v3.26.1
Revenue
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Revenue

NOTE 9. Revenue

The following table represents a disaggregation of revenue by timing of revenue:

 

Three Months Ended

 

 

Six Months Ended

 

 

June 30,

 

 

June 28,

 

 

June 30,

 

 

June 28,

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

(in thousands)

 

Point-in-time

$

322,489

 

 

$

237,414

 

 

$

594,068

 

 

$

486,693

 

Over-time

 

20,640

 

 

 

16,183

 

 

 

41,010

 

 

 

33,511

 

Total revenue

$

343,129

 

 

$

253,597

 

 

$

635,078

 

 

$

520,204

 

The following table lists the different sources of revenue:

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 28,

 

 

June 30,

 

 

June 28,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

 

(in thousands, except for percentages)

 

Systems and software

 

$

294,040

 

 

 

85.7

%

 

$

214,506

 

 

 

84.6

 %

 

$

541,197

 

 

 

85.2

 %

 

$

445,656

 

 

 

85.7

 %

Parts

 

 

28,713

 

 

 

8.4

%

 

 

19,849

 

 

 

7.8

 %

 

 

55,263

 

 

 

8.7

 %

 

 

38,025

 

 

 

7.3

 %

Services

 

 

20,376

 

 

 

5.9

%

 

 

19,242

 

 

 

7.6

 %

 

 

38,618

 

 

 

6.1

 %

 

 

36,523

 

 

 

7.0

 %

Total revenue*

 

$

343,129

 

 

 

100.0

%

 

$

253,597

 

 

 

100.0

 %

 

$

635,078

 

 

 

100.0

 %

 

$

520,204

 

 

 

100.0

 %

*The sum of the individual percentages may not equal 100% due to rounding.

 

See Note 13 for additional discussion of the Company’s disaggregated revenue by geography.

Contract Assets and Contract Liabilities

Contract assets consist of amounts we have not invoiced but have completed the related performance obligation. These amounts generally arise from variances between the contractual payment terms and the transaction price assigned to the open performance obligations (e.g., we have recognized revenue in an amount greater than the amount that is billable under the contract). The contract assets amounts are recorded in “Accounts receivable” in the Condensed Consolidated Balance Sheets. As of June 30, 2026 the Company had no contract assets, and as of January 3, 2026, the Company had contract assets of $3.5 million.

The Company records contract liabilities when the customer has been billed in advance of the Company completing its performance obligations primarily with respect to liabilities related to service contracts and installation. For contracts that have a duration of one year or less, these amounts are recorded as “Deferred revenue” in the Condensed Consolidated Balance Sheets. For contracts with a duration longer than one year, deferred revenue is recorded in “Other non-current liabilities” in the Condensed Consolidated Balance Sheets. As of June 30, 2026 and January 3, 2026, the Company carried a long-term deferred revenue balance of $8.7 million and $6.3 million, respectively, within “Other non-current liabilities” in the Condensed Consolidated Balance Sheets.

Changes in deferred revenue were as follows:

 

Three Months Ended

 

 

Six Months Ended

 

June 30,

 

 

June 28,

 

 

June 30,

 

 

June 28,

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

(in thousands)

 

Balance, beginning of the period

$

39,733

 

 

$

43,599

 

 

$

38,031

 

 

$

37,836

 

Deferral of revenue

 

24,239

 

 

 

22,635

 

 

 

40,794

 

 

 

51,616

 

Recognition of current year deferred revenue

 

(5,658

)

 

 

(14,956

)

 

 

(19,489

)

 

 

(29,187

)

Recognition of prior period deferred revenue

 

(13,722

)

 

 

(7,733

)

 

 

(14,744

)

 

 

(16,720

)

Balance, end of the period

$

44,592

 

 

$

43,545

 

 

$

44,592

 

 

$

43,545