16. Segment Reporting
The Company manages its activities and operates as one business unit which is reflected in its organizational structure and internal reporting. The Company does not distinguish in its internal reporting different segments, neither business nor geographical segments. The chief operating decision-maker is the Board of Directors.
Following table summarizes the product net sales by country of sales based on the country of the entity that recognizes product net sales:
|
|
Year Ended December 31, |
||||||||
|---|---|---|---|---|---|---|---|---|---|---|
(in thousands of $) |
|
2025 |
|
20241) |
|
2023 |
||||
United States |
|
3,533,939 |
|
1,895,919 |
|
1,046,592 |
||||
Japan |
|
206,835 |
|
89,389 |
|
56,432 |
||||
China |
|
67,920 |
|
39,177 |
|
14,907 |
||||
Rest of the World |
|
342,622 |
|
161,398 |
|
72,852 |
||||
Total product net sales |
|
4,151,316 |
|
2,185,883 |
|
1,190,783 |
||||
|
||||||||||
Four U.S. customers represent approximately 78% of the product net sales during the twelve months ended December 31, 2025 (compared to five U.S. customers which represented 87% in 2024 and four customers which represented 86% for the same period in 2023).
The non-current assets including property, plant and equipment and intangible assets are presented geographically as shown in the table below:
|
|
Year Ended December 31, |
||||
|---|---|---|---|---|---|---|
(in thousands of $) |
|
2025 |
|
2024 |
|
2023 |
Belgium |
|
303,026 |
|
209,758 |
|
138,252 |
United States |
|
9,235 |
|
11,557 |
|
6,219 |
Japan |
|
1,916 |
|
2,242 |
|
2,971 |
Rest of the World |
|
6,173 |
|
1,405 |
|
461 |
Total non-current assets |
|
320,350 |
|
224,962 |
|
147,903 |
Product net sales and non-current assets in the Netherlands, the Company’s country of domicile, are not material.