Segment Information and Operations by Geographic Area
The Company operates in one reportable segment related to the design, development, and sale of silicon timing systems solutions. The chief operating decision maker for the Company is the Chief Executive Officer (the "CEO"). The Company’s CEO reviews operating results on an aggregate basis and manages the Company’s operations as a whole for the purpose of evaluating financial performance and allocating resources. Accordingly, the Company has determined that it has a single reportable and operating segment structure.
The CEO uses aggregate net income to allocate resources (including employees, financial, or capital resources) in the annual budgeting and forecasting process and uses that measure as a basis for evaluating financial performance quarterly by comparing the actuals with historical budgets.
The accounting policies of the Company’s single segment are the same as those described in the summary of significant accounting policies within Note 1 of this Annual Report on Form 10-K. The CEO assesses performance for the Company and decides how to allocate resources based on net income that is also reported on the consolidated income statement as net income (loss). The measure of segment assets is reported on the consolidated balance sheets as total assets.
The table below provides information about the Company’s revenue, significant segment expenses and other segment expenses.
| | | | | | | | | | | | | | | | | |
| Year Ended December 31, |
| 2025 | | 2024 | | 2023 |
| | | | | |
| (in thousands) |
| Revenue | $ | 326,660 | | | $ | 202,697 | | | $ | 143,993 | |
| Less: | | | | | |
| Product costs | 97,304 | | | 61,626 | | | 42,612 | |
| Depreciation | 15,472 | | | 8,474 | | | 6,718 | |
| Amortization | 15,460 | | | 12,103 | | | 681 | |
| Other manufacturing overheads | 23,438 | | | 16,000 | | | 11,894 | |
| Gross profit | 174,986 | | | 104,494 | | | 82,088 | |
| Less: | | | | | |
| Acquisition related costs | 6,567 | | | 10,722 | | | 7,728 | |
| Interest income | (24,830) | | | (22,883) | | | (26,958) | |
Other segment items (a) | 236,152 | | | 210,256 | | | 181,853 | |
| Net loss | $ | (42,903) | | | $ | (93,601) | | | $ | (80,535) | |
(a)Other segment items include research and development expenses and selling, general and administrative expenses, primarily in the nature of nonmanufacturing expenses including salaries and stock-based compensation for employees, consulting expenses, certain other expenses, and taxes.
Revenue by geographic area is presented based upon the ship-to location of the customers, which maybe different from the geographic locations of the ultimate end customers. The following table sets forth revenue by country for countries with 10% or more of the Company’s revenue during any of the periods presented:
| | | | | | | | | | | | | | | | | |
| Year Ended December 31, |
| 2025 | | 2024 | | 2023 |
| | | | | |
| (in thousands) |
| Hong Kong | $ | 117,082 | | | $ | 64,441 | | | $ | 31,987 | |
| Taiwan | 84,517 | | | 64,836 | | | 43,954 | |
| United States | 22,540 | | | 15,853 | | | 19,976 | |
| Singapore | 17,417 | | | 16,643 | | | 16,466 | |
| Other | 85,104 | | | 40,924 | | | 31,610 | |
| Total | $ | 326,660 | | | $ | 202,697 | | | $ | 143,993 | |
The following table sets forth the Company’s total property and equipment attributable to operations by country for countries with 10% or more of the Company’s net property and equipment as of the periods presented:
| | | | | | | | | | | |
| As of |
| December 31, 2025 | | December 31, 2024 |
| | | |
| (in thousands) |
| United States | $ | 35,811 | | | $ | 32,200 | |
| Taiwan | 23,256 | | | 24,294 | |
| Malaysia | 21,072 | | | 16,231 | |
| Singapore | 18,817 | | | 2,419 | |
| Other | 6,158 | | | 7,331 | |
| Total | $ | 105,114 | | | $ | 82,475 | |