Note 3 - Revenue Recognition

6 Months Ended

Jun. 30, 2025

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

Note 3.  Revenue Recognition

Disaggregation of Revenue

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."

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

	Three months ended June 30,
			% of					% of
	2025		Revenue			2024		Revenue
CATV	$	56,019		54.4	%	$	5,818		13.4	%
Data Center		44,791		43.5	%		34,352		79.4	%
Telecom		1,940		1.9	%		2,379		5.5	%
Other		202		0.2	%		721		1.7	%
Total Revenue	$	102,952		100.0	%	$	43,270		100.0	%

	Six months ended June 30,
			% of					% of
	2025		Revenue			2024		Revenue
CATV	$	120,520		59.4	%	$	14,554		17.3	%
Data Center		76,841		37.9	%		63,338		75.5	%
Telecom		4,876		2.4	%		4,648		5.5	%
Other		574		0.3	%		1,403		1.7	%
Total Revenue	$	202,811		100.0	%	$	83,943		100.0	%

Unearned Revenue

We record unearned revenues when cash payments are received or due in advance of our performance, including amounts which are refundable. Unearned revenues solely relate to statement of work with Microsoft regarding contract prices allocated to the performance obligations that are unsatisfied, or partially unsatisfied, as of the balance sheet dates. Unearned revenue balance as of  June 30, 2025 and  December 31, 2024 were both zero. For the three months ended June 30, 2025 and 2024, revenue recognized from the unearned revenue balance was $0 and $0.1 million, respectively. For the six months ended June 30, 2025 and 2024, revenue recognized from the unearned revenue balance was $0 and $0.2 million, respectively. 

	Three months ended June 30,				Six months ended June 30,
	2025		2024		2025		2024
Unearned revenue, beginning of period	$	—	$	1,689	$	—	$	1,803
Additional unearned revenue		—		—		—		—
Revenue recognized		—		119		—		233
Unearned revenue, end of period	$	—	$	1,570	$	—	$	1,570

Customer Warrant

On March 13, 2025, the Company issued a warrant (the "Customer Warrant") to a wholly-owned subsidiary of Amazon.com, Inc. ("Warrant holder") 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. As of March 13, 2025, the Company recorded other current asset of $1.7 million and other noncurrent asset of $15.1 million, representing the aggregate grant-date fair value of 1,324,233 Warrant Shares vested at the issuance. 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