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v3.25.2

Income Taxes (Tables) | 12 Months Ended
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Jun. 29, 2025
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Before Income Taxes | The following were the components of loss before income taxes:
| Fiscal Years Ended
(in millions of U.S. Dollars) | June 29, 2025 |  | June 30, 2024 |  | June 25, 2023
Domestic | ($1,619.2) |  |  | ($572.2) |  |  | ($262.6) |
Foreign | 0.3 |  |  | (0.3) |  |  | 2.8 |
Loss before income taxes | ($1,618.9) |  |  | ($572.5) |  |  | ($259.8) |
Schedule of Components of Income Tax (Benefit) Expense | The following were the components of income tax (benefit) expense:
| Fiscal Years Ended
(in millions of U.S. Dollars) | June 29, 2025 |  | June 30, 2024 |  | June 25, 2023
Current: |  |  |  |  |
Federal | $— |  |  | $— |  |  | $0.3 |
Foreign | 0.6 |  |  | 0.9 |  |  | 0.5 |
State | — |  |  | 0.2 |  |  | 0.1 |
Total current | 0.6 |  |  | 1.1 |  |  | 0.9 |
Deferred: |  |  |  |  |
Federal | (10.5) |  |  | — |  |  | — |
Foreign | 0.5 |  |  | — |  |  | (0.2) |
State | (0.3) |  |  | — |  |  | — |
Total deferred | (10.3) |  |  | — |  |  | (0.2) |
Income tax expense | ($9.7) |  |  | $1.1 |  |  | $0.7 |
Schedule of Effective Income Tax Rate and Amount Reconciliation | Actual income tax (benefit) expense differed from the amount computed by applying each period's United States federal statutory tax rate to pre-tax earnings as a result of the following:
| Fiscal Years Ended
(in millions of U.S. Dollars) | June 29, 2025 |  | % of Loss |  | June 30, 2024 |  | % of Loss |  | June 25, 2023 |  | % of Loss
Federal income tax provision at statutory rate | ($340.0) |  |  | 21 | % |  | ($120.2) |  |  | 21 | % |  | ($54.6) |  |  | 21 | %
(Decrease) increase in income tax expense resulting from: |  |  |  |  |  |  |  |  |  |  |
State tax provision, net of federal benefit | (13.8) |  |  | 1 | % |  | (5.0) |  |  | 1 | % |  | (0.7) |  |  | — | %
Tax exempt interest | (0.1) |  |  | — | % |  | (0.4) |  |  | — | % |  | (0.5) |  |  | — | %
(Decrease) increase in tax reserve | (0.4) |  |  | — | % |  | (2.0) |  |  | — | % |  | (0.4) |  |  | — | %
Research and development credits | (7.3) |  |  | 1 | % |  | (9.7) |  |  | 2 | % |  | (8.7) |  |  | 3 | %
Increase (decrease) in valuation allowance | 309.1 |  |  | (19) | % |  | 127.0 |  |  | (22) | % |  | 62.0 |  |  | (24) | %
Stock-based compensation | 14.2 |  |  | (1) | % |  | 8.8 |  |  | (2) | % |  | 3.0 |  |  | (1) | %
Statutory rate differences | 0.1 |  |  | — | % |  | — |  |  | — | % |  | 0.1 |  |  | — | %
Foreign earnings taxed in U.S. | 3.5 |  |  | — | % |  | 0.4 |  |  | — | % |  | (0.4) |  |  | — | %
Goodwill Impairment | 23.1 |  |  | (1) | % |  | — |  |  | — | % |  | — |  |  | — | %
Provision to return adjustments | 0.9 |  |  | — | % |  | (0.4) |  |  | — | % |  | 0.1 |  |  | — | %
Impact of rate changes | (3.4) |  |  | — | % |  | 0.4 |  |  | — | % |  | — |  |  | — | %
Expiration of attributes | 0.1 |  |  | — | % |  | 2.0 |  |  | — | % |  | 0.2 |  |  | — | %
Pre-petition charges | 4.1 |  |  | — | % |  | — |  |  | — | % |  | — |  |  | — | %
Other | 0.2 |  |  | — | % |  | 0.2 |  |  | — | % |  | 0.6 |  |  | — | %
Income tax expense | ($9.7) |  |  | 1 | % |  | $1.1 |  |  | — | % |  | $0.7 |  |  | — | %
Schedule of Tax Effects of Temporary Differences that Give Rise to Significant Portions of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities were as follows:
(in millions of U.S. Dollars) | June 29, 2025 |  | June 30, 2024
Deferred tax assets: |  |  |
Compensation | $8.3 |  |  | $5.4 |
Inventories | 45.3 |  |  | 45.4 |
Sales return reserve and allowance for bad debts | 8.1 |  |  | 11.2 |
Federal and state net operating loss carryforwards | 691.0 |  |  | 506.8 |
Federal income tax credits | 77.0 |  |  | 69.7 |
State income tax credits | 0.7 |  |  | 0.7 |
48C investment tax credits | 35.7 |  |  | 35.7 |
Investments | 0.6 |  |  | 2.3 |
Stock-based compensation | 9.0 |  |  | 10.7 |
Deferred revenue | 25.0 |  |  | 35.0 |
Lease liabilities | 35.1 |  |  | 28.7 |
Capitalized research and development | 120.1 |  |  | 101.6 |
Convertible notes | 58.5 |  |  | 62.6 |
Nondeductible interest carryforward | 95.3 |  |  | 27.7 |
Other | 14.1 |  |  | 3.0 |
Total gross deferred assets | 1,223.8 |  |  | 946.5 |
Less valuation allowance | (1,041.4) |  |  | (734.1) |
Deferred tax assets, net | 182.4 |  |  | 212.4 |
Deferred tax liabilities: |  |  |
Property and equipment | (122.4) |  |  | (123.8) |
Intangible assets | (5.0) |  |  | (58.6) |
Other long-term investments | (9.0) |  |  | (4.0) |
Prepaid taxes | (0.5) |  |  | (0.5) |
Foreign earnings recapture | (4.2) |  |  | (4.2) |
Taxes on unremitted foreign earnings | (7.0) |  |  | (6.9) |
Lease assets | (29.1) |  |  | (23.8) |
Other | (4.6) |  |  | (0.3) |
Total gross deferred liability | (181.8) |  |  | (222.1) |
Deferred tax liability, net | $0.6 |  |  | ($9.7) |
Schedule of Components Giving Rise to Net Deferred Tax Assets (Liabilities) Included in Accompanying Consolidated Balance Sheet | The components giving rise to the net deferred tax assets (liabilities) have been included in the consolidated balance sheets as follows:
| Balance at June 29, 2025
(in millions of U.S. Dollars) | Assets |  | Liabilities
U.S. federal income taxes | $— |  |  | ($0.5) |
Foreign income taxes | 1.1 |  |  | — |
Total | $1.1 |  |  | ($0.5) |
| Balance at June 30, 2024
(in millions of U.S. Dollars) | Assets |  | Liabilities
U.S. federal income taxes | $— |  |  | ($10.8) |
Foreign income taxes | 1.1 |  |  | — |
Total | $1.1 |  |  | ($10.8) |
Schedule of Unrecognized Tax Benefits Roll Forward | The following is a tabular reconciliation of the Company’s change in uncertain tax positions:
| Fiscal Years Ended
(in millions of U.S. Dollars) | June 29, 2025 |  | June 30, 2024 |  | June 25, 2023
Balance at beginning of period | $9.4 |  |  | $9.8 |  |  | $7.2 |
Increases related to prior year tax positions | — |  |  | — |  |  | 1.7 |
Decreases related to prior year tax positions | (1.1) |  |  | (0.1) |  |  | — |
Settlements with tax authorities | — |  |  | — |  |  | (0.2) |
Expiration of statute of limitations for assessment of taxes | (0.4) |  |  | (2.0) |  |  | (0.1) |
Increases related to current year positions | 0.4 |  |  | 1.7 |  |  | 1.2 |
Balance at end of period | $8.3 |  |  | $9.4 |  |  | $9.8 |

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