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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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|---|---|---|
| Operating activities: | ||
| Net loss | ||
| Adjustments to reconcile net loss to net cash used in operating activities | ||
| Allowance for credit losses | ||
| Share-based compensation | ||
| Write-down of inventories | ||
| Depreciation and amortization | ||
| Reduction in the carrying amount of right-of-use assets | ||
| Changes in fair value of financial instruments | ||
| Gain on extinguishment of convertible debts | ||
| Loss on modification of operating lease contract | ||
| Unrealized foreign currency transaction (gain) loss | ||
| Changes in operating assets and liabilities: | ||
| Accounts receivable | ||
| Amounts due from related parties | ||
| Inventories | ||
| Prepayments and other assets | ||
| Accounts payable | ||
| Contract liabilities | ||
| Amounts due to a related party | ||
| Operating lease liabilities | ||
| Accrued expenses and other current liabilities | ||
| Other non-current liabilities | ||
| Net cash used in operating activities | ||
| Investing activities: | ||
| Proceeds from collection of the loan to a related party | ||
| Issuance of a loan to a related party of a shareholder | ||
| Proceeds from collection of the loan to a related party of a shareholder | ||
| Loans provided to third parties | ||
| Cash paid for purchase of property and equipment and intangible assets | ||
| Net cash provided by (used in) investing activities | ||
| Financing activities: | ||
| Proceeds from short-term bank borrowings | ||
| Repayment of short-term bank borrowings | ||
| Proceeds from collection of advances to the Founders and executive officers | ||
| Proceeds from sale of ordinary shares through public offering | ||
| Cash paid to convertible debts holders of Beijing X-Charge Technology in connection with the conversion of convertible debts | ||
| Cash received from the convertible debt holders of Beijing X-Charge Technology in connection with the conversion of convertible debts | ||
| Payments of initial public offering ("IPO") cost | ||
| Payments of initial public offering ("IPO") cost and follow-up offering cost | ||
| Net cash provided by (used in) financing activities | ||
| Effect of foreign currency exchange rate changes on cash and cash equivalents and restricted cash | ||
| Net increase (decrease) in cash, cash equivalents and restricted cash | ||
| Cash, cash equivalents and restricted cash at the beginning of the year | ||
| Cash, cash equivalents and restricted cash at the end of the year | ||
| Supplemental cash flow information: | ||
| Interest paid | ||
| Income taxes paid | ||
| Non-cash investing and financing activities: | ||
| Accrual of IPO cost | ||
| Accrual of IPO and follow-up offering cost | ||
| Conversion of convertible debts into series B+ convertible redeemable preferred shares | ||
| Extinguishment of convertible debts | ||
| Conversion of convertible preferred shares to Class A ordinary shares | ||
| Deferred offering costs charged against additional paid-in capital | ||
| ROU assets disposed as reduction of operating lease liabilities due to lease modification |
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