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Business Segments, Concentration of Credit Risk and Significant Customers | 6 Months Ended
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Jun. 30, 2025
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 Segment Information The Company determines its reporting units in accordance with ASC No. 280, Segment Reporting (ASC 280), as amended by ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which the Company adopted effective December 31, 2024. 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. The Company’s chief executive officer is the chief operating decision maker (CODM), and the CODM evaluates financial performance and makes operating decisions about allocating resources based on financial data presented on a consolidated basis, including consolidated net income (loss). Because the CODM evaluates financial performance on a consolidated basis, the Company operates and manages its business as one reportable and operating segment as a fabless semiconductor company focused on the development and sale of mmWave wireless technology, semiconductor devices and antenna modules, the performance of non-recurring engineering, or NRE, services and the licensing of intellectual property. The measure of segment assets is reported on the balance sheet as total consolidated assets. The Company’s reporting segment meets the definition of an operating segment and does not include the aggregation of multiple operating segments. Significant segment expenses include research and development expenditures, salaries and benefits, stock-based compensation and software license obligations. Operating expenses include all remaining costs necessary to operate the Company’s business, which primarily include facilities, external professional services and other administrative expenses. The following table presents the significant segment expenses and other segment items regularly reviewed by the CODM:
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, |  |  | June 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Total net revenue |  | $ | 2,220 |  |  | $ | 4,238 |  |  | $ | 6,089 |  |  | $ | 7,054 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of net revenue |  |  | 1,147 |  |  |  | 1,887 |  |  |  | 2,336 |  |  |  | 3,397 |
Research and development |  |  | 610 |  |  |  | 979 |  |  |  | 1,214 |  |  |  | 2,058 |
Salaries |  |  | 1,518 |  |  |  | 1,562 |  |  |  | 2,962 |  |  |  | 3,135 |
Stock-based compensation |  |  | 141 |  |  |  | 1,155 |  |  |  | 266 |  |  |  | 2,376 |
Severance and software license obligations |  |  | (223 | ) |  |  | 2,041 |  |  |  | (223 | ) |  |  | 2,063 |
Other operating expenses |  |  | 804 |  |  |  | 1,089 |  |  |  | 1,825 |  |  |  | 2,131 |
Other (income) expense, net |  |  | 52 |  |  |  | (50 | ) |  |  | 9 |  |  |  | (1,650 | )
Net loss |  | $ | (1,829 | ) |  | $ | (4,425 | ) |  | $ | (2,300 | ) |  | $ | (6,456 | )
Concentrations The Company recognized revenue from shipments of products, licensing of its technologies and performance of services to customers by geographical destination as follows (in thousands):
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, |  |  | June 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Europe |  | $ | 1,204 |  |  | $ | 561 |  |  | $ | 1,733 |  |  | $ | 755 |
Taiwan |  |  | 570 |  |  |  | 71 |  |  |  | 1,590 |  |  |  | 161 |
North America |  |  | 8 |  |  |  | 3,308 |  |  |  | 1,779 |  |  |  | 5,539 |
Hong Kong |  |  | 2 |  |  |  | 234 |  |  |  | 8 |  |  |  | 446 |
Rest of the world |  |  | 436 |  |  |  | 64 |  |  |  | 979 |  |  |  | 153 |
Total net revenue |  | $ | 2,220 |  |  | $ | 4,238 |  |  | $ | 6,089 |  |  | $ | 7,054 |
The following is a breakdown of product revenue by category (in thousands):
|  | Three months Ended June 30, |  |  | Six Months Ended June 30, |
Product category |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Memory ICs |  | $ | — |  |  | $ | 3,428 |  |  | $ | 2,267 |  |  | $ | 5,811 |
mmWave ICs |  |  | 1,318 |  |  |  | 127 |  |  |  | 2,293 |  |  |  | 204 |
mmWave modules |  |  | 886 |  |  |  | 553 |  |  |  | 1,444 |  |  |  | 757 |
mmWave other products |  |  | 14 |  |  |  | 1 |  |  |  | 14 |  |  |  | 13 |
|  | $ | 2,218 |  |  | $ | 4,109 |  |  | $ | 6,018 |  |  | $ | 6,785 |
The following table lists significant customers that represented more than 10% of total revenue during each respective period:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Customer A |  |  | 32 | % |  |  | * |  |  |  | 12 | % |  |  | * |
Customer B |  |  | 21 | % |  |  | 12 | % |  |  | 15 | % |  |  | * |
Customer C |  |  | 17 | % |  |  | * |  |  |  | * |  |  |  | * |
Customer D |  |  | 17 | % |  |  | * |  |  |  | * |  |  |  | * |
Customer E |  |  | * |  |  |  | * |  |  |  | 19 | % |  |  | * |
Customer F |  |  | * |  |  |  | 55 | % |  |  | 26 | % |  |  | 53 | %
Customer G |  |  | * |  |  |  | 24 | % |  |  | * |  |  |  | 23 | %
* | Represents less than 10%
The following table lists significant customers that represented more than 10% of the net accounts receivable balance at each respective balance sheet date:
|  | June 30, |  |  | December 31, |
|  | 2025 |  |  | 2024 |
Customer A |  |  | 71 | % |  |  | * |
Customer B |  |  | 21 | % |  |  | * |
Customer C |  |  | * |  |  |  | 58 | %
Customer D |  |  | * |  |  |  | 18 | %
Customer E |  |  | * |  |  |  | 15 | %
* | Represents less than 10%
The following table lists significant vendors that represented more than 10% of the total accounts payable balance at each respective balance sheet date:
|  | June 30, |  |  | December 31, |
|  | 2025 |  |  | 2024 |
Vendor A |  |  | 19 | % |  |  | * |
Vendor B |  |  | 24 | % |  |  | 15 | %
Vendor C |  |  | * |  |  |  | 16 | %
* | Represents less than 10%

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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