Enterprise-Wide Segment Information and Net Sales

6 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

Enterprise-Wide Segment Information and Net Sales

NOTE 7 – Enterprise-Wide Segment Information and Net Sales

Segment Reporting. For financial reporting purposes, we operate in a single segment, standard semiconductor products, through our various manufacturing and distribution facilities. One segment reflects how our chief operating decision maker, which is our chief executive officer, allocates resources and measures results. We aggregate our products because the products are similar and have similar economic characteristics, use similar production processes and share similar customer type. Our primary operations include operations in Asia, the Americas, and Europe.

During the three months ended June 30, 2025, two customers accounted for approximately $45.9 million and $43.8 million, or 12.5% and 12.0%, respectively, of our net sales. During the six months ended June 30, 2025, two customers accounted for approximately $82.9 million and $79.5 million, or 11.9% and 11.4%, respectively, or our net sales. As of June 30, 2025, two customers accounted for approximately $48.2 million and $35.8 million, or 15.4% and 11.4%, respectively, of the Company’s outstanding accounts receivable.

During the three months ended June 30, 2024, one customer accounted for approximately $33.9 million or 10.6% of our net sales. During the six months ended June 30, 2024, one customer accounted for approximately $76.6 million or 12.3% of our net sales. As of June 30, 2024, one customer accounted for approximately 11.8% of our outstanding accounts receivable. All customers that accounted for 10% or more of our net sales during any period presented in this Quarterly Report on Form 10-Q are broad-based global distributors that sell to thousands of different end users.

Disaggregation of Net Sales. We disaggregate net sales with customers into direct sales to end customers and distribution sales to distributors (“Distributors”) and by geographic area. Direct sales customers consist of those customers using our product in their manufacturing process, and Distributors are those customers who resell our products to third parties. We deliver our products to customers around the world for use in the industrial, automotive, computing, consumer, and communications markets. Further, most of our contracts are fixed-price arrangements, and are short term in nature, ranging from days to several months. The tables below set forth net sales based on the location of the subsidiary producing the net sale:

For the Three Months Ended June 30, 2025	Asia			Americas			Europe			Consolidated
Total sales	$	396,839		$	276,715		$	59,634		$	733,188
Intercompany elimination		(178,321	)		(155,020	)		(33,635	)		(366,976	)
Net sales	$	218,518		$	121,695		$	25,999		$	366,212
For the Three Months Ended June 30, 2024	Asia			Americas			Europe			Consolidated
Total sales	$	341,679		$	216,616		$	69,710		$	628,005
Intercompany elimination		(135,617	)		(139,757	)		(32,860	)		(308,234	)
Net sales	$	206,062		$	76,859		$	36,850		$	319,771
As of and for the
Six Months Ended June 30, 2025	Asia			Americas			Europe			Consolidated
Total sales	$	749,530			538,660		$	117,885		$	1,406,075
Intercompany elimination		(337,485	)		(303,377	)		(66,888	)		(707,750	)
Net sales	$	412,045		$	235,283		$	50,997		$	698,325
Property, plant, and equipment, net	$	507,574		$	71,663		$	100,805		$	680,042
Total assets	$	1,646,477		$	556,335		$	268,743		$	2,471,555
As of and for the
Six Months Ended June 30, 2024	Asia			Americas			Europe			Consolidated
Total sales	$	671,105		$	440,389		$	136,097		$	1,247,591
Intercompany elimination		(284,501	)		(276,187	)		(65,160	)		(625,848	)
Net sales	$	386,604		$	164,202		$	70,937		$	621,743
Property, plant, and equipment, net	$	515,332		$	81,287		$	110,998		$	707,617
Total assets	$	1,663,698		$	467,291		$	230,068		$	2,361,057

The tables below set forth net sales for the Company disaggregated into geographic locations based on shipment destination and by type (direct sales or Distributor):

	For the Three Months Ended June 30,
Net Sales by Region	2025		2024
Asia	$	285,976	$	245,643
Europe		45,545		47,364
Americas		34,691		26,764
Total net sales	$	366,212	$	319,771
Net Sales by Type
Direct sales	$	129,996	$	116,840
Distributor sales		236,216		202,931
Total net sales	$	366,212	$	319,771
	For the Six Months Ended June 30,
Net Sales by Region	2025		2024
Asia	$	544,269	$	474,062
Europe		90,119		94,815
Americas		63,937		52,866
Total net sales	$	698,325	$	621,743
Net Sales by Type
Direct sales	$	251,829	$	235,004
Distributor sales		446,496		386,739
Total net sales	$	698,325	$	621,743

Net sales from products shipped to China was $164.4 million and $142.5 million for the three months ended June 30, 2025 and 2024, respectively. Net sales from products shipped to China was $317.8 million and $281.0 million for the six months ended June 30, 2025 and 2024, respectively.