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Business Segments, Concentration of Credit Risk and Significant Customers

3 Months Ended

Mar. 31, 2023

Business Segments, Concentration of Credit Risk and Significant Customers [Abstract]

Business Segments, Concentration of Credit Risk and Significant Customers

Note 5. Business Segments, Concentration of Credit Risk and Significant Customers

The Company determined its reporting units in accordance with ASC 280, Segment Reporting (ASC 280). Management evaluates a reporting unit by first identifying its operating segments under ASC 280. The Company then evaluates each operating segment to determine if it includes one or more components that constitute a business. If there are components within an operating segment that meet the definition of a business, the Company evaluates those components to determine if they must be aggregated into one or more reporting units. If applicable, when determining if it is appropriate to aggregate different operating segments, the Company determines if the segments are economically similar and, if so, the operating segments are aggregated.

Management has determined that the Company has one consolidated operating segment. The Company’s reporting segment reflects the manner in which its chief operating decision maker reviews results and allocates resources. The Company’s reporting segment meets the definition of an operating segment and does not include the aggregation of multiple operating segments.

The Company recognized revenue from shipments of product, licensing of its technologies and performance of services to customers by geographical location as follows (in thousands):

		Three Months Ended
		March 31,
		2023				2022
United States		$	3,089			$	2,375
Taiwan			1,429				312
China			146				290
Japan			12				293
Rest of world			357				133
Total net revenue		$	5,033			$	3,403

The following is a breakdown of product revenue by category (in thousands):

(amounts in thousands)		Three Months Ended March 31,
Product category		2023				2022				change
Memory ICs		$	2,181			$	1,908				273
mmWave ICs			1,479				488				991
mmWave antenna modules			1,224				808				416
mmWave other products			4				-				4
		$	4,888			$	3,204			$	1,684

Customers who accounted for at least 10% of total net revenue were:

		Three Months Ended
		March 31,
		2023				2022
Customer A			27	%			*
Customer B			25	%			36	%
Customer C			21	%			24	%
Customer D			13	%			*

*	Represents less than 10%

As of March 31, 2023, three customers accounted for 77% of accounts receivable. Four customers accounted for 79% of accounts receivable as of December 31, 2022.