Note 7 - Segment, Significant Customers and Geographic Information

3 Months Ended

Mar. 31, 2025

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

7. SEGMENT, SIGNIFICANT CUSTOMERS AND GEOGRAPHIC INFORMATION

The Company operates in one reportable segment that includes the design, development, marketing and sale of high-performance, semiconductor-based power electronics solutions for the enterprise data, storage and computing, automotive, communications, consumer, and industrial end markets. The Company’s chief operating decision maker (“CODM”) is its Chief Executive Officer, who reviews financial information presented on a consolidated basis for the purposes of allocating resources and evaluating financial performance. Specifically, the CODM uses net income that is reported on the Condensed Consolidated Statements of Operations and cash provided by operating activities reported in the Condensed Consolidated Statements of Cash Flows to decide whether and how much to reinvest profits into core business operations or to return to stockholders in the form of stock repurchases and dividends.

All significant segment expenses have been captured on the face of the Condensed Consolidated Statements of Operations.

The Company sells its products to end customers primarily through third-party distributors and value-added resellers. The following table summarizes those customers with sales equal to 10% or more of the Company’s total revenue for the periods presented:

	Three Months Ended March 31,
Customer	2025			2024
Distributor A		24	%		41	%
Distributor B		19	%		13	%
Distributor C		11	%		*

*Represents less than 10%

The Company’s agreements with these third-party distributors were made in the ordinary course of business and may be terminated with or without cause by either party with advance notice. Although the Company may experience a short-term disruption in the distribution of its products and a short-term decline in revenue if its agreement with any of the distributors were terminated, the Company believes that such termination would not have a material adverse effect on its financial statements because it would be able to engage alternative distributors, resellers and other distribution channels to deliver its products to end customers within a short period following any termination of the agreement with a distributor.

The following table summarizes those customers with accounts receivable equal to 10% or more of the Company’s total net accounts receivable:

	March 31,			December 31,
Customer	2025			2024
Distributor A		32	%		28	%
Distributor B		21	%		29	%
Distributor C		11	%		*

*Represents less than 10%

The Company derives a majority of its revenue from sales to customers located outside North America, with geographic revenue based on the customers’ ship-to locations. The following is a summary of revenue by geographic region (in thousands) for the periods presented:

	Three Months Ended March 31,
Country or Region	2025		2024
China	$	363,720	$	263,040
Taiwan		116,341		100,450
South Korea		64,364		35,537
Southeast Asia		32,706		13,239
Europe		24,992		17,742
Japan		20,101		12,948
U.S.		15,249		14,820
Others		81		109
Total	$	637,554	$	457,885

The following is a summary of long-lived assets by geographic region (in thousands):

	March 31,		December 31,
Country	2025		2024
China	$	265,590	$	237,649
U.S.		171,133		171,514
Taiwan		43,999		42,388
Others		46,626		43,394
Total	$	527,348	$	494,945