v3.26.1
Geographic and Other Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Geographic and Other Information

15. Geographic and Other Information

The Company operates within a single operating segment, Power Solutions business, which consists of the Power Analog Solutions and Power IC businesses.

The Chief Executive Officer, as the chief operating decision maker (“CODM”), organizes the Company and measures performance of two business lines of Power Analog Solutions and Power IC in the Power Solutions business at the level of revenue and gross profit margin by comparing actual results against previously forecasted targets.

The Company’s CODM does not evaluate the performance of each business line using any other information, such as asset or liability.

The following sets forth information relating to the operating segment, Power Solutions business (in thousands). For financial information below gross profit, including operating income and expenses as well as other income and expenses, please refer to the Company’s consolidated statements of operations.

 

 

Three Months Ended

 

 

Six Months Ended

 

 

June 30,
2026

 

 

June 30,
2025

 

 

June 30,
2026

 

 

June 30,
2025

 

Net Sales

 

 

 

 

 

 

 

 

 

 

 

 

Power Solutions business

 

 

 

 

 

 

 

 

 

 

 

 

Power Analog Solutions

 

$

40,574

 

 

$

42,261

 

 

$

82,221

 

 

$

82,118

 

Power IC

 

 

4,130

 

 

 

5,361

 

 

 

8,691

 

 

 

10,226

 

Total Power Solutions business

 

 

44,704

 

 

 

47,622

 

 

 

90,912

 

 

 

92,344

 

Total net sales

 

$

44,704

 

 

$

47,622

 

 

$

90,912

 

 

$

92,344

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

June 30,
2026

 

 

June 30,
2025

 

 

June 30,
2026

 

 

June 30,
2025

 

Cost of Sales

 

 

 

 

 

 

 

 

 

 

 

 

Power Solutions business

 

 

 

 

 

 

 

 

 

 

 

 

Power Analog Solutions

 

$

33,615

 

 

$

34,552

 

 

$

69,911

 

 

$

67,309

 

Power IC

 

 

2,441

 

 

 

3,358

 

 

 

5,159

 

 

 

5,961

 

Total Power Solutions business

 

 

36,056

 

 

 

37,910

 

 

 

75,070

 

 

 

73,270

 

Total cost of sales

 

$

36,056

 

 

$

37,910

 

 

$

75,070

 

 

$

73,270

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

June 30,
2026

 

 

June 30,
2025

 

 

June 30,
2026

 

 

June 30,
2025

 

Gross Profit

 

 

 

 

 

 

 

 

 

 

 

 

Power Solutions business

 

 

 

 

 

 

 

 

 

 

 

 

Power Analog Solutions

 

$

6,959

 

 

$

7,709

 

 

$

12,310

 

 

$

14,809

 

Power IC

 

 

1,689

 

 

 

2,003

 

 

 

3,532

 

 

 

4,265

 

Total Power Solutions business

 

 

8,648

 

 

 

9,712

 

 

 

15,842

 

 

 

19,074

 

Total gross profit

 

$

8,648

 

 

$

9,712

 

 

$

15,842

 

 

$

19,074

 

 

The following is a summary of net sales by geographic region, based on the location to which the products are billed (in thousands):

 

 

Three Months Ended

 

 

Six Months Ended

 

 

June 30,
2026

 

 

June 30,
2025

 

 

June 30,
2026

 

 

June 30,
2025

 

Korea

 

$

18,827

 

 

$

22,721

 

 

$

39,493

 

 

$

44,437

 

Asia Pacific (other than Korea)

 

 

24,027

 

 

 

22,445

 

 

 

47,614

 

 

 

43,437

 

United States

 

 

1,005

 

 

 

1,470

 

 

 

2,244

 

 

 

2,652

 

Europe

 

 

845

 

 

 

986

 

 

 

1,561

 

 

 

1,818

 

Total

 

$

44,704

 

 

$

47,622

 

 

$

90,912

 

 

$

92,344

 

 

For the three months ended June 30, 2026 and 2025, of the Company’s net sales in Asia Pacific (other than Korea), net sales in China and Hong Kong together represented 81.7% and 80.8%, respectively, and net sales in Taiwan represented 9.9% and 10.7%, respectively. For the six months ended June 30, 2026 and 2025, of the Company’s net sales in Asia Pacific (other than Korea), net sales in China and Hong Kong together represented 82.7% and 81.9%, respectively, and net sales in Taiwan represented 10.4% and 11.0%, respectively.

Net sales from the Company’s top ten largest customers accounted for 73.3% and 74.4% for the three months ended June 30, 2026 and 2025, respectively, and 73.2% and 74.0% for the six months ended June 30, 2026 and 2025, respectively.

For the three months ended June 30, 2026, the Company had one customer that represented 26.5% of net sales. For the six months ended June 30, 2026, the Company had one customer that represented 28.8% of net sales. For the three months ended June 30, 2025, the Company had one customer that represented 29.4% of net sales. For the six months ended June 30, 2025, the Company had one customer that represented 31.1% of net sales.

As of June 30, 2026, one customer accounted for 44.1% of the Company’s accounts receivable. As of December 31, 2025, two customers accounted for 35.4% and 15.7% of the Company’s accounts receivable, respectively.