v3.26.1
Note 3 - Revenue Recognition
 6 Months Ended
Jun. 30, 2026
Notes to Financial Statements  
Revenue from Contract with Customer [Text Block]

Note 3.  Revenue Recognition

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Disaggregation of Revenue

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Revenue is classified based on the location where the product is manufactured. For additional information on the disaggregated revenues by geographical region, see Note 17, "Segment and Geographic Information."

 

All of the Company's contracts have original expected durations of one year or less, and therefore the Company does not disclose remaining performance obligations.

 

Revenue is also classified by major product categories and is presented below (in thousands):

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Three months ended June 30,

 
      

% of

      

% of

 
  

2026

  

Revenue

  

2025

  

Revenue

 

Data Center

 $107,662   56.1% $44,791   43.5%

CATV

  80,578   42.0%  56,019   54.4%

Telecom

  3,411   1.8%  1,940   1.9%

Other

  271   0.1%  202   0.2%

Total Revenue

 $191,922   100.0% $102,952   100.0%

  

  

Six months ended June 30,

 
      

% of

      

% of

 
  

2026

  

Revenue

  

2025

  

Revenue

 

Data Center

 $189,066   55.1% $76,841   37.9%

CATV

  147,419   43.0%  120,520   59.4%

Telecom

  5,971   1.7%  4,876   2.4%

Other

  610   0.2%  574   0.3%

Total Revenue

 $343,066   100.0% $202,811   100.0%

 

Customer Warrant

 

On March 13, 2025, the Company issued a warrant (the "Customer Warrant") to a wholly-owned subsidiary of Amazon.com, Inc. to purchase up to an aggregate of 7,945,399 shares of the Company's common stock ("Warrant Shares") at an exercise price of $23.6956 per share. The Customer Warrant has a contractual term of 10 years. At the time of the issuance, the Customer Warrant is exercisable to purchase 1,324,233 Warrant Shares. The remaining 6,621,166 Warrant Shares may vest over the next 10 years, dependent on aggregate purchases by or on behalf of Amazon and its affiliates of $4 billion of the Company's products over this time period. The Company accounts for the Customer Warrant as an equity classified share-based consideration to a customer and will recognize the grant-date fair value of the Customer Warrant as a reduction of revenue from Amazon as the related goods or services are transferred. The grant date fair value of the Customer Warrant was determined to be $12.64 per share, using the Black-Scholes-Merton option pricing model. 

 

The per share grant date fair value of the Customer Warrant was estimated using the following assumptions:

 

  At Grant Date 
Expected volatility  80.00%
Weighted-average expected term (in years)  10 
Risk-free interest rate  4.23%
Dividend yield  —%
Fair value per ordinary share at grant date $15.87 

 

For the six months ended June 30, 2026, the Company recognized approximately $2.1 million related reduction to $84.8 million revenue associated with customer arrangements that included the issuance of warrants. As of December 31, 2025, the Company recorded other current asset of $1.0 million and other noncurrent asset of $15.0 million. As of June 30, 2026, the Company recorded other current assets of $3.7 million and other noncurrent assets of $12.6 million, representing the aggregate grant-date fair value of 1,324,233 warrant shares vested at issuance.