46 unchanged sentences
For a description of our non-GAAP metrics and reconciliations to the most comparable GAAP metrics, please refer below to the section entitled Non-GAAP Financial Results within this report.
−Removed: Three Months Ended
−Removed: 2026 March 28,
+Added: Three Months Ended Six Months Ended
+Added: 2026 June 27,
+Added: 2025 June 26,
+Added: 2026 June 27,
(dollars in thousands, except per share amounts)
4 unchanged sentences
Non-GAAP operating margin 5.5 % 1.9 % 4.5 % 2.3 %
−Removed: Net loss $ (2,469) $ (4,559)
−Removed: Non-GAAP net income
−Removed: $ 5,287 $ 4,236
+Added: Net income (loss) $ 998 $ (9,408) $ (1,471) $ (13,967)
+Added: Non-GAAP net income (loss) $ 12,172 $ (469) $ 17,459 $ 3,767
Diluted EPS $ 0.03 $ (0.28) $ (0.04) $ (0.41)
1 unchanged sentence
Macroeconomic Conditions and Business Update
−Removed: The semiconductor capital equipment industry is inherently cyclical.
−Removed: Overall semiconductor equipment spending in 2025 increased compared to 2024 levels, and this momentum has continued into the first quarter of 2026, characterized by robust demand in our primary markets of etch and deposition.
−Removed: During the three months ended March 27, 2026, our net sales increased to $256.1 million, compared to $244.5 million for the same period in the prior year.
−Removed: This increase reflects sustained demand from our primary customers and served markets.
+Added: Semiconductor equipment spending has continued to strengthen in 2026, characterized by robust demand in our primary markets of etch and deposition.
+Added: During the second quarter of 2026, our net sales increased to $294.8 million, compared to $240.3 million for the same period in the prior year and $256.1 million for the first quarter of 2026, reflecting higher customer demand in support of expanded semiconductor manufacturing capacity and advanced process technologies.
+Added: During the second quarter of 2026, we completed an at-the-market public offering under which we issued approximately 2.5 million ordinary shares at an average price of $80.70 per share and received net proceeds of $195.4 million.
+Added: We ended the quarter with cash and cash equivalents of $256.5 million.
To better align our global operations with evolving customer demand and drive operational efficiencies, we initiated a geographic footprint rationalization and restructuring plan in 2025.
−Removed: As part of this realignment, in 2025 we began transitioning certain manufacturing activities and relocating machining assets to our expanded high-volume facilities, which continued into the first quarter of 2026.
+Added: As part of this realignment, in 2025 we began transitioning certain manufacturing activities and relocating machining assets to our expanded high-volume facilities.
+Added: We substantially completed this plan during the second quarter of 2026.
While we continue to benefit from the broader growth in the semiconductor equipment industry, our operations and financial results remain subject to significant risks and uncertainties within the global trade and regulatory landscape.
3 unchanged sentences
government continues to expand and refine export controls and licensing requirements aimed at restricting access to advanced semiconductor technology, particularly in China, which may reduce demand for certain equipment, disrupt our customers’ manufacturing plans, and adversely affect our global supply chain.
−Removed: While macroeconomic, geopolitical, and regulatory challenges may persist in the near and intermediate term, we remain confident in our belief that long‑term demand for semiconductors, semiconductor capital equipment, and our products will continue to grow, driven by increasing requirements for expanded semiconductor manufacturing capacity and advanced process technologies.
+Added: While macroeconomic, geopolitical, and regulatory risks continue to evolve, we remain confident that long-term demand for semiconductors, semiconductor capital equipment, and our products will continue to grow, driven by increasing requirements for expanded semiconductor manufacturing capacity and advanced process technologies.
Results of Operations
1 unchanged sentence
The period‑to‑period comparison of results is not necessarily indicative of results for future periods.
−Removed: Three Months Ended
−Removed: 2026 March 28,
+Added: Three Months Ended Six Months Ended
+Added: 2026 June 27,
+Added: 2025 June 26,
+Added: 2026 June 27,
(in thousands)
12 unchanged sentences
Income tax expense 4,412 2,740 6,965 4,400
−Removed: Net loss $ (2,469) $ (4,559)
+Added: Net income (loss) $ 998 $ (9,408) $ (1,471) $ (13,967)
The following table sets forth our unaudited results of operations as a percentage of our total sales for the periods presented.
−Removed: Three Months Ended
−Removed: 2026 March 28,
+Added: Three Months Ended Six Months Ended
+Added: 2026 June 27,
+Added: 2025 June 26,
+Added: 2026 June 27,
Net sales 100.0 100.0 100.0 100.0
11 unchanged sentences
Income tax expense 1.5 1.1 1.3 0.9
−Removed: Net loss (1.0) (1.9)
−Removed: Comparison of the Three Months Ended March 27, 2026 and March 28, 2025
−Removed: Three Months Ended Change
−Removed: 2026 March 28,
+Added: Net income (loss) 0.3 (3.9) (0.3) (2.9)
+Added: Comparison of the Three and Six Months Ended June 26, 2026 and June 27, 2025
+Added: Three Months Ended Change Six Months Ended Change
+Added: 2026 June 27,
+Added: 2025 Amount % June 26,
+Added: 2026 June 27,
2025 Amount %
1 unchanged sentence
Net sales $ 294,784 $ 240,285 $ 54,499 22.7 % $ 550,852 $ 484,750 $ 66,102 13.6 %
−Removed: The increase in net sales from the first quarter of 2025 to the first quarter of 2026 was primarily due to increased customer demand stemming from increased levels of spending within the semiconductor capital equipment industry in support of expanded semiconductor manufacturing capacity and advanced process technologies.
−Removed: Three Months Ended Change
−Removed: 2026 March 28,
+Added: The increase in net sales from the three and six months ended June 27, 2025 to the three and six months ended June 26, 2026 was primarily due to increased customer demand stemming from increased levels of spending within the semiconductor capital equipment industry in support of expanded semiconductor manufacturing capacity and advanced process technologies.
+Added: Three Months Ended Change Six Months Ended Change
+Added: 2026 June 27,
+Added: 2025 Amount % June 26,
+Added: 2026 June 27,
2025 Amount %
2 unchanged sentences
Gross profit $ 40,983 $ 27,202 $ 13,781 50.7 % $ 73,241 $ 55,724 $ 17,517 31.4%
−Removed: Gross margin 12.6 % 11.7 % +90 bps
−Removed: The increase in gross margin from the first quarter of 2025 to the first quarter of 2026 was primarily due to severance charges of $1.1 million in the first quarter of 2025 that did not repeat in the first quarter of 2026 and increased factory utilization.
+Added: Gross margin 13.9 % 11.3 % +260 bps 13.3 % 11.5 % +180 bps
+Added: The increase in gross margin from the second quarter of 2025 to the second quarter of 2026 was primarily due to decreased employee expenses incurred relative to revenue growth (+130 bps), severance and restructuring charges in the second quarter of 2025 that did not repeat in the second quarter of 2026 (+80 bps), and increased factory overhead cost leverage from higher volumes (+50bps).
+Added: The increase in gross margin from the six months ended June 27, 2025 to the six months ended June 26, 2026 was primarily due to decreased employee expenses incurred relative revenue growth (+130 bps), severance and restructuring charges in 2025 that did not repeat in 2026 (+60 bps), and increased factory overhead cost leverage from higher volumes (+40bps), partially offset by an unfavorable sales mix (-50 bps).
Research and development
−Removed: Three Months Ended Change
−Removed: 2026 March 28,
+Added: Three Months Ended Change Six Months Ended Change
+Added: 2026 June 27,
+Added: 2025 Amount % June 26,
+Added: 2026 June 27,
2025 Amount %
1 unchanged sentence
Research and development $ 7,772 $ 5,710 $ 2,062 36.1 % $ 13,302 $ 11,584 $ 1,718 14.8 %
−Removed: The decrease in research and development expenses from the first quarter of 2025 to the first quarter of 2026 was primarily due to a decrease in employee-related expenses, partially offset by an increase in material and service costs from our new product development programs.
+Added: The increase in research and development expenses from the second quarter of 2025 to the second quarter of 2026 was primarily due to the increased consumption of R&D supplies of $2.0 million.
+Added: The increase in research and development expenses from the six months ended June 27, 2025 to the six months ended June 26, 2026 was primarily due to increased consumption of R&D supplies of $2.1 million and increased share based compensation of $0.5 million, partially offset by decreased employee costs of $0.7 million.
Selling, general, and administrative
−Removed: Three Months Ended Change
−Removed: 2026 March 28,
+Added: Three Months Ended Change Six Months Ended Change
+Added: 2026 June 27,
+Added: 2025 Amount % June 26,
+Added: 2026 June 27,
2025 Amount %
1 unchanged sentence
Selling, general, and administrative $ 24,105 $ 24,254 $ (149) (0.6) % $ 46,670 $ 45,996 $ 674 1.5 %
−Removed: The increase in selling, general, and administrative expenses from the first quarter of 2025 to the first quarter of 2026 was primarily due to increased employee-related expenses of $1.3 million and incremental restructuring and facility exit costs of $0.7 million, partially offset by decreased facility costs of $0.5 million, decreased severance costs of $0.4 million, and decreased outside service provider costs of $0.3 million.
+Added: The decrease in selling, general, and administrative expenses from the second quarter of 2025 to the second quarter of 2026 was primarily due to decreased fixed facility costs of $0.7 million, partially offset by increased employee-related expenses of $0.4 million and incremental restructuring and facility exit costs of $0.2 million.
+Added: The increase in selling, general, and administrative expenses from the six months ended June 27, 2025 to the six months ended June 26, 2026 was primarily due to increased employee-related expenses of $1.7 million and incremental restructuring and facility exit costs of $0.8 million, partially offset by decreased fixed facility costs of $0.9 million, decreased severance costs of $0.6 million, and decreased outside service provider costs of $0.2 million.
Amortization of intangible assets
−Removed: Three Months Ended Change
−Removed: 2026 March 28,
+Added: Three Months Ended Change Six Months Ended Change
+Added: 2026 June 27,
+Added: 2025 Amount % June 26,
+Added: 2026 June 27,
2025 Amount %
1 unchanged sentence
Amortization of intangible assets $ 1,911 $ 2,078 $ (167) (8.0) % $ 3,989 $ 4,156 $ (167) (4.0) %
−Removed: Amortization expense remained substantially unchanged from the first quarter of 2025 to the first quarter of 2026.
+Added: The decrease in amortization expense from the three and six months ended June 27, 2025 to the three and six months ended June 26, 2026 was primarily due to certain intangible assets becoming fully amortized during the second quarter of 2026.
Interest expense, net
−Removed: Three Months Ended Change
−Removed: 2026 March 28,
+Added: Three Months Ended Change Six Months Ended Change
+Added: 2026 June 27,
+Added: 2025 Amount % June 26,
+Added: 2026 June 27,
2025 Amount %
2 unchanged sentences
Weighted average borrowings outstanding $ 121,927 $ 125,666 $ (3,739) (3.0) % $ 122,716 $ 126,614 $ (3,898) (3.1) %
−Removed: Weighted average borrowing rate 5.95 % 6.24 % -29 bps
−Removed: Interest expense, net, remained substantially unchanged from the first quarter of 2025 to the first quarter of 2026 due to a decrease in our weighted average borrowings outstanding and a decrease in our weighted average borrowing rate, offset by lower interest income.
+Added: Weighted average borrowing rate 5.90 % 6.06 % -16 bps 5.92 % 6.15 % -23 bps
+Added: Interest expense, net, remained substantially unchanged from the three and six months ended June 27, 2025 to the three and six months ended June 26, 2026 due to a decrease in interest expense, from a decrease in our weighted average borrowings outstanding and a decrease in our weighted average borrowing rate, partially offset by a decrease in interest income from a lower average daily cash balance.
The reduction in our weighted average borrowings outstanding is due to the payment of our scheduled principal payments.
−Removed: The decrease in our weighted average borrowing rate was due to lower Secured Overnight Financing Rate ("SOFR") rates, the variable component of our borrowing rate (-74 bps), partially offset by higher applicable margin, the fixed component of our borrowing rate, under our third quarter 2025 credit agreement (+45 bps).
+Added: The decrease in our weighted average borrowing rate was due to lower Secured Overnight Financing Rate ("SOFR") rates, the variable component of our borrowing rate (-79 and -77 bps, respectively), partially offset by higher applicable margin, the fixed component of our borrowing rate, under our third quarter 2025 credit agreement (+63 and +54 bps, respectively).
Other expense, net
−Removed: Three Months Ended Change
−Removed: 2026 March 28,
+Added: Three Months Ended Change Six Months Ended Change
+Added: 2026 June 27,
+Added: 2025 Amount % June 26,
+Added: 2026 June 27,
2025 Amount %
1 unchanged sentence
Other expense, net $ 332 $ 193 $ 139 72.0 % $ 655 $ 274 $ 381 139.1 %
−Removed: The change in other expense, net from the first quarter of 2025 to the first quarter of 2026 was primarily due to currency exchange rate fluctuations during the quarter related to our local currency payables of our foreign operations.
+Added: The increase in other expense, net from the three and six months ended June 27, 2025 to the three and six months ended June 26, 2026 was primarily due to currency exchange rate fluctuations during the respective periods related to the local currency payables of our foreign operations.
Income tax expense
−Removed: Three Months Ended Change
−Removed: 2026 March 28,
+Added: Three Months Ended Change Six Months Ended Change
+Added: 2026 June 27,
+Added: 2025 Amount % June 26,
+Added: 2026 June 27,
2025 Amount %
2 unchanged sentences
Income (loss) before income taxes $ 5,410 $ (6,668) $ 12,078 (181.1) % $ 5,494 $ (9,567) $ 15,061 (157.4) %
−Removed: Effective income tax rate 3039.3% -57.3% +309,660 bps
−Removed: The increase in income tax expense from the first quarter of 2025 to the first quarter of 2026 was primarily due to taxes on foreign income that differs from the U.S.
−Removed: tax rate, the ending of the Singapore tax holiday at the end of Q1 2026, and the impact of a valuation allowance against U.S.
−Removed: deferred tax assets, respectively.
+Added: Effective income tax rate 81.6% -41.1% +12,270 bps 126.8 % -46.0 % +17,280 bps
+Added: The increase in income tax expense from the three and six months ended June 27, 2025 to the three and six months ended June 26, 2026 was primarily due to the forecasted mix of earnings in domestic and international jurisdictions, taxes on foreign income that differs from the U.S.
+Added: tax rate, the ending of the Singapore tax holiday at the end of the first quarter of 2026, and the impact of a valuation allowance against U.S.
+Added: deferred tax assets.
Non‑GAAP Financial Results
3 unchanged sentences
Non-GAAP gross profit, operating income, and net income (loss) are defined as:
−Removed: gross profit, operating income (loss), or net income (loss), respectively, excluding (1) amortization of intangible assets, share-based compensation expense, and discrete or infrequent charges and gains that are outside of normal business operations, including transaction-related costs, contract and legal settlement gains and losses, facility shutdown costs, inventory impairment charges, and severance costs associated with reduction-in-force programs, to the extent they are present in gross profit, operating income (loss), and net income (loss), respectively;
+Added: gross profit, operating income (loss), or net income (loss), respectively, excluding (1) amortization of intangible assets, share-based compensation expense, and discrete or infrequent charges and gains that are outside of normal business operations, including transaction-related costs, contract and legal settlement gains and losses, facility shutdown costs, and severance costs associated with reduction-in-force programs, to the extent they are present in gross profit, operating income (loss), and net income (loss), respectively;
and (2) with respect to non-GAAP net income (loss), the tax impacts associated with these non-GAAP adjustments, as well as non-recurring discrete tax items, including deferred tax asset valuation allowance charges.
3 unchanged sentences
Non-GAAP gross margin and non-GAAP operating margin are defined as non-GAAP gross profit and non-GAAP operating income, respectively, divided by net sales.
+Added: Beginning in the second quarter of 2026, we revised the definition of non-GAAP financial measures to no longer exclude inventory impairment charges.
+Added: Prior period non-GAAP financial measures have been recast to conform to the current definition.
Non-GAAP results have limitations as an analytical tool, and you should not consider them in isolation or as a substitute for our results reported under GAAP.
3 unchanged sentences
The following table presents our unaudited non‑GAAP gross profit and non-GAAP gross margin and a reconciliation from GAAP gross profit, the most comparable GAAP measures, for the periods indicated:
−Removed: Three Months Ended
−Removed: 2026 March 28,
+Added: Three Months Ended Six Months Ended
+Added: 2026 June 27,
+Added: 2025 June 26,
+Added: 2026 June 27,
(dollars in thousands)
8 unchanged sentences
(1) Represents costs associated with the exit from our Scotland and Korea operations.
−Removed: Included in this amount for the first quarter of 2025 is severance costs associated with affected employees of $0.3 million.
+Added: Included in this amount for the second quarter of 2025 and for the six months ended June 27, 2025 are severance costs associated with affected employees of $0.1 million and $0.4 million, respectively.
(2) Represents severance costs associated with our global reduction-in-force programs (other than severance costs associated with the exit from our Scotland and Korea operations, as described above).
The following table presents our unaudited non‑GAAP operating income and non-GAAP operating margin and a reconciliation from GAAP operating income (loss), the most comparable GAAP measures, for the periods indicated:
−Removed: Three Months Ended
−Removed: 2026 March 28,
+Added: Three Months Ended Six Months Ended
+Added: 2026 June 27,
+Added: 2025 June 26,
+Added: 2026 June 27,
(dollars in thousands, except per share amounts)
5 unchanged sentences
Facility shutdown costs (2)
+Added: 44 2,730 158 3,322
Other (3) — 386 — 1,340
3 unchanged sentences
(1) Represents the costs associated with our Consolidation Restructuring Plan.
−Removed: Included in this amount for the first quarter of 2026 are:
−Removed: other direct and incremental restructuring related costs of $0.4 million and fixed asset charges of $0.1 million.
+Added: Included in this amount for the second quarter of 2026 and the six months ended June 26, 2026 are:
+Added: (i) fixed asset charges of $1.3 million and $1.4 million respectively;
+Added: (ii) ROU asset impairment costs of $0.9 million and $0.9 million, respectively;
+Added: and (iii) other direct and incremental restructuring related costs of $0.5 million and $0.9 million respectively.
(2) Represents costs associated with the exit from our Scotland and Korea operations.
−Removed: Included in this amount for the first quarter of 2026 and for the first quarter of 2025 are other direct and incremental facility exit-related costs of $0.1 million and severance costs associated with affected employees of $0.6 million, respectively.
+Added: Included in this amount for the second quarter of 2026, the second quarter of 2025 , the six months ended June 26, 2026, and the six months ended June 27, 2025 are:
+Added: (i) other direct and incremental facility exit-related costs of $0.1 million, $0.6 million, $0.2 million, and $0.6 million, respectively;
+Added: (ii) ROU asset impairment costs of $0.0 million, $1.3 million, $0.0 million, and $1.3 million, respectively;
+Added: (iii) fixed asset charges of $0.0 million, $0.6 million, $0.0 million, and $0.6 million, respectively;
+Added: and (iv) severance costs associated with affected employees of $0.0 million, $0.2 million, $0.0 million, and $0.8 million, respectively.
(3) Represents severance costs associated with our global reduction-in-force programs (other than severance costs associated with the exit from our Scotland and Korea operations, as described above).
2 unchanged sentences
the related income tax effects, including current and deferred income tax expense, are included in the adjustment line under the heading "Tax adjustments related to non-GAAP adjustments."
−Removed: Three Months Ended
−Removed: 2026 March 28,
+Added: Three Months Ended Six Months Ended
+Added: 2026 June 27,
+Added: 2025 June 26,
+Added: 2026 June 27,
(dollars in thousands, except per share amounts)
−Removed: GAAP net loss $ (2,469) $ (4,559)
+Added: GAAP net income (loss) $ 998 $ (9,408) $ (1,471) $ (13,967)
Non-GAAP adjustments:
3 unchanged sentences
Facility shutdown costs (2)
+Added: 44 2,730 158 3,322
Other (3) — 386 — 1,340
1 unchanged sentence
Tax expense from valuation allowance (5) — — — 337
−Removed: Non-GAAP net income
−Removed: $ 5,287 $ 4,236
+Added: Non-GAAP net income (loss) $ 12,172 $ (469) $ 17,459 $ 3,767
GAAP diluted EPS $ 0.03 $ (0.28) $ (0.04) $ (0.41)
2 unchanged sentences
(1) Represents the costs associated with our Consolidation Restructuring Plan.
−Removed: Included in this amount for the first quarter of 2026 are other direct and incremental restructuring related costs of $0.4 million and fixed asset charges of $0.1 million.
+Added: Included in this amount for the second quarter of 2026 and the six months ended June 26, 2026 are:
+Added: (i) fixed asset charges of $1.3 million and $1.4 million respectively;
+Added: (ii) ROU asset impairment costs of $0.9 million and $0.9 million, respectively;
+Added: and (iii) other direct and incremental restructuring related costs of $0.5 million and $0.9 million respectively.
(2) Represents costs associated with the exit from our Scotland and Korea operations.
−Removed: Included in this amount for the first quarter of 2026 and for the first quarter of 2025 are other direct and incremental facility exit-related costs of $0.1 million and severance costs associated with affected employees of $0.6 million, respectively.
+Added: Included in this amount for the second quarter of 2026, the second quarter of 2025 , the six months ended June 26, 2026, and the six months ended June 27, 2025 are:
+Added: (i) other direct and incremental facility exit-related costs of $0.1 million, $0.6 million, $0.2 million, and $0.6 million, respectively;
+Added: (ii) ROU asset impairment costs of $0.0 million, $1.3 million, $0.0 million, and $1.3 million, respectively;
+Added: (iii) fixed asset charges of $0.0 million, $0.6 million, $0.0 million, and $0.6 million, respectively;
+Added: and (iv) severance costs associated with affected employees of $0.0 million, $0.2 million, $0.0 million, and $0.8 million, respectively.
(3) Represents severance costs associated with our global reduction-in-force programs (other than severance costs associated with the exit from our Scotland and Korea operations, as described above).
−Removed: (4) Adjusts GAAP income tax expense for the impact of our non-GAAP adjustments, which are presented on a gross basis.
+Added: (4) Represents the income tax effect of the adjustments used to reconcile GAAP net income (loss) to non-GAAP net income.
+Added: The tax effect is calculated by determining a non-GAAP annual effective tax rate in accordance with ASC 740-270, based primarily on forecasted annual non-GAAP pre-tax income or loss by jurisdiction and the applicable statutory tax rates in those jurisdictions (including the impact of applicable tax holidays and valuation allowances which may limit or eliminate the tax effect of certain adjustments), applying that rate to non-GAAP year-to-date consolidated pre-tax income or loss, and adjusting for discrete tax items.
+Added: For the three months ended June 26, 2026 and June 27, 2025, and the six months ended June 26, 2026 and June 27, 2025, on a GAAP and non-GAAP basis the United States maintains a valuation allowance against its deferred tax assets and is the primary jurisdiction impacted by the non-GAAP adjustments.
+Added: The tax effect of the non-GAAP adjustments is primarily driven by the forecasted mix of earnings in domestic and international jurisdictions.
(5) During the first quarter of 2025, we recorded a valuation allowance against the deferred tax assets of our Scotland and Korea operations.
12 unchanged sentences
Summary of Cash Flows
−Removed: We ended the first quarter of 2026 with cash and cash equivalents of $89.1 million, a decrease of $9.2 million from the prior year ended December 26, 2025.
−Removed: The decrease of $9.2 million for the first quarter of 2026 was primarily due to capital expenditures of $7.1 million and cash used in operating activities of $2.9 million.
+Added: We ended the second quarter of 2026 with cash and cash equivalents of $256.5 million, an increase of $158.2 million from the prior year ended December 26, 2025.
+Added: The increase was primarily due to net proceeds of $195.4 million from our issuance of 2.5 million ordinary shares in June 2026 in connection with our ATM Program, partially offset by cash used in operating activities of $18.8 million and capital expenditures of $14.8 million.
The following table sets forth a summary of operating, investing, and financing activities for the periods presented:
−Removed: Three Months Ended
−Removed: 2026 March 28,
+Added: Six Months Ended
+Added: 2026 June 27,
(in thousands)
1 unchanged sentence
Cash used in investing activities (14,833) (25,772)
−Removed: Cash provided by financing activities 781 116
+Added: Cash provided by (used in) financing activities 191,791 (2,142)
Net increase (decrease) in cash $ 158,166 $ (16,445)
−Removed: Our cash used in operating activities of $2.9 million for the first quarter of 2026 consisted of an increase in our net operating assets and liabilities of $12.7 million and a net loss of $2.5 million, partially offset by non-cash charges of $12.2 million, consisting primarily of depreciation and amortization of $7.7 million and share-based compensation expense of $3.8 million.
−Removed: The increase in our net operating assets and liabilities of $12.7 million during the first quarter of 2026 was primarily due to an increase in accounts receivable of $22.6 million and an increase in inventory of $20.5 million, partially offset by an increase in accounts payable of $27.4 million, and a decrease in prepaid expenses and other assets of $2.9 million.
−Removed: The decrease in cash provided by operating activities from the three months ended March 28, 2025 to the three months ended March 27, 2026 was primarily due to unfavorable changes in working capital of $23.7 million and a decrease in net non-cash charges of $0.3 million, partially offset by a decrease in net loss of $2.1 million.
−Removed: Cash used in investing activities during the three months ended March 27, 2026 and March 28, 2025 consisted of capital expenditures.
−Removed: Cash provided by financing activities during the three months ended March 27, 2026 consisted of net proceeds from share-based compensation activity of $2.3 million, partially offset by net payments on our credit facilities of $1.6 million.
−Removed: The increase in cash provided by financing activities from the three months ended March 28, 2025 to the three months ended March 27, 2026 was primarily due to an increase in the net proceeds from share-based compensation activity of $0.4 million.
+Added: Cash provided by (used in) operating activities during the six months ended June 26, 2026 and June 27, 2025 was $(18.8) million and $11.5 million, respectively.
+Added: The decrease was primarily due to unfavorable changes in operating assets and liabilities of $42.9 million, partially offset by increased net income of $12.5 million.
+Added: The changes in working capital and earnings primarily reflect increased production and sales activity in response to robust customer demand.
+Added: Cash used in investing activities during the six months ended June 26, 2026 and June 27, 2025 was $(14.8) million and $(25.8) million, respectively, and consists of capital expenditures for both periods.
+Added: The decrease in cash used in investing activities from 2025 to 2026 was primarily due to reduced capital expenditures in Malaysia and Mexico, as planned capacity expansions approach completion.
+Added: Cash provided by (used in) financing activities during the six months ended June 26, 2026 and June 27, 2025 was $191.8 million and $(2.1) million, respectively.
+Added: The increase was primarily due to net proceeds of $195.4 million from our issuance of 2.5 million ordinary shares in June 2026 in connection with our ATM Program, partially offset by a decrease in net proceeds from share-based compensation activity of $2.1 million.
Critical Accounting Estimates
10 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.