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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities    
Net profit/(loss) $ (113,134) $ (81,821)
Adjustments to reconcile net loss to net cash used in operating activities:    
Loss on disposal of property, plant and equipment 810 832
Interest expense 2,248 0
Depreciation of property, plant and equipment 22,442 14,643
Amortization of land use right and intangible assets 581 593
Noncash lease expenses 2,004 2,108
Share-based compensation 30,289 51,641
Changes in fair value of warrant and convertible loan (1,240) 25
(Reversal)/ allowance of credit losses (237) (1,038)
Write-down for obsolete inventories 3,032 928
Impairment loss from long-lived asset 88,039 473
Product warranty 10,353 9,017
Changes in operating assets and liabilities:    
Notes receivable 9,162 (22,372)
Accounts receivable 18,157 (911)
Inventories (4,144) (54,473)
Prepaid expenses and other current assets 2,340 (12,666)
Operating lease right-of-use assets (1,821) (5,588)
Other non-current assets 9,037 (653)
Notes payable (7,490) (26,070)
Accounts payable (47,234) 53,400
Advance from customers (197) 515
Accrued expenses and other liabilities (33,094) (1,374)
Operating lease liabilities (869) 2,760
Other non-current liabilities 7,679 (319)
Net cash used in operating activities (3,287) (70,350)
Cash flows from investing activities    
Purchases of property, plant and equipment (27,366) (153,574)
Purchase of short-term investments 0 (425)
Proceeds on disposal of property, plant and equipment 9,830 879
Proceeds from maturity of short-term investments 5,564 0
Net cash used in investing activities (11,972) (153,120)
Cash flows from financing activities    
Proceeds from borrowings 70,373 18,439
Repayment of bank borrowings (31,824) (6,286)
Convertible loan borrowing from a shareholder 25,000 0
Payment for debt issue costs (525) 0
Deferred payment related to purchases of property, plant and equipment (16,389) 0
Net cash generated from financing activities 46,635 12,153
Effect of exchange rate changes (4,598) (2,088)
Increase (decrease) in cash, cash equivalents and restricted cash 26,778 (213,405)
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 114,967 89,212
Cash and cash equivalents 63,585 67,398
Restricted cash 51,382 21,814
Total cash, cash equivalents and restricted cash 114,967 89,212
Non-cash investing and financing activities    
Payable for purchase of property, plant and equipment $ 59,408 $ 75,781