SIGNIFICANT CUSTOMERS AND GEOGRAPHIC NET REVENUES

12 Months Ended

Dec. 31, 2024

SIGNIFICANT CUSTOMERS AND GEOGRAPHIC NET REVENUES

SIGNIFICANT CUSTOMERS AND GEOGRAPHIC NET REVENUES

8. SIGNIFICANT CUSTOMERS AND GEOGRAPHIC NET REVENUES:

Customer Concentration

The Company’s top ten customers accounted for approximately 79%, 80% and 76% of revenues in 2024, 2023 and 2022, respectively. A significant portion of these revenues are attributable to sales of the Company’s products to distributors of electronic components. These distributors sell the Company’s products to a broad, diverse range of end users, including OEMs and merchant power supply manufacturers. Sales to distributors in 2024, 2023 and 2022 were $292.9 million, $307.4 million and $457.7 million, respectively. Direct sales to OEMs and power-supply manufacturers accounted for the remainder.

The following customers represented 10% or more of the Company’s net revenues for the respective years:

	Year Ended December 31,
Customer	2024		2023		2022
Avnet	30	%	27	%	31	%
Honestar Technologies Co., Ltd.	11	%	18	%	11	%
Salcomp Group	*		10	%	*

*Total customer revenue was less than 10% of net revenues.

No other customers accounted for 10% or more of the Company’s net revenues in the periods presented.

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consisted principally of cash investments and trade receivables. The Company does not have any off-balance-sheet credit exposure related to its customers. As of December 31, 2024 and 2023, 87% and 86% of accounts receivable were concentrated with the Company’s top ten customers, respectively.

The following customers represented 10% or more of accounts receivable:

	December 31,		December 31,
Customer	2024		2023
Avnet	32	%	39	%
Honestar Technologies Co., Ltd.	12	%	20	%
Salcomp Group	13	%	10	%

No other customers accounted for 10% or more of the Company’s accounts receivable in the periods presented.

Geographic Net Revenues

The Company markets its products globally through its sales personnel and a worldwide network of independent sales representatives and distributors. Geographic net revenues based on “bill to” customer locations by region and country with 5% or more of the Company’s revenue during any of the periods presented were as follows:

	Year Ended December 31,
(In thousands)	2024		2023		2022
Americas:	$	20,888	$	22,165	$	45,317
EMEA:
Germany		22,047		23,041		52,876
Other EMEA		22,866		27,820		32,429
APAC:
Hong Kong/China		238,477		265,936		356,865
India		27,820		34,558		33,159
Japan		12,827		16,177		34,924
Korea		37,790		24,956		52,074
Taiwan		22,202		15,774		19,789
Other APAC		14,056		14,111		23,705
Total net revenues	$	418,973	$	444,538	$	651,138