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FY2025
12 months to Dec 31, 2025
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FY2024
12 months to Dec 31, 2024
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FY2023
12 months to Dec 31, 2023
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|---|---|---|---|
| Operating activities: | |||
| Net loss | |||
| Adjustments to reconcile net loss to net cash used in operating activities | |||
| Depreciation | |||
| Reduction in the carrying amount of operating lease right-of-use assets | |||
| Investment (income) loss, net | |||
| Share of results of equity method investments | |||
| Changes in fair values of liabilities, excluding impact of instrument-specific credit risk | |||
| Changes in fair values of put options | |||
| Share-based compensation expense | |||
| Deferred income tax expense | |||
| Non-cash interest expenses | |||
| Non-cash interest income | |||
| Amortization of deferred income relating to government grants | |||
| Expected credit loss (reversal) accrual | |||
| Warranty expenses | |||
| Commission fee for Westwood subscription commitment | |||
| Impairment of long-lived assets | |||
| Non-cash other operating income | |||
| Net unrealized foreign currency exchange losses | |||
| Changes in operating assets and liabilities: | |||
| Accounts receivable | |||
| Related party | |||
| Nonrelated Party | |||
| Inventories | |||
| Prepayments and other current assets | |||
| Related party | |||
| Nonrelated Party | |||
| Other non-current assets | |||
| Related party | |||
| Nonrelated Party | |||
| Accounts payable | |||
| Related party | |||
| Nonrelated Party | |||
| Contract liabilities - third parties | |||
| Nonrelated Party | |||
| Total contract liabilities - third parties | |||
| Accrued expenses and other current liabilities | |||
| Related party | |||
| Nonrelated Party | |||
| Operating lease liabilities | |||
| Other non-current liabilities | |||
| Related party | |||
| Nonrelated Party | |||
| Net cash used in operating activities | |||
| Investing activities: | |||
| Payments for purchases of property, equipment and software and intangible assets | |||
| Proceeds from disposal of property, equipment and software | |||
| Payments for purchases of short-term investments | |||
| Proceeds from sales of short-term investments | |||
| Proceeds / (payments) from settlement of derivative instruments | |||
| Proceeds from settlement of derivative instruments | |||
| Receipts of government grants related to assets | |||
| Payments for investments in equity investees | |||
| Disposal of a subsidiary, net of cash disposed | |||
| Payments for purchases of securities pledged to an investor | |||
| Proceeds from sales of securities pledged to an investor | |||
| Proceeds from investment income arising from securities pledged to an investor | |||
| Loans to related parties | |||
| Proceed from settlement of related party loans | |||
| Related party | |||
| Total proceed from settlement of related party loans | |||
| Disposal of equity investment under common control | |||
| Related party | |||
| Total disposal of equity investment under common control | |||
| Net cash provided by (used in) investing activities | |||
| Financing activities: | |||
| Proceeds from issuance of ordinary shares to PIPE investors and LCAA, net of transaction costs | |||
| Proceeds from issuance of ordinary shares | |||
| Westwood Capital Group LLC | |||
| ECARX | |||
| Payments of cash collateral to Meritz | |||
| Payment for settlement of Meritz | |||
| Payment for redemption of exchangeable notes | |||
| Proceeds from issuance of ordinary shares to exchangeable notes holders | |||
| Proceeds from issuance of exchangeable notes | |||
| Proceeds from exercise of public warrant | |||
| Proceeds from settlement of receivable from shareholders | |||
| Repayment of exchangeable notes for issuance of Series A Preferred Shares | |||
| Proceeds from issuance of convertible notes | |||
| Repayment of mandatorily redeemable noncontrolling interest | |||
| Repayments of refundable deposits in connection with PIPE investments | |||
| Payment for redemption of convertible notes | |||
| Receipts of refundable deposits in connection with PIPE investments | |||
| Capital contributions by noncontrolling interests | |||
| Repayments of loans to a related party | |||
| Proceeds from bank loans | |||
| Repayments of bank loans | |||
| Proceeds from short-term borrowings | |||
| Repayments of borrowings | |||
| Payments to a noncontrolling interest in the liquidation of a subsidiary | |||
| Net cash provided by financing activities | |||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | |||
| Net increase (decrease) in cash, cash equivalents and restricted cash | |||
| Cash, cash equivalents and restricted cash at beginning of the year | |||
| Cash, cash equivalents and restricted cash at end of the year | |||
| Supplemental information | |||
| Interest paid | |||
| Income taxes paid | |||
| Income taxes refund | |||
| Non-cash investing and financing activities: | |||
| Purchase of property, equipment and software and intangible assets included in accrued expenses and other current liabilities | |||
| Accretion of redeemable convertible preferred shares | |||
| Issuance of ordinary shares through conversion of redeemable convertible preferred shares | |||
| Payable arising from a distribution agreement | |||
| Issuance of put option liabilities | |||
| Payable arising from deferred listing expenses | |||
| Issuance costs payable | |||
| Issuance of ordinary shares through conversion of convertible notes | |||
| Acquire equity interest through licensing certain internally developed intellectual property | |||
| Reconciliation of cash, cash equivalents and restricted cash: | |||
| Cash and cash equivalents | |||
| Restricted cash, current | |||
| Restricted cash, non-current |
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