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Business Segments, Concentration of Credit Risk and Significant Customers

6 Months Ended

Jun. 30, 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				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
United States	$	1,421	$	3,127	$	4,510	$	5,503
Taiwan		562		204		1,991		515
China		147		587		293		879
Japan		2		245		14		537
Rest of world		271		121		628		253
Total net revenue	$	2,403	$	4,284	$	7,436	$	7,687

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

(amounts in thousands)	Three Months Ended June 30,				Six Months Ended June 30,
Product category	2023		2022		2023		2022
Memory ICs	$	1,616	$	1,872	$	3,798	$	3,781
mmWave ICs		559		678		2,038		1,165
mmWave antenna modules		60		1,552		1,283		2,360
mmWave other products		-		18		4		18
	$	2,235	$	4,120	$	7,123	$	7,324

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

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2023			2022			2023			2022
Customer A		46	%		*			27	%		*
Customer D		23	%		*			26	%		*
Customer B		*			36	%		15	%		31	%
Customer C		*			14	%		*			11	%
Customer E		*			*			12	%		*

*	Represents less than 10%

As of June 30, 2023, one customer accounted for 74% of accounts receivable. Four customers accounted for 79% of accounts receivable as of December 31, 2022.