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Geographic and Other Information
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Geographic and Other Information
15. Geographic and Other Information
The Company operates within a
single
operating segment, Power solutions business, and also separately reports transitional Fab 3 foundry services revenue and cost of sales.
The Chief Executive Officer, as the chief operating decision maker (“CODM”), organizes the Company and measures performance of two business lines of Power Analog Solutions and Power IC in the Power solutions business at the level of revenue and gross profit margin by comparing actual results against previously forecasted targets.
The Company’s CODM does not evaluate the performance of each business line using any information, such as asset or liability.
Revenues for the three months ended September 30, 2024 from its previous product categories have been reclassified in order to conform to the current period presentation as follows (in thousands):
 
       Power
Analog
Solutions		      Power IC      Discontinued
Operations		      Total  
Mixed-Signal Solutions
    $ 16,446      $ —     $ 5,420      $ 11,026      $ 16,446  
Power Analog Solutions
      47,574        47,574        —         —         47,574  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
   $ 64,020      $ 47,574      $ 5,420      $ 11,026      $ 64,020  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Revenues for the nine months ended September 30, 2024 from its previous product categories have been reclassified in order to conform to the current period presentation as follows (in thousands):
 
       Power
Analog
Solutions		      Power IC      Discontinued
Operations		      Total  
Mixed-Signal Solutions
    $ 37,047      $ —     $ 13,621      $ 23,426      $ 37,047  
Power Analog Solutions
      123,349        123,349        —         —         123,349  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
   $ 160,396      $ 123,349      $ 13,621      $ 23,426      $ 160,396  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
The following sets forth information relating to the operating segment, Power solutions business, as well as the transitional Fab 3 foundry services (in thousands). For financial information below gross profit, including operating income and expenses as well as other income and expenses, please refer to the Company’s consolidated statements of operations.
 
    
Three Months Ended
     
Nine Months Ended
  
    
September 30,
2025
     
September 30,
2024
     
September 30,
2025
     
September 30,
2024
  
Revenues
            
Power solutions business
            
Power Analog Solutions
    $ 41,548      $ 47,574      $ 123,666      $ 123,349  
Power IC
      4,398        5,420        14,624        13,621  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total Power solutions business
      45,946        52,994        138,290        136,970  
Transitional Fab 3 foundry services
      —         2,440        —         8,302  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total revenues
    $ 45,946      $ 55,434      $ 138,290      $ 145,272  
  
 
 
     
 
 
     
 
 
     
 
 
  
 
    
Three Months Ended
     
Nine Months Ended
  
    
September 30,
2025
     
September 30,
2024
     
September 30,
2025
     
September 30,
2024
  
Cost of Sales
            
Power solutions business
            
Power Analog Solutions
    $ 34,906      $ 38,325      $ 102,215      $ 100,751  
Power IC
      2,499        3,004        8,460        7,603  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total Power solutions business
      37,405        41,329        110,675        108,354  
Transitional Fab 3 foundry services
      —         2,599        —         9,267  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total cost of sales
    $ 37,405      $ 43,928      $ 110,675      $ 117,621  
  
 
 
     
 
 
     
 
 
     
 
 
  
 
    
Three Months Ended
     
Nine Months Ended
  
    
September 30,
2025
     
September 30,
2024
     
September 30,
2025
     
September 30,
2024
  
Gross Profit
            
Power solutions business
            
Power Analog Solutions
    $ 6,642      $ 9,249      $ 21,451      $ 22,598  
Power IC
      1,899        2,416        6,164        6,018  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total Power solutions business
      8,541        11,665        27,615        28,616  
Transitional Fab 3 foundry services
      —         (159 )       —         (965 ) 
  
 
 
     
 
 
     
 
 
     
 
 
  
Total gross profit
    $ 8,541      $ 11,506      $ 27,615      $ 27,651  
  
 
 
     
 
 
     
 
 
     
 
 
  
The following is a summary of net sales – Power solutions business by geographic region, based on the location to which the products are billed (in thousands):
 
    
Three Months Ended
     
Nine Months Ended
  
    
September 30,
2025
     
September 30,
2024
     
September 30,
2025
     
September 30,
2024
  
Korea
    $ 23,269      $ 22,893      $ 67,706      $ 59,867  
Asia Pacific (other than Korea)
      20,308        28,189        63,745        71,879  
United States
      1,137        667        3,789        1,313  
Europe
      1,232        1,245        3,050        3,911  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 45,946      $ 52,994      $ 138,290      $ 136,970  
  
 
 
     
 
 
     
 
 
     
 
 
  
For the three months ended September 30, 2025 and 2024, of the Company’s net sales – Power solutions business in Asia Pacific (other than Korea), net sales – Power solutions business in China and Hong Kong together represented 74.6% and 83.7%, respectively, and net sales – Power solutions business in Taiwan represented 15.5% and 8.8%, respectively. For the nine months ended September 30, 2025 and 2024, of the Company’s net sales – Power solutions business in Asia Pacific (other than Korea), net sales – Power solutions business in China and Hong Kong represented 79.6% and 83.4%, respectively, and net sales – Power solutions business in Taiwan represented 12.4% and 9.4%, respectively.
Net sales from the Company’s top ten largest customers in the Power solutions business accounted for 75.2% and 73.4% for the three months ended September 30, 2025 and 2024, respectively, and 74.2% and 72.5% for the nine months ended September 30, 2025 and 2024, respectively.
For the three months ended September 30, 2025, the Company had one customer that represented 32.6% of net sales – Power solutions business. For the nine months ended September 30, 2025, the Company had one customer that represented 31.6% of its net sales – Power solutions business. For the three months ended September 30, 2024, the Company had one customer that represented 24.3% of its net sales – Power solutions business. For the nine months ended September 30, 2024, the Company had two customers that represented 25.5% and 10.1% of its net sales – Power solutions business, respectively.
As of September 30, 2025, one customer of the Company’s Power solutions business accounted for 43.1% of its accounts receivable – Power solutions business. As of December 31, 2024, one customer of the Company’s Power solutions business accounted for 42.3% of its accounts receivable – Power solutions business.