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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities    
Net loss $ (103,266) $ (55,649)
Adjustments to reconcile net loss to net cash used in operating activities:    
Loss/ (gain) on disposal of property, plant and equipment 16 826
Interest expense 622 0
Depreciation of property, plant and equipment 14,912 9,797
Amortization of land use right and intangible assets 387 399
Noncash lease expenses 1,327 1,465
Share-based compensation 23,988 35,779
Changes in fair value of warrant and convertible loan 1,526 (17)
(Reversal)/ allowance of credit losses 755 (832)
Write-down for obsolete inventories 1,737 928
Impairment loss from long-lived asset 64,912 51
Product warranty 6,329 5,450
Changes in operating assets and liabilities:    
Notes receivable 10,278 (19,808)
Accounts receivable 29,622 10,251
Inventories (1,454) (16,610)
Prepaid expenses and other current assets 8,462 (6,842)
Operating lease right-of-use assets (1,928) (5,850)
Other non-current assets (44) 199
Notes payable (13,568) (15,517)
Accounts payable (30,516) 11,771
Advance from customers (2,125) (968)
Accrued expenses and other liabilities (12,374) 1,020
Operating lease liabilities (267) 3,364
Other non-current liabilities 2,811 (215)
Net cash (used in) generated from operating activities 2,142 (41,008)
Cash flows from investing activities    
Purchases of property, plant and equipment (13,186) (93,630)
Purchase of short-term investments 0 (419)
Proceeds on disposal of property, plant and equipment 180 648
Proceeds from maturity of short-term investments 5,564 0
Net cash used in investing activities (7,442) (93,401)
Cash flows from financing activities    
Proceeds from borrowings 40,462 9,232
Repayment of bank borrowings (23,449) (3,939)
Convertible loan borrowing from a shareholder 12,000 0
Payment for debt issue costs (525) 0
Net cash generated from financing activities 28,488 5,293
Effect of exchange rate changes (6,893) (3,182)
(Decrease) increase in cash, cash equivalents and restricted cash 16,295 (132,298)
Cash, cash equivalents and restricted cash at beginning of the period 88,189 302,617
Cash, cash equivalents and restricted cash at end of the period 104,484 170,319
Cash and cash equivalents 68,183 142,766
Restricted cash 36,301 27,553
Total cash, cash equivalents and restricted cash 104,484 170,319
Non-cash investing and financing activities    
Payable for purchase of property, plant and equipment $ 96,771 $ 82,968