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Supplemental Financial Information | 6 Months Ended
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Jun. 27, 2026
Supplemental Financial Information |
Supplemental Financial Information | Note 2—Supplemental Financial Information ​ Inventories ​ Inventories consisted of the following (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 27, | ​ | December 27,
​ | ​ ​ ​ | 2026 | ​ ​ ​ | 2025
Raw materials | ​ | $ | 676 | ​ | $ | 181
Work in process | ​ | ​ | 1,310 | ​ | ​ | 190
Finished goods | ​ | ​ | 24,885 | ​ | ​ | 3,012
​ | ​ | $ | 26,871 | ​ | $ | 3,383
​ Cash Flow Information ​ The following table shows supplemental disclosures of cash flow information and non-cash financing activities (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Six Months Ended
​ | ​ | June 27, | ​ | June 28,
​ | ​ | 2026 | ​ ​ ​ | 2025
Supplemental disclosure of cash flow information: | ​ | ​ | ​ | ​ | ​ | ​
Cash paid during the year for: | ​ | ​ | ​ | ​ | ​ | ​
Interest | ​ | $ | 41 | ​ | $ | 20
Supplemental disclosure of non-cash investing and financing activities: | ​ | ​ | ​ | ​ | ​ | ​
Debt financing of insurance | ​ | $ | 438 | ​ | $ | 537
Lease modification to increase operating lease assets | ​ | $ | 999 | ​ | $ | —
​ Earnings (Loss) Per Share ​ The following table shows the computation of basic and diluted earnings (loss) per share of common stock (in thousands, except per share data): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | Three Months Ended | ​ | Six Months Ended
​ | ​ | ​ | June 27, | ​ | June 28, | ​ | June 27, | ​ | June 28,
​ | ​ | ​ ​ ​ | 2026 | ​ ​ ​ | 2025 | ​ ​ ​ | 2026 | ​ ​ ​ | 2025
Numerator: Net income (loss) | ​ | ​ | $ | 1,403 | ​ | $ | (6,078) | ​ | $ | 10,048 | ​ | $ | (15,565)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Denominator: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted-average basic shares outstanding | ​ | ​ | ​ | 327,594 | ​ | ​ | 275,751 | ​ | ​ | 318,520 | ​ | ​ | 274,065
Effect of dilutive securities | ​ | ​ | ​ | 43,158 | ​ | ​ | — | ​ | ​ | 37,621 | ​ | ​ | —
Weighted-average diluted shares | ​ | ​ | ​ | 370,752 | ​ | ​ | 275,751 | ​ | ​ | 356,141 | ​ | ​ | 274,065
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Basic earnings (loss) per share | ​ | ​ | $ | 0.00 | ​ | $ | (0.02) | ​ | $ | 0.03 | ​ | $ | (0.06)
Diluted earnings (loss) per share | ​ | ​ | $ | 0.00 | ​ | $ | (0.02) | ​ | $ | 0.03 | ​ | $ | (0.06)
​ The table below shows potentially dilutive weighted average common share equivalents, consisting of shares issuable upon the exercise of outstanding stock options and warrants using the treasury stock method and the shares issuable upon vesting of the restricted stock units (“RSUs”). These potential weighted average common share equivalents have been included in the three and six months ended June 27, 2026 in the diluted net earnings per share calculations above as their effect would be dilutive and excluded in the three and six months ended June 28, 2025 from the diluted net loss per share calculations above as their effect would be anti-dilutive (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | Three Months Ended | ​ | Six Months Ended
​ | ​ | ​ | June 27, | ​ | June 28, | ​ | June 27, | ​ | June 28,
​ | ​ | ​ ​ ​ | 2026 | ​ ​ ​ | 2025 | ​ ​ ​ | 2026 | ​ ​ ​ | 2025
Weighted average common share equivalents | ​ | ​ | ​ | 43,158 | ​ | ​ | 587 | ​ | ​ | 37,621 | ​ | ​ | 580
​ Disaggregation of Net Sales ​ The following table shows disaggregated net sales by major source (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Six Months Ended
​ | ​ | June 27, | ​ | June 28, | ​ | June 27, | ​ | June 28,
​ | ​ ​ ​ | 2026 | ​ | 2025 | ​ ​ ​ | 2026 | ​ | 2025
Resales of third-party products | ​ | $ | 103,761 | ​ | $ | 40,218 | ​ | $ | 204,352 | ​ | $ | 67,866
Sale of our modular memory subsystems | ​ | ​ | 6,084 | ​ | ​ | 1,488 | ​ | ​ | 10,385 | ​ | ​ | 2,815
Total net sales | ​ | $ | 109,845 | ​ | $ | 41,706 | ​ | $ | 214,737 | ​ | $ | 70,681
​ Net product sales by country presented below are based on the billing location of the customer (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Six Months Ended
​ | ​ | June 27, | ​ | June 28, | ​ | June 27, | ​ | June 28,
​ | ​ ​ ​ | 2026 | ​ ​ ​ | 2025 | ​ ​ ​ | 2026 | ​ ​ ​ | 2025
United States | ​ | $ | 17,723 | ​ | $ | 1,888 | ​ | $ | 27,971 | ​ | $ | 3,828
People's Republic of China (1) | ​ | ​ | 71,570 | ​ | ​ | 38,848 | ​ | ​ | 152,402 | ​ | ​ | 65,017
Malaysia | ​ | ​ | 18,082 | ​ | ​ | - | ​ | ​ | 18,082 | ​ | ​ | -
Other countries | ​ | ​ | 2,470 | ​ | ​ | 970 | ​ | ​ | 16,282 | ​ | ​ | 1,836
Total net sales | ​ | $ | 109,845 | ​ | $ | 41,706 | ​ | $ | 214,737 | ​ | $ | 70,681
​
| (1) | The People’s Republic of China (“PRC”) includes Hong Kong and Taiwan.
​ The PRC accounted for more than 10% of our net product sales for each of the three and six months ended June 27, 2026 and June 28, 2025. The United States accounted for more than 10% of our net product sales for each of the three and six months ended June 27, 2026. Malaysia accounted for more than 10% of our net product sales for the three months ended June 27, 2026. ​ As of December 27, 2025, we had deferred revenue of $30.6 million, These deferred revenues related to advance payments received during the quarter on orders shipped subsequent to the end of quarter. These revenues were recognized during the three months ended March 28, 2026 upon shipment of orders. ​ As of June 27, 2026, we had deferred revenue of $3.0 million. These deferred revenues relate to advance payments received during the quarter on orders shipped subsequent to the end of quarter. ​ Major Customers, Suppliers and Products ​ Our net product sales have historically been concentrated in a small number of customers. The following table sets forth the percentage of net product sales made to customers that each comprise 10% or more of total product sales: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Six Months Ended
​ | ​ | June 27, | ​ | June 28, | ​ | June 27, | ​ | June 28,
​ | ​ | 2026 | ​ | 2025 | ​ | 2026 | ​ | 2025
Customer A | ​ | 31% | ​ | 34% | ​ | 30% | ​ | 26%
Customer B | ​ | * | ​ | 13% | ​ | * | ​ | *
Customer C | ​ | * | ​ | 16% | ​ | * | ​ | 10%
Customer D | ​ | * | ​ | * | ​ | * | ​ | 10%
Customer E | ​ | 25% | ​ | * | ​ | 13% | ​ | *
Customer F | ​ | 14% | ​ | * | ​ | 13% | ​ | *
​
| * | Less than 10% of net sales during the period.
​ As of June 27, 2026, four customers represented approximately 44%, 17%, 14%, and 10% of aggregate gross accounts receivable. As of December 27, 2025, four customers represented approximately 33%, 19%, 14%, and 11% of aggregate gross accounts receivable. The loss of a major customer or a reduction in sales to or difficulties collecting payments from these customers could significantly reduce our net sales and adversely affect our operating results. We mitigate risks associated with foreign and domestic receivables by purchasing comprehensive credit insurance. ​ We resell certain component products to end-customers that are not reached in the distribution models of the component manufacturers, including storage customers, appliance customers, system builders and cloud and datacenter customers. For the three and six months ended June 27, 2026, resales of these products represented approximately 94% and 95% of net product sales, respectively. For the three and six months ended June 28, 2025, resales of these products represented approximately 96% and 96% of net product sales, respectively. ​ Our purchases are typically concentrated in a small number of suppliers. The following table shows the percentage of purchases made from supplier(s) that each comprise 10% or more of total purchases: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Six Months Ended
​ | ​ | June 27, | ​ | June 28, | ​ | June 27, | ​ | June 28,
​ | ​ | 2026 | ​ | 2025 | ​ | 2026 | ​ | 2025
Supplier A | ​ | 82% | ​ | 93% | ​ | 87% | ​ | 92%
​ While we believe alternative suppliers may be available, our dependence on a small number of suppliers and the lack of any guaranteed sources for the essential components of our products and the components we resell exposes us to several risks, including the inability to obtain an adequate supply of these components, increases in their costs, delivery delays and poor quality. If we cannot obtain these components in the amounts needed on a timely basis and at commercially reasonable prices, we may not be able to develop or introduce new products, we may experience significant increases in our cost of sales if we are forced to procure components from alternative suppliers and are not able to negotiate favorable terms with these suppliers, we may experience interruptions or failures in the delivery of our products, or we may be forced to cease sales of products dependent on the components or resales of the components we resell to customers directly. Any of these events could have a material adverse effect on our business, operating results and financial condition. In August 2026, the Company entered into a Supply Agreement with Samsung Semiconductor, Inc. (“Samsung Semiconductor”) that provides an additional source of supply, but there can be no assurance that this agreement will fully mitigate the risks described above.

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