Net revenues increased by 11% to $195.2 million in 2025 from $176.6 million in 2024. The company recorded a net loss of $10.4 million in 2025, compared to a net income of $9.6 million in 2024. Gross profit declined by 56% to $18.4 million (9.4% of net revenues) in 2025 from $41.8 million (24% of net revenues) in 2024. Sales of batteries for light electric vehicles (LEV) increased by 252% to $36.4 million in 2025 from $10.3 million in 2024. Sales of materials for lithium battery manufacturing (Hitrans segment) increased by 123% to $89.2 million in 2025 from $40.0 million in 2024. Sales of batteries for residential energy supply & uninterruptible power supplies (UPS) decreased by 45% to $68.8 million in 2025 from $124.6 million in 2024, primarily due to a product portfolio upgrade at Dalian facilities. Operating income turned into an operating loss of $18.4 million in 2025, compared to an operating income of $8.8 million in 2024. Research and development expenses increased by 22% to $15.8 million in 2025 from $13.0 million in 2024. Capital expenditures increased to $45.8 million in 2025 from $17.2 million in 2024, primarily for Dalian, Nanjing, Zhejiang, and Anhui facilities. The company plans to complete a Redomicile Merger to the Cayman Islands in the first half of 2026, expecting to qualify as a foreign private issuer. Identified material weaknesses in internal control over financial reporting as of December 31, 2025, related to accounting policies and insufficient skilled accounting personnel. Independent auditors expressed substantial doubt about the company's ability to continue as a going concern due to a working capital deficiency, accumulated deficit, and significant short-term debt.