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Segment Reporting
 6 Months Ended
Jul. 31, 2025
Segment Reporting [Abstract]  
Segment Reporting

15. 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 condensed 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 of the Notes to Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the 2025 fiscal year filed with the SEC on March 28, 2025.

 

Geographic Revenue

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

 

 

Three Months Ended July 31,

 

 

Six Months Ended July 31,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

 

(in thousands)

 

Taiwan

 

$

68,137

 

 

$

39,830

 

 

$

122,036

 

 

$

73,515

 

Asia Pacific other than Taiwan

 

 

17,789

 

 

 

13,620

 

 

 

34,348

 

 

 

26,370

 

Europe

 

 

4,690

 

 

 

5,744

 

 

 

13,429

 

 

 

9,943

 

North America other than United States

 

 

4,197

 

 

 

3,507

 

 

 

9,342

 

 

 

6,277

 

United States

 

 

698

 

 

 

1,023

 

 

 

2,228

 

 

 

2,092

 

Total revenue

 

$

95,511

 

 

$

63,724

 

 

$

181,383

 

 

$

118,197

 

 

Substantially all of the Company’s property and equipment were located in the United States, Taiwan, Europe and Asia Pacific region other than Taiwan. As of July 31, 2025, the net amount of fixed assets located in these regions was approximately $5.0 million, $3.7 million, $1.1 million and $0.3 million, respectively. As of January 31, 2025, the net amount of these fixed assets located in these regions was approximately $3.7 million, $4.0 million, $1.1 million and $0.3 million, respectively.

Additional Segment Information

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

 

 

 

Three Months Ended July 31,

 

 

Six Months Ended July 31,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

 

(in thousands)

 

Total revenue

 

$

95,511

 

 

$

63,724

 

 

$

181,383

 

 

$

118,197

 

Less cost and expense:

 

 

 

 

 

 

 

 

 

 

 

 

Product cost

 

 

37,743

 

 

 

23,393

 

 

 

70,371

 

 

 

43,342

 

Employee-related

 

 

32,066

 

 

 

29,079

 

 

 

63,525

 

 

 

57,462

 

Stock-based compensation

 

 

25,188

 

 

 

27,612

 

 

 

51,318

 

 

 

53,648

 

Semiconductor development cost

 

 

7,829

 

 

 

6,230

 

 

 

14,601

 

 

 

12,604

 

Tools & equipment

 

 

7,361

 

 

 

6,596

 

 

 

15,427

 

 

 

11,969

 

Professional services

 

 

3,804

 

 

 

3,768

 

 

 

7,491

 

 

 

8,142

 

Facilities-related

 

 

2,886

 

 

 

2,697

 

 

 

5,548

 

 

 

5,464

 

Other segment items (a)

 

 

823

 

 

 

1,334

 

 

 

1,779

 

 

 

2,803

 

Interest income

 

 

(2,194

)

 

 

(2,096

)

 

 

(4,354

)

 

 

(4,416

)

Net loss

 

$

(19,995

)

 

$

(34,889

)

 

$

(44,323

)

 

$

(72,821

)

(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

For the three and six months ended July 31, 2025, the customer representing 10% or more of revenue was WT, which accounted for approximately 71.3% and 67.4% of total revenue, respectively. For the three months ended July 31, 2024, the customers representing 10% or more of revenue were WT and Hakuto, which accounted for approximately 62.5% and 10.2% of total revenue, respectively. For the six months ended July 31, 2024, the customer representing 10% or more of revenue was WT, which accounted for approximately 62.2% of total revenue. Accounts receivable with WT was approximately $18.8 million and $12.3 million as of July 31, 2025 and January 31, 2025, respectively.