What changed in this filing

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Item 1. Financial Statements

2026-07-21 compared with 2026-04-22 · 141 added, 89 removed, 391 unchanged (37% of the section changed)

31 unchanged sentences

5,000 shares authorized;

no shares issued and outstanding as of March 28, 2026 and December 31, 2025

no shares issued and outstanding as of June 27, 2026 and December 31, 2025

Common stock, $ 0.025 par value;

100,000 shares authorized;

64,401 shares issued and outstanding as of March 28, 2026, and 67,120 shares issued and outstanding as of December 31, 2025

62,964 shares issued and outstanding as of June 27, 2026, and 67,120 shares issued and outstanding as of December 31, 2025

Additional paid-in capital 1,053,389 1,230,191

6 unchanged sentences

(In thousands, except per share data)

Three Months Ended

2026 March 29,

Three Months Ended Six Months Ended

2026 June 28,

2025 June 27,

2026 June 28,

Appliance $ 242,783 $ 198,126 $ 475,626 $ 377,869

12 unchanged sentences

Operating income (loss) 21,849 391 34,565 ( 5,690 )

Interest income and other expense, net:

Interest income, net 2,858 3,287

Other expense, net ( 342 ) ( 196 )

Total interest income and other expense, net 2,516 3,091

Income (loss) before income taxes 15,232 ( 2,990 )

Interest income and other income (expense), net:

Interest income 1,950 2,959 4,808 6,246

Other income (expense), net ( 204 ) 77 ( 546 ) ( 119 )

Total interest income and other income (expense), net 1,746 3,036 4,262 6,127

Income before income taxes 23,595 3,427 38,827 437

Income taxes 6,484 3,626 10,506 5,423

18 unchanged sentences

Shares Amount

Balance as of December 31, 2025 67,120 $ 1,678 $ 1,230,191 $ ( 408 ) $ ( 372,242 ) $ 859,219

Balance as of March 28, 2026 64,401 $ 1,610 $ 1,098,541 $ ( 1,142 ) $ ( 361,032 ) $ 737,977

Stock-based compensation — — 16,632 — — 16,632

2 unchanged sentences

Net income — — — — 17,111 17,111

Other comprehensive loss — — — ( 734 ) — ( 734 )

Other comprehensive income — — — 121 — 121

Balance as of June 27, 2026 62,964 $ 1,574 $ 1,053,389 $ ( 1,021 ) $ ( 343,921 ) $ 710,021

Common Stock Additional Paid-in Capital Accumulated Other Comprehensive Loss Accumulated Deficit Total Stockholders’ Equity

Shares Amount

Balance as of March 29, 2025 65,695 $ 1,643 $ 1,160,781 $ ( 345 ) $ ( 394,913 ) $ 767,166

Stock-based compensation — — 25,766 — — 25,766

Issuance of common stock under equity incentive plans, net of forfeitures 608 15 13,336 — — 13,351

Repurchases of common stock ( 1,009 ) ( 25 ) ( 33,617 ) — — ( 33,642 )

Net loss — — — — ( 199 ) ( 199 )

Other comprehensive income — — — 230 — 230

Balance as of June 28, 2025 65,294 $ 1,633 $ 1,166,266 $ ( 115 ) $ ( 395,112 ) $ 772,672

Common Stock Additional Paid-in Capital Accumulated Other Comprehensive Loss Accumulated Deficit Total Stockholders’ Equity

4 unchanged sentences

Repurchases of common stock including excise tax ( 4,961 ) ( 125 ) ( 242,019 ) — — ( 242,144 )

Net income — — — — 28,321 28,321

Other comprehensive loss — — — ( 613 ) — ( 613 )

Balance as of June 27, 2026 62,964 $ 1,574 $ 1,053,389 $ ( 1,021 ) $ ( 343,921 ) $ 710,021

Common Stock Additional Paid-in Capital Accumulated Other Comprehensive Loss Accumulated Deficit Total Stockholders’ Equity

Shares Amount

Balance as of December 31, 2024 66,434 $ 1,661 $ 1,170,017 $ ( 612 ) $ ( 390,126 ) $ 780,940

Stock-based compensation — — 45,869 — — 45,869

Issuance of common stock under equity incentive plans, net of forfeitures 1,025 26 24,171 — — 24,197

Repurchases of common stock ( 2,165 ) ( 54 ) ( 73,791 ) — — ( 73,845 )

Net loss — — — — ( 4,986 ) ( 4,986 )

Other comprehensive income — — — 497 — 497

Balance as of March 29, 2025 65,695 $ 1,643 $ 1,160,781 $ ( 345 ) $ ( 394,913 ) $ 767,166

Balance as of June 28, 2025 65,294 $ 1,633 $ 1,166,266 $ ( 115 ) $ ( 395,112 ) $ 772,672

See accompanying notes to condensed consolidated financial statements.

1 unchanged sentence

(In thousands, unaudited)

Three Months Ended

2026 March 29,

Six Months Ended

2026 June 28,

Operating activities:

54 unchanged sentences

Quarterly periods are based on a 4-4-5 calendar with the first quarter ending on the Saturday closest to March 31 st .

As a result, we had one less day in the three months ended March 28, 2026 than for the three months ended March 29, 2025.

As a result, we had one less day in the six months ended June 27, 2026 than for the six months ended June 28, 2025.

The preparation of financial statements in conformity with GAAP for interim financial reporting requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes.

2 unchanged sentences

Our significant accounting policies are disclosed in its Annual Report on Form 10-K for the year ended December 31, 2025.

Our significant accounting policies did not change during the three months ended March 28, 2026.

Our significant accounting policies did not change during the six months ended June 27, 2026.

Newly Adopted Accounting Standard

We did not adopt any new accounting standards during the three months ended March 28, 2026 that were significant to us.

We did not adopt any new accounting standards during the six months ended June 27, 2026 that were significant to us.

Recent Accounting Pronouncements Not Yet Adopted

There have been no additional accounting pronouncements or changes in accounting pronouncements during the three months ended March 28, 2026 as compared with the recent accounting pronouncements described in our Annual Report on Form 10-K for the year ended December 31, 2025, that are significant or expected to be significant to us.

There have been no additional accounting pronouncements or changes in accounting pronouncements during the six months ended June 27, 2026 as compared with the recent accounting pronouncements described in our Annual Report on Form 10-K for the year ended December 31, 2025, that are significant or expected to be significant to us.

Cash, Cash Equivalents and Marketable Securities

11 unchanged sentences

Such investments are recorded at fair value and unrealized holding gains and losses are reported as a separate component of accumulated other comprehensive loss in stockholders’ equity until realized.

Realized gains and losses on sales of marketable securities, if any, are determined on the specific identification method and are reclassified from accumulated other comprehensive loss to results of operations as other expense, net.

Realized gains and losses were not significant for the three months ended March 28, 2026 and March 29, 2025.

Realized gains and losses were not significant for the three and six months ended June 27, 2026 and June 28, 2025.

Cash, cash equivalents and marketable securities consisted of the following (in thousands):

2 unchanged sentences

Cash $ 55,954 $ 23,644

Commercial paper 10,121 75,100

Money market funds 11,533 40,879

Commercial paper 1,427 75,100

government agency securities — 3,463

10 unchanged sentences

The amortized cost and fair value of marketable securities were as follows (in thousands):

As of March 28, 2026 Amortized Cost Unrealized Gains (Losses), net Fair Value

As of June 27, 2026 Amortized Cost Unrealized Gains (Losses), net Fair Value

Corporate debt securities $ 92,824 $ ( 35 ) $ 92,789

government securities 16,122 7 16,129

Commercial paper 15,356 ( 7 ) 15,349

government agency securities 7,013 ( 3 ) 7,010

Certificates of deposit 6,196 — 6,196

Commercial paper 4,694 ( 3 ) 4,691

$ 126,849 $ ( 34 ) $ 126,815

16 unchanged sentences

The following tables sets forth our financial assets measured at fair value on a recurring basis based on the three-tier fair value hierarchy (in thousands):

As of March 28, 2026 Level 1 Level 2 Total

As of June 27, 2026 Level 1 Level 2 Total

Money market funds $ 11,533 $ — $ 11,533

1 unchanged sentence

Corporate debt securities — 92,789 92,789

Commercial paper — 15,349 15,349

government agency securities — 7,010 7,010

Certificates of deposit — 6,196 6,196

Commercial paper — 4,691 4,691

$ 27,662 $ 110,686 $ 138,348

36 unchanged sentences

Compensation and related benefits $ 38,740 $ 44,097

Component inventory held by suppliers 7,728 9,665

Taxes payable 7,235 4,744

Professional and consulting fees 6,662 4,981

Component inventory held by suppliers 5,912 9,665

Operations 3,429 1,180

Operating leases 2,856 2,837

Customer advances or rebates 3,049 5,062

Insurance 2,041 2,285

Operating leases 2,762 2,837

Current portion of warranty and retrofit 1,995 1,961

Insurance 1,828 2,285

Freight 1,659 1,571

Product returns 751 946

Travel 1,115 439

Fixed assets 297 4,857

2 unchanged sentences

Changes in the accrued warranty liability were as follows (in thousands):

Three Months Ended

2026 March 29,

Three Months Ended Six Months Ended

2026 June 28,

2025 June 27,

2026 June 28,

Balance at beginning of period $ 3,724 $ 6,073 $ 3,832 $ 7,287

Accruals for product warranty

1,048 ( 908 ) 1,728 ( 1,203 )

Cost of warranty claims

5 unchanged sentences

Certain of our operating leases contain renewal options and rent acceleration clauses.

Future minimum payments under the non-cancelable operating leases consisted of the following as of March 28, 2026 (in thousands):

Future minimum payments under the non-cancelable operating leases consisted of the following as of June 27, 2026 (in thousands):

Period Future Minimum Lease Payments

3 unchanged sentences

Less imputed interest ( 2,410 )

As of March 28, 2026, the operating lease liability consisted of the following (in thousands):

As of June 27, 2026, the operating lease liability consisted of the following (in thousands):

Accrued liabilities - current portion of operating leases $ 2,762

2 unchanged sentences

The future minimum lease payments under the lease are $ 8.4 million and are included in the table above.

The weighted average discount rate for our operating leases as of March 28, 2026 was 5.4 %.

The weighted average remaining lease term as of March 28, 2026 was 5.5 years.

For the three months ended March 28, 2026 and March 29, 2025, rent expense was $ 1.1 million for each respective period.

Cash paid within operating cash flows for operating leases was $ 0.7 million and $ 1.2 million for the three months ended March 28, 2026 and March 29, 2025, respectively.

The weighted average discount rate for our operating leases as of June 27, 2026 was 5.4 %.

The weighted average remaining lease term as of June 27, 2026 was 5.4 years.

For both the three and six months ended June 27, 2026 and June 28, 2025, rent expense was $ 1.1 million and $ 2.2 million for each respective period.

Cash paid within operating cash flows for operating leases was $ 1.7 million and $ 2.3 million for the six months ended June 27, 2026 and June 28, 2025, respectively.

Purchase Commitments

4 unchanged sentences

We incur a liability when the CMs and ODMs convert the component inventory to a finished product and takes ownership of the finished goods inventory.

As of March 28, 2026 and December 31, 2025, we had approximately $ 311.5 million and $ 317.8 million, respectively, of outstanding purchase commitments to be delivered by our third-party manufacturers and other vendors such as enterprise software vendors.

As of June 27, 2026 and December 31, 2025, we had approximately $ 338.3 million and $ 317.8 million, respectively, of outstanding purchase commitments to be delivered by our third-party manufacturers and other vendors such as enterprise software vendors.

From time to time, we are involved in various legal proceedings arising from the normal course of business activities.

On May 27, 2026, a putative shareholder class action complaint captioned Noor v.

Calix, Inc., et al., Case No.

5:26-cv-04993-PCP (the “Securities Class Action”), was filed in the U.S.

District Court for the Northern District of California, naming us and certain of our current officers of the Company as defendants.

The lawsuit generally alleges that the defendants made material misrepresentations and/or omissions of material fact relating to our memory component supply and its impact on non-GAAP gross margins, in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder.

The putative class action is brought on behalf of persons and entities who purchased or otherwise acquired our securities between January 28, 2026, and April 21, 2026, inclusive, seeks unspecified monetary damages on behalf of the putative class and an award of costs and expenses, including attorneys’ fees.

It is possible that additional lawsuits will be filed or allegations will be made by stockholders with respect to these same or other matters also naming us and/or our officers and directors as defendants.

We intend to vigorously defend against the claims brought by the plaintiffs in each of these matters.

Such lawsuits are subject to inherent uncertainties, and the actual defense and disposition costs will depend upon many unknown factors.

The outcome of the pending lawsuit and any other related lawsuits is necessarily uncertain.

We could be forced to expend significant resources and may incur substantial legal fees and costs in defending against the pending lawsuits and any other related lawsuits, and we may not prevail.

Monitoring, initiating and defending against legal actions is time-consuming for our management, is likely to be expensive, and may detract from the ability to fully focus internal resources on business activities.

Additionally, we may not be successful in having any such lawsuits dismissed or settled within the limits of insurance coverage.

Given the early stage of this lawsuit and the inherent uncertainty of litigation, we cannot predict how long it may take to resolve the pending lawsuit, or the potential outcome, or possible amount of any damages.

As such, we currently are unable to reasonably estimate the possible losses or a range of possible losses that may result from these matters, if any.

Expenses associated with the pending lawsuit and any potential related lawsuits could be material to the financial statements if we do not prevail in the defense of such lawsuits, or even if we do prevail.

We are not currently a party to any legal proceeding that, if determined adversely to us, in management’s opinion, is currently expected to individually or in the aggregate have a material adverse effect on our business, operating results or financial condition taken as a whole.

2 unchanged sentences

Our employees, consultants and members of our Board of Directors are eligible to receive awards under the Fourth Amended and Restated 2019 Equity Incentive Award Plan (the “2019 Plan”).

The 2019 Plan provides for the grant of stock options, including incentive stock options and nonqualified stock options, stock appreciation rights, restricted stock, restricted stock

units (“RSUs”), performance stock units (“PSUs”), other stock or cash-based awards and dividend equivalents to eligible individuals.

As of March 28, 2026, there were 2.6 million shares available for issuance under the 2019 Plan.

The 2019 Plan provides for the grant of stock options, including incentive stock options and nonqualified stock options, stock appreciation rights, restricted stock, restricted stock units (“RSUs”), performance stock units (“PSUs”), other stock or cash-based awards and dividend equivalents to eligible individuals.

As of June 27, 2026, there were 2.6 million shares available for issuance under the 2019 Plan.

In February 2026, 0.7 million PSUs were granted to certain members of our leadership team with a grant date fair value of $ 52.02 per share.

4 unchanged sentences

The maximum combined award is 100 %.

The probability of meeting the performance conditions was assessed to be probable as of March 28, 2026, and stock-based compensation expense of $ 2.1 million was recognized for the three months ended March 28, 2026.

During the three months ended March 28, 2026, 0.2 million RSUs were granted with a grant date fair value of $ 52.02 per share.

The probability of meeting the minimum threshold was assessed to be probable as of June 27, 2026, and stock-based compensation expense of $ 1.1 million was recognized for the six months ended June 27, 2026.

During the three months ended June 27, 2026, 0.1 million RSUs were granted with a grant date fair value of $ 40.26 per share.

During the six months ended June 27, 2026, 0.2 million RSUs were granted with a grant date fair value of $ 49.17 per share.

These RSUs generally vest 25 % on the first anniversary of the vesting commencement date and on a quarterly basis thereafter over an additional three years .

As of March 28, 2026, unrecognized stock-based compensation expense of $ 33.9 million related to the PSUs and RSUs, net of estimated forfeitures, is expected to be recognized over a weighted-average period of 2.5 years.

During the three months ended March 28, 2026, stock option awards exercisable for up to an aggregate of 12,000 shares of common stock were granted with a grant date weighted-average exercise price of $ 53.59 per share.

These stock option awards generally vest 25 % on the first anniversary of the vesting commencement date and on a quarterly basis thereafter over an additional three years .

During the three months ended March 28, 2026, 0.3 million shares of common stock were issued pursuant to the exercise of stock options at a weighted-average exercise price of $ 31.62 per share.

As of March 28, 2026, unrecognized stock-based compensation expense of $ 61.6 million related to stock options, net of estimated forfeitures, is expected to be recognized over a weighted-average period of 2.0 years.

During 2025, 38,000 restricted stock awards, with a one-year vesting period, were granted to our Board of Directors with a grant date fair value of $ 42.65 per share.

As of March 28, 2026, unrecognized stock-based compensation expense of $ 0.2 million related to restricted stock awards is expected to be recognized over a weighted-average period of 0.1 years.

As of June 27, 2026, unrecognized stock-based compensation expense of $ 12.5 million related to the PSUs and RSUs, net of estimated forfeitures, is expected to be recognized over a weighted-average period of 2.2 years.

During the three months ended June 27, 2026, stock option awards exercisable for up to an aggregate of 12,000 shares of common stock were granted with a grant date weighted-average exercise price of $ 49.40 per share.

During the six months ended June 27, 2026, stock option awards exercisable for up to an aggregate of 23,000 shares of common stock were granted with a grant date weighted-average exercise price of $ 51.49 per share.

These stock option awards generally vest 25 % on the first anniversary of the vesting commencement date and on a yearly basis thereafter over an additional three years .

During the three months ended June 27, 2026, 26,000 shares of common stock were issued pursuant to the exercise of stock options at a weighted-average exercise price of $ 18.55 per share.

During the six months ended June 27, 2026, 0.3 million shares of common stock were issued pursuant to the exercise of stock options at a weighted-average exercise price of $ 30.52 per share.

As of June 27, 2026, unrecognized stock-based compensation expense of $ 52.5 million related to stock options, net of estimated forfeitures, is expected to be recognized over a weighted-average period of 1.8 years.

Employee Stock Purchase Plans

We maintained two plans under which employees can purchase our common stock - the Amended and Restated Employee Stock Purchase Plan (the “ESPP”) and the non-executive Stock Purchase and Matching Plan (“SPMP”).

Following the February 14, 2026 purchase, the ESPP was discontinued and the maximum payroll contribution limit to the SPMP was increased from 25 % to 33 %.

During the three months ended March 28, 2026, 0.1 million shares were purchased under the ESPP.

Historically, we have maintained two plans under which employees could purchase our common stock - the Amended and Restated Employee Stock Purchase Plan (the “ESPP”) and the non-executive Stock Purchase and Matching Plan (“SPMP”).

Following the February 14, 2026 ESPP purchase, the ESPP was indefinitely suspended, and the maximum payroll contribution limit to the SPMP was increased from 25 % to 33 %.

During the six months ended June 27, 2026, 0.1 million shares were purchased under the ESPP.

At the Company’s 2026 annual meeting of stockholders, the stockholders approved an increase of 0.7 million shares of common stock reserved for issuance under the matching component of the SPMP, which, along with the corresponding increase of 0.7 million shares of common stock reserved for issuance under the purchase component of the SPMP, will go into effect for the three-month purchase period commencing August 8, 2026 and ending on November 7, 2026.

The SPMP allows eligible employees to purchase shares of our common stock through payroll deductions of up to 33 % of their eligible compensation.

Eligible employees have the right to (a) purchase the maximum number of whole shares of common stock that can be purchased with the elected payroll deductions during each offering period for which the employee is enrolled at a purchase price equal to the closing price of our common stock on the last day of such offering period and (b) receive an equal number of shares of our common stock that are subject to a risk of forfeiture in the event the employee terminates employment within the one year period immediately following the purchase date.

Eligible employees have the right to (a) purchase under the purchase component the maximum number of whole shares of common stock that can be purchased with the elected payroll deductions during each offering period for which the employee is enrolled at a purchase price equal to the closing price of our common stock on the last day of such offering period and (b) receive under the matching component an equal number of shares of our common stock that are subject to a risk of forfeiture in the event the employee terminates employment within the one year period immediately following the purchase date.

The SPMP provides quarterly offering periods from February 8 th through May 7 th , May 8 th through August 7 th , August 8 th through November 7 th and November 8 th through February 7 th of each year, with a maximum of 0.35 million shares allocated per purchase period for the combination of the purchase and matching components.

As of March 28, 2026, there were 2.7 million shares and 2.6 million shares available for issuance under the SPMP purchase and matching components, respectively.

During the three months ended March 28, 2026, 0.2 million shares were purchased and issued.

As of March 28, 2026, unrecognized stock-based compensation expense of $ 16.4 million related to the SPMP is expected to be recognized over a remaining weighted-average service period of 0.9 years.

As of June 27, 2026, there were 2.5 million shares available for issuance under the both the SPMP purchase and matching components of the SPMP.

During the six months ended June 27, 2026, 0.6 million shares were purchased and issued.

As of June 27, 2026, unrecognized stock-based compensation expense of $ 17.8 million related to the SPMP is expected to be recognized over a remaining weighted-average service period of 0.8 years.

Stock-Based Compensation

The following table summarizes stock-based compensation expense (in thousands):

Three Months Ended

2026 March 29,

Three Months Ended Six Months Ended

2026 June 28,

2025 June 27,

2026 June 28,

Cost of revenue $ 634 $ 764 $ 1,529 $ 1,544

9 unchanged sentences

The repurchase program does not obligate us to acquire a particular amount of common stock, and the repurchase program may be suspended or discontinued at any time at our discretion.

In January 2026, our Board of Directors authorized a $ 125.0 million increase to this program.

During the three months ended March 28, 2026, we purchased 3.3 million shares of common stock for an aggregate purchase price of $ 170.9 million at an average price per share of $ 51.34 .

As of March 28, 2026, the remaining authorized balance under this program was $ 63.4 million.

In April 2026, our Board of Directors authorized a $ 100.0 million increase to our common stock repurchase program.

During 2026, our Board of Directors authorized a $ 225.0 million increase to this program.

During the three months ended June 27, 2026, we purchased 1.6 million shares of common stock for an aggregate purchase price of $ 69.4 million at an average price per share of $ 42.48 .

During the six months ended June 27, 2026, we purchased 5.0 million shares of common stock for an aggregate purchase price of $ 240.2 million at an average price per share of $ 48.42 .

As of June 27, 2026, the remaining authorized balance under this program was $ 94.1 million.

Revenue from Contracts with Customers

2 unchanged sentences

Amounts are billed in accordance with the agreed-upon contractual terms.

Contract assets were $ 4.5 million as of March 28, 2026 as compared to $ 4.8 million as of December 31, 2025, and are included in prepaid expenses and other current assets on the Condensed Consolidated Balance Sheets.

We expect to recognize 48 % of the March 28, 2026 balance during 2026.

Contract assets were $ 4.9 million as of June 27, 2026 as compared to

$ 4.8 million as of December 31, 2025, and are included in prepaid expenses and other current assets and long-term other assets on the Condensed Consolidated Balance Sheets.

We expect to recognize 38 % of the June 27, 2026 balance during 2026.

Contract Liability

Deferred revenue was $ 50.5 million and $ 50.3 million as of March 28, 2026 and December 31, 2025, respectively.

The increase in the deferred revenue balance for the three months ended March 28, 2026 was driven by cash payments received or due in advance of satisfying our performance obligations offset by $ 11.3 million of revenue recognized that was included in the deferred revenue balance at the beginning of the period.

Deferred revenue was $ 56.0 million, $ 50.5 million and $ 50.3 million as of June 27, 2026, March 28, 2026 and December 31, 2025, respectively.

The increase in the deferred revenue balance for the three and six months ended June 27, 2026 was driven by cash payments received or due in advance of satisfying our performance obligations offset by $ 13.3 million and $ 18.2 million of revenue recognized that was included in the deferred revenue balance at the beginning of each respective period.

Remaining performance obligations (“RPOs”) represent contractual commitments that have not yet been fulfilled, which include deferred revenue and amounts that will be invoiced and recognized as revenue in future periods but exclude variable consideration where the monthly invoicing is based on usage or where actual usage exceeds the minimum commitment.

RPOs were $ 376.3 million as of March 28, 2026, and we expect to recognize as revenue 42 % of this amount over the next 12 months and nearly all of the remainder over the two years thereafter.

RPOs were $ 386.4 million as of June 27, 2026, and we expect to recognize as revenue 42 % of this amount over the next 12 months and nearly all of the remainder over the two years thereafter.

Contract Costs

We capitalize certain sales commissions related primarily to multi-year subscriptions and extended warranty support for which the expected amortization period is greater than one year.

As of March 28, 2026 and December 31, 2025, the unamortized balance of deferred commissions was $ 19.5 million and $ 20.7 million, respectively, and were included in prepaid expenses and other current assets, and other long-term assets on the Condensed Consolidated Balance Sheets.

For the three months ended March 28, 2026 the amount of amortization was $ 3.1 million compared to $ 2.7 million for the three months ended March 29, 2025.

As of June 27, 2026 and December 31, 2025, the unamortized balance of deferred commissions was $ 19.1 million and $ 20.7 million, respectively, and were included in prepaid expenses and other current assets, and other long-term assets on the Condensed Consolidated Balance Sheets.

For the three and six months ended June 27, 2026 the amount of amortization was $ 3.2 million and $ 6.3 million, respectively, compared to $ 2.7 million and $ 5.3 million for the three and six months ended June 28, 2025, respectively.

There was no impairment loss in relation to the costs capitalized for these periods.

Concentration of Customer Risk

No customer accounted for more than 10% of our revenue for the three months ended March 28, 2026 and March 29, 2025.

No customer represented 10 % of our total receivables as of March 28, 2026 and one customer represented 12 % of our total receivables as of December 31, 2025.

One customer accounted for 12 % of our revenue for the three months ended June 27, 2026.

No customer accounted for more than 10% of our revenue for the six months ended June 27, 2026 and three and six months ended June 28, 2025.

One customer represented 12 % of our total receivables as of June 27, 2026 and another customer represented 12 % of our total receivables as of December 31, 2025.

Segment Information

10 unchanged sentences

A summary of revenue disaggregated by geographic region based upon the location of the customers was as follows (in thousands):

Three Months Ended

March 28, 2026 March 29, 2025

Three Months Ended Six Months Ended

June 27, 2026 June 28, 2025 June 27, 2026 June 28, 2025

United States $ 277,716 $ 219,039 $ 543,062 $ 430,218

Europe 6,657 2,528

Americas ex U.S.

8,218 5,881 14,501 11,349

Europe 4,930 15,565 11,587 18,094

Rest of world 2,465 1,397 4,163 2,463

8 unchanged sentences

The following table presents selected financial information with respect to our single operating segment (in thousands):

Three Months Ended

2026 March 29,

Three Months Ended Six Months Ended

2026 June 28,

2025 June 27,

2026 June 28,

Revenue $ 293,329 $ 241,882 $ 573,313 $ 462,124

18 unchanged sentences

The following table presents income taxes and the effective tax rates for the periods indicated (in thousands, except percentages):

Three Months Ended

2026 March 29,

Three Months Ended Six Months Ended

2026 June 28,

2025 June 27,

2026 June 28,

Income (loss) before income taxes $ 23,595 $ 3,427 $ 38,827 $ 437

1 unchanged sentence

Effective tax rate 27.5 % 105.8 % 27.1 % 1,241.0 %

Our income taxes for the three months ended March 28, 2026 were determined using an estimated annual effective tax rate adjusted for discrete items that occurred during that period as required under Accounting Standards Codification (“ASC”) 740-270, Accounting for Income Taxes in Interim Periods .

Our income taxes for the three and six months ended June 27, 2026 were determined using an estimated annual effective tax rate adjusted for discrete items that occurred during that period as required under Accounting Standards Codification (“ASC”) 740-270, Accounting for Income Taxes in Interim Periods .

We have historically recorded interim provision for income taxes by applying ASC 740-270.

For the three months ended March 29, 2025, due to the level of forecasted provision for income taxes relative to the forecasted pre-tax income used in computing the effective tax rate, the effective tax rate was highly sensitive to fluctuations in pre-tax income and did not provide a reasonable estimate for income taxes in the interim period.

As such, we computed the provision for income taxes for the three months ended March 29, 2025 using an actual year-to-date tax calculation.

Our effective tax rate for the three months ended March 28, 2026 is different from the statutory federal corporate tax rate of 21% primarily due to state taxes, the effect of non-deductible stock-based compensation for executive officers offset by the favorable impact of U.S.

For the three and six months ended June 28, 2025, due to the level of forecasted provision for income taxes relative to the forecasted pre-tax income used in computing the effective tax rate, the effective tax rate was highly sensitive to fluctuations in pre-tax income and did not provide a reasonable estimate for income taxes in the interim period.

As such, we computed the provision for income taxes for the three and six months ended June 28, 2025 using an actual year-to-date tax calculation.

Our effective tax rate for the three and six months ended June 27, 2026 is different from the statutory federal corporate tax rate of 21% primarily due to state taxes, the effect of non-deductible stock-based compensation for executive officers offset by the favorable impact of U.S.

federal research tax credits and excess tax benefits from stock-based compensation.

Our effective tax rate for the three months ended March 29, 2025 was different from the statutory federal corporate tax rate of 21% primarily due to state taxes, the effect of non-deductible stock-based compensation for executive officers, excess tax expense from stock-based compensation offset by the favorable impact of U.S.

federal research tax credits and the U.S.

Our effective tax rate for the three and six months ended June 28, 2025 was different from the statutory federal corporate tax rate of 21%

primarily due to state taxes, the effect of non-deductible stock-based compensation for executive officers, offset by the favorable impact of U.S.

federal research tax credits, excess tax benefits from stock-based compensation and the U.S.

tax impact of foreign operations.

We maintained a valuation allowance of $ 32.3 million for the three months ended March 28, 2026, compared to $ 30.6 million for the three months ended March 29, 2025, on certain federal tax credits along with state deferred tax assets that we believe are not more likely than not to be realized in future periods.

We maintained a valuation allowance of $ 32.3 million for the three and six months ended June 27, 2026, compared to $ 30.6 million for the three and six months ended June 28, 2025, on certain federal tax credits along with state deferred tax assets that we believe are not more likely than not to be realized in future periods.

We considered scheduled reversals of deferred tax liabilities, historic profitability, projected future taxable income, ongoing tax planning strategies and other matters, including the period over which its deferred tax assets will be recoverable, in assessing the need for and the amount of the valuation allowance.

5 unchanged sentences

Additionally, the OBBBA permanently eliminates the requirement to capitalize and amortize U.S.-based research and experimental expenditures over five years, making these expenditures fully deductible in the period incurred.

We have accounted for the effects of the OBBBA in the financial statements for the period ended March 28, 2026.

We have accounted for the effects of the OBBBA in the financial statements for the period ended June 27, 2026.

We will continue to evaluate the impacts of OBBBA including the potential impacts on future periods and tax planning strategies.

1 unchanged sentence

The following table sets forth the computation of basic and diluted net income (loss) per common share for the periods indicated (in thousands, except per share data):

Three Months Ended

2026 March 29,

Three Months Ended Six Months Ended

2026 June 28,

2025 June 27,

2026 June 28,

Net income (loss) $ 17,111 $ ( 199 ) $ 28,321 $ ( 4,986 )

9 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements