v3.26.1
Acquisitions
 6 Months Ended
Jun. 27, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Acquisitions Acquisition
On December 15, 2025, we acquired 100% of the shares of Keystone Photonics for total consideration of $20.6 million, net of cash acquired of $1.7 million. Keystone Photonics provides optical probing technology used in the testing of silicon photonics (“SiPh”) and co‑packaged optics (“CPO”) devices. The acquisition expands the Company’s testing capabilities in these areas and supports customers as SiPh and CPO technologies transition from development into high‑volume manufacturing, including applications related to artificial intelligence data-center infrastructure.

The acquisition was accounted for under the acquisition method of accounting, which requires that assets acquired and liabilities assumed be recognized on the consolidated balance sheets at their fair values as of the acquisition date. The purchase price was initially allocated to the tangible and identifiable intangible assets acquired and liabilities assumed based on management's estimates of their fair values as of the acquisition date, including goodwill representing the excess of consideration transferred over the fair value of identifiable net assets acquired. During the measurement period, the Company finalized certain valuation analyses and recorded adjustments to the purchase price allocation. See Note 5, Goodwill and Intangible Assets, for information regarding changes to identifiable intangible assets and goodwill resulting from these adjustments. No portion of the goodwill is expected to be deductible for tax purposes.
The preliminary purchase price allocation, measurement period adjustments, and adjusted fair values of the assets acquired, including goodwill and intangibles, and liabilities assumed is as follows (in thousands):
PreliminaryMeasurement
Period
Adjustments		As Adjusted
Cash and cash equivalents$1,674 $— $1,674 
Other current assets728 — 728 
Property, plant and equipment518 — 518 
Operating lease, right-of-use-assets888 — 888 
Other non-current assets19 — 19 
Tangible assets acquired3,827 — 3,827 
Accounts payable and accrued liabilities(1,650)— (1,650)
Operating lease liabilities(888)— (888)
Deferred tax liabilities(2,471)(1,068)(3,539)
Total net tangible assets acquired and liabilities assumed(1,182)(1,068)(2,250)
Intangible assets8,385 3,623 12,008 
Goodwill15,050 (2,555)12,495 
Net assets acquired$22,253 $— $22,253 

The intangible assets as of the acquisition date included (in thousands, except years):
AmountWeighted
Average Useful
Life (in years)
Developed technologies$10,447 10.0
Customer relationships1,526 4.0
Trade names35 2.0
Total intangible assets$12,008 9.2