v3.26.1
Revenues from contracts with customers
 9 Months Ended
Mar. 27, 2026
Revenue from Contract with Customer [Abstract]  
Revenues from contracts with customers Revenues from contracts with customers
Revenue by Geographic Area, End Market and Product Category
Revenues are attributed to a particular geographic area based on the bill-to-location of the Company’s customers. The Company operates in three geographic regions: North America; Asia-Pacific and others; and Europe.
The following table presents total revenues by geographic region:
(in thousands, except percentages)Three Months Ended
March 27, 2026		As a % of Total
Revenues		Nine Months Ended
March 27, 2026		As a % of Total
Revenues
North America
   U.S.$630,218 $1,578,178 
Others (1)
2,811 7,697 
Total revenue in North America633,029 52.1 %1,585,875 47.7 %
Asia-Pacific and others
   Israel211,394 675,638 
   India103,660 314,303 
   Hong Kong39,364 116,947 
   Malaysia29,889 89,873 
   Thailand25,121 70,244 
   China16,781 51,838 
   Singapore14,777 52,529 
   Japan11,991 33,411 
   Others904 2,893 
Total revenue in Asia-Pacific and others453,881 37.4 %1,407,676 42.3 %
Europe
   U.K.89,641 204,836 
   Germany10,850 33,882 
   Finland8,455 37,994 
   Others18,437 55,046 
Total revenue in Europe$127,383 10.5 %$331,758 10.0 %
Total revenue$1,214,293 100.0 %$3,325,309 100.0 %
(in thousands, except percentages)Three Months Ended
March 28, 2025		As a % of Total
Revenues		Nine Months Ended
March 28, 2025		As a % of Total
Revenues
North America
   U.S.$401,769 $1,080,701 
Others (1)
1,357 4,306 
Total revenue in North America403,126 46.2 %1,085,007 43.2 %
Asia-Pacific and others
   Israel226,406 758,030 
   India86,027 238,486 
   Hong Kong26,773 65,735 
   Thailand15,995 41,185 
   China14,694 40,216 
   Singapore10,704 33,948 
   Japan10,425 27,980 
   Malaysia8,224 23,287 
   Others589 1,790 
Total revenue in Asia-Pacific and others399,837 45.9 %1,230,657 49.0 %
Europe
   U.K.36,905 108,617 
   Germany11,822 32,033 
   Others20,109 53,321 
Total revenue in Europe$68,836 7.9 %$193,971 7.8 %
Total revenue$871,799 100.0 %$2,509,635 100.0 %
(1)Others includes revenues from external customers based in our country of domicile, the Cayman Islands, which for each period presented is $0.
The following table presents revenues by end market and product category:
(in thousands, except percentages)Three Months Ended
March 27, 2026		As a % of Total
Revenues		Nine Months Ended
March 27, 2026		As a % of Total
Revenues
Optical communications
Telecom$431,366 $1,179,334 
Datacom260,442 811,680 
Datacenter interconnect (1)
196,896 477,176 
Total revenue - Optical communications$888,704 73.2 %$2,468,190 74.2 %
Non-optical communications
Automotive$115,499 $354,403 
High-performance computing (2)
106,746 207,705 
Industrial laser44,171 125,282 
Others59,173 169,729 
Total revenue - Non-optical communications$325,589 26.8 %$857,119 25.8 %
Total revenue$1,214,293 100.0 %$3,325,309 100.0 %
(in thousands, except percentages)Three Months Ended
March 28, 2025		As a % of Total
Revenues		Nine Months Ended
March 28, 2025		As a % of Total
Revenues
Optical communications
Telecom$302,736 $776,373 
Datacom251,105 879,087 
Datacenter interconnect (1)
103,390 275,236 
Total revenue - Optical communications$657,231 75.4 %$1,930,696 76.9 %
Non-optical communications
Automotive$129,468 $336,456 
Industrial laser40,464 113,332 
Others44,636 129,151 
Total revenue - Non-optical communications$214,568 24.6 %$578,939 23.1 %
Total revenue$871,799 100.0 %$2,509,635 100.0 %
(1)Datacenter interconnect (DCI) modules are opto-electronic modules used to connect two or more geographically separated data centers.
(2)High-performance computing (HPC) products are massively parallel computing systems built from interconnected high-performance processors, accelerators, high-speed memory, and low-latency networking to solve complex, compute-intensive problems.
Contract Assets and Liabilities
A contract asset is recognized when the Company has recognized revenues, but has not yet issued an invoice to its customer for payment. Contract assets are recognized in the unaudited condensed consolidated balance sheets under other current assets and transferred to accounts receivable when rights to payment become unconditional.
As of March 27, 2026 and June 27, 2025, the Company's contract assets were de minimis.
A contract liability is recognized when the Company has advance payment arrangements with customers. Contract liabilities are recognized in the unaudited condensed consolidated balance sheets under other payables. The contract liabilities balance is normally recognized as revenue within six months.
The following table summarizes the activity in the Company’s contract liabilities:
Nine Months Ended
(in thousands)March 27,
2026		March 28,
2025
Balance at the beginning of period$14,467 $7,846 
Advance payments received during the period72,650 11,534 
Revenue recognized(28,290)(10,455)
Balance at the end of period$58,827 $8,925 
Customer Warrant
Warrants issued to customers are accounted for as equity instruments and measured in accordance with ASC 718, Compensation – Stock Compensation. For awards granted to a customer which are not in exchange for distinct goods or services, the fair value of the awards earned based on service or performance conditions is recorded as a reduction of the transaction price, in accordance with ASC 606, Revenue from Contracts with Customers.
To determine the fair value of warrants in accordance with ASC 718, the Company uses the Black-Scholes option pricing model, based in part on assumptions for which management is required to use judgment. Based on the fair value of the awards, the Company determines the amount of warrant expense based on the customer’s achievement of vesting conditions, which is recorded as a reduction of revenues on the unaudited condensed consolidated statement of operations. The dilutive impact of customer warrants is determined using the treasury stock method.
For the three months ended March 27, 2026 and March 28, 2025, the Company recognized $2.0 million and $3.9 million, respectively, as a reduction to revenue on the unaudited condensed consolidated statements of operations.
For the nine months ended March 27, 2026 and March 28, 2025, the Company recognized $3.2 million and $3.9 million, respectively, as a reduction to revenue on the unaudited condensed consolidated statements of operations.