v3.25.4
Segment and Geographic Information
 9 Months Ended 12 Months Ended
Sep. 30, 2025
Dec. 31, 2024
Segment Reporting [Abstract]    
Segment and Geographic Information
11. Segment and Geographic Information
The Company’s chief operating decision maker (CODM) is the Company’s chief executive officer (
CEO
) and reviews the financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance, and allocating resources. The CODM uses revenue, gross margin, operating expenses and net loss by its
single
operating and reportable segment to make strategic business decisions.
The following table sets forth the Company’s disaggregation of operating expenses which were reviewed by the CODM for the three and nine months ended September 30, 2025 and 2024 (in thousands):
 
    
Three months ended
September 30,
     
Nine months Ended
September 30,
  
    
2025
     
2024
     
2025
     
2024
  
Research and development
    $ 8,889      $ 9,568      $ 26,474      $ 28,395  
Sales and marketing
      2,479        2,758        7,427        8,025  
General and administrative
      6,352        4,361        16,916        13,065  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total operating expenses
    $ 17,720      $ 16,687      $ 50,817      $ 49,485  
  
 
 
     
 
 
     
 
 
     
 
 
  
The following is a summary of net sales for the three and nine months ended September 30, 2025 and 2024, based on the country to which the Company’s products were shipped, which may be different from the geographic locations of the ultimate end customers (in thousands):
 
    
Three months ended
September 30,
     
Nine months Ended
September 30,
  
    
2025
     
2024
     
2025
     
2024
  
Taiwan
    $ 7,409      $ 4,055      $ 20,254      $ 13,923  
China
      6,202        15,219        20,459        39,519  
Singapore
      1,629        —         7,284        1  
Rest of the World*
      2,925        992        3,773        2,285  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 18,165      $ 20,266      $ 51,770      $ 55,728  
  
 
 
     
 
 
     
 
 
     
 
 
  
 
*
Other countries individually less than 10%
 
 
The following illustrates property, equipment and software, net, and
right-of-use
assets, net by geographic locations based on physical location (in thousands):
 
    
September 30,
2025
     
December 31,
2024
  
Taiwan
    $ 3,747      $ 2,139  
China
      711        593  
North America
      601        786  
Rest of the World*
      23        26  
  
 
 
     
 
 
  
Total
    $ 5,082      $ 3,544  
  
 
 
     
 
 
  
 
*
Other countries individually less than 10%
15. Segment and Geographic Information
The Company’s CODM is the Company’s
CEO
and reviews the financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance, and allocating
 
 
resources. The CODM uses revenue, gross margin, operating expenses and net loss by its
single
operating and reportable segment to make strategic business decisions.
The following table sets forth the Company’s disaggregation of operating expenses which were reviewed by the CODM for the years ended December 31, 2024 and 2023 (in thousands):
 
    
2024
     
2023
  
Research and development
    $ 37,168      $ 44,020  
Sales and marketing
      10,731        11,512  
General and administrative
      17,005        15,231  
  
 
 
     
 
 
  
Total operating expenses
    $ 64,904      $ 70,763  
  
 
 
     
 
 
  
The following is a summary of net sales for the years ended December 31, 2024 and 2023, based on the country to which the products were shipped, which may be different from the geographic locations of the ultimate end customers (in thousands):
 
    
2024
     
2023
  
China
    $ 54,728      $ 57,692  
Taiwan
      18,190        57  
Rest of the World*
      3,149        7,788  
  
 
 
     
 
 
  
Total
    $ 76,067      $ 65,537  
  
 
 
     
 
 
  
 
*
Other countries individually less than 10%
The following illustrates property, equipment and software, net, and
right-of-use
assets, net by geographic locations based on physical location (in thousands):
 
    
2024
     
2023
  
North America
    $ 786      $ 1,400  
Taiwan
      2,139        762  
China
      593        774  
Rest of the World*
      26        37  
  
 
 
     
 
 
  
Total
    $ 3,544      $ 2,973  
  
 
 
     
 
 
  
 
*
Other countries individually less than 10%