Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2022 | Aug. 01, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001158114 | |
Entity Registrant Name | APPLIED OPTOELECTRONICS, INC. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-36083 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 76-0533927 | |
Entity Address, Address Line One | 13139 Jess Pirtle Blvd. | |
Entity Address, City or Town | Sugar Land | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77478 | |
City Area Code | 281 | |
Local Phone Number | 295-1800 | |
Title of 12(b) Security | Common Stock, Par value $0.001 | |
Trading Symbol | AAOI | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 27,882,758 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Current Assets | ||
Cash and cash equivalents | $ 33,667 | $ 34,656 |
Restricted cash | 6,983 | 6,480 |
Accounts receivable - trade, net of allowance of $26 and $30, respectively | 49,139 | 47,944 |
Notes receivable | 212 | 8,148 |
Inventories, net | 98,181 | 92,516 |
Prepaid income tax | 0 | 1 |
Prepaid expenses and other current assets | 6,235 | 4,334 |
Total current assets | 194,417 | 194,079 |
Property, plant and equipment, net | 224,349 | 243,035 |
Land use rights, net | 5,500 | 5,856 |
Operating right of use asset | 6,165 | 7,078 |
Financing right of use asset | 41 | 57 |
Intangible assets, net | 3,763 | 3,836 |
Other assets, net | 520 | 518 |
TOTAL ASSETS | 434,755 | 454,459 |
Current liabilities | ||
Current portion of notes payable and long-term debt | 53,565 | 49,689 |
Accounts payable | 52,496 | 34,402 |
Bank acceptance payable | 10,273 | 8,198 |
Current lease liability - operating | 1,023 | 1,062 |
Current lease liability - financing | 19 | 19 |
Accrued liabilities | 12,440 | 15,587 |
Total current liabilities | 129,816 | 108,957 |
Notes payable and long-term debt, less current portion | 0 | 5,000 |
Convertible senior notes | 79,090 | 78,680 |
Non-current lease liability - operating | 6,202 | 7,189 |
Non-current lease liability - financing | 53 | 63 |
TOTAL LIABILITIES | 215,161 | 199,889 |
Stockholders' equity: | ||
Common Stock; 45,000 shares authorized at $0.001 par value; 27,658 and 27,323 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively | 28 | 27 |
Additional paid-in capital | 385,531 | 381,143 |
Accumulated other comprehensive income | 7,226 | 16,071 |
Accumulated deficit | (173,191) | (142,671) |
TOTAL STOCKHOLDERS' EQUITY | 219,594 | 254,570 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 434,755 | $ 454,459 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) shares in Thousands, $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Accounts receivable, allowance | $ 26 | $ 30 |
Common stock, shares authorized (in shares) | 45,000 | 45,000 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares issued (in shares) | 27,658 | 27,323 |
Common stock, shares outstanding (in shares) | 27,658 | 27,323 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenue, net | $ 52,299 | $ 54,189 | $ 104,540 | $ 103,890 |
Cost of goods sold | 43,671 | 43,411 | 86,888 | 82,393 |
Gross profit | 8,628 | 10,778 | 17,652 | 21,497 |
Operating expenses | ||||
Research and development | 8,328 | 10,914 | 17,814 | 21,842 |
Sales and marketing | 2,164 | 2,832 | 4,722 | 5,792 |
General and administrative | 11,035 | 10,681 | 22,254 | 21,550 |
Total operating expenses | 21,527 | 24,427 | 44,790 | 49,184 |
Loss from operations | (12,899) | (13,649) | (27,138) | (27,687) |
Other income (expense) | ||||
Interest income | 31 | 16 | 59 | 32 |
Interest expense | (1,408) | (1,367) | (2,810) | (2,798) |
Other income (expense), net | (180) | 6,797 | (629) | 6,628 |
Total other income (expense), net | (1,557) | 5,446 | (3,380) | 3,862 |
Loss before income taxes | (14,456) | (8,203) | (30,518) | (23,825) |
Net loss | $ (14,456) | $ (8,203) | $ (30,518) | $ (23,825) |
Net loss per share | ||||
Basic (in dollars per share) | $ (0.52) | $ (0.31) | $ (1.11) | $ (0.89) |
Diluted (in dollars per share) | $ (0.52) | $ (0.31) | $ (1.11) | $ (0.89) |
Weighted average shares used to compute net loss per share: | ||||
Basic (in shares) | 27,612,315 | 26,850,032 | 27,537,048 | 26,636,755 |
Diluted (in shares) | 27,612,315 | 26,850,032 | 27,537,048 | 26,636,755 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Net loss | $ (14,456) | $ (8,203) | $ (30,518) | $ (23,825) |
Gain (Loss) on foreign currency translation adjustment | (7,583) | 3,630 | (8,845) | 2,596 |
Comprehensive loss | $ (22,039) | $ (4,573) | $ (39,363) | $ (21,229) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2020 | 0 | 25,110 | ||||
Balance at Dec. 31, 2020 | $ 0 | $ 25 | $ 354,685 | $ 11,690 | $ (88,509) | $ 277,891 |
Issuance of restricted stock, net of shares withheld for employee tax (in shares) | 0 | 261 | ||||
Issuance of restricted stock, net of shares withheld for employee tax | $ 0 | $ 0 | (402) | 0 | 0 | (402) |
Share-based compensation | 0 | 0 | 5,793 | 0 | 0 | 5,793 |
Foreign currency translation adjustment | 0 | 0 | 0 | 2,596 | 0 | 2,596 |
Net loss | $ 0 | $ 0 | 0 | 0 | (23,825) | (23,825) |
Public offering of common stock, net (in shares) | 0 | 1,546 | ||||
Public offering of common stock, net | $ 0 | $ 2 | 15,228 | 0 | 0 | 15,230 |
Stock options exercised, net of shares withheld for employee tax | $ 0 | $ 0 | 8 | 0 | 0 | 8 |
Stock options exercised, net of shares withheld for employee tax (in shares) | 0 | 2 | ||||
Balance (in shares) at Jun. 30, 2021 | 0 | 26,919 | ||||
Balance at Jun. 30, 2021 | $ 0 | $ 27 | 375,312 | 14,286 | (112,334) | 277,291 |
Balance (in shares) at Mar. 31, 2021 | 0 | 26,787 | ||||
Balance at Mar. 31, 2021 | $ 0 | $ 27 | 371,920 | 10,656 | (104,131) | 278,472 |
Issuance of restricted stock, net of shares withheld for employee tax (in shares) | 0 | 97 | ||||
Issuance of restricted stock, net of shares withheld for employee tax | $ 0 | $ 0 | (144) | 0 | 0 | (144) |
Share-based compensation | 0 | 0 | 3,274 | 0 | 0 | 3,274 |
Foreign currency translation adjustment | 0 | 0 | 0 | 3,630 | 0 | 3,630 |
Net loss | $ 0 | $ 0 | 0 | 0 | (8,203) | (8,203) |
Public offering of common stock, net (in shares) | 0 | 35 | ||||
Public offering of common stock, net | $ 0 | $ 0 | 262 | 0 | 0 | 262 |
Balance (in shares) at Jun. 30, 2021 | 0 | 26,919 | ||||
Balance at Jun. 30, 2021 | $ 0 | $ 27 | 375,312 | 14,286 | (112,334) | 277,291 |
Balance (in shares) at Dec. 31, 2021 | 0 | 27,323 | ||||
Balance at Dec. 31, 2021 | $ 0 | $ 27 | 381,143 | 16,071 | (142,671) | 254,570 |
Issuance of restricted stock, net of shares withheld for employee tax (in shares) | 0 | 335 | ||||
Issuance of restricted stock, net of shares withheld for employee tax | $ 0 | $ 1 | (228) | 0 | 0 | (227) |
Share-based compensation | 0 | 0 | 4,616 | 0 | 0 | 4,616 |
Foreign currency translation adjustment | 0 | 0 | 0 | (8,845) | (2) | (8,847) |
Net loss | 0 | 0 | 0 | 0 | (30,518) | (30,518) |
Stock options exercised, net of shares withheld for employee tax | $ 0 | $ 0 | 0 | 0 | 0 | $ 0 |
Stock options exercised, net of shares withheld for employee tax (in shares) | 0 | |||||
Balance (in shares) at Jun. 30, 2022 | 0 | 27,658 | ||||
Balance at Jun. 30, 2022 | $ 0 | $ 28 | 385,531 | 7,226 | (173,191) | $ 219,594 |
Balance (in shares) at Mar. 31, 2022 | 0 | 27,530 | ||||
Balance at Mar. 31, 2022 | $ 0 | $ 28 | 383,474 | 14,809 | (158,735) | 239,576 |
Issuance of restricted stock, net of shares withheld for employee tax (in shares) | 0 | 128 | ||||
Issuance of restricted stock, net of shares withheld for employee tax | $ 0 | $ 0 | (87) | 0 | 0 | (87) |
Share-based compensation | 0 | 0 | 2,144 | 0 | 0 | 2,144 |
Foreign currency translation adjustment | 0 | 0 | 0 | (7,583) | 0 | (7,583) |
Net loss | $ 0 | $ 0 | 0 | 0 | (14,456) | (14,456) |
Balance (in shares) at Jun. 30, 2022 | 0 | 27,658 | ||||
Balance at Jun. 30, 2022 | $ 0 | $ 28 | $ 385,531 | $ 7,226 | $ (173,191) | $ 219,594 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Operating activities: | ||
Net loss | $ (30,518) | $ (23,825) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Provision for losses on accounts receivable | (4) | 0 |
Lower of cost or market reserve adjustment to inventory | 2,403 | 2,211 |
Depreciation and amortization | 11,995 | 12,870 |
Amortization of debt issuance costs | 425 | 434 |
Loss on disposal of assets | (35) | 5 |
Share-based compensation | 4,616 | 5,793 |
Interest for extinguishment of debt | 0 | (70) |
Extinguishment of debt | 0 | (6,229) |
Unrealized foreign exchange gain | 1,366 | 692 |
Changes in operating assets and liabilities: | ||
Accounts receivable, trade | 5,938 | (5,362) |
Notes receivable | 7,911 | (3,390) |
Prepaid income tax | 1 | 0 |
Inventories | (11,530) | 8,934 |
Other current assets | (2,118) | 72 |
Operating right of use asset | 476 | 381 |
Accounts payable | 10,966 | (3,889) |
Accrued liabilities | (2,730) | (3,082) |
Lease liability | (512) | (427) |
Net cash used in operating activities | (1,350) | (14,882) |
Investing activities: | ||
Purchase of property, plant and equipment | (1,669) | (3,582) |
Proceeds from disposal of equipment | 118 | 110 |
Deposits for equipment | (214) | (272) |
Purchase of intangible assets | (245) | (188) |
Net cash used in investing activities | (2,010) | (3,932) |
Financing activities: | ||
Principal payments of long-term debt and notes payable | (7,336) | (2,227) |
Proceeds from line of credit borrowings | 76,903 | 66,742 |
Repayments of line of credit borrowings | (69,988) | (50,119) |
Proceeds from bank acceptance payable | 19,951 | 10,722 |
Repayments of bank acceptance payable | (17,292) | (20,206) |
Principal payments of financing lease | (9) | (9) |
Exercise of stock options | 0 | 8 |
Payments of tax withholding on behalf of employees related to share-based compensation | (227) | (402) |
Proceeds from common stock offering, net | 0 | 15,336 |
Net cash provided by financing activities | 2,002 | 19,845 |
Effect of exchange rate changes on cash | 872 | (646) |
Net decrease in cash, cash equivalents and restricted cash | (486) | 385 |
Cash, cash equivalents and restricted cash at beginning of period | 41,136 | 50,114 |
Cash, cash equivalents and restricted cash at end of period | 40,650 | 50,499 |
Supplemental disclosure of cash flow information: | ||
Interest, net of amounts capitalized | 2,616 | 2,394 |
Income taxes | 0 | 1 |
Non-cash investing and financing activities: | ||
Extinguishment of Debt and interest | 0 | (6,299) |
Net change in accounts payable related to property and equipment additions | (291) | (2,341) |
Net change in deposits and prepaid for equipment related to property and equipment additions | $ 41 | $ 35 |
Note 1 - Description of Busines
Note 1 - Description of Business | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | Note 1. Business Overview Applied Optoelectronics, Inc. (“AOI” or the “Company”) is a Delaware corporation. The Company is a leading, vertically integrated provider of fiber-optic networking products, primarily for four The Company has manufacturing and research and development facilities located in the U.S., Taiwan and China. In the U.S., at its corporate headquarters and manufacturing facilities in Sugar Land, Texas, the Company primarily manufactures lasers and laser components and performs research and development activities for laser component and optical module products. In addition, the Company also has a research and development facility in Duluth, Georgia. The Company operates in Taipei, Taiwan and Ningbo, China through its wholly-owned subsidiary Prime World International Holdings, Ltd. (“Prime World”, incorporated in the British Virgin Islands). Prime World operates a branch in Taipei, Taiwan, which primarily manufactures transceivers and performs research and development activities for the transceiver products. Prime World is also the parent of Global Technology, Inc. (“Global”, incorporated in the People’s Republic of China). Through Global, the Company primarily manufactures certain of its data center transceiver products, including subassemblies, as well as CATV systems and equipment, and performs research and development activities for the CATV products. Interim Financial Statements The unaudited condensed consolidated financial statements of the Company as of June 30, 2022 December 31, 2021 three six June 30, 2022 June 30, 2021 10 10 01 X 10 December 31, 2021 three six June 30, 2022 not Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported. Actual results could differ from those estimates in the consolidated financial statements and accompanying notes. Significant estimates and assumptions that impact these financial statements and the accompanying notes relate to, among other things, allowance for credit losses, inventory reserve, product warranty costs, share-based compensation expense, estimated useful lives of property and equipment, and taxes. |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | Note 2. There have been no three six June 30, 2022 2021 Recent Accounting Pronouncements Recent Accounting Pronouncements Yet to be Adopted To date, there have been no not |
Note 3 - Revenue Recognition
Note 3 - Revenue Recognition | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | Note 3. Disaggregation of Revenue Revenue is classified based on the location where the product is manufactured. For additional information on the disaggregated revenues by geographical region, see Note 17, Revenue is also classified by major product category and is presented below (in thousands): Three months ended June 30, % of % of 2022 Revenue 2021 Revenue CATV $ 23,713 45.4 % $ 27,599 51.0 % Data Center 21,497 41.1 % 22,392 41.3 % Telecom 6,276 12.0 % 3,333 6.2 % FTTH 27 0 % 298 0.5 % Other 786 1.5 % 567 1.0 % Total Revenue $ 52,299 100.0 % $ 54,189 100.0 % Six months ended June 30, % of % of 2022 Revenue 2021 Revenue CATV $ 48,694 46.7 % $ 46,238 44.5 % Data Center 42,911 41.0 % 48,331 46.5 % Telecom 11,541 11.0 % 7,811 7.5 % FTTH 124 0.1 % 722 0.7 % Other 1,270 1.2 % 788 0.8 % Total Revenue $ 104,540 100.0 % $ 103,890 100.0 % |
Note 4 - Leases
Note 4 - Leases | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Lessee, Operating and Finance Leases [Text Block] | Note 4. The Company leases space under non-cancellable operating leases for manufacturing facilities, research and development offices and certain storage facilities and apartments. These leases do not one one As most of the Company’s leases do not The components of lease expense were as follows for the periods indicated (in thousands): Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Operating lease expense $ 293 $ 304 $ 598 $ 606 Financing lease expense 8 8 16 16 Short Term lease expense 17 5 21 14 Total lease expense $ 318 $ 317 $ 635 $ 636 Maturities of lease liabilities are as follows for the future one June 30, 2022 Operating Financing 2023 $ 1,241 $ 22 2024 1,204 54 2025 1,157 — 2026 1,168 — 2027 1,108 — 2028 and thereafter 2,165 — Total lease payments $ 8,043 $ 76 Less imputed interest (818 ) (4 ) Present value $ 7,225 $ 72 The weighted average remaining lease term and discount rate for operating leases were as follows for the periods indicated: Six months ended June 30, 2022 2021 Weighted Average Remaining Lease Term (Years) - operating leases 6.67 7.84 Weighted Average Remaining Lease Term (Years) - financing leases 1.33 2.33 Weighted Average Discount Rate - operating leases 3.22 % 3.23 % Weighted Average Discount Rate - financing leases 5.00 % 5.00 % Supplemental cash flow information related to operating leases was as follows for the periods indicated (in thousands): Six months ended June 30, 2022 2021 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases 622 653 Operating cash flows from financing lease 2 3 Financing cash flows from financing lease 9 9 Right-of-use assets obtained in exchange for new operating lease liabilities - 109 |
Note 5 - Cash, Cash Equivalents
Note 5 - Cash, Cash Equivalents and Restricted Cash | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Cash and Cash Equivalents Disclosure [Text Block] | Note 5. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the statement of financial position that sum to the total of the same such amounts in the statement of cash flows (in thousands): June 30, December 31, 2022 2021 Cash and cash equivalents $ 33,667 $ 34,656 Restricted cash 6,983 6,480 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 40,650 $ 41,136 Restricted cash includes guarantee deposits for customs duties, China government subsidy fund, and compensating balances required for certain credit facilities. As of June 30, 2022 December 31, 2021, June 30, 2022 December 31, 2021, June 30, 2022 December 31, 2021, |
Note 6 - Earnings (Loss) Per Sh
Note 6 - Earnings (Loss) Per Share | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 6. Basic net loss per share has been computed using the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share has been computed using the weighted-average number of shares of common stock and dilutive potential common shares from stock options, restricted stock units and senior convertible notes outstanding during the period. In periods with net losses, normally dilutive shares become anti-dilutive. Therefore, basic and diluted loss per share are the same. The following table sets forth the computation of the basic and diluted net loss per share for the periods indicated (in thousands): Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Numerator: Net loss $ (14,456 ) $ (8,203 ) $ (30,518 ) $ (23,825 ) Denominator: Weighted average shares used to compute net loss per share Basic 27,612 26,850 27,537 26,637 Diluted 27,612 26,850 27,537 26,637 Net loss per share Basic $ (0.52 ) $ (0.31 ) $ (1.11 ) $ (0.89 ) Diluted $ (0.52 ) $ (0.31 ) $ (1.11 ) $ (0.89 ) The following potentially dilutive securities were excluded from the diluted net loss per share as their effect would have been antidilutive (in thousands): Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Employee stock options __ 4 __ 8 Restricted stock units __ 9 __ 14 Shares for convertible senior notes 4,587 4,587 4,587 4,587 Total antidilutive shares 4,587 4,600 4,587 4,609 |
Note 7 - Inventories
Note 7 - Inventories | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | Note 7. Inventories, net of inventory write-downs, consist of the following for the periods indicated (in thousands): June 30, 2022 December 31, 2021 Raw materials $ 36,596 $ 29,469 Work in process and sub-assemblies 50,446 41,528 Finished goods 11,139 21,519 Total inventories $ 98,181 $ 92,516 The lower of cost or market adjustment expensed for inventory for the three June 30, 2022 2021 $0.4 million six June 30, 2022 2021 For the three June 30, 2022 2021 re $1.8 million and $4.8 million, respectively. six June 30, 2022 2021, |
Note 8 - Property, Plant & Equi
Note 8 - Property, Plant & Equipment | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | Note 8. Property, plant and equipment consisted of the following for the periods indicated (in thousands): June 30, 2022 December 31, 2021 Land improvements $ 806 $ 806 Building and improvements 87,118 89,698 Machinery and equipment 256,414 266,386 Furniture and fixtures 5,491 5,658 Computer equipment and software 12,144 12,727 Transportation equipment 703 726 362,676 376,001 Less accumulated depreciation and amortization (171,735 ) (167,772 ) 190,941 208,229 Construction in progress 32,307 33,705 Land 1,101 1,101 Total property, plant and equipment, net $ 224,349 $ 243,035 For the three June 30, 2022 2021 s $5.7 million six June 30, 2022 2021, three June 30, 2022 2021 six June 30, 2022 2021, As of June 30, 2022 , the Company concluded that its continued loss history constitutes a triggering event as described in ASC 360 - 10 - 35 - 21, Property, Plant, and Equipment . The Company performed a recoverability test and concluded that future undiscounted cash flows exceed the carrying amount of the Company’s long-lived assets and therefore no |
Note 9 - Intangible Assets, Net
Note 9 - Intangible Assets, Net | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | Note 9. Intangible assets consisted of the following for the periods indicated (in thousands): June 30, 2022 Gross Accumulated Intangible Amount amortization assets, net Patents $ 8,781 $ (5,041 ) $ 3,740 Trademarks 42 (19 ) 23 Total intangible assets $ 8,823 $ (5,060 ) $ 3,763 December 31, 2021 Gross Accumulated Intangible Amount amortization assets, net Patents $ 8,597 $ (4,779 ) $ 3,818 Trademarks 35 (17 ) 18 Total intangible assets $ 8,632 $ (4,796 ) $ 3,836 For the three June 30, 2022 2021 six June 30, 2022 2021, mately 6 At June 30, 2022 one 2023 $ 611 2024 611 2025 611 2026 611 2027 611 2028 611 thereafter 97 $ 3,763 |
Note 10 - Fair Value of Financi
Note 10 - Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 10. The following table represents a summary of the Company’s financial instruments measured at fair value on a recurring basis for the periods indicated (in thousands): As of June 30, 2022 As of December 31, 2021 (Level 1) (Level 2) (Level 3) Total (Level 1) (Level 2) (Level 3) Total Assets: Cash and cash equivalents $ 33,667 $ — $ — $ 33,667 $ 34,656 $ — $ — $ 34,656 Restricted cash 6,983 — — 6,983 6,480 — — $ 6,480 Note receivable — 212 — 212 — 8,148 — 8,148 Total assets $ 40,650 $ 212 $ — $ 40,862 $ 41,136 $ 8,148 $ — $ 49,284 Liabilities: Bank acceptance payable $ — $ 10,273 $ — $ 10,273 $ — $ 8,198 $ — 8,198 Convertible senior notes — 68,667 — 68,667 — 67,588 — 67,588 Total liabilities $ — $ 78,940 $ — $ 78,940 $ — $ 75,786 $ — $ 75,786 The carrying value amounts of accounts receivable, prepaid expenses and other current assets, accounts payable, accrued expenses and other current liabilities approximate fair value because of the short-term maturity of these instruments. The carrying value amounts of bank acceptances approximate fair value due to the short-term nature of the debt since it renews frequently at current interest rates. The Company believes that the interest rates in effect at each period end represent the current market rates for similar borrowings. The fair value of its convertible senior debt is measured for disclosure purpose. The fair value is based on observable market prices for this debt, which is traded in less active markets and are therefore classified as a Level 2 |
Note 11 - Notes Payable and Lon
Note 11 - Notes Payable and Long-term Debt | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 11. Notes payable and long-term debt consisted of the following for the periods indicated (in thousands): June 30, 2022 December 31, 2021 Revolving line of credit with a U.S. bank up to $ 20,000 2.56% April 15, 2023 $ 17,038 $ 14,373 Notes payable to a finance company due in monthly installments with 3.1% January 21, 2022 - 170 Revolving line of credit with a China bank up to $ 25,449 2.8% 4.57% May 24, 2024 19,651 19,595 Credit facility with a China bank up to $ 29,800 2.6% 4.8% June 6, 2027 16,885 13,044 Credit facility with a China bank up to $7,167 5.7% June 27, 2022 - 7529 Sub-total 53,574 54,711 Less debt issuance costs, net (9 ) (22 ) Grand total 53,565 54,689 Less current portion (53,565 ) (49,689 ) Non-current portion $ - $ 5,000 Bank Acceptance Notes Payable Bank acceptance notes issued to vendors with a zero percent interest rate $ 10,273 $ 8,198 The current portion of long-term debt is the amount payable within one June 30, 2022 Maturities of long-term debt are as follows for the future one June 30, Within one year $ 53,565 Beyond one year - Total outstanding $ 53,565 On September 28, 2017, On December 29, 2021 , September 28, 2017, April 15, 2023. 1.56%, As of June 30, 2022 , the Company had $17 million of outstanding borrowings and was in compliance with all covenants On September 15, 2020, November 29, 2018 January 21, 2019 ( November 29, 2018 January 21, 2019 ( NT$22,311,381, not NT$159,027,448, September 21, 2020 January 21, 2022, not June 30, 2022 On May 24, 2019, five 180 May 7, 2019; April 30, 2019 May 8, 2019. may 5 may As of June 30, 2022 , $19.7 million was outstanding under the SPD Credit Line and the outstanding balance of bank acceptance notes issued to vendors was $4.2 million. On June 21, 2019, “¥100M ¥100M January 6, 2021, ¥100M three 3 January 5, 2024. may ¥100M June 21, 2019 January 5, 2024 ( “¥100M June 7, 2022. On June 7, 2022, five "¥200M may ¥200M June 7, 2022 June 6, 2027 (" ¥200M ¥200M may ¥200M s; however, draws under the ¥200M may ¥200M As of June 30, 2022 , $16.9 million was outstanding under the ¥200M June 21, 2019, three “¥50M ¥50M may ¥50M June 21, 2019 June 20, 2022 ( “¥50M ¥50M may ¥50M ¥50M may ¥50M June 30, 2022 , the Company has fully repaid the ¥50M As of June 30, 2022 and December 31, 2021 , the Company had $14.8 million and $7.4 million of unused borrowing capacity respectively As of June 30, 2022 December 31, 2021 was $5.1 million and $5.4 million of restricted cash, investme |
Note 12 - Convertible Senior No
Note 12 - Convertible Senior Notes | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Convertible Debt [Text Block] | Note 12. On March 5, 2019, 2024 March 5, 2019 5.00% March 15 September 15 September 15, 2019. March 15, 2024, The sale of the Notes generated net proceeds of $76.4 million, after deducting the Initial Purchasers’ discounts and offering expenses payable by the Company. The Company used approximately $37.8 million of the net proceeds from the offering to fully repay the CapEx Loan and Term Loan with Truist Bank and the remainder will be used for general corporate purposes. The following table presents the carrying value of the Notes for the periods indicated (in thousands): June 30, December 31, 2022 2021 Principal $ 80,500 $ 80,500 Unamortized debt issuance costs (1,410 ) (1,820 ) Net carrying amount $ 79,090 $ 78,680 The Notes are convertible at the option of holders of the Notes at any time until the close of business on the scheduled trading day immediately preceding the maturity date. Upon conversion, holders of the Notes will receive shares of the Company’s common stock, together, if applicable, with cash in lieu of any fractional share, at the then-applicable conversion rate. The initial conversion rate is 56.9801 shares of the Company’s common stock per $1,000 principal amount of Notes (representing an initial conversion price of approximately $17.55 per share of common stock, which represents an initial conversion premium of approximately 30% above the closing price of $13.50 per share of the Company’s common stock on February 28, 2019 March 15, 2022, Initially there are no Holders may After March 15, 2022, may not The Indenture contains covenants that limit the Company’s ability and the ability of our subsidiaries to, among other things: (i) incur or guarantee additional indebtedness or issue disqualified stock; and (ii) create or incur liens. Pursuant to the guidance in ASC 815 40, 815 40, 1 2 815 40 25 7 815 40 25 10. not 470 20, The Company incurred approximately $4.1 million in transaction costs in connection with the issuance of the Notes. These costs were recognized as a reduction of the carrying amount of the Notes utilizing the effective interest method and are being amortized over the term of the Notes. The following table sets forth interest expense information related to the Notes (in thousands): Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Contractual interest expense $ 1,006 $ 1,006 $ 2,013 $ 2,013 Amortization of debt issuance costs 206 206 410 410 Total interest cost $ 1,212 $ 1,212 $ 2,423 $ 2,423 Effective interest rate 5.1 % 5.1 % 5.1 % 5.1 % |
Note 13 - Accrued Liabilities
Note 13 - Accrued Liabilities | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | Note 13. Accrued liabilities consisted of the following for the periods indicated (in thousands): June 30, 2022 December 31, 2021 Accrued payroll $ 4,986 $ 6,516 Accrued employee benefits 2,345 3,471 Accrued state and local taxes 980 1,897 Accrued interest 1,397 1,475 Advance payments 631 195 Accrued commission expenses 1,073 1,003 Accrued professional fees 334 346 Accrued product warranty 173 263 Accrued shipping and tariff expenses - 33 Accrued capital expenditure 7 - Accrued other 514 388 Total accrued liabilities $ 12,440 $ 15,587 |
Note 14 - Other Income and Expe
Note 14 - Other Income and Expense | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Other Nonoperating Income and Expense [Text Block] | Note 14. Other income and (expense) consisted of the following for the periods indicated (in thousands): Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Foreign exchange transaction gain (loss) $ (289 ) $ 427 $ (811 ) $ 218 Government subsidy income 84 115 102 154 Other non-operating gain 28 31 45 32 Loan forgiveness - 6,229 - 6,229 Gain (loss) on disposal of assets (3 ) (5 ) 35 (5 ) Total other income (expenses) , net $ (180 ) $ 6,797 $ (629 ) $ 6,628 |
Note 15 - Share-based Compensat
Note 15 - Share-based Compensation | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | Note 15. Equity Plans The Company’s board of directors and stockholders approved the following equity plans: ● the 2006 ● the 2013 “2013 ● the 2021 “2021 The Company issued stock options, restricted stock awards (“RSAs”) and restricted stock units (“RSUs”) to employees, consultants and non-employee directors. Stock option awards generally vest over a four ten may September 2013, third Stock Options Options have been granted to the Company’s employees under the two first ten The following is a summary of option activity (in thousands, except per share data): Weighted Weighted Weighted Average Average Average Share Price Weighted Remaining Aggregate Number of Exercise on Date of Average Contractual Intrinsic shares Price Exercise Fair Value Life Value (in thousands, except price data) Outstanding at January 1, 2022 269 $ 10.32 $ 5.44 1.6879 $ - Exercised - - - - Forfeited (5 ) - - - Outstanding, June 30, 2022 264 10.40 5.45 1.2174 - Exercisable, June 30, 2022 264 10.40 5.45 1.2174 - Vested and expected to vest 264 10.40 5.45 1.2174 - As of June 30, 2022 Performance Based Incentive Plan June 2021, three third The Company recognized PSU expenses of $0.7 million for six June 30 2022. Restricted Stock Units/Awards The following is a summary of RSU/RSA activity, inclusive of performance based incentive plan (in thousands, except per share data): Weighted Average Share Weighted Aggregate Number of Price on Date Average Fair Intrinsic shares of Release Value Value (in thousands, except price data) Outstanding at January 1, 2022 2,170 $ 11.15 $ 11,156 Granted 1,679 2.03 3,064 Released (400 ) 12.34 1,383 Cancelled/Forfeited (99 ) 10.79 153 Outstanding, June 30, 2022 3,350 6.45 5,193 Vested and expected to vest 3,350 6.45 5,193 As of June 30, 2022 $18.6 2.3 Share-Based Compensation Employee share-based compensation expenses recognized for the periods indicated (in thousands): Three months ended Six months ended June 30, June 30, 2022 2021 2022 2021 Share-based compensation - by expense type Cost of goods sold $ 114 $ 266 $ 250 $ 467 Research and development 310 630 675 1,193 Sales and marketing 186 329 412 548 General and administrative 1,534 2,048 3,279 3,585 Total share-based compensation expense $ 2,144 $ 3,273 $ 4,616 $ 5,793 |
Note 16 - Income Taxes
Note 16 - Income Taxes | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 16. The Company’s effective tax rate for the three June 30, 2022 2021 three June 30, 2022 2021, Taiwan, and China deferred tax assets ("DTA"). The Company's effective tax rate for the six June 30, 2022 2021 six June 30, 2022 2021, The Company continually monitors and performs an assessment of the realizability of its DTAs, including an analysis of factors such as future taxable income, reversal of existing taxable temporary differences, and tax planning strategies. In assessing the need for a valuation allowance, the Company considered both positive and negative evidence related to the likelihood of realization of deferred tax assets using a “more likely than not” June 30, 2022 |
Note 17 - Geographic Informatio
Note 17 - Geographic Information | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 17. The Company operates in one reportable segment. The Company’s Chief Executive Officer, who is considered to be the chief operating decision maker, manages the Company’s operations as a whole and reviews financial information presented on a consolidated basis, accompanied by information about product revenue, for purposes of evaluating financial performance and allocating resources. The following tables set forth the Company’s revenue and asset information by geographic region. Revenue is classified based on the location of where the product is manufactured. Long-lived assets in the tables below comprise only property, plant, equipment and intangible assets (in thousands): Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Revenues: United States $ 1,147 $ 3,422 $ 3,705 $ 6,737 Taiwan 37,205 29,493 64,984 55,888 China 13,947 21,274 35,851 41,265 $ 52,299 $ 54,189 $ 104,540 $ 103,890 As of the period ended June 30, December 31, 2022 2021 Long-lived assets: United States $ 83,750 $ 87,709 Taiwan 56,174 63,644 China 99,894 108,509 $ 239,818 $ 259,862 |
Note 18 - Contingencies
Note 18 - Contingencies | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 18. Litigation Overview From time to time, the Company may not Except for the lawsuits described bel ow, the Company believes that there are no Other Contingencies On August 9, 2021, 2016 2019, not not |
Note 19 - Subsequent Events
Note 19 - Subsequent Events | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 19. The Company repaid its revolving bank line of credit with Truist Bank in the amount of $ 17 million on July 5, 2022. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements Yet to be Adopted To date, there have been no not |
Note 3 - Revenue Recognition (T
Note 3 - Revenue Recognition (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three months ended June 30, % of % of 2022 Revenue 2021 Revenue CATV $ 23,713 45.4 % $ 27,599 51.0 % Data Center 21,497 41.1 % 22,392 41.3 % Telecom 6,276 12.0 % 3,333 6.2 % FTTH 27 0 % 298 0.5 % Other 786 1.5 % 567 1.0 % Total Revenue $ 52,299 100.0 % $ 54,189 100.0 % Six months ended June 30, % of % of 2022 Revenue 2021 Revenue CATV $ 48,694 46.7 % $ 46,238 44.5 % Data Center 42,911 41.0 % 48,331 46.5 % Telecom 11,541 11.0 % 7,811 7.5 % FTTH 124 0.1 % 722 0.7 % Other 1,270 1.2 % 788 0.8 % Total Revenue $ 104,540 100.0 % $ 103,890 100.0 % |
Note 4 - Leases (Tables)
Note 4 - Leases (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Operating lease expense $ 293 $ 304 $ 598 $ 606 Financing lease expense 8 8 16 16 Short Term lease expense 17 5 21 14 Total lease expense $ 318 $ 317 $ 635 $ 636 Six months ended June 30, 2022 2021 Weighted Average Remaining Lease Term (Years) - operating leases 6.67 7.84 Weighted Average Remaining Lease Term (Years) - financing leases 1.33 2.33 Weighted Average Discount Rate - operating leases 3.22 % 3.23 % Weighted Average Discount Rate - financing leases 5.00 % 5.00 % Six months ended June 30, 2022 2021 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases 622 653 Operating cash flows from financing lease 2 3 Financing cash flows from financing lease 9 9 Right-of-use assets obtained in exchange for new operating lease liabilities - 109 |
Lessee, Operating and Finance Lease, Liability, Maturity [Table Text Block] | Operating Financing 2023 $ 1,241 $ 22 2024 1,204 54 2025 1,157 — 2026 1,168 — 2027 1,108 — 2028 and thereafter 2,165 — Total lease payments $ 8,043 $ 76 Less imputed interest (818 ) (4 ) Present value $ 7,225 $ 72 |
Note 5 - Cash, Cash Equivalen_2
Note 5 - Cash, Cash Equivalents and Restricted Cash (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Cash and Cash Equivalents [Table Text Block] | June 30, December 31, 2022 2021 Cash and cash equivalents $ 33,667 $ 34,656 Restricted cash 6,983 6,480 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 40,650 $ 41,136 |
Note 6 - Earnings (Loss) Per _2
Note 6 - Earnings (Loss) Per Share (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Numerator: Net loss $ (14,456 ) $ (8,203 ) $ (30,518 ) $ (23,825 ) Denominator: Weighted average shares used to compute net loss per share Basic 27,612 26,850 27,537 26,637 Diluted 27,612 26,850 27,537 26,637 Net loss per share Basic $ (0.52 ) $ (0.31 ) $ (1.11 ) $ (0.89 ) Diluted $ (0.52 ) $ (0.31 ) $ (1.11 ) $ (0.89 ) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Employee stock options __ 4 __ 8 Restricted stock units __ 9 __ 14 Shares for convertible senior notes 4,587 4,587 4,587 4,587 Total antidilutive shares 4,587 4,600 4,587 4,609 |
Note 7 - Inventories (Tables)
Note 7 - Inventories (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | June 30, 2022 December 31, 2021 Raw materials $ 36,596 $ 29,469 Work in process and sub-assemblies 50,446 41,528 Finished goods 11,139 21,519 Total inventories $ 98,181 $ 92,516 |
Note 8 - Property, Plant & Eq_2
Note 8 - Property, Plant & Equipment (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | June 30, 2022 December 31, 2021 Land improvements $ 806 $ 806 Building and improvements 87,118 89,698 Machinery and equipment 256,414 266,386 Furniture and fixtures 5,491 5,658 Computer equipment and software 12,144 12,727 Transportation equipment 703 726 362,676 376,001 Less accumulated depreciation and amortization (171,735 ) (167,772 ) 190,941 208,229 Construction in progress 32,307 33,705 Land 1,101 1,101 Total property, plant and equipment, net $ 224,349 $ 243,035 |
Note 9 - Intangible Assets, N_2
Note 9 - Intangible Assets, Net (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | June 30, 2022 Gross Accumulated Intangible Amount amortization assets, net Patents $ 8,781 $ (5,041 ) $ 3,740 Trademarks 42 (19 ) 23 Total intangible assets $ 8,823 $ (5,060 ) $ 3,763 December 31, 2021 Gross Accumulated Intangible Amount amortization assets, net Patents $ 8,597 $ (4,779 ) $ 3,818 Trademarks 35 (17 ) 18 Total intangible assets $ 8,632 $ (4,796 ) $ 3,836 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 2023 $ 611 2024 611 2025 611 2026 611 2027 611 2028 611 thereafter 97 $ 3,763 |
Note 10 - Fair Value of Finan_2
Note 10 - Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | As of June 30, 2022 As of December 31, 2021 (Level 1) (Level 2) (Level 3) Total (Level 1) (Level 2) (Level 3) Total Assets: Cash and cash equivalents $ 33,667 $ — $ — $ 33,667 $ 34,656 $ — $ — $ 34,656 Restricted cash 6,983 — — 6,983 6,480 — — $ 6,480 Note receivable — 212 — 212 — 8,148 — 8,148 Total assets $ 40,650 $ 212 $ — $ 40,862 $ 41,136 $ 8,148 $ — $ 49,284 Liabilities: Bank acceptance payable $ — $ 10,273 $ — $ 10,273 $ — $ 8,198 $ — 8,198 Convertible senior notes — 68,667 — 68,667 — 67,588 — 67,588 Total liabilities $ — $ 78,940 $ — $ 78,940 $ — $ 75,786 $ — $ 75,786 |
Note 11 - Notes Payable and L_2
Note 11 - Notes Payable and Long-term Debt (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | June 30, 2022 December 31, 2021 Revolving line of credit with a U.S. bank up to $ 20,000 2.56% April 15, 2023 $ 17,038 $ 14,373 Notes payable to a finance company due in monthly installments with 3.1% January 21, 2022 - 170 Revolving line of credit with a China bank up to $ 25,449 2.8% 4.57% May 24, 2024 19,651 19,595 Credit facility with a China bank up to $ 29,800 2.6% 4.8% June 6, 2027 16,885 13,044 Credit facility with a China bank up to $7,167 5.7% June 27, 2022 - 7529 Sub-total 53,574 54,711 Less debt issuance costs, net (9 ) (22 ) Grand total 53,565 54,689 Less current portion (53,565 ) (49,689 ) Non-current portion $ - $ 5,000 Bank Acceptance Notes Payable Bank acceptance notes issued to vendors with a zero percent interest rate $ 10,273 $ 8,198 |
Schedule of Maturities of Long-Term Debt [Table Text Block] | Within one year $ 53,565 Beyond one year - Total outstanding $ 53,565 |
Note 12 - Convertible Senior _2
Note 12 - Convertible Senior Notes (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Convertible Debt [Table Text Block] | June 30, December 31, 2022 2021 Principal $ 80,500 $ 80,500 Unamortized debt issuance costs (1,410 ) (1,820 ) Net carrying amount $ 79,090 $ 78,680 |
Interest Income and Interest Expense Disclosure [Table Text Block] | Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Contractual interest expense $ 1,006 $ 1,006 $ 2,013 $ 2,013 Amortization of debt issuance costs 206 206 410 410 Total interest cost $ 1,212 $ 1,212 $ 2,423 $ 2,423 Effective interest rate 5.1 % 5.1 % 5.1 % 5.1 % |
Note 13 - Accrued Liabilities (
Note 13 - Accrued Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | June 30, 2022 December 31, 2021 Accrued payroll $ 4,986 $ 6,516 Accrued employee benefits 2,345 3,471 Accrued state and local taxes 980 1,897 Accrued interest 1,397 1,475 Advance payments 631 195 Accrued commission expenses 1,073 1,003 Accrued professional fees 334 346 Accrued product warranty 173 263 Accrued shipping and tariff expenses - 33 Accrued capital expenditure 7 - Accrued other 514 388 Total accrued liabilities $ 12,440 $ 15,587 |
Note 14 - Other Income and Ex_2
Note 14 - Other Income and Expense (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Foreign exchange transaction gain (loss) $ (289 ) $ 427 $ (811 ) $ 218 Government subsidy income 84 115 102 154 Other non-operating gain 28 31 45 32 Loan forgiveness - 6,229 - 6,229 Gain (loss) on disposal of assets (3 ) (5 ) 35 (5 ) Total other income (expenses) , net $ (180 ) $ 6,797 $ (629 ) $ 6,628 |
Note 15 - Share-based Compens_2
Note 15 - Share-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Weighted Weighted Weighted Average Average Average Share Price Weighted Remaining Aggregate Number of Exercise on Date of Average Contractual Intrinsic shares Price Exercise Fair Value Life Value (in thousands, except price data) Outstanding at January 1, 2022 269 $ 10.32 $ 5.44 1.6879 $ - Exercised - - - - Forfeited (5 ) - - - Outstanding, June 30, 2022 264 10.40 5.45 1.2174 - Exercisable, June 30, 2022 264 10.40 5.45 1.2174 - Vested and expected to vest 264 10.40 5.45 1.2174 - |
Share-Based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | Weighted Average Share Weighted Aggregate Number of Price on Date Average Fair Intrinsic shares of Release Value Value (in thousands, except price data) Outstanding at January 1, 2022 2,170 $ 11.15 $ 11,156 Granted 1,679 2.03 3,064 Released (400 ) 12.34 1,383 Cancelled/Forfeited (99 ) 10.79 153 Outstanding, June 30, 2022 3,350 6.45 5,193 Vested and expected to vest 3,350 6.45 5,193 |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three months ended Six months ended June 30, June 30, 2022 2021 2022 2021 Share-based compensation - by expense type Cost of goods sold $ 114 $ 266 $ 250 $ 467 Research and development 310 630 675 1,193 Sales and marketing 186 329 412 548 General and administrative 1,534 2,048 3,279 3,585 Total share-based compensation expense $ 2,144 $ 3,273 $ 4,616 $ 5,793 |
Note 17 - Geographic Informat_2
Note 17 - Geographic Information (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Revenue from External Customers by Geographic Areas [Table Text Block] | Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Revenues: United States $ 1,147 $ 3,422 $ 3,705 $ 6,737 Taiwan 37,205 29,493 64,984 55,888 China 13,947 21,274 35,851 41,265 $ 52,299 $ 54,189 $ 104,540 $ 103,890 |
Long-Lived Assets by Geographic Areas [Table Text Block] | As of the period ended June 30, December 31, 2022 2021 Long-lived assets: United States $ 83,750 $ 87,709 Taiwan 56,174 63,644 China 99,894 108,509 $ 239,818 $ 259,862 |
Note 3 - Revenue Recognition -
Note 3 - Revenue Recognition - Revenue by Major Product Category (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenue, net | $ 52,299 | $ 54,189 | $ 104,540 | $ 103,890 |
Percent of Revenue | 100% | 100% | 100% | 100% |
CATV [Member] | ||||
Revenue, net | $ 23,713 | $ 27,599 | $ 48,694 | $ 46,238 |
Percent of Revenue | 45.40% | 51% | 46.70% | 44.50% |
Data Center [Member] | ||||
Revenue, net | $ 21,497 | $ 22,392 | $ 42,911 | $ 48,331 |
Percent of Revenue | 41.10% | 41.30% | 41% | 46.50% |
Telecom [Member] | ||||
Revenue, net | $ 6,276 | $ 3,333 | $ 11,541 | $ 7,811 |
Percent of Revenue | 12% | 6.20% | 11% | 7.50% |
FTTH [Member] | ||||
Revenue, net | $ 27 | $ 298 | $ 124 | $ 722 |
Percent of Revenue | 0% | 0.50% | 0.10% | 0.70% |
Product and Service, Other [Member] | ||||
Revenue, net | $ 786 | $ 567 | $ 1,270 | $ 788 |
Percent of Revenue | 1.50% | 1% | 1.20% | 0.80% |
Note 4 - Leases - Components of
Note 4 - Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Operating lease expense | $ 293 | $ 304 | $ 598 | $ 606 |
Financing lease expense | 8 | 8 | 16 | 16 |
Short Term lease expense | 17 | 5 | 21 | 14 |
Total lease expense | $ 318 | $ 317 | $ 635 | $ 636 |
Weighted Average Remaining Lease Term (Years) - operating leases (Year) | 6 years 8 months 1 day | 7 years 10 months 2 days | 6 years 8 months 1 day | 7 years 10 months 2 days |
Weighted Average Remaining Lease Term (Years) - financing leases (Year) | 1 year 3 months 29 days | 2 years 3 months 29 days | 1 year 3 months 29 days | 2 years 3 months 29 days |
Weighted Average Discount Rate - operating leases | 3.22% | 3.23% | 3.22% | 3.23% |
Weighted Average Discount Rate - financing leases | 5% | 5% | 5% | 5% |
Operating cash flows from operating leases | $ 622 | $ 653 | ||
Operating cash flows from financing lease | 2 | 3 | ||
Financing cash flows from financing lease | 9 | 9 | ||
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 0 | $ 109 |
Note 4 - Leases - Maturities of
Note 4 - Leases - Maturities of Lease Liabilities (Details) $ in Thousands | Jun. 30, 2022 USD ($) |
2023, Operating Lease | $ 1,241 |
2023, Financing Lease | 22 |
2024, Operating Lease | 1,204 |
2024, Financing Lease | 54 |
2025, Operating Lease | 1,157 |
2025, Financing Lease | 0 |
2026, Operating Lease | 1,168 |
2026, Financing Lease | 0 |
2027, Operating Lease | 1,108 |
2027, Financing Lease | 0 |
2028 and thereafter, Operating Lease | 2,165 |
2028 and thereafter, Financing Lease | 0 |
Total operating lease payments | 8,043 |
Total financing lease payments, finance leases | 76 |
Less imputed interest, operating leases | (818) |
Less imputed interest, financing leases | (4) |
Present value, operating leases | 7,225 |
Present value, financing leases | $ 72 |
Note 5 - Cash, Cash Equivalen_3
Note 5 - Cash, Cash Equivalents and Restricted Cash (Details Textual) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Restricted Cash and Cash Equivalents, Current, Total | $ 6,983 | $ 6,480 |
CHINA | ||
Certificates of Deposit, at Carrying Value | 300 | 2,400 |
Bankers Acceptance [Member] | ||
Restricted Cash and Cash Equivalents, Current, Total | 4,800 | 3,000 |
Guarantee Deposits for Customs Duties [Member] | ||
Restricted Cash and Cash Equivalents, Current, Total | $ 1,800 | $ 1,000 |
Note 5 - Cash, Cash Equivalen_4
Note 5 - Cash, Cash Equivalents and Restricted Cash - Summary of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Cash and cash equivalents | $ 33,667 | $ 34,656 |
Restricted cash | 6,983 | 6,480 |
Total cash, cash equivalents and restricted cash shown in the statement of cash flows | $ 40,650 | $ 41,136 |
Note 6 - Earnings (Loss) Per _3
Note 6 - Earnings (Loss) Per Share - Computation of Basic and Diluted Net Income (Loss) per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Net loss | $ (14,456) | $ (8,203) | $ (30,518) | $ (23,825) |
Basic (in shares) | 27,612,315 | 26,850,032 | 27,537,048 | 26,636,755 |
Diluted (in shares) | 27,612,315 | 26,850,032 | 27,537,048 | 26,636,755 |
Basic (in dollars per share) | $ (0.52) | $ (0.31) | $ (1.11) | $ (0.89) |
Diluted (in dollars per share) | $ (0.52) | $ (0.31) | $ (1.11) | $ (0.89) |
Note 6 - Earnings (Loss) Per _4
Note 6 - Earnings (Loss) Per Share - Potentially Dilutive Securities Excluded from Diluted Net Income (Loss) per Share (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Total antidilutive share (in shares) | 4,587 | 4,600 | 4,587 | 4,609 |
Share-Based Payment Arrangement, Option [Member] | ||||
Total antidilutive share (in shares) | 4 | 8 | ||
Restricted Stock Units (RSUs) [Member] | ||||
Total antidilutive share (in shares) | 9 | 14 | ||
Convertible Debt Securities [Member] | ||||
Total antidilutive share (in shares) | 4,587 | 4,587 | 4,587 | 4,587 |
Note 7 - Inventories (Details T
Note 7 - Inventories (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Inventory, LIFO Reserve, Period Charge | $ 400 | $ 1,300 | $ 2,403 | $ 2,211 |
Inventory Write-down | $ 1,800 | $ 4,800 | $ 2,700 | $ 10,800 |
Note 7 - Inventories - Inventor
Note 7 - Inventories - Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Raw materials | $ 36,596 | $ 29,469 |
Work in process and sub-assemblies | 50,446 | 41,528 |
Finished goods | 11,139 | 21,519 |
Total inventories | $ 98,181 | $ 92,516 |
Note 8 - Property, Plant & Eq_3
Note 8 - Property, Plant & Equipment (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Depreciation, Total | $ 5.7 | $ 6.3 | $ 11.7 | $ 12.6 |
Interest Paid, Capitalized, Investing Activities | $ 0.1 | $ 0.2 | $ 0.2 | $ 0.3 |
Note 8 - Property, Plant & Eq_4
Note 8 - Property, Plant & Equipment - Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Property, plant and equipment, gross | $ 362,676 | $ 376,001 |
Less accumulated depreciation and amortization | (171,735) | (167,772) |
Property, plant and equipment, net before construction in progress and land | 190,941 | 208,229 |
Property, plant and equipment, net | 224,349 | 243,035 |
Land Improvements [Member] | ||
Property, plant and equipment, gross | 806 | 806 |
Building and Building Improvements [Member] | ||
Property, plant and equipment, gross | 87,118 | 89,698 |
Machinery and Equipment [Member] | ||
Property, plant and equipment, gross | 256,414 | 266,386 |
Furniture and Fixtures [Member] | ||
Property, plant and equipment, gross | 5,491 | 5,658 |
Computer Equipment and Software [Member] | ||
Property, plant and equipment, gross | 12,144 | 12,727 |
Vehicles [Member] | ||
Property, plant and equipment, gross | 703 | 726 |
Construction in Progress [Member] | ||
Property, plant and equipment, net | 32,307 | 33,705 |
Land [Member] | ||
Property, plant and equipment, net | $ 1,101 | $ 1,101 |
Note 9 - Intangible Assets, N_3
Note 9 - Intangible Assets, Net (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Amortization of Intangible Assets | $ 0.2 | $ 0.2 | $ 0.3 | $ 0.3 |
Finite-Lived Intangible Assets, Remaining Amortization Period (Year) | 6 years |
Note 9 - Intangible Assets, N_4
Note 9 - Intangible Assets, Net - Finite-lived Intangible Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Intangible assets, gross amount | $ 8,823 | $ 8,632 |
Intangible assets, accumulated amortization | (5,060) | (4,796) |
Intangible assets, net | 3,763 | 3,836 |
Patents [Member] | ||
Intangible assets, gross amount | 8,781 | 8,597 |
Intangible assets, accumulated amortization | (5,041) | (4,779) |
Intangible assets, net | 3,740 | 3,818 |
Trademarks [Member] | ||
Intangible assets, gross amount | 42 | 35 |
Intangible assets, accumulated amortization | (19) | (17) |
Intangible assets, net | $ 23 | $ 18 |
Note 9 - Intangible Assets, N_5
Note 9 - Intangible Assets, Net - Future Amortization Expense (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
2023 | $ 611 | |
2024 | 611 | |
2025 | 611 | |
2026 | 611 | |
2027 | 611 | |
thereafter | 97 | |
Finite-Lived Intangible Assets, Net, Ending Balance | $ 3,763 | $ 3,836 |
Note 10 - Fair Value of Finan_3
Note 10 - Fair Value of Financial Instruments - Financial Instruments Measured at Fair Value on a Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Cash and cash equivalents | $ 33,667 | $ 34,656 |
Restricted cash | 6,983 | 6,480 |
Note receivable | 212 | 8,148 |
Total assets | (40,862) | (49,284) |
Bank acceptance payable | 10,273 | 8,198 |
Convertible senior notes | 68,667 | 67,588 |
Total liabilities | 78,940 | 75,786 |
Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 33,667 | 34,656 |
Restricted cash | 6,983 | 6,480 |
Note receivable | 0 | 0 |
Total assets | (40,650) | (41,136) |
Bank acceptance payable | 0 | 0 |
Convertible senior notes | 0 | 0 |
Total liabilities | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash | 0 | 0 |
Note receivable | 212 | 8,148 |
Total assets | (212) | (8,148) |
Bank acceptance payable | 10,273 | 8,198 |
Convertible senior notes | 68,667 | 67,588 |
Total liabilities | 78,940 | 75,786 |
Fair Value, Inputs, Level 3 [Member] | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash | 0 | 0 |
Note receivable | 0 | 0 |
Total assets | 0 | 0 |
Bank acceptance payable | 0 | 0 |
Convertible senior notes | 0 | 0 |
Total liabilities | $ 0 | $ 0 |
Note 11 - Notes Payable and L_3
Note 11 - Notes Payable and Long-term Debt (Details Textual) $ in Thousands | 6 Months Ended | |||||||||||||||||
Jun. 07, 2022 USD ($) | Jan. 21, 2022 TWD ($) | Dec. 29, 2021 | Sep. 15, 2020 USD ($) | Sep. 15, 2020 TWD ($) | Jun. 21, 2019 USD ($) | May 24, 2019 USD ($) | Jan. 21, 2019 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 07, 2022 CNY (¥) | Dec. 31, 2021 USD ($) | Jun. 21, 2019 CNY (¥) | May 24, 2019 CNY (¥) | May 08, 2019 USD ($) | May 07, 2019 CNY (¥) | Apr. 30, 2019 CNY (¥) | Sep. 28, 2017 USD ($) | |
Payments to Acquire Property, Plant, and Equipment, Total | $ 1,669 | $ 3,582 | ||||||||||||||||
Finance Lease, Principal Payments | 9 | $ 9 | ||||||||||||||||
Debt Instrument, Unused Borrowing Capacity, Amount | 14,800 | $ 7,400 | ||||||||||||||||
Cash Collateral for Borrowed Securities | 5,100 | 5,400 | ||||||||||||||||
Chailease Finance Co, Ltd. [Member] | Prime World International Holdings, Ltd. (“Prime World”) [Member] | ||||||||||||||||||
Payments to Acquire Property, Plant, and Equipment, Total | $ 22,311,381 | $ 800 | ||||||||||||||||
Chailease Finance Co, Ltd. [Member] | Prime World International Holdings, Ltd. (“Prime World”) [Member] | Promissory Note [Member] | ||||||||||||||||||
Finance Lease, Principal Payments | $ 5,500 | |||||||||||||||||
Chailease Finance Co, Ltd. [Member] | Prime World International Holdings, Ltd. (“Prime World”) [Member] | Second Sales Contract [Member] | ||||||||||||||||||
Finance Lease, Principal Payments | $ 159,027,448 | |||||||||||||||||
Revolving Credit Facility [Member] | Truist Bank [Member] | ||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 20,000 | |||||||||||||||||
Long-Term Line of Credit, Total | 17,000 | |||||||||||||||||
Revolving Credit Facility [Member] | Truist Bank [Member] | Secured Overnight Financing Rate (SOFR) [Member] | ||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.56% | |||||||||||||||||
Debt Instrument, SOFR Floor | 0.75% | |||||||||||||||||
Revolving Credit Facility [Member] | SPD Bank [Member] | ||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 25,449 | 25,449 | ||||||||||||||||
Revolving Credit Facility [Member] | SPD Bank [Member] | Global Technology, Inc. [Member] | The SPD Credit Line [Member] | ||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 25,400 | ¥ 180,000,000 | ||||||||||||||||
Long-Term Line of Credit, Total | 19,700 | |||||||||||||||||
Debt Instrument, Term (Year) | 5 years | |||||||||||||||||
Bank Acceptances Executed | 4,200 | |||||||||||||||||
Revolving Credit Facility [Member] | SPD Bank [Member] | Global Technology, Inc. [Member] | The SPD 30M Credit Facility [Member] | ||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | ¥ | ¥ 30,000,000 | |||||||||||||||||
Revolving Credit Facility [Member] | SPD Bank [Member] | Global Technology, Inc. [Member] | The SPD 9.9M Credit Facility [Member] | ||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | ¥ | ¥ 9,900,000 | |||||||||||||||||
Revolving Credit Facility [Member] | SPD Bank [Member] | Global Technology, Inc. [Member] | The SPD 2.0M Credit Facility [Member] | ||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,000 | |||||||||||||||||
Revolving Credit Facility [Member] | China Zheshang Bank Co., Ltd [Member] | The ¥100M Credit Facility [Member] | ||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 29,800 | 29,800 | ||||||||||||||||
Revolving Credit Facility [Member] | China Zheshang Bank Co., Ltd [Member] | The ¥50M Credit Facility [Member] | ||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 7,167 | $ 7,167 | ||||||||||||||||
Revolving Credit Facility [Member] | China Zheshang Bank Co., Ltd [Member] | Global Technology, Inc. [Member] | The ¥100M Credit Facility [Member] | ||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 14,100 | ¥ 100,000,000 | ||||||||||||||||
Debt Instrument, Term (Year) | 18 months | |||||||||||||||||
Revolving Credit Facility [Member] | China Zheshang Bank Co., Ltd [Member] | Global Technology, Inc. [Member] | The ¥50M Credit Facility [Member] | ||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 7,100 | ¥ 50,000,000 | ||||||||||||||||
Debt Instrument, Term (Year) | 5 years | 3 years | ||||||||||||||||
Revolving Credit Facility [Member] | China Zheshang Bank Co., Ltd [Member] | Global Technology, Inc. [Member] | The ¥200M Credit Facility [Member] | ||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 29,900 | ¥ 200,000,000 | ||||||||||||||||
Long-Term Line of Credit, Total | 16,900 | |||||||||||||||||
Bank Acceptances Executed | $ 6,100 |
Note 11 - Notes Payable and L_4
Note 11 - Notes Payable and Long-term Debt - Schedule of Notes Payable and Long-term Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Long-term debt | $ 53,574 | $ 54,711 |
Less debt issuance costs, net | 9 | 22 |
Grand total | 53,565 | 54,689 |
Less current portion | 53,565 | 49,689 |
Non-current portion | 0 | 5,000 |
Bank acceptance notes issued to vendors with a zero percent interest rate | 10,273 | 8,198 |
Chailease Finance Co, Ltd. [Member] | Promissory Note [Member] | ||
Long-term debt | 0 | 170 |
Revolving Credit Facility [Member] | Truist Bank [Member] | Secured Overnight Financing Rate (SOFR) [Member] | Sixth Amendment to Loan Agreement with Truist Bank [Member] | ||
Long-term debt | 17,038 | 14,373 |
Revolving Credit Facility [Member] | SPD Bank [Member] | ||
Long-term debt | 19,651 | 19,595 |
Revolving Credit Facility [Member] | China Zheshang Bank Co., Ltd [Member] | The ¥100M Credit Facility [Member] | ||
Long-term debt | 16,885 | 13,044 |
Revolving Credit Facility [Member] | China Zheshang Bank Co., Ltd [Member] | The ¥50M Credit Facility [Member] | ||
Long-term debt | $ 0 | $ 7,529 |
Note 11 - Notes Payable and L_5
Note 11 - Notes Payable and Long-term Debt - Schedule of Notes Payable and Long-term Debt (Details) (Parentheticals) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | Sep. 28, 2017 | |
Chailease Finance Co, Ltd. [Member] | Promissory Note [Member] | |||
Long-term debt, interest | 3.10% | 3.10% | |
Long-term debt, maturity date | Jan. 21, 2022 | Jan. 21, 2022 | |
Revolving Credit Facility [Member] | Truist Bank [Member] | |||
Long-term debt, maximum | $ 20,000 | ||
Revolving Credit Facility [Member] | Truist Bank [Member] | Secured Overnight Financing Rate (SOFR) [Member] | Sixth Amendment to Loan Agreement with Truist Bank [Member] | |||
Long-term debt, interest | 2.56% | 2.56% | |
Long-term debt, maturity date | Apr. 15, 2023 | Apr. 15, 2023 | |
Long-term debt, maximum | $ 20,000 | $ 20,000 | |
Revolving Credit Facility [Member] | SPD Bank [Member] | |||
Long-term debt, maturity date | May 24, 2024 | May 24, 2024 | |
Long-term debt, maximum | $ 25,449 | $ 25,449 | |
Revolving Credit Facility [Member] | SPD Bank [Member] | Minimum [Member] | |||
Long-term debt, interest | 2.80% | 2.80% | |
Revolving Credit Facility [Member] | SPD Bank [Member] | Maximum [Member] | |||
Long-term debt, interest | 4.57% | 4.57% | |
Revolving Credit Facility [Member] | China Zheshang Bank Co., Ltd [Member] | The ¥100M Credit Facility [Member] | |||
Long-term debt, maturity date | Jun. 06, 2027 | Jun. 06, 2027 | |
Long-term debt, maximum | $ 29,800 | $ 29,800 | |
Revolving Credit Facility [Member] | China Zheshang Bank Co., Ltd [Member] | The ¥100M Credit Facility [Member] | Minimum [Member] | |||
Long-term debt, interest | 2.60% | 2.60% | |
Revolving Credit Facility [Member] | China Zheshang Bank Co., Ltd [Member] | The ¥100M Credit Facility [Member] | Maximum [Member] | |||
Long-term debt, interest | 4.80% | 4.80% | |
Revolving Credit Facility [Member] | China Zheshang Bank Co., Ltd [Member] | The ¥50M Credit Facility [Member] | |||
Long-term debt, interest | 5.70% | 5.70% | |
Long-term debt, maturity date | Jun. 27, 2022 | Jun. 27, 2022 | |
Long-term debt, maximum | $ 7,167 | $ 7,167 |
Note 11 - Notes Payable and L_6
Note 11 - Notes Payable and Long-term Debt - Maturities of Notes Payable and Long-term Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Within one year | $ 53,565 | |
Beyond one year | 0 | |
Total outstanding | $ 53,565 | $ 54,689 |
Note 12 - Convertible Senior _3
Note 12 - Convertible Senior Notes (Details Textual) - USD ($) | Mar. 05, 2019 | Jun. 30, 2022 | Dec. 31, 2021 |
Truist Bank [Member] | CapEx Loan and Term Loan [Member] | |||
Repayments of Long-term Debt, Total | $ 37,800,000 | ||
The 5% Convertible Senior Notes Due 2024 [Member] | |||
Debt Instrument, Face Amount | $ 80,500,000 | $ 80,500,000 | $ 80,500,000 |
Debt Instrument, Interest Rate, Stated Percentage | 5% | ||
Proceeds from Convertible Debt | $ 76,400,000 | ||
Debt Conversion, Converted Instrument, Shares Issued (in shares) | 56.9801 | ||
Debt Conversion, Converted Instrument, Amount | $ 1,000 | ||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ 17.55 | ||
Debt Instrument, Convertible, Conversion Price Premium, Percentage | 30% | ||
Share Price (in dollars per share) | $ 13.50 | ||
Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger | 130% | ||
Debt Instrument, Convertible, Threshold Trading Days | 20 | ||
Debt Instrument, Convertible, Threshold Consecutive Trading Days | 30 | ||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 100% | ||
Debt Issuance Costs, Gross | $ 4,100,000 |
Note 12 - Convertible Senior _4
Note 12 - Convertible Senior Notes - Schedule of Carrying Value of Convertible Senior Notes (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | Mar. 05, 2019 |
Net carrying amount | $ 79,090 | $ 78,680 | |
The 5% Convertible Senior Notes Due 2024 [Member] | |||
Principal | 80,500 | 80,500 | $ 80,500 |
Unamortized debt issuance costs | (1,410) | (1,820) | |
Net carrying amount | $ 79,090 | $ 78,680 |
Note 12 - Convertible Senior _5
Note 12 - Convertible Senior Notes - Schedule of Interest Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Amortization of debt issuance costs | $ 425 | $ 434 | ||
The 5% Convertible Senior Notes Due 2024 [Member] | ||||
Contractual interest expense | $ 1,006 | $ 1,006 | 2,013 | 2,013 |
Amortization of debt issuance costs | 206 | 206 | 410 | 410 |
Total interest cost | $ 1,212 | $ 1,212 | $ 2,423 | $ 2,423 |
Effective interest rate | 5.10% | 5.10% | 5.10% | 5.10% |
Note 13 - Accrued Liabilities -
Note 13 - Accrued Liabilities - Accrued Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Accrued payroll | $ 4,986 | $ 6,516 |
Accrued employee benefits | 2,345 | 3,471 |
Accrued state and local taxes | 980 | 1,897 |
Accrued interest | 1,397 | 1,475 |
Advance payments | 631 | 195 |
Accrued commission expenses | 1,073 | 1,003 |
Accrued professional fees | 334 | 346 |
Accrued product warranty | 173 | 263 |
Accrued shipping and tariff expenses | 0 | 33 |
Accrued capital expenditure | 7 | 0 |
Accrued other | 514 | 388 |
Total accrued liabilities | $ 12,440 | $ 15,587 |
Note 14 - Other Income and Ex_3
Note 14 - Other Income and Expense - Other Income and Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Foreign exchange transaction gain (loss) | $ (289) | $ 427 | $ (811) | $ 218 |
Government subsidy income | 84 | 115 | 102 | 154 |
Other non-operating gain | 28 | 31 | 45 | 32 |
Loan forgiveness | 0 | 6,229 | 0 | 6,229 |
Gain (loss) on disposal of assets | (3) | (5) | 35 | (5) |
Total other income (expenses) , net | $ (180) | $ 6,797 | $ (629) | $ 6,628 |
Note 15 - Share-based Compens_3
Note 15 - Share-based Compensation (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 0 | $ 0 | ||
Share-Based Payment Arrangement, Expense | $ 2,144 | $ 3,273 | $ 4,616 | $ 5,793 |
Share-Based Payment Arrangement, Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | |||
Share-Based Payment Arrangement, Option [Member] | Exercisable on the First Anniversary Date Following the Date of Grant [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25% | |||
Share-Based Payment Arrangement, Option [Member] | Exercisable on Semi-annual Basis [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 12.50% | |||
Performance Shares [Member] | ||||
Share-Based Payment Arrangement, Expense | $ 700 | |||
Performance Shares [Member] | Minimum [Member] | ||||
Sharebased Compensation Arrangement By Sharebased Payment Award Performance Award Value Percentage Of Based Amount | 0% | 0% | ||
Performance Shares [Member] | Maximum [Member] | ||||
Sharebased Compensation Arrangement By Sharebased Payment Award Performance Award Value Percentage Of Based Amount | 200% | 200% | ||
Performance Shares [Member] | Vesting on the Third Anniversary [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 100% |
Note 15 - Share-based Compens_4
Note 15 - Share-based Compensation - Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Outstanding, number of shares (in shares) | 269 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 10.32 | |
Outstanding, weighted average fair value (in dollars per share) | $ 5.44 | |
Outstanding, weighted average remaining contractual life (Year) | 1 year 2 months 18 days | 1 year 8 months 7 days |
Outstanding, aggregate intrinsic value | $ 0 | $ 0 |
Exercised, number of shares (in shares) | 0 | |
Exercised, weighted average exercise price (in dollars per share) | $ 0 | |
Exercised, weighted average fair value (in dollars per share) | $ 0 | |
Exercised, aggregate intrinsic value | $ 0 | |
Forfeited, number of shares (in shares) | (5) | |
Forfeited, weighted average exercise price (in dollars per share) | $ 0 | |
Forfeited, weighted average fair value (in dollars per share) | $ 0 | |
Forfeited, aggregate intrinsic value | $ 0 | |
Outstanding, number of shares (in shares) | 264 | 269 |
Outstanding, weighted average exercise price (in dollars per share) | $ 10.40 | $ 10.32 |
Outstanding, weighted average fair value (in dollars per share) | $ 5.45 | $ 5.44 |
Exercisable, number of shares (in shares) | 264 | |
Exercisable, weighted average exercise price (in dollars per share) | $ 10.40 | |
Exercisable, weighted average fair value (in dollars per share) | $ 5.45 | |
Exercisable, weighted average remaining contractual life (Year) | 1 year 2 months 18 days | |
Exercisable, aggregate intrinsic value | $ 0 | |
Vested and expected to vest, number of shares (in shares) | 264 | |
Vested and expected to vest, weighted average exercise price (in dollars per share) | $ 10.40 | |
Vested and expected to vest, weighted average fair value (in dollars per share) | $ 5.45 | |
Vested and expected to vest, weighted average remaining contractual life (Year) | 1 year 2 months 18 days | |
Vested and expected to vest, aggregate intrinsic value | $ 0 |
Note 15 - Share-based Compens_5
Note 15 - Share-based Compensation - Restricted Stock Unit/Awards Activity (Details) - Restricted Stock Units (RSUs) [Member] $ / shares in Units, shares in Thousands, $ in Thousands | 6 Months Ended |
Jun. 30, 2022 USD ($) $ / shares shares | |
Outstanding, number of shares (in shares) | shares | 2,170 |
Outstanding, weighted average fair value (in dollars per share) | $ 11.15 |
Outstanding, aggregate intrinsic value | $ | $ 11,156 |
Granted, number of shares (in shares) | shares | 1,679 |
Granted, weighted average fair value (in dollars per share) | $ 2.03 |
Granted, aggregate intrinsic value | $ | $ 3,064 |
Released, number of shares (in shares) | shares | (400) |
Released, weighted average share price on date of release (in dollars per share) | |
Released, weighted average fair value (in dollars per share) | $ 12.34 |
Released, aggregate intrinsic value | $ | $ 1,383 |
Cancelled/Forfeited, number of shares (in shares) | shares | (99) |
Cancelled/Forfeited, weighted average fair value (in dollars per share) | $ 10.79 |
Cancelled/Forfeited, aggregate intrinsic value | $ | $ 153 |
Outstanding, number of shares (in shares) | shares | 3,350 |
Outstanding, weighted average fair value (in dollars per share) | $ 6.45 |
Outstanding, aggregate intrinsic value | $ | $ 5,193 |
Vested and expected to vest, number of shares (in shares) | shares | 3,350 |
Vested and expected to vest, weighted average fair value (in dollars per share) | $ 6.45 |
Vested and expected to vest, aggregate intrinsic value | $ | $ 5,193 |
Note 15 - Share-based Compens_6
Note 15 - Share-based Compensation - Share-based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Total share-based compensation expense | $ 2,144 | $ 3,273 | $ 4,616 | $ 5,793 |
Cost of Sales [Member] | ||||
Total share-based compensation expense | 114 | 266 | 250 | 467 |
Research and Development Expense [Member] | ||||
Total share-based compensation expense | 310 | 630 | 675 | 1,193 |
Selling and Marketing Expense [Member] | ||||
Total share-based compensation expense | 186 | 329 | 412 | 548 |
General and Administrative Expense [Member] | ||||
Total share-based compensation expense | $ 1,534 | $ 2,048 | $ 3,279 | $ 3,585 |
Note 16 - Income Taxes (Details
Note 16 - Income Taxes (Details Textual) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 0% | 0% | 0% | 0% |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | 21% | 21% | 21% |
Note 17 - Geographic Informat_3
Note 17 - Geographic Information (Details Textual) | 6 Months Ended |
Jun. 30, 2022 | |
Number of Reportable Segments | 1 |
Note 17 - Geographic Informat_4
Note 17 - Geographic Information - Revenue Information by Geographic Region (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenue, net | $ 52,299 | $ 54,189 | $ 104,540 | $ 103,890 |
UNITED STATES | ||||
Revenue, net | 1,147 | 3,422 | 3,705 | 6,737 |
TAIWAN | ||||
Revenue, net | 37,205 | 29,493 | 64,984 | 55,888 |
CHINA | ||||
Revenue, net | $ 13,947 | $ 21,274 | $ 35,851 | $ 41,265 |
Note 17 - Geographic Informat_5
Note 17 - Geographic Information - Asset Information by Geographic Region (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Long-lived assets | $ 239,818 | $ 259,862 |
UNITED STATES | ||
Long-lived assets | 83,750 | 87,709 |
TAIWAN | ||
Long-lived assets | 56,174 | 63,644 |
CHINA | ||
Long-lived assets | $ 99,894 | $ 108,509 |
Note 18 - Contingencies (Detail
Note 18 - Contingencies (Details Textual) - Loss Contingency, Obligation for Sales and Use Tax [Member] $ in Millions | Aug. 09, 2021 USD ($) |
Loss Contingency, Potential Obligation | $ 1 |
Loss Contingency Accrual, Payments | 0.4 |
Minimum [Member] | |
Loss Contingency, Estimate of Possible Loss | 0.2 |
Maximum [Member] | |
Loss Contingency, Estimate of Possible Loss | $ 0.4 |
Note 19 - Subsequent Events (De
Note 19 - Subsequent Events (Details Textual) - USD ($) $ in Thousands | 6 Months Ended | ||
Jul. 05, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | |
Repayments of Lines of Credit | $ 69,988 | $ 50,119 | |
Subsequent Event [Member] | Revolving Credit Facility [Member] | Truist Bank [Member] | |||
Repayments of Lines of Credit | $ 17,000 |