v3.26.3
Segment and Geographical Information
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Segment and Geographical Information Segment and Geographical Information
The Company’s chief operating decision maker (“CODM”) is its Chief Executive Officer (“CEO”), who reviews financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance, and allocating resources. The CODM uses net income to evaluate the return on assets and to determine investment opportunities related to product development, platform enhancements, and new technologies. The CODM also uses net income to monitor budget versus actual results. The Company manages its operations and allocates resources as a single operating segment.

The following table includes the significant expense categories and amounts that are regularly provided to the CODM (in thousands):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2026202520262025
Revenue$584,899 $230,575 $1,285,660 $581,942 
Less:
Cost of revenue162,147 54,763340,200 141,156
Stock-based compensation (1)
81,700 40,360192,414 117,965
Personnel-related expenses (1)
98,100 52,892248,408 139,174
Other segment items (2)
60,008 (8,554)88,296 9,495
Consolidated net income
$182,944 $91,114 $416,342 $174,152 
(1) Stock-based compensation and personnel-related expenses presented in the above table are related to operating expenses and exclude amounts included in the cost of revenue.
(2) Other segment items included are primarily related to income tax (provision) benefit, interest income, engineering related costs such as hardware design, software license, and cloud hosting services costs, and professional and consulting services fees.

Revenue by location is determined by the billing address of the Company’s customers, which includes the Company’s end customers’ manufacturing partners and the Company’s distributors.

The following table sets forth revenue by geographic area (in thousands):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2026202520262025
Singapore$310,237 $94,519 $510,030 $191,175 
China146,724 76,781 382,629 179,858 
Taiwan86,976 37,678 285,482 171,079 
United States5,992 13,915 38,803 21,562 
Other34,970 7,682 68,716 18,268 
Total$584,899 $230,575 $1,285,660 $581,942 
The Company had the following customers that individually comprised 10% or more of its revenue:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2026202520262025
Customer A
53 %23 %40 %21 %
Customer B14 %24 %18 %14 %
Customer C10 %10 %14 %15 %
Customer D*27 %11 %25 %
Customer E***10 %
*Less than 10% of total revenue
Certain of the customers listed above are manufacturing partners that purchase the Company's products on behalf of the Company’s end customers. As end customers may shift production volumes among their manufacturing partners from period to period, the revenue concentration percentages attributable to individual direct customers may fluctuate in a manner that is not necessarily representative of changes in underlying end-customer demand.
The Company had the following customers that individually comprised 10% or more of its accounts receivable, net:
As of
September 30, 2026December 31, 2025
Customer A58 %*
Customer B
13 %14 %
Customer F*28 %
Customer C*27 %
*Less than 10% of total accounts receivable, net
The Company did not recognize any material allowance for credit losses as of September 30, 2026 and December 31, 2025.
Property and equipment, net by geographic location is based on the location of the asset. As of September 30, 2026, 26% and 65% of the Company’s property and equipment, net was located in the United States and Taiwan, respectively. As of December 31, 2025, 20% and 73% of the Company’s property and equipment, net was located in the United States and Taiwan, respectively.