PROPERTY, PLANT AND EQUIPMENT, NET

6 Months Ended

Jun. 30, 2026

Property, Plant, and Equipment [Abstract]

PROPERTY, PLANT AND EQUIPMENT, NET

PROPERTY, PLANT AND EQUIPMENT, NET

At June 30, 2026 and December 31, 2025, property, plant and equipment consisted of the following:

	June 30, 2026		December 31, 2025
Buildings and plants	$	279,947	$	229,731
Land	2,099		2,099
Manufacturing equipment	87,197		70,680
Office equipment	9,758		9,339
Transportation equipment	759		693
Leasehold improvement	14,226		12,656
Construction in progress	40,751		28,396
Total cost	434,737		353,594
Less: Accumulated depreciation	(50,144)		(38,764)
Total property, plant and equipment, net	$	384,593	$	314,830

Depreciation expense for the three months ended June 30, 2026 and 2025 was $6,219 and $3,517, respectively. Depreciation expense for the six months ended June 30, 2026 and 2025 was $11,380 and $5,904, respectively.

On June 5, 2026, the Company purchased a facility consisting of 3,196 square meters of general-purpose office space located in Shanghai Pudong New Area for RMB 312,699 ($45,904). To partially finance the purchase, the Company entered into a loan agreement with the Bank of China for RMB 231,518 ($33,987) at a 2.65% interest rate, with a repayment term of 120 months. The facility was subsequently pledged as security for a loan from the Bank of China in July 2026 (note 9).

At June 30, 2026, building and plants included $36,663 for the Lingang housing property, which are pledged as a security for loans from the China Merchants Bank (note 9).