Quarterly report [Sections 13 or 15(d)]

Concentration of Credit Risk, Significant Customers and Geographic Information (Tables)

v3.25.3
Concentration of Credit Risk, Significant Customers and Geographic Information (Tables)
 9 Months Ended
Sep. 30, 2025
Risks and Uncertainties [Abstract]  
Summary of Concentration of Risk, by Risk Factor
Customers comprising 10% or greater of net revenues for each of the periods presented are as follows:
Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024
Percentage of total net revenue
Customer A 18  % 25  % 17  % 13  %
Customer B 11  % * 13  % *
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*    Represents less than 10% of the net revenue for the respective period.
The following table presents balances that are 10% or greater of accounts receivable, based on the Company’s billings to its customers.
September 30, 2025 December 31, 2024
Percentage of gross accounts receivable
Customer C 32  % 17  %
Customer D * 16  %
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*    Represents less than 10% of the accounts receivable for the respective period.

Significant Suppliers

Suppliers comprising greater than 10% or greater of total inventory purchases are as follows:
Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024
Vendor A 34  % 26  % 33  % 35  %
Vendor B 25  % 27  % 23  % 18  %
Vendor C 18  % 12  % 15  % 11  %
Summary of Revenue from External Customers by Geographic Areas
The Company’s consolidated net revenues by geographic area based on ship-to location are as follows (in thousands):
Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024
Amount % of total net revenue Amount % of total net revenue Amount % of total net revenue Amount % of total net revenue
Asia $ 105,592  83  % $ 65,293  81  % $ 267,971  81  % $ 193,555  72  %
Europe 16,343  13  % 10,208  13  % 47,398  14  % 29,034  11  %
United States 3,565  3  % 3,955  5  % 14,317  4  % 41,586  15  %
Rest of world 959  1  % 1,646  2  % 1,519  1  % 4,186  2  %
Total $ 126,459  100  % $ 81,102  100  % $ 331,205  100  % $ 268,361  100  %
The products shipped to individual countries or territories representing greater than 10% of net revenue for each of the periods presented are as follows:
Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024
Percentage of total net revenue
Hong Kong 46  % 49  % 48  % 37  %
Thailand * 11  % * *
Vietnam 15  % * 12  % *
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*    Represents less than 10% of total net revenue for the respective period.
Summary of Long-lived Assets by Geographic Areas
Long-lived assets, which consists of property and equipment, net, leased right-of-use assets, intangible assets, net, and goodwill by geographic area are as follows (in thousands):
September 30, 2025 December 31, 2024
Amount % of total Amount % of total
United States $ 322,979  74  % $ 323,130  72  %
Singapore 93,745  21  % 102,112  23  %
Rest of world 19,419  4  % 25,838  6  %
Total $ 436,143  100  % $ 451,080  100  %