v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flow from operating activities      
Net (loss) income $ (34,480) $ 11,919 $ (28,710)
Adjustments to reconcile net (loss) income to net cash used in operating activities:      
Amortization of right-of-use assets 1,844 1,680 1,449
Depreciation of property and equipment 12,314 10,149 9,858
Amortization of intangible assets 3,878 1,388 1,258
Share-based compensation 851 1,214 1,030
Loss (gain) on disposal of property and equipment 11 (51) 3
Impairment of long-term investments   132 1,408
Impairment of cryptocurrency assets     5,245
Impairment of property and equipment 8,764    
Impairment of intangible assets 1,405 0 0
Other operating income from unfavorable contract (5,407)    
Gain on remeasurement of unfavorable contract (2,225)    
Changes in fair value of derivative instruments (21) (311) 35
Changes in fair value of cryptocurrency assets 4,356 (2,932)  
Changes in fair value of payables settled by cryptocurrency assets (7) (37)  
Loss of cryptocurrencies 1,266    
Provision for credit losses     4,798
Write-off of prepayments 1,700 604  
Loss from equity method investments 1 20 296
Gain on disposal of discontinued operations   (18,687)  
Gain from short-term investments   (156)  
Net gain on disposal of cryptocurrency assets     (6,214)
Gain from disposal of long-term investments     (614)
Changes in operating assets and liabilities:      
Accounts receivable (915) 1,280 (2,591)
Prepayments and other current assets (3,932) 1,303 1,225
Cryptocurrency assets (18,099) (28,699) (38,040)
Long-term prepayments and other non-current assets   1,692 (831)
Deposits     (79)
Operating lease liabilities (1,819) (1,705) (1,572)
Accounts payable 541 (1,523) 625
Accrued expenses and other current liabilities (527) (10,663) 23,295
Accrued payroll and welfare payable 11 (130) (290)
Other non-current liabilities 3,552 775  
Income tax payable 9 (5) 3
Net cash used in operating activities (26,929) (32,743) (28,413)
Cash flows from investing activities      
Cash paid for property and equipment (220) (1,175) (1,428)
Proceeds from the disposal of subsidiaries, net of cash disposed   (372)  
Cash received from return of short-term investments     2,360
Cash received for asset acquisition, net of cash paid   46  
Cash received from return of long-term investments 228 123 363
Cash received from disposal of cryptocurrency assets 25,386 33,663 36,753
Cryptocurrencies purchased using fiat currency (9,477) (2,258) (14,237)
Proceeds from disposal of property and equipment 14 237 20
Proceeds from disposal of long-term investments     2,333
Loans provided to third parties (21) (1,411)  
Net cash provided by investing activities 15,910 28,853 26,164
Cash flows from financing activities      
Proceeds from the exercise of warrants   30  
Proceeds from issuance of ordinary shares under At-The-Market offering 10,629 2,338  
Proceeds from issuance of Class A II preference shares 65    
Net cash provided by financing activities 10,694 2,368  
Effect of exchange rate changes on cash and cash equivalents (65) 55 (48)
Net decrease in cash and cash equivalents (390) (1,467) (2,297)
Cash and cash equivalents at beginning of the year 1,810 3,277 5,574
Cash and cash equivalents at end of the year 1,420 1,810 3,277
Supplemental disclosures of cash flow information:      
Interest received 146 2 242
NON-CASH TRANSACTIONS:      
Operating lease right-of-use asset obtained in exchange for operating lease liability 1,209 34 1,587
Payment of expense and non-current assets in the form of cryptocurrencies   148 13,810
Proceeds from disposal of property and equipment in the form of cryptocurrencies   42  
Cryptocurrencies paid to purchase mining machines   2,750  
Ordinary shares issued and issuable in connection with business combination and asset acquisition 2 15,329  
Deposits received from customers of mining data center in the form of cryptocurrencies 815 442  
Deposits refund to customers of mining data center in the form of cryptocurrencies   1,194 71
Cryptocurrencies collected from short-term investments   5,506  
Cryptocurrencies paid to short-term investments   5,350  
Cryptocurrencies collected from disposal of discontinued operation 1,000 1,000  
Receivables from disposal and return of long-term investments   303  
Cryptocurrencies collected from derivative contracts 8,115 23,109 7,195
Cryptocurrencies paid to derivative contracts 7,639 22,265 8,560
Cumulative effect upon adoption of ASU 2023-08   893  
Reallocation of equity interest in subsidiary 9,263    
Cryptocurrencies received from disposal of long-term investment 190    
Property, plant and equipment transferred from long-term prepayment $ 15,587 $ 8 $ 4,232