v3.26.1
Revenue (Tables)
 6 Months Ended
Jun. 28, 2026
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregated Revenue The following tables disclose revenue by product type and the timing of recognition of revenue for transfer of goods and services to customers:
Three-Month Period Ended June 28, 2026
Topic 606 Revenue
Point-in-TimeOver Time
Lease Revenue Per Topic 842
Total Revenue
ATS development
Time-and-materials and cost-plus-fixed-fee contracts$— $22,685 $— $22,685 
Fixed price contracts1,276 39,252 — 40,528 
Total ATS development1,276 61,937 — 63,213 
Wafer Services— 90,973 395 91,368 
Combined ATS development and Wafer Services1,276 152,910 395 154,581 
Tools1,796 — — 1,796 
Total$3,072 $152,910 $395 $156,377 
Three-Month Period Ended June 29, 2025
Topic 606 Revenue
Point-in-TimeOver Time
Lease Revenue Per Topic 842
Total Revenue
ATS development
Time-and-materials and cost-plus-fixed-fee contracts$— $36,566 $— $36,566 
Fixed price contracts3,737 11,524 — 15,261 
Other— — 778 778 
Total ATS development3,737 48,090 778 52,605 
Wafer Services296 5,115 — 5,411 
Combined ATS development and Wafer Services4,033 53,205 778 58,016 
Tools1,047 — — 1,047 
Total$5,080 $53,205 $778 $59,063 
Six-Month Period Ended June 28, 2026
Topic 606 Revenue
Point-in-TimeOver Time
Lease Revenue Per Topic 842
Total Revenue
ATS development
Time-and-materials and cost-plus-fixed-fee contracts$— $50,610 $— $50,610 
Fixed price contracts6,221 61,318 — 67,539 
Total ATS development6,221 111,928 — 118,149 
Wafer Services— 186,452 764 187,216 
Combined ATS development and Wafer Services6,221 298,380 764 305,365 
Tools11,698 — — 11,698 
Total$17,919 $298,380 $764 $317,063 
Six-Month Period Ended June 29, 2025
Topic 606 Revenue
Point-in-TimeOver Time
Lease Revenue Per Topic 842
Total Revenue
ATS development
Time-and-materials and cost-plus-fixed-fee contracts$1,204 $72,441 $— $73,645 
Fixed price contracts8,569 20,981 — 29,550 
Other— — 1,945 1,945 
Total ATS development9,773 93,422 1,945 105,140 
Wafer Services380 12,558 — 12,938 
Combined ATS development and Wafer Services10,153 105,980 1,945 118,078 
Tools2,281 — — 2,281 
Total$12,434 $105,980 $1,945 $120,359 
Schedule of Contract Assets and Liabilities The contract liabilities and other significant components of contract liabilities at June 28, 2026 and December 28, 2025 are as follows:
June 28, 2026December 28, 2025
Contract Deferred Revenue (1)
Lease Deferred Revenue
Supply Agreement (2)
Total
Deferred Revenue
Contract Deferred Revenue (1)
Lease Deferred Revenue
Supply Agreement (2)
Total
Deferred Revenue
Current contract liabilities
$24,868 $— $— $24,868 $40,301 $100 $1,794 $42,195 
Long-term contract liabilities
79,195 — 45,751 124,946 81,665 — 67,805 149,470 
Total contract liabilities
$104,063 $— $45,751 $149,814 $121,966 $100 $69,599 $191,665 
(1)Contract deferred revenue includes $31,515 and $37,077 at June 28, 2026 and December 28, 2025, respectively, related to material rights provided to a significant customer in exchange for funding additional manufacturing capacity. Of these amounts, $11,123 and $11,123 were classified as current in the interim condensed consolidated balance sheets as of June 28, 2026 and December 28, 2025, respectively.
(2)In connection with the Transaction, the Company entered into a multi-year supply agreement with certain of Infineon’s subsidiaries under a take-or-pay arrangement for the first four-year period following the closing of the Transaction (the “Supply Agreement”). The Supply Agreement included an off-market component estimated at a fair value of $120,000 which was included in the purchase price for the Transaction. This amount is presented net of Supply Agreement specific contract assets which total $38,656 as of June 28, 2026.
The change in contract liabilities during the three- and six-month periods ended June 28, 2026 and June 29, 2025 are as follows:
Three-Month Period Ended
Six-Month Period Ended
June 28, 2026June 29, 2025June 28, 2026June 29, 2025
Balance at beginning of period
$178,556 $158,479 $191,665 $107,067 
Increase due to payments received, excluding amounts recognized as revenue13,241 3,239 40,298 64,146 
Revenue recognized included in the contract liabilities balance at the beginning of the period(34,520)(9,581)(64,464)(19,076)
Revenue recognized from Fab 25 Supply Agreement (1)
(7,463)— (17,685)— 
Balance at end of period$149,814 $152,137 $149,814 $152,137 
(1) The Company recorded a $120,000 contract liability in purchase accounting for the acquisition of Fab 25 to recognize the fair value of the off-market component of the Supply Agreement. Related revenue for this contract liability is recognized as the Company fulfills its wafer production obligations over the four-year term of the Supply Agreement. For the three-month period ended June 28, 2026, the Company recognized $7,463 of revenue associated with this contract liability reducing its total balance to $84,406 at June 28, 2026.