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Segment Reporting
 12 Months Ended
Jan. 31, 2025
Segment Reporting [Abstract]  
Segment Reporting

16. Segment Reporting

The Company operates as a single operating and reportable segment and derives substantially all of its revenue from development and sales of low-power AI-based processing and video and image processing SoC solutions. In determination of a reportable segment, the Company considers the research and development deployed, the nature of production process, the distribution channels of SoCs, as well as the Company’s management structure. The Chief Executive Officer of the Company has been identified as the Chief Operating Decision Maker (the CODM) and manages the Company’s operations as a whole. The CODM uses net loss presented on a consolidated basis to evaluate the financial performance and allocate resources. The CODM also monitors budget versus actual results of the operating segment. The measure of reportable segment assets is reported within the consolidated balance sheets as total assets. The accounting policies for the measurement of net loss and total assets of the reportable segment have been described in the Note 1, Organization and Summary of Significant Accounting Policies.

Geographic Revenue

The following table sets forth the Company’s revenue by geographic region based on bill-to location for the periods indicated.

 

 

Year Ended January 31,

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

(in thousands)

 

Taiwan

 

$

179,324

 

 

$

119,601

 

 

$

191,692

 

Asia Pacific other than Taiwan

 

 

61,663

 

 

 

58,506

 

 

 

73,476

 

Europe

 

 

22,778

 

 

 

11,949

 

 

 

26,921

 

North America other than United States

 

 

18,074

 

 

 

25,754

 

 

 

32,901

 

United States

 

 

3,026

 

 

 

10,664

 

 

 

12,616

 

Total revenue

 

$

284,865

 

 

$

226,474

 

 

$

337,606

 

Substantially all of the Company’s property and equipment were located in the Taiwan, United States, Europe and Asia Pacific region other than Taiwan. As of January 31, 2025, the net amount of these fixed assets located in these regions was approximately $4.0 million, $3.7 million, $1.1 million and $0.3 million, respectively. As of January 31, 2024, the net amount of these fixed assets located in these regions was approximately $4.9 million, $3.9 million, $1.2 million and $0.4 million, respectively.

 

Additional Segment Information

The following table presents the significant segment expenses included in the consolidated net loss for the periods indicated:

 

 

 

Year Ended January 31,

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

(in thousands)

 

Total revenue

 

$

284,865

 

 

$

226,474

 

 

$

337,606

 

Less cost and expense:

 

 

 

 

 

 

 

 

 

Product cost

 

 

106,237

 

 

 

83,221

 

 

 

122,046

 

Employee-related

 

 

115,188

 

 

 

110,601

 

 

 

109,444

 

Stock-based compensation

 

 

108,043

 

 

 

111,316

 

 

 

111,158

 

Chip development NRE

 

 

28,049

 

 

 

24,680

 

 

 

19,684

 

Tools & equipment

 

 

26,089

 

 

 

23,202

 

 

 

21,559

 

Professional services

 

 

14,359

 

 

 

13,012

 

 

 

13,692

 

Facilities-related

 

 

10,765

 

 

 

10,983

 

 

 

10,329

 

Other segment items (a)

 

 

1,988

 

 

 

26,713

 

 

 

(2,817

)

Interest income

 

 

(8,727

)

 

 

(7,837

)

 

 

(2,103

)

Net loss

 

$

(117,126

)

 

$

(169,417

)

 

$

(65,386

)

 

(a) The other segment items include amortization of intangible assets acquired from business combinations, non-operating (income) expenses, income tax provision (benefit) and other immaterial items.

 

Major Customers

The customer representing 10% or more of revenue for the fiscal year ended January 31, 2025 was WT, which accounted for approximately 63% of total revenue. The customers representing 10% or more of revenue for the fiscal years ended January 31, 2024 and 2023 were WT and Chicony. For the fiscal years ended January 31, 2024 and 2023, WT accounted for approximately 53% and 57% of total revenue, respectively. For the fiscal years ended January 31, 2024 and 2023, Chicony accounted for approximately 14% and 12% of total revenue, respectively. Accounts receivable with WT was approximately $12.3 million as of January 31, 2025. Accounts receivable with WT and Chicony were approximately $10.3 million and $7.0 million as of January 31, 2024, respectively.