Note 12 - Information Concerning Product Lines, Geographic Information, and Revenue Concentration

3 Months Ended

Mar. 31, 2024

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

Note 12 — Information Concerning Product Lines, Geographic Information and Revenue Concentration

The Company identifies its business segment based on business activities, management responsibility and geographic location. For all periods presented, the Company operated in a single reportable business segment.

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

	Three Months Ended
	March 31, 2024		April 2, 2023
New products	$	4,876	$	3,055
Mature products		1,131		1,078
Total revenue	$	6,007	$	4,133

New products revenue consists of revenues from the sale of hardware products manufactured on 180 nanometer or smaller semiconductor processes, eFPGA IP license and eFPGA-related professional services, QuickAI and SensiML AI software as a service (SaaS) revenue. Mature products include all products produced on semiconductor processes larger than 180 nanometer.

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

	Three Months Ended
	March 31, 2024		April 2, 2023
Hardware products	$	495	$	162
eFPGA IP and professional services		4,043		2,810
SaaS & Other		338		83
New products revenue	$	4,876	$	3,055

eFPGA IP and professional services revenue for the three months ended March 31, 2024 and April 2, 2023 was $4.0 million and $2.8 million, respectively, which were primarily professional services revenue.

Contract assets related to professional services revenue were $1.1 million and $2.3 million as of March 31, 2024 and April 2, 2023, respectively. Contract liabilities related to professional services revenue were $0.7 million and $0.3 million as of March 31, 2024 and April 2, 2023, respectively.

The tables below present disaggregated revenues by geographical location. Revenue attributed to geographic location is based on the destination of the product or service. Substantially all revenues in North America were in the United States. Revenue in the United States was $4.9 million, or 82% of total revenue, and $3.3 million, or 80% of total revenue for the three months ended March 31, 2024 and April 2, 2023, respectively.

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

	Three Months Ended
	March 31, 2024		April 2, 2023
Asia Pacific	$	728	$	713
North America		5,043		3,318
Europe		236		102
Total revenue	$	6,007	$	4,133

The following distributors and customers accounted for 10% or more of the Company's revenue for the periods presented:

	Three Months Ended
	March 31,			April 2,
	2024			2023
Distributor "A"		10	%		16	%
Customer "A"		62	%		54	%

The following distributors and customers accounted for 10% or more of the Company's accounts receivable as of the dates presented:

	March 31,			December 31,
	2024			2023
Distributor "A"		11	%		*
Customer "A"		41	%		86	%
Customer "H"		12	%		*
Customer "J"		13	%		*

* Represents less than 10% of revenue as of the dates presented.