v3.26.1
Revenue Recognition
 6 Months Ended
Jun. 26, 2026
Revenue from Contract with Customer [Abstract]  
Revenue Recognition REVENUE RECOGNITION
Revenue is recognized when the Company satisfies the performance obligations as evidenced by the transfer of control of the promised goods or services to the Company’s customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services.
The Company sells its products and services primarily to customers in the semiconductor capital equipment industry. The Company’s revenues are highly concentrated and therefore highly dependent upon a small number of customers. Typical payment terms with our customers range from thirty to sixty days.
The Company’s products are manufactured and services are provided at the Company’s locations throughout the Americas, Asia Pacific and Europe and the Middle East (“EMEA”). Sales to customers are initiated through a purchase order and are governed by our standard terms and conditions, written agreements, or both. Revenue is recognized when performance obligations under the terms of an agreement with a customer are satisfied; generally, this occurs with the transfer of control of the products or when the Company provides the services. Under the Company’s contracts with customers, the Company does not have an enforceable right to payment that includes a reasonable profit throughout the contract term for products it manufactures that have no alternative use. Consignment sales are recognized in revenue at the earlier of the period that the goods are consumed or after a period of time subsequent to receipt by the customer as specified by terms of the agreement, provided control of the promised goods or services has transferred.
Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods or providing services. Sales, value-added, and other taxes we collect concurrent with revenue-producing activities are excluded from revenue. Certain of our customers may receive cash-based incentives, such as rebates or credits, which are accounted for as variable consideration. We estimate these amounts based on the expected amount to be provided to customers and reduce revenues recognized. Accruals for unpaid customer rebates of $2.2 million and $1.9 million as of June 26, 2026 and
December 26, 2025, were netted against accounts receivable. The Company’s disaggregated revenues are apportioned by segments within the Company’s Condensed Consolidated Statement of Operations. Certain services performed by the Company related to products sold to customers are included in Products revenue in the Condensed Consolidated Statement of Operations. These services are not material for any of the periods presented.
The Company’s principal markets include Americas, Asia Pacific and EMEA. The Company’s foreign operations are conducted primarily through its subsidiaries in China, Czechia, Israel, Malaysia, Singapore, South Korea, Taiwan, and the United Kingdom. Revenues by geographic area are categorized based on the customer’s location to which the products were shipped or services were performed. The following table sets forth revenue by geographic area (in millions):
Three Months EndedSix Months Ended
June 26,
2026		June 27,
2025		June 26,
2026		June 27,
2025
Singapore$252.8 $179.0 $456.1 $382.7 
United States141.9 134.6 271.3 257.6 
China35.6 47.8 60.5 81.1 
Austria62.4 49.3 119.6 95.4 
South Korea31.2 28.1 59.5 57.9 
Malaysia48.4 18.4 73.1 39.7 
Taiwan18.4 12.0 34.9 25.2 
Others54.2 49.6 103.6 97.8 
Total$644.9 $518.8 $1,178.6 $1,037.4 
The Company’s most significant customers (having individually accounted for 10% or more of revenues) are primarily from the Products segment and their related revenues as a percentage of total revenues were as follows:
Three Months EndedSix Months Ended
June 26,
2026		June 27,
2025		June 26,
2026		June 27,
2025
Lam Research Corporation39.5 %32.7 %38.3 %34.4 %
Applied Materials, Inc.21.8 23.3 21.8 23.0 
Total61.3 %56.0 %60.1 %57.4 %
As of June 26, 2026, gross accounts receivable from two customers each exceeded 10% of the Company's total gross accounts receivable, representing approximately 25.3% of the total in aggregate.
As of December 26, 2025, gross accounts receivable from one customer exceeded 10% of the Company's total gross accounts receivable, representing approximately 17.1% of the total in aggregate.