Geographic and Other Information

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Geographic and Other Information

14. Geographic and Other Information

The Company operates within a single operating segment, Power solutions business, and also separately reports transitional Fab 3 foundry services revenue and cost of sales.

The Chief Executive Officer, as the chief operating decision maker (“CODM”), organizes the Company and measures performance of two business lines of Power Analog Solutions and Power IC in the Power solutions business at the level of revenue and gross profit margin by comparing actual results against previously forecasted targets.

The Company’s CODM does not evaluate the performance of each business line using any information, such as asset or liability, other than revenue and gross profit margin.

Revenues for the three months ended March 31, 2024 from its previous product categories have been reclassified in order to conform to the current period presentation as follows (in thousands):

			Power Analog Solutions		Power IC		Discontinued Operations		Total
Mixed-Signal Solutions	$	9,006	$	—	$	3,377	$	5,629	$	9,006
Power Analog Solutions		36,535		36,535		—		—		36,535
	$	45,541	$	36,535	$	3,377	$	5,629	$	45,541

The following sets forth information relating to the operating segment, Power solutions business, as well as the transitional Fab 3 foundry services (in thousands). For financial information below gross profit, including operating income and expenses as well as other income and expenses, please refer to the Company’s consolidated statement of operations.

	Three Months Ended
	March 31, 2025		March 31, 2024
Revenues
Power solutions business
Power Analog Solutions	$	39,857	$	36,535
Power IC		4,865		3,377
Total Power solutions business	$	44,722	$	39,912
Transitional Fab 3 foundry services		—		3,526
Total revenues	$	44,722	$	43,438

	Three Months Ended
	March 31, 2025		March 31, 2024
Cost of Sales
Power solutions business
Power Analog Solutions	$	32,757	$	30,901
Power IC		2,603		1,967
Total Power solutions business	$	35,360	$	32,868
Transitional Fab 3 foundry services		—		4,211
Total cost of sales	$	35,360	$	37,079

	Three Months Ended
	March 31, 2025		March 31, 2024
Gross Profit
Power solutions business
Power Analog Solutions	$	7,100	$	5,634
Power IC		2,262		1,410
Total Power solutions business	$	9,362	$	7,044
Transitional Fab 3 foundry services		—		(685	)
Total gross profit	$	9,362	$	6,359

The following is a summary of net sales – Power solutions business by geographic region, based on the location to which the products are billed (in thousands):

	Three Months Ended
	March 31, 2025		March 31, 2024
Korea	$	21,716	$	17,091
Asia Pacific (other than Korea)		20,992		21,089
United States		1,182		338
Europe		832		1,394
Total	$	44,722	$	39,912

For the three months ended March 31, 2025 and 2024, of the Company’s net sales – Power solutions business in Asia Pacific (other than Korea), net sales – Power solutions business in China and Hong Kong together represented 83.1% and 81.3%, respectively, and net sales – Power solutions business in Taiwan represented 11.3% and 12.0%, respectively.

Net sales from the Company’s top ten largest customers in the Power solutions business accounted for 75% and 74% for the three months ended March 31, 2025 and 2024, respectively.

For the three months ended March 31, 2025, the Company had one customer that represented 32.9% of its net sales – Power solutions business. For the three months ended March 31, 2024, the Company had three customers that represented 28.1%, 10.6% and 10.1% of its net sales – Power solutions business, respectively.

As of March 31, 2025, one customer of the Company’s Power solutions business accounted for 45.5% of its accounts receivable – Power solutions business. As of December 31, 2024, one customer of the Company’s Power solutions business accounted for 42.3% of its accounts receivable – Power solutions business.