Intangible Assets and Goodwill

9 Months Ended

Jun. 27, 2026

Intangible Asset, Goodwill and Other [Abstract]

In connection with asset acquisitions in fiscal years 2024, 2025, and 2026, and the ASR Acquisition in January 2025, the Company acquired developed technology, customer relationship, and in-process research and development (“IP R&D”) intangible assets. The developed technology and customer relationship intangible assets will be amortized over a useful life of 3 to 7 years on a straight-line basis. The IP R&D intangible asset is an indefinite-lived intangible asset which is capitalized on the Company’s condensed consolidated balance sheets and measured for impairment. The carrying value of the IP R&D at June 27, 2026 was $11.8 million. The estimated weighted average useful life of the amortizable intangible assets is 6.4 years.

The following table presents acquired intangible assets that are subject to amortization as of June 27, 2026 and June 28, 2025 (in thousands).


		June 27, 2026						June 28, 2025
	Weighted Average Remaining Useful Life (in Years)	Gross Carrying Amount		Accumulated Amortization		Net Book Value		Gross Carrying Amount		Accumulated Amortization		Net Book Value
Developed technology	6.5	$	90,126	$	(22,126)	$	68,000	$	89,943	$	(7,022)	$	82,921
Customer relationships	5.0	3,800		(320)		3,480		—		—		—
Total		$	93,926	$	(22,446)	$	71,480	$	89,943	$	(7,022)	$	82,921

For the three months ended June 27, 2026 and June 28, 2025, amortization expense was $4.0 million and $5.9 million, respectively. For the nine months ended June 27, 2026 and June 28, 2025, amortization expense was $11.7 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):


	Intangible Assets
Remaining fiscal year 2026	$	3,971
Fiscal year 2027	15,883
Fiscal year 2028	12,824
Fiscal year 2029	11,902
Fiscal year 2030 and thereafter	26,900
Total	$	71,480

The carrying amount of goodwill at June 27, 2026 was $59.9 million. As a result of the ASR Acquisition, the Company recorded $59.9 million of goodwill. Prior to the ASR Acquisition, the Company did not have goodwill on its consolidated balance sheets. 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.