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Note 3 - Revenue Recognition
 3 Months Ended
Mar. 31, 2025
Notes to Financial Statements  
Revenue from Contract with Customer [Text Block]

Note 3.  Revenue Recognition

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Disaggregation of Revenue

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Revenue is classified based on the location where the product is manufactured. For additional information on the disaggregated revenues by geographical region, see Note 17, "Segment and Geographic Information."

 

Revenue is also classified by major product categories and is presented below (in thousands):

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Three months ended March 31,

 
      

% of

      

% of

 

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2025

  

Revenue

  

2024

  

Revenue

 

CATV

 $64,501   64.6% $8,736   21.5%

Data Center

  32,049   32.1%  28,986   71.2%

Telecom

  2,937   2.9%  2,269   5.6%

FTTH

  —   0.0%  —   0.0%

Other

  372   0.4%  682   1.7%

Total Revenue

 $99,859   100.0% $40,673   100.0%

 

Unearned Revenue

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We record unearned revenues when cash payments are received or due in advance of our performance, including amounts which are refundable. Unearned revenues solely relate to statement of work with Microsoft regarding contract prices allocated to the performance obligations that are unsatisfied, or partially unsatisfied, as of the balance sheet dates. Unearned revenue balance as of  March 31, 2025 and  December 31, 2024 were both zero. For the three months ended March 31, 2025 and 2024, revenue recognized from the unearned revenue balance was $0 and $0.1 million, respectively. 

   

    
  

Three months ended March 31,

 
  2025  2024 

Unearned revenue, beginning of period

 $—  $1,803 

Additional unearned revenue

  —   — 

Revenue recognized

  —   114 

Unearned revenue, end of period

 $—  $1,689 

 

Customer Warrant

 

On March 13, 2025, the Company issued a warrant (the "Customer Warrant") to a wholly-owned subsidiary of Amazon.com, Inc. ("Warrantholder") to purchase up to an aggregate of 7,945,399 shares of the Company's common stock ("Warrant Shares") at an exercise price of $23.6956 per share. The Customer Warrant has a contractual term of 10 years. At the time of the issuance, the Customer Warrant is exercisable to purchase 1,324,233 Warrant Shares. The remaining 6,621,166 Warrant Shares may vest over the next 10 years, dependent on aggregate purchases by or on behalf of Amazon and its affiliates of $4 billion of the Company's products over this time period. The Company accounts for the Customer Warrant as an equity classified share-based consideration to a customer and will recognize the grant-date fair value of the Customer Warrant as a reduction of revenue from Amazon as the related goods or services are transferred. As of March 13, 2025, the Company recorded other current asset of $1.7 million and other noncurrent asset of $15.1 million, representing the aggregate grant-date fair value of 1,324,233 Warrant Shares vested at the issuance. The grant date fair value of the Customer Warrant was determined to be $12.64 per share, using the Black-Scholes-Merton option pricing model. 

 

The per share grant date fair value of the Customer Warrant was estimated using the following assumptions:

 

  At Grant Date 
Expected volatility  80.00%
Weighted-average expected term (in years)  10 
Risk-free interest rate  4.23%
Dividend yield  —%
Fair value per ordinary share at grant date $15.87