LONG-TERM BORROWINGS

6 Months Ended

Jun. 30, 2026

Long-Term Debt, by Current and Noncurrent [Abstract]

LONG-TERM BORROWINGS

LONG-TERM BORROWINGS

At June 30, 2026 and December 31, 2025, long-term borrowings consisted of loan facilities from the following financial institutions:

`	June 30,		December 31,
	2026		2025
China Merchants Bank	$	26,881	$	9,915
Agricultural Bank of China	42,598		42,007
Bank of China	69,117		34,247
China CITIC Bank	—		28,460
China Everbright Bank	26,654		56,807
Industrial and Commercial Bank of China	68,441		42,576
Total borrowings	233,691		214,012
Less: Current portion	(40,787)		(35,082)
Total long-term borrowings, net of current portion	$	192,904	$	178,930

China Merchants Bank

In January 2026, ACM Shanghai entered into a long-term loan facility, of $17,616 from China Merchants Bank. Principal repayments shall be made in six installments beginning July 2026, with final maturity in January 2029. The loan bears interest at an annual rate of 2.38%.

Bank of China

In May 2026, ACM Shanghai entered into a long-term loan facility of $33,987 from Bank of China for the purchase of new office located in Shanghai’s Pudong New Area (note 6). The loan will be paid in 120 monthly installments. The loan bears interest at an annual rate of 2.65%.

In 2025, ACM Shanghai secured a long-term loan with the Bank of China for ACM Shanghai’s project expenditures. The facility requires ACM Shanghai’s year-end outstanding interest-bearing debt not to exceed five times of its annual EBITDA, and to comply with other non-financial covenants, or Bank of China has the right to suspend the facility, or request ACM Shanghai to accelerate repayment or provide credit enhancement.

Industrial and Commercial Bank of China

In March 2026, ACM Shanghai entered into a long-term loan facility of $24,583. Principal repayments shall be made in six installments beginning September 2026, with final maturity in March 2029. The loan bears interest at an annual rate of 2.29%.

Additional long-term borrowings information

As of June 30, 2026 and December 31, 2025, the total carrying amount of long-term loans was $233,691 and $214,012, compared with an estimated fair value of $212,688 and $202,706, respectively. The fair value of the long-term loans is estimated by discounting cash flows using interest rates currently available for debts with similar terms and maturities (Level 2 fair value measurement).

Scheduled principal payments for the outstanding long-term loans, including the current portion, as of June 30, 2026 are as follows:

Year ending December 31,
Remainder of 2026	$	3,469
2027	108,267
2028	16,662
2029	46,968
2030 and thereafter	58,325
	$	233,691