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RELATED PARTY TRANSACTIONS AND BALANCES (Details) - Related Party - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
RELATED PARTY TRANSACTIONS AND BALANCES
Amounts due to related parties	$ 233	$ 355
Mr. Lin
RELATED PARTY TRANSACTIONS AND BALANCES
Amounts due to related parties	222	171
Mrs. Yang
RELATED PARTY TRANSACTIONS AND BALANCES
Amounts due to related parties	$ 11	151
Others
RELATED PARTY TRANSACTIONS AND BALANCES
Amounts due to related parties		$ 33

- Definition

Amount of liabilities classified as other.

+ References

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- Definition

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+ Details

ORGANIZATION AND PRINCIPAL ACTIVITIES - Additional Information (Details)					12 Months Ended
	Dec. 01, 2025 USD ($) $ / shares shares	Oct. 25, 2024 USD ($) $ / shares shares	Sep. 14, 2023 USD ($) $ / shares shares	Jun. 25, 2021 shares	Dec. 31, 2025 $ / shares shares	Nov. 30, 2025 USD ($) $ / shares	Dec. 31, 2024 $ / shares shares	Oct. 26, 2024 USD ($) $ / shares shares	Oct. 24, 2024 USD ($) $ / shares	Sep. 15, 2023 USD ($) $ / shares shares	Sep. 13, 2023 $ / shares
Business Acquisition [Line Items]
Share consolidation ratio	0.0333	0.0167	0.067		0.033
Ordinary shares, par value (in dollars per share)	$ 1.35	$ 0.045	$ 0.00075			$ 0.045			$ 0.00075		$ 0.00005
Preferred shares, par value (in dollars per share)			$ 0.00075
Common stock, authorized share capital \| $	$ 1,505,316,695	$ 36,500,000	$ 50,000,000			$ 36,500,000		$ 36,500,000	$ 500,000	$ 36,500,000
Class A Ordinary Shares
Business Acquisition [Line Items]
Ordinary shares, par value (in dollars per share)	$ 1.35	$ 0.00075	$ 0.00075		$ 1.35		$ 1.35	$ 0.045		$ 0.00075
Ordinary shares, authorized \| shares	1,015,049,250	796,106,500	660,461,733		1,015,049,250		1,015,049,250	796,106,500		48,660,461,733
Common Stock, Shares Redesignation \| shares		47,766,390,000
Common Stock, Additional Shares Authorized \| shares		48,000,000,000
Common Stock, Class A Shares Authorized But Unissued \| shares		894,000,000
Series A Preferred Stock
Business Acquisition [Line Items]
Ordinary shares, par value (in dollars per share)	$ 0.0001	$ 0.0001	$ 0.0001					$ 0.0001		$ 0.0001
Preferred shares, par value (in dollars per share)	$ 0.0001	$ 0.0001
Ordinary shares, authorized \| shares	6,000	6,000	6,000					6,000		6,000
Class B Ordinary Shares
Business Acquisition [Line Items]
Ordinary shares, par value (in dollars per share)	$ 1.35	$ 0.00075	$ 0.00075		$ 1.35		$ 1.35	$ 0.045		$ 0.00075
Ordinary shares, authorized \| shares	100,000,000	15,000,000	6,000,000		100,000,000		100,000,000	15,000,000		6,000,000
Common Stock, Shares Redesignation \| shares		900,000,000
Common Stock, Class A Shares Authorized But Unissued \| shares		71,733
Common Stock, Reclassified Shares Authorized \| shares		894,000,000
Series D convertible preferred shares
Business Acquisition [Line Items]
Ordinary shares, par value (in dollars per share)	$ 0.0001	$ 0.0001	$ 0.0001					$ 0.0001		$ 0.0001
Preferred shares, par value (in dollars per share)	$ 0.0001	$ 0.0001			$ 0.0001		$ 0.0001
Ordinary shares, authorized \| shares	6,000	6,000	6,000					6,000		6,000
Series F convertible preferred shares
Business Acquisition [Line Items]
Ordinary shares, par value (in dollars per share)	$ 0.00005	$ 0.00005	$ 0.00005					$ 0.00005		$ 0.00005
Preferred shares, par value (in dollars per share)	$ 0.00005	$ 0.00005			0.00005		0.00005
Ordinary shares, authorized \| shares	50,005	50,005	50,005					50,005		50,005
Series G convertible preferred shares
Business Acquisition [Line Items]
Ordinary shares, par value (in dollars per share)	$ 0.00075	$ 0.00075	$ 0.00075					$ 0.00075		$ 0.00075
Preferred shares, par value (in dollars per share)	$ 0.00075	$ 0.00075			0.00075		0.00075
Ordinary shares, authorized \| shares	50,000	50,000	50,000					50,000		50,000
Series H convertible preferred shares
Business Acquisition [Line Items]
Ordinary shares, par value (in dollars per share)	$ 0.00075	$ 0.00075	$ 0.00075					$ 0.00075		$ 0.00075
Preferred shares, par value (in dollars per share)	$ 0.00075	$ 0.00075			0.00075		0.00075
Ordinary shares, authorized \| shares	50,000	50,000	50,000					50,000		50,000
Series I convertible preferred shares
Business Acquisition [Line Items]
Ordinary shares, par value (in dollars per share)	$ 0.00075	$ 0.00075	$ 0.00075					$ 0.00075		$ 0.00075
Preferred shares, par value (in dollars per share)	$ 0.00075	$ 0.00075			$ 0.00075		$ 0.00075
Ordinary shares, authorized \| shares	50,000	50,000	50,000					50,000		50,000
Series J convertible preferred shares
Business Acquisition [Line Items]
Ordinary shares, par value (in dollars per share)	$ 0.00075	$ 0.00075	$ 0.00075					$ 0.00075		$ 0.00075
Preferred shares, par value (in dollars per share)	$ 0.00075	$ 0.00075
Ordinary shares, authorized \| shares	50,000	50,000	50,000					50,000		50,000
Series K convertible preferred shares
Business Acquisition [Line Items]
Ordinary shares, par value (in dollars per share)	$ 0.00075	$ 0.00075						$ 0.00075
Preferred shares, par value (in dollars per share)	$ 0.00075	$ 0.00075
Ordinary shares, authorized \| shares	71,733	71,733						71,733
Common Stock, Reclassified Shares Authorized \| shares		71,733
Haitaoche
Business Acquisition [Line Items]
Equity interest subscribed				100.00%
Issuance of shares through private placement \| shares				4,935,700

CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY- STATEMENTS OF OPERATIONS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
CONDENSED PARENT COMPANY STATEMENTS OF OPERATIONS
General and administrative expenses	$ 31,630	$ 18,178	$ 18,013
Loss Before Income Tax	(56,641)	(41,911)	(53,782)
Income tax expenses	(2,733)	(931)	(228)
Net Loss	(53,908)	(40,980)	(53,554)
Legal entities \| Parent
CONDENSED PARENT COMPANY STATEMENTS OF OPERATIONS
Share of loss of subsidiaries	(27,292)	(28,151)	(40,402)
General and administrative expenses	(26,609)	(12,817)	(13,140)
Other expenses	(6)	(13)	(12)
Loss Before Income Tax	(53,907)	(40,981)	(53,554)
Net Loss	$ (53,907)	$ (40,981)	$ (53,554)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

ORGANIZATION AND PRINCIPAL ACTIVITIES

12 Months Ended

Dec. 31, 2025

ORGANIZATION AND PRINCIPAL ACTIVITIES

ORGANIZATION AND PRINCIPAL ACTIVITIES

1.	ORGANIZATION AND PRINCIPAL ACTIVITIES

Kaixin Holdings (formerly known as Kaixin Auto Holdings) (“the Company” or “KAH”), was incorporated in the Cayman Islands in 2016.

On June 25, 2021, KAH completed a business combination with Haitaoche Limited (“Haitaoche”, or “HTC”), resulting in KAH acquiring 100% of the share capital of Haitaoche in exchange for an aggregate of 4,935,700 ordinary shares (after giving effects of the Share Consolidation as mentioned below), which was issued to several former shareholders of Haitaoche. The business combination was treated as a reverse acquisition of KAH under ASC 805, using the acquisition method of accounting, and Haitaoche was deemed to be the accounting acquirer.

Following the completion of the reverse acquisition, KAH is the consolidated parent of Haitaoche and the resulting company operates under the KAH corporate name. Haitaoche’s historical financial statements became the historical financial statements of the Group. The acquired assets and liabilities of KAH are included in the Group’s consolidated balance sheets since June 25, 2021 and the results of its operations and cash flows are included in the Group’s consolidated statement of operations and comprehensive loss and cash flows for periods beginning after June 25, 2021.

On September 14, 2023, the Group effected a share consolidation at a ratio of one-for-fifteenth (15) ordinary shares (“2023 Share Consolidation”) with a par value of US$0.00005 each in the Group’s issued and unissued share capital into one ordinary share with a par value of US$0.00075 (“the 2023 Share Consolidation”). Immediately following the Share Consolidation, the authorized share capital of the Group to be US $50,000 divided into (a) 660,461,733 Class A ordinary shares of a par value of US $0.00075 each, (b) 6,000,000 Class B ordinary shares of a par value of US $0.00075 each, (c) 6,000 Series A convertible preferred shares of a par value of US $0.0001 each, (d) 6,000 Series D convertible preferred shares of a par value of US $0.0001 each, (e) 50,005 Series F convertible preferred shares of a par value of US$0.00005 each, (f) 50,000 Series G convertible preferred shares of a par value of US$0.00075 each, (g) 50,000 Series H convertible preferred shares of a par value of US$0.00075 each, (h) 50,000 Series I convertible preferred shares of a par value of US$0.00075 each, and (i) 50,000 Series J convertible preferred shares of a par value of US$0.00075 each” to “US$36,500,000 divided into (a) 48,660,461,733 Class A ordinary shares of a par value of US$0.00075 each, (b) 6,000,000 Class B ordinary shares of a par value of US$0.00075 each, (c) 6,000 Series A convertible preferred shares of a par value of US$0.0001 each, (d) 6,000 Series D convertible preferred shares of a par value of US$0.0001 each, (e) 50,005 Series F convertible preferred shares of a par value of US$0.00005 each, (f) 50,000 Series G convertible preferred shares of a par value of US$0.00075 each, (g) 50,000 Series H convertible preferred shares of a par value of US$0.00075 each, (h) 50,000 Series I convertible preferred shares of a par value of US$0.00075 each, and (i) 50,000 Series J convertible preferred shares of a par value of US$0.00075 each.

On October 25, 2024, the Group effected changes of share capital structure (“2024 Share Consolidation”) as the following:

(i)	an increase of authorized share capital from $500,000 to $36,500,000 by creation of an additional 48,000,000,000 Class A ordinary shares of a par value of US$0.00075 each.

(ii)

redesignation of (i) 894,000,000 authorised but unissued Class A ordinary shares of a par value of US$0.00075 each in the authorised share capital of the Company be re-designated and re-classified as 894,000,000 Class B ordinary shares of a par value of US$0.00075 each; and (ii) 71,733 authorised but unissued Class A ordinary shares of a par value of US$0.00075 each in the authorised share capital of the Company be re-designated and re-classified as 71,733 Series K convertible preferred shares of a par value of US$0.00075 each, such that the authorised share capital of the Company shall be changed to $36,500,000 divided into (a) 47,766,390,000 Class A ordinary shares of a par value of US$0.00075 each, (b) 900,000,000 Class B ordinary shares of a par value of US$0.00075 each, (c) 6,000 Series A convertible preferred shares of a par value of US$0.0001 each, (d) 6,000 Series D convertible preferred shares of a par value of US$0.0001 each, (e) 50,005 Series F convertible preferred shares of a par value of US$0.00005 each, (f) 50,000 Series G convertible preferred shares of a par value of US$0.00075 each, (g) 50,000 Series H convertible preferred shares of a par value of US$0.00075 each, (h) 50,000 Series I convertible preferred shares of a par value of US$0.00075 each, (i) 50,000 Series J convertible preferred shares of a par value of US$0.00075 each, and (j) 71,733 Series K convertible preferred shares of a par value of US$0.00075 each.

1.	ORGANIZATION AND PRINCIPAL ACTIVITIES (CONTINUED)

(iii)

share consolidation at a ratio of one-for-sixty (60) ordinary shares with a par value of US$0.00075 each in the Group’s issued and unissued share capital into one ordinary share with a par value of US$0.045 (“the 2024 Share Consolidation”). Immediately following the Share Consolidation, the authorized share capital of the Group to be US$36,500,000 divided into (a) 796,106,500 Class A ordinary shares of a par value of US$0.045 each, (b) 15,000,000 Class B ordinary shares of a par value of US$0.045 each, (c) 6,000 Series A convertible preferred shares of a par value of US$0.0001 each, (d) 6,000 Series D convertible preferred shares of a par value of US$0.0001 each, (e) 50,005 Series F convertible preferred shares of a par value of US$0.00005 each, (f) 50,000 Series G convertible preferred shares of a par value of US$0.00075 each, (g) 50,000 Series H convertible preferred shares of a par value of US$0.00075 each, (h) 50,000 Series I convertible preferred shares of a par value of US$0.00075 each, (i) 50,000 Series J convertible preferred shares of a par value of US$0.00075 each, and (j) 71,733 Series K convertible preferred shares of a par value of US$0.00075 each.

On December 1, 2025, the Group effected a share consolidation at a ratio of 1-for-30 (“2025 Share Consolidation”) of its ordinary shares, par value $0.045 each, at a ratio of 1-for-30, with a post-share consolidation par value $1.35 each. After giving effect of the contemplated Share Consolidation, the authorized share capital of the Company is US$1,505,316,695 divided into (a) 1,015,049,250 Class A ordinary shares of a par value of US$1.35 each, (b) 100,000,000 Class B ordinary shares of a par value of US$1.35 each, (c) 6,000 Series A convertible preferred shares of a par value of US$0.0001 each, (d) 6,000 Series D convertible preferred shares of a par value of US$0.0001 each, (e) 50,005 Series F convertible preferred shares of a par value of US$0.00005 each, (f) 50,000 Series G convertible preferred shares of a par value of US$0.00075 each, (g) 50,000 Series H convertible preferred shares of a par value of US$0.00075 each, (h) 50,000 Series I convertible preferred shares of a par value of US$0.00075 each, (i) 50,000 Series J convertible preferred shares of a par value of US$0.00075 each, and (j) 71,733 Series K convertible preferred shares of a par value of US$0.00075 each.

Acquisition of a subsidiary

On December 2, 2025, the Group closed the acquisition of 100% equity interest in Zhejiang Ordinary Smile Auto Sales Co., Ltd. (“Zhejiang Ordinary Smile”) at share consideration of 15,000,000 newly issued Class A ordinary shares. The shares were held in escrow and be released in five tranches subject to a five-year-performance targets.

On August 22, 2023, the Group closed the acquisition of 100% equity interest in Morning Star Auto Inc. (“Morning Star”) at share consideration of $20,250. The Group issued 1,111,111 ordinary shares (after giving effects of the 2023 Share Consolidation and 2024 Share Consolidation as mentioned above) in the acquisition.

Setup new subsidiaries

In February 2025, the Group, through one of its subsidiaries in the PRC, set up one subsidiary, namely, Zhejiang Kaixin Changxing Auto Sales Co. Ltd. The Group owned 51% equity interest in the subsidiary. The Company subsequent closed the subsidiary in August 2025.

In January 2024, the Group, through one of its subsidiaries in the PRC, set up one subsidiary, namely, Zhejiang Kaixin Zhihui Auto Co. Ltd.. The Group owned 100% equity interest in the subsidiary.

In September 2023, the Group, through one of its subsidiaries in the PRC, set up one subsidiary, namely, Zhejiang Kaixin Yuanman Business Management Co. Ltd.. The Group owned 100% equity interest in the subsidiary.

In February through March 2023, the Group, through one of its subsidiaries in the PRC, set up three subsidiaries. Namely, Zhejiang Kaixin Daman Automobile Trading Co. Ltd. (“Kaixin Daman”), Zhejiang Kaixin Jingtao Automobile Trading Co. Ltd., and Zhejiang Kaixin Manman Commuting Technology Co. Ltd (“Kaixin Manman”). The Group owned 70% equity interest in these three subsidiaries.

1.	ORGANIZATION AND PRINCIPAL ACTIVITIES (CONTINUED)

Disposition of subsidiaries

During the year ended December 31, 2024, the Group entered into certain share transfer agreements with third parties, pursuant to which the Group transferred equity interest in subsidiaries. The details are as the following:


						% of
		Date of				Ownership
Name of Disposed Subsidiaries		Disposal		Consideration		after disposal
Kaixin Manman		May 27, 2024		16		0	%
Wuhan Jieying Chimei Automobile Sales Co., Ltd. (“Wuhan Jieying”)		August 22, 2024		nil		0	%
Chongqing Jieying Shangyue Automobile Sales Co., Ltd. (“Chongqing Jieying”)		November 8, 2024		nil		0	%
Anhui Kaixin New Energy Vehicle Co., Ltd. (“Anhui Kaixin”)		December 5, 2024		nil		33.298	%
Morning Star		December 5, 2024		nil		0	%

In addition, the Group also disposed of Kaixin Daman in July 2024 and Kaixin Jingtao in February 2025 due to minimal operations. In February 2025, August 2025, the Company also dissolved Zhejiang Kaixin Zhihui Auto Co. Ltd. (“Kaixin Zhihui”), Zhejiang Kaixin Changxing Auto Sales Co. Ltd. (“Kaixin Changxing”), and Zhejiang Kaixin Wuxian Auto Technology, Ltd (“Kaixin Wuxian”). The management believed that none of the transfers of share interest in subsidiaries or disposition of subsidiaries represent a strategic shift that has (or will have) a major effect on the Group’s operations and financial results. The transfers of equity in subsidiaries or the disposition of subsidiary are not accounted as discontinued operations in accordance with ASC 205-20.

On February 2, 2023, the Group entered into a share transfer agreement with Kairui Consulting Hong Kong Limited (“Karui”), pursuant to which the Group transferred 100% equity interest in Zhejiang Taohaoche Technology Co., Ltd. (“Zhejiang Taohaoche”), a subsidiary engaged in new car trading business, at consideration of $2,700,000. In addition, the Group, Karui and Scytech Limited (“Sytech”) entered into a settlement agreement, pursuant to which Kairui would pay $2,700,000 to Scytech Limited to settled the Group’s liabilities due to Scytech. The management believed the transfer of share interest in Zhejiang Taohaoche does not represent a strategic shift that has (or will have) a major effect on the Group’s operations and financial results. The termination is not accounted as discontinued operations in accordance with ASC 205-20.

In June 2023, the Group disposed of Kaixin Auto Group (“KAG”), a Cayman holding company, to a third party. Upon disposal, KAG was a holding company and had net asset deficit of $4,158. Pursuant to the disposal agreement with third party, the Group would make payments, in the amount of net asset deficit of KAG, to the third party in the event that the net assets of KAG was below zero. Accordingly, The Group did not recognize disposal gain or loss from disposal of KAG. As of December 31, 2023, the Group did not make payments of $4,158 to the third party, and recorded the balance in accrued expenses and other current liabilities.

The Company and its consolidated subsidiaries, are collectively referred to as the “Group”. The Group is primarily engaged in sales of domestic automobiles and the used car sales business in the People’s Republic of China (“PRC”).

The major subsidiaries of the Group as of December 31, 2025 are summarized as below:


		Later of date of
		incorporation or		Place of		% of
Name of Subsidiaries		acquisition		Incorporation		Ownership		Principal Activities
Major subsidiaries:
Jet Sound Hong Kong Company Limited		May 7, 2011		Hong Kong		100	%	Investment holding
Zhejiang Kaixin Auto Co., Ltd (“Zhejiang Kaixin Auto”)		April 4, 2021		PRC		100	%	Used car trading business
Zhejiang Ordinary Smile		December 2, 2025		PRC		100		Car trading business

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (53,908)	$ (40,980)	$ (53,554)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization	3,891	3,942	2,482
Fair value change of warrants	(22)	(210)	208
Share-based compensation	25,405	10,856	11,968
Foreign currency exchange gain	(5)		(10)
Impairment of other receivables			8,848
Impairment of prepaid expenses and other current assets	392		23,262
Impairment of intangible assets	16,946	0	0
Share of equity loss	41
Amortization of right-of-use assets	147
Provision for dealership settlement		571
Provision for sales incentive			2,701
Loss (gain) on disposal of subsidiaries	7,800	23,037	(64)
Financial expenses			32
Interest expenses of convertible note in interest method	3	331	493
Deferred tax liabilities	(2,733)	(931)	(229)
Changes in operating assets and liabilities:
Inventories	(35)	35	(35)
Prepayment for vehicle purchase and other current assets	8	25	1,653
Amount due from related parties			(1,458)
Other non-current assets			(6)
Accounts payable		(93)	106
Advances from customers	(2)	78
Accrued expenses and other current liabilities	(250)	865	2,790
Short-term lease liabilities	(137)	(132)	(28)
Amount due to related parties	(56)	(13)	(1,237)
Income tax payable	(68)	(401)	(30)
Net cash used in operating activities	(2,583)	(3,020)	(2,108)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment, net		(18)	(396)
Cash disposed on disposal of subsidiaries		(24)	(2,740)
Cash acquired on acquisition of a subsidiary			2
Proceeds from sales of a subsidiary		16
Net cash used in investing activities		(26)	(3,134)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of ordinary shares and warrant		3,725	1,065
Repayment of convertible note			(50)
Borrowings from related parties		286
Repayment of borrowings to related parties	(60)
Borrowings from third parties	1,104
Capital contribution		499
Net cash provided by financing activities	1,044	4,510	1,015
Effect of exchange rate changes on cash and cash equivalents	10	(1,161)	(790)
Net changes in cash and cash equivalents	(1,529)	303	(5,017)
Cash and cash equivalents at beginning of year	2,388	2,085	7,102
Cash and cash equivalents at end of year	859	2,388	2,085
NON-CASH ACTIVITIES:
Issuance of Class A Ordinary Shares to settle Series F preferred shares		246	3,443
Issuance of Series G preferred shares to settle liabilities due to the purchaser of KAG (Note 3)		1,996
Obtaining right-of-use assets in exchange for operating lease liabilities			328
Issuance of Class A Ordinary Shares for conversion of convertible notes	638	2,088	2,050
Issuance of Class A Ordinary Shares for acquisition of a subsidiary	28,812		49,100
Recognition of intangible assets from acquisition of a subsidiary			13,972
Receivable due from issuance of ordinary shares and warrants in private placements			17,900
Series H convertible preferred shares
NON-CASH ACTIVITIES:
Issuance of shares to settle payables for sales incentive		571
Class A Ordinary Shares
NON-CASH ACTIVITIES:
Issuance of shares to settle payables for sales incentive		417	3,914
Issuance of Class A Ordinary Shares for conversion of convertible notes	$ 638	$ 2,088	$ 2,050

EQUITY - Preferred shares (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	12 Months Ended
	Apr. 08, 2021	Mar. 31, 2021	Dec. 31, 2025	Dec. 31, 2024
Equity
Percentage of after-tax profits required to be allocated to general reserve			10.00%
General reserve as a percentage of registered capital up to which after-tax profit of PRC subsidiaries and VIEs shall be transferred			50.00%
Series D convertible preferred shares
Equity
Preferred shares, issued			6,000	6,000
Issuance of preferred shares (in shares)		6,000
Kaixin Auto Holdings
Equity
Total amount of investment agreed		$ 6,000
Number of ordinary shares consisted by units			2,000,000
Conversion price			$ 3
Preferred shares, issued	6,000
Proceeds from investment in convertible preferred shares	$ 6,000

ACQUISITION OF MORNING STAR - Estimated fair values of the identifiable assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Aug. 22, 2023
ACQUISITION OF MORNING STAR
Goodwill	$ 21,237
Morning Star
ACQUISITION OF MORNING STAR
Net tangible assets				$ 420
Technologies				13,972
Goodwill		$ 0	$ 38,201	38,201
Deferred tax liabilities				(3,493)
Total purchase consideration				$ 49,100
Morning Star \| Technology \| Maximum
ACQUISITION OF MORNING STAR
Estimated useful life of Intangible assets				6 years 3 months 18 days

LEASE - Supplemental balance sheet information related to operating lease (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
LEASE
Right-of-use assets	$ 108	$ 255
Lease liabilities current	94	141
Lease liabilities non-current		90
Total operating lease liabilities	$ 94	$ 231

EQUITY - Series I Preferred Shares (Details) - Series I convertible preferred shares - $ / shares		1 Months Ended
	Aug. 06, 2025	Aug. 31, 2025
Class of Stock [Line Item]
Convertible preferred shares issued		333,333
Conversion price		$ 1
Wuxi Morning Star
Class of Stock [Line Item]
Convertible preferred shares	10,000	10,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479857/480-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 6: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483014/272-10-45-3

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482987/272-10-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

+ Details

INCOME TAXES - Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
INCOME TAXES
Net loss before provision for income taxes	$ 56,641	$ 41,911	$ 53,782
PRC statutory tax rate	25.00%	25.00%	25.00%
Income tax at statutory tax rate	$ 14,160	$ 10,477	$ 13,446
Fair value change on warrants	5	53	(52)
Non-deductible loss and SBC expenses not deductible for tax purposes	(6,397)	(2,818)	(3,075)
Effect of income tax rate differences in jurisdictions other than the PRC	(4,574)	(6,378)	(1,636)
NOL not applicable for carryforward		4
Change in valuation allowance	(461)	(407)	(8,455)
Total income tax benefit	$ 2,733	$ 931	$ 228
Effective tax rates	4.83%	2.22%	0.42%

ORGANIZATION AND PRINCIPAL ACTIVITIES - Acquisition of a subsidiary (Details)	Dec. 02, 2025 tranche shares	Aug. 22, 2023 USD ($) shares
Zhejiang Ordinary Smile Auto Sales Co Ltd
ORGANIZATION AND PRINCIPAL ACTIVITIES
Asset acquisition, percentage of voting interests acquired	100.00%
Asset acquisition, number of tranches \| tranche	5
Asset acquisition, period of performance target	5 years
Zhejiang Ordinary Smile Auto Sales Co Ltd \| Class A Ordinary Shares
ORGANIZATION AND PRINCIPAL ACTIVITIES
Asset acquisition, consideration transferred, equity interest, share issued, number of shares	15,000,000
Morning Star
ORGANIZATION AND PRINCIPAL ACTIVITIES
Consideration transferred \| $		$ 20,250
Shares issued as consideration		1,111,111
Morning Star \| Class A Ordinary Shares
ORGANIZATION AND PRINCIPAL ACTIVITIES
Shares issued as consideration		3,703
Morning Star \| Morning Star
ORGANIZATION AND PRINCIPAL ACTIVITIES
Percentage of ownership		100.00%

INTANGIBLE ASSETS, NET

12 Months Ended

Dec. 31, 2025

INTANGIBLE ASSETS, NET

INTANGIBLE ASSETS, NET

6.INTANGIBLE ASSETS, NET

As of December 31, 2025 and 2024, intangible assets, net consisted of the following:


		As of December 31,
		2025			2024
Trademark identified in reverse acquisition (1)		$	15,100		$	15,100
Technology identified in acquisition of Morning Star (Note 4) (2)			13,972			13,972
Customer relationship (3)			10,100			—
Software			70			68
Total			39,242			29,140
Less: Accumulated amortization			(12,235)			(8,427)
Less: Accumulated impairment loss			(16,946)			—
Intangible assets, net		$	10,061		$	20,713

(1)	The trademark was identified in reverse acquisition of KAH with Haitaoche on June 25, 2021. The Group provided full impairment of $8,305 against the trademark. As of December 31, 2025, the trademark was $nil.

(2)	The technology was identified in acquisition of Morning Star on August 23, 2023. The Group provided full impairment of $8,641 against the technology. As of December 31, 2025, the technology was $nil.

(3)	The customer relationship was identified in acquisition of Zhejiang Ordinary Smile on December 1, 2025. As of December 31, 2025, the customer relationship had remaining useful life of 10 years.

For the years ended December 31, 2025, 2024 and 2023, amortization expense was $3,807, $3,723 and $2,436, respectively. The following is a schedule, by fiscal years, of amortization amount of intangible asset as of December 31, 2025:


2026	$	2,027
2027		2,027
2028		2,027
2029		2,027
2030 and thereafter		1,953
Total	$	10,061

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2025

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

17.COMMITMENTS AND CONTINGENCIES

From time to time, the Company may be subject to certain legal proceedings, claims and disputes that arise in the ordinary course of business. Although the outcomes of these legal proceedings cannot be predicted, the Company does not believe these actions, in the aggregate, will have a material adverse impact on its financial position, results of income or liquidity.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2025

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation and principles of consolidation

Basis of presentation and principles of consolidation

The consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”).

The consolidated financial statements include the financial statements of the Group and its subsidiaries. All inter-company transactions and balances have been eliminated upon consolidation.

Non-controlling interests

Non-controlling interests

Non-controlling interests are presented as a separate component of equity on the consolidated balance sheet. Net loss and other comprehensive loss are attributed to controlling and non-controlling interests, respectively.

Going concern and liquidity

Going concern and liquidity

For the years ended December 31, 2025, 2024 and 2023, the Group reported a net loss of approximately $53.9 million, $41.0 million and $53.6 million, respectively, and operating cash outflows approximately $2.6 million, $3.0 million and $2.1 million. In assessing the Group’s ability to continue as a going concern, the Group monitors and analyzes its cash and its ability to generate sufficient cash flows in the future to support its operating and capital expenditure commitments.

As of December 31, 2025, the Group had cash of approximately $0.9 million. On the other hand, the Group had current liabilities of approximately $9.0 million. Among the balance of current liabilities, the balance due to related parties of $0.2 million and other payables of $4.4 million are payable on demand and may be extended. In addition, two major shareholders of the Group have agreed to provide necessary financial support in the form of debt and/or equity to the Group to enable the Group to meet its other liabilities and commitments as they become due for at least twelve months from the issuance date of this consolidated financial statements.

The management believes that the Group will continue as a going concern in the following 12 months from the date the Group’s 2025 consolidated financial statements are issued. The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the ordinary course of business. The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of the uncertainties described above.

Business combinations

Business combinations

Business combinations are recorded using the acquisition method of accounting. The Group uses a screen to evaluate whether a transaction should be accounted for as an acquisition and/or disposal of a business versus assets. In order for a purchase to be considered an acquisition of a business, and receive business combination accounting treatment, the set of transferred assets and activities must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs. If substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets, then the set of transferred assets and activities is not a business.

The purchase price of business acquisition is allocated to the tangible assets, liabilities, identifiable intangible assets acquired and noncontrolling interest, if any, based on their estimated fair values as of the acquisition date. The excess of the purchase price over those fair values is recorded as goodwill. Acquisition-related expenses and restructuring costs are expensed as incurred.

Where the consideration in an acquisition includes contingent consideration and the payment of which depends on the achievement of certain specified conditions post-acquisition, the contingent consideration is recognized and measured at its fair value at the acquisition date and if recorded as a liability, it is subsequently carried at fair value with changes in fair value reflected in earnings.

Use of estimates

Use of estimates

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the reported amounts of revenues and expenses in the financial statements and accompanying notes. Significant accounting estimates reflected in the Group’s consolidated financial statements include, but are not limited to, warrant liabilities, the valuation of prepaid expenses and other current assets, deferred tax valuation allowance, impairment assessment on goodwill and intangible assets, the valuation of preferred shares, the purchase price allocation associated with business combinations.

Fair value measurement

Fair value measurement

Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability.

Authoritative literature provides a fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The level in the hierarchy within which the fair value measurement in its entirety falls is based upon the lowest level of input that is significant to the fair value measurement as follows:

●	Level 1 — inputs are based upon unadjusted quoted prices for identical assets or liabilities traded in active markets.

●

Level 2 — inputs are based upon quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

●

Level 3 — inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques that include option pricing models, discounted cash flow models, and similar techniques.

Assets measured at fair value on a recurring basis

Management of the Group considers the carrying amount of cash and cash equivalents, accounts receivable, other receivables, short-term bank loans, accounts payable, amounts due to related parties, other payables and income tax payable based on the short-term maturity of these instruments to approximate their fair values because of their short-term nature. Warrants were measured at fair value using unobservable inputs and categorized in Level 3 of the fair value hierarchy (Note 14). There have been no transfers between Level 1, Level 2, or Level 3 categories during the years ended December 31, 2025, 2024 and 2023.

Assets measured at fair value on a nonrecurring basis

The Group measures its property and equipment, and intangible assets at fair value on a nonrecurring basis whenever events or changes in circumstances indicate that the carrying value may no longer be recoverable. The Group measures the purchase price allocation at fair value on a nonrecurring basis as of the acquisition dates.

Goodwill is evaluated for impairment annually or more frequently if events or conditions indicate the carrying value of a reporting unit may be greater than its fair value. Impairment testing compares the carrying amount of the reporting unit with its fair value.

For the year ended December 31, 2025, the Group recognized intangible assets arising from business combination with Zhejiang Ordinary Smile at fair value of $11,010.

For the year ended December 31, 2025, the Group derecognized the intangible assets arising from acquisition of Morning Star with corresponding account charged to “general and administrative expenses”, as the Group expected that the Group would not generate revenue and cash inflows from the use of the intangible assets.

For the year ended December 31, 2024, the Group derecognized the goodwill arising from acquisition of Morning Star with corresponding account charged to “(loss) gain on disposal of subsidiaries”, as the Group transferred its equity interest in the subsidiary.

For the year ended December 31, 2023, the Group performed impairment tests for goodwill caused by the acquisition of a subsidiary using the discounted cash flow method. The fair value of goodwill is a Level 3 valuation based on certain unobservable inputs including projected cash flows, terminal growth rate of 2.9%, and discount rate of 23% that would be utilized by market participants in valuing these assets or prices of similar assets. For the year ended December 31, 2023, no impairment was provided against goodwill.

Warrant

Warrant

The Group accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 480, Distinguishing Liabilities from Equity (“ASC 480”) and ASC 815, Derivatives and Hedging (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Group’s own ordinary shares, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding.

For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of additional paid-in capital at the time of issuance. For issued or modified warrants that do not meet all the criteria for equity classification, the warrants are required to be recorded at their initial fair value on the date of issuance, and each balance sheet date thereafter with changes in fair value recognized in the statements of operations in the period of change.

Cash and cash equivalents

Cash and cash equivalents

Cash and cash equivalents consist of cash on hand and cash in banks. The Group considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents.

Prepayment for vehicle purchase and other assets

Prepayment for vehicle purchase and other assets

Prepayment for vehicle purchase, other current assets and other non-current assets consist of prepayment to the dealership operators for purchase of vehicles, advances to suppliers, deductible input VAT, and other receivables. The Group reviews suppliers credit history and background information before advancing a payment. The Group maintains an allowance for doubtful accounts based on a variety of factors, including but not limited to the aging of prepayments, concentrations, credit-worthiness, historical and current economic trends and changes in delivery patterns. If the financial condition of its suppliers were to deteriorate, resulting in an impairment of their ability to deliver goods or provide services, the Group would provide allowance for such amount in the period when it is considered impaired. For the years ended December 31, 2025, 2024 and 2023, the Group recorded impairment loss of $392, $nil and $23,262 against prepayment for vehicle purchase and other current assets.

Inventory

Inventory

Inventory was comprised of the purchased new automobiles. Inventory is stated at the lower of cost or net realizable value. Inventory cost is determined by specific identification. Net realizable value is the estimated selling price less costs to complete, dispose and transport the vehicles. Selling prices are derived from historical data and trends, such as sales price and inventories turnover times of similar vehicles, as well as independent, market resources. Each reporting period the Group recognizes any necessary adjustments to reduce the cost of vehicle inventories to its net realizable value through cost of sales in the accompanying consolidated statements of operations.

Vehicle inventories are considered slow moving if they have not been sold within a one - year period since procurement. In estimating the level of inventories write-downs for slow moving vehicles, the Group considers historical data and forecasted customer demand, such as sales price and inventories turnover of similar vehicles with similar mileage and condition, as well as independent, market information. This valuation process requires management to make judgments, based on currently available information, and assumptions about future demand and market conditions, which are inherently uncertain. To the extent that there are significant changes to estimated vehicle selling prices or decreases in demand for used vehicles, there could be significant adjustments to reflect inventories at net realizable value. There were no write-downs of inventories recorded for the years ended December 31,2025, 2024 and 2023.

Property and equipment, net

Property and equipment, net

Property and equipment are stated at cost less accumulated depreciation and impairment if any. The depreciation is recognized on a straight-line basis over the estimated useful lives of the assets. Cost represents the purchase price of the asset and other costs incurred to bring the asset into its intended use. The cost of repairs and maintenance is expensed as incurred; major replacements and improvements are capitalized. When assets are retired or disposed of, the cost and accumulated depreciation are removed from the accounts, and any resulting gains or losses are included in consolidated statements of operations and comprehensive loss in the year of disposition. Estimated useful lives are as follows:


		Estimated Useful Life
Computer equipment and application software		2 - 3 Years
Furniture and vehicles		5 Years

Intangible assets, net

Intangible assets, net

Intangible asset is stated at cost less accumulated amortization and impairment if any. Intangible asset is amortized in a method which reflects the pattern in which the economic benefits of the intangible asset are expected to be consumed or otherwise used up. When assets are retired or disposed of, the cost and accumulated amortization are removed from the accounts, and any resulting gains or losses are included in income/loss in the year of disposition. Estimated useful lives are as follows:


		Estimated Useful Life
Software		10 Years
Trademark		10 Years
Customer relationship		10 Years
Technology		4.3 Years - 6.3 Years

In accordance with ASC Topic 360, the Group reviews intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be fully recoverable. Software and domain name are used for the business of Haitaoche and no impairment indicators were noted. The trademark recognized from the Reverse Acquisition were initial recognized using Relief-From-Royalty (“RFR”) method. The trademark was tested for impairment due to identification of impairment indicator. Technology is recognized on acquisition of Morning Star in August 2023 and was tested for impairment due to identification of impairment indicator.

The amount of impairment is measured as the difference between the asset’s estimated fair value and its carrying amount. For the year ended December 31, 2025, the Company provided full impairment of $8,641 against technology and $8,305 against trademarks, respectively, as the Group expected that it would not generate cash flow from the use of the technology. The Group did not record any impairment charge for the years ended December 31, 2024 and 2023.

Goodwill

Goodwill

Goodwill represents the excess of the purchase price over the fair value of identifiable net assets acquired in business combinations.

The Group assesses goodwill for impairment on annual basis as of December 31 or if indicator noted for goodwill impairment. In accordance with ASU 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment (“ASU 2017-04”) issued by the Financial Accounting Standards Board (“FASB”) guidance on testing of goodwill for impairment, the Group will first assess qualitative factors to determine whether it is “more likely than not” that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the quantitative impairment test. If this is the case, the quantitative goodwill impairment test is required. If it is more likely-than-not that the fair value of a reporting unit is greater than its carrying amount, the quantitative goodwill impairment test is not required. Quantitative goodwill impairment test is used to identify both the existence of impairment and the amount of impairment loss, compares the fair value of a reporting unit with its carrying amount, including goodwill. If the fair value of the reporting unit is greater than its carrying amount, goodwill is not considered impaired. If the fair value of the reporting unit is less than its carrying amount, an impairment loss shall be recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit.

During the year ended December 31, 2023, the Group recognized goodwill of $38,201 arising from business combination of Morning Star (Note 4). The goodwill was derecognized in the year of 2024 when the Group transferred equity interest in Morning Star. As of December 31, 2024, the Group had no goodwill. For the year ended December 31, 2025, the Company recognized goodwill arising from acquisition of Zhejiang Ordinary Smile (Note 5) and recognized goodwill of $21,237 and did not recognize impairment against goodwill.

Long-term investment

Long-term investment

As of December 31, 2025 and 2024, long-term investments represent the Group’s investment in one equity method investee over which the Group has significant influence. In accordance with ASC 323, Investments - Equity Method and Joint Ventures, the Group accounts for the investment in privately held companies using equity method, because the Group has significant influence but does not own a majority equity interest or otherwise control over the equity investees.

Under the equity method, the Group initially records its investment at cost and prospectively recognizes its proportionate share of each equity investee’s net income or loss into its consolidated statements of operations. When the Group’s share of losses in the equity investee equals or exceeds its interest in the equity investee, the Group does not recognize further losses, unless the Group has incurred obligations or made payments or guarantees on behalf of the equity investee.

The Group continually reviews its investment in the equity investee to determine whether a decline in fair value below the carrying value is other-than-temporary. The primary factors the Group considers in its determination include the financial condition, operating performance and the prospects of the equity investee; other company specific information such as recent financing rounds; the geographic region, market and industry in which the equity investee operates; and the length of time that the fair value of the investment is below its carrying value. If the decline in fair value is deemed to be other-than-temporary, the carrying value of the equity investee is written down to fair value.

Impairment of long-lived assets

Impairment of long-lived assets

In accordance with ASC Topic 360, the Group reviews long-lived assets or asset group for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets or asset group may not be fully recoverable. If circumstances require a long-lived asset or asset group be tested for possible impairment, the Group first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying amount. If the carrying amount of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying amount exceeds its fair value. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary. Any impairment write-downs would be treated as permanent reductions in the carrying amounts of the assets and a charge to operations would be recognized. Management has performed a review of all long-lived assets and recorded impairment of $16,946 against intangible assets against intangible assets for the year ended December 31, 2025. The Company did not record impairment loss against other non-current assets for the years ended December 31, 2024 and 2023.

Operating lease right-of -use assets

Operating lease right-of -use assets

The Group leases premises for offices under non-cancellable operating leases.

The lease liabilities are recognized upon lease commencement for operating leases based on the present value of lease payments over the lease term. The right-of-use assets are initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred less any lease incentives received. As the rate implicit in the lease cannot be readily determined, the Group’s incremental borrowing rate at the lease commencement date is used in determining the imputed interest and present value of lease payments. The incremental borrowing rate was determined using a portfolio approach based on the rate of interest that the Group would have to borrow an amount equal to the lease payments on a collateralized basis over a similar term. The Group recognizes the single lease cost on a straight-line basis over the remaining lease term for operating leases.

The Group has elected not to recognize right-of-use assets or lease liabilities for leases with an initial term of 12 months or less; expenses for these leases are recognized on a straight-line basis over the lease term.

Convertible notes

Convertible notes

The Group accounts for its convertible notes under ASC 470 Debt, using the effective interest method, as a single debt instrument, from the issuance date to the maturity date. Interest expenses are recognized in the consolidated statement of operation in the period in which they are incurred. If the convertible notes are converted into equity, the Group must extinguish the related debt liability. The Group should recognize any difference between the carrying amount of the liability and the fair value of the equity instruments issued as a gain or loss in the income statement.

Value added tax

Value added tax

Value-added tax (“VAT”) is reported as a deduction to revenue when incurred. Entities that are VAT general taxpayers are allowed to offset qualified input VAT paid to suppliers against their output VAT liabilities. Net VAT balance between input VAT and output VAT is recorded in accrued expense and other current liabilities on the consolidated balance sheets.

The Group viewed itself as a service provider for VAT purpose, and therefore is only subject to value-added tax on the difference between the original purchase price and the retail price of the used cars.

The Group reports revenue net of PRC’s VAT for all the periods presented in the consolidated statements of operations.

Revenue recognition

Revenue recognition

The Group accounts for revenue using Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers. The following five steps are applied to achieve core principle of ASC 606:

Step 1: Identify the contract with the customer

Step 2: Identify the performance obligations in the contract

Step 3: Determine the transaction price

Step 4: Allocate the transaction price to the performance obligations in the contract

Step 5: Recognize revenue when the Group satisfies a performance obligation

For the year ended December 31, 2025, the Group generated revenue from provision of consulting services relating to manufacture of automobiles. The Company identified one performance obligation and fixed transaction price in contracts with customers. The Company recognized service fee at a point in time upon completion of services.

For the year ended December 31, 2023, the Group primarily sells automobiles to car dealers and individual customers through signing written sales contracts. The Group presents the revenue generated from its sales of automobiles on a gross basis as the Group is a principal based on the fact that the Group is primarily responsible for fulling the promise to deliver the specified used cars or new cars to the customers, the Group also has pricing discretion and obtains substantially all of the remaining benefits from the sale goods. Revenue is recognized at a point in time upon delivery, which usually coincide with the timing of the customer acceptance.

The following table identifies the disaggregation of the revenue for the years ended December 31, 2025, 2024 and 2023, respectively:


		For the years ended December 31,
		2025			2024			2023
Used-car sales		$	—		$	—		$	1,420
New-car wholesales			—			—			30,048
Technical services			129			—			67
Total revenues		$	129		$	—		$	31,535

Income taxes

Income taxes

The Group accounts for income taxes using the asset/liability method prescribed by ASC 740 Income Taxes. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial reporting and tax bases of assets and liabilities using enacted tax rates that will be in effect in the period in which the differences are expected to reverse. The Group records a valuation allowance to offset deferred tax assets if, based on the weight of available evidence, it is more-likely-than-not that some portion, or all, of the deferred tax assets will not be realized. The effect on deferred taxes of a change in tax rates is recognized as income or loss in the period that includes the enactment date.

The provisions of ASC 740-10-25, “Accounting for Uncertainty in Income Taxes,” prescribe a more-likely-than-not threshold for consolidated financial statement recognition and measurement of a tax position taken (or expected to be taken) in a tax return. This interpretation also provides guidance on the recognition of income tax assets and liabilities, classification of current and deferred tax assets and liabilities, accounting for interest and penalties associated with tax positions, and related disclosures. The Group’s operating subsidiaries in PRC are subject to examination by the relevant tax authorities. According to the PRC Tax Administration and Collection Law, the statute of limitations is three years if the underpayment of taxes is due to computational errors made by the taxpayer or the withholding agent. The statute of limitations is extended to five years under special circumstances, where the underpayment of taxes is more than RMB 100 ($14). In the case of transfer pricing issues, the statute of limitation is ten years. There is no statute of limitation in the case of tax evasion. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the period incurred.

As of December 31, 2025 and 2024, the Group did not have any significant unrecognized uncertain tax positions and the Group does not believe that its unrecognized tax benefits will change over the next twelve months. In addition, the Group did not have any interest or penalties associated with uncertain tax position for the years ended December 31, 2025, 2024 and 2023.

Foreign currency translation

Foreign currency translation

The reporting currency of the Group is the U.S. dollar (“USD” or “$”). The functional currency of subsidiaries located in China is the Chinese Renminbi (“RMB”), the functional currency of subsidiaries located in Hong Kong is the Hong Kong dollars (“HK dollar” or “HK$”). For the entities whose functional currency is the RMB and HK$, result of operations and cash flows are translated at average exchange rates during the period, assets and liabilities are translated at the unified exchange rate at the end of the period, and equity is translated at historical exchange rates. As a result, amounts relating to assets and liabilities reported on the statements of cash flows may not necessarily agree with the changes in the corresponding balances on the balance sheets. Translation adjustments are reported as foreign currency translation adjustment and are shown as a separate component of other comprehensive income (loss) in the consolidated statements of comprehensive loss.

Transactions denominated in foreign currencies are translated into the functional currency at the exchange rates prevailing on the transaction dates. Assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rates prevailing at the balance sheet date. Both exchanges rates were published by the Federal Reserve Board. Any transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are shown as foreign currency exchange (loss) gains in the consolidated statements of operations and comprehensive loss as incurred.

The consolidated balance sheets amount, with the exception of equity, on December 31, 2025 and December 31, 2024 were translated at RMB6.9931 to $1.00 and at RMB7.2993 to $1.00, respectively. Equity accounts were stated at their historical rates. The average translation rates applied to consolidated statements of operations and cash flows for the years ended December 31, 2025, 2024 and 2023 were RMB7.1875 to $1.00, RMB7.1957 to $1.00, and RMB7.0802 to $1.00, respectively.

Share-based compensation

Share-based compensation

Share-based payment transactions with employees, such as share options are measured based on the grant date fair value of the equity instrument. The Group recognizes the compensation costs net of estimated forfeitures using the straight-line method, over the applicable vesting period. The estimate of forfeitures will be adjusted over the requisite service period to the extent that actual forfeitures differ, or are expected to differ, from such estimates. Changes in estimated forfeitures will be recognized through a cumulative catch-up adjustment in the period of change and will also impact the amount of stock compensation expense to be recognized in future periods. Share options granted to employees with market conditions attached are measured at fair value on the grant date and are recognized as the compensation costs over the estimated requisite service period, regardless of whether the market condition has been met.

A change in any of the terms or conditions of share options is accounted for as a modification of stock options. The Group calculates the incremental compensation cost of a modification as the excess of the fair value of the modified option over the fair value of the original option immediately before its terms are modified, measured based on the share price and other pertinent factors at the modification date. For vested options, the Group recognizes incremental compensation cost in the period the modification occurred. For unvested options, the Group recognizes, over the remaining requisite service period, the sum of the incremental compensation cost and the remaining unrecognized compensation cost for the original award on the modification date.

Loss per share

Loss per share

Basic loss per share is computed by dividing net loss attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding for the period. Diluted loss per share is calculated by dividing net loss attributable to ordinary shareholders as adjusted for the effect of dilutive ordinary equivalent shares, if any, by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the period. Potentially dilutive shares are excluded from the computation if their effect is anti-dilutive.

Comprehensive loss

Comprehensive loss

Comprehensive loss is comprised of the Group’s net loss and other comprehensive income (loss). The components of other comprehensive income (loss) consist solely of foreign currency translation adjustments.

Commitments and contingencies

Commitments and contingencies

Liabilities for loss contingencies arising from claims, assessments, litigation, fines, and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. If a potential material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss if determinable and material, is disclosed. Legal costs incurred in connection with loss contingencies are expensed as incurred.

Concentration of credit risk

Concentration of credit risk

Financial instruments that potentially expose the Group to concentrations of credit risk consist primarily of cash and cash equivalent, prepayment for vehicle purchase and other receivable due from noncontrolling shareholders. The Group places its cash and cash equivalent with financial institutions with high-credit ratings and quality.

The Group’s operations are carried out in the PRC. Accordingly, our business, financial condition, and results of operations may be influenced by the political, economic, and legal environment in the PRC, and by the general state of the economy of the PRC. Our operations in the PRC are subject to specific considerations and significant risks not typically associated with companies in North America. The Group’s results may be adversely affected by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion and remittance abroad, and rates and methods of taxation, among other things. Financial instruments which potentially subject us to concentrations of credit risk consist principally of cash and cash equivalent. All of our cash is maintained with state-owned banks, commercial banks or third-party service provider certified by the People’s bank of China, such as Alipay, within the PRC. Per PRC regulations, the maximum insured bank deposit amount is RMB500 (approximately $70) for each financial institution. The Group’s total unprotected cash held in bank amounted to approximately $39 as of December 31, 2025. The Group has not experienced any losses in such accounts and believes the Group is not exposed to any risks on our cash held in bank accounts.

With regard to the prepayment for purchase of used car, the Group regularly monitor and performs inspection and counting on these noncontrolling shareholders’ cars inventory to ensure the prepayments are recoverable. Regarding the other receivable due from these noncontrolling shareholders, the Group has arrangement to hold the Group’s ordinary shares issued to these parties to ensure the repayment of majority of the balances.

There were no customers that accounted for 10% or more of total revenues for the years ended December 31, 2025, 2024 and 2023. No supplier that accounted for 10% or more of total purchase for the years ended December 31, 2025, 2024 and 2023 or 10% or more of prepaid expenses and other current assets balance as of December 31, 2025 and 2024.

Segment reporting

Segment reporting

The Group uses the management approach to determine operating segments. The management approach considers the internal organization and reporting used by the Group’s chief operating decision maker (“CODM”) for making decisions, allocating resources, and assessing performance. The Group’s CODM has been identified as the chief executive officer, who reviews consolidated results when making decisions about allocating resources and assessing performance of the Group.

The Group’s CODM reviews the consolidated financial results when making decisions about allocating resources and assessing the performance of the Group as a whole and hence, the Group has only one reportable segment. The Group operates and manages its business as a single segment. As the Group’s long-lived assets are substantially all located in the PRC and substantially all of the Group’s revenue is derived from within the PRC, no geographical segments are presented.

Recently issued accounting pronouncements

Recently issued accounting pronouncements

On December 17, 2025, the FASB issued ASU 2025 - 12, which is to correct, clarify, and otherwise improve U.S. GAAP. ASU 2025 - 12 includes 33 improvements that span a wide range of topics, including Clarifying diluted earnings per share (EPS) calculation when a loss from continuing operations exists, Clarifying disclosure requirements for lease receivables from sales - type or direct financing leases, Revising the calculation of the reference amount for beneficial interests to prevent double counting credit losses, Clarifying the permissible methods to account for treasury stock retirements, and Clarifying the guidance for transfers of receivables from contracts with customers. The amendments in this Update are effective for all entities for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. Early adoption is permitted in both interim and annual reporting periods in which financial statements have not yet been issued or made available for issuance. If an entity adopts the amendments in this Update in an interim period, it must adopt them as of the beginning of the annual reporting period that includes that interim reporting period. An entity may elect to early adopt the amendments on an issue - by - issue basis. For example, an entity may decide to early adopt certain amendments and adopt the remaining amendments at the effective date. An entity should apply the amendments in this Update (except for the amendments to Topic 260, Earnings Per Share, related to Issue 4) using one of the following transition methods: (i) Prospectively to all transactions recognized on or after the date that the entity first applies the amendments, or (ii) Retrospectively to the beginning of the earliest comparative period presented. An entity should adjust the opening balance of retained earnings (or other appropriate components of equity or net assets in the statement of financial position) as of the beginning of the earliest comparative period presented. The Company is currently evaluating these new disclosure requirements and does not expect the adoption to have a material impact.

On December 8, 2025, the FASB issued ASU 2025 - 11, which is intended to improve the navigability of the guidance in ASC 270 and clarify when it applies. Under the amendments, an entity is subject to ASC 270 if it provides “interim financial statements and notes in accordance with GAAP.” The ASU also addresses the form and content of such financial statements, adds lists to ASC 270 of the interim disclosures required by all other Codification topics, and establishes a principle under which an entity must “disclose events since the end of the last annual reporting period that have a material impact on the entity.” For public business entities, the amendments in ASU 2025 - 11 are effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. For all other entities, the amendments in ASU 2025 - 11 are effective for interim reporting periods within annual reporting periods beginning after December 15, 2028. Early adoption is permitted for all entities. The Company is currently evaluating these new disclosure requirements and does not expect the adoption to have a material impact.

On July 30, 2025, the FASB issued ASU 2025 - 05, which amends ASC 326 - 20 to provide a practical expedient for all entities which elect a practical expedient that assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset in developing reasonable and supportable forecasts as part of estimating expected credit losses, and an accounting policy election for all entities, other than a public business entity, that elect the practical expedient related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under ASC 606. Under ASU 2025 - 05, an entity is required to disclose whether it has elected to use the practical expedient and, if so, whether it has also applied the accounting policy election. An entity that makes the accounting policy election is required to disclose the date through which subsequent cash collections are evaluated. ASU 2025 - 05 is effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods, with early adoption permitted. Entities should apply the new guidance prospectively. The Company is currently evaluating these new disclosure requirements and does not expect the adoption to have a material impact.

In January 2025, the FASB issued ASU 2025 - 01, “Income Statement - Comprehensive Income - Expense Disaggregation Disclosure (Subtopic 220 - 40): Clarifying the Effective Date.” This pronouncement revises the effective date of ASU 2024 - 03 and clarify that all public business entities are required to adopt the guidance in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Entities within the ASU’s scope are permitted to early adopt the accounting standard update. The Company is currently evaluating these new disclosure requirements and does not expect the adoption to have a material impact.

In November 2024, the FASB issued ASU 2024 - 03, “Income Statement - Reporting Comprehensive Income (Subtopic 220 - 40): Disaggregation of Income Statement Expenses.” This pronouncement introduces new disclosure requirements aimed at enhancing transparency in financial reporting by requiring disaggregation of specific income statement expense captions. Under the new guidance, entities are required to disclose a breakdown of certain expense categories, such as: employee compensation; depreciation; amortization, and other material components. The disaggregated information can be presented either on the face of the income statement or in the notes to the financial statements, often using a tabular format. The ASU is effective for fiscal years beginning after December 15, 2025, and interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating these new disclosure requirements and does not expect the adoption to have a material impact.

In March 2024, the FASB issued ASU 2024 - 02, “Codification Improvements - Amendments to Remove References to the Concept Statements” (“ASU 2024 - 02”). ASU 2024 - 02 contains amendments to the FASB Accounting Standards Codification that remove references to various FASB Concepts Statements. In most instances, the references are extraneous and not required to understand or apply the guidance. In other instances, the references were used in prior Statements to provide guidance in certain topical areas. ASU 2024 - 02 is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the potential impact of adopting this guidance on financial statements requirements and does not expect the adoption to have a material impact.

In December 2023, the FASB issued ASU 2023-09, which is an update to Topic 740, Income Taxes. The amendments in this update related to the rate reconciliation and income taxes paid disclosures improve the transparency of income tax disclosures by requiring (1) adding disclosures of pretax income (or loss) and income tax expense (or benefit) to be consistent with U.S. Securities and Exchange Commission (the “SEC”) Regulation S-X 210.4-08(h), Rules of General Application — General Notes to Financial Statements: Income Tax Expense, and (2) removing disclosures that no longer are considered cost beneficial or relevant. For public business entities, the amendments in this Update are effective for annual periods beginning after December 15, 2024. For entities other than public business entities, the amendments are effective for annual periods beginning after December 15, 2025. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments in this update should be applied on a prospective basis. Retrospective application is permitted. The Group does not plan to early adopt ASU 2023-09 and is evaluating the impact of adoption of ASU 2023-09 on the consolidated financial statements.

In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements — Codification Amendments in Response to SEC’s Disclosure Update and Simplification Initiative which amend the disclosure or presentation requirements of codification subtopic 230-10 Statement of Cash Flows — Overall, 250-10 Accounting Changes and Error Corrections — Overall, 260-10 Earnings Per Share — Overall, 270-10 Interim Reporting — Overall, 440-10 Commitments — Overall, 470-10 Debt — Overall, 505-10 Equity — Overall, 815-10 Derivatives and Hedging — Overall, 860-30 Transfers and Servicing — Secured Borrowing and Collateral, 932-235 Extractive Activities — Oil and Gas — Notes to Financial Statements, 946-20 Financial Services — Investment Companies — Investment Company Activities, and 974-10 Real Estate — Real Estate Investment Trusts — Overall. The amendments represent changes to clarify or improve disclosure and presentation requirements of the above subtopics. Many of the amendments allow users to more easily compare entities subject to the SEC’s existing disclosures with those entities that were not previously subject to the SEC’s requirements. Also, the amendments align the requirements in the codification with the SEC’s regulations. For entities subject to existing SEC disclosure requirements or those that must provide financial statements to the SEC for securities purposes without contractual transfer restrictions, the effective date aligns with the date when the SEC removes the related disclosure from Regulation S-X or Regulation S-K. Early adoption is not allowed. For all other entities, the amendments will be effective two years later from the date of the SEC’s removal.

The Group does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the unaudited condensed consolidated balance sheets, unaudited condensed consolidated statements of income and comprehensive income and unaudited condensed consolidated statements of cash flows.

EQUITY (Tables)

12 Months Ended

Dec. 31, 2025

EQUITY

Schedule of fair value measurement inputs and valuation techniques


		As of November 7, 2023
		2023 Warrant
Risk-free rate of return			4.37	%
Estimated volatility rate			53.29	%
Dividend yield			0	%
Spot price of underling ordinary share			1,584
Exercise price		$	3,240
Fair value of warrant		$	926

ACQUISITION OF ZHEJIANG ORDINARY SMILE (Tables)

12 Months Ended

Dec. 31, 2025

Zhejiang Ordinary Smile Auto Sales Co Ltd

Business Acquisition [Line Items]

Schedule of fair value of major classes of assets acquired and liabilities assumed which comprised of net tangible assets


	December 2,
	2025
Customer relationship	$	10,100
Goodwill		21,237
Deferred tax liabilities		(2,525)
Total purchase consideration	$	28,812

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

RELATED PARTY TRANSACTIONS AND BALANCES (Tables)

12 Months Ended

Dec. 31, 2025


Name		Relationship
Mr. Lin Mingjun (“Mr. Lin”)		A controlling shareholder and chief executive officer of the Group
Mrs. Yang Yi (“Mrs. Yang”)		Chief financial officer of the Group


	As of December 31,
	2025		2024
Mr. Lin		222		171
Mrs. Yang		11		151
Others		—		33
	$	233	$	355

LONG-TERM INVESTMENT (Tables)

12 Months Ended

Dec. 31, 2025

LONG-TERM INVESTMENT

Schedule of long-term investment


	As of December 31,
	2025		2024
Investment in Anhui Kaixin New Energy Vehicle Co., Ltd. (“Anhui Kaixin”)	$	393	$	393
Less: share of equity loss		(41)		—
	$	352	$	393

INTANGIBLE ASSETS, NET (Tables)

12 Months Ended

Dec. 31, 2025

INTANGIBLE ASSETS, NET

Schedule of intangible assets, net


		As of December 31,
		2025			2024
Trademark identified in reverse acquisition (1)		$	15,100		$	15,100
Technology identified in acquisition of Morning Star (Note 4) (2)			13,972			13,972
Customer relationship (3)			10,100			—
Software			70			68
Total			39,242			29,140
Less: Accumulated amortization			(12,235)			(8,427)
Less: Accumulated impairment loss			(16,946)			—
Intangible assets, net		$	10,061		$	20,713

(1)	The trademark was identified in reverse acquisition of KAH with Haitaoche on June 25, 2021. The Group provided full impairment of $8,305 against the trademark. As of December 31, 2025, the trademark was $nil.

(2)	The technology was identified in acquisition of Morning Star on August 23, 2023. The Group provided full impairment of $8,641 against the technology. As of December 31, 2025, the technology was $nil.

(3)	The customer relationship was identified in acquisition of Zhejiang Ordinary Smile on December 1, 2025. As of December 31, 2025, the customer relationship had remaining useful life of 10 years.

Schedule of amortization amount of intangible asset

The following is a schedule, by fiscal years, of amortization amount of intangible asset as of December 31, 2025:


2026	$	2,027
2027		2,027
2028		2,027
2029		2,027
2030 and thereafter		1,953
Total	$	10,061

INCOME TAXES - Movements of valuation allowances (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Rollforward of valuation allowances of deferred tax assets
Balance as of beginning of year	$ 9,279	$ 9,180	$ 1,061
Current year addition	466	407	8,455
Decrease in disposal of subsidiaries	(531)	(239)
Exchange rate effect	580	(69)	(336)
Balance as of the end of the year	$ 9,794	$ 9,279	$ 9,180

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2025

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation and principles of consolidation

The consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”).

The consolidated financial statements include the financial statements of the Group and its subsidiaries. All inter-company transactions and balances have been eliminated upon consolidation.

Non-controlling interests

Going concern and liquidity

Business combinations

2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Use of estimates

Fair value measurement

●	Level 1 — inputs are based upon unadjusted quoted prices for identical assets or liabilities traded in active markets.

●

Assets measured at fair value on a recurring basis

2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Assets measured at fair value on a nonrecurring basis

For the year ended December 31, 2025, the Group recognized intangible assets arising from business combination with Zhejiang Ordinary Smile at fair value of $11,010.

Warrant

Cash and cash equivalents

2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Prepayment for vehicle purchase and other assets

Inventory

Property and equipment, net


		Estimated Useful Life
Computer equipment and application software		2 - 3 Years
Furniture and vehicles		5 Years

2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Intangible assets, net


		Estimated Useful Life
Software		10 Years
Trademark		10 Years
Customer relationship		10 Years
Technology		4.3 Years - 6.3 Years

Goodwill

Goodwill represents the excess of the purchase price over the fair value of identifiable net assets acquired in business combinations.

2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Long-term investment

Impairment of long-lived assets

Operating lease right-of -use assets

The Group leases premises for offices under non-cancellable operating leases.

2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Convertible notes

Value added tax

The Group reports revenue net of PRC’s VAT for all the periods presented in the consolidated statements of operations.

Revenue recognition

Step 1: Identify the contract with the customer

Step 2: Identify the performance obligations in the contract

Step 3: Determine the transaction price

Step 4: Allocate the transaction price to the performance obligations in the contract

Step 5: Recognize revenue when the Group satisfies a performance obligation

The following table identifies the disaggregation of the revenue for the years ended December 31, 2025, 2024 and 2023, respectively:


		For the years ended December 31,
		2025			2024			2023
Used-car sales		$	—		$	—		$	1,420
New-car wholesales			—			—			30,048
Technical services			129			—			67
Total revenues		$	129		$	—		$	31,535

2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Income taxes

Foreign currency translation

2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Share-based compensation

Loss per share

Comprehensive loss

Commitments and contingencies

2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Concentration of credit risk

Segment reporting

2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Recently issued accounting pronouncements

2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Recently issued accounting pronouncements (cont.)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2025

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Schedule of estimated useful lives of property and equipment


		Estimated Useful Life
Computer equipment and application software		2 - 3 Years
Furniture and vehicles		5 Years

Schedule of estimated useful lives of intangible assets


		Estimated Useful Life
Software		10 Years
Trademark		10 Years
Customer relationship		10 Years
Technology		4.3 Years - 6.3 Years

Schedule of disaggregation of revenue


		For the years ended December 31,
		2025			2024			2023
Used-car sales		$	—		$	—		$	1,420
New-car wholesales			—			—			30,048
Technical services			129			—			67
Total revenues		$	129		$	—		$	31,535

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2025

INCOME TAXES

Schedule of current and deferred component of income tax expenses (benefit)


	For the years ended December 31,
	2025			2024			2023
Current income tax expense	$	—		$	—		$	(1)
Deferred income tax benefit		2,733			931			229
Total income tax benefit	$	2,733		$	931		$	228

Schedule of reconciliations of statutory income tax rate and the Group's effective income tax rate


		For the years ended December 31,
		2025			2024			2023
Net loss before provision for income taxes		$	56,641		$	41,911		$	53,782
PRC statutory tax rate			25	%		25	%		25	%
Income tax at statutory tax rate			14,160			10,477			13,446
Fair value change on warrants			5			53			(52)
Non-deductible loss and SBC expenses not deductible for tax purposes			(6,397)			(2,818)			(3,075)
Effect of income tax rate differences in jurisdictions other than the PRC			(4,574)			(6,378)			(1,636)
NOL not applicable for carryforward			—			4			—
Change in valuation allowance			(461)			(407)			(8,455)
Income tax benefit		$	2,733		$	931		$	228
Effective tax rates			4.83	%		2.22	%		0.42	%

Schedule of principal components of the deferred tax assets and liabilities


	As of December 31,
	2025			2024
Deferred tax assets:
Write-down of prepaid expenses and other current assets	$	8,027		$	8,028
Net operating loss carry forwards		1,767			1,251
Sub-total		9,794			9,279
Deferred tax liabilities:
Intangible assets acquired in business combination		(2,125)			(2,333)

Less: valuation allowance		(9,794)			(9,279)
Deferred tax liabilities, net	$	(2,125)		$	(2,333)

Summary of movements of the valuation allowance


		For the years ended December 31,
		2025		2024		2023
Balance at the beginning of the year		$	9,279	$	9,180	$	1,061
Current year addition			466		407		8,455
Decrease in disposal of subsidiaries			(531)		(239)		—
Exchange rate effect			580		(69)		(336)
Balance at the end of the year		$	9,794	$	9,279	$	9,180

CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY (Tables)

12 Months Ended

Dec. 31, 2025

CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY

Schedule of CONDENSED PARENT COMPANY BALANCE SHEETS


		As of December 31,
		2025			2024
ASSETS
Cash and cash equivalents		$	673		$	1,968
Other receivables, net			—			—
Amounts due from related parties			95,149			57,589
Total assets		$	95,822		$	59,557

LIABILITIES AND SHAREHOLDERS’ EQUITY
Accrued expenses and other current liabilities		$	6,012		$	5,138
Amounts due to related parties			—			—
Convertible note			—			635
Deficits in investment in subsidiaries			67,882			40,589
Warrant liabilities			—			22
Total liabilities			73,894			46,384

Shareholders’ equity
Class A Ordinary Shares (par value of $1.35 per shares; 1,015,049,250 shares authorized, 21,279,792 and 182,972 shares issued and outstanding as of December 31, 2025 and 2024, respectively)			28,728			247
Class B Ordinary Shares (par value of $1.35 per shares; 100,000,000 shares authorized, 2,170,001 and 36,667 shares issued and outstanding as of December 31, 2025 and 2024, respectively)			2,930			50
Series D convertible preferred shares (par value of $0.0001, 6,000 shares and 6,000 shares authorized, issued and outstanding as of December 31, 2025 and 2024, respectively.)			1			1
Series F convertible preferred shares (par value of 0.00005, 50,005 shares authorized, 30,500 and 42,500 shares issued and outstanding as of December 31, 2025 and 2024, respectively)			—			1
Series G convertible preferred shares (par value of 0.00075, 50,000 shares and 50,000 shares authorized, 12,800 and 12,800 shares issued and outstanding as of December 31, 2025 and 2024, respectively)			1			1
Series H convertible preferred shares (par value of 0.00075, 50,000 shares and 50,000 shares authorized, 7,366 and 7,366 shares issued and outstanding as of December 31, 2025 and 2024, respectively)			1			1
Series I convertible preferred shares (par value of 0.00075, 50,000 shares and 50,000 shares authorized, 10,000 and nil shares issued and outstanding as of December 31, 2025 and 2024, respectively)			—			—
Additional paid-in capital			437,639			406,344
Subscription receivable			(17,900)			(17,900)
Statutory reserve			8			8
Accumulated deficit			(431,450)			(377,543)
Accumulated other comprehensive income			1,970			1,963
TOTAL KAIXIN HOLDINGS’ SHAREHOLDERS’ EQUITY			21,928			13,173
TOTAL LIABILITIES AND EQUITY		$	95,822		$	59,557

Schedule of CONDENSED PARENT COMPANY STATEMENTS OF OPERATIONS


		For the years ended December 31,
		2025		2024		2023
Operating expenses:
Share of loss of subsidiaries		$	(27,292)	$	(28,151)	$	(40,402)
General and administrative expenses			(26,609)		(12,817)		(13,140)
Other expenses			(6)		(13)		(12)
Loss Before Income Tax Expenses			(53,907)		(40,981)		(53,554)
Income tax expenses			—		—		—
Net Loss			(53,907)		(40,981)		(53,554)

Schedule of CONDENSED PARENT COMPANY STATEMENTS OF CASH FLOWS


		For the years ended December 31,
		2025		2024		2023
Cash flows used in operating activities		$	(1,235)	$	(2,119)	$	(1,016)
Cash flows provided by investing activities			—		—		—
Cash flows (used in) provided by financing activities			(60)		3,917		1,015
Net (decrease) increase in cash, cash equivalents and restricted cash			(1,295)		1,798		(1)
Cash, cash equivalents and restricted cash, at beginning of year			1,968		170		171
Cash, cash equivalents and restricted cash, at end of year		$	673	$	1,968	$	170

Cybersecurity Risk Management and Strategy Disclosure

12 Months Ended

Dec. 31, 2025

Cybersecurity Risk Management, Strategy, and Governance [Line Items]

Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]

Cybersecurity Risk Management and Strategy

We have developed and implemented a cybersecurity risk management program intended to protect the confidentiality, integrity, and availability of our critical systems and information.

Our cybersecurity risk management aligns with and shares common methodologies and reporting channels with our broader risk management.

Key features of our cybersecurity risk management program include, but are not limited to, the following:

●

risk assessments designed to help identify material cybersecurity risks to our critical systems, information, products, services, and our broader enterprise IT Systems environment;

●

a security team principally responsible for managing (1) our cybersecurity risk assessment processes, (2) our security controls, and (3) our response to cybersecurity incidents;

●

processes for monitoring for vulnerabilities of our technology which includes code review (as necessary), testing and analysis of software across the software lifecycle;

●

the use of external service providers, where appropriate, to assess, test or otherwise assist with aspects of our security controls;

●

physical and technical security measures, including encryption, authentication, and access controls;

●

cybersecurity awareness training and internal cybersecurity resources for our employees; and

●

a cybersecurity incident response plan that includes procedures for responding to cybersecurity incidents.

We have not identified risks from known cybersecurity threats, including as a result of any prior cybersecurity incidents, that have materially affected us, including our operations, business strategy, results of operations, or financial condition. We face risks from cybersecurity threats that, if realized, are reasonably likely to materially affect us, including our operations, business strategy, results of operations, or financial condition. See “Item 3. Key Information—D. Risk Factors — Risks Relating to Our Business — Cybersecurity incidents, including data security breaches or computer viruses, could harm our business by disrupting our delivery of services, damaging our reputation or exposing us to liability.”

Cybersecurity Risk Management Processes Integrated [Flag]

true

Cybersecurity Risk Management Processes Integrated [Text Block]

Key features of our cybersecurity risk management program include, but are not limited to, the following:

●

risk assessments designed to help identify material cybersecurity risks to our critical systems, information, products, services, and our broader enterprise IT Systems environment;

●

a security team principally responsible for managing (1) our cybersecurity risk assessment processes, (2) our security controls, and (3) our response to cybersecurity incidents;

●

processes for monitoring for vulnerabilities of our technology which includes code review (as necessary), testing and analysis of software across the software lifecycle;

●

the use of external service providers, where appropriate, to assess, test or otherwise assist with aspects of our security controls;

●

physical and technical security measures, including encryption, authentication, and access controls;

●

cybersecurity awareness training and internal cybersecurity resources for our employees; and

●

a cybersecurity incident response plan that includes procedures for responding to cybersecurity incidents.

Cybersecurity Risk Management Third Party Engaged [Flag]

true

Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]

true

Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]

false

Cybersecurity Risk Board of Directors Oversight [Text Block]

Our board of directors considers cybersecurity risk as part of its risk oversight function and undertakes overall risk management, including oversight of cybersecurity and other information technology risks.

Our board of directors receives quarterly reports from management on our cybersecurity risks. In addition, management updates our board of directors, as necessary, regarding any significant cybersecurity incidents. Our board of directors also receives briefings from management on our cyber risk management program.

Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]

board of directors

Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]

Cybersecurity Risk Role of Management [Text Block]

Our management has primary responsibility for our overall cybersecurity risk management program and supervises our internal cybersecurity personnel. Our management and the security team, including our chief financial officer and information technology director, are responsible for assessing and managing our material risks from cybersecurity threats. Our team’s experience includes over twenty years of expertise in the IT and cybersecurity fields and extensive connections with IT professionals and service providers.

Our management oversees efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which may include briefings from internal security personnel; information obtained from governmental, public or private sources; and alerts and reports produced by security tools deployed in our IT Systems environment.

Cybersecurity Risk Management Positions or Committees Responsible [Flag]

true

Cybersecurity Risk Management Positions or Committees Responsible [Text Block]

Cybersecurity Risk Management Expertise of Management Responsible [Text Block]

Our team’s experience includes over twenty years of expertise in the IT and cybersecurity fields and extensive connections with IT professionals and service providers.

Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]

Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]

true

EQUITY - Warrants (Details) - $ / shares	Nov. 07, 2023	Dec. 31, 2025	Dec. 01, 2025	Nov. 30, 2025	Dec. 31, 2024	Oct. 26, 2024	Oct. 25, 2024	Oct. 24, 2024	Nov. 11, 2023	Sep. 15, 2023	Sep. 14, 2023	Sep. 13, 2023	Dec. 29, 2020
Equity
Exercise price of warrants													$ 5,400
Ordinary shares, par value (in dollars per share)			$ 1.35	$ 0.045			$ 0.045	$ 0.00075			$ 0.00075	$ 0.00005
Class A Ordinary Shares
Equity
Ordinary shares, par value (in dollars per share)		$ 1.35	$ 1.35		$ 1.35	$ 0.045	$ 0.00075			$ 0.00075	$ 0.00075
Purchase Agreement
Equity
Exercise price of warrants													$ 3
Purchase Agreement \| Investor
Equity
Exercise price of warrants									$ 3,240
Shares Issued Price Per Share									3,240
Purchase Agreement \| Investor \| Class A Ordinary Shares
Equity
Issuance of preferred shares (in shares)	5,833
Ordinary shares, par value (in dollars per share)	$ 1.35
Shares Issued Price Per Share	$ 1,566								1,944
Number of shares issued to each investor	1,944
2023 Warrants \| Purchase Agreement \| Investor
Equity
Exercise price of warrants									$ 1,800
Warrant share issued	58,333
2023 Warrants \| Purchase Agreement \| Investor \| Class A Ordinary Shares
Equity
Warrant share issued	5,833

ACQUISITION OF MORNING STAR (Details) $ in Thousands	Aug. 22, 2023 USD ($) $ / ¥ shares	Dec. 31, 2025 ¥ / $	Dec. 31, 2024 ¥ / $
ACQUISITION OF MORNING STAR
Foreign currency exchange rate \| ¥ / $		6.9931	7.2993
Morning Star
ACQUISITION OF MORNING STAR
Shares issued as consideration	1,111,111
Fair value of share consideration \| $	$ 49,100
Foreign currency exchange rate \| $ / ¥	7.293
Morning Star \| Class A Ordinary Shares
ACQUISITION OF MORNING STAR
Shares issued as consideration	3,703
Morning Star \| Morning Star
ACQUISITION OF MORNING STAR
Percentage of ownership	100.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

INTANGIBLE ASSETS, NET (Details) - USD ($) $ in Thousands	12 Months Ended
INTANGIBLE ASSETS, NET (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets, Net
Intangible assets gross	$ 39,242	$ 29,140
Less: Accumulated amortization	(12,235)	(8,427)
Less: Accumulated impairment loss	(16,946)
Intangible assets, net	10,061	20,713
Impairment of intangible assets	16,946	0	$ 0
Amortization expense	3,807	3,723	$ 2,436
Trademark identified in reverse acquisition \| Haitaoche
Finite-Lived Intangible Assets, Net
Intangible assets gross	15,100	15,100
Trademark identified in reverse acquisition \| Morning Star
Finite-Lived Intangible Assets, Net
Impairment of intangible assets	8,305
Technology identified in acquisition of Morning Star \| Morning Star
Finite-Lived Intangible Assets, Net
Intangible assets gross	13,972	13,972
Intangible assets, net	0
Impairment of intangible assets	8,641
Customer relationship \| Zhejiang Ordinary Smile Auto Sales Co Ltd
Finite-Lived Intangible Assets, Net
Intangible assets gross	$ 10,100
Remaining useful life	10 years
Software
Finite-Lived Intangible Assets, Net
Intangible assets gross	$ 70	$ 68

SHARE-BASED COMPENSATION

12 Months Ended

Dec. 31, 2025

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION

16.SHARE-BASED COMPENSATION

Restricted shares

For the years ended December 31, 2025, 2024 and 2023, the board of directors of KAH approved certain incentive plans to grant restricted shares to the management and employees of the Group.

On March 13, 2023, the board of directors of KAH approved the Kaixin 2023 Plan. The maximum number of ordinary shares that may be delivered pursuant to awards granted under the Kaixin 2023 Plan is 1,463 Class A Ordinary Shares (after giving effects to the 2023 Share Consolidation, 2024 Share Consolidation and 2025 Share consolidation). As of December 31, 2025 and 2024, the Group has granted 1,463 restricted shares (after giving effects to the 2023 Share Consolidation, 2024 Share Consolidation and 2025 Share consolidation) under the Kaixin 2023 Plan.

On January 9, 2024, the board of directors of KAH approved the Kaixin 2024 Plan. On October 15, 2024, the board of directors of KAH approved the amendment of Kaixin 2024 Plan. The maximum number of ordinary shares that may be delivered pursuant to awards granted under the Kaixin 2024 Plan is 571,111 Class A Ordinary Shares and 167,222 Class B Ordinary Shares (after giving effects to the 2023 Share Consolidation, 2024 Share Consolidation and 2025 Share consolidation). As of December 31, 2025 and 2024, the Group has granted 2,355,059 Class A Ordinay Shares and 170,001 Class B Ordinay Shares (after giving effects to the 2023 Share Consolidation, 2024 Share Consolidation and 2025 Share consolidation) under the Kaixin 2024 Plan. As of December 31, 2024, the Group has granted 78,502 Class A Ordinay Shares and 36,666 Class B Ordinay Shares (after giving effects to the 2023 Share Consolidation, 2024 Share Consolidation and 2025 Share consolidation) under the Kaixin 2024 Plan.

16.SHARE-BASED COMPENSATION (CONTINUED)

Restricted shares (cont.)

The estimated fair value of restricted shares granted under Kaixin 2023 Plan and Kaixin 2024 Plan were the closing prices prevailing on each grant date. A summary of the nonvested restricted shares activity as of December 31, 2025 and 2024 is as follows:


					Weighted average fair value
		Number of nonvested			per ordinary share
		restricted shares			at the grant dates
Unvested as of December 31, 2023		$	106		$	41,922
Granted			115,169		$	904.5
Vested			(115,169)		$	904.5
Unvested as of December 31, 2024		$	106		$	41,922
Forfeited			—		$	—
Granted			3,592,183		$	9.80
Vested			(3,592,183)		$	9.80
Unvested as of December 31, 2025		$	106		$	41,922

As of December 31, 2025, there was approximately $1,181 of total unrecognized compensation cost related to unvested restricted shares. The unrecognized compensation costs are expected to be recognized over a weighted average period of 2.10 years. For the years ended December 31, 2025, 2024 and 2023, the total fair value of vested shares was $25,405, $10,856 and $11,897, respectively, which was charged to general and administrative expenses on the consolidated statements and operations.

SHARE-BASED COMPENSATION - Restricted Shares Narrative (Details) - Restricted Stock - shares			12 Months Ended
	Oct. 15, 2024	Mar. 13, 2023	Dec. 31, 2025	Dec. 31, 2024
Kaixin 2023 Plan \| Class A Ordinary Shares
SHARE-BASED COMPENSATION
Awards granted		1,463	1,463	1,463
Kaixin 2024 Plan \| Class A Ordinary Shares
SHARE-BASED COMPENSATION
Awards granted	571,111		2,355,059	78,502
Kaixin 2024 Plan \| Class B Ordinary Shares
SHARE-BASED COMPENSATION
Awards granted	167,222		170,001	36,666

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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+ Details

LEASE (Tables)

12 Months Ended

Dec. 31, 2025

LEASE

Summary of supplemental balance sheet information related to operating lease


	As of December 31,
	2025		2024
Right-of-use assets	$	108	$	255

Lease liabilities current		94		141
Lease liabilities non-current		—		90
Total operating lease liabilities	$	94	$	231

Summary of weighted average remaining lease terms and discount rates for the operating lease


	As of December 31,
	2025		2024
Remaining lease term and discount rate:
Weighted average remaining lease term (years)	1.00		2.00
Weighted average discount rate	11.50	%	11.50	%

ACQUISITION OF ZHEJIANG ORDINARY SMILE (Details) - Dec. 02, 2025 $ in Thousands	CNY (¥) tranche shares	USD ($) tranche shares
December 1, 2025 to November 30, 2026 Tranche
Business Acquisition [Line Items]
Business combination, threshold audited revenue	¥ 665,000,000
December 1, 2026 to November 30, 2027 Tranche
Business Acquisition [Line Items]
Business combination, threshold audited revenue	732,000,000
December 1, 2027 to November 30, 2028 Tranche
Business Acquisition [Line Items]
Business combination, threshold audited revenue	805,000,000
December 1, 2028 to November 30, 2029 Tranche
Business Acquisition [Line Items]
Business combination, threshold audited revenue	885,000,000
December 1, 2029 to November 30, 2030 Tranche
Business Acquisition [Line Items]
Business combination, threshold audited revenue	¥ 974,000,000
Zhejiang Ordinary Smile Auto Sales Co Ltd
Business Acquisition [Line Items]
Equity interest subscribed	100.00%	100.00%
Business combination, number of tranches \| tranche	5	5
Business combination, period of performance target	5 years	5 years
Business combination, percentage of shares per assessment period	20.00%	20.00%
Business combination, excess performance threshold percentage	50.00%	50.00%
Consideration transferred \| $		$ 28,812
Zhejiang Ordinary Smile Auto Sales Co Ltd \| Class A Ordinary Shares
Business Acquisition [Line Items]
Shares issued as consideration \| shares	15,000,000	15,000,000

ORGANIZATION AND PRINCIPAL ACTIVITIES - Disposition of subsidiaries (Details) - USD ($)	Dec. 05, 2024	Nov. 08, 2024	Aug. 22, 2024	May 27, 2024	Feb. 02, 2023	Dec. 31, 2023	Jun. 30, 2023
Kaixin Manman
ORGANIZATION AND PRINCIPAL ACTIVITIES
Total consideration				$ 16,000
Percentage of Ownership after disposal				0.00%
Wuhan Jieying Chimei Automobile Sales Co., Ltd. ("Wuhan Jieying")
ORGANIZATION AND PRINCIPAL ACTIVITIES
Total consideration			$ 0
Percentage of Ownership after disposal			0.00%
Chongqing Jieying Shangyue Automobile Sales Co., Ltd. ("Chongqing Jieying")
ORGANIZATION AND PRINCIPAL ACTIVITIES
Total consideration		$ 0
Percentage of Ownership after disposal		0.00%
Anhui Kaixin New Energy Vehicle Co., Ltd.
ORGANIZATION AND PRINCIPAL ACTIVITIES
Total consideration	$ 0
Percentage of Ownership after disposal	33.298%
Morning Star
ORGANIZATION AND PRINCIPAL ACTIVITIES
Total consideration	$ 0
Percentage of Ownership after disposal	0.00%
Karui \| Scytech Limited
ORGANIZATION AND PRINCIPAL ACTIVITIES
Payment of liabilities due					$ 2,700,000
Disposal Group \| Zhejiang Taohaoche
ORGANIZATION AND PRINCIPAL ACTIVITIES
Total consideration					2,700,000
Disposal Group \| Zhejiang Taohaoche \| Karui
ORGANIZATION AND PRINCIPAL ACTIVITIES
Total consideration					$ 2,700,000
Percentage of ownership sold					100.00%
Disposal Group \| Kaixin Auto Group ("KAG")
ORGANIZATION AND PRINCIPAL ACTIVITIES
Total consideration							$ 4,158,000
Disposal Group \| Kaixin Auto Group ("KAG") \| Accrued expenses and other current liabilities
ORGANIZATION AND PRINCIPAL ACTIVITIES
Total consideration						$ 4,158,000

LEASE

12 Months Ended

Dec. 31, 2025

LEASE

LEASE

9.LEASE

The Group leases offices space under one non-cancelable operating lease with lease term of five years. The Group considers those renewal or termination options that are reasonably certain to be exercised in the determination of the lease term and initial measurement of right of use assets and lease liabilities. Lease expense for lease payment is recognized on a straight-line basis over the lease term. Leases with initial term of 12 months or less are not recorded on the balance sheet.

The Group determines whether a contract is or contains a lease at inception of the contract and whether that lease meets the classification criteria of a finance or operating lease. When available, the Group uses the rate implicit in the lease to discount lease payments to present value; however, most of the Group’s leases do not provide a readily determinable implicit rate. Therefore, the Group discount lease payments based on an estimate of its incremental borrowing rate.

The Group’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.

Supplemental balance sheet information related to operating lease was as follows:


	As of December 31,
	2025		2024
Right-of-use assets	$	108	$	255

Lease liabilities current		94		141
Lease liabilities non-current		—		90
Total operating lease liabilities	$	94	$	231

9.LEASE (CONTINUED)

The weighted average remaining lease terms and discount rates for the operating lease as of December 31, 2025 were as follows:


	As of December 31,
	2025		2024
Remaining lease term and discount rate:
Weighted average remaining lease term (years)	1.00		2.00
Weighted average discount rate	11.50	%	11.50	%

For the years ended December 31, 2025, 2024 and 2023, operating lease asset of $nil, $nil and $328 was obtained in exchange for operating lease liabilities, respectively. During the years ended December 31, 2025, 2024 and 2023, the Group incurred total operating lease expenses of $161, $158 and $160, respectively.

LOSS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2025

LOSS PER SHARE

Schedule of computation of basic and diluted net loss per ordinary share


		For the years ended December 31,
		2025			2024			2023
Net Loss Attributable to Kaixin’s Shareholders		$	(53,907)		$	(40,972)		$	(53,563)

Loss Per Share
Basic and diluted		$	(24.20)		$	(781.64)		$	(4,213.21)
Weighted Average Shares Used in Calculating Net Loss Per Share
Basic and diluted			2,227,765			52,418			12,713

DISPOSAL OF SUBSIDIARIES - Carrying amount of major classes of assets and liabilities of disposal subsidiaries - Kaixin Daman (Details) - Disposal Group - USD ($) $ in Thousands	1 Months Ended
	Jul. 31, 2024	Dec. 31, 2024
Kaixin Daman
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration	$ 16
Non-controlling interest	3,330
Additional paid-in capital	12,187
Cash	24
Prepayment for vehicle purchase and other current assets, net	39
Due from related parties	1,415
Goodwill	38,201
Accounts payable	(92)
Income tax payable	(684)
Due to related parties	(802)
Accrual expenses and other current liabilities	(675)
Foreign exchange adjustment	1,006
Net assets	38,432
Loss on disposal of subsidiaries	$ 22,899
Kaixin Manman
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration		$ 16
Wuhan Jieying, Chongqing Jieying and Morning Star
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration		$ 0

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property and equipment net, Goodwill and Intangible assets, net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 02, 2025	Aug. 22, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Impairment of intangible assets	$ 16,946	$ 0	$ 0
Goodwill	21,237
Morning Star
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Goodwill		$ 0	$ 38,201		$ 38,201
Zhejiang Ordinary Smile Auto Sales Co Ltd
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Goodwill	$ 21,237			$ 21,237
Software
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Estimated useful life of Intangible assets	10 years
Trademark
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Estimated useful life of Intangible assets	10 years
Impairment of intangible assets	$ 8,305
Customer relationship
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Estimated useful life of Intangible assets	10 years
Technology
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Impairment of intangible assets	$ 8,641
Technology \| Minimum
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Estimated useful life of Intangible assets	4 years 3 months 18 days
Technology \| Maximum
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Estimated useful life of Intangible assets	6 years 3 months 18 days
Computer equipment and application software \| Minimum
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Estimated useful lives	2 years
Computer equipment and application software \| Maximum
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Estimated useful lives	3 years
Furniture and vehicles
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Estimated useful lives	5 years

DISPOSAL OF SUBSIDIARIES - Net assets and gain on disposal of Zhejiang Taohaoche (Details) - Disposal Group - Zhejiang Taohaoche $ in Thousands	Feb. 02, 2023 USD ($)
DISPOSAL OF SUBSIDIARIES
Consideration	$ 2,700
Cash	2,662
Accrual expenses and other current liabilities	(61)
Foreign exchange adjustment	34
Net assets	2,635
Gain on disposal of Zhejiang Taohaoche	$ 65
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration]	Gain (Loss) on Disposition of Stock in Subsidiary

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Going concern and liquidity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Net loss	$ 53,908	$ 40,980	$ 53,554
Cash flows from operating activities	2,583	3,020	$ 2,108
Cash	900
Current liabilities	8,963	9,048
Amounts due to related parties	233	$ 355
Other payables	4,400
Related Party
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Amounts due to related parties	$ 200

- Definition

Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Excludes cash and cash equivalents within disposal group and discontinued operation.

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Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer.

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+ Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

+ Details

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

12 Months Ended

Dec. 31, 2025

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

8.ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES


	As of December 31,
	2025		2024
Due to buyer of KAG arising from disposal of KAG (Note 3)	$	2,162	$	2,162
Loan payable (1)		1,368		205
Accrued professional fee		392		494
Individual income tax payable		2,207		2,207
Others		2,501		2,682
Total	$	8,630	$	7,750

(1)	Loans payable

As of December 31, 2024, the balance of loan payable represented borrowings from Shanghai Wuxia Jindongxue Technology Co., Ltd. The loan was borrowed on August 29, 2024 to support working capital of the Company. The loan was an interest-free and was payable on demand.

For the year ended December 31, 2025, the Group extended the borrowing from Shanghai Wuxia Jindongxue Technology Co., Ltd. to August 2026. In addition, the Company borrowed loans aggregating $1,104 from three third parties to support working capital of the Company. The loans were interest-free and was payable on demand.

As of December 31, 2025, the Company had loans payable due to four third parties of $1,368.

EQUITY - Calculation of warrants using Black-Scholes pricing model (Details)	Nov. 07, 2023 $ / shares
Risk-free rate of return
Measurement Inputs
Fair value of warrants	0.0437
Estimated volatility rate
Measurement Inputs
Fair value of warrants	0.5329
Dividend yield
Measurement Inputs
Fair value of warrants	0
Spot price of underling ordinary share
Measurement Inputs
Fair value of warrants	1,584
Exercise price
Measurement Inputs
Fair value of warrants	3,240
Fair value of warrant
Measurement Inputs
Fair value of warrants	926

Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2025 shares
Entity Addresses
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	001-38261
Entity Registrant Name	Kaixin Holdings
Entity Incorporation, State or Country Code	E9
Entity Address, Address Line One	Unit B2-303-137,198 Qidi Road
Entity Address, Address Line Two	Beigan Community
Entity Address, Address Line Three	Xiaoshan District
Entity Address, City or Town	Hangzhou
Entity Address, Country	CN
Title of 12(b) Security	Class A ordinary shares, par value US$20.35 per share
Trading Symbol	KXIN
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Document Accounting Standard	U.S. GAAP
Entity Shell Company	false
Auditor Name	Onestop Assurance PAC
Auditor Firm ID	6732
Auditor Location	Singapore
Entity Central Index Key	0001713539
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Amendment Flag	false
Class A Ordinary Shares
Entity Addresses
Entity Common Stock, Shares Outstanding	21,279,792
Class B Ordinary Shares
Entity Addresses
Entity Common Stock, Shares Outstanding	2,170,001
Business Contact
Entity Addresses
Contact Personnel Name	Yi Yang
Contact Personnel Email Address	lucy.yang@kaixin.com
Entity Address, Address Line One	9/F, Tower A, Dongjin International Center
Entity Address, Address Line Two	Huagong Road,
Entity Address, Address Line Three	Chaoyang District
Entity Address, City or Town	Beijing
Entity Address, Postal Zip Code	100015
Entity Address, Country	CN
City Area Code	86
Local Phone Number	10 6720 4948

ORGANIZATION AND PRINCIPAL ACTIVITIES - Setup new subsidiaries (Details)	Feb. 28, 2025	Jan. 31, 2024	Sep. 30, 2023	Mar. 31, 2023
Zhejiang Kaixin Changxing
ORGANIZATION AND PRINCIPAL ACTIVITIES
Equity interest	51.00%
Zhejiang Kaixin Zhihui Auto Co Ltd.
ORGANIZATION AND PRINCIPAL ACTIVITIES
Equity interest		100.00%
Zhejiang Kaixin Yuanman Automobile Trading Co. Ltd
ORGANIZATION AND PRINCIPAL ACTIVITIES
Equity interest			100.00%
Three subsidiaries \| Three subsidiaries
ORGANIZATION AND PRINCIPAL ACTIVITIES
Equity interest				70.00%

INCOME TAXES

12 Months Ended

Dec. 31, 2025

INCOME TAXES

INCOME TAXES

11.INCOME TAXES

Cayman Islands

The Group is incorporated in the Cayman Islands. Under the current laws of the Cayman Islands, the Group is not subject to income or capital gains taxes. In addition, dividend payments are not subject to withholdings tax in the Cayman Islands.

Hong Kong

On March 21, 2018, the Hong Kong Legislative Council passed The Inland Revenue (Amendment) (No. 7) Bill 2017 (the “Bill”) which introduces the two-tiered profits tax rates regime. The Bill was signed into law on March 28, 2018 and was announced on the following day. Under the two-tiered profits tax rates regime, the first 2 million Hong Kong Dollar (“HKD”) of profits of the qualifying group entity will be taxed at 8.25%, and profits above HKD 2 million will be taxed at 16.5%. The Group’s Hong Kong subsidiaries did not have assessable profits that were derived in Hong Kong for the years ended December 31, 2025, 2024 and 2023. Therefore, no Hong Kong profit tax has been provided for the years ended December 31, 2025, 2024 and 2023.

11.INCOME TAXES (CONTINUED)

PRC

The Group’s PRC subsidiaries, VIEs and their subsidiaries are subject to the PRC Enterprise Income Tax Law (“EIT Law”) and are taxed at the statutory income tax rate of 25%, unless otherwise specified.

The components of the income tax expense are as follows:


	For the years ended December 31,
	2025			2024			2023
Current income tax expense	$	—		$	—		$	(1)
Deferred income tax benefit		2,733			931			229
Total income tax benefit	$	2,733		$	931		$	228

The reconciliations of the statutory income tax rate and the Group’s effective income tax rate are as follows:


		For the years ended December 31,
		2025			2024			2023
Net loss before provision for income taxes		$	56,641		$	41,911		$	53,782
PRC statutory tax rate			25	%		25	%		25	%
Income tax at statutory tax rate			14,160			10,477			13,446
Fair value change on warrants			5			53			(52)
Non-deductible loss and SBC expenses not deductible for tax purposes			(6,397)			(2,818)			(3,075)
Effect of income tax rate differences in jurisdictions other than the PRC			(4,574)			(6,378)			(1,636)
NOL not applicable for carryforward			—			4			—
Change in valuation allowance			(461)			(407)			(8,455)
Income tax benefit		$	2,733		$	931		$	228
Effective tax rates			4.83	%		2.22	%		0.42	%

11.INCOME TAXES (CONTINUED)

The tax effect of temporary difference under ASC Topic 740 “Accounting for Income Taxes” that gives rise to deferred tax asset as of December 31, 2025 and 2024 is as follows:


	As of December 31,
	2025			2024
Deferred tax assets:
Write-down of prepaid expenses and other current assets	$	8,027		$	8,028
Net operating loss carry forwards		1,767			1,251
Sub-total		9,794			9,279
Deferred tax liabilities:
Intangible assets acquired in business combination		(2,125)			(2,333)

Less: valuation allowance		(9,794)			(9,279)
Deferred tax liabilities, net	$	(2,125)		$	(2,333)

Deferred tax assets of approximately $1.8 million and $1.3 million were recognized from net operating loss carry forwards as of December 31, 2025 and 2024, respectively. The Group assessed the available evidence to estimate if sufficient future taxable income would be generated to use the existing deferred tax assets. As of December 31, 2025 and 2024, full valuation allowances were established because the Group believes that it is more likely than not that its deferred tax assets will not be utilized as it does not expect to generate sufficient taxable income in the near future.

The movements of the valuation allowance are as follows:


		For the years ended December 31,
		2025		2024		2023
Balance at the beginning of the year		$	9,279	$	9,180	$	1,061
Current year addition			466		407		8,455
Decrease in disposal of subsidiaries			(531)		(239)		—
Exchange rate effect			580		(69)		(336)
Balance at the end of the year		$	9,794	$	9,279	$	9,180

Since January 1, 2008, the relevant tax authorities have not conducted a tax examination on the Group’s PRC entities. In accordance with relevant PRC tax administration laws, tax years from 2019 to present of the Group’s PRC subsidiaries remain subject to tax audits as of December 31, 2024 at the tax authority’s discretion.

- Definition

The entire disclosure for income tax.

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+ Details

MEZZANINE EQUITY AND WARRANT LIABILITIES - Additional information (Details) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended		12 Months Ended
	Apr. 08, 2021	Dec. 29, 2020	Aug. 31, 2021	Mar. 31, 2021	Dec. 31, 2025	Dec. 01, 2025	Dec. 31, 2024	Oct. 25, 2024	Dec. 28, 2020
Mezzanine equity and warrant liabilities
Preferred shares, authorized								333,738
Warrants exercise price		$ 5,400
Fair value allocated to warrants					$ 1,690
Volume-weighted average price					$ 5,400
Converted stocks			72,610
Preferred shares, outstanding					0		0
Number of warrants exercised					0
Re-measurement of warrants					$ 0		$ 22
Series A Preferred Stock
Mezzanine equity and warrant liabilities
Preferred shares, authorized						6,000		6,000
Fair value allocated to preferred shares					$ 1,310
Conversion of outstanding shares amount			$ 3,000
Purchase Agreement
Mezzanine equity and warrant liabilities
Total amount of investment agreed		$ 6,000
Proceeds from issuance of convertible preferred stock		$ 3,000
Warrants exercise price		$ 3
Preferred shares, issued		3,000
Kaixin Auto Holdings
Mezzanine equity and warrant liabilities
Total amount of investment agreed				$ 6,000
Proceeds from issuance of convertible preferred stock	$ 6,000
Preferred shares, issued	6,000
Kaixin Auto Holdings \| Purchase Agreement
Mezzanine equity and warrant liabilities
Preferred shares, authorized									1,000,000
Conversion price									$ 5,400
Series A Warrants
Mezzanine equity and warrant liabilities
Warrants issued/granted		1,500,000
Series B Warrants
Mezzanine equity and warrant liabilities
Warrants issued/granted		1,333,333
Series C Warrants
Mezzanine equity and warrant liabilities
Warrants issued/granted		2,000,000

ORGANIZATION AND PRINCIPAL ACTIVITIES - Summary of major subsidiaries (Details)	Dec. 31, 2025
Jet Sound Hong Kong Company Limited
ORGANIZATION AND PRINCIPAL ACTIVITIES
Percentage of ownership	100.00%
Zhejiang Kaixin Zhihui Auto Co. Ltd
ORGANIZATION AND PRINCIPAL ACTIVITIES
Percentage of ownership	100.00%
Zhejiang ordinary smile
ORGANIZATION AND PRINCIPAL ACTIVITIES
Percentage of ownership	100.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

LOSS PER SHARE

12 Months Ended

Dec. 31, 2025

LOSS PER SHARE

LOSS PER SHARE

15.LOSS PER SHARE

The following table sets forth the computation of basic and diluted net loss per ordinary share for the years ended:


		For the years ended December 31,
		2025			2024			2023
Net Loss Attributable to Kaixin’s Shareholders		$	(53,907)		$	(40,972)		$	(53,563)

Loss Per Share
Basic and diluted		$	(24.20)		$	(781.64)		$	(4,213.21)
Weighted Average Shares Used in Calculating Net Loss Per Share
Basic and diluted			2,227,765			52,418			12,713

Since the Group suffered a net loss for the years ended December 31, 2025, 2024 and 2023, the potential dilutive securities were not included in the calculation of dilutive net loss per share where their inclusion would be anti-dilutive. And no dilutive security was issued for the years ended December 31, 2025, 2024 and 2023, and there was no difference between the Group’s basic and diluted net loss per share for the periods presented. The potential dilutive securities that were not included in the calculation of dilutive loss per share were 6, 6 and 6 Class A Ordinary Shares (after giving effects to the 2023 Share Consolidation, 2024 Share Consolidation and 2025 Share consolidation), respectively, for the years ended December 31, 2025, 2024 and 2023, as inclusion would have been anti-dilutive.

MEZZANINE EQUITY AND WARRANT LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2025

MEZZANINE EQUITY AND WARRANT LIABILITIES

Schedule of fair value of the warrants calculated using the Black-Scholes pricing model


	As of December 31, 2025
	Series A Warrant			Series C Warrant
Risk-free rate of return		3.47	%		3.47	%
Estimated volatility rate		230.52	%		230.52	%
Dividend yield		0	%		0	%
Spot price of underling ordinary share		5.19			5.19
Exercise price	$	5,400		$	5,400
Fair value of warrant	$	0		$	0


	As of December 31, 2024
	Series A Warrant			Series C Warrant
Risk-free rate of return		4.45	%		4.48	%
Estimated volatility rate		57.91	%		57.17	%
Dividend yield		0	%		0	%
Spot price of underling ordinary share		45.6			45.6
Exercise price	$	5,400		$	5,400
Fair value of warrant	$	9		$	13

SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2025

Restricted Stock

SHARE-BASED COMPENSATION

Summary of share options activities


					Weighted average fair value
		Number of nonvested			per ordinary share
		restricted shares			at the grant dates
Unvested as of December 31, 2023		$	106		$	41,922
Granted			115,169		$	904.5
Vested			(115,169)		$	904.5
Unvested as of December 31, 2024		$	106		$	41,922
Forfeited			—		$	—
Granted			3,592,183		$	9.80
Vested			(3,592,183)		$	9.80
Unvested as of December 31, 2025		$	106		$	41,922

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

EQUITY - Statutory reserve and restricted net assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
EQUITY
Percentage of after-tax profits required to be allocated to general reserve	10.00%
General reserve as a percentage of registered capital up to which after-tax profit of PRC subsidiaries and VIEs shall be transferred	50.00%
Restricted net assets	$ 105,622	$ 107,222

CONVERTIBLE NOTES

12 Months Ended

Dec. 31, 2025

CONVERTIBLE NOTES

CONVERTIBLE NOTES

12.CONVERTIBLE NOTES

The Group issued and sold two Convertible Promissory Notes (“Note A” and “Note B”, or collectively as “Notes”) to Streererville Capital, LLC (the “Lender”) on November 19, 2021 and April 8, 2022, respectively. The principal amount of each Note is $2,180 and contract terms of both Notes are substantially the same.

The purchase price of each Notes was $2,000, calculated at principal of $2,180 less discount of $160 at issuance and the transaction expense of $20 in connection with the purchase and sale of the Securities. The Notes bore an interest at 8% per annum and is repayable in full in 18 months from issuance.

According to the Securities Purchase Agreements of the Notes, the Group has option to repay the Notes in cash until it received the conversion notice from Lender or repayment date. The Lender also has the option to convert the Notes into ordinary shares at any time following the 6-month anniversary of the issuance date unless the outstanding balance was paid in full. The conversion price is $3.00 per ordinary share.

The Group did not elect the fair value option for the convertible note. In addition, the Note did not have any embedded conversion option and redemption feature which shall be bifurcated and separately accounted for as a derivative under ASC 815, nor did it contain a cash conversion feature or beneficial conversion feature. The Group accounted for two Notes as liabilities in its entirety following ASC 470 Debt and recorded interest expenses of $3, $331 and $493 for the years ended December 31, 2025, 2024 and 2023.

During the year ended December 31, 2023, the Group issued 245 ordinary shares (after giving effects to the 2023 Share Consolidation, 2024 Share Consolidation and 2025 Share consolidation), in the amount of $2,050, to settle Note A. During the year ended December 31, 2024, the Group issued 18,657 ordinary shares (after giving effects to the 2023 Share Consolidation, 2024 Share Consolidation and 2025 Share consolidation), in the amount of $2,088, to settle Note B. During the year ended December 31, 2025, the Group issued 17,970 ordinary shares (after giving effects to the 2025 Share consolidation), in the amount of $638, to fully settle Note B.

As of December 31, 2025 and 2024, the balances of convertible notes were $nil and $635, respectively.

ORGANIZATION AND PRINCIPAL ACTIVITIES (Tables)

12 Months Ended

Dec. 31, 2025

ORGANIZATION AND PRINCIPAL ACTIVITIES

Schedule of group transferred equity interest in subsidiaries


						% of
		Date of				Ownership
Name of Disposed Subsidiaries		Disposal		Consideration		after disposal
Kaixin Manman		May 27, 2024		16		0	%
Wuhan Jieying Chimei Automobile Sales Co., Ltd. (“Wuhan Jieying”)		August 22, 2024		nil		0	%
Chongqing Jieying Shangyue Automobile Sales Co., Ltd. (“Chongqing Jieying”)		November 8, 2024		nil		0	%
Anhui Kaixin New Energy Vehicle Co., Ltd. (“Anhui Kaixin”)		December 5, 2024		nil		33.298	%
Morning Star		December 5, 2024		nil		0	%

Summary of major subsidiaries

The major subsidiaries of the Group as of December 31, 2025 are summarized as below:


		Later of date of
		incorporation or		Place of		% of
Name of Subsidiaries		acquisition		Incorporation		Ownership		Principal Activities
Major subsidiaries:
Jet Sound Hong Kong Company Limited		May 7, 2011		Hong Kong		100	%	Investment holding
Zhejiang Kaixin Auto Co., Ltd (“Zhejiang Kaixin Auto”)		April 4, 2021		PRC		100	%	Used car trading business
Zhejiang Ordinary Smile		December 2, 2025		PRC		100		Car trading business

CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY - BALANCE SHEETS (Details) - USD ($)
$ in Thousands

Dec. 31, 2025

Dec. 31, 2024

ASSETS

Cash and cash equivalents

$ 859

$ 2,388

TOTAL ASSETS

33,016

24,645

LIABILITIES AND SHAREHOLDERS' EQUITY

Accrued expenses and other current liabilities

8,630

7,750

Warrant liabilities

TOTAL LIABILITIES

11,088

11,471

Shareholders' equity

Additional paid-in capital

437,639

406,344

Statutory reserve

Accumulated deficit

(431,450)

(377,543)

Accumulated other comprehensive income

1,970

1,963

TOTAL KAIXIN HOLDINGS' SHAREHOLDERS' EQUITY

21,928

13,173

TOTAL LIABILITIES AND EQUITY

33,016

24,645

Class A Ordinary Shares

Shareholders' equity

Ordinary shares

^[1]

28,728

247

Class B Ordinary Shares

Shareholders' equity

Ordinary shares

^[1]

2,930

Series D convertible preferred shares

Shareholders' equity

Preferred Stock, Value, Issued

Series F convertible preferred shares

Shareholders' equity

Preferred Stock, Value, Issued

Series G convertible preferred shares

Shareholders' equity

Preferred Stock, Value, Issued

Series H convertible preferred shares

Shareholders' equity

Preferred Stock, Value, Issued

Amounts due to related parties

233

355

Legal entities | Parent

ASSETS

Cash and cash equivalents

673

1,968

Amounts due from related parties

95,149

57,589

TOTAL ASSETS

95,822

59,557

LIABILITIES AND SHAREHOLDERS' EQUITY

Accrued expenses and other current liabilities

6,012

5,138

Convertible note

635

Deficits in investment in subsidiaries

67,882

40,589

Warrant liabilities

TOTAL LIABILITIES

73,894

46,384

Shareholders' equity

Additional paid-in capital

437,639

406,344

Subscription receivable

(17,900)

Statutory reserve

Accumulated deficit

(431,450)

(377,543)

Accumulated other comprehensive income

1,970

1,963

TOTAL KAIXIN HOLDINGS' SHAREHOLDERS' EQUITY

21,928

13,173

TOTAL LIABILITIES AND EQUITY

95,822

59,557

Legal entities | Parent | Class A Ordinary Shares

Shareholders' equity

Ordinary shares

28,728

247

Legal entities | Parent | Class B Ordinary Shares

Shareholders' equity

Ordinary shares

2,930

Legal entities | Parent | Series D convertible preferred shares

Shareholders' equity

Preferred Stock, Value, Issued

Legal entities | Parent | Series F convertible preferred shares

Shareholders' equity

Preferred Stock, Value, Issued

Legal entities | Parent | Series G convertible preferred shares

Shareholders' equity

Preferred Stock, Value, Issued

Legal entities | Parent | Series H convertible preferred shares

Shareholders' equity

Preferred Stock, Value, Issued

$ 1

[1]

* Retroactively restated to give effect to a share consolidation at a ratio for one - for - sixty ordinary shares and an authorized share capital increase from $500,000 to $36,500,000 effective on October 25, 2024 and a share consolidation at a ratio for one - for - thirty ordinary shares and an authorized share capital increase from $36,500,000 to $1,505,316,695 effective on December 1, 2025. (Note 1)

ACQUISITION OF MORNING STAR

12 Months Ended

Dec. 31, 2025

ACQUISITION OF MORNING STAR

ACQUISITION OF MORNING STAR

4.ACQUISITION OF MORNING STAR

On August 22, 2023, the Company closed acquisition 100% equity interest of Morning Star at the cost of issuance of 3,703 Class A Ordinary Shares (given the 2023 Share Consolidation, 2024 Share Consolidation and 2025 Share consolidation). The fair value of the share consideration was $49,100 by reference to the closing price on August 22, 2023.

The Company has allocated the purchase price of Morning Star based upon the fair value of the identifiable assets acquired and liabilities assumed on the acquisition date. The Company estimated the fair values of the assets acquired and liabilities assumed at the acquisition date in accordance with the business combination standard issued by FASB. The Company used carrying amount of assets and liabilities as fair value, which approximate the fair value, and used income approach to estimate the fair value of intangible assets which was primarily comprised technologies. Management of the Company is responsible for determining the fair value of assets acquired, liabilities assumed and intangible assets identified as of the acquisition date and considered a number of factors including valuations from an independent appraiser firm. Acquisition-related costs incurred for the acquisitions are not material and have been expensed as incurred in other operating expenses.

The following table summarizes the estimated fair values of the identifiable assets acquired at the acquisition date, which represents the net purchase price allocation at the date of the acquisition of Morning Star based on a valuation performed by an independent valuation firm engaged by the Company and translated the fair value from RMB to USD using the exchange rate on August 22, 2023 at the rate of USD 1.00 to RMB 7.2930. The following is a reconciliation of the fair value of major classes of assets acquired and liabilities assumed which comprised of net tangible assets on August 22, 2023.


		August 22,
		2023
Net tangible assets		$	420
Technologies (1)			13,972
Goodwill			38,201
Deferred tax liabilities			(3,493)
Total purchase consideration		$	49,100

(1)	The following is a reconciliation of the fair value of major classes of assets acquired and liabilities assumed which comprised of net tangible assets on August 22, 2023.

(2)	The technologies are primarily related to design and manufacture of electric vehicles. The useful lives of these technologies of 6.3 years.

- Definition

The entire disclosure for business combination.

+ References

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+ Details

ACQUISITION OF ZHEJIANG ORDINARY SMILE - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 02, 2025
Business Acquisition [Line Items]
Goodwill	$ 21,237
Zhejiang Ordinary Smile Auto Sales Co Ltd
Business Acquisition [Line Items]
Customer relationship		$ 10,100
Goodwill	$ 21,237	21,237
Deferred tax liabilities		(2,525)
Total purchase consideration		$ 28,812

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

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-Subparagraph (SX 210.5-02(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482598/350-20-45-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(10)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-4

+ Details

EQUITY (Details)				12 Months Ended
EQUITY (Details)	Dec. 01, 2025 USD ($) $ / shares shares	Oct. 25, 2024 USD ($) $ / shares shares	Sep. 14, 2023 USD ($) $ / shares shares	Dec. 31, 2025 $ / shares shares	Nov. 30, 2025 USD ($) $ / shares	Dec. 31, 2024 $ / shares shares	Oct. 26, 2024 USD ($) $ / shares shares	Oct. 24, 2024 USD ($) $ / shares	Sep. 15, 2023 USD ($) $ / shares shares	Sep. 13, 2023 $ / shares
Equity
Share consolidation ratio	0.0333	0.0167	0.067	0.033
Ordinary shares, par value (in dollars per share) \| $ / shares	$ 1.35	$ 0.045	$ 0.00075		$ 0.045			$ 0.00075		$ 0.00005
Preferred shares, authorized		333,738
Preferred shares, par value (in dollars per share) \| $ / shares			$ 0.00075
Common stock, authorized share capital \| $	$ 1,505,316,695	$ 36,500,000	$ 50,000,000		$ 36,500,000		$ 36,500,000	$ 500,000	$ 36,500,000
Class A Ordinary Shares
Equity
Ordinary shares, par value (in dollars per share) \| $ / shares	$ 1.35	$ 0.00075	$ 0.00075	$ 1.35		$ 1.35	$ 0.045		$ 0.00075
Ordinary shares, authorized	1,015,049,250	796,106,500	660,461,733	1,015,049,250		1,015,049,250	796,106,500		48,660,461,733
Ordinary shares, issued				21,279,792		182,972
Ordinary shares outstanding				21,279,792		182,972
Class B Ordinary Shares
Equity
Ordinary shares, par value (in dollars per share) \| $ / shares	$ 1.35	$ 0.00075	$ 0.00075	$ 1.35		$ 1.35	$ 0.045		$ 0.00075
Ordinary shares, authorized	100,000,000	15,000,000	6,000,000	100,000,000		100,000,000	15,000,000		6,000,000
Ordinary shares, issued				2,170,001		36,667
Ordinary shares outstanding				2,170,001		36,667
Series A Preferred Stock
Equity
Ordinary shares, par value (in dollars per share) \| $ / shares	$ 0.0001	$ 0.0001	$ 0.0001				$ 0.0001		$ 0.0001
Ordinary shares, authorized	6,000	6,000	6,000				6,000		6,000
Preferred shares, authorized	6,000	6,000
Preferred shares, par value (in dollars per share) \| $ / shares	$ 0.0001	$ 0.0001
Series D convertible preferred shares
Equity
Ordinary shares, par value (in dollars per share) \| $ / shares	$ 0.0001	$ 0.0001	$ 0.0001				$ 0.0001		$ 0.0001
Ordinary shares, authorized	6,000	6,000	6,000				6,000		6,000
Preferred shares, authorized	6,000	6,000		6,000		6,000
Preferred shares, par value (in dollars per share) \| $ / shares	$ 0.0001	$ 0.0001		$ 0.0001		$ 0.0001
Series F convertible preferred shares
Equity
Ordinary shares, par value (in dollars per share) \| $ / shares	$ 0.00005	$ 0.00005	$ 0.00005				$ 0.00005		$ 0.00005
Ordinary shares, authorized	50,005	50,005	50,005				50,005		50,005
Preferred shares, authorized	50,005	50,005		50,005		50,005
Preferred shares, par value (in dollars per share) \| $ / shares	$ 0.00005	$ 0.00005		$ 0.00005		$ 0.00005
Series G convertible preferred shares
Equity
Ordinary shares, par value (in dollars per share) \| $ / shares	$ 0.00075	$ 0.00075	$ 0.00075				$ 0.00075		$ 0.00075
Ordinary shares, authorized	50,000	50,000	50,000				50,000		50,000
Preferred shares, authorized	50,000	50,000		50,000		50,000
Preferred shares, par value (in dollars per share) \| $ / shares	$ 0.00075	$ 0.00075		$ 0.00075		$ 0.00075
Series H convertible preferred shares
Equity
Ordinary shares, par value (in dollars per share) \| $ / shares	$ 0.00075	$ 0.00075	$ 0.00075				$ 0.00075		$ 0.00075
Ordinary shares, authorized	50,000	50,000	50,000				50,000		50,000
Preferred shares, authorized	50,000	50,000		50,000		50,000
Preferred shares, par value (in dollars per share) \| $ / shares	$ 0.00075	$ 0.00075		$ 0.00075		$ 0.00075
Series I convertible preferred shares
Equity
Ordinary shares, par value (in dollars per share) \| $ / shares	$ 0.00075	$ 0.00075	$ 0.00075				$ 0.00075		$ 0.00075
Ordinary shares, authorized	50,000	50,000	50,000				50,000		50,000
Preferred shares, authorized	50,000	50,000		50,000		50,000
Preferred shares, par value (in dollars per share) \| $ / shares	$ 0.00075	$ 0.00075		$ 0.00075		$ 0.00075
Series J convertible preferred shares
Equity
Ordinary shares, par value (in dollars per share) \| $ / shares	$ 0.00075	$ 0.00075	$ 0.00075				$ 0.00075		$ 0.00075
Ordinary shares, authorized	50,000	50,000	50,000				50,000		50,000
Preferred shares, authorized	50,000	50,000
Preferred shares, par value (in dollars per share) \| $ / shares	$ 0.00075	$ 0.00075
Series K convertible preferred shares
Equity
Ordinary shares, par value (in dollars per share) \| $ / shares	$ 0.00075	$ 0.00075					$ 0.00075
Ordinary shares, authorized	71,733	71,733					71,733
Preferred shares, authorized	71,733	71,733
Preferred shares, par value (in dollars per share) \| $ / shares	$ 0.00075	$ 0.00075

EQUITY - Series G Preferred Shares (Details) - Series G convertible preferred shares - USD ($) $ / shares in Units, $ in Thousands	May 20, 2024	Dec. 31, 2025	Dec. 31, 2024
Class of Stock [Line Item]
Preferred shares, issued	12,800	12,800	12,800
Fair value of shares	$ 1,996
Convertible preferred shares issued	7,111
Conversion price	$ 1

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Assets measured at fair value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2025
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Impairment expense	$ 0
Zhejiang ordinary smile
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Recognized intangible assets arising from business combination		$ 11,010
Terminal growth rate
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Goodwill measurement input	2.90%
Discount rate
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Goodwill measurement input	23.00%

- Definition

Amount of impairment loss from asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References + Details

INTANGIBLE ASSETS, NET - Amortization amount of intangible asset (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
INTANGIBLE ASSETS, NET
2026	$ 2,027
2027	2,027
2028	2,027
2029	2,027
2030 and thereafter	1,953
Intangible assets, net	$ 10,061	$ 20,713

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue recognition, Income taxes (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Revenue, net		$ 129		$ 31,535
Income tax expenses		(2,733)	$ (931)	(228)
Income taxes uncertain tax positions		0	0
Income taxes interest or penalties		$ 0	$ 0	0
PRC
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Income tax limitations extended period	5 years	5 years
Income tax expenses	¥ 100	$ 14
Used-car sales
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Revenue, net				1,420
New-car wholesales
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Revenue, net				30,048
Technical services
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Revenue, net		$ 129		$ 67

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Others (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) segment ¥ / $	Dec. 31, 2024 USD ($) ¥ / $	Dec. 31, 2023 USD ($) ¥ / $	Dec. 31, 2025 CNY (¥) ¥ / $	Dec. 31, 2025 USD ($) ¥ / $
Prepayment for vehicle purchase and other assets
Impairment loss for prepayment for vehicle purchase and other current assets		$ 0	$ 23,262		$ 392
Inventory
Period for considering vehicle as slow moving	1 year
Write down of inventory	$ 0	0	0
Impairment of long-lived assets
Impairment loss for other non-current asset	$ 16,946	$ 0	$ 0
Foreign currency translation
Foreign currency exchange rate \| ¥ / $		7.2993		6.9931	6.9931
Foreign currency, average translation rate \| ¥ / $	7.1875	7.1957	7.0802
Concentration of credit risk
Maximum insured bank deposit amount				¥ 500	$ 70
Unprotected cash held in bank					$ 39
Segment reporting
Number of reportable segment \| segment	1
Number Of Geographical Segments \| segment	0

CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands

Dec. 31, 2025

Dec. 31, 2024

CURRENT ASSETS:

Cash and cash equivalents

$ 859

$ 2,388

Inventories

Prepayment for vehicle purchase and other current assets, net

557

TOTAL CURRENT ASSETS

1,022

2,974

Long-term investment

352

393

Property and equipment, net

236

310

Goodwill

21,237

Intangible assets, net

10,061

20,713

Operating lease right-of-use assets

108

255

TOTAL NON-CURRENT ASSETS

31,994

21,671

TOTAL ASSETS

33,016

24,645

CURRENT LIABILITIES:

Short-term operating lease liabilities

141

Contract liabilities

Convertible notes

635

Income tax payable

Amounts due to related parties

233

355

Warrant liability

Accrued expenses and other current liabilities

8,630

7,750

TOTAL CURRENT LIABILITIES

8,963

9,048

Long-term operating lease liabilities

Deferred tax liabilities

2,125

2,333

TOTAL LIABILITIES

11,088

11,471

COMMITMENT AND CONTINGENCIES

EQUITY

Additional paid-in capital

437,639

406,344

Subscription receivable

(17,900)

Statutory reserve

Accumulated deficit

(431,450)

(377,543)

Accumulated other comprehensive income

1,970

1,963

TOTAL KAIXIN HOLDINGS' SHAREHOLDERS' EQUITY

21,928

13,173

Non-controlling interests

TOTAL EQUITY

21,928

13,174

TOTAL LIABILITIES AND EQUITY

33,016

24,645

Class A Ordinary Shares

EQUITY

Ordinary shares

^[1]

28,728

247

Class B Ordinary Shares

EQUITY

Ordinary shares

^[1]

2,930

Series D convertible preferred shares

EQUITY

Preferred Stock, Value, Issued

Series F convertible preferred shares

EQUITY

Preferred Stock, Value, Issued

Series G convertible preferred shares

EQUITY

Preferred Stock, Value, Issued

Series H convertible preferred shares

EQUITY

Preferred Stock, Value, Issued

$ 1

[1]

DISPOSAL OF SUBSIDIARIES - Disposal of KAG (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	May 31, 2024	Dec. 31, 2024	Dec. 31, 2025	Jun. 30, 2023
DISPOSAL OF SUBSIDIARIES
Dispositions of value		$ 1,996
Outstanding balance		$ 2,162	$ 2,162
Other Liability, Current, Related Party [Extensible Enumeration]		us-gaap:NonrelatedPartyMember	us-gaap:NonrelatedPartyMember
Series G convertible preferred shares
DISPOSAL OF SUBSIDIARIES
Dispositions of shares issued	12,800
Dispositions of value	$ 1,996
Disposal Group \| Kaixin Auto Group ("KAG")
DISPOSAL OF SUBSIDIARIES
Consideration				$ 4,158

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Due to buyer of KAG arising from disposal of KAG (Note 3)	$ 2,162	$ 2,162
Loan payable	1,368	205
Accrued professional fee	392	494
Individual income tax payable	2,207	2,207
Others	2,501	2,682
Total	8,630	$ 7,750
Borrowed loans	$ 1,104

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

Revenue, net

$ 129

$ 31,535

Cost of revenues

31,193

Gross Profit

129

342

Selling and marketing expenses

$ 963

3,313

General and administrative expenses

31,630

18,178

18,013

Total Operating Expenses

31,721

19,141

21,326

Loss from Operations

(31,592)

(19,141)

(20,984)

Other income (expenses), net

110

392

(9)

Foreign currency exchange gain (loss)

(10)

Interest expense, net

(7)

(342)

(525)

(Loss) gain on disposal of subsidiaries

(7,800)

(23,037)

Change in fair value of warrants

210

(208)

Share of equity loss

(41)

Impairment of intangible assets

(16,946)

Impairment of other receivables

(8,848)

Impairment of prepaid expenses and other current assets

(392)

(23,262)

Other expenses, net

(25,049)

(22,770)

(32,798)

Loss Before Income Tax

(56,641)

(41,911)

(53,782)

Income tax benefits

2,733

931

228

Net Loss

(53,908)

(40,980)

(53,554)

Less: net (loss) income attributable to non-controlling interests

(1)

(8)

Net Loss Attributable to Kaixin's Shareholders

(53,907)

(40,972)

(53,563)

Other Comprehensive Income (Loss)

Foreign currency translation adjustment

972

(1,343)

Comprehensive Loss

(53,900)

(40,008)

(54,897)

Less: comprehensive loss attributable to non-controlling interest

109

754

Comprehensive Loss Attributable to Kaixin's Shareholders

$ (53,900)

$ (39,899)

$ (54,143)

Loss Per Share

Loss Per Share - Basic

^[1]

$ (24.2)

$ (781.64)

$ (4,213.21)

Loss Per Share - diluted

$ (24.2)

$ (781.64)

$ (4,213.21)

Weighted Average Shares Used in Calculating Net Loss Per Share

Weighted Average Shares Used in Calculating Net Loss Per Share - Basic

^[1]

2,227,765

52,418

12,713

Weighted Average Shares Used in Calculating Net Loss Per Share - diluted

2,227,765

52,418

12,713

[1]

LONG-TERM INVESTMENT

12 Months Ended

Dec. 31, 2025

LONG-TERM INVESTMENT

LONG-TERM INVESTMENT

7.LONG-TERM INVESTMENT

As of December 31, 2025 and 2024, long-term investment consisted of the following:


	As of December 31,
	2025		2024
Investment in Anhui Kaixin New Energy Vehicle Co., Ltd. (“Anhui Kaixin”)	$	393	$	393
Less: share of equity loss		(41)		—
	$	352	$	393

On December 5, 2024, the Company transferred 66.702% equity interest in Anhui Kaixin to a third party. Upon the transfer of equity interest, the Company owned 33.298% equity interest in Anhui Kaixin and exercised significant influence over the equity investee.

The Company used equity method to measure the investment in Anhui Kaixin. For the year ended December 31, 2025, Anhui Kaixin incurred net loss of $126 and the Company recorded share of equity loss of $41. For the period from December 5, 2024 through December 31, 2024, Anhui Kaixin incurred minimal net loss and the Company recorded share of equity loss of $nil. The Company assessed indicators reflecting an other-than-temporary decline in fair value below the carrying value and did not provide impairment against the investment in Anhui Kaixin.

INCOME TAXES (Details) - USD ($) $ in Thousands		12 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Mar. 21, 2018	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income taxes
Profits tax rate		25.00%	25.00%	25.00%
Income tax expenses		$ (2,733)	$ (931)	$ (228)
Net operating loss carry forwards		$ 1,767	1,251
Other Subsidiaries
Income taxes
Profits tax rate		25.00%
Hong Kong
Income taxes
Income tax expenses		$ 0	0	$ 0
Hong Kong \| Corporate profits of first HKD 2 million
Income taxes
Corporate Profits	$ 2,000
Profits tax rate	8.25%
Hong Kong \| Corporate profits exceeds HKD 2 million
Income taxes
Corporate Profits	$ 2,000
Profits tax rate	16.50%
PRC
Income taxes
Operating loss carryforwards		$ 0	$ 0

CONVERTIBLE NOTES (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Nov. 19, 2021	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Apr. 08, 2022
Convertible Notes
Debt conversion converted instrument		$ 638	$ 2,088	$ 2,050
Convertible notes payable		$ 0	$ 635
Class A Ordinary Shares
Convertible Notes
Stock issued during period, shares, conversion of convertible debt		17,970	18,657	245
Debt conversion converted instrument		$ 638	$ 2,088	$ 2,050
Convertible Debt
Convertible Notes
Principal amount	$ 160
Proceeds from convertible loan	2,000
Aggregate principal amount	2,180
Transaction expense amount	$ 20
Interest rate (as a percent)	8.00%
Loan period	18 months
Convertible threshold period	6 months
Conversion price	$ 3
Interest expenses		$ 3	$ 331	$ 493
Convertible Debt \| Convertible Promissory Notes B
Convertible Notes
Principal amount					$ 2,180

ACQUISITION OF ZHEJIANG ORDINARY SMILE

12 Months Ended

Dec. 31, 2025

ACQUISITION OF ZHEJIANG ORDINARY SMILE

ACQUISITION OF ZHEJIANG ORDINARY SMILE

5.ACQUISITION OF ZHEJIANG ORDINARY SMILE

On December 2, 2025, the Company, through Zhejiang Kaixin Auto, entered into a securities purchase agreement with the sole shareholder of the Zhejiang Ordinary Smile (the “Seller”) and AUTOA2A, LTD (the “Escrow Agent”). Pursuant to the securities purchase agreement, Zhejiang Kaixin Auto agreed to acquire 100% equity interest in Zhejiang Ordinary Smile in exchange for share consideration of up to an aggregate of 15 million newly issued Class A ordinary shares. Zhejiang Ordinary Smile engages in automobile wholesale and retail business. The 15 million newly issued Class A ordinary shares shall be held in escrow and be released in five tranches subject to a five-year-performance targets as the following:

-	December 1, 2025 to November 30, 2026, the Target Company shall generate audited revenue of not less than RMB 665,000,000.

-	December 1, 2026 to November 30, 2027, the Target Company shall generate audited revenue of not less than RMB 732,000,000.

-	December 1, 2027 to November 30, 2028, the Target Company shall generate audited revenue of not less than RMB 805,000,000.

-	December 1, 2028 to November 30, 2029, the Target Company shall generate audited revenue of not less than RMB 885,000,000.

-	December 1, 2029 to November 30, 2030, the Target Company shall generate audited revenue of not less than RMB 974,000,000.

The share consideration is subject to adjustment. If the Seller fails to meet the agreed performance target in any assessment period, the number of shares released for such period (one-fifth of the Consideration Shares) will be deducted according to an agreed formula. Such deducted share consideration will be cancelled by the Company. Conversely, if in any assessment period Zhejiang Ordinary Smile exceeds the performance target by more than 50%, such excess revenue can be credited to offset prior shortfalls in any previous performance assessment period. During the five-year-performance assessment period, the sole shareholder of shall be entitled to receive dividends declared by the Company and vote rights.

The 15,000,000 newly issued Class A ordinary shares are determined as contingent consideration in connection with the acquisition. The number of ordinary shares released from the 15,000,000 ordinary shares depends on the ratio of actual revenue result of the Company, for five years, to the benchmark amount, which is classified as an equity. On December 2, 2025, the Company engaged a professional valuation team to estimate fair value of 15,000,000 ordinary shares at $28,812, using discounted cash flow method.

The following table summarizes the estimated fair values of the identifiable assets acquired at the acquisition date. The following is a reconciliation of the fair value of major classes of assets acquired and liabilities assumed which comprised of net tangible assets on December 2, 2025.


	December 2,
	2025
Customer relationship	$	10,100
Goodwill		21,237
Deferred tax liabilities		(2,525)
Total purchase consideration	$	28,812

SHARE-BASED COMPENSATION - Nonvested Restricted Shares (Details) - Restricted Stock - Kaixin 2023 and 2024 Plan - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Number of nonvested restricted shares
Balance at the beginning of period	106	106
Granted	3,592,183	115,169
Vested	(3,592,183)	(115,169)
Balance at the end of period	106	106	106
Weighted average fair value per ordinary shares at the granted dates
Balance at the beginning of period	$ 41,922	$ 41,922
Granted	9.8	904.5
Vested	9.8	904.5
Balance at the end of period	$ 41,922	$ 41,922	$ 41,922
Unrecognized share-based compensation expense	$ 1,181
Weighted average period for unrecognized compensation cost	2 years 1 month 6 days
Total fair value of shares vested	$ 25,405	$ 10,856	$ 11,897

EQUITY

12 Months Ended

Dec. 31, 2025

EQUITY

EQUITY

14.EQUITY

Ordinary shares

On September 14, 2023, the Group effected a share consolidation at a ratio of one-for-fifteenth (15) ordinary shares with a par value of US$0.00005 each in the Group’s issued and unissued share capital into one ordinary share with a par value of US$0.00075.

On October 25, 2024, the Group effected a share consolidation at a ratio of one-for-sixty (60) ordinary shares with a par value of US $0.00075 each in the Group’s issued and unissued share capital into one ordinary share with a par value of US $0.045. In addition, the Group also effected an increase in authorized share capital from $500,000 to $36,500,000, and a redesignation of ordinary shares into two-class ordinary shares.

14.EQUITY (CONTINUED)

Following the First and Second Share Consolidation, increase in authorized share capital and redesignation of Class A and Class B Ordinary Shares, the authorized share capital of the Group to be US $36,500,000 divided into 796,106,500 Class A Ordinary Shares and 15,000,000 Class B Ordinary Shares, each at a par value of US$0.045 per share, and 333,738 preferred shares, including (a) 6,000 Series A convertible preferred shares of a par value of US$0.0001 each, (b) 6,000 Series D convertible preferred shares of a par value of US$0.0001 each, (c) 50,005 Series F convertible preferred shares of a par value of US$0.00005 each, (d) 50,000 Series G convertible preferred shares of a par value of US$0.00075 each, (e) 50,000 Series H convertible preferred shares of a par value of US$0.00075 each, (f) 50,000 Series I convertible preferred shares of a par value of US$0.00075 each, (g) 50,000 Series J convertible preferred shares of a par value of US$0.00075 each, and (h) 71,733 Series K convertible preferred shares of a par value of US$0.00075 each.

On December 1, 2025, the Group effected a share consolidation at a ratio of one - for - thirty (30) ordinary shares with a par value of US $0.045 each in the Group’s issued and unissued share capital into one ordinary share with a par value of US $1.35 (“the Second Share Consolidation”). In addition, the Group also effected an increase in authorized share capital from $36,500,000 to $1,505,316,695, being divided into (a) 1,015,049,250 Class A ordinary shares of a par value of US$1.35 each, (b) 100,000,000 Class B ordinary shares of a par value of US$1.35 each, (c) 6,000 Series A convertible preferred shares of a par value of US$0.0001 each, (d) 6,000 Series D convertible preferred shares of a par value of US$0.0001 each, (e) 50,005 Series F convertible preferred shares of a par value of US$0.00005 each, (f) 50,000 Series G convertible preferred shares of a par value of US$0.00075 each, (g) 50,000 Series H convertible preferred shares of a par value of US$0.00075 each, (h) 50,000 Series I convertible preferred shares of a par value of US$0.00075 each, (i) 50,000 Series J convertible preferred shares of a par value of US$0.00075 each, and (j) 71,733 Series K convertible preferred shares of a par value of US$0.00075 each.

The Group believed that it was appropriate to reflect the transactions on a retroactive basis pursuant to ASC 260, Earnings Per Share. The Group has retroactively adjusted all share and per share data for all periods presented.

As of December 31, 2025, there were 21,279,792 Class A Ordinary Shares and 2,170,001 Class B Ordinary Shares (after giving effects to the 2025 Share consolidation) issued, respectively. As of December 31, 2025, there were 21,279,792 Class A Ordinary Shares and 2,170,001 Class B Ordinary Shares (after giving effects to the 2025 Share consolidation) outstanding, respectively.

As of December 31, 2024, there were 182,972 Class A Ordinary Shares and 36,667 Class B Ordinary Shares (after giving effects to the 2023 Share Consolidation, 2024 Share Consolidation and 2025 Share consolidation) issued and outstanding, respectively.

Preferred shares

Series D Preferred Shares

On March 31, 2021, KAH closed a securities purchase agreement with Moatable, Inc. (the “Holder”) a. Pursuant to the agreement, the Holder invested $6,000 in the Group in exchange for 6,000 shares of newly designated Series D convertible preferred shares (the “Series D Preferred Shares”) of KAH. The preferred shares and ordinary shares underlying the warrants are not subject to stock split. Major terms of the Series D Preferred Shares are as follows:

Conversion Rights: Series D preferred shares are convertible into 2,000,000 ordinary shares of KAH’s at a conversion price of $3.00, subject to customary adjustments. Each Preferred Share shall be convertible, at any time and from time to time from and after April 8, 2021 at the option of the Holder into that number of ordinary shares.

Redemption Rights: the redemption was comprised of optional redemption and redemption on triggering events. With respect to optional redemption, KAH may deliver a notice to the Holders of its irrevocable option to redeem some or all of the then outstanding Series D Preferred Shares at any time after March 30, 2022. With respect to redemption on several triggering events, upon the occurrence of a Triggering Event, each Holder shall have the right, exercisable at the sole option of such Holder, to require the Group to redeem all of the Series D Preferred Shares.

The Series D Preferred Shares were considered as permanent equity since they were redeemable upon the occurrence of events that are within the Group’s control. The Group has issued 6,000 convertible preferred shares and received $6,000 in April 8, 2021.

14.EQUITY (CONTINUED)

Series F Preferred Shares

On December 28, 2022, KAG closed a securities purchase agreement with Stanley Star Group Inc. (the “Holder”). On March 24, 2023, KAG and Stanley Star entered into an amendment to the supplement agreement that modified specific terms of the $50 million preferred stock issued by the Group to Stanley Star. The Group issued 50,000 convertible preferred shares of the Group to Stanley Star as part of consideration of the divestment of certain subsdiaries. The preferred shares and ordinary shares underlying the warrants are not subject to stock split. Major terms of the Series F Preferred Shares are as follows:

Conversion Rights: Series F preferred shares are convertible into 18,518 ordinary shares (after giving effects to the 2023 Share Consolidation, 2024 Share Consolidation and 2025 Share consolidation) of the Group at a conversion price of $1.00, subject to customary adjustments. Each Preferred Share shall be convertible, at any time and from time to time from and after the applicable Issuance Date at the option of the Holder into that number of ordinary shares.

Redemption Rights: the redemption was comprised of optional redemption and redemption on triggering events. With respect to optional redemption, the Group may deliver a notice to the Holders of its irrevocable election to redeem some or all of the then outstanding Series F Preferred Shares at any time after January 1, 2023. With respect to redemption on several triggering events, upon the occurrence of a Triggering Event, each Holder shall have the right, exercisable at the sole option of such Holder, to require the Group to redeem all of the Series F Preferred Shares.

The Series F Preferred Shares were considered as permanent equity since they were redeemable upon the occurrence of events that are within the Group’s control. For the years ended December 31, 2025, 2024 and 2023, KAH issued 5,620,000, 16,667 and 3,889 Class A ordinary shares (after giving effects to the 2025 Share consolidation), respectively, to Stanley Star. As of December 31, 2025, the Company has settled the 19,500 Series F Preferred Shares with 30,500 Series F Preferred Shares outstanding.

Series G Preferred Shares

In connection with disposal of KAG in June 2023 (Note 3), on May 20, 204, KAG issued 12,800 Series G convertible preferred shares, at fair value of $1,996, to the purchaser of KAG to partially settle the outstanding liabilities.

Conversion Rights: Series G preferred shares are convertible into 7,111 ordinary shares (after giving effects to the 2023 Share Consolidation, 2024 Share Consolidation and 2025 Share consolidation) of the Group at a conversion price of $1.00, subject to customary adjustments. Each Preferred Share shall be convertible, at any time and from time to time from and after the applicable Issuance Date at the option of the Holder into that number of ordinary shares.

Redemption Rights: the redemption was comprised of optional redemption and redemption on triggering events. With respect to optional redemption, the Group may deliver a notice to the Holders of its irrevocable election to redeem some or all of the then outstanding Series G Preferred Shares at any time after May 20, 2024. With respect to redemption on several triggering events, upon the occurrence of a Triggering Event, each Holder shall have the right, exercisable at the sole option of such Holder, to require the Group to redeem all of the Series G Preferred Shares.

The Series G Preferred Shares were considered as permanent equity since they were redeemable upon the occurrence of events that are within the Group’s control.

14.EQUITY (CONTINUED)

Series H Preferred Shares

In May 2024, the Company issued 7,366 Series H convertible preferred shares to dealers to settle sales incentive of $571 and $417, respectively, incurred for the year of 2024 and 2023.

Conversion Rights: Series H preferred shares are convertible into 4 ordinary shares (after giving effects to the 2023 Share Consolidation, 2024 Share Consolidation and 2025 Share consolidation) of the Group at a conversion price of $1.00, subject to customary adjustments. Each Preferred Share shall be convertible, at any time and from time to time from and after the applicable Issuance Date at the option of the Holder into that number of ordinary shares.

Redemption Rights: the redemption was comprised of optional redemption and redemption on triggering events. With respect to optional redemption, the Group may deliver a notice to the Holders of its irrevocable election to redeem some or all of the then outstanding Series H Preferred Shares at any time after May 20, 2024. With respect to redemption on several triggering events, upon the occurrence of a Triggering Event, each Holder shall have the right, exercisable at the sole option of such Holder, to require the Group to redeem all of the Series H Preferred Shares.

The Series H Preferred Shares were considered as permanent equity since they were redeemable upon the occurrence of events that are within the Group’s control.

Series I Preferred Shares

In August 2025, the Company issued 10,000 Series I convertible preferred shares to the buyer of Wuxi Morning to compensation the negative net assets of Wuxi Morning Star

Conversion Rights: Series I preferred shares are convertible into 333,333 ordinary shares (after giving effects to the 2025 Share consolidation) of the Group at a conversion price of $1.00, subject to customary adjustments. Each Preferred Share shall be convertible, at any time and from time to time from and after the applicable Issuance Date at the option of the Holder into that number of ordinary shares.

Redemption Rights: the redemption was comprised of optional redemption and redemption on triggering events. With respect to optional redemption, the Group may deliver a notice to the Holders of its irrevocable election to redeem some or all of the then outstanding Series I Preferred Shares at any time after August 6, 2025. With respect to redemption on several triggering events, upon the occurrence of a Triggering Event, each Holder shall have the right, exercisable at the sole option of such Holder, to require the Group to redeem all of the Series H Preferred Shares.

The Series I Preferred Shares were considered as permanent equity since they were redeemable upon the occurrence of events that are within the Group’s control.

14.EQUITY (CONTINUED)

Warrants

Issuance of ordinary shares and 2023 warrants

On November 7, 2023, KAH closed a securities purchase agreement with Mr. Long Li, Hermann Limited and Aslan Family Limited (the “Investors”), pursuant to which the Group issued the Investors (i) an aggregate of 5,833 Class A Ordinary Shares (after giving effects to the 2023 Share Consolidation, 2024 Share Consolidation and 2025 Share consolidation) of the Group, par value of US$1.35 per share, at a purchase price of US$1,566 per share (the “Purchase Shares”), and (ii) the warrants to purchase up to 5,833 shares of the Class A Ordinary Shares (after giving effects to the 2023 Share Consolidation, 2024 Share Consolidation and 2025 Share consolidation). Each of the Investors will purchase 1,944 of the Purchase Shares (after giving effects to the 2023 Share Consolidation, 2024 Share Consolidation and 2025 Share consolidation) and 1,944 of the Warrants 58,333. The 2023 Warrants will be exercisable immediately commencing on the closing date of the Securities Purchase Agreement and will expire on the second anniversary of November 7, 2023. On November 11, 2023, the Group and the Investors entered into an amendment to the Securities Purchase Agreement pursuant to which the Purchase Price of the shares is adjusted from $1,944 per share to $3,240 per share and the exercise price of the Warrants is adjusted from US$1,800 per share to US$3,240 per share.


		As of November 7, 2023
		2023 Warrant
Risk-free rate of return			4.37	%
Estimated volatility rate			53.29	%
Dividend yield			0	%
Spot price of underling ordinary share			1,584
Exercise price		$	3,240
Fair value of warrant		$	926

Statutory reserve and restricted net assets

In accordance with the Regulations on Enterprises with Foreign Investment of China and their articles of association, the Group’s subsidiaries and VIE entities located in the PRC, are required to provide for certain statutory reserves. The statutory reserve fund required to reserve 10% of their net profit after income tax, as determined in accordance with the PRC accounting rules and regulations. Appropriation to the statutory reserve by the Group is based on profit arrived at under PRC accounting standards for business enterprises for each year. The profit arrived at must be set off against any accumulated losses sustained by the Group in prior years, before allocation is made to the statutory reserve. Appropriation to the statutory reserve must be made before distribution of dividends to shareholders. The appropriation is required until the statutory reserve reaches 50% of the registered capital. This statutory reserve is not distributable in the form of cash dividends.

Relevant PRC statutory laws and regulations permit the payment of dividends by the Group’s PRC subsidiary only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. Furthermore, registered share capital and capital reserve accounts are also restricted from distribution. As a result of these PRC laws and regulations, the Group’s PRC subsidiary is restricted in their ability to transfer a portion of their net assets to the Group either in the form of dividends, loans or advances. The Group’s restricted net assets, comprising of paid-in-capital and statutory reserve of Group’s PRC subsidiary, were $105,622 and $107,222 as of December 31, 2025 and 2024, respectively.

- Definition

The entire disclosure for equity.

+ References

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+ Details

DISPOSAL OF SUBSIDIARIES (Details) $ in Thousands	12 Months Ended
DISPOSAL OF SUBSIDIARIES (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Disposed other than sale spinoff
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration	$ 0
Net assets	0
Loss on disposal of subsidiaries	0
Disposed other than sale abandonment
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss on disposal of subsidiaries	$ 0

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2025

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Schedule of accrued expenses and other current liabilities


	As of December 31,
	2025		2024
Due to buyer of KAG arising from disposal of KAG (Note 3)	$	2,162	$	2,162
Loan payable (1)		1,368		205
Accrued professional fee		392		494
Individual income tax payable		2,207		2,207
Others		2,501		2,682
Total	$	8,630	$	7,750

(1)	Loans payable

ACQUISITION OF MORNING STAR (Tables)

12 Months Ended

Dec. 31, 2025

Morning Star

ACQUISITION OF MORNING STAR

Schedule of fair value of major classes of assets acquired and liabilities assumed which comprised of net tangible assets


		August 22,
		2023
Net tangible assets		$	420
Technologies (1)			13,972
Goodwill			38,201
Deferred tax liabilities			(3,493)
Total purchase consideration		$	49,100

(1)	The following is a reconciliation of the fair value of major classes of assets acquired and liabilities assumed which comprised of net tangible assets on August 22, 2023.

(2)	The technologies are primarily related to design and manufacture of electric vehicles. The useful lives of these technologies of 6.3 years.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

INCOME TAXES - Components of income tax expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
INCOME TAXES
Current income tax expense			$ (1)
Deferred income tax benefit	$ 2,733	$ 931	229
Total income tax benefit	$ 2,733	$ 931	$ 228

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

DISPOSAL OF SUBSIDIARIES - Carrying amount of major classes of assets and liabilities of disposal subsidiaries - Anhui Kaixin (Details) - USD ($) $ in Thousands			1 Months Ended	12 Months Ended
	Aug. 06, 2025	Dec. 05, 2024	Aug. 31, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss (gain) on disposal of subsidiaries				$ 7,800	$ 23,037	$ (64)
Disposal Group \| Anhui Kaixin
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percentage of ownership sold		66.702%
Percentage of ownership interest		33.298%
Anhui Kaixin \| Disposal Group
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash		$ 0
Prepayment for vehicle purchase and other current assets, net		54
Inventories		34
Due from related parties		33
Property and equipment		17
Net assets		138
Loss on disposal of subsidiaries		$ 138
Percentage of transfer to equity interest		33.298%
Wuxi Morning Star \| Series I convertible preferred shares
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Convertible preferred shares	10,000		10,000
Loss (gain) on disposal of subsidiaries				$ 7,800

MEZZANINE EQUITY AND WARRANT LIABILITIES (Details)	Dec. 31, 2025 $ / shares	Dec. 31, 2024 $ / shares	Nov. 07, 2023 $ / shares
Risk-free rate of return
Mezzanine equity and warrant liabilities
Warrants and Rights Outstanding			0.0437
Risk-free rate of return \| Series A Warrants
Mezzanine equity and warrant liabilities
Warrants and Rights Outstanding	3.47	4.45
Risk-free rate of return \| Series C Warrants
Mezzanine equity and warrant liabilities
Warrants and Rights Outstanding	3.47	4.48
Estimated volatility rate
Mezzanine equity and warrant liabilities
Warrants and Rights Outstanding			0.5329
Estimated volatility rate \| Series A Warrants
Mezzanine equity and warrant liabilities
Warrants and Rights Outstanding	230.52	57.91
Estimated volatility rate \| Series C Warrants
Mezzanine equity and warrant liabilities
Warrants and Rights Outstanding	230.52	57.17
Dividend yield
Mezzanine equity and warrant liabilities
Warrants and Rights Outstanding			0
Dividend yield \| Series A Warrants
Mezzanine equity and warrant liabilities
Warrants and Rights Outstanding	0	0
Dividend yield \| Series C Warrants
Mezzanine equity and warrant liabilities
Warrants and Rights Outstanding	0	0
Spot price of underling ordinary share
Mezzanine equity and warrant liabilities
Warrants and Rights Outstanding			1,584
Spot price of underling ordinary share \| Series A Warrants
Mezzanine equity and warrant liabilities
Warrants and Rights Outstanding	5.19	45.6
Spot price of underling ordinary share \| Series C Warrants
Mezzanine equity and warrant liabilities
Warrants and Rights Outstanding	5.19	45.6
Exercise price
Mezzanine equity and warrant liabilities
Warrants and Rights Outstanding			3,240
Exercise price \| Series A Warrants
Mezzanine equity and warrant liabilities
Warrants and Rights Outstanding	5,400	5,400
Exercise price \| Series C Warrants
Mezzanine equity and warrant liabilities
Warrants and Rights Outstanding	5,400	5,400
Fair value of warrant \| Series A Warrants
Mezzanine equity and warrant liabilities
Warrants and Rights Outstanding	0	9
Fair value of warrant \| Series C Warrants
Mezzanine equity and warrant liabilities
Warrants and Rights Outstanding	0	13

DISPOSAL OF SUBSIDIARIES

12 Months Ended

Dec. 31, 2025

DISPOSAL OF SUBSIDIARIES

DISPOSAL OF SUBSIDIARIES

3.DISPOSAL OF SUBSIDIARIES

Disposal of Subsidiaries in the year ended December 31, 2023

On February 2, 2023, the Group entered into a share transfer agreement with Kairui Consulting Hong Kong Limited (“Karui”), pursuant to which the Group transferred 100% equity interest in Zhejiang Taohaoche at consideration of $2,700,000. In addition, the Group, Karui and Scytech Limited (“Sytech”) entered into a settlement agreement, pursuant to which Kairui would pay $2,700,000 to Scytech Limited to settle the Group’s liabilities due to Scytech. For the year ended December 31, 2023, Kairui made cash consideration to Scytech and the Group settled its liabilities to Scytech. Upon disposal, Zhejiang Taohaoche’s net assets and gain on disposal of Zhejiang Taohaoche was comprised of the following:


		As of February 2, 2023
Consideration		$	2,700

Cash		$	2,662
Accrued expenses and other current liabilities			(61)
Foreign exchange adjustment			34
Net assets		$	2,635

Gain on disposal of Zhejiang Taohaoche		$	65

The transfer of share equity interest in Zhejiang Taohaoche did not constitute a strategic shift of the Group’s operations and did not have major effects on the Group’s operations and financial results; therefore, the transactions do not meet the discontinued operations criteria.

In June 2023, the Group disposed of KAG, a Cayman holding company, to a third party. Upon disposal, KAG was a holding company and had net asset deficit of $4,158. Pursuant to the disposal agreement with third party, the Company would make payments, in the amount of net asset deficit of KAG, to the third party in the event that the net assets of KAG was below zero. Accordingly, The Group did not recognize disposal gain or loss from disposal of KAG. In May 2024, the Group issued 12,800 Series G convertible preferred shares to the third party, at fair value of $1,996, to partially settled the payments.

As of December 31, 2025 and 2024, the Company had outstanding balance of $2,162 and $2,162, respectively, due to the third party, and recorded the balance in accrued expenses and other current liabilities.

3.DISPOSAL OF SUBSIDIARIES (CONTINUED)

Disposal of Subsidiaries in the year ended December 31, 2024

During the year ended December 31, 2024, the Group entered into certain share transfer agreements with third parties, pursuant to which the Group fully transferred equity interest in Kaixin Manman, Wuhan Jieying, Chongqing Jieying and Morning Star. Due to the net asset deficit on disposal dates, the consideration for the equity transfer were nil, except for disposal of Kaixin Manman from which the Group collected proceeds of $16. In addition, the Group also dissolved Kaixin Daman in July 2024 due to minimal operations.

The following table summarizes the carrying amounts of the major classes of assets and liabilities of the disposed subsidiaries as of disposal dates.


	As of disposal dates
Consideration	$	16
Non-controlling interest	$	3,330
Additional paid-in capital	$	12,187

Cash	$	24
Prepayment for vehicle purchase and other current assets, net		39
Due from related parties		1,415
Goodwill		38,201
Accounts payable		(92)
Income tax payable		(684)
Due to related parties		(802)
Accrued expenses and other current liabilities		(675)
Foreign exchange adjustment		1,006
Net assets	$	38,432

Loss on disposal of subsidiaries	$	22,899

In August 2025, the buyer of Wuxi Morning discussed with the Group to compensation the negative net assets of Wuxi Morning Star. The board of directors of the Company resolved on August 6, 2025 that the Company shall issue 10,000 Series I Convertible Preferred Shares to the buyer. The fair value of the 10,000 Series I Convertible Preferred Shares was by reference to the closing market price prevailing on August 6, 2025 and the Group recorded loss on disposal of subsidiaries of $7,800 for the year ended December 31, 2025.

On December 5, 2024, the Company transferred 66.702% equity interest in Anhui Kaixin to a third party at no considerations. Upon the transfer of equity interest, the Company owned 33.298% equity interest in Anhui Kaixin and exercised significant influence over the equity investee.

The following table summarizes the carrying amounts of the major classes of assets and liabilities of Anhui Kaixin on December 5, 2024.


	As of
	December 5, 2024
Cash	$	0
Prepayment for vehicle purchase and other current assets, net		54
Inventories		34
Due from related parties		33
Property and equipment		17
Net assets	$	138

Loss on disposal of subsidiaries	$	138

3.DISPOSAL OF SUBSIDIARIES (CONTINUED)

Disposal of Subsidiaries in the year ended December 31, 2024 (cont.)

The Group derecognized the net assets of Anhui Kaixin and recorded as loss from disposal of subsidiaries. In the same time, the Company recorded long-term investments of its 33.298% equity interest in Anhui Kaixin at fair value on December 5, 2024 (Note 6).

Disposal of Subsidiaries in the year ended December 31, 2025

During the year ended December 31, 2025, the Group entered into a share transfer agreements with Anhui Kaixin, pursuant to which the Group fully transferred equity interest in Kaixin Jingtao. Due to the net asset deficit on disposal date, the consideration for the equity transfer were nil. On disposal date, Kaixin Jingtao had nil net assets and the Group did not recognize gain or loss from disposal of Kaixin Jingtao.

During the year ended December 31, 2025, the Group also dissolved three subsidiaries, namely Kaixin Zhihui, Kaixin Changxing and Kaixin Wuxian due to minimal operations. Prior to the dissolution of the three subsidiaries, the Group has transferred assets or assume liabilities of these dissolved entities to in account of other subsidiaries. No gain or loss were recognized upon dissolution.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical)				12 Months Ended
	Dec. 01, 2025 USD ($)	Oct. 25, 2024 USD ($)	Sep. 14, 2023 USD ($)	Dec. 31, 2025	Nov. 30, 2025 USD ($)	Oct. 26, 2024 USD ($)	Oct. 24, 2024 USD ($)	Sep. 15, 2023 USD ($)
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Share consolidation ratio	0.0333	0.0167	0.067	0.033
Common stock, authorized share capital	$ 1,505,316,695	$ 36,500,000	$ 50,000,000		$ 36,500,000	$ 36,500,000	$ 500,000	$ 36,500,000

LOSS PER SHARE (Details) - USD ($)
$ / shares in Units, $ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Net loss:

Net Loss Attributable to Kaixin's Shareholders

$ (53,907)

$ (40,972)

$ (53,563)

Weighted Average Shares Used in Calculating Net Loss Per Share, basic

^[1]

2,227,765

52,418

12,713

Weighted Average Shares Used in Calculating Net Loss Per Share, diluted

2,227,765

52,418

12,713

Net (loss) income per ordinary share attributable to Kaixin Auto Holdings' shareholders - basic:

Loss Per Share, basic

^[1]

$ (24.2)

$ (781.64)

$ (4,213.21)

Loss Per Share, diluted

$ (24.2)

$ (781.64)

$ (4,213.21)

Dilutive security issued shares

Class A Ordinary Shares

Net (loss) income per ordinary share attributable to Kaixin Auto Holdings' shareholders - basic:

Potential dilutive securities that were not included in the calculation of dilutive loss per share

[1]

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Common Stock Class A Ordinary Shares	Common Stock Class B Ordinary Shares	Preferred shares	Additional paid-in capital	Subscription receivable	Statutory reserve	Accumulated deficit	Accumulated Other Comprehensive (loss) income	Total shareholders' equity	Non-controlling interest	Class A Ordinary Shares	Total
Balance at beginning at Dec. 31, 2022	$ 11		$ 3	$ 312,831		$ 8	$ (283,008)	$ 1,470	$ 31,315	$ 4,188		$ 35,503
Balance at beginning (in shares) at Dec. 31, 2022	8,453		56,000
STATEMENTS OF CHANGES IN EQUITY
Net loss							(53,563)		(53,563)	9		(53,554)
Vesting of restricted shares award	$ 2			11,966					11,968			11,968
Vesting of restricted shares award (in shares)	1,543
Issuance of ordinary shares and warrant for private placement	$ 8			18,892	$ (17,900)				1,000			1,000
Issuance of ordinary shares and warrant for private placement (in shares)	5,833
Issuance of ordinary shares for conversion of Series F convertible preferred shares	$ 5		$ (1)	310					314			314
Issuance of ordinary shares for conversion of Series F convertible preferred shares (shares)	3,889		(7,000)
Issuance of ordinary shares for conversion of convertible preferred shares	$ 5			60					65			65
Issuance of ordinary shares for conversion of convertible preferred shares (in shares)	3,631
Issuance of ordinary shares for payments of dividends (shares)	4
Foreign currency translation adjustment								(580)	(580)	(763)		(1,343)
Share based consideration on acquisition of a subsidiary	$ 5			49,095					49,100			49,100
Share based consideration on acquisition of a subsidiary (shares)	3,704
Issuance of shares to settle payables for sales incentive				3,914					3,914			3,914
Issuance of shares to settle payables for sales incentive (shares)	368
Issuance of ordinary shares for conversion of convertible notes	$ 1			2,049					2,050			2,050
Issuance of ordinary shares for conversion of convertible notes (shares)	245										245
Balance at ending at Dec. 31, 2023	$ 37		$ 2	399,117	(17,900)	8	(336,571)	890	45,583	3,434		49,017
Balance at ending (in shares) at Dec. 31, 2023	27,670		49,000
STATEMENTS OF CHANGES IN EQUITY
Net loss							(40,972)		(40,972)	(8)		(40,980)
Vesting of restricted shares award	$ 106	$ 50		10,700					10,856			10,856
Vesting of restricted shares award (in shares)	78,502	36,667
Issuance of ordinary shares and warrant for private placement	$ 56			3,669					3,725			3,725
Issuance of ordinary shares and warrant for private placement (in shares)	41,365
Issuance of ordinary shares for conversion of convertible preferred shares	$ 23								23			23
Issuance of ordinary shares for conversion of convertible preferred shares (in shares)	16,667		(500)
Issuance of Series G convertible preferred shares to settle payables due to purchaser of KAG			$ 1	1,995					1,996			1,996
Issuance of Series G convertible preferred shares to settle payables due to purchaser of KAG (Shares)			12,800
Issuance of Series H convertible preferred shares to settle payables for sales incentive			$ 1	987					988			988
Issuance of Series H convertible preferred shares to settle payables for sales incentive (Shares)	55		7,366
Issuance of ordinary shares for payments of dividends (shares)	56
Disposal of subsidiaries				(12,187)					(12,187)	(3,324)		(15,511)
Foreign currency translation adjustment								1,073	1,073	(101)		972
Issuance of ordinary shares for conversion of convertible notes	$ 25			2,063					2,088			2,088
Issuance of ordinary shares for conversion of convertible notes (shares)	18,657										18,657
Balance at ending at Dec. 31, 2024	$ 247	$ 50	$ 4	406,344	(17,900)	8	(377,543)	1,963	13,173	1		13,174
Balance at ending (in shares) at Dec. 31, 2024	182,972	36,667	68,666
STATEMENTS OF CHANGES IN EQUITY
Net loss							(53,907)		(53,907)	(1)		(53,908)
Vesting of restricted shares award	$ 620	$ 2,880		21,905					25,405			25,405
Vesting of restricted shares award (in shares)	458,849	2,133,334
Issuance of ordinary shares to the buyer of Morning Star (Note 3)			$ 1	7,799					7,800			7,800
Issuance of ordinary shares to the buyer of Morning Star (Note 3) (in shares)			10,000
Issuance of ordinary shares for conversion of convertible preferred shares	$ 7,587		$ (2)	(7,585)
Issuance of ordinary shares for conversion of convertible preferred shares (in shares)	5,620,000		(12,000)
Disposal of subsidiaries										(1)		(1)
Foreign currency translation adjustment								7	7	$ 1		8
Share based consideration on acquisition of a subsidiary	$ 20,250			8,562					28,812			28,812
Share based consideration on acquisition of a subsidiary (shares)	15,000,000
Issuance of ordinary shares for conversion of convertible notes	$ 24			614					638			638
Issuance of ordinary shares for conversion of convertible notes (shares)	17,971										17,970
Balance at ending at Dec. 31, 2025	$ 28,728	$ 2,930	$ 3	$ 437,639	$ (17,900)	$ 8	$ (431,450)	$ 1,970	$ 21,928			$ 21,928
Balance at ending (in shares) at Dec. 31, 2025	21,279,792	2,170,001	66,666

LEASE - Additional information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
LEASE
Lease Term	5 years
Operating lease asset obtained in exchange for operating lease liabilities	$ 0	$ 0	$ 328
Operating lease expense	$ 161	$ 158	$ 160

CONSOLIDATED BALANCE SHEETS (Parenthetical)				12 Months Ended
CONSOLIDATED BALANCE SHEETS (Parenthetical)	Dec. 01, 2025 USD ($) $ / shares shares	Oct. 25, 2024 USD ($) $ / shares shares	Sep. 14, 2023 USD ($) $ / shares shares	Dec. 31, 2025 $ / shares shares	Nov. 30, 2025 USD ($) $ / shares	Dec. 31, 2024 $ / shares shares	Oct. 26, 2024 USD ($) $ / shares shares	Oct. 24, 2024 USD ($) $ / shares	May 20, 2024 shares	Sep. 15, 2023 USD ($) $ / shares shares	Sep. 13, 2023 $ / shares
Ordinary shares, par value (in dollars per share) \| $ / shares	$ 1.35	$ 0.045	$ 0.00075		$ 0.045			$ 0.00075			$ 0.00005
Preferred shares, par value (in dollars per share) \| $ / shares			$ 0.00075
Preferred shares, authorized		333,738
Preferred shares, outstanding				0		0
Share consolidation ratio	0.0333	0.0167	0.067	0.033
Common stock, authorized share capital \| $	$ 1,505,316,695	$ 36,500,000	$ 50,000,000		$ 36,500,000		$ 36,500,000	$ 500,000		$ 36,500,000
Class A Ordinary Shares
Ordinary shares, par value (in dollars per share) \| $ / shares	$ 1.35	$ 0.00075	$ 0.00075	$ 1.35		$ 1.35	$ 0.045			$ 0.00075
Ordinary shares, authorized	1,015,049,250	796,106,500	660,461,733	1,015,049,250		1,015,049,250	796,106,500			48,660,461,733
Ordinary shares, issued				21,279,792		182,972
Ordinary shares outstanding				21,279,792		182,972
Class B Ordinary Shares
Ordinary shares, par value (in dollars per share) \| $ / shares	$ 1.35	$ 0.00075	$ 0.00075	$ 1.35		$ 1.35	$ 0.045			$ 0.00075
Ordinary shares, authorized	100,000,000	15,000,000	6,000,000	100,000,000		100,000,000	15,000,000			6,000,000
Ordinary shares, issued				2,170,001		36,667
Ordinary shares outstanding				2,170,001		36,667
Series D convertible preferred shares
Ordinary shares, par value (in dollars per share) \| $ / shares	$ 0.0001	$ 0.0001	$ 0.0001				$ 0.0001			$ 0.0001
Ordinary shares, authorized	6,000	6,000	6,000				6,000			6,000
Preferred shares, par value (in dollars per share) \| $ / shares	$ 0.0001	$ 0.0001		$ 0.0001		$ 0.0001
Preferred shares, authorized	6,000	6,000		6,000		6,000
Preferred shares, issued				6,000		6,000
Preferred shares, outstanding				6,000		6,000
Series F convertible preferred shares
Ordinary shares, par value (in dollars per share) \| $ / shares	$ 0.00005	$ 0.00005	$ 0.00005				$ 0.00005			$ 0.00005
Ordinary shares, authorized	50,005	50,005	50,005				50,005			50,005
Preferred shares, par value (in dollars per share) \| $ / shares	$ 0.00005	$ 0.00005		$ 0.00005		$ 0.00005
Preferred shares, authorized	50,005	50,005		50,005		50,005
Preferred shares, issued				30,500		42,500
Preferred shares, outstanding				30,500		42,500
Series G convertible preferred shares
Ordinary shares, par value (in dollars per share) \| $ / shares	$ 0.00075	$ 0.00075	$ 0.00075				$ 0.00075			$ 0.00075
Ordinary shares, authorized	50,000	50,000	50,000				50,000			50,000
Preferred shares, par value (in dollars per share) \| $ / shares	$ 0.00075	$ 0.00075		$ 0.00075		$ 0.00075
Preferred shares, authorized	50,000	50,000		50,000		50,000
Preferred shares, issued				12,800		12,800			12,800
Preferred shares, outstanding				12,800		12,800
Series H convertible preferred shares
Ordinary shares, par value (in dollars per share) \| $ / shares	$ 0.00075	$ 0.00075	$ 0.00075				$ 0.00075			$ 0.00075
Ordinary shares, authorized	50,000	50,000	50,000				50,000			50,000
Preferred shares, par value (in dollars per share) \| $ / shares	$ 0.00075	$ 0.00075		$ 0.00075		$ 0.00075
Preferred shares, authorized	50,000	50,000		50,000		50,000
Preferred shares, issued				7,366		7,366
Preferred shares, outstanding				7,366		7,366
Series I convertible preferred shares
Ordinary shares, par value (in dollars per share) \| $ / shares	$ 0.00075	$ 0.00075	$ 0.00075				$ 0.00075			$ 0.00075
Ordinary shares, authorized	50,000	50,000	50,000				50,000			50,000
Preferred shares, par value (in dollars per share) \| $ / shares	$ 0.00075	$ 0.00075		$ 0.00075		$ 0.00075
Preferred shares, authorized	50,000	50,000		50,000		50,000
Preferred shares, issued				10,000		0
Preferred shares, outstanding				10,000		0

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY

12 Months Ended

Dec. 31, 2025

CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY

CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY

18.CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY

The Group performed a test on the restricted net assets of consolidated subsidiaries in accordance with Securities and Exchange Commission Regulation S-X Rule 4-08 (e) (3), “General Notes to Financial Statements” and concluded that the Group is required to disclose the financial statements for the parent Company.

CONDENSED PARENT COMPANY BALANCE SHEETS


		As of December 31,
		2025			2024
ASSETS
Cash and cash equivalents		$	673		$	1,968
Other receivables, net			—			—
Amounts due from related parties			95,149			57,589
Total assets		$	95,822		$	59,557

LIABILITIES AND SHAREHOLDERS’ EQUITY
Accrued expenses and other current liabilities		$	6,012		$	5,138
Amounts due to related parties			—			—
Convertible note			—			635
Deficits in investment in subsidiaries			67,882			40,589
Warrant liabilities			—			22
Total liabilities			73,894			46,384

Shareholders’ equity
Class A Ordinary Shares (par value of $1.35 per shares; 1,015,049,250 shares authorized, 21,279,792 and 182,972 shares issued and outstanding as of December 31, 2025 and 2024, respectively)			28,728			247
Class B Ordinary Shares (par value of $1.35 per shares; 100,000,000 shares authorized, 2,170,001 and 36,667 shares issued and outstanding as of December 31, 2025 and 2024, respectively)			2,930			50
Series D convertible preferred shares (par value of $0.0001, 6,000 shares and 6,000 shares authorized, issued and outstanding as of December 31, 2025 and 2024, respectively.)			1			1
Series F convertible preferred shares (par value of 0.00005, 50,005 shares authorized, 30,500 and 42,500 shares issued and outstanding as of December 31, 2025 and 2024, respectively)			—			1
Series G convertible preferred shares (par value of 0.00075, 50,000 shares and 50,000 shares authorized, 12,800 and 12,800 shares issued and outstanding as of December 31, 2025 and 2024, respectively)			1			1
Series H convertible preferred shares (par value of 0.00075, 50,000 shares and 50,000 shares authorized, 7,366 and 7,366 shares issued and outstanding as of December 31, 2025 and 2024, respectively)			1			1
Series I convertible preferred shares (par value of 0.00075, 50,000 shares and 50,000 shares authorized, 10,000 and nil shares issued and outstanding as of December 31, 2025 and 2024, respectively)			—			—
Additional paid-in capital			437,639			406,344
Subscription receivable			(17,900)			(17,900)
Statutory reserve			8			8
Accumulated deficit			(431,450)			(377,543)
Accumulated other comprehensive income			1,970			1,963
TOTAL KAIXIN HOLDINGS’ SHAREHOLDERS’ EQUITY			21,928			13,173
TOTAL LIABILITIES AND EQUITY		$	95,822		$	59,557

CONDENSED PARENT COMPANY STATEMENTS OF OPERATIONS


		For the years ended December 31,
		2025		2024		2023
Operating expenses:
Share of loss of subsidiaries		$	(27,292)	$	(28,151)	$	(40,402)
General and administrative expenses			(26,609)		(12,817)		(13,140)
Other expenses			(6)		(13)		(12)
Loss Before Income Tax Expenses			(53,907)		(40,981)		(53,554)
Income tax expenses			—		—		—
Net Loss			(53,907)		(40,981)		(53,554)

CONDENSED PARENT COMPANY STATEMENTS OF CASH FLOWS


		For the years ended December 31,
		2025		2024		2023
Cash flows used in operating activities		$	(1,235)	$	(2,119)	$	(1,016)
Cash flows provided by investing activities			—		—		—
Cash flows (used in) provided by financing activities			(60)		3,917		1,015
Net (decrease) increase in cash, cash equivalents and restricted cash			(1,295)		1,798		(1)
Cash, cash equivalents and restricted cash, at beginning of year			1,968		170		171
Cash, cash equivalents and restricted cash, at end of year		$	673	$	1,968	$	170

RELATED PARTY TRANSACTIONS AND BALANCES

12 Months Ended

Dec. 31, 2025

RELATED PARTY TRANSACTIONS AND BALANCES

10.RELATED PARTY TRANSACTIONS AND BALANCES

The table below sets forth the major related parties and their relationships with the Group:


Name		Relationship
Mr. Lin Mingjun (“Mr. Lin”)		A controlling shareholder and chief executive officer of the Group
Mrs. Yang Yi (“Mrs. Yang”)		Chief financial officer of the Group

Amounts due to related parties

As of December 31, 2025 and 2024, significant amounts due to related parties consisted of the following:


	As of December 31,
	2025		2024
Mr. Lin		222		171
Mrs. Yang		11		151
Others		—		33
	$	233	$	355

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (53,907)	$ (40,972)	$ (53,563)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY - BALANCE SHEETS (Parenthetical) (Details) - $ / shares	Dec. 31, 2025	Dec. 01, 2025	Nov. 30, 2025	Dec. 31, 2024	Oct. 26, 2024	Oct. 25, 2024	Oct. 24, 2024	May 20, 2024	Sep. 15, 2023	Sep. 14, 2023	Sep. 13, 2023
CONDENSED PARENT COMPANY BALANCE SHEETS
Ordinary shares, par value (in dollars per share)		$ 1.35	$ 0.045			$ 0.045	$ 0.00075			$ 0.00075	$ 0.00005
Preferred shares, par value (in dollars per share)										0.00075
Preferred shares, authorized						333,738
Preferred shares, outstanding	0			0
Class A Ordinary Shares
CONDENSED PARENT COMPANY BALANCE SHEETS
Ordinary shares, par value (in dollars per share)	$ 1.35	$ 1.35		$ 1.35	$ 0.045	$ 0.00075			$ 0.00075	$ 0.00075
Ordinary shares, authorized	1,015,049,250	1,015,049,250		1,015,049,250	796,106,500	796,106,500			48,660,461,733	660,461,733
Ordinary shares, issued	21,279,792			182,972
Ordinary shares outstanding	21,279,792			182,972
Class B Ordinary Shares
CONDENSED PARENT COMPANY BALANCE SHEETS
Ordinary shares, par value (in dollars per share)	$ 1.35	$ 1.35		$ 1.35	$ 0.045	$ 0.00075			$ 0.00075	$ 0.00075
Ordinary shares, authorized	100,000,000	100,000,000		100,000,000	15,000,000	15,000,000			6,000,000	6,000,000
Ordinary shares, issued	2,170,001			36,667
Ordinary shares outstanding	2,170,001			36,667
Series D convertible preferred shares
CONDENSED PARENT COMPANY BALANCE SHEETS
Ordinary shares, par value (in dollars per share)		$ 0.0001			$ 0.0001	$ 0.0001			$ 0.0001	$ 0.0001
Ordinary shares, authorized		6,000			6,000	6,000			6,000	6,000
Preferred shares, par value (in dollars per share)	$ 0.0001	$ 0.0001		$ 0.0001		$ 0.0001
Preferred shares, authorized	6,000	6,000		6,000		6,000
Preferred shares, issued	6,000			6,000
Preferred shares, outstanding	6,000			6,000
Series F convertible preferred shares
CONDENSED PARENT COMPANY BALANCE SHEETS
Ordinary shares, par value (in dollars per share)		$ 0.00005			$ 0.00005	$ 0.00005			$ 0.00005	$ 0.00005
Ordinary shares, authorized		50,005			50,005	50,005			50,005	50,005
Preferred shares, par value (in dollars per share)	$ 0.00005	$ 0.00005		$ 0.00005		$ 0.00005
Preferred shares, authorized	50,005	50,005		50,005		50,005
Preferred shares, issued	30,500			42,500
Preferred shares, outstanding	30,500			42,500
Series G convertible preferred shares
CONDENSED PARENT COMPANY BALANCE SHEETS
Ordinary shares, par value (in dollars per share)		$ 0.00075			$ 0.00075	$ 0.00075			$ 0.00075	$ 0.00075
Ordinary shares, authorized		50,000			50,000	50,000			50,000	50,000
Preferred shares, par value (in dollars per share)	$ 0.00075	$ 0.00075		$ 0.00075		$ 0.00075
Preferred shares, authorized	50,000	50,000		50,000		50,000
Preferred shares, issued	12,800			12,800				12,800
Preferred shares, outstanding	12,800			12,800
Series H convertible preferred shares
CONDENSED PARENT COMPANY BALANCE SHEETS
Ordinary shares, par value (in dollars per share)		$ 0.00075			$ 0.00075	$ 0.00075			$ 0.00075	$ 0.00075
Ordinary shares, authorized		50,000			50,000	50,000			50,000	50,000
Preferred shares, par value (in dollars per share)	$ 0.00075	$ 0.00075		$ 0.00075		$ 0.00075
Preferred shares, authorized	50,000	50,000		50,000		50,000
Preferred shares, issued	7,366			7,366
Preferred shares, outstanding	7,366			7,366
Series I convertible preferred shares
CONDENSED PARENT COMPANY BALANCE SHEETS
Ordinary shares, par value (in dollars per share)		$ 0.00075			$ 0.00075	$ 0.00075			$ 0.00075	$ 0.00075
Ordinary shares, authorized		50,000			50,000	50,000			50,000	50,000
Preferred shares, par value (in dollars per share)	$ 0.00075	$ 0.00075		$ 0.00075		$ 0.00075
Preferred shares, authorized	50,000	50,000		50,000		50,000
Preferred shares, issued	10,000			0
Preferred shares, outstanding	10,000			0
Parent \| Legal entities \| Class A Ordinary Shares
CONDENSED PARENT COMPANY BALANCE SHEETS
Ordinary shares, par value (in dollars per share)	$ 1.35			$ 1.35
Ordinary shares, authorized	1,015,049,250			1,015,049,250
Ordinary shares, issued	21,279,792			182,972
Ordinary shares outstanding	21,279,792			182,972
Parent \| Legal entities \| Class B Ordinary Shares
CONDENSED PARENT COMPANY BALANCE SHEETS
Ordinary shares, par value (in dollars per share)	$ 1.35			$ 1.35
Ordinary shares, authorized	100,000,000			100,000,000
Ordinary shares, issued	2,170,001			36,667
Ordinary shares outstanding	2,170,001			36,667
Parent \| Legal entities \| Series D convertible preferred shares
CONDENSED PARENT COMPANY BALANCE SHEETS
Preferred shares, par value (in dollars per share)	$ 0.0001			$ 0.0001
Preferred shares, authorized	6,000			6,000
Preferred shares, issued	6,000			6,000
Preferred shares, outstanding	6,000			6,000
Parent \| Legal entities \| Series F convertible preferred shares
CONDENSED PARENT COMPANY BALANCE SHEETS
Preferred shares, par value (in dollars per share)	$ 0.00005			$ 0.00005
Preferred shares, authorized	50,005			50,005
Preferred shares, issued	30,500			42,500
Preferred shares, outstanding	30,500			42,500
Parent \| Legal entities \| Series G convertible preferred shares
CONDENSED PARENT COMPANY BALANCE SHEETS
Preferred shares, par value (in dollars per share)	$ 0.00075			$ 0.00075
Preferred shares, authorized	50,000			50,000
Preferred shares, issued	12,800			12,800
Preferred shares, outstanding	12,800			12,800
Parent \| Legal entities \| Series H convertible preferred shares
CONDENSED PARENT COMPANY BALANCE SHEETS
Preferred shares, par value (in dollars per share)	$ 0.00075			$ 0.00075
Preferred shares, authorized	50,000			50,000
Preferred shares, issued	7,366			7,366
Preferred shares, outstanding	7,366			7,366
Parent \| Legal entities \| Series I convertible preferred shares
CONDENSED PARENT COMPANY BALANCE SHEETS
Preferred shares, par value (in dollars per share)	$ 0.00075			$ 0.00075
Preferred shares, authorized	50,000			50,000
Preferred shares, issued	10,000			0
Preferred shares, outstanding	10,000			0

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Parenthetical)				12 Months Ended
	Dec. 01, 2025 USD ($)	Oct. 25, 2024 USD ($)	Sep. 14, 2023 USD ($)	Dec. 31, 2025	Nov. 30, 2025 USD ($)	Oct. 26, 2024 USD ($)	Oct. 24, 2024 USD ($)	Sep. 15, 2023 USD ($)
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
Share consolidation ratio	0.0333	0.0167	0.067	0.033
Common stock, authorized share capital	$ 1,505,316,695	$ 36,500,000	$ 50,000,000		$ 36,500,000	$ 36,500,000	$ 500,000	$ 36,500,000

INCOME TAXES - Principal components of the deferred tax assets and liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Write-down of prepaid expenses and other current assets	$ 8,027	$ 8,028
Net operating loss carry forwards	1,767	1,251
Subtotal	9,794	9,279
Deferred tax liabilities:
Intangible assets acquired in business combination	(2,125)	(2,333)
Less: valuation allowance	(9,794)	(9,279)	$ (9,180)	$ (1,061)
Deferred tax liabilities, net	$ (2,125)	$ (2,333)

EQUITY - Series F Preferred Shares (Details) - USD ($)			12 Months Ended
EQUITY - Series F Preferred Shares (Details) - USD ($)	Mar. 24, 2023	Dec. 28, 2022	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 29, 2020
Class of Stock [Line Item]
Warrants exercise price						$ 5,400
General and administrative expenses			$ 31,630,000	$ 18,178,000	$ 18,013,000
Series F convertible preferred shares
Class of Stock [Line Item]
Preferred stock, outstanding			$ 30,500
Settlement of shares			19,500
Stanley Star
Class of Stock [Line Item]
Preferred stock, outstanding	$ 50,000,000
Stanley Star \| Common Stock \| Related Party
Class of Stock [Line Item]
Series A preferred shares conversion (shares)			5,620,000	16,667	3,889
Stanley Star Group
Class of Stock [Line Item]
Number of ordinary shares consisted by units	50,000	18,518
Conversion price		$ 1

DISPOSAL OF SUBSIDIARIES (Tables)

12 Months Ended

Dec. 31, 2025

Zhejiang Taohaoche

DISPOSAL OF SUBSIDIARIES

Summary of carrying amounts of the major classes of assets and liabilities of the disposal group


		As of February 2, 2023
Consideration		$	2,700

Cash		$	2,662
Accrued expenses and other current liabilities			(61)
Foreign exchange adjustment			34
Net assets		$	2,635

Gain on disposal of Zhejiang Taohaoche		$	65

Kaixin Daman

DISPOSAL OF SUBSIDIARIES

Summary of carrying amounts of the major classes of assets and liabilities of the disposal group


	As of disposal dates
Consideration	$	16
Non-controlling interest	$	3,330
Additional paid-in capital	$	12,187

Cash	$	24
Prepayment for vehicle purchase and other current assets, net		39
Due from related parties		1,415
Goodwill		38,201
Accounts payable		(92)
Income tax payable		(684)
Due to related parties		(802)
Accrued expenses and other current liabilities		(675)
Foreign exchange adjustment		1,006
Net assets	$	38,432

Loss on disposal of subsidiaries	$	22,899

Anhui Kaixin

DISPOSAL OF SUBSIDIARIES

Summary of carrying amounts of the major classes of assets and liabilities of the disposal group


	As of
	December 5, 2024
Cash	$	0
Prepayment for vehicle purchase and other current assets, net		54
Inventories		34
Due from related parties		33
Property and equipment		17
Net assets	$	138

Loss on disposal of subsidiaries	$	138

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-SubTopic 10
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-Publisher FASB
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-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 360
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-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3A

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Publisher FASB
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+ Details

LEASE - Summary of weighted average remaining lease terms and discount rates for the operating lease (Details)	Dec. 31, 2025	Dec. 31, 2024
LEASE
Weighted average remaining lease term (years)	1 year	2 years
Weighted average discount rate	11.50%	11.50%

DISPOSAL OF SUBSIDIARIES - Disposal of Zhejiang Taohaoche (Details)	Feb. 02, 2023 USD ($)
Karui \| Scytech Limited
DISPOSAL OF SUBSIDIARIES
Payment of liabilities due	$ 2,700,000
Disposal Group \| Zhejiang Taohaoche
DISPOSAL OF SUBSIDIARIES
Total consideration	$ 2,700,000
Disposal Group \| Zhejiang Taohaoche \| Karui
DISPOSAL OF SUBSIDIARIES
Percentage of ownership sold	100.00%
Total consideration	$ 2,700,000

LONG-TERM INVESTMENT (Details) - USD ($) $ in Thousands		1 Months Ended	12 Months Ended
LONG-TERM INVESTMENT (Details) - USD ($) $ in Thousands	Dec. 05, 2024	Dec. 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
LONG-TERM INVESTMENT
Less: share of equity loss			$ (41)
Long-term investment		$ 393	352	$ 393
Net Income (Loss)			(53,907)	(40,972)	$ (53,563)
Anhui Kaixin New Energy Vehicle Co., Ltd.
LONG-TERM INVESTMENT
Net Income (Loss)			126
Anhui Kaixin New Energy Vehicle Co., Ltd.
LONG-TERM INVESTMENT
Investment in Anhui Kaixin New Energy Vehicle Co., Ltd. ("Anhui Kaixin")		393	393	$ 393
Less: share of equity loss		$ 0	$ (41)
Percentage of Ownership Sold	66.702%
Percentage of ownership interest	33.298%

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

- Definition

Amount of income (loss) for proportionate share of equity method investee's income (loss).

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

EQUITY - Series H Preferred Shares (Details) - Series H convertible preferred shares - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	May 31, 2024	Dec. 31, 2024	Dec. 31, 2023
Class of Stock [Line Item]
Convertible preferred shares issued	7,366
Sales incentive		$ 571	$ 417
Convertible shares	4
Conversion price	$ 1

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY- STATEMENTS OF CASH FLOWS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Changes in operating assets and liabilities:
Cash flows used in operating activities	$ (2,583)	$ (3,020)	$ (2,108)
CASH FLOWS FROM INVESTING ACTIVITIES:
Cash flows provided by investing activities		(26)	(3,134)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash flows (used in) provided by financing activities	1,044	4,510	1,015
Cash and cash equivalents at beginning of year	2,388	2,085	7,102
Cash and cash equivalents at end of year	859	2,388	2,085
Parent
Changes in operating assets and liabilities:
Cash flows used in operating activities	(1,235)	(2,119)	(1,016)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash flows (used in) provided by financing activities	(60)	3,917	1,015
Net (decrease) increase in cash, cash equivalents and restricted cash	(1,295)	1,798	(1)
Cash and cash equivalents at beginning of year	1,968	170	171
Cash and cash equivalents at end of year	$ 673	$ 1,968	$ 170

MEZZANINE EQUITY AND WARRANT LIABILITIES

12 Months Ended

Dec. 31, 2025

MEZZANINE EQUITY AND WARRANT LIABILITIES

MEZZANINE EQUITY AND WARRANT LIABILITIES

13.MEZZANINE EQUITY AND WARRANT LIABILITIES

On December 28, 2020, KAH entered into a definitive securities purchase agreement with U.S. based KX Ventures 4 LLC (the “Investor”) and completed the initial closing on December 29, 2020.

Pursuant to the agreement, the Investor will invest $6,000 in newly designated Series A convertible preferred shares (the “Series A Preferred Shares”) of KAH. The first instalment of $3,000 closed on December 29, 2020 (the “First Closing”). The Series A Preferred Shares are convertible into 1,000,000 ordinary shares of KAH’s at a conversion price of $5,400 (after giving effects to the 2023 Share Consolidation, 2024 Share Consolidation and 2025 Share consolidation), subject to customary adjustments. Pursuant to the Purchase Agreement, the Investor will also receive warrants to subscribe for KAH’s ordinary shares at an exercise price of $3.00 per share. The preferred shares and ordinary shares underlying the warrants are not subject to stock split.

In connection with the issuance of 3,000 convertible preferred shares at the First Closing, 1,500,000 Series A Warrants, 1,333,333, Series B Warrants and 2,000,000 Series C Warrants (collectively the “Warrants”) were issued to the Investor, with each warrant provided the holder the right to subscribe for KAH’s ordinary shares at an exercise price of $5,400 per share (after giving effects to the 2023 Share Consolidation, 2024 Share Consolidation and 2025 Share consolidation). Series A and Series B Warrants are immediately exercisable, and Series C Warrants are exercisable upon exercise and in proportion to the number of Series B Warrants exercised. Series A, B and C warrants expire on December 29, 2027, August 29, 2024 and June 29, 2028, respectively.

13.MEZZANINE EQUITY AND WARRANT LIABILITIES (CONTINUED)

The Series A Preferred Shares and Warrants are bundled transactions, which were considered as equity-linked instruments. The management has determined that there was beneficial conversion feature attributable to the preferred shares because the initial effective conversion prices of these preferred shares were lower than the fair value of KAH’s ordinary shares at the relevant commitment dates, and the effect of beneficial conversion feature was recognized in additional paid-in capital. The fair value allocated to the Series A Preferred Shares was $1,310 at the date of the First Closing. The Warrants are classified as a liability and the fair value allocated to warrants was $1,690 as of the date of the First Closing.

The Group classified the Series A Preferred Shares as mezzanine equity as they were contingently redeemable upon the occurrence of the redemption event which is outside the Group’s control. The Series A Preferred Shares was redeemable if the volume-weighted average price is less than $5,400 per share (after giving effects to the 2023 Share Consolidation, 2024 Share Consolidation and 2025 Share consolidation) on the 54-month anniversary of December 29, 2020 (the “Original Issue Date”) and expired in 2025.

The Group accrete changes in the redemption value over the period from the date of issuance to the earliest redemption date (June 1, 2025) of the instrument using the interest method. In August 2021, total Series A preferred Shares of $3,000 were converted into 72,610 ordinary shares of the Group. As of December 31, 2025 and 2024, the Group had no outstanding Series A Preferred Shares.

The Warrants were classified as the warrant liability on the issuance date and was subsequently remeasured at fair value at each reporting date before the warrants are exercised or expired. The changes in fair value of warrant liabilities were charged to the consolidated statements of operations and comprehensive loss. No warrants were exercised as of December 31, 2025. As of December 31, 2025 and 2024, the Group had outstanding warrant liabilities of $nil and $22. As of December 31, 2025 and 2024, the key factors in estimating the fair value of warrant liabilities were as follow:


	As of December 31, 2025
	Series A Warrant			Series C Warrant
Risk-free rate of return		3.47	%		3.47	%
Estimated volatility rate		230.52	%		230.52	%
Dividend yield		0	%		0	%
Spot price of underling ordinary share		5.19			5.19
Exercise price	$	5,400		$	5,400
Fair value of warrant	$	0		$	0


	As of December 31, 2024
	Series A Warrant			Series C Warrant
Risk-free rate of return		4.45	%		4.48	%
Estimated volatility rate		57.91	%		57.17	%
Dividend yield		0	%		0	%
Spot price of underling ordinary share		45.6			45.6
Exercise price	$	5,400		$	5,400
Fair value of warrant	$	9		$	13