Discontinued Operations

3 Months Ended

Mar. 31, 2025

Discontinued Operations and Assets Held for Sale [Abstract]

Discontinued Operations

2. Discontinued Operations

On March 7, 2025, the Company’s Board of Directors authorized a strategy to transition to a pure-play Power company, focusing its investments on the Power Analog Solutions and Power IC businesses to enhance profitability and maximize shareholder value. As part of this strategy, the Company explored all strategic options including a sale, merger, joint venture, licensing, and wind-down for its Display business (Display IC products). However, the Company was not able to consummate a transaction following several months of discussions with several interested parties on terms that the Company’s Board of Directors believed were in the best interests of the Company and its stockholders.

Accordingly, on April 6, 2025, the Company’s Board of Directors unanimously approved the plan to shut down the Company’s Display business (the “Discontinued Business”), including the liquidation of MMS, the Company’s indirect wholly owned subsidiary that operated the discontinued Display business. After shutting down the Display business, the Company will provide limited support to satisfy remaining customer obligations including the sale of certain “end of life” (“EOL”) Display products, which will be conducted by MSK. The Company will maintain a small team to continue to support customers with respect to EOL Display products.

The following table summarizes the results from discontinued operations, net of tax, for the three months ended March 31, 2025 and 2024.

	Three Months Ended
	March 31, 2025			March 31, 2024
	(In thousands of U.S. dollars)
Net sales	$	9,556		$	5,629
Cost of sales		6,439			3,020
Gross profit		3,117			2,609
Operating expenses:
Selling, general and administrative expenses		1,032			1,724
Research and development expenses		5,782			4,953
Other charges		127			—
Total operating expenses		6,941			6,677
Operating loss from discontinued operations		(3,824	)		(4,068	)
Interest income		126			72
Interest expense		(94	)		(53	)
Foreign currency loss, net		(4	)		(13	)
Loss from discontinued operations before income tax benefit		(3,796	)		(4,062	)
Income tax benefit, net		—			(2,929	)
Loss from discontinued operations, net of tax	$	(3,796	)	$	(1,133	)

The following table provides supplemental cash flows information related to discontinued operations (in thousands):

	Three Months Ended
	March 31, 2025		March 31, 2024
Significant non-cash operating activities:
Depreciation and amortization	$	11	$	358
Provision for severance benefits		207		310
Stock-based compensation		162		73
Investing activities:
Capital expenditures	$	—	$	—