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Note 4 - Revenue
 9 Months Ended
Sep. 30, 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 September 30, 2025  Nine Months Ended September 30, 2025 
  

Power Solutions and Protection

  

Connectivity Solutions

  

Magnetic Solutions

  

Consolidated

  

Power Solutions and Protection

  

Connectivity Solutions

  

Magnetic Solutions

  

Consolidated

 
                                 

By Geographic Region:

                                

North America

 $61,312  $49,731  $9,261  $120,304  $165,989  $136,379  $26,262  $328,630 

Europe

  13,569   10,428   1,032   25,029   42,912   31,514   2,471   76,897 

Asia

  19,525   1,711   12,411   33,647   55,358   3,909   34,723   93,990 
  $94,406  $61,870  $22,704  $178,980  $264,259  $171,802  $63,456  $499,517 
                                 

By Sales Channel:

                                

Direct to customer

 $72,481  $41,743  $18,961  $133,185  $205,166  $114,529  $48,833  $368,528 

Through distribution

  21,925   20,127   3,743   45,795   59,093   57,273   14,623   130,989 
  $94,406  $61,870  $22,704  $178,980  $264,259  $171,802  $63,456  $499,517 

   

 

  Three Months Ended September 30, 2024  Nine Months Ended September 30, 2024 
  

Power Solutions and Protection

  

Connectivity Solutions

  

Magnetic Solutions

  

Consolidated

  

Power Solutions and Protection

  

Connectivity Solutions

  

Magnetic Solutions

  

Consolidated

 
                                 

By Geographic Region:

                                

North America

 $30,806  $42,414  $7,335  $80,555  $109,552  $131,678  $20,808  $262,038 

Europe

  13,172   11,422   1,315   25,909   44,115   32,100   3,649   79,864 

Asia

  4,702   1,879   10,593   17,174   13,811   4,044   25,176   43,031 
  $48,680  $55,715  $19,243  $123,638  $167,478  $167,822  $49,633  $384,933 
                                 

By Sales Channel:

                                

Direct to customer

 $32,960  $34,085  $13,398  $80,443  $109,357  $104,583  $34,977  $248,917 

Through distribution

  15,720   21,630   5,845   43,195   58,121   63,239   14,656   136,016 
  $48,680  $55,715  $19,243  $123,638  $167,478  $167,822  $49,633  $384,933 

       
The balances of the Company’s contract assets and contract liabilities at  September 30, 2025 and December 31, 2024 are as follows:

 

  

September 30,

  

December 31,

 
  

2025

  

2024

 
         

Contract assets - current (unbilled receivables)

 $9,091  $4,994 

Contract liabilities - current (deferred revenue)

 $12,110  $6,120 

 

The change in balance of our unbilled receivables from December 31, 2024 to September 30, 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  September 30, 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. The increase in the deferred revenue balance from December 31, 2024 is primarily attributable to a sales agreement at Enercon that includes advance payment terms, resulting in higher unrecognized revenue as of the September 30, 2025 reporting date.

   

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  September 30, 2025 related to contracts that exceed one year in duration amounted to $14 million, with expected contract expiration dates that range from 2026 – 2030. Based on the Company's current estimates, it is currently expected that approximately $7.5 million of this aggregate amount will be recognized in 2026, $3.5 million will be recognized in 2027, and $3.0 million will be recognized in the years beyond 2027. The majority of the Company's orders received (but not yet shipped) at  September 30, 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.