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Operating Segments and Geographic Information
 12 Months Ended
Jun. 27, 2026
Segment Reporting [Abstract]  
Operating Segments and Geographic Information
Note 17. Operating Segments and Geographic Information
Prior to fiscal year 2026, we operated in two reportable segments: Cloud & Networking and Industrial Tech. During the first quarter of fiscal year 2026, we implemented a reorganization and are now managed as a single, integrated enterprise. A unified management team oversees operations across the entire company rather than through discrete operating segments. The Chief Operating Decision Maker (“CODM”) is our Chief Executive Officer, who reviews financial information presented as a single enterprise to allocate resources and evaluate financial performance.
The CODM assesses performance and allocates resources based on consolidated net (loss) income from our consolidated statements of operations. This metric is used to set budgets, evaluate performance, review actual results, and determine whether to reinvest profits, pursue acquisitions, or make other capital management decisions. Segment expenses are reflected in our consolidated statements of operations and cash flows, while segment assets are measured through the consolidated assets on the consolidated balance sheets. Accordingly, we operate in a single reporting segment. Comparative prior-period segment information has been updated to reflect this structure, with no impact on previously reported consolidated results of operations, financial position or cash flows.
We disaggregate revenue by type of product, which are Components and Systems, and by geography. A Components product is defined as one of the individual building blocks that goes into creating a larger solution. It is typically not a complete solution on its own but rather a specialized element that enables system functionality. This includes semiconductor laser chips, laser sub-assemblies, line subsystems and wavelength management systems. These are supplied to customers who then integrate them into their own full system solutions. Components represent foundational parts that support or enable that system’s operation and include optical chips and subsystems that are supplied to cloud data center operators, AI/ML infrastructure providers, and network equipment manufacturer customers.
A Systems product is defined as a complete, stand-alone solution that delivers full functionality to the end customer. It is typically self-contained and ready to operate within a customer’s network or application environment. This includes optical modules, optical circuit switches, and industrial lasers such as short-pulse solid-state lasers and kilowatt-class fiber lasers. These products integrate multiple technologies and subsystems into a finished solution that directly addresses a customer’s needs. A system represents the end-product that can be deployed and used independently.
Our products enable high-capacity optical links for cloud computing, AI/ML workloads, and data center interconnect (“DCI”) applications, as well as for communications service provider networks. Our offerings support access (local), metro (intracity), long-haul (intercity and global), and submarine (undersea) network infrastructure. Our products serve enterprise network infrastructure needs, including storage area networks (“SANs”), local area networks (“LANs”), and wide area networks (“WANs”). Demand for our products is fueled by the ongoing expansion of network capacity required to support cloud services, AI/ML processing, streaming video, video conferencing, wireless and mobile connectivity, and the internet of things (“IoT”). In addition, our industrial laser products are used for precision material processing across diverse industries, including semiconductor and microelectronics fabrication, electric vehicle and battery production, metal cutting and welding, and advanced manufacturing that emphasize greater manufacturing precision, flexibility, and sustainability.
Refer to “Note 18. Revenue Recognition” for a presentation of disaggregated revenue by type of product.
Concentrations

We operate in three geographic regions: Americas, Asia-Pacific, and EMEA (Europe, Middle East, and Africa). Net revenue is assigned to the geographic region and country where our product is initially shipped to. For example, certain customers may request shipment of our product to a contract manufacturer in one country, which may differ from the location of their end customers.
The following table presents net revenue by the three geographic regions we operate in and net revenue from countries that represented 10% or more of our total net revenue (in millions, except percentage data):
Years Ended
June 27, 2026June 28, 2025June 29, 2024
Amount% to TotalAmount% to TotalAmount% to Total
Net revenue:
Americas:
United States
$627.9 20.8 %$312.3 19.0 %$356.1 26.2 %
Mexico443.7 14.7 148.5 9.0 91.7 6.7 
Other Americas
13.2 0.4 20.1 1.2 3.4 0.3 
Total Americas
$1,084.8 35.9 %$480.9 29.2 %$451.2 33.2 %
Asia-Pacific:
Thailand$626.6 20.8 %$291.8 17.7 %$183.8 13.5 %
Hong Kong
519.3 17.2 398.6 24.2 261.9 19.3 
China284.8 9.4 95.5 5.8 68.2 5.0 
Japan
104.6 3.5 78.3 4.8 84.6 6.2 
Other Asia-Pacific
216.9 7.3 136.4 8.4 181.3 13.4 
Total Asia-Pacific
$1,752.2 58.2 %$1,000.6 60.9 %$779.8 57.4 %
EMEA$177.0 5.9 %$163.5 9.9 %$128.2 9.4 %
Total net revenue
$3,014.0 100.0 %$1,645.0 100.0 %$1,359.2 100.0 %
During the years ended June 27, 2026, June 28, 2025, and June 29, 2024, net revenue from a single end customer which represented 10% or greater of total net revenue is summarized as follows:
Years Ended
June 27, 2026June 28, 2025June 29, 2024
Customer A26.6 %15.4 %18.9 %
Customer B15.0 %16.0 %11.4 %
The following table sets forth accounts receivable from a single customer that represented 10% or greater of the total accounts receivable for the periods presented:
June 27, 2026June 28, 2025
Customer 130.4 %13.2 %
Customer 210.7 %11.0 %
Long-lived assets, namely property, plant and equipment, net, were identified based on the physical location of the assets in the corresponding geographic areas as of the periods indicated (in millions):
June 27, 2026June 28, 2025
Property, plant and equipment, net
United States
$153.0 $123.0 
Thailand
450.6 218.6 
Japan232.1 144.3 
United Kingdom139.1 109.4 
China129.9 76.8 
Other countries
54.4 54.3 
Total property, plant and equipment, net$1,159.1 $726.4 
We purchase a portion of our inventory from contract manufacturers and vendors located primarily in Thailand, Taiwan and Malaysia. The following table sets forth inventory purchase from a single contract manufacturer that represented 10% or greater of our total net inventory purchases for the periods presented:
June 27, 2026June 28, 2025
Contract Manufacturer A18.2 %25.1 %