Segment and Geographical Information

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segment and Geographical Information

Segment and Geographical Information

The Company’s chief operating decision maker (“CODM”) 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 CODM uses net income or loss to evaluate the return on assets and to determine investment opportunities related to product development, platform enhancements, and new technologies. The CODM also uses net income or loss to monitor budget versus actual results. The Company manages its operations and allocates resources as a single operating segment.

The following table includes the significant expense categories and amounts that are regularly provided to the CODM (in thousands):

	Years Ended December 31,
	2024		2023		2022
Revenue	$	396,290	$	115,794	$	79,872
Less:
Cost of revenue	93,591		35,967		21,191
Stock-based compensation (1)	233,743		10,655		30,225
Personnel-related expenses (1)	117,366		65,327		44,168
Other segment items (2)	35,011		30,102		42,633
Consolidated net loss	$	(83,421)	$	(26,257)	$	(58,345)

(1) Stock-based compensation and personnel-related expenses presented in the above table are related to operating expenses and exclude amounts included in the cost of revenue.

(2) Other segment items included primarily related to interest income, income tax provision, software licenses and cloud hosting services, and professional and consulting services fees.

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

	Years Ended December 31,
	2024		2023		2022
Taiwan	$	269,935	$	72,174	$	61,776
China	72,672		5,540		1,487
United States	11,296		30,664		4,779
Other	42,387		7,416		11,830
Total	$	396,290	$	115,794	$	79,872

Property and equipment by geographic location is based on the location of the asset. As of December 31, 2024,17% and 82% of the Company’s property and equipment was located in the United States and Taiwan, respectively. As of December 31, 2023 and 2022, substantially all of the Company’s property and equipment was located in the United States.