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Business Segments, Concentration of Credit Risk and Significant Customers

9 Months Ended

Sep. 30, 2024

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

Business Segments, Concentration of Credit Risk and Significant Customers

Note 6. Business Segments, Concentration of Credit Risk and Significant Customers

The Company determines 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				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
United States	$	3,680	$	3,359	$	9,219	$	7,868
Hong Kong		25		321		471		614
Taiwan		24		544		185		2,535
Rest of world		112		257		1,020		899
Total net revenue	$	3,841	$	4,481	$	10,895	$	11,916

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

	Three months Ended September 30,				Nine Months Ended September 30,
Product category	2024		2023		2024		2023
Memory ICs	$	3,677	$	3,384	$	9,487	$	7,181
mmWave ICs		67		576		272		2,614
mmWave modules		60		302		817		1,586
mmWave other products		7		—		20		4
	$	3,811	$	4,262	$	10,596	$	11,385

The following table lists significant customers that represented more than 10% of the Company’s total revenue during each respective period:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Customer A		68	%		25	%		58	%		10	%
Customer B		26	%		45	%		23	%		34	%
Customer C		*			11	%		*			20	%

The following table lists significant customers that represented more than 10% of the Company’s net accounts receivable balance at each respective balance sheet date:

	Accounts Receivable
	September 30,			December 31,
	2024			2023
Customer A		51	%		36	%
Customer B		33	%		33	%
Customer C		*			14	%

The following table lists significant vendors that represented more than 10% of the Company’s total accounts payable balance at each respective balance sheet date:

	Accounts Payable
	September 30,			December 31,
	2024			2023
Vendor A		20	%		47	%
Vendor B		16	%		*
Vendor C		*			12	%

*	Represents less than 10%