v3.26.1
Business Segments, Concentration of Credit Risk and Significant Customers
 3 Months Ended
Mar. 31, 2026
Business Segments, Concentration of Credit Risk and Significant Customers [Abstract]  
Business Segments, Concentration of Credit Risk and Significant Customers

Note 5. Business Segments, Concentration of Credit Risk and Significant Customers

 

Segment Information

 

The Company determines its reporting units in accordance with ASC No. 280, Segment Reporting (ASC 280), as amended by ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which the Company adopted effective December 31, 2024. Management evaluates a reporting unit by first identifying its operating segments under ASC 280. The Company then evaluates each operating segment to determine if it includes one or more components that constitute a business. If there are components within an operating segment that meet the definition of a business, the Company evaluates those components to determine if they must be aggregated into one or more reporting units. If applicable, when determining if it is appropriate to aggregate different operating segments, the Company determines if the segments are economically similar and, if so, the operating segments are aggregated.

 

The Company’s chief executive officer is the chief operating decision maker (CODM), and the CODM evaluates financial performance and makes operating decisions about allocating resources based on financial data presented on a consolidated basis, including consolidated net income (loss). Because the CODM evaluates financial performance on a consolidated basis, the Company operates and manages its business as one reportable and operating segment as a fabless semiconductor company focused on the development and sale of mmWave wireless technology, semiconductor devices and antenna modules, the performance of non-recurring engineering, or NRE, services and the licensing of intellectual property. The measure of segment assets is reported on the balance sheet as total consolidated assets. The Company’s reporting segment meets the definition of an operating segment and does not include the aggregation of multiple operating segments.

 

Significant segment expenses include research and development expenditures, salaries and benefits, stock-based compensation and software license obligations. Operating expenses include all remaining costs necessary to operate the Company’s business, which primarily include facilities, external professional services and other administrative expenses. The following table presents the significant segment expenses and other segment items regularly reviewed by the CODM (in thousands):

 

   Three Months Ended 
   March 31, 
   2026   2025 
Total net revenue  $963   $3,869 
           
Less:          
Cost of net revenue   371    1,189 
Research and development   569    603 
Compensation   1,450    1,444 
Stock-based compensation   147    126 
Other operating expenses   910    1,021 
Other income   13    (43)
Net loss  $(2,497)  $(471)

Concentrations

 

The Company recognized revenue from shipments of products, licensing of its technologies and performance of services to customers by geographical destination as follows (in thousands):

 

   Three Months Ended 
   March 31, 
   2026   2025 
Taiwan  $203   $1,020 
Europe   279    529 
North America   136    1,771 
Rest of world   345    549 
Total net revenue  $963   $3,869 

 

The following is a breakdown of product revenue by category (in thousands):

 

   Three Months Ended
March 31,		 
Product category  2026   2025 
Memory ICs  $20   $2,267 
mmWave ICs   504    975 
mmWave modules   111    558 
mmWave other products   32    
-
 
   $667   $3,800 

The following table lists significant customers that represented more than 10% of total revenue during each respective period:

 

   Three Months Ended 
   March 31, 
   2026   2025 
Customer A   27%   * 
Customer B   17%   * 
Customer C   13%   * 
Customer D   11%   25%
Customer E   *    41%
Customer F   *    13%
Customer G   *    12%

 

* Represents less than 10%

 

The following table lists significant customers that represented more than 10% of the net accounts receivable balance at each respective balance sheet date:

 

   Accounts Receivable 
   March 31,   December 31, 
   2026   2025 
Customer A   51%   * 
Customer B   22%   * 
Customer C   11%   78%
Customer D   *    15%

 

* Represents less than 10%

 

The following table lists significant vendors that represented more than 10% of the total accounts payable balance at each respective balance sheet date:

 

   Accounts Payable 
   March 31,   December 31, 
   2026   2025 
Vendor A   18%   23%
Vendor B   11%   * 
Vendor C   11%   * 
Vendor D   *    15%
Vendor E   *    15%

 

* Represents less than 10%