Quarterly report [Sections 13 or 15(d)]

Concentration of Credit Risk, Significant Customers and Geographic Information

v3.26.1
Concentration of Credit Risk, Significant Customers and Geographic Information
 6 Months Ended
Jun. 30, 2026
Risks and Uncertainties [Abstract]  
Concentration of Credit Risk, Significant Customers and Geographic Information Concentration of Credit Risk, Significant Customers and Geographic Information
Concentration of Credit Risk
Financial instruments, which potentially subject the Company to concentrations of credit risk, consist primarily of cash and cash equivalents and accounts receivable. Collateral is generally not required for customer receivables. The Company limits its exposure to credit loss by placing its cash with high credit quality financial institutions. At times, such deposits may be in excess of insured limits. The Company has not experienced any losses on its deposits of cash and cash equivalents.
Significant Customers
The Company markets its products and services to manufacturers of a wide range of electronic devices (Note 1). The Company sells its products both directly to end-customers and through third-party distributors, both of which are referred to as the Company’s customers (Note 12). Revenue is also generated from sales of intellectual property, and the recipients of such intellectual property are also referred to as the Company’s customers. The Company makes periodic evaluations of the credit worthiness of its customers.
Customers comprising 10% or greater of net revenues for each of the periods presented are as follows:
Three Months Ended June 30, Six Months Ended June 30,
2026 2025 2026 2025
Percentage of total net revenue
Customer A * 16  % 11  % 16  %
Customer B * 16  % * 14  %
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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 gross accounts receivable, based on the Company’s billings to its customers.
June 30, 2026 December 31, 2025
Percentage of gross accounts receivable
Customer C 20  % *
Customer D 12  % 26  %
Customer E 12  % *
Customer F * 14  %
Customer G * 10  %
Customer H * 10  %
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*    Represents less than 10% of the gross accounts receivable for the respective period.
Significant Suppliers

Suppliers comprising 10% or greater of total inventory purchases are as follows:
Three Months Ended June 30, Six Months Ended June 30,
2026 2025 2026 2025
Vendor A 57  % 29  % 54  % 32  %
Vendor B 13  % 23  % 15  % 21  %
Vendor C * 14  % * 14  %
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*    Represents less than 10% of the total inventory purchases for the respective period.
Geographic Information
The Company’s consolidated net revenues by geographic area based on ship-to location are as follows (dollars in thousands):
Three Months Ended June 30, Six Months Ended June 30,
2026 2025 2026 2025
Amount % of total net revenue Amount % of total net revenue Amount % of total net revenue Amount % of total net revenue
Asia $ 143,795  85  % $ 87,118  80  % $ 249,180  81  % $ 162,379  80  %
Europe 15,028  9  % 16,101  15  % 31,317  10  % 31,055  15  %
United States 9,498  6  % 5,223  5  % 23,489  8  % 10,752  5  %
Rest of world 526  —  % 371  —  % 2,049  1  % 560  —  %
Total $ 168,847  100  % $ 108,813  100  % $ 306,035  100  % $ 204,746  100  %
The products shipped to individual countries or territories representing 10% or greater of total net revenue for each of the periods presented are as follows:
Three Months Ended June 30, Six Months Ended June 30,
2026 2025 2026 2025
Percentage of total net revenue
Hong Kong 48  % 50  % 48  % 49  %
Mainland China
 13  % * 12  % *
Vietnam 13  % 10  % 10  % 10  %
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*    Represents less than 10% of total net revenue for the respective period.
The determination of which country a particular sale is allocated to is based on the destination of the product shipment. No other individual country accounted for more than 10% of net revenue during these periods. Although a large percentage of the Company’s products is shipped to Asia, and in particular, Hong Kong, mainland China, and Vietnam, the Company believes that a significant number of the systems designed by customers and incorporating the Company’s semiconductor products are subsequently sold outside Asia to Europe, Middle East, and Africa markets and North American markets.
Long-lived assets, which consist of property and equipment, net, leased right-of-use assets, intangible assets, net, and goodwill by geographic area are as follows (dollars in thousands):
June 30, 2026 December 31, 2025
Amount % of total Amount % of total
United States $ 320,820  75  % $ 319,478  74  %
Singapore 83,142  20  % 92,519  21  %
Rest of world 19,337  5  % 19,862  5  %
Total $ 423,299  100  % $ 431,859  100  %