Restatement of Previously Issued Financial Statements (Tables)

9 Months Ended

Jun. 29, 2024

Accounting Changes and Error Corrections [Abstract]

Schedule of Restatement of Previously Issued Unaudited Condensed Consolidated Financial Statements

Summary of Restatement - Unaudited Condensed Consolidated Balance Sheets (in thousands):

	June 29, 2024
	As Reported		Adjustment		As Restated
Assets
Unbilled accounts receivable	$	160,688	$	(58,050)	$	102,638
Total current assets	1,371,317		(58,050)		1,313,267
Total assets	$	1,558,442	$	(58,050)	$	1,500,392
Liabilities and Equity
Accounts payable	$	156,286	$	(28,497)	$	127,789
Deferred revenue	714,641		2,950		717,591
Total current liabilities	1,048,093		(25,547)		1,022,546
Total liabilities	1,179,147		(25,547)		1,153,600
Additional paid-in capital	1,742,697		(216,828)		1,525,869
Accumulated deficit	(1,321,431)		(5,330)		(1,326,761)
Total stockholders' equity	418,695		(222,158)		196,537
Noncontrolling interest	(39,400)		189,655		150,255
Total equity	379,295		(32,503)		346,792
Total liabilities and equity	$	1,558,442	$	(58,050)	$	1,500,392

Summary of Restatement - Unaudited Condensed Consolidated Statements of Operations (in thousands, except per share information):

	For the Three Months Ended June 29, 2024						For the Nine Months Ended June 29, 2024
	As Reported		Adjustment		As Restated		As Reported		Adjustment		As Restated
Revenue
Systems	$	472,119	$	(21,524)	$	450,595	$	1,229,993	$	(61,000)	$	1,168,993
Total revenue	491,862		(21,524)		470,338		1,284,613		(61,000)		1,223,613
Cost of revenue
Systems	407,852		(9,091)		398,761		1,053,407		(28,575)		1,024,832
Total cost of revenue	424,456		(9,091)		415,365		1,102,939		(28,575)		1,074,364
Gross profit	67,406		(12,433)		54,973		181,674		(32,425)		149,249
Operating loss	(25,187)		(12,433)		(37,620)		(95,188)		(32,425)		(127,613)
Loss before income tax and equity method investment	(13,572)		(12,433)		(26,005)		(67,562)		(32,425)		(99,987)
Income tax expense	(95)		(87)		(182)		(24)		(78)		(102)
Net loss	(14,204)		(12,520)		(26,724)		(68,123)		(32,503)		(100,626)
Net loss attributable to noncontrolling interests	(11,716)		(10,327)		(22,043)		(57,127)		(27,173)		(84,300)
Net loss attributable to common stockholders	$	(2,488)	$	(2,193)	$	(4,681)	$	(10,996)	$	(5,330)	$	(16,326)
Loss per share of Class A Common Stock:
Basic and Diluted	$	(0.02)	$	(0.03)	$	(0.05)	$	(0.12)	$	(0.06)	$	(0.18)

Summary of Restatement - Unaudited Condensed Consolidated Statements of Changes in Equity (Deficit) (in thousands):

	Three Months Ended June 29, 2024
	As Reported								Adjustment								As Restated
	Additional Paid-in Capital		Accumulated Deficit		Noncontrolling Interest		Total Equity (Deficit)		Additional Paid-in Capital		Accumulated Deficit		Noncontrolling Interest		Total Equity (Deficit)		Additional Paid-in Capital		Accumulated Deficit		Noncontrolling Interest		Total Equity (Deficit)
Balance at March 30, 2024	$	1,738,317	$	(1,318,943)	$	(3,435)	$	413,626	(216,828)		(3,137)		199,982		(19,983)		$	1,521,489	$	(1,322,080)	$	196,547	$	393,643
Net loss	—		(2,488)		(11,716)		(14,204)		—		(2,193)		(10,327)		(12,520)		—		(4,681)		(22,043)		(26,724)
Balance at June 29, 2024	$	1,742,697	$	(1,321,431)	$	(39,400)	$	379,295	$	(216,828)	$	(5,330)	$	189,655	$	(32,503)	$	1,525,869	$	(1,326,761)	$	150,255	$	346,792

	Nine Months Ended June 29, 2024
	As Reported								Adjustment								As Restated
	Additional Paid-in Capital		Accumulated Deficit		Noncontrolling Interest		Total Equity (Deficit)		Additional Paid-in Capital		Accumulated Deficit		Noncontrolling Interest		Total Equity (Deficit)		Additional Paid-in Capital		Accumulated Deficit		Noncontrolling Interest		Total Equity (Deficit)
Net loss	—		(10,996)		(57,127)		(68,123)		—		(5,330)		(27,173)		(32,503)		—		(16,326)		(84,300)		(100,626)
Exercise of warrants	216,828		—		—		158,705		(216,828)		—		216,828		—		—		—		216,828		158,705
Balance at June 29, 2024	$	1,742,697	$	(1,321,431)	$	(39,400)	$	379,295	$	(216,828)	$	(5,330)	$	189,655	$	(32,503)	$	1,525,869	$	(1,326,761)	$	150,255	$	346,792

Summary of Restatement - Unaudited Condensed Consolidated Statements of Cash Flows (in thousands):

	For the Nine Months Ended June 29, 2024
	As Reported		Adjustment		As Restated
Cash flows from operating activities
Net loss	$	(68,123)	$	(32,503)	$	(100,626)
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(55,211)		58,050		2,839
Accounts payable	46,368		(28,497)		17,871
Deferred revenue	9,059		2,950		12,009