v3.25.2
Note 4 - Revenue
 6 Months Ended
Jun. 30, 2025
Notes to Financial Statements  
Revenue from Contract with Customer [Text Block]

4.

REVENUE

 

The following table provides information about disaggregated revenue by geographic region and sales channel, and includes a reconciliation of the disaggregated revenue to our reportable segments:

 

  Three Months Ended June 30, 2025  Six Months Ended June 30, 2025 
  

Power Solutions and Protection

  

Connectivity Solutions

  

Magnetic Solutions

  

Consolidated

  

Power Solutions and Protection

  

Connectivity Solutions

  

Magnetic Solutions

  

Consolidated

 
                                 

By Geographic Region:

                                

North America

 $54,986  $47,493  $9,576  $112,055  $104,677  $86,648  $17,001  $208,326 

Europe

  14,308   10,473   765   25,546   29,343   21,086   1,439   51,868 

Asia

  17,505   1,236   11,957   30,698   35,833   2,198   22,312   60,343 
  $86,799  $59,202  $22,298  $168,299  $169,853  $109,932  $40,752  $320,537 
                                 

By Sales Channel:

                                

Direct to customer

 $68,518  $41,360  $16,025  $125,903  $132,685  $72,786  $29,872  $235,343 

Through distribution

  18,281   17,842   6,273   42,396   37,168   37,146   10,880   85,194 
  $86,799  $59,202  $22,298  $168,299  $169,853  $109,932  $40,752  $320,537 

   

  Three Months Ended June 30, 2024  Six Months Ended June 30, 2024 
  

Power Solutions and Protection

  

Connectivity Solutions

  

Magnetic Solutions

  

Consolidated

  

Power Solutions and Protection

  

Connectivity Solutions

  

Magnetic Solutions

  

Consolidated

 
                                 

By Geographic Region:

                                

North America

 $39,197  $45,380  $7,350  $91,927  $78,746  $89,264  $13,473  $181,483 

Europe

  14,610   11,242   1,118   26,970   30,943   20,678   2,334   53,955 

Asia

  4,744   1,200   8,364   14,308   9,109   2,165   14,583   25,857 
  $58,551  $57,822  $16,832  $133,205  $118,798  $112,107  $30,390  $261,295 
                                 

By Sales Channel:

                                

Direct to customer

 $37,572  $36,428  $11,793  $85,793  $76,397  $70,498  $21,579  $168,474 

Through distribution

  20,979   21,394   5,039   47,412   42,401   41,609   8,811   92,821 
  $58,551  $57,822  $16,832  $133,205  $118,798  $112,107  $30,390  $261,295 

        

  
The balances of the Company’s contract assets and contract liabilities at  June 30, 2025 and December 31, 2024 are as follows:

 

  

June 30,

  

December 31,

 
  

2025

  

2024

 
         

Contract assets - current (unbilled receivables)

 $6,394  $4,994 

Contract liabilities - current (deferred revenue)

 $12,290  $6,120 

 

The change in balance of our unbilled receivables from December 31, 2024 to June 30, 2025 primarily relates to a timing difference between the Company’s performance (i.e., when our product is shipped to a customer-controlled hub) and the point at which the Company can invoice the customer per the terms of the customer contract (i.e., when the customer pulls our product from the customer-controlled hub). Our deferred revenue balances at  December 31, 2024 and  June 30, 2025 primarily relate to customer prepayments on invoices, which will be recorded as revenue in the period in which the related finished goods are shipped to the customer. The increase in the deferred revenue balance from December 31, 2024 is primarily attributable to a sales agreement at Enercon that includes advance payment terms, resulting in higher unrecognized revenue as of the June 30, 2025 reporting date.

   

Transaction Price Allocated to Future Obligations

 

The aggregate amount of transaction price allocated to remaining performance obligations that have not been fully satisfied as of  June 30, 2025 related to contracts that exceed one year in duration amounted to $9.3 million, with expected contract expiration dates that range from 2026 – 2030. Based on the Company's current estimates, it is currently expected that approximately $5.7 million of this aggregate amount will be recognized in 2026, $1.8 million will be recognized in 2027, $0.1 million will be recognized each of 2028 and 2029, and $1.6 million will be recognized in 2030. The majority of the Company's orders received (but not yet shipped) at  June 30, 2025 are related to contracts that have an original expected duration of one year or less, for which the Company is electing to utilize the practical expedient available within the applicable guidance, and are excluded from the transaction price related to these future obligations. The Company will generally satisfy the remaining performance obligations as we transfer control of the products ordered to our customers.