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Acquisition | 12 Months Ended
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Dec. 27, 2025
Business Combination [Abstract] |
Acquisition | Acquisition On December 15, 2025, we acquired 100% of the shares of Keystone Photonics for total consideration of $20.6 million, net of cash acquired of $1.7 million. Keystone Photonics provides optical probing technology used in the testing of silicon photonics (“SiPh”) and co‑packaged optics devices. The acquisition expands the Company’s testing capabilities in these areas and supports customers as SiPh and co‑packaged optics technologies transition from development into high‑volume manufacturing, including applications related to artificial intelligence infrastructure. The acquisition was accounted for under the acquisition method of accounting, which requires that assets acquired and liabilities assumed be recognized on the consolidated balance sheets at their fair values as of the acquisition date. The fair values assigned to assets acquired and liabilities assumed are still preliminary as we continue to gather the necessary information to perform our fair value estimates and provisional amounts. Provisional amounts include items related to intangibles. Goodwill represents the excess of purchase price over the fair value assigned to the assets acquired and liabilities assumed and is allocated to the systems reporting unit within the Systems reportable segment. The identified intangible asset, developed technology, has a preliminary useful life of ten years. Our Consolidated Statements of Income include the financial results of Keystone Photonics subsequent to the acquisition date of December 15, 2025. Revenue in fiscal 2025 related to Keystone Photonics subsequent to the acquisition date that was included in our Consolidated Statements of Income was not material. We have not presented unaudited combined pro forma financial information as the Keystone Photonics acquisition was not significant to our consolidated results of operations and financial position. The following table summarizes the preliminary purchase price allocation, which may be adjusted as we finalize our fair value estimates and provisional amounts (in thousands):
|  | Amount
Cash and cash equivalents |  | $ | 1,674 |
Other current assets |  | 728 |
Property, plant and equipment |  | 518 |
Operating lease, right-of-use-assets |  | 888 |
Other non-current assets |  | 19 |
Tangible assets acquired |  | 3,827 |
Accounts payable and accrued liabilities |  | (1,650) |
Operating lease liabilities |  | (888) |
Deferred tax liabilities |  | (2,471) |
Total net tangible assets acquired and liabilities assumed |  | (1,182) |
Intangible assets |  | 8,385 |
Goodwill |  | 15,050 |
Net assets acquired |  | $ | 22,253 |

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