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BANK BORROWINGS
 9 Months Ended
Sep. 30, 2025
Bank Borrowings [Abstract]  
BANK BORROWINGS BANK BORROWINGS
On September 27, 2022, the Group entered into a $111,483 (RMB800 million) loan facilities agreement with a group of lenders led by a bank in China (the “2022 Facility Agreement”). The interest rate is prime plus 115 basis points where prime is based on the Loan Prime Rate published by the National Inter-bank Funding Center of China and is payable on a quarterly basis. The loan facilities can only be used for the manufacturing capacity expansion at the Group’s facility located in Huzhou, China. The 2022 Facility Agreement contains certain customary restrictive covenants, including but not limited to disposal of assets and dividend distribution without the consent of the lender, and certain customary events of default.
As of September 30, 2025, the Group had outstanding borrowings of $56,136 under the 2022 Facility Agreement.
Repayment DateRepayment Amount
October 10, 2025
$9,644 (RMB68.7 million)
October 11, 2025
$4,390 (RMB31.2 million)
June 10, 2026
$21,051 (RMB149.9 million)
December 10, 2026
$21,051 (RMB149.9 million)
The amount of capitalized interest expenses, which was recorded in construction in progress and property, plant and equipment, was $231 and $65 for the three months ended September 30, 2025 and 2024, respectively, and $755 and $65 for the nine months ended September 30, 2025 and 2024, respectively.

The Group has also entered into short-term loan agreements and bank facilities with certain banks in China. The original terms of these loans are with a maximum maturity of 12 months and the interest rates range from 2.90% to 4.85% per annum. The amount of interest expenses, which was recorded in profit and loss was $364 and $443 for the three months ended September 30, 2025 and 2024, respectively, and $1,225 and $949 for the nine months ended September 30, 2025 and 2024, respectively.
Changes in bank borrowings are as follows:
 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2025202420252024
Beginning balance$117,347 $94,237 $111,728 $79,153 
Proceeds from bank borrowings10,479 29,911 70,050 70,373 
Repayments of principal(9,781)(8,375)(65,965)(31,824)
Exchange difference741 3,801 2,973 1,872 
Ending balance$118,786 $119,574 $118,786 $119,574 
Balance of bank borrowings includes:September 30,
2025		December 31,
2024
Current$84,390 $70,666 
Non-current34,396 41,062 
Total$118,786 $111,728 
Certain assets of the Group have been pledged to secure the above bank facilities granted to the Group. The aggregate carrying amount of the assets pledged by the Group as of September 30, 2025 and December 31, 2024 are as follows:
September 30,
2025		December 31,
2024
Buildings$117,374 $119,166 
Machinery and equipment55,571 60,991 
Land use rights11,439 11,371 
Construction in progress— 335 
Total$184,384 $191,863