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UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 63,585 $ 44,541
Restricted cash, current 40,361 37,477
Short-term investments 0 5,634
Accounts receivable (net of allowance for credit losses of $3,832 and $4,571 as of September 30, 2024 and December 31, 2023, respectively) 121,539 138,717
Notes receivable 10,937 23,736
Inventories, net 157,769 149,749
Prepaid expenses and other current assets 23,483 25,752
Held-for-sale assets 19,897 0
Total Current Assets 437,571 425,606
Restricted cash, non-current 11,021 6,171
Property, plant and equipment, net 504,045 620,667
Land use rights, net 11,902 11,984
Acquired intangible assets, net 2,788 3,136
Operating lease right-of-use assets 19,468 19,507
Other non-current assets 11,090 9,661
Total Assets 997,885 1,096,732
Current liabilities:    
Accounts payable 65,589 112,618
Notes payable 56,314 63,374
Accrued expenses and other current liabilities 104,202 148,284
Advance from customers 42,950 43,087
Short-term bank borrowings 66,177 35,392
Income tax payables 656 655
Total Current Liabilities 335,888 403,410
Long-term bonds payable 43,157 43,157
Long-term bank borrowings 53,397 43,761
Warrant liability 1 67
Share-based compensation liability 119 199
Operating lease liabilities 16,326 17,087
Convertible loan with shareholder measured at fair value 24,423 0
Other non-current liabilities 38,486 24,861
Total Liabilities 511,797 532,542
Commitments and contingencies (Note 17)
Shareholders’ Equity    
Common Stock (par value of US$0.0001 per share, 750,000,000 and 750,000,000 shares authorized as of September 30, 2024 and December 31, 2023; 323,815,298 and 316,694,442 shares issued, and 322,127,798 and 315,006,942 shares outstanding as of September 30, 2024 and December 31, 2023) 33 32
Additional paid-in capital 1,512,410 1,481,241
Statutory reserves 6,032 6,032
Accumulated deficit (1,010,635) (897,501)
Accumulated other comprehensive loss (21,752) (25,614)
Total Equity 486,088 564,190
Total Liabilities and Equity $ 997,885 $ 1,096,732