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Income Taxes (Tables)

12 Months Ended

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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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of the change in unrecognized tax benefits.

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Components giving rise to the net deferred tax assets (liabilities) by geographic location and balance sheet classification.

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