v3.26.1
Statements of Operations and Comprehensive Loss Components
 6 Months Ended
Jun. 30, 2026
Statements of Operations and Comprehensive Loss Components [Abstract]  
Statements of Operations and Comprehensive Loss Components Statements of Operations and Comprehensive Loss Components
Revenue
The Company sells products to its distributors, original equipment manufacturers, original design manufacturers and contract manufacturers. The Company also recognizes revenue under licensing, engineering services and royalty agreements with some customers.
The following table presents the Company’s revenues disaggregated by sales channel (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Distributor$14,790 $8,731 $28,112 $16,649 
Non-distributor3,946 4,470 5,496 9,690 
Total revenue$18,736 $13,201 $33,608 $26,339 
The following table presents the Company’s revenues disaggregated by timing of recognition (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Point in time$15,452 $11,416 $29,693 $22,574 
Over time3,284 1,785 3,915 3,765 
Total revenue$18,736 $13,201 $33,608 $26,339 
The following table presents the Company’s revenues disaggregated by type (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Product sales$15,313 $11,091 $29,413 $22,117 
Licensing— 643 — 1,154 
Royalties139 325 280 457 
Engineering services and other revenue3,284 1,142 3,915 2,611 
Total revenue$18,736 $13,201 $33,608 $26,339 
The Company licenses its intellectual property and is entitled to consideration based on the customer’s sales. The Company makes estimates in instances when the customer reports sales on a lagged basis and actual information is not available timely. The estimates are based on historical trends in the customer’s activity and current market conditions. The amounts are reported in licensing, royalty, engineering services and other revenue in the statements of operations and comprehensive loss.
The Company recognizes revenue in three primary geographic regions: Asia-Pacific (APAC); North America; and Europe, Middle East and Africa (EMEA). The Company recognizes revenue by geography based on the region in which its products are sold, and not where the end products in which they are assembled are shipped. Revenue by region for the periods indicated was as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
APAC$10,866 $8,582 $20,060 $15,841 
North America5,256 2,926 8,104 5,409 
EMEA2,614 1,693 5,444 5,089 
Total revenue$18,736 $13,201 $33,608 $26,339 
Other Income, Net
On August 14, 2024, the Company received a strategic award to develop a long-term plan to provide manufacturing services for aerospace and defense segments (the Award). Under the Award, the Company will provide a plan to mitigate risks to its MRAM manufacturing supply chain. Pursuant to the Award, the Company may receive cash payments upon the achievement of certain technical tasks and deliverables. The Award allows for milestones totaling up to approximately $14.6 million for the Company over a span of 2.5 years.
The Award is not in the ordinary course of the Company’s business and hence not a contract with a customer. The Company has applied the revenue recognition principles under Accounting Standards Codification 606 by analogy.
During the three and six months ended June 30, 2026, the Company recognized $0.5 million and $2.6 million of other income related to the Award, respectively, based on progress toward completion. Income recognition is based on an input method that measures costs incurred to date relative to total estimated costs over the term of the Award. During the three and six months ended June 30, 2026, the Company billed $0.5 million and $1.5 million relating to the Award, respectively. As of June 30, 2026, $0.3 million of the billed amount for the Award is recorded as a contract obligations liability on the condensed balance sheets. This amount represents the Company’s obligation to perform future services for which the Company has received or is entitled to receive payment but which are not yet fulfilled.