There was no change in the amortization of intangible assets for the three months ended March 31, 2020 as compared to the three months ended March 31, 2019.We are a leading provider of innovative, application-specific semiconductors and embedded systems that provide the key building blocks of Internet of Things ("IOT") edge devices operating on networks worldwide.
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Selling, general, and administrative expenses consist primarily of personnel-related costs for our sales, business development, marketing, and applications engineering activities, third-party sales representative commissions, promotional and other marketing expenses, amortization of acquisition-related intangible assets and travel expenses. We also secured a number of design wins with new customers in the smart home market with our newly-released DataFlash-L family. The periodic expense is based on useful lives determined as part of the initial valuation of the assets acquired.Interest expense, net increased by approximately $0.1 million during the three months ended March 31, 2020 as compared to the three months ended March 31, 2019, as a result of our increased indebtedness related to the issuance of our convertible notes.Pricing, product cost and gross margins of our products. "Cost of revenue primarily consists of costs paid to our third-party manufacturers for wafer fabrication, assembly and testing of our NVM products, raw material purchases for embedded products, and write-downs of NVM and embedded inventory for excess and obsolete inventories. In 2019, our products were sold to more than 5,000 end customers, of which approximately 25 generated more than half of our revenue. Adesto does not undertake any obligation to publicly update any forward-looking statements to reflect events, circumstances or new information after this May 9, 2018 press release, or to reflect the occurrence of unanticipated events.For reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures, please see the section of the accompanying tables titled, “Reconciliation of GAAP to Non-GAAP Financial Information.”Our non-GAAP financial measures are described as follows:GAAP net loss in the first quarter of 2018 was $1.1 million, or ($0.05) per share, compared to a net loss of $2.8 million, or ($0.18) per share, in the first quarter of 2017 and a net loss of $165,000, or ($0.01) per share, in the previous quarter.Mr. If we are unable to maintain overall average selling prices or offset any declines in average selling prices with realized savings on product costs, our gross margin will decline.On February 20, 2020, we entered into the Merger Agreement with Dialog and Merger Sub, pursuant to which Merger Sub will, pursuant to the terms of and subject to the conditions specified in the Merger Agreement, merge with and into us, and we will be the surviving corporation of the Merger and become a wholly owned direct or indirect subsidiary of Dialog. Gross margin remains within the Company’s targeted range.Commenting on the quarter, Narbeh Derhacobian, Adesto’s president and CEO, stated, “Revenue in the first quarter grew more than 35% year-over-year, representing the fourth consecutive quarter of above 30% growth and exceeding the high-end of our guidance range.
Amortization of intangible assets is the periodic expense related to the use of intangible assets created as a result of the acquisitions with respect to S3 Semiconductors, Echelon and Atmel Corporation. All rights reserved.“During the quarter, we continued to make solid progress on expanding our design win pipeline, which has served as a key catalyst in driving our current and future revenue growth. The Company has filed the definitive proxy statement with the Securities and Exchange Commission on March 27, 2020.