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Segments and Major Customers (Tables) | 9 Months Ended
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Sep. 30, 2025
Segment reporting information |
Schedule of Segment Reporting Information, By Segment | The significant expenses that are regularly provided to the CODM and reconciliations to the consolidated net income for the three and nine months ended September 30, 2025 and 2024, respectively, were as follows:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
(In thousands) |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Total revenue |  | $ | 178,513 |  |  | $ | 145,513 |  |  | $ | 517,386 |  |  | $ | 395,522 |
Adjusted cost of revenue (1) |  |  | (34,688 | ) |  |  | (25,189 | ) |  |  | (98,477 | ) |  |  | (69,325 | )
Adjusted research and development (2) |  |  | (44,477 | ) |  |  | (37,050 | ) |  |  | (123,457 | ) |  |  | (107,215 | )
Adjusted sales, general and administrative (3) |  |  | (20,163 | ) |  |  | (18,218 | ) |  |  | (60,975 | ) |  |  | (55,143 | )
Other segment items: |  |  |  |  |  |  |  |  |  |  |  |
Stock-based compensation expenses (4) |  |  | (14,206 | ) |  |  | (11,998 | ) |  |  | (39,822 | ) |  |  | (33,145 | )
Amortization of acquired intangible assets (4) |  |  | (1,724 | ) |  |  | (2,890 | ) |  |  | (5,158 | ) |  |  | (9,380 | )
Acquisition-related costs (5) |  |  | — |  |  |  | (17 | ) |  |  | (105 | ) |  |  | (139 | )
Impairment of assets |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1,071 | )
Change in fair value of earn-out liability |  |  | — |  |  |  | 4,544 |  |  |  | — |  |  |  | 5,044 |
Interest and other income (expense), net |  |  | 6,033 |  |  |  | 4,340 |  |  |  | 15,358 |  |  |  | 12,590 |
Provision for income taxes |  |  | (20,911 | ) |  |  | (10,370 | ) |  |  | (38,135 | ) |  |  | (20,119 | )
Net income |  | $ | 48,377 |  |  | $ | 48,665 |  |  | $ | 166,615 |  |  | $ | 117,619 |
(1) Excludes stock-based compensation expenses and amortization of acquisition-related intangible assets. (2) Excludes stock-based compensation expenses and retention bonus expense related to acquisitions. (3) Excludes stock-based compensation expenses, acquisition-related costs and retention bonus expense related to acquisitions. (4) The Company excludes these expenses from its adjusted cost of revenue and operating expenses primarily because such expenses are non-cash expenses that the Company does not believe are reflective of ongoing operating results. (5) The Company excludes these expenses in order to provide better comparability between periods as they are related to acquisitions and have no direct correlation to the Company’s ongoing operating results. The following represents the Company’s significant expenses related to research and development expenses and sales, general and administrative expenses, as shown above, for the three and nine months ended September 30, 2025 and 2024, respectively.
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
(In thousands) |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Payroll and benefits |  | $ | 38,866 |  |  | $ | 31,264 |  |  | $ | 115,706 |  |  | $ | 95,065 |
Variable research and development expenses (1) |  |  | 8,780 |  |  |  | 7,559 |  |  |  | 18,943 |  |  |  | 19,886 |
Professional fees |  |  | 5,096 |  |  |  | 4,447 |  |  |  | 14,756 |  |  |  | 14,020 |
Facilities costs |  |  | 3,174 |  |  |  | 2,959 |  |  |  | 9,394 |  |  |  | 8,654 |
Temporary labor services and consulting expenses |  |  | 3,063 |  |  |  | 3,952 |  |  |  | 9,230 |  |  |  | 10,397 |
Amortization and depreciation |  |  | 3,035 |  |  |  | 2,619 |  |  |  | 8,826 |  |  |  | 7,316 |
Other expenses |  |  | 2,626 |  |  |  | 2,468 |  |  |  | 7,577 |  |  |  | 7,020 |
Total adjusted operating expenses |  | $ | 64,640 |  |  | $ | 55,268 |  |  | $ | 184,432 |  |  | $ | 162,358 |
(1) Includes primarily software tools, software licenses and prototyping costs.
Schedule of Revenue From External Customer by Geographic Regions | Revenue from customers in the geographic regions based on the location of contracting parties was as follows:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
(In thousands) |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
South Korea |  | $ | 91,712 |  |  | $ | 56,129 |  |  | $ | 238,544 |  |  | $ | 134,931 |
Singapore |  |  | 37,561 |  |  |  | 21,082 |  |  |  | 127,328 |  |  |  | 45,406 |
United States |  |  | 26,508 |  |  |  | 46,315 |  |  |  | 87,630 |  |  |  | 153,915 |
Other |  |  | 22,732 |  |  |  | 21,987 |  |  |  | 63,884 |  |  |  | 61,270 |
Total |  | $ | 178,513 |  |  | $ | 145,513 |  |  | $ | 517,386 |  |  | $ | 395,522 |
Accounts receivable |
Segment reporting information |
Schedule of Customer Accounts Representing 10% or More Than 10% of Total Balance | Accounts receivable from the Company’s major customers representing 10% or more of total accounts receivable as of September 30, 2025 and December 31, 2024, respectively, was as follows:
|  | As of |
Customer |  | September 30, 2025 |  |  | December 31, 2024 |
Customer 1 |  |  | 37 | % |  |  | 39 | %
Customer 2 |  |  | 26 | % |  |  | 17 | %
Revenue |
Segment reporting information |
Schedule of Customer Accounts Representing 10% or More Than 10% of Total Balance | Revenue from the Company’s major customers representing 10% or more of total revenue for the three and nine months ended September 30, 2025 and 2024, respectively, was as follows:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
Customer |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Customer A |  |  | 25 | % |  |  | 21 | % |  |  | 23 | % |  |  | 23 | %
Customer B |  |  | 17 | % |  |  | 21 | % |  |  | 18 | % |  |  | 19 | %
Customer C |  | * |  |  |  | 10 | % |  | * |  |  |  | 11 | %
Customer D |  | * |  |  |  | 14 | % |  | * |  |  | * |
* Customer accounted for less than 10% of total revenue in the period.

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