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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities    
Net income $ 30,824 $ 33,180
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization (including $1,213 and $1,214 associated with variable interest entity for the year ended December 31, 2024 and 2023, respectively) 10,675 10,783
Adjustments to allowance for bad debt 468 (711)
Adjustments to inventory reserve 290 (399)
Write-off of inventories 1,458 3,897
Impairment of deposits 0 549
Write-off of vendor prepayment 0 1,124
Impairment of operating right-of-use asset 1,993 0
Loss, net, on disposal of machinery and equipment 759 2,002
Amortization of loan fees (including $62 and $57 associated with variable interest entity for the year ended December 31, 2024 and 2023, respectively) 92 81
Accrued interest on certificates of deposit (including $50 and $0 associated with variable interest entity for the year ended December 31, 2024 and 2023, respectively) (50) (155)
Stock-based compensation 2,065 770
Amortization of operating right-of-use assets 7,622 4,969
Deferred income taxes (3,771) (959)
Government grant income (including $187 and $0 associated with variable interest entity for the year ended December 31, 2024 and 2023, respectively) (360) 0
(Increase) decrease in operating assets    
Accounts receivable (including $32 and $6 associated with variable interest entity for the year ended December 31, 2024 and 2023, respectively) 559 2,860
Inventories (942) (3,820)
Prepaid expenses and other current assets (including $23 and $109 associated with variable interest entity for the year ended December 31, 2024 and 2023, respectively) 2,776 (466)
Other non-current assets (including $20 and $14 associated with variable interest entity for the year ended December 31, 2024 and 2023, respectively) (79) 1,439
Increase (decrease) in operating liabilities    
Accounts payable (including $47 and $60 associated with variable interest entity for the year ended December 31, 2024 and 2023, respectively) (260) 696
Accrued expenses (including $102 and $34 associated with variable interest entity for the year ended December 31, 2024 and 2023, respectively) 2,979 1,571
Related party payable (2,176) 366
Income taxes payable (including $3 and $0 associated with variable interest entity for the year ended December 31, 2024 and 2023, respectively) 65 0
Deferred revenue (including $0 and $49 associated with variable interest entity for the year ended December 31, 2024 and 2023, respectively) (281) (330)
Operating lease liabilities (6,679) (4,642)
Other liabilities (45) 574
Net cash provided by operating activities 47,982 53,379
Cash flows from investing activities    
Purchases of property and equipment (934) (2,835)
Proceeds from disposal of property and equipment 134 841
Payments for costs incurred from sale of machinery and equipment 0 (186)
Deposits paid for joint venture investment 0 (2,900)
Deposits refunded from joint venture investment 0 6,900
Deposits refunded from cancelled machinery orders 0 503
Deposits paid for property and equipment (3,134) (6,309)
Purchases of publicly-traded equity securities 29 0
Purchases of short-term investments (including $18,078 and $8,000 associated with variable interest entity for the year ended December 31, 2024 and 2023, respectively) (50,806) (49,188)
Redemption of short-term investments (including $7,000 and $8,000 associated with variable interest entity for the year ended December 31, 2024 and 2023, respectively) 48,856 23,000
Net cash used in investing activities (5,855) (30,174)
Cash flows from financing activities    
Proceeds from long-term debt (including $0 and 8,000 associated with variable interest entity for the year ended December 31, 2024 and 2023, respectively) 0 8,000
Payments for lender fees 0 (61)
Payments on long-term debt (including $1,122 and $1,010 associated with variable interest entity for the year ended December 31, 2024 and 2023, respectively) (1,122) (1,010)
Tax withholding on vesting of restricted stock units 0 (18)
Proceeds from exercise of common stock options 725 123
Dividends paid to shareholders (31,016) (20,909)
Distributions to shareholders, net of tax withholding (including $0 and $2,295 associated with variable interest entity for the year ended December 31, 2024 and 2023, respectively) 0 (2,295)
Payment for Global Wells noncontrolling membership interest redemption (including $2,010 and $0 associated with variable interest entity for the year ended December 31, 2024 and 2023, respectively) (2,326) 0
Refund of Global Wells members' tax withholding payments (including $120 and $0 associated with variable interest entity for the year ended December 31, 2024 and 2023, respectively) 120 0
Net cash used in financing activities (33,619) (16,170)
Net increase in cash and cash equivalents 8,508 7,035
Cash and cash equivalents    
Beginning of period 23,076 16,041
End of period 31,584 23,076
Supplemental disclosures of non-cash investing and financing activities:    
Transfers from deposits to property and equipment 3,708 10,463
Non-cash purchases of property and equipment 122 148
Supplemental disclosures of cash flow information:    
Cash paid for income taxes 10,969 11,765
Cash paid for interest $ 2,031 $ 1,996