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Segment Reporting
 9 Months Ended
Oct. 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 October 31,

 

 

Nine Months Ended October 31,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

 

(in thousands)

 

Taiwan

 

$

75,961

 

 

$

54,612

 

 

$

197,997

 

 

$

128,127

 

Asia Pacific other than Taiwan

 

 

20,177

 

 

 

15,733

 

 

 

54,525

 

 

 

42,103

 

Europe

 

 

3,181

 

 

 

5,991

 

 

 

16,610

 

 

 

15,934

 

North America other than United States

 

 

7,353

 

 

 

5,756

 

 

 

16,695

 

 

 

12,033

 

United States

 

 

1,780

 

 

 

561

 

 

 

4,008

 

 

 

2,653

 

Total revenue

 

$

108,452

 

 

$

82,653

 

 

$

289,835

 

 

$

200,850

 

 

 

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 October 31, 2025, the net amount of fixed assets located in these regions was approximately $5.6 million, $3.8 million, $1.1 million and $0.2 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 October 31,

 

 

Nine Months Ended October 31,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

 

(in thousands)

 

Total revenue

 

$

108,452

 

 

$

82,653

 

 

$

289,835

 

 

$

200,850

 

Less cost and expense:

 

 

 

 

 

 

 

 

 

 

 

 

Product cost

 

 

42,452

 

 

 

30,949

 

 

 

112,823

 

 

 

74,291

 

Employee-related

 

 

32,828

 

 

 

28,820

 

 

 

96,353

 

 

 

86,282

 

Stock-based compensation

 

 

25,741

 

 

 

26,847

 

 

 

77,059

 

 

 

80,495

 

Semiconductor development cost

 

 

9,227

 

 

 

8,684

 

 

 

23,828

 

 

 

21,288

 

Tools & equipment

 

 

6,422

 

 

 

6,217

 

 

 

21,849

 

 

 

18,186

 

Professional services

 

 

3,924

 

 

 

3,582

 

 

 

11,415

 

 

 

11,724

 

Facilities-related

 

 

3,342

 

 

 

2,708

 

 

 

8,890

 

 

 

8,172

 

Other segment items (a)

 

 

1,813

 

 

 

1,065

 

 

 

3,592

 

 

 

3,868

 

Interest income

 

 

(2,190

)

 

 

(2,148

)

 

 

(6,544

)

 

 

(6,564

)

Net loss

 

$

(15,107

)

 

$

(24,071

)

 

$

(59,430

)

 

$

(96,892

)

(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 nine months ended October 31, 2025, the customer representing 10% or more of revenue was WT, which accounted for approximately 70.2% and 68.4% of total revenue, respectively. In the prior fiscal year, the customers representing 10% or more of revenue were WT and Chicony, which accounted for approximately 66.1% and 10.7% of total revenue for the three months ended October 31, 2024, respectively, and accounted for approximately 63.8% and 10.2% of total revenue for the nine months ended October 31, 2024, respectively. Accounts receivable with WT was approximately $24.7 million and $12.3 million as of October 31, 2025 and January 31, 2025, respectively.