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Note 12 - Information Concerning Product Lines, Geographic Information, and Revenue Concentration | 9 Months Ended
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Sep. 29, 2024
Notes to Financial Statements |
Segment Reporting Disclosure [Text Block] | Note 12 — Information Concerning Product Lines, Geographic Information and Revenue Concentration The Company identifies its business segment based on business activities, management responsibility and geographic location. For all periods presented, the Company operated in a single reportable business segment. The following is a breakdown of revenue by product family (in thousands):
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 29, 2024 |  |  | October 1, 2023 |  |  | September 29, 2024 |  |  | October 1, 2023 |
New products |  | $ | 3,537 |  |  | $ | 6,096 |  |  | $ | 11,470 |  |  | $ | 11,384 |
Mature products |  |  | 736 |  |  |  | 569 |  |  |  | 2,937 |  |  |  | 2,335 |
Total revenue |  | $ | 4,273 |  |  | $ | 6,665 |  |  | $ | 14,407 |  |  | $ | 13,719 |
New products revenue consists of revenues from the sale of hardware products manufactured on 180 nanometer or smaller semiconductor processes, eFPGA IP license and eFPGA-related professional services, QuickAI and SensiML AI software as a service (SaaS) revenue. Mature products include all products produced on semiconductor processes larger than 180 nanometer. The following is a breakdown of new product revenue (in thousands):
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 29, 2024 |  |  | October 1, 2023 |  |  | September 29, 2024 |  |  | October 1, 2023 |
Hardware products |  | $ | 28 |  |  | $ | 248 |  |  | $ | 1,028 |  |  | $ | 776 |
eFPGA IP and professional services |  |  | 3,445 |  |  |  | 5,838 |  |  |  | 10,009 |  |  |  | 10,505 |
SaaS & Other |  |  | 64 |  |  |  | 10 |  |  |  | 433 |  |  |  | 103 |
New products revenue |  | $ | 3,537 |  |  | $ | 6,096 |  |  | $ | 11,470 |  |  | $ | 11,384 |
eFPGA IP and professional services revenue for the three months ended September 29, 2024 and October 1, 2023 was $3.4 million and $5.8 million, respectively, and for the nine months ended September 29, 2024 and October 1, 2023 was $10.0 million and $10.5 million, respectively, which were primarily professional services revenue. Contract assets related to professional services revenue were $2.3 million and $4.0 million as of September 29, 2024 and October 1, 2023, respectively. Contract liabilities related to professional services revenue were $0.4 million and $0.3 million as of September 29, 2024 and October 1, 2023, respectively. As of December 31, 2023, $1.1 million in deferred revenues were outstanding. In the nine months ended September 29, 2024, $1.0 million of the outstanding $1.1 million in deferred revenues was recognized by the Company as revenue. Of the $0.4 million in deferred revenues as of September 29, 2024, the Company expects to recognize these revenues using the input time-based method through the end of Q1'25. Of its remaining unsatisfied performance obligations not currently on the Company's balance sheet, the Company expects to recognize $1.2 million by Q2'25, either through the input time-based method or the output method, recognizing revenue as deliverables such as IP and various technologies and training are transferred or provided to the customer. For the majority of the Company's contracts, payment schedules are in place and cash receipts will not always follow the timeline of the Company's revenue recognition policies. The tables below present disaggregated revenues by geographical location. Revenue attributed to geographic location is based on the destination of the product or service. Substantially all revenues in North America were in the United States. Revenue in the United States was $3.7 million, or 85% of total revenue, and $12.0 million, or 83% of total revenue for the three and nine months ended September 29, 2024, respectively and $6.0 million, or 91% of total revenue, and $11.7 million, or 85% of total revenue for the three and nine months ended October 1, 2023, respectively. The following is a breakdown of revenue by destination (in thousands):
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 29, 2024 |  |  | October 1, 2023 |  |  | September 29, 2024 |  |  | October 1, 2023 |
Asia Pacific |  | $ | 518 |  |  | $ | 371 |  |  | $ | 1,656 |  |  | $ | 1,540 |
North America |  |  | 3,663 |  |  |  | 6,051 |  |  |  | 12,317 |  |  |  | 11,739 |
Europe |  |  | 92 |  |  |  | 243 |  |  |  | 434 |  |  |  | 440 |
Total revenue |  | $ | 4,273 |  |  | $ | 6,665 |  |  | $ | 14,407 |  |  | $ | 13,719 |
The following distributors and customers accounted for 10% or more of the Company's revenue for the periods presented:
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 29, |  |  | October 1, |  |  | September 29, |  |  | October 1, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Distributor "A" |  |  | 11 | % |  |  | * |  |  |  | 10 | % |  |  | 11 | %
Customer "A" |  |  | 53 | % |  |  | 84 | % |  |  | 57 | % |  |  | 67 | %
Customer "B" |  |  | 10 | % |  |  | * |  |  |  | * |  |  |  | * |
Customer "J" |  |  | 18 | % |  |  | * |  |  |  | * |  |  |  | * |
The following distributors and customers accounted for 10% or more of the Company's accounts receivable as of the dates presented:
|  | September 29, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
Customer "A" |  |  | 69 | % |  |  | 86 | %
Customer "J" |  |  | 16 | % |  |  | * |

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