Revenues from contracts with customers (Tables)

9 Months Ended

Mar. 28, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue by Geographical Regions

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 America	403,126		46.2	%	1,085,007		43.2	%
Asia-Pacific and others
Israel	226,406				758,030
India	86,027				238,486
Hong Kong	26,773				65,735
Thailand	15,995				41,185
China	14,694				40,216
Singapore	10,704				33,948
Japan	10,425				27,980
Malaysia	8,224				23,287
Others	589				1,790
Total revenue in Asia-Pacific and others	399,837		45.9	%	1,230,657		49.0	%
Europe
U.K.	36,905				108,617
Germany	11,822				32,033
Others	20,109				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 America	271,876		37.2	%	771,814		36.3	%
Asia-Pacific and others
Israel	275,022				752,736
India	63,055				208,865
Malaysia	30,993				100,938
Hong Kong	15,147				43,085
Thailand	13,059				36,489
China	12,309				53,831
Japan	5,772				18,408
Others	1,655				4,390
Total revenue in Asia-Pacific and others	417,012		57.0	%	1,218,742		57.2	%
Europe
U.K.	18,164				66,808
Germany	10,148				33,323
Others	14,335				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.

Schedule of Revenues by End Market and Product

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
Telecom	406,126				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 laser	40,464				113,332
Others	44,636				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
Telecom	285,970				856,997
Total revenue - Optical communications	$	591,448	80.9	%	$	1,692,639	79.5	%
Non-optical communications
Automotive	$	73,636			$	241,166
Industrial laser	30,319				90,582
Others	36,132				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	%

Schedule of Activity in the Company's Contract Assets and Liabilities

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 period	11,534
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.