Summary of Significant Accounting Policies (Tables)

9 Months Ended

Jun. 27, 2026

The following table summarizes the end-of-period cash and cash equivalents from the Company’s consolidated balance sheets and the total cash, cash equivalents, and restricted cash as presented on the accompanying consolidated statements of cash flows (in thousands):


	Nine Months Ended
	June 27, 2026		June 28, 2025
Cash and cash equivalents	$	1,746,446	$	777,576
Restricted cash classified in:
Prepaid expenses and other current assets	—		870
Other long-term assets	27,132		2,194
Cash, cash equivalents, and restricted cash shown in the statements of cash flows	$	1,773,578	$	780,640

Schedule of Restricted Cash


	Nine Months Ended
	June 27, 2026		June 28, 2025
Cash and cash equivalents	$	1,746,446	$	777,576
Restricted cash classified in:
Prepaid expenses and other current assets	—		870
Other long-term assets	27,132		2,194
Cash, cash equivalents, and restricted cash shown in the statements of cash flows	$	1,773,578	$	780,640

Schedule of Restatement of Previously Issued Unaudited Condensed Consolidated Financial Statements

As a result of this revision, the consolidated statement of cash flows for the nine months ended June 28, 2025 reflects the following changes:


	For the Nine Months Ended
	June 28, 2025
(in thousands)	Reported		Adjustment		Revised
Cash flows from operating activities
Changes in operating assets and liabilities
Prepaid expenses and other current assets1	$	65,948	$	(13,169)	$	52,779
Other assets	(16,928)		(45,000)		(61,928)
Net cash provided by operating activities	$	336,259	$	(58,169)	$	278,090
Cash flows from investing activities
Cash paid for business and asset acquisitions	$	(200,000)	$	58,169	$	(141,831)
Net cash used in investing activities	$	(285,009)	$	58,169	$	(226,840)

1 - Reported for the nine months ended June 28, 2025 reflects cash flow statement balances after giving effect to the change in accounting principle discussed below in Note 2.

Schedule of Change in Accounting Policy

The following tables present the effect of the change in accounting policy and the impact on the Company’s unaudited condensed consolidated financial statements and the consolidated financial statements for the periods presented (in thousands, except per share data):


	As of September 27, 2025
	As Computed Under Accelerated Attribution Method		As Computed Under Straight-line Attribution Method		Effect of Change
Prepaid expenses and other current assets	$	92,050	$	86,582	$	(5,468)
Additional paid-in capital	$	1,564,815	$	1,556,611	$	(8,204)
Accumulated deficit	$	(1,340,862)	$	(1,333,783)	$	7,079
Noncontrolling interest	$	261,895	$	257,552	$	(4,343)


	For the Three Months Ended
	June 28, 2025
	As Computed Under Accelerated Attribution Method		As Computed Under Straight-line Attribution Method		Effect of Change
Systems cost of revenue	$	457,911	$	453,967	$	(3,944)
Software maintenance and support cost of revenue	1,756		1,705		(51)
Operation services cost of revenue	24,832		24,607		(225)
Total cost of revenue	484,499		480,279		(4,220)
Gross profit	107,622		111,842		4,220
Research and development expenses	52,147		49,729		(2,418)
Selling, general, and administrative expenses	75,670		71,557		(4,113)
Total operating expenses	144,178		137,647		(6,531)
Operating loss	(36,556)		(25,805)		10,751
Loss before income tax and equity method investment	(28,105)		(17,354)		10,751
Income tax expense	(44)		(44)		—
Net loss	(31,925)		(21,174)		10,751
Net loss attributable to noncontrolling interests	(26,012)		(17,251)		8,761
Net loss attributable to common stockholders	$	(5,913)	$	(3,923)	$	1,990

Loss per share of Class A Common Stock:
Basic and Diluted	$	(0.05)	$	(0.04)	$	0.01


	For the Nine Months Ended
	June 28, 2025
	As Computed Under Accelerated Attribution Method		As Computed Under Straight-line Attribution Method		Effect of Change
Systems cost of revenue	$	1,254,289	$	1,246,745	$	(7,544)
Software maintenance and support cost of revenue	5,735		5,593		(142)
Operation services cost of revenue	72,952		72,476		(476)
Total cost of revenue	1,332,976		1,324,814		(8,162)
Gross profit	295,489		303,651		8,162
Research and development expenses	157,279		150,967		(6,312)
Selling, general, and administrative expenses	215,092		205,567		(9,525)
Total operating expenses	388,732		372,895		(15,837)
Operating loss	(93,243)		(69,244)		23,999
Loss before income tax and equity method investment	(65,256)		(41,257)		23,999
Income tax benefit	1,204		1,204		—
Net loss	(71,883)		(47,884)		23,999
Net loss attributable to noncontrolling interests	(58,569)		(38,982)		19,587
Net loss attributable to common stockholders	$	(13,314)	$	(8,902)	$	4,412

Loss per share of Class A Common Stock:
Basic and Diluted	$	(0.12)	$	(0.08)	$	0.04


	For the Nine Months Ended
	June 28, 2025
	As Computed Under Accelerated Attribution Method		As Computed Under Straight-line Attribution Method		Effect of Change
			Revised
Cash flows from operating activities:
Net loss	$	(71,883)	$	(47,884)	$	23,999
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	30,954		30,954		—
Amortization of leases	3,172		3,172		—
Loss on equity method investment	7,831		7,831		—
Foreign currency gains	(73)		(73)		—
Loss on disposal of assets	201		201		—
Provision for excess and obsolete inventory	4,901		4,901		—
Stock-based compensation	119,568		92,322		(27,246)
Gain from strategic investment fair value adjustment	(4,481)		(4,481)		—
Changes in operating assets and liabilities:
Accounts receivable	65,570		65,570		—
Inventories	(30,187)		(30,187)		—
Prepaid expenses and other current assets	62,701		52,779		(9,922)
Deferred expenses	23,582		23,582		—
Other assets	(16,928)		(61,928)		(45,000)
Accounts payable	40,544		40,544		—
Accrued expenses and other current liabilities	(7,613)		(7,613)		—
Deferred revenue	117,288		117,288		—
Other liabilities	(8,888)		(8,888)		—
Net cash provided by operating activities	$	336,259	$	278,090	$	(58,169)