Revenue Recognition

6 Months Ended

Dec. 27, 2025

Revenue Recognition and Deferred Revenue [Abstract]

Revenue Recognition

Note 16. Revenue Recognition

Disaggregation of Revenue

We disaggregate revenue by type of products and by geography. We do not present other levels of disaggregation, such as by customer, markets, contracts, duration of contracts, timing of transfer of control and sales channels, as this information is not used by our CODM to manage the business.

The table below discloses our total net revenue by type of product (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
Components	443.7		66.7	%	263.7		65.6	%	822.9		68.6	%	$	495.1	67.0	%
Systems	221.8		33.3	%	138.5		34.4	%	376.4		31.4	%	244.0		33.0	%
Net revenue	$	665.5	100.0	%	$	402.2	100.0	%	$	1,199.3	100.0	%	$	739.1	100.0	%

Refer to “Note 15. Operating Segments and Geographic Information” for a presentation of disaggregated revenue by geography.

Contract Balances

We record accounts receivable when we have an unconditional right to consideration. Contract liabilities are recorded when cash payments are received or due in advance of performance. Contract liabilities consist of advance payments and deferred revenue, where we have unsatisfied performance obligations. Contract liabilities are classified as deferred revenue and customer deposits and are included in other current and non-current liabilities within our condensed consolidated balance sheets. Payment terms vary by customer. The time between invoicing and when payment is due is not significant.

The following table reflects the changes in contract balances for the periods presented (in millions, except percentages):

Contract balances	Balance sheet location	December 27, 2025		June 28, 2025		Change		Percentage Change
Accounts receivable, net	Accounts receivable, net	$	376.8	$	250.0	$	126.8	50.7	%
Deferred revenue and customer deposits	Other current liabilities	$	2.1	$	0.7	$	1.4	200.0	%
Deferred revenue and customer deposits	Other non-current liabilities	$	1.5	$	—	$	1.5	n/a