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Note 4 - Revenue | 3 Months Ended
--- | ---
Mar. 31, 2025
Notes to Financial Statements |
Revenue from Contract with Customer [Text Block] |
4. | REVENUE
The following table provides information about disaggregated revenue by geographic region and sales channel, and includes a reconciliation of the disaggregated revenue to our reportable segments:
|  | Three Months Ended March 31, 2025 |
|  | Power Solutions and Protection |  |  | Connectivity Solutions |  |  | Magnetic Solutions |  |  | Consolidated |
By Geographic Region: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
North America |  | $ | 49,691 |  |  | $ | 39,155 |  |  | $ | 7,425 |  |  | $ | 96,271 |
Europe |  |  | 15,035 |  |  |  | 10,613 |  |  |  | 674 |  |  |  | 26,322 |
Asia |  |  | 18,328 |  |  |  | 962 |  |  |  | 10,355 |  |  |  | 29,645 |
|  | $ | 83,054 |  |  | $ | 50,730 |  |  | $ | 18,454 |  |  | $ | 152,238 |
By Sales Channel: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Direct to customer |  | $ | 64,167 |  |  | $ | 31,426 |  |  | $ | 13,847 |  |  | $ | 109,440 |
Through distribution |  |  | 18,887 |  |  |  | 19,304 |  |  |  | 4,607 |  |  |  | 42,798 |
|  | $ | 83,054 |  |  | $ | 50,730 |  |  | $ | 18,454 |  |  | $ | 152,238 |
|  | Three Months Ended March 31, 2024 |
|  | Power Solutions and Protection |  |  | Connectivity Solutions |  |  | Magnetic Solutions |  |  | Consolidated |
By Geographic Region: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
North America |  | $ | 39,549 |  |  | $ | 43,884 |  |  | $ | 6,123 |  |  | $ | 89,556 |
Europe |  |  | 16,333 |  |  |  | 9,436 |  |  |  | 1,216 |  |  |  | 26,985 |
Asia |  |  | 4,365 |  |  |  | 965 |  |  |  | 6,219 |  |  |  | 11,549 |
|  | $ | 60,247 |  |  | $ | 54,285 |  |  | $ | 13,558 |  |  | $ | 128,090 |
By Sales Channel: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Direct to customer |  | $ | 38,825 |  |  | $ | 34,070 |  |  | $ | 9,786 |  |  | $ | 82,681 |
Through distribution |  |  | 21,422 |  |  |  | 20,215 |  |  |  | 3,772 |  |  |  | 45,409 |
|  | $ | 60,247 |  |  | $ | 54,285 |  |  | $ | 13,558 |  |  | $ | 128,090 |
The balances of the Company’s contract assets and contract liabilities at March 31, 2025 and December 31, 2024 are as follows:
|  | March 31, |  |  | December 31, |
|  | 2025 |  |  | 2024 |
Contract assets - current (unbilled receivables) |  | $ | 5,594 |  |  | $ | 4,994 |
Contract liabilities - current (deferred revenue) |  | $ | 5,458 |  |  | $ | 6,120 |
The change in balance of our unbilled receivables from December 31, 2024 to March 31, 2025 primarily relates to a timing difference between the Company’s performance (i.e., when our product is shipped to a customer-controlled hub) and the point at which the Company can invoice the customer per the terms of the customer contract (i.e., when the customer pulls our product from the customer-controlled hub). Our deferred revenue balances at December 31, 2024 and March 31, 2025 primarily relate to customer prepayments on invoices, which will be recorded as revenue in the period in which the related finished goods are shipped to the customer. Transaction Price Allocated to Future Obligations The aggregate amount of transaction price allocated to remaining performance obligations that have not been fully satisfied as of March 31, 2025 related to contracts that exceed one year in duration amounted to $11.3 million, with expected contract expiration dates that range from 2026 – 2030. Based on the Company's current estimates, it is currently expected that approximately $7.6 million of this aggregate amount will be recognized in 2026, $1.8 million will be recognized in 2027, $0.1 million will be recognized in each of 2028 and 2029, and $1.6 million will be recognized in 2030. The majority of the Company's orders received (but not yet shipped) at March 31, 2025 are related to contracts that have an original expected duration of one year or less, for which the Company is electing to utilize the practical expedient available within the applicable guidance, and are excluded from the transaction price related to these future obligations. The Company will generally satisfy the remaining performance obligations as we transfer control of the products ordered to our customers.

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