B Ordinary Shares (par value of $1.35 per shares; 100,000,000 shares authorized, 2,170,001 and 36,667 shares issued and outstanding as of December 31, 2025 and 2024, respectively) | | | 2,930 | | | 50 | Series D convertible preferred shares (par value of $0.0001, 6,000 shares and 6,000 shares authorized, issued and outstanding as of December 31, 2025 and 2024, respectively.) | | | 1 | | | 1 | Series F convertible preferred shares (par value of 0.00005, 50,005 shares authorized, 30,500 and 42,500 shares issued and outstanding as of December 31, 2025 and 2024, respectively) | | | — | | | 1 | Series G convertible preferred shares (par value of 0.00075, 50,000 shares and 50,000 shares authorized, 12,800 and 12,800 shares issued and outstanding as of December 31, 2025 and 2024, respectively) | | | 1 | | | 1 | Series H convertible preferred shares (par value of 0.00075, 50,000 shares and 50,000 shares authorized, 7,366 and 7,366 shares issued and outstanding as of December 31, 2025 and 2024, respectively) | | | 1 | | | 1 | Series I convertible preferred shares (par value of 0.00075, 50,000 shares and 50,000 shares authorized, 10,000 and nil shares issued and outstanding as of December 31, 2025 and 2024, respectively) | | | — | | | — | Additional paid-in capital | | | 437,639 | | | 406,344 | Subscription receivable | | | (17,900) | | | (17,900) | Statutory reserve | | | 8 | | | 8 | Accumulated deficit | | | (431,450) | | | (377,543) | Accumulated other comprehensive income | | | 1,970 | | | 1,963 | TOTAL KAIXIN HOLDINGS’ SHAREHOLDERS’ EQUITY | | | 21,928 | | | 13,173 | TOTAL LIABILITIES AND EQUITY | | $ | 95,822 | | $ | 59,557 |
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| Schedule of CONDENSED PARENT COMPANY STATEMENTS OF OPERATIONS |
| | | | | | | | | | | | For the years ended December 31, | | | 2025 | | 2024 | | 2023 | Operating expenses: | | | | | | | | | | Share of loss of subsidiaries | | $ | (27,292) | | $ | (28,151) | | $ | (40,402) | General and administrative expenses | | | (26,609) | | | (12,817) | | | (13,140) | Other expenses | | | (6) | | | (13) | | | (12) | Loss Before Income Tax Expenses | | | (53,907) | | | (40,981) | | | (53,554) | Income tax expenses | | | — | | | — | | | — | Net Loss | | | (53,907) | | | (40,981) | | | (53,554) |
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| Schedule of CONDENSED PARENT COMPANY STATEMENTS OF CASH FLOWS |
| | | | | | | | | | | | For the years ended December 31, | | | 2025 | | 2024 | | 2023 | Cash flows used in operating activities | | $ | (1,235) | | $ | (2,119) | | $ | (1,016) | Cash flows provided by investing activities | | | — | | | — | | | — | Cash flows (used in) provided by financing activities | | | (60) | | | 3,917 | | | 1,015 | Net (decrease) increase in cash, cash equivalents and restricted cash | | | (1,295) | | | 1,798 | | | (1) | Cash, cash equivalents and restricted cash, at beginning of year | | | 1,968 | | | 170 | | | 171 | Cash, cash equivalents and restricted cash, at end of year | | $ | 673 | | $ | 1,968 | | $ | 170 |
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