Operating Segments and Geographic Information

6 Months Ended

Dec. 27, 2025

Segment Reporting [Abstract]

Operating Segments and Geographic Information

Note 15. Operating Segments and Geographic Information

Prior to fiscal year 2026, we operated in two reportable segments consisting of Cloud & Networking and Industrial Tech. During the first quarter of fiscal year 2026, we implemented a re-organization, and we are now managed as a single, integrated enterprise, with a unified management team overseeing operations across the entire company, rather than through discrete operating segments. The chief operating decision maker (“CODM”) is the Company’s Chief Executive Officer, who reviews financial information presented as a single enterprise for purposes of allocating resources and evaluating financial performance.

The CODM assesses the performance of the single segment and allocates resources based on consolidated net income (loss) included in the Company’s condensed consolidated statements of operations. The CODM uses consolidated net income (loss) to set budgets, evaluate performance, review actual results and in deciding whether to reinvest profits into our business, pursue acquisitions, or make any other capital management decisions. The significant segment expenses are reflected in the Company’s condensed consolidated statements of operations and the condensed consolidated statements of cash flows. The measure of the single segment assets is the consolidated assets included in the condensed consolidated balance sheets. Accordingly, following the reorganization, we determined we operate in a single reporting segment. Comparative prior period segment information has been updated to reflect the new segment structure and measures. The changes in our operating segments had no impact on our previously reported consolidated results of operations, financial position or cash flows.

We disaggregate revenue by type of product, which are Components and Systems, and by geography. A Components product is defined as one of the individual building blocks that goes into creating a larger solution. It is typically not a complete product on its own but rather a specialized element that enables system functionality. This includes semiconductor laser chips, laser sub-assemblies, line subsystems and wavelength management systems. These are supplied to customers who then integrate them into their own full system solutions. Components represent foundational parts that support or enable that system’s operation and include a comprehensive portfolio of optical and photonic chips, components, laser light sources that are integrated into smartphones, subsystems supplied to cloud data center operators, AI/ML infrastructure providers, and network equipment manufacturer customers who are building cloud data center and network infrastructures.

A Systems product is defined as a complete, stand-alone product that delivers full functionality to the end customer. It is typically self-contained and ready to operate within a customer’s network or application environment. This includes optical modules, optical circuit switches, and industrial lasers such as short-pulse solid-state lasers and kilowatt-class fiber lasers. These products integrate multiple technologies and subsystems into a finished solution that directly addresses a customer’s needs. A system represents the end-product that can be deployed and used independently.

Our products enable high-capacity optical links for cloud computing, AI/ML workloads, and data center interconnect (“DCI”) applications, as well as for communications service provider networks. Our offerings support access (local), metro (intracity), long-haul (intercity and global), and submarine (undersea) network infrastructure. Our products serve enterprise network infrastructure needs, including storage area networks (“SANs”), local area networks (“LANs”), and wide area networks (“WANs”). Demand for our products is fueled by the ongoing expansion of network capacity required to support cloud services, AI/ML processing, streaming video, video conferencing, wireless and mobile connectivity, and the internet of things (“IoT”). In addition, our industrial laser products are used for precision material processing across diverse industries, including semiconductor and microelectronics fabrication, electric vehicle and battery production, metal cutting and welding, and advanced manufacturing that emphasize greater manufacturing precision, flexibility, and sustainability.

Refer to “Note 16. Revenue Recognition” for a presentation of disaggregated revenue by type of product.

Concentrations

We operate in three geographic regions: Americas, Asia-Pacific, and EMEA (Europe, Middle East, and Africa). Net revenue is assigned to the geographic region and country where our product is initially shipped. For example, certain customers may request shipment of our product to a contract manufacturer in one country, which may differ from the location of their end customers.

The following table presents net revenue by the three geographic regions we operate in and net revenue from countries that generally represented 10% or more of our total net revenue based on customer shipping locations (in millions, except percentage data):

	Three Months Ended								Six Months Ended
	December 27, 2025				December 28, 2024				December 27, 2025				December 28, 2024
	Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total
Net revenue:
Americas:
United States	$	144.7	21.7	%	$	77.6	19.3	%	$	238.4	19.9	%	$	143.0	19.3	%
Mexico	102.6		15.4		37.4		9.3		176.2		14.7		71.3		9.6
Other Americas	2.0		0.3		4.2		1.0		10.6		0.9		7.1		1.0
Total Americas	$	249.3	37.4	%	$	119.2	29.6	%	$	425.2	35.5	%	$	221.4	29.9	%
Asia-Pacific:
Hong Kong	$	118.9	17.9	%	$	100.5	25.0	%	$	211.8	17.7	%	$	189.2	25.6	%
Thailand	123.0		18.5		74.7		18.6		232.1		19.3		127.2		17.2
China	54.6		8.2		18.1		4.5		103.9		8.7		32.7		4.4
Japan	23.8		3.6		18.4		4.5		44.8		3.7		35.3		4.8
Other Asia-Pacific	55.8		8.4		30.5		7.6		105.2		8.7		61.9		8.4
Total Asia-Pacific	$	376.1	56.6	%	$	242.2	60.2	%	$	697.8	58.1	%	$	446.3	60.4	%
EMEA	$	40.1	6.0	%	$	40.8	10.2	%	$	76.3	6.4	%	$	71.4	9.7	%
Total net revenue	$	665.5	100.0	%	$	402.2	100.0	%	$	1,199.3	100.0	%	$	739.1	100.0	%

During the three months ended December 27, 2025, two customers individually accounted for 24% and 17% of our total revenue, respectively. During the six months ended December 27, 2025, two customers individually accounted for 23% and 19% of our total net revenue, respectively. We had no other customers that represented 10% or greater of our total net revenue.

During the three months ended December 28, 2024, three customers individually accounted for 16%, 14%, and 11% of our total revenue, respectively. During the six months ended December 28, 2024, three customers individually accounted for 15%, 13%, and 10% of our total net revenue, respectively. We had no other customers that represented 10% or greater of our total net revenue.

As of December 27, 2025, two customers individually accounted for 20% and 12% of gross accounts receivable, respectively. As of June 28, 2025, two customers individually accounted for 13% and 11% of gross accounts receivable, respectively. We had no other customers that represented 10% or greater of our gross accounts receivable.

The measure of segment assets is reported on the condensed consolidated balance sheets as total assets. We do not present assets at a level other than that presented in the accompanying condensed consolidated balance sheets. Long-lived assets, namely property, plant and equipment, net, were identified based on the physical location of the assets in the corresponding geographic areas as of the periods indicated (in millions):

	December 27, 2025		June 28, 2025
Property, plant and equipment, net
United States	$	80.1	$	123.0
Thailand	266.0		218.6
Japan	182.9		144.3
United Kingdom	121.9		109.4
China	111.4		76.8
Other countries	51.2		54.3
Total property, plant and equipment, net	$	813.5	$	726.4

We purchase a portion of our inventory from contract manufacturers that are located primarily in Thailand, Taiwan, and Malaysia. During the three and six months ended December 27, 2025, our net inventory purchases from a single contract manufacturer that represented 10% or greater of our total net inventory purchases were concentrated with one contract manufacturer, who accounted for 19% and 20% of the total net inventory purchases, respectively. During the three and six months ended December 28, 2024, our net inventory purchases from a single contract manufacturer that represented 10% or greater of our total net inventory purchases were concentrated with one contract manufacturer, who accounted for 27% and 27% of the total net inventory purchases, respectively.