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| Annual Trend | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income | — | — | — | $37.5m | $29.3m | $24.0m | — | — | — | |
| Depreciation and amortization | $857k | $1.1m | $1.1m | $227k | $775k | $1.4m | $3.7m | $2.8m | $3.1m | |
| Amortization of offering cost of warrants | — | — | — | $0 | $12.6m | $0 | $1.5m | $0 | — | |
| Amortization of right of use assets | — | $0 | $0 | $1.4m | $1.9m | $3.1m | $3.3m | $1.6m | $4.6m | |
| Deferred tax | $0 | $0 | — | $618k | $131k | $183k | — | — | — | |
| Deferred tax benefit | $0 | $0 | $0 | $0 | ($426k) | ($624k) | $0 | — | — | |
| Share-based compensation | $2.0m | $840k | $9.6m | $0 | $9.7m | $9.2m | — | — | — | |
| Repurchase of vested share-based awards | — | — | — | ($2.4m) | — | — | — | — | — | |
| Impairment loss of property and equipment and other long-lived assets | $0 | $82k | $0 | $0 | $768k | $0 | $1.0m | $0 | $0 | |
| Impairment loss on goodwill and intangible assets | — | — | — | — | $0 | $2.3m | $10.0m | $0 | $0 | |
| Impairment loss on goodwill | — | — | — | $0 | $0 | $2.3m | — | — | — | |
| Impairment loss of investment in unconsolidated entity | $0 | $4.0m | $0 | — | — | — | — | — | — | |
| Loss from disposal of property and equipment | $0 | $82k | $0 | $17k | $0 | $4k | ($13k) | $35k | $12k | |
| Interest expense of capital lease | — | — | — | $27k | $198k | — | — | — | — | |
| Operating lease liabilities | — | $0 | $0 | $0 | $0 | ($4.0m) | ($3.1m) | ($2.9m) | ($4.9m) | |
| Right-of-use assets obtained in exchange for operating lease obligations | — | $0 | $0 | $1.2m | $7.2m | $938k | $75k | $8.3m | — | |
| Reduction of right-of-use assets and operating lease obligations due to early termination of lease agreement | — | — | — | — | $0 | $0 | $62k | $61k | $1.9m | |
| Loss (gain) from disposal of equipment | ($36k) | ($78k) | $0 | ($89k) | $20k | $49k | ($13k) | — | — | |
| Interest expenses related to convertible notes | — | — | $0 | $0 | $430k | $0 | — | — | — | |
| Reversal of interest expense | — | $0 | $0 | ($81k) | — | — | — | — | — | |
| Allowance for doubtful accounts | $1.8m | ($841k) | $611k | $11k | $87k | $86k | ($9.0m) | $4.1m | ($2.9m) | |
| Inventory write-down | — | — | — | $48k | $1.3m | $318k | — | — | — | |
| Lease expense to reduce right-of-use assets | — | — | — | $0 | $0 | $6.4m | — | — | — | |
| Unrealized foreign currency exchange losses (gains) | — | — | — | ($1.0m) | $2.0m | $2.1m | — | — | — | |
| Accounts receivable | ($245k) | $12.0m | ($40.5m) | ($10.1m) | $5.9m | ($9.2m) | ($496k) | ($12.2m) | $1.7m | |
| Inventories | $3.6m | ($5.0m) | ($1.2m) | ($13.9m) | ($47.1m) | $2.8m | ($2.4m) | $5.6m | $267k | |
| Prepayments and other current assets | — | — | — | ($5.2m) | ($1.7m) | ($1.4m) | — | — | — | |
| Accounts payable | — | — | — | $4.1m | $6.3m | $6.6m | ($1.7m) | ($604k) | $1.9m | |
| Contract liabilities | — | — | — | $3.1m | $266k | ($1.7m) | $641k | ($928k) | $2.9m | |
| Income tax payable | — | — | — | $5.9m | $1.3m | ($1.5m) | — | — | — | |
| Accrued expenses and other current liabilities | — | — | — | $12.0m | $208k | $14.4m | — | — | — | |
| Cash paid for purchase of property and equipment | $638k | $1.5m | $1.7m | ($654k) | ($1.8m) | ($709k) | $941k | $282k | $1.0m | |
| Cash received from disposal of property and equipment | $52k | $32k | $0 | $7k | $0 | $0 | $32k | $20k | $2k | |
| Proceeds from issuance of Series E Preferred Shares | — | — | — | $25.0m | — | — | — | — | — | |
| Repayment of finance lease obligations | — | — | — | ($307k) | ($2.5m) | ($3.6m) | — | — | — | |
| Repayment of bank loans | $0 | ($45k) | $0 | ($96k) | ($430k) | ($312k) | ($11.0m) | ($11.6m) | ($11.3m) | |
| Repayment of borrowings from a related party | — | — | — | ($89k) | — | — | — | — | — | |
| Proceeds from bank loans | $0 | $45k | $2.5m | $1.2m | $16.0m | $10.0m | $13.5m | $11.6m | $10.5m | |
| Proceeds from prepaid consideration of restricted shares | — | — | — | — | — | $1.6m | — | — | — | |
| Proceeds from initial public offering, net of IPO costs | — | — | — | — | — | $34.2m | — | — | — | |
| Purchase of property and equipment under finance leases | $638k | $1.5m | $1.7m | $2.9m | $4.1m | $2.7m | $941k | $282k | $1.0m | |
| Share based awards attributable to the IPO where no cash payment is required | — | — | — | — | — | $807k | — | — | — | |
| Net loss | ($31.2m) | ($45.4m) | ($25.8m) | ($20.1m) | ($25.9m) | $94.3m | ($61.5m) | ($51.4m) | ($43.7m) | |
| (Gain) loss in fair value changes of warrants liability | $0 | — | — | $0 | ($35.4m) | ($174.5m) | ($6.1m) | $934k | ($6k) | |
| Allowance (reversal) for slow moving inventories | $0 | $65k | $65k | $57k | $655k | $266k | $485k | $887k | ($1.3m) | |
| Restricted shares issued for management and employees | — | ($15.5m) | $21.3m | $7.9m | $6.1m | $39.3m | $26.2m | $22.4m | $10.3m | |
| Restricted shares issued for services | $8.4m | $3.1m | $846k | $34k | $0 | $8.9m | $5.8m | $1.1m | — | |
| Accrued interest income from loans to third parties | — | — | — | $0 | $0 | ($271k) | ($8.0m) | ($7.0m) | ($5.3m) | |
| Accrued interest income from short-term investment | — | — | — | — | $0 | $0 | ($2.9m) | ($885k) | ($17k) | |
| Notes receivable | ($1.5m) | $2.1m | $922k | ($1.1m) | ($2.1m) | ($4.5m) | $7.1m | $2.4m | $1.3m | |
| Other receivables | $4.6m | ($1.7m) | ($929k) | ($287k) | ($338k) | $286k | ($1.3m) | $32k | ($531k) | |
| Other receivables-related parties | — | — | — | — | $0 | $0 | ($64k) | ($276k) | $208k | |
| Purchase advances | ($10.5m) | ($297k) | $5.8m | $1.2m | ($899k) | $865k | ($2.6m) | ($2.4m) | ($5.1m) | |
| Contract costs | — | ($127k) | $7.6m | ($26.9m) | ($21.9m) | $15.4m | ($14.2m) | ($4.4m) | ($364k) | |
| Prepaid expense | ($718k) | $319k | $317k | ($5k) | $143k | ($274k) | $70k | ($51k) | $12k | |
| Prepaid expense - related parties | — | — | ($218k) | $218k | ($433k) | $158k | $275k | $0 | — | |
| Other payables | ($189k) | ($180k) | ($862k) | ($14k) | $5.7m | ($6.3m) | $2.3m | ($3.0m) | $3.4m | |
| Other payables-related parties | — | — | ($921k) | $2.2m | ($2.6m) | $969k | $352k | ($293k) | $628k | |
| Accrued payroll and employees' welfare | $1.6m | $141k | $784k | $533k | ($1.6m) | $296k | $132k | $855k | ($25k) | |
| Taxes payable | ($79k) | ($269k) | $1.7m | ($1.1m) | $76k | $962k | ($1.0m) | ($172k) | ($198k) | |
| Purchases of property and equipment | ($638k) | ($1.5m) | ($1.7m) | ($86k) | ($522k) | ($692k) | ($941k) | ($282k) | ($1.0m) | |
| Purchase of land use right | — | — | — | — | — | $0 | $0 | ($15.0m) | — | |
| Repayments of loans to third parties | $14.2m | $435k | $1.0m | $11.2m | $5.2m | $171.4m | $40.1m | $117.5m | $100.5m | |
| Payments made for loans to third parties | ($1.1m) | ($2.0m) | ($4.0m) | ($9.5m) | ($51.6m) | ($171.1m) | ($103.1m) | ($196.4m) | ($140.5m) | |
| Payments and prepayments for construction in progress | $0 | ($9.2m) | ($4.6m) | ($3.8m) | $0 | $0 | $0 | ($219k) | ($8.9m) | |
| Payments for short-term investments | — | — | — | — | $0 | $0 | ($290.1m) | ($203.5m) | ($3.6m) | |
| Redemption of short-term investments | — | — | — | — | $0 | $0 | $108.8m | $300.9m | $87.2m | |
| Repayments of short-term borrowings | ($1.3m) | ($4.9m) | $0 | ($1.0m) | ($3.4m) | ($530k) | $0 | $0 | — | |
| Proceeds from short-term borrowings-related parties | — | — | $5.0m | $17.4m | $18.4m | $11.1m | $15.0m | $10.0m | — | |
| Repayments of short-term borrowings-related parties | — | — | ($5.0m) | ($16.2m) | ($15.9m) | ($14.8m) | ($9.0m) | ($10.0m) | — | |
| Repayments of long-term borrowings-related party | $0 | ($372k) | ($684k) | ($748k) | ($817k) | ($893k) | ($1.5m) | $0 | — | |
| Proceeds from warrants issued with ordinary shares | — | — | — | — | — | — | $17.5m | $0 | — | |
| Proceeds from sale of ordinary shares, net of issuance costs | $0 | $65.0m | $0 | $26.1m | $81.1m | $0 | $28.2m | $77.7m | ($2.5m) | |
| Proceeds from sale of prefunded warrants, net of issuance costs | — | — | $0 | $0 | $30.3m | $93k | $3.8m | $0 | — | |
| Redemption of warrants | — | — | — | — | — | $0 | $0 | ($32.6m) | $0 | |
| Capital contribution by controlling shareholders | — | — | — | — | — | — | $0 | $0 | $100k | |
| Cash | — | — | — | $4.5m | $30.3m | $344.0m | $104.1m | $110.0m | $98.9m | |
| Inventories transferred to and used as fixed assets | $0 | $0 | $0 | $410k | $303k | $0 | ($65k) | $0 | — | |
| Payable for construction in progress | $0 | $3.1m | $5.7m | $733k | $0 | — | $0 | $0 | $7.3m | |
| Capital contribution receivable due from non-controlling Interest | — | — | $0 | $0 | $50.0m | $0 | $0 | $0 | $724k | |
| Income from investment in unconsolidated entity | $0 | $0 | $960k | ($463k) | $267k | ($15k) | $0 | $0 | — | |
| Cancellation of shares issued to Starry Lab | — | — | — | $0 | $0 | ($27.7m) | $0 | — | — | |
| Receivable for disposal of property and equipment | $0 | $82k | $0 | $110k | $0 | $3k | $0 | $35k | $12k | |
| Other payable due to non-controlling interest converted into capital contribution | — | — | — | $0 | $0 | $1.1m | $0 | — | — | |
| Remeasurement gain of previously held equity interests in connection with step acquisition | — | — | $0 | $0 | ($979k) | $0 | — | — | — | |
| Accounts receivable-related party | — | — | ($3.4m) | $0 | $3.4m | $0 | — | — | — | |
| Step acquisition of FGS, net of cash | — | — | $0 | $0 | $472k | $0 | — | — | — | |
| Proceeds from short-term borrowings | $1.1m | $4.6m | $1.1m | $200k | $3.7m | $0 | — | — | — | |
| Proceeds from long-term borrowings-related party | $0 | $10.0m | $0 | — | $0 | $0 | — | — | — | |
| Proceeds from stock issuance for warrants exercised | — | — | $0 | $0 | $21.1m | $0 | — | — | — | |
| Proceeds from issuance of convertible notes | — | — | $0 | $0 | $42.0m | $0 | — | — | — | |
| Capital contribution by non-controlling shareholders | $0 | $3.7m | $850k | $405k | $50k | $0 | $0 | — | — | |
| Conversion of convertible notes to 9,225,338 shares of ordinary shares | — | — | $0 | $0 | $42.4m | $0 | — | — | — | |
| Trade accounts payable | $812k | ($2.7m) | ($400k) | $8.2m | ($2.1m) | ($5.5m) | — | — | — | |
| Payable for issuance cost of common share | — | $0 | $0 | $375k | $0 | — | — | — | — | |
| Advance from customers | — | $28k | ($38k) | $3.4m | $4.2m | — | — | — | — | |
| Accrued expenses | — | $0 | $0 | $9k | ($984k) | — | — | — | — | |
| Investment in unconsolidated entity | $0 | ($4.0m) | ($4.2m) | $0 | — | — | — | — | — | |
| Refund of capital contribution by a non-controlling shareholder | $0 | $0 | ($200k) | $0 | — | — | — | — | — | |
| Cash at beginning of year | $1.8m | $45.3m | $45.3m | $4.5m | $30.3m | — | — | — | — | |
| Investment payable in exchange of interest of FGS | $0 | $0 | $6.4m | $0 | — | — | — | — | — | |
| Deferred revenue | $853k | ($1.2m) | $0 | — | — | — | — | — | — | |
| Payments for land use right | $0 | ($1.4m) | $0 | — | — | — | — | — | — | |
| Shares issued to settle salary payable | $0 | $1.6m | $0 | — | — | — | — | — | — | |
| Restricted shares issued for management | $12.9m | $14.6m | $11.6m | — | — | — | — | — | — | |
| Non-cash payment for property and equipment purchase | $87k | $0 | $1.7m | $2.9m | $4.1m | $2.7m | $941k | $282k | $1.0m | |
| Net cash provided by operating activities | ($7.4m) | ($19.6m) | ($32.2m) | $33.3m | $8.6m | $49.7m | ($51.7m) | ($43.7m) | ($33.8m) | |
| Net cash used in investing activities | $12.5m | ($17.6m) | ($13.5m) | ($647k) | ($1.8m) | ($709k) | ($245.2m) | $3.0m | $33.7m | |
| Proceeds from warrants issued with common stock | — | — | $0 | $0 | $212.1m | $0 | $17.5m | — | — | |
| Issuance of common stock in exchange of shares of FGS, net of issuance costs | $0 | $0 | $21.4m | $0 | $1.7m | $0 | — | — | — | |
| Cancellation of common stock issued prior years in exchange of shares of FGS , net of issuance costs | — | — | $0 | $0 | ($1.7m) | $0 | — | — | — | |
| Issuance of common stock in exchange of shares of Starry, net of issuance costs | — | — | $0 | $0 | $27.7m | $0 | — | — | — | |
| Issuance of unvested common stock to senior managers | $56k | $0 | — | — | — | — | — | — | — | |
| Net cash provided by (used in) financing activities | ($3.1m) | $76.9m | $3.5m | $23.3m | ($3.0m) | $31.9m | $56.4m | $45.0m | ($3.3m) | |
| Effect of foreign currency exchange rate changes on cash and restricted cash | — | — | — | $735k | ($2.1m) | $380k | — | — | — | |
| Effect of exchange rate fluctuation on cash and restricted cash | — | — | — | ($84k) | $224k | $10.3m | $27.7m | $1.7m | ($8.6m) | |
| Effect of exchange rate fluctuation on cash | ($16k) | $1.8m | $1.4m | ($84k) | $224k | — | — | — | — | |
| Net increase in cash and restricted cash | $2.0m | $41.5m | ($40.8m) | $56.6m | $1.7m | $81.2m | ($212.8m) | $6.0m | ($12.0m) | |
| Cash and restricted cash at the beginning of the year | — | — | — | $62.2m | $63.9m | $145.1m | $317.7m | $104.9m | $110.8m | |
| Restricted cash | — | — | — | $0 | $0 | $0 | $732k | $849k | $8k | |
| Interest expense paid | $571k | $868k | $1.5m | $46k | $309k | $568k | $1.2m | $659k | $1.1m | |
| Income taxes paid | $42k | — | — | $1.7m | $7.0m | $8.5m | $18k | $0 | $2k | |
| Cash paid during the year for taxes | $284k | ($23k) | $2k | $282k | ($98k) | $10k | $18k | $0 | $2k |
Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.