Segment and Geographical Information

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Segment and Geographical Information

Segment and Geographical Information

The Company’s chief operating decision maker is its Chief Executive Officer (“CEO”), who reviews financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance, and allocating resources. The Company manages its operations and allocates resources as a single operating segment.

Revenue by location is determined by the billing address of the Company’s customers, which include distributors who purchase the Company’s products and resell them. The following table sets forth revenue by geographic area (in thousands):

	Three Months Ended March 31,
	2024		2023
Taiwan	$	59,573	$	9,734
Netherlands	-		2,507
United States	857		5,370
Other	4,828		53
Total	$	65,258	$	17,664

For the three months ended March 31, 2024, two customers accounted for 47% and 36% of revenue, respectively. For the three months ended March 31, 2023, three customers accounted for 55%, 21%, and 14%, of revenue, respectively. No other customers accounted for more than 10% of revenue during the three months ended March 31, 2024 and 2023.

As of March 31, 2024, four customers accounted for 50%, 20%, 14%, and 14%, of total accounts receivable, net, respectively. As of December 31, 2023, two customers accounted for 39% and 27%, of total accounts receivable, net, respectively. No other customers accounted for more than 10% of total accounts receivable, net as of March 31, 2024 and December 31, 2023.

Property and equipment by geographic location is based on the location of the asset. As of March 31, 2024, 68% and 28% of the Company’s property and equipment was located in the United States and Taiwan, respectively. As of December 31, 2023, substantially all of the Company’s property and equipment was located in the United States.