← China Automotive Systems, Inc.
| Annual Trend | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|---|---|---|
| Cash and cash equivalents | $45.9m | $53.0m | $45.1m | $32.8m | $46.9m | $13.1m | $57.0m | $142.0m | |
| Short-term investments | — | — | — | — | — | — | $27.6m | $35.9m | |
| Accounts and notes receivable, net | — | — | — | — | — | — | $343.5m | $361.8m | |
| Inventories | $17.8m | $17.5m | $17.3m | $22.1m | $25.5m | $250k | $112.6m | $124.4m | |
| Other receivables, net (Allowance for credit losses of nil and $56, respectively) | — | — | — | — | — | — | $452k | $987k | |
| R&D tax credit receivable | — | — | — | — | — | $277k | $165k | — | |
| Accounts Receivable | $18.0m | $12.9m | $11.2m | $22.5m | $25.0m | $26.5m | $287k | $19.9m | |
| Income taxes receivable | — | — | $1.4m | $1.0m | — | $632k | $492k | $80k | |
| Total current assets | $130.2m | $108.3m | $76.6m | $80.9m | $102.9m | $1.3m | $602.6m | $738.2m | |
| Long-term investments | — | — | — | — | — | — | $64.3m | $65.5m | |
| Property, plant and equipment, net | $10.5m | $10.2m | $12.0m | $14.1m | $6.6m | $9.7m | $103.8m | $133.5m | |
| Advance payment for property, plant and equipment | $10.5m | $10.2m | $12.0m | $14.1m | $6.6m | $82k | $9.0m | $5.2m | |
| Property and equipment, net | $10.5m | $10.2m | $12.0m | $14.1m | $6.6m | $82k | $51k | $5.2m | |
| Intangible assets, net | $1.1m | — | — | — | — | — | $3.4m | $3.6m | |
| Intangible Assets - Net | $1.1m | $870k | $609k | $858k | $758k | $6.1m | $4.0m | $1.1m | |
| Goodwill | $6.6m | $6.6m | $6.6m | $11.2m | $11.2m | $27.6m | $21.3m | $908k | |
| Other assets | $2.9m | $2.0m | $1.6m | $2.4m | $5.6m | $164k | $4.2m | $7.0m | |
| Pledged cash | $18k | $101k | — | — | — | — | $44.9m | $52.3m | |
| Advance payments and others, net | — | — | — | — | — | $244k | $13.0m | $14.7m | |
| Land use rights, net | — | — | — | — | — | — | $8.8m | $11.7m | |
| Operating lease assets | — | — | $5.1m | $8.6m | $11.3m | $11.2m | $94k | $18.3m | |
| Long-term time deposits | — | — | — | — | — | — | $40.1m | $26.5m | |
| Other non-current assets | $902k | $487k | $602k | $661k | $783k | $1.1m | $3.2m | $4k | |
| Deferred tax assets | — | — | $566k | $631k | $79k | $101k | $14.7m | $16.5m | |
| Short-term bank loans | — | — | — | — | — | — | $72.6m | $81.3m | |
| Accounts and notes payable | — | — | — | — | — | — | $292.8m | $350.3m | |
| Customer deposits | $15.3m | — | — | — | — | — | $4.4m | $5.5m | |
| Taxes payable | — | — | — | — | — | — | $15.3m | $13.0m | |
| Operating lease liabilities - current portion | — | — | — | — | $2.1m | $2.6m | $52k | $1.9m | |
| Advances payable | — | — | — | — | — | — | $278k | — | |
| Long-term loans | — | — | — | — | — | — | $145k | $5.7m | |
| Appropriated | — | — | — | — | — | — | $12.2m | $13.8m | |
| Unappropriated | — | — | — | — | — | — | $290.3m | $331.5m | |
| Non-controlling interests | — | — | — | — | — | — | $40.2m | $49.4m | |
| Cash | — | — | — | — | — | $333k | $22k | — | |
| Accrued expenses and other current liabilities | — | — | — | — | — | $9.4m | $9.4m | — | |
| Interest payable | — | — | — | — | — | $45.3m | $57.5m | — | |
| Dividend payable | — | — | — | — | — | $376k | $428k | — | |
| Deferred revenue | $1.5m | $1.4m | $1.2m | $1.6m | $7.2m | $1.0m | $1.6m | $6.5m | |
| Derivative liabilities | — | — | — | — | — | $923k | $8.3m | — | |
| Warrant liabilities | — | — | — | — | — | $22.0m | $16.2m | — | |
| Related parties payable | — | — | — | — | — | $885k | $1.5m | — | |
| Series A units subject to possible redemption, 9,965,000 units at a redemption value of $2.90 per unit and $2.68 per unit as of December 31, 2024 and 2023, respectively | — | — | — | — | — | $26.7m | $28.9m | — | |
| Income taxes payable | $2.4m | $1.4m | $3.2m | $3.3m | $6k | $1.6m | $640k | $1.5m | |
| Long-Term Operating Lease Liabilities | — | — | — | $8.4m | $9.4m | $8.9m | $15.2m | $17.3m | |
| Current portion of long-term operating lease liabilities | — | — | — | $531k | $2.1m | — | — | — | |
| Current portion of long-term lease liability | — | — | $124k | $531k | — | — | — | — | |
| Long-Term Lease Liability | — | — | $5.1m | $8.4m | — | — | — | — | |
| Contract assets | $0 | $36k | — | — | — | — | — | — | |
| Held-for-sale assets | $45.3m | $22.8m | — | — | — | — | — | — | |
| Held-for-sale liabilities | $31.8m | $18.5m | — | — | — | — | — | — | |
| Unbilled and other | $291k | $0 | — | — | — | — | — | — | |
| Total parent company equity | $93.1m | $87.5m | $81.5m | $85.6m | $98.4m | $88.4m | $349.6m | $401.3m | |
| Total equity | $93.1m | — | — | — | — | — | $389.8m | $450.7m | |
| Total members' deficit | — | — | — | — | — | ($159.2m) | ($184.5m) | — | |
| Total assets | $149.4m | $126.5m | $102.1m | $116.9m | $133.5m | $1.3m | $850.6m | $1.0b | |
| Accrued payroll and related costs | — | — | — | — | — | — | $12.1m | $15.1m | |
| Accrued expenses and other payables | $667k | $1.3m | $627k | $903k | $900k | $1.6m | $59.2m | $76.1m | |
| Accounts payable | $6.9m | $4.4m | $2.7m | $8.2m | $7.3m | $3.2m | $4.7m | $7.7m | |
| Accrued compensation | $3.4m | $2.7m | $2.1m | $2.9m | $4.1m | $1.6m | $1.7m | $1.6m | |
| Accrued federal tax liability, penalties and interest | — | — | — | — | — | $5.4m | $6.2m | — | |
| Short-term debt, net | — | — | — | — | — | $21.3m | $27.6m | — | |
| Short-term debt from related parties, net | — | — | — | — | — | $22.3m | $22.3m | — | |
| Accrued warranty expense | $644k | $556k | $380k | $545k | $871k | $965k | $602k | $394k | |
| Current portion of finance lease liabilities and long-term debt | — | — | — | $396k | $107k | $2.3m | $101k | $126k | |
| Current maturities of long-term debt | $350k | $371k | $380k | $396k | — | — | — | — | |
| Total current liabilities | $47.6m | $30.6m | $7.5m | $15.1m | $22.6m | $133.8m | $456.5m | $541.4m | |
| Deferred tax liabilities | — | — | — | — | — | — | $3.9m | $3.9m | |
| Finance Lease Liabilities and Long-Term Debt | — | — | — | $4.4m | $220k | $8.4m | $189k | $168k | |
| Other Long-Term Liabilities | — | — | — | $102k | $76k | $47k | $57k | $859k | |
| Long-Term Debt | $5.5m | $5.2m | $4.8m | $4.4m | — | — | — | — | |
| Total liabilities | $56.3m | $39.0m | $20.6m | $31.3m | $35.2m | $133.8m | $460.8m | $551.0m | |
| Commitments and Contingencies (Note 25) | $0 | $0 | — | — | — | — | — | — | |
| Ordinary share, $0.001 par value - Authorized - 50,000,000 shares, Issued - 32,338,302 shares at December 31, 2025, and Common stock, $0.0001 par value - Authorized -80,000,000 shares, Issued - 32,338,302 shares at December 31, 2024, respectively | $142k | $143k | $141k | $143k | $140k | $142k | $3k | $32k | |
| Additional paid-in capital | $124.3m | $125.1m | $124.4m | $126.4m | $124.5m | $127.0m | $69.7m | $70.5m | |
| Accumulated other comprehensive income | ($10.0m) | ($11.2m) | ($646k) | $14k | ($1.8m) | ($1.7m) | ($14.8m) | ($6.7m) | |
| Treasury stock - 2,167,600 and 2,167,600 shares at December 31, 2025 and 2024, respectively | — | — | — | — | — | — | ($7.8m) | ($7.8m) | |
| Accumulated deficit | ($21.4m) | ($26.6m) | ($42.4m) | ($40.9m) | ($24.5m) | ($159.2m) | ($184.5m) | ($75.9m) | |
| Preferred stock; 100,000,000 shares authorized; none issued | $0 | $0 | — | — | — | — | — | — | |
| Total liabilities and equity | $149.4m | $126.5m | $102.1m | $116.9m | $133.5m | $1.3m | $850.6m | $1.0b |
Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.