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Statements of Operations and Comprehensive (Loss) Income Components
 12 Months Ended
Dec. 31, 2025
Statements of Operations and Comprehensive (Loss) Income Components [Abstract]  
Statements of Operations and Comprehensive (Loss) Income Components Statements of Operations and Comprehensive (Loss) Income Components
Revenue
The Company sells products to its distributors, OEMs, ODMs and CMs. The Company also recognizes revenue under licensing, patent, and royalty agreements with some customers. The following table presents the Company’s revenues disaggregated by sales channel (in thousands):
Year Ended December 31,
20252024
Distributor$41,667 $39,943 
Non-distributor13,535 10,459 
Total revenue$55,202 $50,402 
The following table presents the Company’s revenues disaggregated by timing of recognition (in thousands):
Year Ended December 31,
20252024
Point in time$49,066 $42,903 
Over time6,136 7,499 
Total revenue$55,202 $50,402 
The following table presents the Company’s revenues disaggregated by type (in thousands):
Year Ended December 31,
20252024
Product sales$48,292 $42,203 
Licensing1,108 6,346 
Royalties774 700 
Engineering services and other revenue5,028 1,153 
Total revenue$55,202 $50,402 
The Company licenses its intellectual property and is entitled to consideration based on the customer’s sales. The Company makes estimates in instances when the customer reports sales on a lagged basis and actual information is not available timely. The estimates are based on historical trends in the customer’s activity and current market conditions. The amounts are reported in licensing, royalty, patent, engineering services and other revenue in the statements of operations and comprehensive (loss) income.
The Company recognizes revenue by geography based on the region in which its products are sold, and not to where the end products in which they are assembled are shipped. Revenue by region for the periods indicated was as follows (in thousands):
Year Ended December 31,
20252024
APAC$34,527 $28,688 
North America10,890 10,710 
EMEA9,785 11,004 
Total revenue$55,202 $50,402 
Other Income, Net
On August 14, 2024, the Company received a strategic award to develop a long-term plan to provide manufacturing services for aerospace and defense segments (the Award). Under the Award, the Company will provide a plan to mitigate risks to its MRAM manufacturing supply chain. Pursuant to the Award, the Company may receive cash payments upon the achievement of certain technical tasks and deliverables. The Award allows for milestones totaling up to approximately $14.6 million for the Company over a span of 2.5 years.
The Award is not in the ordinary course of the Company’s business and hence not a contract with a customer. The Company has applied the revenue recognition principles under ASC 606 by analogy.
The Company records the total consideration from the Award as other income using an input method based on costs incurred to date relative to the total expected costs of the Award over its term. Amounts invoiced in excess of income recognized are recorded as a contract obligations liability on the balance sheets. This liability represents the Company’s obligation to perform future services for which the Company has received or is entitled to receive payment but which are not yet fulfilled. During the year ended December 31, 2025 and 2024, the Company has invoiced $4.0 million and $8.1 million, respectively, related to this Award of which no balance is outstanding as of December 31, 2025 and 2024. The contract obligations liability was $1.5 million and $2.0 million as of December 31, 2025 and 2024, respectively. The Company recorded $4.5 million and $6.1 million of other income related to this Award in the year ended December 31, 2025 and 2024, respectively.