Reportable Segments

6 Months Ended

Jun. 27, 2025

Segment Reporting [Abstract]

Reportable Segments

REPORTABLE SEGMENTS

The Company’s Chief Executive Officer is the Company’s chief operating decision maker (CODM). The CODM primarily uses income from operations to evaluate each segment’s performance and allocate resources, primarily through periodic budgeting and segment performance reviews. Significant expenses within segment operating profit include cost of revenue, research and development, and selling, general and administrative expenses, which are each separately presented on the Company’s Condensed Consolidated Statements of Operations.

The Company’s reportable segments are determined based on the nature of their revenue streams and the Company’s internal organization structure.

The Company prepared financial results based on two operating segments (Products and Services) and two reportable segments (Products and Services).

The following table describes each segment:

Segment	Product or Services	Primary Markets Served	Geographic Areas
Products	Assembly Weldments Machining Fabrication	Semiconductor	Americas Asia Pacific EMEA
Services	Cleaning Analytics Coating	Semiconductor	Americas Asia Pacific EMEA

The CODM uses segment operating profit or loss to evaluate performance and to allocate capital resources. Segment operating profit or loss is defined as a segment’s income or loss from continuing operations before interest and other income (expense), net and provision for income taxes. Any intercompany sales and associated profit (and any other intercompany items) are eliminated from segment results.

Segment Data

	Three Months Ended				Six Months Ended
(In millions)	June 27, 2025		June 28, 2024		June 27, 2025		June 28, 2024
Revenues:
Products	$	454.9	$	452.7	$	911.9	$	871.2
Services	63.9		63.4		125.5		122.7
Total segment revenues	$	518.8	$	516.1	$	1,037.4	$	993.9
Cost of revenues:
Products	$	393.3	$	383.9	$	783.5	$	738.0
Services	46.0		43.7		90.4		84.8
Total segment cost of revenues	$	439.3	$	427.6	$	873.9	$	822.8
Gross profit:
Products	$	61.6	$	68.8	$	128.4	$	133.2
Services	17.9		19.7		35.1		37.9
Total segment gross profit	$	79.5	$	88.5	$	163.5	$	171.1
Operating expenses:
Products
Research and development	5.4		4.6		10.5		9.1
Sales and marketing	12.7		12.2		24.7		23.1
General and administrative	36.8		33.2		76.3		67.5
Impairment of goodwill	77.6		—		77.6		—
Total Products operating expenses	132.5		50.0		189.1		99.7
Services
Research and development	2.4		2.4		4.9		4.8
Sales and marketing	2.8		2.7		5.7		5.4
General and administrative	10.1		10.5		19.2		21.0
Impairment of goodwill	73.5		—		73.5		—
Total Services operating expenses	88.8		15.6		103.3		31.2
Total segment operating expenses	$	221.3	$	65.6	$	292.4	$	130.9
Segment operating profit (loss):
Products	$	(70.9)	$	18.8	$	(60.7)	$	33.5
Services	(70.9)		4.1		(68.2)		6.7
Total segment operating profit (loss)	$	(141.8)	$	22.9	$	(128.9)	$	40.2
Reconciliation of segment operating profit (loss):
Total segment operating profit	$	(141.8)	$	22.9	$	(128.9)	$	40.2
Interest income	$	0.8	$	1.4	$	1.9	$	2.8
Interest expense	$	(10.1)	$	(11.7)	$	(20.0)	$	(23.9)
Other income (expense), net	$	(2.2)	$	17.4	$	(1.3)	$	13.5
Income (loss) before provision for income taxes	$	(153.3)	$	30.0	$	(148.3)	$	32.6

Expenditures for segment property, plant and equipment
Products	$	9.7	$	8.3	$	18.8	$	20.0
Services	7.1		4.7		10.3		11.0
Total expenditures for segment assets	$	16.8	$	13.0	$	29.1	$	31.0
Depreciation and amortization
Products	$	12.5	$	12.6	$	25.1	$	25.7
Services	6.2		6.2		12.6		12.3
Total depreciation and amortization	$	18.7	$	18.8	$	37.7	$	38.0
(In millions)					June 27, 2025		December 27, 2024
Assets
Products					$	1,468.6	$	1,657.0
Services					277.0		262.9
Total segment assets					$	1,745.6	$	1,919.9

Long-lived assets comprised of operating lease right-of-use assets and property, plant and equipment, net, are reported based on the location of the asset. The carrying amount of long-lived assets in United States, Malaysia, Israel, South Korea and other foreign countries were $176.4 million, $83.7 million, $75.4 million, $54.5 million and $100.6 million, respectively as of June 27, 2025, and $176.9 million, $83.2 million, $75.2 million, $49.8 million and $101.8 million, respectively as of December 27, 2024.