Silvaco makes software tools and semiconductor IP that chip engineers use to design and manufacture semiconductors. Silvaco's customers are foundries, integrated device manufacturers, and fabless semiconductor companies. Silvaco sells primarily through a direct sales force, with distributors in markets like India, Southeast Asia, and Israel. Silvaco operates across three product lines: TCAD (process and device simulation software), EDA (chip design and verification software), and SIP (pre-verified IP blocks that chip companies embed directly into their designs). Key EDA products include Jivaro, a post-layout SPICE simulation accelerator adopted by NVIDIA, Samsung, and SK Hynix. In SIP, Silvaco's recently acquired Mixel unit provides MIPI interface IP, a niche where Silvaco claims there are only two major suppliers. Silvaco generates revenue through software licenses, maintenance contracts, and SIP licensing fees and royalties. License revenue tends to be lumpy, while maintenance revenue is recurring and relatively predictable. CEO Wally Rhines, who joined in August 2025, notes that roughly half the business comes from renewals of mature legacy products, providing a stable revenue base. Silvaco's current priorities are growing its FTCO AI-driven process simulation tool, scaling Mixel's IP through Silvaco's broader sales force, and cutting at least $15M in annualized non-GAAP operating expenses to reach profitability at current revenue levels before growth drives incremental profit.