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Revenue and Accounts Receivable, Net | 6 Months Ended
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Jun. 30, 2025
Receivables [Abstract] |
Revenue and Accounts Receivable, Net | Revenue and Accounts Receivable, Net Revenue Details The pattern of revenue recognition was as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(In thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
Goods and services transferred at a point in time | $ | 77,656 |  |  | $ | 75,982 |  |  | $ | 149,047 |  |  | $ | 150,386 |
Goods and services transferred over time | 20,009 |  | 14,470 |  | 40,944 |  | 31,966 |
Net sales | $ | 97,665 |  |  | $ | 90,452 |  |  | $ | 189,991 |  |  | $ | 182,352 |
Our net sales to external customers by channel were as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(In thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
Connected home (1) | $ | 34,099 |  |  | $ | 23,291 |  |  | $ | 65,828 |  |  | $ | 47,462 |
Home entertainment (2) | 63,566 |  | 67,161 |  | 124,163 |  | 134,890 |
Net sales | $ | 97,665 |  |  | $ | 90,452 |  |  | $ | 189,991 |  |  | $ | 182,352 |
(1)The connected home channel represents climate control, smart home and security product sales sold primarily to HVAC, security, home automation and home appliance customers. (2)The home entertainment channel represents entertainment-related product sales sold primarily to video service providers, consumer electronics original equipment manufacturers ("OEMs") and retailers. It also includes sales associated with intellectual property licensing and our cloud-based software solution. Our net sales to external customers by geographic area were as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(In thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
United States | $ | 28,974 |  |  | $ | 18,910 |  |  | $ | 59,532 |  |  | $ | 45,622 |
Asia (excluding PRC) | 22,190 |  | 18,224 |  |  | 40,937 |  | 37,108 |
Europe | 26,110 |  | 20,715 |  | 46,808 |  | 38,254
Latin America | 6,808 |  | 9,483 |  | 13,358 |  | 17,724
PRC | 8,255 |  | 17,412 |  | 17,173 |  | 31,813
Other | 5,328 |  | 5,708 |  | 12,183 |  | 11,831
Total net sales | $ | 97,665 |  |  | $ | 90,452 |  |  | $ | 189,991 |  |  | $ | 182,352 |
Specific identification of the customer billing location was the basis used for attributing revenues from external customers to geographic areas. Accounts Receivable, Net Accounts receivable, net were as follows:
(In thousands) | June 30, 2025 |  | December 31, 2024
Trade receivables, gross | $ | 82,918 |  |  | $ | 93,773 |
Allowance for credit losses | (1,468) |  |  | (1,863) |
Allowance for sales returns | (285) |  |  | (383) |
Trade receivables, net | 81,165 |  |  | 91,527 |
Other (1) | 16,275 |  |  | 22,655 |
Accounts receivable, net (2) | $ | 97,440 |  |  | $ | 114,182 |
(1)Other accounts receivable is primarily comprised of supplier, supplier rebate and interest receivables. (2)Accounts receivable, net at December 31, 2023 was $112.6 million. Allowance for Credit Losses Changes in the allowance for credit losses were as follows:
(In thousands) | Six Months Ended June 30,
2025 |  | 2024
Balance at beginning of period | $ | 1,863 |  |  | $ | 815 |
Additions (reductions) to costs and expenses | 19 |  |  | — |
Cash receipts | (266) |  |  | — |
Write-offs/Foreign exchange effects | (148) |  |  | (16) |
Balance at end of period | $ | 1,468 |  |  | $ | 799 |
Contract Assets Contract assets were $7.6 million and $10.3 million at June 30, 2025 and December 31, 2024, respectively. The change in balances between periods is due to the fluctuation of custom product inventory balances for which we have an enforceable right to payment for performance completed to date. Contract Liabilities We have current and non-current contract liability balances primarily consisting of cash received in advance of providing our cloud-based software services. Contract liabilities are included within other accrued liabilities and other long-term liabilities in our consolidated balance sheets. Changes in the carrying amount of contract liabilities were as follows:
(In thousands) | Three Months Ended June 30, |  | Six Months Ended June 30,
2025 |  | 2024 |  | 2025 |  | 2024
Balance at beginning of period | $ | 4,285 |  |  | $ | 4,384 |  |  | $ | 3,237 |  |  | $ | 3,501 |
Payments received | 656 |  |  | 1,626 |  |  | 2,849 |  |  | 3,463 |
Revenue recognized | (877) |  |  | (1,287) |  |  | (2,027) |  |  | (2,225) |
Foreign exchange effects | 4 |  |  | (6) |  |  | 9 |  |  | (22) |
Balance at end of period | $ | 4,068 |  |  | $ | 4,717 |  |  | $ | 4,068 |  |  | $ | 4,717 |
Significant Customers Net sales to the following customers totaled more than 10% of our net sales:
| Three Months Ended June 30,
| 2025 |  | 2024
| $ (thousands) |  | % of Net Sales |  | $ (thousands) |  | % of Net Sales |
Daikin Industries Ltd. | $ | 18,230 |  |  | 18.7 | % |  | $ | 12,930 |  |  | 14.3 | % |
Comcast Communications | $ | 11,942 |  |  | 12.2 | % |  | (1) |  | (1) |
Sony Corporation | (1) |  | (1) |  | $ | 9,577 |  |  | 10.6 | % |
(1) Sales associated with this customer did not total more than 10% of our net sales for the indicated period.
| Six Months Ended June 30,
| 2025 |  | 2024
| $ (thousands) |  | % of Net Sales |  | $ (thousands) |  | % of Net Sales |
Daikin Industries Ltd. | $ | 34,594 |  |  | 18.2 | % |  | $ | 25,039 |  |  | 13.7 | % |
Comcast Communications | $ | 22,291 |  |  | 11.7 | % |  | (1) |  | (1) |
(1) Sales associated with this customer did not total more than 10% of our net sales for the indicated period. Trade receivables associated with this significant customer that totaled more than 10% of our accounts receivable, net was as follows:
| June 30, 2025 |  | December 31, 2024 |
| $ (thousands) |  | % of Accounts Receivable, Net |  | $ (thousands) |  | % of Accounts Receivable, Net |
Daikin Industries Ltd. | $ | 10,989 |  |  | 11.3 | % |  | (1) |  | (1) |
(1) Trade receivables associated with this customer did not total more than 10% of our accounts receivable, net for the indicated period.

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- Definition The entire disclosure for claims held for amounts due to entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/310-10/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 835 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482925/835-30-45-2 + Details
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