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Revenue (Tables) | 6 Months Ended
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Jun. 28, 2026
Revenue from Contract with Customer [Abstract] |
Schedule of Disaggregated Revenue | The following tables disclose revenue by product type and the timing of recognition of revenue for transfer of goods and services to customers:
| Three-Month Period Ended June 28, 2026
| Topic 606 Revenue |  |  |  |
| Point-in-Time |  | Over Time |  | Lease Revenue Per Topic 842 |  | Total Revenue
ATS development |  |  |  |  |  |  |
Time-and-materials and cost-plus-fixed-fee contracts | $ | — |  |  | $ | 22,685 |  |  | $ | — |  |  | $ | 22,685 |
Fixed price contracts | 1,276 |  |  | 39,252 |  |  | — |  |  | 40,528 |
Total ATS development | 1,276 |  |  | 61,937 |  |  | — |  |  | 63,213 |
Wafer Services | — |  |  | 90,973 |  |  | 395 |  |  | 91,368 |
Combined ATS development and Wafer Services | 1,276 |  |  | 152,910 |  |  | 395 |  |  | 154,581 |
Tools | 1,796 |  |  | — |  |  | — |  |  | 1,796 |
Total | $ | 3,072 |  |  | $ | 152,910 |  |  | $ | 395 |  |  | $ | 156,377 |
| Three-Month Period Ended June 29, 2025
| Topic 606 Revenue |  |  |  |
| Point-in-Time |  | Over Time |  | Lease Revenue Per Topic 842 |  | Total Revenue
ATS development |  |  |  |  |  |  |
Time-and-materials and cost-plus-fixed-fee contracts | $ | — |  |  | $ | 36,566 |  |  | $ | — |  |  | $ | 36,566 |
Fixed price contracts | 3,737 |  |  | 11,524 |  |  | — |  |  | 15,261 |
Other | — |  |  | — |  |  | 778 |  |  | 778 |
Total ATS development | 3,737 |  |  | 48,090 |  |  | 778 |  |  | 52,605 |
Wafer Services | 296 |  |  | 5,115 |  |  | — |  |  | 5,411 |
Combined ATS development and Wafer Services | 4,033 |  |  | 53,205 |  |  | 778 |  |  | 58,016 |
Tools | 1,047 |  |  | — |  |  | — |  |  | 1,047 |
Total | $ | 5,080 |  |  | $ | 53,205 |  |  | $ | 778 |  |  | $ | 59,063 |
| Six-Month Period Ended June 28, 2026
| Topic 606 Revenue |  |  |  |
| Point-in-Time |  | Over Time |  | Lease Revenue Per Topic 842 |  | Total Revenue
ATS development |  |  |  |  |  |  |
Time-and-materials and cost-plus-fixed-fee contracts | $ | — |  |  | $ | 50,610 |  |  | $ | — |  |  | $ | 50,610 |
Fixed price contracts | 6,221 |  |  | 61,318 |  |  | — |  |  | 67,539 |
Total ATS development | 6,221 |  |  | 111,928 |  |  | — |  |  | 118,149 |
Wafer Services | — |  |  | 186,452 |  |  | 764 |  |  | 187,216 |
Combined ATS development and Wafer Services | 6,221 |  |  | 298,380 |  |  | 764 |  |  | 305,365 |
Tools | 11,698 |  |  | — |  |  | — |  |  | 11,698 |
Total | $ | 17,919 |  |  | $ | 298,380 |  |  | $ | 764 |  |  | $ | 317,063 |
| Six-Month Period Ended June 29, 2025
| Topic 606 Revenue |  |  |  |
| Point-in-Time |  | Over Time |  | Lease Revenue Per Topic 842 |  | Total Revenue
ATS development |  |  |  |  |  |  |
Time-and-materials and cost-plus-fixed-fee contracts | $ | 1,204 |  |  | $ | 72,441 |  |  | $ | — |  |  | $ | 73,645 |
Fixed price contracts | 8,569 |  |  | 20,981 |  |  | — |  |  | 29,550 |
Other | — |  |  | — |  |  | 1,945 |  |  | 1,945 |
Total ATS development | 9,773 |  |  | 93,422 |  |  | 1,945 |  |  | 105,140 |
Wafer Services | 380 |  |  | 12,558 |  |  | — |  |  | 12,938 |
Combined ATS development and Wafer Services | 10,153 |  |  | 105,980 |  |  | 1,945 |  |  | 118,078 |
Tools | 2,281 |  |  | — |  |  | — |  |  | 2,281 |
Total | $ | 12,434 |  |  | $ | 105,980 |  |  | $ | 1,945 |  |  | $ | 120,359 |
Schedule of Contract Assets and Liabilities | The contract liabilities and other significant components of contract liabilities at June 28, 2026 and December 28, 2025 are as follows:
| June 28, 2026 |  | December 28, 2025
| Contract Deferred Revenue (1) |  | Lease Deferred Revenue |  | Supply Agreement (2) |  | Total Deferred Revenue |  | Contract Deferred Revenue (1) |  | Lease Deferred Revenue |  | Supply Agreement (2) |  | Total Deferred Revenue
Current contract liabilities | $ | 24,868 |  |  | $ | — |  |  | $ | — |  |  | $ | 24,868 |  |  | $ | 40,301 |  |  | $ | 100 |  |  | $ | 1,794 |  |  | $ | 42,195 |
Long-term contract liabilities | 79,195 |  |  | — |  |  | 45,751 |  |  | 124,946 |  |  | 81,665 |  |  | — |  |  | 67,805 |  |  | 149,470 |
Total contract liabilities | $ | 104,063 |  |  | $ | — |  |  | $ | 45,751 |  |  | $ | 149,814 |  |  | $ | 121,966 |  |  | $ | 100 |  |  | $ | 69,599 |  |  | $ | 191,665 |
(1)Contract deferred revenue includes $31,515 and $37,077 at June 28, 2026 and December 28, 2025, respectively, related to material rights provided to a significant customer in exchange for funding additional manufacturing capacity. Of these amounts, $11,123 and $11,123 were classified as current in the interim condensed consolidated balance sheets as of June 28, 2026 and December 28, 2025, respectively. (2)In connection with the Transaction, the Company entered into a multi-year supply agreement with certain of Infineon’s subsidiaries under a take-or-pay arrangement for the first four-year period following the closing of the Transaction (the “Supply Agreement”). The Supply Agreement included an off-market component estimated at a fair value of $120,000 which was included in the purchase price for the Transaction. This amount is presented net of Supply Agreement specific contract assets which total $38,656 as of June 28, 2026. The change in contract liabilities during the three- and six-month periods ended June 28, 2026 and June 29, 2025 are as follows:
| Three-Month Period Ended |  | Six-Month Period Ended |  |
| June 28, 2026 |  | June 29, 2025 |  | June 28, 2026 |  | June 29, 2025 |  |  |  |
Balance at beginning of period | $ | 178,556 |  |  | $ | 158,479 |  |  | $ | 191,665 |  |  | $ | 107,067 |  |  |  |  |
Increase due to payments received, excluding amounts recognized as revenue | 13,241 |  |  | 3,239 |  |  | 40,298 |  |  | 64,146 |  |  |  |  |
Revenue recognized included in the contract liabilities balance at the beginning of the period | (34,520) |  |  | (9,581) |  |  | (64,464) |  |  | (19,076) |  |  |  |  |
Revenue recognized from Fab 25 Supply Agreement (1) | (7,463) |  |  | — |  |  | (17,685) |  |  | — |  |  |  |  |
Balance at end of period | $ | 149,814 |  |  | $ | 152,137 |  |  | $ | 149,814 |  |  | $ | 152,137 |  |  |  |  |
(1) The Company recorded a $120,000 contract liability in purchase accounting for the acquisition of Fab 25 to recognize the fair value of the off-market component of the Supply Agreement. Related revenue for this contract liability is recognized as the Company fulfills its wafer production obligations over the four-year term of the Supply Agreement. For the three-month period ended June 28, 2026, the Company recognized $7,463 of revenue associated with this contract liability reducing its total balance to $84,406 at June 28, 2026.

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- Definition Tabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 + Details
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- Definition Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-5 + Details
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