v3.25.1
Revenues from contracts with customers
 9 Months Ended
Mar. 28, 2025
Revenue from Contract with Customer [Abstract]  
Revenues from contracts with customers Revenues from contracts with customers
Revenue by Geographic Area, End Market and Product Category
Revenues are attributed to a particular geographic area based on the bill-to-location of the Company’s customers. The Company operates in three geographic regions: North America; Asia-Pacific and others; and Europe.
The following table presents total revenues by geographic region:
(in thousands, except percentages)Three Months Ended
March 28, 2025		As a % of Total
Revenues		Nine Months Ended
March 28, 2025		As a % of Total
Revenues
North America
   U.S.$401,769 $1,080,701 
Others (1)
1,357 4,306 
Total revenue in North America403,126 46.2 %1,085,007 43.2 %
Asia-Pacific and others
   Israel226,406 758,030 
   India86,027 238,486 
   Hong Kong26,773 65,735 
   Thailand15,995 41,185 
   China14,694 40,216 
   Singapore10,704 33,948 
   Japan10,425 27,980 
   Malaysia8,224 23,287 
   Others589 1,790 
Total revenue in Asia-Pacific and others399,837 45.9 %1,230,657 49.0 %
Europe
   U.K.36,905 108,617 
   Germany11,822 32,033 
   Others20,109 53,321 
Total revenue in Europe$68,836 7.9 %$193,971 7.8 %
Total revenue$871,799 100.0 %$2,509,635 100.0 %
(in thousands, except percentages)Three Months Ended
March 29, 2024		As a % of Total
Revenues		Nine Months Ended
March 29, 2024		As a % of Total
Revenues
North America
   U.S.$268,475 $761,622 
Others (1)
3,401 10,192 
Total revenue in North America271,876 37.2 %771,814 36.3 %
Asia-Pacific and others
   Israel275,022 752,736 
   India63,055 208,865 
   Malaysia30,993 100,938 
   Hong Kong15,147 43,085 
   Thailand13,059 36,489 
   China12,309 53,831 
   Japan5,772 18,408 
   Others1,655 4,390 
Total revenue in Asia-Pacific and others417,012 57.0 %1,218,742 57.2 %
Europe
   U.K.18,164 66,808 
   Germany10,148 33,323 
   Others14,335 39,019 
Total revenue in Europe$42,647 5.8 %$139,150 6.5 %
Total revenue$731,535 100.0 %$2,129,706 100.0 %
(1)Others includes revenues from external customers based in our country of domicile, the Cayman Islands, which for each year presented is $0.
The following table presents revenues by end market and product category:
(in thousands, except percentages)Three Months Ended
March 28, 2025		As a % of Total
Revenues		Nine Months Ended
March 28, 2025		As a % of Total
Revenues
Optical communications
Datacom$251,105 $879,087 
Telecom406,126 1,051,609 
Total revenue - Optical communications$657,231 75.4 %$1,930,696 76.9 %
Non-optical communications
Automotive$129,468 $336,456 
Industrial laser40,464 113,332 
Others44,636 129,151 
Total revenue - Non-optical communications$214,568 24.6 %$578,939 23.1 %
Total revenue$871,799 100.0 %$2,509,635 100.0 %
(in thousands, except percentages)Three Months Ended
March 29, 2024		As a % of Total
Revenues		Nine Months Ended
March 29, 2024		As a % of Total
Revenues
Optical communications
Datacom$305,478 $835,642 
Telecom285,970 856,997 
Total revenue - Optical communications$591,448 80.9 %$1,692,639 79.5 %
Non-optical communications
Automotive$73,636 $241,166 
Industrial laser30,319 90,582 
Others36,132 105,319 
Total revenue - Non-optical communications$140,087 19.1 %$437,067 20.5 %
Total revenue$731,535 100.0 %$2,129,706 100.0 %
Contract Assets and Liabilities
A contract asset is recognized when the Company has recognized revenues, but has not yet issued an invoice to its customer for payment. Contract assets are recognized in the unaudited condensed consolidated balance sheets under other current assets and transferred to accounts receivable when rights to payment become unconditional.
As of March 28, 2025 and June 28, 2024, the Company's contract assets were de minimis.
A contract liability is recognized when the Company has advance payment arrangements with customers. Contract liabilities are recognized in the unaudited condensed consolidated balance sheets under other payables. The contract liabilities balance is normally recognized as revenue within six months.
The following tables summarize the activity in the Company’s contract liabilities during the nine months ended March 28, 2025:
(in thousands)Contract
Liabilities
Beginning balance, June 28, 2024
$7,846 
Advance payments received during the period11,534 
Revenue recognized(10,455)
Ending balance, March 28, 2025
$8,925 
Customer Warrant
Warrants issued to customers are accounted for as equity instruments and measured in accordance with ASC 718, Compensation – Stock Compensation. For awards granted to a customer which are not in exchange for distinct goods or services, the fair value of the awards earned based on service or performance conditions is recorded as a reduction of the transaction price, in accordance with ASC 606, Revenue from Contracts with Customers.
To determine the fair value of warrants in accordance with ASC 718, the Company uses the Black-Scholes option pricing model, based in part on assumptions for which management is required to use judgment. Based on the fair value of the awards, the Company determines the amount of warrant expense based on the customer’s achievement of vesting conditions, which is recorded as a reduction of revenues on the unaudited condensed consolidated statement of operations. The dilutive impact of customer warrants is determined using the treasury stock method.
For the three and nine months ended March 28, 2025, the Company recognized $3.9 million as a reduction to revenue on the unaudited condensed consolidated statements of operations.