Magnachip Semiconductor (MX) 10-Q 8 Aug 24 2024 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2024	Jul. 31, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Document Transition Report	false
Entity File Number	001-34791
Entity Registrant Name	Magnachip Semiconductor Corporation
Entity Central Index Key	0001325702
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-0406195
Entity Address, Address Line One	c/o Magnachip Semiconductor, Ltd.
Entity Address, Address Line Two	15F, 76 Jikji-daero 436beon-gil
Entity Address, City or Town	Heungdeok-gu
Entity Address, Country	KR
Entity Address, Postal Zip Code	28581
City Area Code	82
Local Phone Number	(2) 6903-3000
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	MX
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		37,457,198

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 132,467	$ 158,092
Short-term financial instruments	30,000	0
Accounts receivable, net	31,175	32,641
Inventories, net	34,783	32,733
Other receivables	3,977	4,295
Prepaid expenses	8,548	7,390
Hedge collateral (Note 6)	1,600	1,000
Other current assets (Note 16)	11,653	9,283
Total current assets	254,203	245,434
Property, plant and equipment, net	88,330	100,122
Operating lease right-of-use assets	4,181	4,639
Intangible assets, net	1,320	1,537
Long-term prepaid expenses	8,085	5,736
Deferred income taxes	44,578	50,836
Other non-current assets	11,998	12,187
Total assets	412,695	420,491
Current liabilities
Accounts payable	25,575	24,443
Other accounts payable	8,383	5,292
Accrued expenses	9,199	10,457
Accrued income taxes	1,422	1,496
Operating lease liabilities	1,805	1,914
Other current liabilities	4,168	3,286
Total current liabilities	50,552	46,888
Long-term borrowing	28,794	0
Accrued severance benefits, net	15,759	16,020
Non-current operating lease liabilities	2,514	2,897
Other non-current liabilities	9,228	10,088
Total liabilities	106,847	75,893
Commitments and contingencies (Note 16)
Stockholders' equity
Common stock, $0.01 par value, 150,000,000 shares authorized, 57,015,569 shares issued and 37,799,482 outstanding at June 30, 2024 and 56,971,394 shares issued and 38,852,742 outstanding at December 31, 2023	569	569
Additional paid-in capital	275,329	273,256
Retained earnings	270,470	298,884
Treasury stock, 19,216,087 shares at June 30, 2024 and 18,118,652 shares at December 31, 2023, respectively	(219,949)	(213,454)
Accumulated other comprehensive loss	(20,571)	(14,657)
Total stockholders' equity	305,848	344,598
Total liabilities and stockholders' equity	$ 412,695	$ 420,491

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	57,015,569	56,971,394
Common stock, shares outstanding	37,799,482	38,852,742
Treasury stock, shares	19,216,087	18,118,652

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues:
Net sales	$ 53,171	$ 60,979	$ 102,238	$ 117,984
Cost of sales:
Cost of sales	41,570	47,441	81,669	92,352
Gross profit	11,601	13,538	20,569	25,632
Operating expenses:
Selling, general and administrative expenses	11,734	12,137	22,998	24,302
Research and development expenses	12,691	11,255	23,854	24,553
Early termination and other charges	0	802	0	9,251
Total operating expenses	24,425	24,194	46,852	58,106
Operating loss	(12,824)	(10,656)	(26,283)	(32,474)
Interest income	2,228	2,692	4,441	5,534
Interest expense	(554)	(200)	(792)	(456)
Foreign currency gain (loss), net	(3,557)	1,237	(8,558)	(2,193)
Other income (loss), net	108	3	152	(32)
Loss before income tax benefit	(14,599)	(6,924)	(31,040)	(29,621)
Income tax benefit	(1,602)	(2,977)	(2,626)	(4,204)
Net loss	$ (12,997)	$ (3,947)	$ (28,414)	$ (25,417)
Basic loss per common share—	$ (0.34)	$ (0.09)	$ (0.74)	$ (0.6)
Diluted loss per common share—	$ (0.34)	$ (0.09)	$ (0.74)	$ (0.6)
Weighted average number of shares—
Basic	38,174,920	41,741,310	38,359,851	42,561,514
Diluted	38,174,920	41,741,310	38,359,851	42,561,514
Standard products business [Member]
Revenues:
Net sales	$ 50,835	$ 51,375	$ 96,376	$ 102,889
Cost of sales:
Cost of sales	39,113	37,867	75,001	75,179
Gross profit	11,722	13,508	21,375	27,710
Fab 3 Foundry Services [Member]
Revenues:
Net sales	2,336	9,604	5,862	15,095
Cost of sales:
Cost of sales	2,457	9,574	6,668	17,173
Gross profit	$ (121)	$ 30	$ (806)	$ (2,078)

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (12,997)	$ (3,947)	$ (28,414)	$ (25,417)
Other comprehensive loss
Foreign currency translation adjustments	(1,591)	(2,285)	(5,088)	(4,193)
Derivative adjustments
Fair valuation of derivatives	(807)	(375)	(1,412)	(1,510)
Reclassification adjustment for loss on derivatives included in net loss	527	1,243	586	1,846
Total other comprehensive loss	(1,871)	(1,417)	(5,914)	(3,857)
Total comprehensive loss	$ (14,868)	$ (5,364)	$ (34,328)	$ (29,274)

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Accumulated Other Comprehensive Loss [Member]
Balance beginning at Dec. 31, 2022	$ 428,153	$ 564	$ 266,058	$ 335,506	$ (161,422)	$ (12,553)
Balance, Shares beginning at Dec. 31, 2022		43,824,575
Stock-based compensation	3,212		3,212
Exercise of stock options	27	$ 0	27
Exercise of stock options, Shares		4,000
Settlement of restricted stock units		$ 0	0
Settlement of restricted stock units, Shares		13,333
Acquisition of treasury stock	(37,826)				(37,826)
Acquisition of treasury stock, Shares		(3,708,010)
Other comprehensive loss, net	(3,857)					(3,857)
Net loss	(25,417)			(25,417)
Balance ending at Jun. 30, 2023	364,292	$ 564	269,297	310,089	(199,248)	(16,410)
Balance, Shares ending at Jun. 30, 2023		40,133,898
Balance beginning at Mar. 31, 2023	393,353	$ 564	267,187	314,036	(173,441)	(14,993)
Balance, Shares beginning at Mar. 31, 2023		42,589,315
Stock-based compensation	2,092		2,092
Exercise of stock options	18	$ 0	18
Exercise of stock options, Shares		2,600
Settlement of restricted stock units		$ 0	0
Settlement of restricted stock units, Shares		10,000
Acquisition of treasury stock	(25,807)				(25,807)
Acquisition of treasury stock, Shares		(2,468,017)
Other comprehensive loss, net	(1,417)					(1,417)
Net loss	(3,947)			(3,947)
Balance ending at Jun. 30, 2023	364,292	$ 564	269,297	310,089	(199,248)	(16,410)
Balance, Shares ending at Jun. 30, 2023		40,133,898
Balance beginning at Dec. 31, 2023	$ 344,598	$ 569	273,256	298,884	(213,454)	(14,657)
Balance, Shares beginning at Dec. 31, 2023	38,852,742	38,852,742
Stock-based compensation	$ 2,116		2,116
Settlement of restricted stock units	(43)	$ 0	(43)
Settlement of restricted stock units, Shares		44,175
Acquisition of treasury stock	(6,495)				(6,495)
Acquisition of treasury stock, Shares		(1,097,435)
Other comprehensive loss, net	(5,914)					(5,914)
Net loss	(28,414)			(28,414)
Balance ending at Jun. 30, 2024	$ 305,848	$ 569	275,329	270,470	(219,949)	(20,571)
Balance, Shares ending at Jun. 30, 2024	37,799,482	37,799,482
Balance beginning at Mar. 31, 2024	$ 321,885	$ 569	274,156	283,467	(217,607)	(18,700)
Balance, Shares beginning at Mar. 31, 2024		38,263,642
Stock-based compensation	1,216		1,216
Settlement of restricted stock units	(43)	$ 0	(43)
Settlement of restricted stock units, Shares		6,996
Acquisition of treasury stock	(2,342)				(2,342)
Acquisition of treasury stock, Shares		(471,156)
Other comprehensive loss, net	(1,871)					(1,871)
Net loss	(12,997)			(12,997)
Balance ending at Jun. 30, 2024	$ 305,848	$ 569	$ 275,329	$ 270,470	$ (219,949)	$ (20,571)
Balance, Shares ending at Jun. 30, 2024	37,799,482	37,799,482

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities
Net loss	$ (28,414)	$ (25,417)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization	8,115	8,502
Provision for severance benefits	2,970	4,091
Loss on foreign currency, net	16,848	9,117
Provision for inventory reserves	(1,024)	1,121
Stock-based compensation	2,116	3,212
Deferred income taxes	3,158	27
Other, net	426	423
Changes in operating assets and liabilities
Accounts receivable, net	(235)	(342)
Inventories	(3,449)	4,911
Other receivables	601	4,407
Other current assets	896	395
Accounts payable	1,944	2,880
Other accounts payable	(6,676)	(6,488)
Accrued expenses	(427)	1,104
Accrued income taxes	(17)	(2,972)
Other current liabilities	453	(471)
Other non-current liabilities	(246)	(214)
Payment of severance benefits	(1,362)	(5,728)
Other, net	(761)	(487)
Net cash used in operating activities	(5,084)	(1,929)
Cash flows from investing activities
Proceeds from settlement of hedge collateral	0	3,335
Payment of hedge collateral	(612)	(2,586)
Purchase of property, plant and equipment	(1,566)	(1,518)
Payment for intellectual property registration	(178)	(163)
Collection of guarantee deposits	1,138	1,445
Payment of guarantee deposits	(1,910)	(6,907)
Increase in short-term financial instruments	(30,000)	0
Other, net	0	0
Net cash used in investing activities	(33,128)	(6,394)
Cash flows from financing activities
Proceeds from long-term borrowing	30,059	0
Proceeds from exercise of stock options	0	27
Acquisition of treasury stock	(6,859)	(36,840)
Repayment of financing related to water treatment facility arrangement	(238)	(248)
Repayment of principal portion of finance lease liabilities	(69)	(46)
Net cash provided by (used in) financing activities	22,893	(37,107)
Effect of exchange rates on cash and cash equivalents	(10,306)	(7,093)
Net decrease in cash and cash equivalents	(25,625)	(52,523)
Cash and cash equivalents at beginning of period	158,092	225,477
Cash and cash equivalents at end of period	132,467	172,954
Supplemental cash flow information
Cash paid (refunded) for income taxes	(716)	3,599
Non-cash investing activities
Property, plant and equipment additions in other accounts payable	1,467	477
Non-cash financing activities
Unsettled common stock repurchases	$ 119	$ 1,379

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (12,997)	$ (3,947)	$ (28,414)	$ (25,417)

Insider Trading Arrangements

Insider Trading Arrangements	6 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Business, Basis of Presentation

Business, Basis of Presentation and Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Business, Basis of Presentation and Significant Accounting Policies	1. Business, Basis of Presentation and Significant Accounting Policies Business Magnachip Semiconductor Corporation (together with its subsidiaries, the “Company”) is a designer and manufacturer of analog and mixed-signal semiconductor platform solutions for communication, Internet of Things (“IoT”), consumer, computing, industrial and automotive applications. The Company’s standard products business consists of two business lines: one is the Mixed-Signal Solutions (“MSS”) business line, which comprises the display integrated circuit (“IC”) and power IC businesses that are fabless, and the other is the Power Analog Solutions (“PAS”) business line, which comprises the power discrete business which is an integrated device manufacturing (“IDM”) business. Display IC products provide panel display solutions to major suppliers of large and small rigid and flexible panel displays, and a wide range of applications, including smartphones, televisions, automotive and IT applications, such as monitors, notebook PCs and tablet PCs, as well as AR/VRs. Power IC products provide power IC solutions to major television suppliers and large panel display suppliers. The PAS business line produces power management semiconductor products, including power discrete solutions for power management in communication, consumer, computing, servers, automotive and industrial applications. On September 1, 2020, the Company completed the sale of the Company’s Foundry Services Group business and its fabrication facility located in Cheongju, Korea, known as “Fab 4”, to SK keyfoundry Inc., a Korean company (“SK keyfoundry”). Following the consummation of the sale, the Company provided SK keyfoundry with transitional foundry services associated with its fabrication facility located in Gumi, Korea, known as “Fab 3”, at an agreed upon cost plus mark-up On May 30, 2023, the Company announced a plan to regroup the business lines in its standard products business, originally grouped as Display Solutions and Power Solutions business lines, into MSS and PAS business lines to better align its product strategies (the “Reorganization”). On January 10, 2024, the Company transferred the MSS business line into a newly formed Korean limited liability company named “Magnachip Mixed-Signal, Ltd.” Currently, the MSS business line is primarily operated by Magnachip Mixed-Signal, Ltd., and the PAS business line is primarily operated by Magnachip Semiconductor, Ltd., Magnachip’s already existing Korean operating company. Both companies are indirect wholly owned subsidiaries of the Company. Basis of Presentation The accompanying unaudited interim consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). These interim consolidated financial statements include normal recurring adjustments and the elimination of all intercompany accounts and transactions which are, in the opinion of management, necessary to provide a fair statement of the Company’s financial condition and results of operations for the periods presented. These interim consolidated financial statements are presented in accordance with Accounting Standards Codification (“ASC”) 270, “Interim Reporting” and, accordingly, do not include all of the information and note disclosures required by U.S. GAAP for complete financial statements, except for the changes below. The results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of the results to be expected for a full year or for any other periods. The December 31, 2023 balance sheet data was derived from the Company’s audited financial statements, but does not include all disclosures required by U.S. GAAP. The interim consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K There have been no material changes to the Company’s significant 10-K Recent Accounting Pronouncements Not Yet Adopted In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, In December 2023, the FASB issued ASU No. 2023-09, (“ASU 2023-09”), 2023-09

Inventories

Inventories	6 Months Ended
	Jun. 30, 2024
Inventory Disclosure [Abstract]
Inventories	2. Inventories Inventories as of June 30, 2024 and December 31, 2023 consist of the following (in thousands): June 30, 2024 December 31, 2023 Finished goods $ 7,513 $ 8,432 Semi-finished goods and work-in-process 30,911 29,339 Raw materials 4,480 5,543 Materials in-transit 420 18 Less: inventory reserve (8,541 ) (10,599 ) Inventories, net $ 34,783 $ 32,733 Changes in inventory reserve for the three and six months ended June 30, 2024 and 2023 are as follows (in thousands): Three Months Ended Six Months Ended Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 Beginning balance $ (8,947 ) $ (10,599 ) $ (14,941 ) $ (14,677 ) Change in reserve Inventory reserve charged to costs of sales (1,411 ) (2,961 ) (2,023 ) (4,607 ) Sale of previously reserved inventory 1,466 4,127 2,047 3,523 55 1,166 24 (1,084 ) Write off 61 327 67 482 Translation adjustments 290 565 105 534 Ending balance $ (8,541 ) $ (8,541 ) $ (14,745 ) $ (14,745 ) Inventory reserve represents the Company’s best estimate in value lost due to excessive inventory level, physical deterioration, obsolescence, changes in price levels, or other causes based on individual facts and circumstances. Inventory reserve relates to inventory items including finished goods, semi-finished goods, work-in-process

Property, Plant and Equipment

Property, Plant and Equipment	6 Months Ended
	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	3. Property, Plant and Equipment Property, plant and equipment as of June 30, 2024 and December 31, 2023 are comprised of the following (in thousands): June 30, 2024 December 31, 2023 Buildings and related structures $ 22,770 $ 24,532 Machinery and equipment 130,492 139,710 Finance lease right-of-use 568 902 Others 34,717 35,471 188,547 200,615 Less: accumulated depreciation (114,184 ) (115,889 ) Land 11,891 12,811 Construction in progress 2,076 2,585 Property, plant and equipment, net $ 88,330 $ 100,122 Aggregate depreciation expenses totaled $7,827 thousand and $8,183 thousand for the six months ended June 30, 2024 and 2023, respectively. On March 26, 2024, Magnachip Semiconductor, Ltd., a Korean limited liability company (“MSK”) and indirect wholly owned subsidiary of the Company, executed a Standard Credit Agreement (together with its General Terms and Conditions, the “Loan Agreement”) with Korea Development Bank (“KDB”). In connection with the Loan Agreement, on March 26, 2024, MSK entered into a Kun-Pledge

Intangible Assets

Intangible Assets	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	4. Intangible Assets Intangible assets as of June 30, 2024 and December 31, 2023 are comprised of the following (in thousands): June 30, 2024 Gross amount Accumulated amortization Net amount Intellectual property assets $ 8,651 $ (7,331 ) $ 1,320 Intangible assets $ 8,651 $ (7,331 ) $ 1,320 December 31, 2023 Gross amount Accumulated amortization Net amount Intellectual property assets $ 9,150 $ (7,613 ) $ 1,537 Intangible assets $ 9,150 $ (7,613 ) $ 1,537 Aggregate amortization expenses for intangible assets totaled $288 thousand and $319 thousand for the six months ended June 30, 2024 and 2023, respectively.

Accrued Expenses

Accrued Expenses	6 Months Ended
	Jun. 30, 2024
Payables and Accruals [Abstract]
Accrued Expenses	5. Accrued Expenses Accrued expenses as of June 30, 2024 and December 31, 2023 are comprised of the following (in thousands): June 30, 2024 December 31, 2023 Payroll, benefits and related taxes, excluding severance benefits $ 6,060 $ 5,947 Withholding tax attributable to intercompany interest income 713 1,671 Outside service fees 1,288 1,953 Others 1,138 886 Accrued expenses $ 9,199 $ 10,457

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	6. Derivative Financial Instruments The Company’s Korean subsidiary, Magnachip Semiconductor, Ltd., from time to time has entered into zero cost collar contracts to hedge the risk of changes in the functional-currency-equivalent cash flows attributable to currency rate changes on U.S. dollar denominated revenues. Details of the zero cost collar contracts as of June 30, 2024 are as follows (in thousands): Date of transaction Total notional amount Month of settlement August 09, 2023 $ 9,000 July 2024 to September 2024 April 05, 2024 $ 18,000 October 2024 to March 2025 Details of the zero cost collar contracts as of December 31, 2023 are as follows (in thousands): Date of transaction Total notional amount Month of settlement April 03, 2023 $ 18,000 January 2024 to June 2024 August 09, 2023 $ 27,000 January 2024 to September 2024 The zero cost collar contracts qualify as cash flow hedges under ASC 815, “Derivatives and Hedging,” since at both the inception of the contracts and on an ongoing basis, the hedging relationship was and is expected to be highly effective in achieving offsetting cash flows attributable to the hedged risk during the term of the contracts. The fair values of the Company’s outstanding zero cost collar contracts recorded as assets and liabilities as of June 30, 2024 and December 31, 2023 are as follows (in thousands): Derivatives designated as hedging instruments: June 30, 2024 December 31, 2023 Asset Derivatives: Zero cost collars Other current assets $ —  $ 152 Liability Derivatives: Zero cost collars Other current liabilities $ 662 $ 1 Offsetting of derivative liabilities as of June 30, 2024 is as follows (in thousands): As of June 30, 2024 Gross amounts of recognized liabilities Gross amounts offset in the balance sheets Net amounts of liabilities presented in the balance sheets Gross amounts not offset in the balance sheets Net amount Financial instruments Cash collateral pledged Liability Derivatives: Zero cost collars $ 662 $ —  $ 662 $ —  $ (600 ) $ 62 Offsetting of derivative assets and liabilities as of December 31, 2023 is as follows (in thousands): As of December 31, 2023 Gross amounts of recognized assets/liabilities Gross amounts offset in the balance sheets Net amounts of assets/liabilities presented in the balance sheets Gross amounts not offset in the balance sheets Net amount Financial instruments Cash collateral pledged Asset Derivatives: Zero cost collars $ 152 $ —  $ 152 $ —  $ —  $ 152 Liability Derivatives: Zero cost collars $ 1 $ —  $ 1 $ —  $ —  $ 1 For derivative instruments that are designated and qualify as cash flow hedges, gains or losses on the derivative aside from components excluded from the assessment of effectiveness are reported as a component of accumulated other comprehensive income or loss (“AOCI”) and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Gains and losses on the derivative, representing hedge components excluded from the assessment of effectiveness, are recognized in current earnings. The following table summarizes the impact of derivative instruments on the consolidated statements of operations for the three months ended June 30, 2024 and 2023 (in thousands): Derivatives in ASC 815 Cash Flow Hedging Relationships Amount of Loss Recognized in AOCI on Derivatives Location/Amount of Loss Reclassified from AOCI Into Statement of Operations Location/Amount of Gain (Loss) Recognized in Statement of Operations on Derivatives Three Months Ended June 30, Three Months Ended June 30, Three Months Ended June 30, 2024 2023 2024 2023 2024 2023 Zero cost collars $ (807 ) $ (375 ) Net sales $ (527 ) $ (1,243 ) Other income, net $ 85 $ (20 ) $ (807 ) $ (375 ) $ (527 ) $ (1,243 ) $ 85 $ (20 ) The following table summarizes the impact of derivative instruments on the consolidated statements of operations for the six months ended June 30, 2024 and 2023 (in thousands): Derivatives in ASC 815 Cash Flow Hedging Relationships Amount of Loss Recognized in AOCI on Derivatives Location/Amount of Loss Reclassified from AOCI Into Statement of Operations Location/Amount of Gain (Loss) Recognized in Statement of Operations on Derivatives Six Months Ended June 30, Six Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 2024 2023 Zero cost collars $ (1,412 ) $ (1,510 ) Net sales $ (586 ) $ (1,846 ) Other income, net $ 110 $ (74 ) $ (1,412 ) $ (1,510 ) $ (586 ) $ (1,846 ) $ 110 $ (74 ) As of June 30, 2024, the amount expected to be reclassified from accumulated other comprehensive loss into loss within the next 12 months is $135 thousand. The Company has set aside a cash deposit to the counterparty, Standard Chartered Bank Korea Limited (“SC”), as required for the zero cost collar contracts. This cash deposit is recorded as hedge collateral on the consolidated balance sheets. Cash deposits as of June 30, 2024 and December 31, 2023 are as follows (in thousands): Counterparty June 30, 2024 December 31, 2023 SC $ 1,000 $ 1,000 Total $ 1,000 $ 1,000 The Company is required to deposit additional cash collateral with Nomura Financial Investment (Korea) Co., Ltd. (“NFIK”) and SC for any exposure in excess of $500 thousand, respectively. As of June 30, 2024, $600 thousand of additional cash collateral was required by SC, and recorded as hedge collateral on the consolidated balance sheet, and no such cash collateral was required as of December 31, 2023. These zero cost collar contracts may be terminated by the counterparties if the Company’s total cash and cash equivalents is less than $30,000 thousand at the end of a fiscal quarter, unless a waiver is obtained.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	7. Fair Value Measurements Fair Value of Financial Instruments As of June 30, 2024, the following table represents the Company’s liabilities measured at fair value on a recurring basis and the basis for that measurement Carrying Value June 30, 2024 Fair Value Measurement June 30, 2024 Quoted Prices in Active Markets for Identical Liability (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Liabilities: Derivative liabilities $ 662 $ 662 —  $ 662 —  As of December 31, 2023, the following table represents the Company’s assets and liabilities measured at fair value on a recurring basis and the basis for that measurement (in thousands): Carrying Value December 31, 2023 Fair Value Measurement December 31, 2023 Quoted Prices in Active Markets for Identical Liability (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Derivative assets $ 152 $ 152 —  $ 152 —  Liabilities: Derivative liabilities $ 1 $ 1 —  $ 1 —  Items not reflected in the table above include cash equivalents, accounts receivable, other receivables, accounts payable, and other accounts payable, fair value of which approximate carrying values due to the short-term nature of these instruments. The fair value of assets and liabilities whose carrying value approximates fair value is determined using Level 2 inputs.

Accrued Severance Benefits

Accrued Severance Benefits	6 Months Ended
	Jun. 30, 2024
Postemployment Benefits [Abstract]
Accrued Severance Benefits	8. Accrued Severance Benefits The majority of accrued severance benefits are for employees in the Company’s Korean subsidiaries. Pursuant to the Employee Retirement Benefit Security Act of Korea, eligible employees and executive officers with one or more years of service are entitled to severance benefits upon the termination of their employment based on their length of service and rate of pay. As of June 30, 2024, 96% of all employees of the Company were eligible for severance benefits. Changes in accrued severance benefits are as follows (in thousands): Three Months Ended Six Months Ended Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 Beginning balance $ 44,484 $ 45,932 $ 48,574 $ 48,496 Provisions 1,565 2,970 1,761 4,091 Severance payments (478 ) (1,362 ) (4,857 ) (5,728 ) Translation adjustments (1,373 ) (3,342 ) (357 ) (1,738 ) 44,198 44,198 45,121 45,121 Less: Cumulative contributions to severance insurance deposit accounts (28,412 ) (28,412 ) (24,816 ) (24,816 ) The National Pension Fund (27 ) (27 ) (30 ) (30 ) Group severance insurance plan —  —  (152 ) (152 ) Accrued severance benefits, net $ 15,759 $ 15,759 $ 20,123 $ 20,123 The severance benefits funded through the Company’s National Pension Fund and group severance insurance plan have been and will be used exclusively for payment of severance benefits to eligible employees. These amounts have been deducted from the accrued severance benefit balance. Beginning in July 2018, the Company contributes to certain severance insurance deposit accounts a certain percentage of severance benefits that are accrued for eligible employees for their services from January 1, 2018 pursuant to Employee Retirement Benefit Security Act of Korea. These accounts consist of time deposits and other guaranteed principal and interest, and are maintained at insurance companies, banks or security companies for the benefit of employees. The Company deducts the contributions made to these severance insurance deposit accounts from its accrued severance benefits. The Company is liable to pay the following future benefits to its non-executive Severance benefit Remainder of 2024 $ 302 2025 $ 319 2026 $ 534 2027 $ 379 2028 $ 3,052 2029 $ 3,456 2030 – 2034 $ 16,546 The above amounts were determined based on the non-executive non-executive Korea’s mandatory retirement age is 60 years of age or older under the Employment Promotion for the Aged Act. The Company sets the retirement age of employees at 60.

Long-Term Borrowing

Long-Term Borrowing	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Long-term Borrowings	9. Long-Term Borrowing On March 26, 2024, Magnachip Semiconductor, Ltd., a Korean limited liability company (“MSK”) and indirect wholly owned subsidiary of the Company, executed a Standard Credit Agreement (together with its General Terms and Conditions, the “Loan Agreement”) with Korea Development Bank (“KDB”). In connection with the Loan Agreement, on March 26, 2024, MSK entered into a Kun-Pledge The Loan Agreement provides for a working capital term loan (the “Term Loan”) of KRW 40,000,000,000 (approximately $29,835 thousand based on the KRW/USD exchange rate of 1,340.7:1 as of March 26, 2024 as quoted by KEB Hana Bank), which was funded in full to MSK on March 26, 2024. The Term Loan bears interest at a variable rate equal to the 3-month As of June 30, 2024, approximately $28,794 thousand aggregate principal amount of the Term Loan was outstanding.

Foreign Currency Loss, Net

Foreign Currency Loss, Net	6 Months Ended
	Jun. 30, 2024
Foreign Currency [Abstract]
Foreign Currency Loss, Net	10. Foreign Currency Loss, Net Net foreign currency gain or loss includes non-cash non-cash 1,289.4

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	11. Income Taxes The Company and its subsidiaries file income tax returns in Korea, Japan, Taiwan, the U.S. and in various other jurisdictions. The Company is subject to income or non-income For the three and six months ended June 30, 2024, the Company recorded an income tax benefit of $1,602 thousand and $2,626 thousand, respectively, primarily related to one of its operating entities in Korea based on the estimated taxable loss, offset in part by a valuation allowance established for the other operating entity in Korea as a result of its assessment of realizability of the deferred tax assets in the future. For the three and six months ended June 30, 2023, the Company recorded an income tax benefit of $2,977 thousand and $4,204 thousand, respectively, primarily related to its then primary operating entity in Korea based on the estimated taxable loss for the respective period.

Geographic and Other Informatio

Geographic and Other Information	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Geographic and Other Information	12. Geographic and Other Information The Company operates within the operating segment, standard products business, and also reports Transitional Fab 3 Foundry Services revenue. In previous reporting periods, the Company categorized revenues from two business lines in its standard products business: the Display Solutions business line and the Power Solutions business line. As part of the Reorganization, the Company regrouped its standard products business into the Mixed-Signal Solutions business line and the Power Analog Solutions business line. Accordingly, effective as of the first quarter of fiscal 2024, the Company categorizes its standard product business revenue by those two regrouped business lines. See “Note 1. Business, Basis of Presentation and Significant Accounting Policies — Business” for additional information regarding the Reorganization. Revenues for the three months ended June 30, 2023 from its previous product categories have been reclassified in order to conform to the current period presentation as follows (in thousands): MSS PAS Total Display Solutions $ 9,657 $ 9,657 $ —  $ 9,657 Power Solutions 41,718 2,700 39,018 41,718 $ 51,375 $ 12,357 $ 39,018 $ 51,375 Revenues for the six months ended June 30, 2023 from its previous product categories have been reclassified in order to conform to the current period presentation as follows (in thousands): MSS PAS Total Display Solutions $ 20,498 $ 20,498 $ —  $ 20,498 Power Solutions 82,391 4,666 77,725 82,391 $ 102,889 $ 25,164 $ 77,725 $ 102,889 The following sets forth information relating to the operating segment, standard products business, as well as the Transitional Fab 3 Foundry Services (in thousands): Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, Revenues Standard products business Mixed-Signal Solutions $ 11,595 $ 12,357 $ 20,601 $ 25,164 Power Analog Solutions 39,240 39,018 75,775 77,725 Total standard products business 50,835 51,375 96,376 102,889 Transitional Fab 3 foundry services 2,336 9,604 5,862 15,095 Total revenues $ 53,171 $ 60,979 $ 102,238 $ 117,984 Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Gross Profit Standard products business Mixed-Signal Solutions $ 4,007 $ 4,494 $ 8,026 $ 8,362 Power Analog Solutions 7,715 9,014 13,349 19,348 Total standard products business 11,722 13,508 21,375 27,710 Transitional Fab 3 foundry services (121 ) 30 (806 ) (2,078 ) Total gross profit $ 11,601 $ 13,538 $ 20,569 $ 25,632 The following is a summary of net sales—standard products business (which does not include the Transitional Fab 3 Foundry Services) by geographic region, based on the location to which the products are billed (in thousands): Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Korea $ 20,033 $ 14,394 $ 38,177 $ 30,890 Asia Pacific (other than Korea) 29,222 35,024 54,887 66,925 United States 308 236 646 1,281 Europe 1,272 1,721 2,666 3,793 Total $ 50,835 $ 51,375 $ 96,376 $ 102,889 For the three months ended June 30, 2024 and 2023, of the Company’s net sales – standard products business in Asia Pacific (other than Korea), net sales – standard products business in China and Hong Kong together represented 73.2% and 67.5%, respectively, and net sales—standard products business in Vietnam represented 9.0% and 11.3%, respectively. For the six months ended June 30, 2024 and 2023, of the Company’s net sales – standard products business in Asia Pacific (other than Korea), net sales – standard products business in China and Hong Kong represented 73.1% and 62.9%, respectively, and net sales—standard products business in Vietnam represented 7.5% and 14.4%, respectively. Net sales from the Company’s top ten largest customers in the standard products business (which does not include the Transitional Fab 3 Foundry Services) accounted for 75% and 72% for the three months ended June 30, 2024 and 2023, respectively, and 73% and 70% for the six months ended June 30, 2024 and 2023, respectively. For the three months ended June 30, 2024, the Company had two customers that represented 21.4% and 12.8% of its net sales—standard products business, respectively. For the six months ended June 30, 2024, the Company had two customers that represented 23.0% and 11.2% of its net sales—standard products business, respectively. For the three months ended June 30, 2023, the Company had two customers that represented 15.1% and 13.5% of its net sales—standard products business, respectively. For the six months ended June 30, 2023, the Company had two customers that represented 15.0% and 14.4% of its net sales—standard products business, respectively. As of June 30, 2024, one customer of the Company’s standard products business accounted for 41.4% of its accounts receivable – standard products business (which does not include the Transitional Fab 3 Foundry Services). As of December 31, 2023, three customers of the Company’s standard products business accounted for 34.9%, 14.4% and 13.9% of its accounts receivable – standard products business (which does not include the Transitional Fab 3 Foundry Services), respectively.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Accumulated Other Comprehensive Loss	13. Accumulated Other Comprehensive Loss Accumulated other comprehensive loss consists of the following as of June 30, 2024 and December 31, 2023, respectively (in thousands): June 30, 2024 December 31, 2023 Foreign currency translation adjustments $ (20,436 ) $ (15,348 ) Derivative adjustments (135 ) 691 Total $ (20,571 ) $ (14,657 ) Changes in accumulated other comprehensive loss for the three months ended June 30, 2024 and 2023 are as follows (in thousands): Three Months Ended June 30, 2024 Foreign currency translation adjustments Derivative adjustments Total Beginning balance $ (18,845 ) $ 145 $ (18,700 ) Other comprehensive loss before reclassifications (1,591 ) (807 ) (2,398 ) Amounts reclassified from accumulated other comprehensive loss —  527 527 Net current-period other comprehensive loss (1,591 ) (280 ) (1,871 ) Ending balance $ (20,436 ) $ (135 ) $ (20,571 ) Three Months Ended June 30, 2023 Foreign currency translation adjustments Derivative adjustments Total Beginning balance $ (13,236 ) $ (1,757 ) $ (14,993 ) Other comprehensive loss before reclassifications (2,285 ) (375 ) (2,660 ) Amounts reclassified from accumulated other comprehensive loss —  1,243 1,243 Net current-period other comprehensive loss (2,285 ) 868 (1,417 ) Ending balance $ (15,521 ) $ (889 ) $ (16,410 ) Changes in accumulated other comprehensive loss for the six months ended June 30, 2024 and 2023 are as follows (in thousands): Six Months Ended June 30, 2024 Foreign currency translation adjustments Derivative adjustments Total Beginning balance $ (15,348 ) $ 691 $ (14,657 ) Other comprehensive loss before reclassifications (5,088 ) (1,412 ) (6,500 ) Amounts reclassified from accumulated other comprehensive loss —  586 586 Net current-period other comprehensive loss (5,088 ) (826 ) (5,914 ) Ending balance $ (20,436 ) $ (135 ) $ (20,571 ) Six Months Ended June 30, 2023 Foreign currency translation adjustments Derivative adjustments Total Beginning balance $ (11,328 ) $ (1,225 ) $ (12,553 ) Other comprehensive loss before reclassifications (4,193 ) (1,510 ) (5,703 ) Amounts reclassified from accumulated other comprehensive loss —  1,846 1,846 Net current-period other comprehensive loss (4,193 ) 336 (3,857 ) Ending balance $ (15,521 ) $ (889 ) $ (16,410 )

Stock Repurchases

Stock Repurchases	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Stock Repurchases	14. Stock Repurchases Expanded Stock Repurchase Program On August 31, 2022, the Board of Directors authorized an expansion of the Company’s previously announced stock repurchase program from $75 million to $87.5 million of its common stock. The Company has already repurchased shares worth $37.5 million under the program through an accelerated stock repurchase agreement on December 21, 2021 with JPMorgan Chase Bank, National Association. The remaining $50 million of the expanded $87.5 million program was planned to be repurchased in the open market or through privately negotiated transactions. From September 2022 to December 2022, the Company repurchased 1,235,650 shares of its common stock in the open market for an aggregate purchase price of $12.5 million and a weighted average price per share of $10.13 under the stock repurchase program. During the first half of 2023, the Company repurchased 3,705,443 shares of its common stock in the open market for an aggregate purchase price of $37.4 million and a weighted average price per share of $10.10 under the expanded stock repurchase program. As of the end of June 2023, the Company had completed the repurchase of its common stock under its expanded stock repurchase program. New Stock Repurchase Program On July 19, 2023, the Board of Directors authorized a new $50 million stock buyback program. Purchases have been and will be made in the open market or in privately negotiated transactions, depending upon market conditions and other factors. From August 2023 to December 2023, the Company repurchased 1,730,173 shares of its common stock in the open market for an aggregate purchase price of $13.6 million and a weighted average price per share of $7.84 under the new stock repurchase program. During the first half of 2024, the Company repurchased 1,097,435 shares of its common stock in the open market for an aggregate purchase price of $6.4 million and a weighted average price per share of $5.86 under the new stock repurchase program. In July 2024, the Company repurchased 350,465 shares of its common stock in the open market for an aggregate purchase price of $1.7 million and a weighted average price per share of $4.91 under the new stock repurchase program.

Loss Per Share

Loss Per Share	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Loss Per Share	15. Loss Per Share The following table illustrates the computation of basic and diluted loss per common share for the three and six months ended June 30, 2024 and 2023: Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 (In thousands of U.S. dollars, except share data) Basic loss per share Net loss $ (12,997 ) $ (3,947 ) $ (28,414 ) $ (25,417 ) Basic weighted average common stock outstanding 38,174,920 41,741,310 38,359,851 42,561,514 Basic loss per common share $ (0.34 ) $ (0.09 ) $ (0.74 ) $ (0.60 ) Diluted loss per share Net loss $ (12,997 ) $ (3,947 ) $ (28,414 ) $ (25,417 ) Basic weighted average common stock outstanding 38,174,920 41,741,310 38,359,851 42,561,514 Net effect of dilutive equity awards —  —  —  —  Diluted weighted average common stock outstanding 38,174,920 41,741,310 38,359,851 42,561,514 Diluted loss per share $ (0.34 ) $ (0.09 ) $ (0.74 ) $ (0.60 ) Diluted loss per share adjusts basic loss per share for the potentially dilutive impact of stock options and restricted stock units. As the Company has reported loss for the three and six months ended June 30, 2024 and 2023, all potentially dilutive securities are antidilutive and accordingly not considered, therefore basic net loss per share equals diluted net loss per share. The following outstanding instruments were excluded from the computation of diluted loss per share, as they have an anti-dilutive effect on the calculation: Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Options 757,158 903,558 757,158 903,558 Restricted Stock Units 2,476,131 1,538,791 2,476,131 1,538,791

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	16. Commitments and Contingencies Advances to Suppliers The Company, from time to time, may make advances in form of prepayments or deposits to suppliers, including external foundries, to meet its planned production. The Company recorded advances of $2,428 thousand and $3,883 thousand as other current assets as of June 30, 2024 and December 31, 2023, respectively.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	17. Subsequent Events Derivative contracts In July 2024, the Company and SC entered into derivative contracts of zero cost collars for the period from April 2025 to June 2025. The total notional amounts are $9,000 thousand. In July 2024, the Company and NFIK entered into derivative contracts of zero cost collars for the period from July 2025 to September 2025. The total notional amounts are $9,000 thousand.

Business, Basis of Presentati_2

Business, Basis of Presentation and Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Business	Business Magnachip Semiconductor Corporation (together with its subsidiaries, the “Company”) is a designer and manufacturer of analog and mixed-signal semiconductor platform solutions for communication, Internet of Things (“IoT”), consumer, computing, industrial and automotive applications. The Company’s standard products business consists of two business lines: one is the Mixed-Signal Solutions (“MSS”) business line, which comprises the display integrated circuit (“IC”) and power IC businesses that are fabless, and the other is the Power Analog Solutions (“PAS”) business line, which comprises the power discrete business which is an integrated device manufacturing (“IDM”) business. Display IC products provide panel display solutions to major suppliers of large and small rigid and flexible panel displays, and a wide range of applications, including smartphones, televisions, automotive and IT applications, such as monitors, notebook PCs and tablet PCs, as well as AR/VRs. Power IC products provide power IC solutions to major television suppliers and large panel display suppliers. The PAS business line produces power management semiconductor products, including power discrete solutions for power management in communication, consumer, computing, servers, automotive and industrial applications. On September 1, 2020, the Company completed the sale of the Company’s Foundry Services Group business and its fabrication facility located in Cheongju, Korea, known as “Fab 4”, to SK keyfoundry Inc., a Korean company (“SK keyfoundry”). Following the consummation of the sale, the Company provided SK keyfoundry with transitional foundry services associated with its fabrication facility located in Gumi, Korea, known as “Fab 3”, at an agreed upon cost plus mark-up On May 30, 2023, the Company announced a plan to regroup the business lines in its standard products business, originally grouped as Display Solutions and Power Solutions business lines, into MSS and PAS business lines to better align its product strategies (the “Reorganization”). On January 10, 2024, the Company transferred the MSS business line into a newly formed Korean limited liability company named “Magnachip Mixed-Signal, Ltd.” Currently, the MSS business line is primarily operated by Magnachip Mixed-Signal, Ltd., and the PAS business line is primarily operated by Magnachip Semiconductor, Ltd., Magnachip’s already existing Korean operating company. Both companies are indirect wholly owned subsidiaries of the Company.
Basis of Presentation	Basis of Presentation The accompanying unaudited interim consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). These interim consolidated financial statements include normal recurring adjustments and the elimination of all intercompany accounts and transactions which are, in the opinion of management, necessary to provide a fair statement of the Company’s financial condition and results of operations for the periods presented. These interim consolidated financial statements are presented in accordance with Accounting Standards Codification (“ASC”) 270, “Interim Reporting” and, accordingly, do not include all of the information and note disclosures required by U.S. GAAP for complete financial statements, except for the changes below. The results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of the results to be expected for a full year or for any other periods. The December 31, 2023 balance sheet data was derived from the Company’s audited financial statements, but does not include all disclosures required by U.S. GAAP. The interim consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K There have been no material changes to the Company’s significant 10-K
Recent Accounting Pronouncements Not Yet Adopted	Recent Accounting Pronouncements Not Yet Adopted In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, In December 2023, the FASB issued ASU No. 2023-09, (“ASU 2023-09”), 2023-09

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2024
Inventory Disclosure [Abstract]
Summary of Inventories	Inventories as of June 30, 2024 and December 31, 2023 consist of the following (in thousands): June 30, 2024 December 31, 2023 Finished goods $ 7,513 $ 8,432 Semi-finished goods and work-in-process 30,911 29,339 Raw materials 4,480 5,543 Materials in-transit 420 18 Less: inventory reserve (8,541 ) (10,599 ) Inventories, net $ 34,783 $ 32,733
Changes in Inventory Reserve	Changes in inventory reserve for the three and six months ended June 30, 2024 and 2023 are as follows (in thousands): Three Months Ended Six Months Ended Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 Beginning balance $ (8,947 ) $ (10,599 ) $ (14,941 ) $ (14,677 ) Change in reserve Inventory reserve charged to costs of sales (1,411 ) (2,961 ) (2,023 ) (4,607 ) Sale of previously reserved inventory 1,466 4,127 2,047 3,523 55 1,166 24 (1,084 ) Write off 61 327 67 482 Translation adjustments 290 565 105 534 Ending balance $ (8,541 ) $ (8,541 ) $ (14,745 ) $ (14,745 )

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	6 Months Ended
	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
Summary of Property, Plant and Equipment	Property, plant and equipment as of June 30, 2024 and December 31, 2023 are comprised of the following (in thousands): June 30, 2024 December 31, 2023 Buildings and related structures $ 22,770 $ 24,532 Machinery and equipment 130,492 139,710 Finance lease right-of-use 568 902 Others 34,717 35,471 188,547 200,615 Less: accumulated depreciation (114,184 ) (115,889 ) Land 11,891 12,811 Construction in progress 2,076 2,585 Property, plant and equipment, net $ 88,330 $ 100,122

Intangible Assets (Tables)

Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Intangible Assets	Intangible assets as of June 30, 2024 and December 31, 2023 are comprised of the following (in thousands): June 30, 2024 Gross amount Accumulated amortization Net amount Intellectual property assets $ 8,651 $ (7,331 ) $ 1,320 Intangible assets $ 8,651 $ (7,331 ) $ 1,320 December 31, 2023 Gross amount Accumulated amortization Net amount Intellectual property assets $ 9,150 $ (7,613 ) $ 1,537 Intangible assets $ 9,150 $ (7,613 ) $ 1,537

Accrued Expenses (Tables)

Accrued Expenses (Tables)	6 Months Ended
	Jun. 30, 2024
Payables and Accruals [Abstract]
Summary of Accrued Expenses	Accrued expenses as of June 30, 2024 and December 31, 2023 are comprised of the following (in thousands): June 30, 2024 December 31, 2023 Payroll, benefits and related taxes, excluding severance benefits $ 6,060 $ 5,947 Withholding tax attributable to intercompany interest income 713 1,671 Outside service fees 1,288 1,953 Others 1,138 886 Accrued expenses $ 9,199 $ 10,457

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Details of Derivative Contracts	Details of the zero cost collar contracts as of June 30, 2024 are as follows (in thousands): Date of transaction Total notional amount Month of settlement August 09, 2023 $ 9,000 July 2024 to September 2024 April 05, 2024 $ 18,000 October 2024 to March 2025 Details of the zero cost collar contracts as of December 31, 2023 are as follows (in thousands): Date of transaction Total notional amount Month of settlement April 03, 2023 $ 18,000 January 2024 to June 2024 August 09, 2023 $ 27,000 January 2024 to September 2024
Fair Values of Outstanding Zero Cost Collar and Forward Contracts Recorded as Assets and Liabilities	The fair values of the Company’s outstanding zero cost collar contracts recorded as assets and liabilities as of June 30, 2024 and December 31, 2023 are as follows (in thousands): Derivatives designated as hedging instruments: June 30, 2024 December 31, 2023 Asset Derivatives: Zero cost collars Other current assets $ —  $ 152 Liability Derivatives: Zero cost collars Other current liabilities $ 662 $ 1
Offsetting of Derivative Assets and Liabilities	Offsetting of derivative liabilities as of June 30, 2024 is as follows (in thousands): As of June 30, 2024 Gross amounts of recognized liabilities Gross amounts offset in the balance sheets Net amounts of liabilities presented in the balance sheets Gross amounts not offset in the balance sheets Net amount Financial instruments Cash collateral pledged Liability Derivatives: Zero cost collars $ 662 $ —  $ 662 $ —  $ (600 ) $ 62 Offsetting of derivative assets and liabilities as of December 31, 2023 is as follows (in thousands): As of December 31, 2023 Gross amounts of recognized assets/liabilities Gross amounts offset in the balance sheets Net amounts of assets/liabilities presented in the balance sheets Gross amounts not offset in the balance sheets Net amount Financial instruments Cash collateral pledged Asset Derivatives: Zero cost collars $ 152 $ —  $ 152 $ —  $ —  $ 152 Liability Derivatives: Zero cost collars $ 1 $ —  $ 1 $ —  $ —  $ 1
Impact of Derivative Instruments on Consolidated Statement of Operations	The following table summarizes the impact of derivative instruments on the consolidated statements of operations for the three months ended June 30, 2024 and 2023 (in thousands): Derivatives in ASC 815 Cash Flow Hedging Relationships Amount of Loss Recognized in AOCI on Derivatives Location/Amount of Loss Reclassified from AOCI Into Statement of Operations Location/Amount of Gain (Loss) Recognized in Statement of Operations on Derivatives Three Months Ended June 30, Three Months Ended June 30, Three Months Ended June 30, 2024 2023 2024 2023 2024 2023 Zero cost collars $ (807 ) $ (375 ) Net sales $ (527 ) $ (1,243 ) Other income, net $ 85 $ (20 ) $ (807 ) $ (375 ) $ (527 ) $ (1,243 ) $ 85 $ (20 ) The following table summarizes the impact of derivative instruments on the consolidated statements of operations for the six months ended June 30, 2024 and 2023 (in thousands): Derivatives in ASC 815 Cash Flow Hedging Relationships Amount of Loss Recognized in AOCI on Derivatives Location/Amount of Loss Reclassified from AOCI Into Statement of Operations Location/Amount of Gain (Loss) Recognized in Statement of Operations on Derivatives Six Months Ended June 30, Six Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 2024 2023 Zero cost collars $ (1,412 ) $ (1,510 ) Net sales $ (586 ) $ (1,846 ) Other income, net $ 110 $ (74 ) $ (1,412 ) $ (1,510 ) $ (586 ) $ (1,846 ) $ 110 $ (74 )
Summary Of Cash Deposits	This cash deposit is recorded as hedge collateral on the consolidated balance sheets. Cash deposits as of June 30, 2024 and December 31, 2023 are as follows (in thousands): Counterparty June 30, 2024 December 31, 2023 SC $ 1,000 $ 1,000 Total $ 1,000 $ 1,000

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis	As of June 30, 2024, the following table represents the Company’s liabilities measured at fair value on a recurring basis and the basis for that measurement Carrying Value June 30, 2024 Fair Value Measurement June 30, 2024 Quoted Prices in Active Markets for Identical Liability (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Liabilities: Derivative liabilities $ 662 $ 662 —  $ 662 —  As of December 31, 2023, the following table represents the Company’s assets and liabilities measured at fair value on a recurring basis and the basis for that measurement (in thousands): Carrying Value December 31, 2023 Fair Value Measurement December 31, 2023 Quoted Prices in Active Markets for Identical Liability (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Derivative assets $ 152 $ 152 —  $ 152 —  Liabilities: Derivative liabilities $ 1 $ 1 —  $ 1 —

Accrued Severance Benefits (Tab

Accrued Severance Benefits (Tables)	6 Months Ended
	Jun. 30, 2024
Postemployment Benefits [Abstract]
Changes in Accrued Severance Benefits	Changes in accrued severance benefits are as follows (in thousands): Three Months Ended Six Months Ended Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 Beginning balance $ 44,484 $ 45,932 $ 48,574 $ 48,496 Provisions 1,565 2,970 1,761 4,091 Severance payments (478 ) (1,362 ) (4,857 ) (5,728 ) Translation adjustments (1,373 ) (3,342 ) (357 ) (1,738 ) 44,198 44,198 45,121 45,121 Less: Cumulative contributions to severance insurance deposit accounts (28,412 ) (28,412 ) (24,816 ) (24,816 ) The National Pension Fund (27 ) (27 ) (30 ) (30 ) Group severance insurance plan —  —  (152 ) (152 ) Accrued severance benefits, net $ 15,759 $ 15,759 $ 20,123 $ 20,123
Future Benefits Payments to Employees	The Company is liable to pay the following future benefits to its non-executive Severance benefit Remainder of 2024 $ 302 2025 $ 319 2026 $ 534 2027 $ 379 2028 $ 3,052 2029 $ 3,456 2030 – 2034 $ 16,546

Geographic and Other Informat_2

Geographic and Other Information (Tables)	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Schedule of Product Categories	Revenues for the three months ended June 30, 2023 from its previous product categories have been reclassified in order to conform to the current period presentation as follows (in thousands): MSS PAS Total Display Solutions $ 9,657 $ 9,657 $ —  $ 9,657 Power Solutions 41,718 2,700 39,018 41,718 $ 51,375 $ 12,357 $ 39,018 $ 51,375 Revenues for the six months ended June 30, 2023 from its previous product categories have been reclassified in order to conform to the current period presentation as follows (in thousands): MSS PAS Total Display Solutions $ 20,498 $ 20,498 $ —  $ 20,498 Power Solutions 82,391 4,666 77,725 82,391 $ 102,889 $ 25,164 $ 77,725 $ 102,889
Schedule of Operating Segments	The following sets forth information relating to the operating segment, standard products business, as well as the Transitional Fab 3 Foundry Services (in thousands): Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, Revenues Standard products business Mixed-Signal Solutions $ 11,595 $ 12,357 $ 20,601 $ 25,164 Power Analog Solutions 39,240 39,018 75,775 77,725 Total standard products business 50,835 51,375 96,376 102,889 Transitional Fab 3 foundry services 2,336 9,604 5,862 15,095 Total revenues $ 53,171 $ 60,979 $ 102,238 $ 117,984 Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Gross Profit Standard products business Mixed-Signal Solutions $ 4,007 $ 4,494 $ 8,026 $ 8,362 Power Analog Solutions 7,715 9,014 13,349 19,348 Total standard products business 11,722 13,508 21,375 27,710 Transitional Fab 3 foundry services (121 ) 30 (806 ) (2,078 ) Total gross profit $ 11,601 $ 13,538 $ 20,569 $ 25,632
Net Sales by Region, Based on Location of Products are Billed	The following is a summary of net sales—standard products business (which does not include the Transitional Fab 3 Foundry Services) by geographic region, based on the location to which the products are billed (in thousands): Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Korea $ 20,033 $ 14,394 $ 38,177 $ 30,890 Asia Pacific (other than Korea) 29,222 35,024 54,887 66,925 United States 308 236 646 1,281 Europe 1,272 1,721 2,666 3,793 Total $ 50,835 $ 51,375 $ 96,376 $ 102,889

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Loss	Accumulated other comprehensive loss consists of the following as of June 30, 2024 and December 31, 2023, respectively (in thousands): June 30, 2024 December 31, 2023 Foreign currency translation adjustments $ (20,436 ) $ (15,348 ) Derivative adjustments (135 ) 691 Total $ (20,571 ) $ (14,657 )
Changes in Accumulated Other Comprehensive Loss	Changes in accumulated other comprehensive loss for the three months ended June 30, 2024 and 2023 are as follows (in thousands): Three Months Ended June 30, 2024 Foreign currency translation adjustments Derivative adjustments Total Beginning balance $ (18,845 ) $ 145 $ (18,700 ) Other comprehensive loss before reclassifications (1,591 ) (807 ) (2,398 ) Amounts reclassified from accumulated other comprehensive loss —  527 527 Net current-period other comprehensive loss (1,591 ) (280 ) (1,871 ) Ending balance $ (20,436 ) $ (135 ) $ (20,571 ) Three Months Ended June 30, 2023 Foreign currency translation adjustments Derivative adjustments Total Beginning balance $ (13,236 ) $ (1,757 ) $ (14,993 ) Other comprehensive loss before reclassifications (2,285 ) (375 ) (2,660 ) Amounts reclassified from accumulated other comprehensive loss —  1,243 1,243 Net current-period other comprehensive loss (2,285 ) 868 (1,417 ) Ending balance $ (15,521 ) $ (889 ) $ (16,410 ) Changes in accumulated other comprehensive loss for the six months ended June 30, 2024 and 2023 are as follows (in thousands): Six Months Ended June 30, 2024 Foreign currency translation adjustments Derivative adjustments Total Beginning balance $ (15,348 ) $ 691 $ (14,657 ) Other comprehensive loss before reclassifications (5,088 ) (1,412 ) (6,500 ) Amounts reclassified from accumulated other comprehensive loss —  586 586 Net current-period other comprehensive loss (5,088 ) (826 ) (5,914 ) Ending balance $ (20,436 ) $ (135 ) $ (20,571 ) Six Months Ended June 30, 2023 Foreign currency translation adjustments Derivative adjustments Total Beginning balance $ (11,328 ) $ (1,225 ) $ (12,553 ) Other comprehensive loss before reclassifications (4,193 ) (1,510 ) (5,703 ) Amounts reclassified from accumulated other comprehensive loss —  1,846 1,846 Net current-period other comprehensive loss (4,193 ) 336 (3,857 ) Ending balance $ (15,521 ) $ (889 ) $ (16,410 )

Loss Per Share (Tables)

Loss Per Share (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Loss Per Common Share	The following table illustrates the computation of basic and diluted loss per common share for the three and six months ended June 30, 2024 and 2023: Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 (In thousands of U.S. dollars, except share data) Basic loss per share Net loss $ (12,997 ) $ (3,947 ) $ (28,414 ) $ (25,417 ) Basic weighted average common stock outstanding 38,174,920 41,741,310 38,359,851 42,561,514 Basic loss per common share $ (0.34 ) $ (0.09 ) $ (0.74 ) $ (0.60 ) Diluted loss per share Net loss $ (12,997 ) $ (3,947 ) $ (28,414 ) $ (25,417 ) Basic weighted average common stock outstanding 38,174,920 41,741,310 38,359,851 42,561,514 Net effect of dilutive equity awards —  —  —  —  Diluted weighted average common stock outstanding 38,174,920 41,741,310 38,359,851 42,561,514 Diluted loss per share $ (0.34 ) $ (0.09 ) $ (0.74 ) $ (0.60 )
Schedule of Antidilutive Securities Excluded from the Computation of Loss Per Common Share	The following outstanding instruments were excluded from the computation of diluted loss per share, as they have an anti-dilutive effect on the calculation: Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Options 757,158 903,558 757,158 903,558 Restricted Stock Units 2,476,131 1,538,791 2,476,131 1,538,791

Inventories - Summary of Invent

Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Finished goods	$ 7,513		$ 8,432
Semi-finished goods and work-in-process	30,911		29,339
Raw materials	4,480		5,543
Materials in-transit	420		18
Less: inventory reserve	(8,541)	$ (8,947)	(10,599)	$ (14,745)	$ (14,941)	$ (14,677)
Inventories, net	$ 34,783		$ 32,733

Inventories - Changes in Invent

Inventories - Changes in Inventory Reserve (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Changes In Inventory Reserve [Abstract]
Beginning balance	$ (8,947)	$ (14,941)	$ (10,599)	$ (14,677)
Change in reserve [Abstract]
Inventory reserve charged to costs of sales	(1,411)	(2,023)	(2,961)	(4,607)
Sale of previously reserved inventory	1,466	2,047	4,127	3,523
Change in reserve	55	24	1,166	(1,084)
Write off	61	67	327	482
Translation adjustments	290	105	565	534
Ending balance	$ (8,541)	$ (14,745)	$ (8,541)	$ (14,745)

Property, Plant and Equipment -

Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Property, Plant and Equipment [Line Items]
Depreciation expenses	$ 7,827	$ 8,183

Property, Plant and Equipment_2

Property, Plant and Equipment - Summary of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 188,547	$ 200,615
Less: accumulated depreciation	(114,184)	(115,889)
Land	11,891	12,811
Construction in progress	2,076	2,585
Property, plant and equipment, net	88,330	100,122
Buildings and Related Structures [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	22,770	24,532
Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	130,492	139,710
Finance Lease Right-of-Use Assets [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	568	902
Others [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 34,717	$ 35,471

Intangible Assets - Additional

Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense for intangible assets	$ 288	$ 319

Intangible Assets - Summary of

Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Intangible asset, Gross amount	$ 8,651	$ 9,150
Accumulated amortization	(7,331)	(7,613)
Intangible asset, Net amount	1,320	1,537
Intellectual Property Assets [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible asset, Gross amount	8,651	9,150
Accumulated amortization	(7,331)	(7,613)
Intangible asset, Net amount	$ 1,320	$ 1,537

Accrued Expenses - Summary of A

Accrued Expenses - Summary of Accrued Expenses (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Payroll, benefits and related taxes, excluding severance benefits	$ 6,060	$ 5,947
Withholding tax attributable to intercompany interest income	713	1,671
Outside service fees	1,288	1,953
Others	1,138	886
Accrued expenses	$ 9,199	$ 10,457

Derivative Financial Instrume_3

Derivative Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Derivative [Line Items]
Estimated amount reclassified from accumulated other comprehensive income into income	$ 135
Zero Cost Collar and Forward Contracts [Member] | Nomura Financial Investment (Korea) Co., Ltd. [Member]
Derivative [Line Items]
Threshold amount of cash collateral	500	$ 500
Cash collateral for credit exposure in derivatives	600	$ 600
Termination provisions for cash and cash equivalents	$ 30,000

Derivative Financial Instrume_4

Derivative Financial Instruments - Details of Derivative Contracts (Detail) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Zero Cost Collar One [Member]
Derivative [Line Items]
Date of transaction	Aug. 09, 2023	Apr. 03, 2023
Total notional amount	$ 9,000	$ 18,000
Month of settlement, start	2024-07	2024-01
Month of settlement, end	2024-09	2024-06
Zero Cost Collar Two [Member]
Derivative [Line Items]
Date of transaction	Apr. 05, 2024	Aug. 09, 2023
Total notional amount	$ 18,000	$ 27,000
Month of settlement, start	2024-10	2024-01
Month of settlement, end	2025-03	2024-09

Derivative Financial Instrume_5

Derivative Financial Instruments - Fair Values of Outstanding Zero Cost Collar and Forward Contracts Recorded as Assets and Liabilities (Detail) - Zero Cost Collars [Member] - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Asset Derivatives:
Other current assets	$ 0	$ 152
Liability Derivatives:
Other current liabilities	$ 662	$ 1

Derivative Financial Instrume_6

Derivative Financial Instruments - Offsetting of Derivative Assets and Liabilities (Detail) - Zero Cost Collars [Member] - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Asset Derivatives:
Gross amounts of recognized assets		$ 152
Gross amounts offset in the balance sheets		0
Net amounts of liabilities presented in the balance sheets	$ 0	152
Gross amounts not offset in the balance sheets, Financial instruments		0
Gross amounts not offset in the balance sheets, Cash collateral pledged		0
Net amount		152
Liability Derivatives:
Gross amounts of recognized liabilities	662	1
Gross amounts offset in the balance sheets	0	0
Net amounts of liabilities presented in the balance sheets	662	1
Gross amounts not offset in the balance sheets, Financial instruments	0	0
Gross amounts not offset in the balance sheets, Cash collateral pledged	(600)	0
Net amount	$ 62	$ 1

Derivative Financial Instrume_7

Derivative Financial Instruments - Impact of Derivative Instruments on Consolidated Statement of Operations (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivative [Line Items]
Location/Amount of Loss Reclassified from AOCI Into Statement of Operations (Effective Portion)	$ 527	$ 1,243	$ 586	$ 1,846
Cash Flow Hedging [Member]
Derivative [Line Items]
Amount of Loss Recognized in AOCI on Derivatives (Effective Portion)	(807)	(375)	(1,412)	(1,510)
Location/Amount of Loss Reclassified from AOCI Into Statement of Operations (Effective Portion)	(527)	(1,243)	(586)	(1,846)
Cash Flow Hedging [Member] | Other income, net [Member]
Derivative [Line Items]
Location/Amount of Gain (Loss) Recognized in Statement of Operations on Derivatives (Effective Portion)	85	(20)	110	(74)
Zero Cost Collars [Member] | Cash Flow Hedging [Member]
Derivative [Line Items]
Amount of Loss Recognized in AOCI on Derivatives (Effective Portion)	(807)	(375)	(1,412)	(1,510)
Location/Amount of Loss Reclassified from AOCI Into Statement of Operations (Effective Portion)	(527)	(1,243)	(586)	(1,846)
Zero Cost Collars [Member] | Cash Flow Hedging [Member] | Other income, net [Member]
Derivative [Line Items]
Location/Amount of Gain (Loss) Recognized in Statement of Operations on Derivatives (Effective Portion)	$ 85	$ (20)	$ 110	$ (74)

Derivative Financial Instrume_8

Derivative Financial Instruments - Cash deposits (Detail) - Zero Cost Collar And Forward Contracts [Member] - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Deposit Assets [Line Items]
Deposit with counterparty	$ 1,000	$ 1,000
SC [Member]
Deposit Assets [Line Items]
Deposit with counterparty	$ 1,000	$ 1,000

Fair Value Measurements - Finan

Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Carrying Value [Member]
Assets:
Derivative assets		$ 152
Liabilities:
Derivative liabilities	$ 662	1
Estimate of Fair Value Measurement [Member]
Assets:
Derivative assets		$ 152
Derivative Asset, Statement of Financial Position [Extensible Enumeration]		Other Assets, Current
Liabilities:
Derivative liabilities	$ 662	$ 1
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Current	Other Liabilities, Current
Significant Other Observable Inputs (Level 2) [Member]
Assets:
Derivative assets		$ 152
Liabilities:
Derivative liabilities	$ 662	$ 1

Accrued Severance Benefits - Ad

Accrued Severance Benefits - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2024
Percentage of employees eligible for severance benefits	96%
Retirement age of employees	60 years
Korea [Member] | Minimum [Member]
Korea's mandatory retirement age	60 years

Accrued Severance Benefits - Ch

Accrued Severance Benefits - Changes in Accrued Severance Benefits (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Postemployment Benefits [Abstract]
Beginning balance	$ 44,484	$ 48,574	$ 45,932	$ 48,496
Provisions	1,565	1,761	2,970	4,091
Severance payments	(478)	(4,857)	(1,362)	(5,728)
Translation adjustments	(1,373)	(357)	(3,342)	(1,738)
Ending balance	44,198	45,121	44,198	45,121
Less: Cumulative contributions to severance insurance deposit accounts	(28,412)	(24,816)	(28,412)	(24,816)
The National Pension Fund	(27)	(30)	(27)	(30)
Group severance insurance plan	0	(152)	0	(152)
Accrued severance benefits, net	$ 15,759	$ 20,123	$ 15,759	$ 20,123	$ 16,020

Accrued Severance Benefits - Fu

Accrued Severance Benefits - Future Benefits Payments to Employees (Detail) $ in Thousands	Jun. 30, 2024 USD ($)
Postemployment Benefits [Abstract]
Remainder of 2024	$ 302
2025	319
2026	534
2027	379
2028	3,052
2029	3,456
2030 – 2034	$ 16,546

Long-Term Borrowing - Additiona

Long-Term Borrowing - Additional Information (Detail) $ in Thousands	Mar. 26, 2024 KRW (₩)	Jun. 30, 2024 USD ($)	Mar. 26, 2024 USD ($)	Dec. 31, 2023
Schedule of Capitalization, Long-Term Debt [Line Items]
Loan, held-in-portfolio, principal outstanding, total		$ 28,794
Foreign currency exchange rate, translation		1,389.2		1,289.4
Working Capital Term Loan [Member]
Schedule of Capitalization, Long-Term Debt [Line Items]
Debt instrument, maturity date	Mar. 26, 2027
Debt instrument, interest rate, effective percentage	4.86%		4.86%
Foreign currency exchange rate, translation	1,340.7		1,340.7
Debt instrument, face amount			$ 29,835
Working Capital Term Loan [Member] | Korea (South), Won
Schedule of Capitalization, Long-Term Debt [Line Items]
Debt instrument, basis spread on variable rate	1.21%
Debt instrument, face amount | ₩	₩ 40,000,000,000

Foreign Currency Loss, Net - Ad

Foreign Currency Loss, Net - Additional Information (Detail) $ in Thousands	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Foreign Currency Transaction [Abstract]
Exchange rates using first base rate	1,389.2	1,289.4
Intercompany loan balances	$ 261,515	$ 285,136

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Contingency [Line Items]
Income tax expenses (benefits)	$ 1,602	$ 2,977	$ 2,626	$ 4,204

Geographic and Other Informat_3

Geographic and Other Information - Additional Information (Detail)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Customer Concentration Risk [Member] | Net Sales [Member] | Top Ten Customers [Member] | Standard products business [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	75%	72%	73%	70%
Customer Concentration Risk [Member] | Net Sales [Member] | Top Customer One [Member] | Standard products business [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	21.40%	15.10%	23%	15%
Customer Concentration Risk [Member] | Net Sales [Member] | Top Customer Two [Member] | Standard products business [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	12.80%	13.50%	11.20%	14.40%
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Top Customer One [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage			41.40%		34.90%
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Top Customer Two [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage					14.40%
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Top Customer Three [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage					13.90%
Geographic Concentration Risk [Member] | Net Sales [Member] | Asia Pacific Other Than Korea [Member] | Standard products business [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	73.20%		73.10%
Geographic Concentration Risk [Member] | Net Sales [Member] | China And Hong Kong [Member] | Standard products business [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage		67.50%		62.90%
Geographic Concentration Risk [Member] | Net Sales [Member] | Vietnam [Member] | Standard products business [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	9%	11.30%	7.50%	14.40%

Geographic and Other Informat_4

Geographic and Other Information - Schedule of Product Categories (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information by Segment for Current Period Presentation [Line Items]
Total revenues	$ 53,171	$ 60,979	$ 102,238	$ 117,984
Standard products business [Member]
Segment Reporting Information by Segment for Current Period Presentation [Line Items]
Total revenues	$ 50,835	51,375	$ 96,376	102,889
Standard products business [Member] | Display Solutions [Member]
Segment Reporting Information by Segment for Current Period Presentation [Line Items]
Total revenues		9,657		20,498
Standard products business [Member] | Power Solutions [Member]
Segment Reporting Information by Segment for Current Period Presentation [Line Items]
Total revenues		41,718		82,391
Standard products business [Member] | Power Analog Solutions Business [Member]
Segment Reporting Information by Segment for Current Period Presentation [Line Items]
Total revenues		51,375		102,889
Standard products business [Member] | Power Analog Solutions Business [Member] | Display Solutions [Member]
Segment Reporting Information by Segment for Current Period Presentation [Line Items]
Total revenues		9,657		20,498
Standard products business [Member] | Power Analog Solutions Business [Member] | Power Solutions [Member]
Segment Reporting Information by Segment for Current Period Presentation [Line Items]
Total revenues		41,718		82,391
Standard products business [Member] | Mixed Signal Solutions Business [Member]
Segment Reporting Information by Segment for Current Period Presentation [Line Items]
Total revenues		12,357		25,164
Standard products business [Member] | Mixed Signal Solutions Business [Member] | Display Solutions [Member]
Segment Reporting Information by Segment for Current Period Presentation [Line Items]
Total revenues		9,657		20,498
Standard products business [Member] | Mixed Signal Solutions Business [Member] | Power Solutions [Member]
Segment Reporting Information by Segment for Current Period Presentation [Line Items]
Total revenues		2,700		4,666
Standard products business [Member] | Other Solutions Business [Member]
Segment Reporting Information by Segment for Current Period Presentation [Line Items]
Total revenues		39,018		77,725
Standard products business [Member] | Other Solutions Business [Member] | Display Solutions [Member]
Segment Reporting Information by Segment for Current Period Presentation [Line Items]
Total revenues		0		0
Standard products business [Member] | Other Solutions Business [Member] | Power Solutions [Member]
Segment Reporting Information by Segment for Current Period Presentation [Line Items]
Total revenues		$ 39,018		$ 77,725

Geographic and Other Informat_5

Geographic and Other Information - Schedule of Operating Segment (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Total revenues	$ 53,171	$ 60,979	$ 102,238	$ 117,984
Total gross profit	11,601	13,538	20,569	25,632
Standard products business [Member]
Segment Reporting Information [Line Items]
Total revenues	50,835	51,375	96,376	102,889
Total gross profit	11,722	13,508	21,375	27,710
Standard products business [Member] | Mixed-Signal Solutions [Member]
Segment Reporting Information [Line Items]
Total gross profit	4,007	4,494	8,026	8,362
Standard products business [Member] | Power Analog Solutions [Member]
Segment Reporting Information [Line Items]
Total gross profit	7,715	9,014	13,349	19,348
Fab 3 Foundry Services [Member]
Segment Reporting Information [Line Items]
Total revenues	2,336	9,604	5,862	15,095
Total gross profit	(121)	30	(806)	(2,078)
Operating Segments [Member] | Standard products business [Member]
Segment Reporting Information [Line Items]
Total revenues	50,835	51,375	96,376	102,889
Operating Segments [Member] | Standard products business [Member] | Mixed-Signal Solutions [Member]
Segment Reporting Information [Line Items]
Total revenues	11,595	12,357	20,601	25,164
Operating Segments [Member] | Standard products business [Member] | Power Analog Solutions [Member]
Segment Reporting Information [Line Items]
Total revenues	$ 39,240	$ 39,018	$ 75,775	$ 77,725

Geographic and Other Informat_6

Geographic and Other Information - Net Sales by Region, Based on Location of Products are Billed (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	$ 53,171	$ 60,979	$ 102,238	$ 117,984
Standard products business [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	50,835	51,375	96,376	102,889
Standard products business [Member] | Korea [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	20,033	14,394	38,177	30,890
Standard products business [Member] | Asia Pacific (Other Than Korea) [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	29,222	35,024	54,887	66,925
Standard products business [Member] | United States [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	308	236	646	1,281
Standard products business [Member] | Europe [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	$ 1,272	$ 1,721	$ 2,666	$ 3,793

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss - Schedule of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Equity [Abstract]
Foreign currency translation adjustments	$ (20,436)	$ (15,348)
Derivative adjustments	(135)	691
Total	$ (20,571)	$ (14,657)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance beginning	$ 321,885	$ 393,353	$ 344,598	$ 428,153
Total other comprehensive loss	(1,871)	(1,417)	(5,914)	(3,857)
Balance ending	305,848	364,292	305,848	364,292
Foreign Currency Translation Adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance beginning	(18,845)	(13,236)	(15,348)	(11,328)
Other comprehensive loss before reclassifications	(1,591)	(2,285)	(5,088)	(4,193)
Amounts reclassified from accumulated other comprehensive loss	0	0	0	0
Total other comprehensive loss	(1,591)	(2,285)	(5,088)	(4,193)
Balance ending	(20,436)	(15,521)	(20,436)	(15,521)
Derivative Adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance beginning	145	(1,757)	691	(1,225)
Other comprehensive loss before reclassifications	(807)	(375)	(1,412)	(1,510)
Amounts reclassified from accumulated other comprehensive loss	527	1,243	586	1,846
Total other comprehensive loss	(280)	868	(826)	336
Balance ending	(135)	(889)	(135)	(889)
Accumulated Other Comprehensive Income (Loss) [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance beginning	(18,700)	(14,993)	(14,657)	(12,553)
Other comprehensive loss before reclassifications	(2,398)	(2,660)	(6,500)	(5,703)
Amounts reclassified from accumulated other comprehensive loss	527	1,243	586	1,846
Total other comprehensive loss	(1,871)	(1,417)	(5,914)	(3,857)
Balance ending	$ (20,571)	$ (16,410)	$ (20,571)	$ (16,410)

Stock Repurchases - Additional

Stock Repurchases - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	4 Months Ended	5 Months Ended	6 Months Ended
	Jul. 31, 2024	Dec. 31, 2022	Dec. 31, 2023	Jun. 30, 2024	Jul. 19, 2023	Aug. 31, 2022	Dec. 21, 2021
Stock Already Repurchase Program [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase program, authorized amount							$ 37.5
New Stock Repurchase Program [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate purchase price			$ 13.6	$ 6.4
Sale of aggregate purchase price (in dollars per share)			$ 7.84
Accelerated Share Repurchases, Final Price Paid Per Share				$ 5.86
Stock repurchased (in shares)			1,730,173	1,097,435
Stock Repurchase Program [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase program, authorized amount					$ 50	$ 87.5	$ 75
Aggregate purchase price	$ 1.7	$ 12.5		$ 37.4
Sale of aggregate purchase price (in dollars per share)		$ 10.13		$ 10.1
Accelerated Share Repurchases, Final Price Paid Per Share	$ 4.91
Stock repurchased (in shares)	350,465	1,235,650		3,705,443
Stock repurchase program, remaining authorized repurchase amount						$ 50

Loss Per Share - Schedule of Co

Loss Per Share - Schedule of Computation of Basic and Diluted Loss Per Common Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Basic loss per share
Net loss	$ (12,997)	$ (3,947)	$ (28,414)	$ (25,417)
Basic weighted average common stock outstanding	38,174,920	41,741,310	38,359,851	42,561,514
Basic loss per common share	$ (0.34)	$ (0.09)	$ (0.74)	$ (0.6)
Diluted loss per share
Net loss	$ (12,997)	$ (3,947)	$ (28,414)	$ (25,417)
Basic weighted average common stock outstanding	38,174,920	41,741,310	38,359,851	42,561,514
Net effect of dilutive equity awards	0	0	0	0
Diluted weighted average common stock outstanding	38,174,920	41,741,310	38,359,851	42,561,514
Diluted loss per share	$ (0.34)	$ (0.09)	$ (0.74)	$ (0.6)

Loss Per Share - Schedule of An

Loss Per Share - Schedule of Antidilutive Securities Excluded from the Computation of Loss Per Common Share (Detail) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Outstanding units and warrants excluded from computation of diluted earnings (loss) per share/unit (in shares)	757,158	903,558	757,158	903,558
Restricted Stock Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Outstanding units and warrants excluded from computation of diluted earnings (loss) per share/unit (in shares)	2,476,131	1,538,791	2,476,131	1,538,791

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Loss Contingencies [Line Items]
Prepayments to suppliers	$ 2,428	$ 3,883

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - Subsequent Event [Member] - Commodity Contract [Member] $ in Thousands	Jul. 01, 2024 USD ($)
Derivative, Notional Amount	$ 9,000
Standard Chartered Bank Korea Limited [Member]
Derivative, Notional Amount	$ 9,000