Intangible Assets and Goodwill

9 Months Ended

Jun. 28, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

In connection with asset acquisitions in fiscal year 2024 and 2025, and the ASR Acquisition in January 2025, the Company acquired developed technology intangible assets. The intangible assets will be amortized over a useful life of 3 to 7 years on a straight-line basis. The estimated weighted average useful life of the intangible assets is 6.5 years.

The following table presents acquired intangible assets that are subject to amortization as of June 28, 2025 (in thousands). There were no acquired intangible assets that are subject to amortization as of June 29, 2024.


		June 28, 2025
	Weighted Average Remaining Useful Life (in Years)	Gross Carrying Amount		Accumulated Amortization		Net Book Value
Developed technology	6.5	$	89,943	$	(7,022)	$	82,921
Total		$	89,943	$	(7,022)	$	82,921

For the three and nine months ended June 28, 2025, amortization expense was $5.9 million and $10.7 million, respectively.

The following table presents the estimated future annual pre-tax amortization expense of definite-lived intangible assets as of the date indicated (in thousands):


	Developed Technology
Remaining fiscal year 2025	$	3,772
Fiscal year 2026	15,089
Fiscal year 2027	15,089
Fiscal year 2028	12,016
Fiscal year 2029 and thereafter	36,955
Total	$	82,921

The carrying amount of goodwill at June 28, 2025 was $60.5 million. As a result of the ASR Acquisition, the Company recorded $60.5 million of goodwill. Prior to the ASR Acquisition, the Company did not have goodwill on its consolidated balance sheets. The change in the carrying amount of goodwill from $68.7 million at March 29, 2025, to $60.5 million at June 28, 2025, results from updates made to the preliminary purchase price allocation, further described in Note 8, Business Acquisitions. No other changes to the carrying amount of goodwill were noted for the nine months ended June 28, 2025. The Company tests goodwill for impairment at least annually. Through the date the interim condensed consolidated financial statements were issued, no triggering events have occurred that would indicate that a potential impairment exists.