v3.26.1
Segment Reporting
 3 Months Ended
Apr. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting

15. Segment Reporting

 

The Company operates as a single operating and reportable segment and derives substantially all of its revenue from development and sales of low-power AI-based processing and video and image processing SoC solutions. In determining the reportable segment, the Company considers the research and development deployed, the nature of the production process, the distribution channels of SoCs, as well as the Company’s management structure. The Chief Executive Officer of the Company has been identified as the Chief Operating Decision Maker (the CODM) and manages the Company’s operations as a whole. The CODM uses net loss presented on a consolidated basis to evaluate the financial performance and allocate resources. The CODM also monitors budget versus actual results of the operating segment. The measure of reportable segment assets is reported within the condensed consolidated balance sheets as total assets. The accounting policies for the measurement of net loss and total assets of the reportable segment are described in the Note 1, Organization and Summary of Significant Accounting Policies of the Notes to Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the 2026 fiscal year filed with the SEC on March 23, 2026.

 

Geographic Revenue

The following table sets forth the Company’s revenue by geographic region based on bill-to location for the periods indicated.

 

 

Three Months Ended April 30,

 

 

 

2026

 

 

2025

 

 

 

(in thousands)

 

Taiwan

 

$

60,980

 

 

$

53,899

 

Asia Pacific other than Taiwan

 

 

23,247

 

 

 

16,559

 

Europe

 

 

6,308

 

 

 

8,739

 

North America other than United States

 

 

7,904

 

 

 

5,145

 

United States

 

 

1,918

 

 

 

1,530

 

Total revenue

 

$

100,357

 

 

$

85,872

 

 

 

Substantially all of the Company’s property and equipment were located in the United States, Taiwan, Europe and Asia Pacific region other than Taiwan. As of April 30, 2026, the net amount of fixed assets located in these regions was approximately $7.6 million, $3.7 million, $1.1 million and $0.2 million, respectively. As of January 31, 2026, the net amount of these fixed assets located in these regions was approximately $6.6 million, $3.6 million, $1.1 million and $0.3 million, respectively.

Additional Segment Information

The following table presents the significant segment expenses included in the condensed consolidated net loss for the periods indicated:

 

 

 

Three Months Ended April 30,

 

 

 

2026

 

 

2025

 

 

 

(in thousands)

 

Total revenue

 

$

100,357

 

 

$

85,872

 

Less cost and expense:

 

 

 

 

 

 

Product cost

 

 

40,227

 

 

 

32,628

 

Employee-related

 

 

35,261

 

 

 

31,459

 

Stock-based compensation

 

 

21,893

 

 

 

26,130

 

Semiconductor development cost

 

 

8,717

 

 

 

6,772

 

Tools & equipment

 

 

6,383

 

 

 

8,066

 

Professional services

 

 

3,688

 

 

 

3,687

 

Facilities-related

 

 

2,794

 

 

 

2,662

 

Other segment items (a)

 

 

1,691

 

 

 

956

 

Interest income

 

 

(2,204

)

 

 

(2,160

)

Net loss

 

$

(18,093

)

 

$

(24,328

)

(a) The other segment items include amortization of intangible assets acquired from business combinations, non-operating (income) expenses, income tax provision (benefit) and other immaterial items.

 

Major Customers

For the three months ended April 30, 2026 and 2025, the customer representing 10% or more of revenue was WT, which accounted for approximately 61% and 63% of total revenue, respectively. Accounts receivable with WT was approximately $18.7 million and $24.6 million as of April 30, 2026 and January 31, 2026, respectively.