Revenue
The majority of our revenue is generated from product shipments to our customers. A summary of our product categories is as follows:
•Core IoT: Includes products for Wireless and Processor Solutions.
•Enterprise and Automotive: Includes products for PC Touch Pad, PC Fingerprint, Video Interface Solutions and Automotive Solutions.
•Mobile: Includes products for Touch and Display Solutions for Mobile phone applications.
Disaggregation of revenue
Net revenue by product category was as follows:
| | | | | | | | | | | | | | | | | |
| | 2025 | | 2024 | | 2023 |
| Enterprise and Automotive product applications | $ | 610.1 | | | $ | 570.0 | | | $ | 853.7 | |
| Core IoT product applications | 272.4 | | | 177.6 | | | 309.9 | |
| Mobile product applications | 191.8 | | | 211.8 | | | 191.5 | |
| $ | 1,074.3 | | | $ | 959.4 | | | $ | 1,355.1 | |
Net revenue by geographic region, based on the billing location of our customers, for the periods presented were as follows:
| | | | | | | | | | | | | | | | | |
| 2025 | | 2024 | | 2023 |
| China | $ | 493.0 | | | $ | 435.0 | | | $ | 485.0 | |
| Taiwan | 307.2 | | | 201.3 | | | 367.4 | |
| Japan | 137.6 | | | 192.3 | | | 337.7 | |
| South Korea | 71.7 | | | 59.9 | | | 35.0 | |
| Other | 57.4 | | | 49.6 | | | 124.1 | |
| United States | 7.4 | | | 21.3 | | | 5.9 | |
| $ | 1,074.3 | | | $ | 959.4 | | | $ | 1,355.1 | |
Net revenue to customers whose revenue represented 10% or more of our total net revenue was as follows:
| | | | | | | | | | | | | | | | | |
| | 2025 | | 2024 | | 2023 |
| Customer A | * | | * | | 10% |
| Customer B | 15% | | * | | * |
| Customer C | 11% | | 12% | | * |
____________________________
*Less than 10%
Contract Liabilities
Our contract liabilities are comprised of deferred revenue and primarily relates to our obligation to transfer goods, services or licenses of our IP to customers for which we have received consideration. Contract liabilities were $16.2 million and $14.7 million as of June 2025 and June 2024, respectively, and are presented as part of customer-related liabilities in accrued liabilities in the accompanying consolidated balance sheets. See “Note 3. Supplemental Financial Statement Information.” During fiscal 2025 and 2024, we recognized $13.8 million and $4.9 million, respectively, in revenue related to contract liabilities outstanding as of the beginning of each such fiscal year.
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.