Segment Reporting

9 Months Ended

Oct. 31, 2024

Segment Reporting [Abstract]

Segment Reporting

15. Segment Reporting

The Company operates in one operating and reporting segment related to the development and sales of low-power, HD, Ultra HD video compression, image processing and AI computer vision solutions. The Chief Executive Officer of the Company has been identified as the Chief Operating Decision Maker (the CODM) and manages the Company’s operations as a whole. For the purpose of evaluating financial performance and allocating resources, the CODM reviews financial information presented on a consolidated basis accompanied by information by customer and geographic region.

Geographic Revenue

The following table sets forth the Company’s revenue by geographic region based on bill-to location for the periods indicated.

	Three Months Ended October 31,				Nine Months Ended October 31,
	2024		2023		2024		2023
	(in thousands)
Taiwan	$	54,612	$	27,179	$	128,127	$	91,295
Asia Pacific		15,733		14,300		42,103		45,378
Europe		5,991		2,869		15,934		9,058
North America other than United States		5,756		5,032		12,033		24,407
United States		561		1,215		2,653		4,720
Total revenue	$	82,653	$	50,595	$	200,850	$	174,858

Substantially all of the Company’s property and equipment were located in the Asia Pacific region, United States and Europe. As of October 31, 2024, the net amount of these fixed assets located in these regions was approximately $4.4 million, $4.2 million and $1.1 million, respectively. As of January 31, 2024, the net amount of these fixed assets located in these regions was approximately $5.3 million, $3.9 million and $1.2 million, respectively.

Major Customers

In the current fiscal year, the customers representing 10% or more of revenue were WT and Chicony, which accounted for approximately 66.1% and 10.7% of total revenue for the three months ended October 31, 2024, respectively, and accounted for approximately 63.8% and 10.2% of total revenue for the nine months ended October 31, 2024, respectively. In the prior fiscal year, for the three months ended October 31, 2023, the customers representing 10% or more of revenue were WT, Hakuto and Chicony, which accounted for approximately 53.7%, 12.0% and 11.7% of total revenue, respectively. For the nine months ended October 31, 2023, the customers representing 10% or more of revenue were WT and Chicony, which accounted for approximately 52.2% and 13.9% of total revenue, respectively.

Accounts receivable with WT and Chicony were approximately $16.8 million and $9.4 million as of October 31, 2024, respectively. Accounts receivable with WT and Chicony were approximately $10.3 million and $7.0 million as of January 31, 2024, respectively.