Geographic and Other Information

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Geographic and Other Information

17. Geographic and Other Information

The following sets forth information relating to the operating segment as well as the Transitional Fab 3 Foundry Services (in thousands):

	Year Ended December 31,
	2023		2022		2021
Revenues
Standard products business
Display Solutions	$	32,134	$	71,432	$	205,322
Power Solutions		163,556		230,464		227,777
Total standard products business		195,690		301,896		433,099
Transitional Fab 3 foundry services		34,361		35,762		41,131
Total revenues	$	230,051	$	337,658	$	474,230

	Year Ended December 31,
	2023			2022		2021
Gross Profit
Standard products business	$	51,928		$	99,549	$	149,596
Transitional Fab 3 foundry services		(288	)		1,715		3,947
Total gross profit	$	51,640		$	101,264	$	153,543

The following is a summary of net sales—standard products business (which does not include the Transitional Fab 3 Foundry Services) by geographic region, based on the location to which the products are billed (in thousands):

	Year Ended December 31,
	2023		2022		2021
Korea	$	66,817	$	105,285	$	113,776
Asia Pacific (other than Korea)		119,244		179,555		306,333
United States		2,830		10,369		6,052
Europe		6,799		6,687		5,698
Others		—		—		1,240
Total	$	195,690	$	301,896	$	433,099

For the years ended December 31, 2023, 2022 and 2021, of the Company’s net sales—standard products business in Asia Pacific (other than Korea), net sales—standard products business in Greater China (China and Hong Kong) represented 67.0%, 68.5% and 65.8%, respectively, and net sales—standard products business in Vietnam represented 12.1%, 13.6% and 26.4%, respectively.

Net sales from the Company’s top ten largest customers in the standard products business (which does not include the Transitional Fab 3 Foundry Services) accounted for 69%, 69% and 80% for the years ended December 31, 2023, 2022 and 2021, respectively.

For the year ended December 31, 2023, the Company had two customers that represented 16.7% and 13.4% of its net sales—standard products business, and for the year ended December 31, 2022, the Company had two customers that represented 19.0% and 13.8% of its net sales—standard products business, and for the year ended December 31, 2021, the Company had two customers that represented 42.5% and 10.4% of its net sales—standard products business.

As of December 31, 2023, three customers of the Company’s standard products business accounted for 34.9%, 14.4% and 13.9% of its accounts receivable – standard products business (which does not include the Transitional Fab 3 Foundry Services), respectively. As of December 31, 2022, two customers of the Company’s standard products business accounted for 25.1% and 15.2% of its accounts receivable – standard products business (which does not include the Transitional Fab 3 Foundry Services), respectively.

99% of the Company’s property, plant and equipment are located in Korea as of December 31, 2023.