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Segment and Geographical Information
 6 Months Ended
Jun. 30, 2025
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):
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Revenue$191,925 $76,850 $351,367 $142,108 
Less:
Cost of revenue46,36216,99686,39331,734
Stock-based compensation (1)
35,12142,98377,605140,223
Personnel-related expenses (1)
43,84325,95886,28250,272
Other segment items (2)
15,380(1,541)18,04920,420
Consolidated net income (loss)
$51,219 $(7,546)$83,038 $(100,541)
(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 are primarily related to interest income, income tax (benefit) provision, software licenses and cloud hosting services, and professional and consulting services fees.
Revenue by location is determined by the billing address of the Company’s customers, which includes the Company’s end customers’ manufacturing partners and the Company’s distributors.

The following table sets forth revenue by geographic area (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2025
2024
2025
2024
Taiwan$56,644 $63,955 $133,462 $123,528 
China59,056 5,548 103,694 6,699 
Singapore66,447 - 97,868 - 
United States2,218 4,499 5,519 5,356 
Other7,560 2,848 10,824 6,525 
Total$191,925 $76,850 $351,367 $142,108 
The Company had the following customers that individually comprised 10% or more of its revenue:
Three Months Ended
June 30,		Six Months Ended
June 30,
2025
2024
2025
2024
Customer A
24 %*23 %*
Customer B
27 %*20 %*
Customer C
13 %24 %19 %30 %
Customer D
12 %41 %15 %44 %
Customer E
11 %***
Customer F*18 %*13 %
*Less than 10% of total revenue
The Company had the following customers that individually comprised 10% or more of its accounts receivable, net:
As of
June 30, 2025December 31, 2024
Customer A16 %22 %
Customer C*13 %
Customer D*24 %
Customer E29 %31 %
Customer G28 %*
*Less than 10% of total accounts receivable, net
The Company did not recognize any material allowance for credit losses as of June 30, 2025 and December 31, 2024.
Property and equipment, net by geographic location is based on the location of the asset. As of June 30, 2025, 25% and 73% of the Company’s property and equipment, net was located in the United States and Taiwan, respectively. As of December 31, 2024, 17% and 82% of the Company’s property and equipment, net was located in the United States and Taiwan, respectively.