What changed in this filing

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Item 1. Financial Statements

2026-05-08 compared with 2026-02-09 · 84 added, 82 removed, 546 unchanged (23% of the section changed)

3 unchanged sentences

(Unaudited, in thousands)

December 27, 2025 June 28, 2025

March 28, 2026 June 28, 2025

Current assets:

36 unchanged sentences

Retained earnings 55,153 68,603

Accumulated other comprehensive income 395 1,029

Accumulated other comprehensive income (loss) ( 35 ) 1,029

Total shareholders’ equity 103,088 117,134

4 unchanged sentences

(Unaudited, in thousands, except per share amounts)

Three Months Ended Six Months Ended

December 27, 2025 December 28, 2024 December 27, 2025 December 28, 2024

Three Months Ended Nine Months Ended

March 28, 2026 March 29, 2025 March 28, 2026 March 29, 2025

Net sales $ 89,571 $ 111,974 $ 284,640 $ 357,385

3 unchanged sentences

Selling, general and administrative expenses 6,233 6,758 21,966 19,835

Gain on insurance proceeds, net of losses ( 637 ) — ( 637 ) —

Total operating expenses 7,421 9,066 27,077 26,752

12 unchanged sentences

(Unaudited, in thousands)

Three Months Ended Six Months Ended

December 27, 2025 December 28, 2024 December 27, 2025 December 28, 2024

Three Months Ended Nine Months Ended

March 28, 2026 March 29, 2025 March 28, 2026 March 29, 2025

Comprehensive income (loss):

1 unchanged sentence

Other comprehensive income (loss):

Unrealized loss on hedging instruments, net of tax ( 334 ) 42 ( 634 ) ( 796 )

Comprehensive loss $ ( 8,904 ) $ ( 4,872 ) $ ( 11,459 ) $ ( 4,586 )

Other comprehensive loss for the three months ended December 27, 2025 and December 28, 2024, is reflected net of tax expense (benefit) of approximately $( 0.1 ) million and $ 0.0 million , respectively.

Other comprehensive loss for the six months ended December 27, 2025 and December 28, 2024, is reflected net of tax benefit of approximately $( 0.2 ) million and $( 0.2 ) million, respectively.

Unrealized gain (loss) on hedging instruments, net of tax ( 430 ) 686 ( 1,064 ) ( 110 )

Comprehensive income (loss) $ ( 3,055 ) $ 82 $ ( 14,514 ) $ ( 4,504 )

Other comprehensive loss for the three months ended March 28, 2026 and March 29, 2025, is reflected net of tax expense (benefit) of approximately $( 0.1 ) million and $ 0.2 million, respectively.

Other comprehensive loss for the nine months ended March 28, 2026 and March 29, 2025, is reflected net of tax benefit of approximately $( 0.3 ) million and $ 0.0 million, respectively.

See accompanying notes to consolidated financial statements.

2 unchanged sentences

(Unaudited, in thousands)

Six Months Ended

December 27, 2025 December 28, 2024

Nine Months Ended

March 28, 2026 March 29, 2025

Operating activities:

7 unchanged sentences

Provision for credit losses 3,836 740

Loss on disposal of assets — 8

(Gain) loss on disposal of assets ( 1 ) 2

Gain on insurance proceeds, net of losses ( 637 ) —

Share-based compensation expense 468 109

33 unchanged sentences

(Unaudited, in thousands)

Three Months Ended Six Months Ended

December 27, 2025 December 28, 2024 December 27, 2025 December 28, 2024

Three Months Ended Nine Months Ended

March 28, 2026 March 29, 2025 March 28, 2026 March 29, 2025

Total shareholders’ equity, beginning balances $ 106,174 $ 119,487 $ 117,134 $ 123,990

28 unchanged sentences

The Company’s reporting period is a 52/53 week fiscal year ending on the Saturday closest to June 30.

The three month period ended December 27, 2025 and December 28, 2024, were both 13 week periods.

The three month period ended March 28, 2026 and March 29, 2025, were both 13 week periods.

Fiscal year 2026 will end on June 27, 2026, which is a 52 week year.

2 unchanged sentences

Historically, due to the timing between the procurement of raw materials, production cycle and payment from our customers, we have financed operations and met our capital expenditure requirements primarily through cash flows provided by operations and borrowings under our credit facilities.

We generated cash from operations of $ 14.0 million and $ 11.5 million, respectively, during the six-month periods ended December 27, 2025, and December 28, 2024, respectively, and have positive working capital of $ 105.4 million as of December 27, 2025.

We generated cash from operations of $ 10.0 million and $ 10.1 million, respectively, during the nine-month periods ended March 28, 2026, and March 29, 2025, respectively, and have positive working capital of $ 106.9 million as of March 28, 2026.

Based on current projections, we anticipate continuing to generate cash from operations as revenue is expected to increase throughout fiscal year 2026 along with further gross margin improvements.

1 unchanged sentence

On December 3, 2024, we also entered into a $ 28 million term loan credit agreement with Callodine Commercial Finance, LLC.

As of December 27, 2025, approximately $ 20.9 million was available under the asset-based senior secured revolving credit facility.

As of March 28, 2026, approximately $ 20.2 million was available under the asset-based senior secured revolving credit facility.

Finally, $ 0.4 million of cash was on hand.

17 unchanged sentences

The Company generally enters into manufacturing service agreements (“MSA”) with its customers that outlines the terms of the business relationship between the customer and the Company.

This includes matters such as warranty, indemnification, transfer of title and risk of loss, liability for excess and obsolete inventory, pricing, payment terms, etc.

This includes matters such as warranty, indemnification, transfer of title and risk of loss, liability for excess and obsolete inventory, pricing, and payment terms.

The Company will also bid on a program-by-program basis for customers in which an executed MSA may not be in place.

84 unchanged sentences

The types of issues considered through this project are improvements that are not expected to have a significant effect on current accounting practice or result in significant costs to most entities, and the Company is currently assessing the impact of the requirements on its consolidated financial statements.

Inventories as of December 27, 2025 are $ 88.4 million compared to $ 97.3 million as of June 28, 2025.

Inventories as of March 28, 2026 are $ 85.8 million compared to $ 97.3 million as of June 28, 2025.

The components of inventories consist of the following (in thousands):

December 27, 2025 June 28, 2025

March 28, 2026 June 28, 2025

(in thousands)

3 unchanged sentences

Long-Term Debt

Maturity Date Interest Rate December 27, 2025 June 28, 2025

Maturity Date Interest Rate March 28, 2026 June 28, 2025

(in thousands)

17 unchanged sentences

applicable margin of 1.50 % to 2.00 %, depending on the availability of borrowing amounts under the Credit Agreement.

As of September 27, 2025, the applicable margin was 2.75 % for SOFR Loans and 1.75 % for Base Rate Loans.

As of March 28, 2026, the applicable margin was 2.75 % for SOFR Loans and 1.75 % for Base Rate Loans.

If there is an event of default under the Credit Agreement, all loans and other obligations may bear interest at a rate of an additional 2.00 % on the otherwise applicable interest rates.

7 unchanged sentences

The Term Loan may also be used to pay-off certain other existing debt, to issue letters of credit, and for other business purposes, including working capital needs.

As of December 27, 2025, the Company had an outstanding balance under the asset-based revolving credit facility of $ 63.0 million, $ 0.7 million in outstanding letters of credit and $ 20.9 million available for future borrowings.

As of March 28, 2026, the Company had an outstanding balance under the asset-based revolving credit facility of $ 66.3 million, $ 0.7 million in outstanding letters of credit and $ 20.2 million available for future borrowings.

As of June 28, 2025, the Company had an outstanding balance under the Credit Facility of $ 67.9 million, $ 0.4 million in outstanding letters of credit and $ 25.0 million available for future borrowings.

15 unchanged sentences

No proceeds were received as a result of the refinanced agreement.

The credit facility bears interest at Iterbancario de Equilibrio Interest Rate plus 2.75 %, and as of December 27, 2025, was 10.4 %.

As of December 27, 2025, the Company had an outstanding balance under the revolving credit facility of MXN 20 million ($ 1.1 million USD) and MXN 0 million ($ 0.0 million USD) was available for future borrowings.

The credit facility bears interest at Iterbancario de Equilibrio Interest Rate plus 2.75 %, and as of March 28, 2026, was 10.0 %.

As of March 28, 2026, the Company had an outstanding balance under the revolving credit facility of MXN 19 million ($ 1.1 million USD) and MXN 1 million ($ 0.0 million USD) was available for future borrowings.

(4) On September 19, 2023, the Company entered into a $ 1.1 million equipment financing agreement with Ameris Bank dba Balboa Capital ("Balboa Capital").

8 unchanged sentences

Under this loan agreement, equal quarterly payments of $ 464,361 commenced on July 15, 2025 and will continue through the maturity of the equipment financing facility on June 30, 2028.

Debt maturities as of December 27, 2025 for the next five years are as follows (in thousands):

Debt maturities as of March 28, 2026 for the next five years are as follows (in thousands):

Fiscal Years Ending Amount

4 unchanged sentences

Long-term debt, net of debt issuance costs $ 99,295

(1) Represents scheduled payments for the remaining six-month period ending June 27, 2026.

(1) Represents scheduled payments for the remaining three-month period ending June 27, 2026.

The Company must comply with certain financial covenants, including average and daily availability and, if triggered, earnings before interest, taxes, depreciation, amortization and other adjustments and a fixed charge coverage ratio covenant will apply.

1 unchanged sentence

limit or restrict the ability of the Company to incur additional liens, make acquisitions or investments, incur additional indebtedness, engage in mergers, consolidations, liquidations, dissolutions, or dispositions, pay dividends or other restricted payments, prepay certain indebtedness, engage in transactions with affiliates, and use proceeds.

As of December 27, 2025, the Company was in compliance with all applicable financial covenants.

As of March 28, 2026, the Company was in compliance with all applicable financial covenants.

Currently, all unremitted foreign earnings are expected to remain permanently reinvested for planned fixed assets purchases and improvements in foreign locations.

3 unchanged sentences

Withholding taxes would not apply to future repatriations from Mexico or Vietnam.

The Company has available approximately $ 11.4 million of gross federal research and development tax credits as of December 27, 2025 expiring in various fiscal years from 2033 to 2046.

The Company has available approximately $ 11.8 million of gross federal research and development tax credits as of March 28, 2026 expiring in various fiscal years from 2033 to 2046.

ASC 740 requires the Company to recognize in its financial statements uncertainties in tax positions taken that may not be sustained upon examination by the taxing authorities.

Accordingly, as of December 27, 2025, the Company has recorded $ 2.9 million of unrecognized tax benefits associated with these federal tax credits, resulting in a net deferred tax benefit of approximately $ 8.5 million.

Accordingly, as of March 28, 2026, the Company has recorded $ 3.0 million of unrecognized tax benefits associated with these federal tax credits, resulting in a net deferred tax benefit of approximately $ 8.8 million.

Management has reviewed all deferred tax assets for purposes of determining whether a valuation allowance may be required.

8 unchanged sentences

The Company’s decision to end manufacturing operations in China has resulted in loss carryforwards that more likely than not will not be realized in the carryforward period.

Therefore, the Company has placed a full valuation allowance on the net deferred tax asset in China as of December 27, 2025.

Therefore, the Company has placed a full valuation allowance on the net deferred tax asset in China as of March 28, 2026.

The Company evaluated tax law changes and regulatory guidance issued through the fiscal quarter.

11 unchanged sentences

These antidilutive securities occur when equity awards outstanding have an option price greater than the average market price for the period:

Three Months Ended Six Months Ended

Three Months Ended Nine Months Ended

(in thousands, except per share information)

December 27, 2025 December 28, 2024 December 27, 2025 December 28, 2024

March 28, 2026 March 29, 2025 March 28, 2026 March 29, 2025

Net loss $ ( 2,625 ) $ ( 604 ) $ ( 13,450 ) $ ( 4,394 )

7 unchanged sentences

The Company’s 2024 Incentive Plan provides for equity and liability awards to employees and non-employee directors with service and performance vesting conditions in the form of stock options, stock appreciation rights (“SARs”), restricted stock, restricted stock units, stock awards, stock units, performance shares, performance units, and other stock-based or cash-based awards.

At December 27, 2025, 1,056,448 shares were available for grant.

At March 28, 2026, 1,056,448 shares were available for grant.

Compensation cost is recognized on a straight-line basis over the requisite employee service period, which is generally the vesting period, and is recorded as employee compensation expense in cost of goods sales, research, development and engineering, and selling, general and administrative expenses.

14 unchanged sentences

SARs expired ( 115,000 ) $ 4.93

Outstanding, December 28, 2024 136,250 $ — $ 5.10 2.6

Outstanding, March 29, 2025 136,250 $ — $ 5.10 2.3

Outstanding, June 28, 2025 136,250 — $ 5.10 2.1

SARs forfeited ( 136,250 ) $ 5.10

Outstanding, December 27, 2025 — $ — $ — —

Exercisable, December 27, 2025 — $ — $ — —

Outstanding, March 28, 2026 — $ — $ — —

Exercisable, March 28, 2026 — $ — $ — —

The Black-Scholes option valuation model is used by the Company for estimating the fair value of SARs.

1 unchanged sentence

Changes in these assumptions can materially affect the fair value estimates.

There were no SARs granted during the three or six-months ended December 27, 2025 and December 28, 2024.

There were no SARs granted during the three or nine-months ended March 28, 2026 and March 29, 2025.

Share-based compensation expense is recognized only for those awards that are expected to vest, with forfeitures estimated at the date of grant based on the Company’s historical experience and future expectations.

This forfeiture rate will be revised, if necessary, in subsequent periods if actual forfeitures differ from the amount estimated.

No SARs expense was recognized during the three months ended December 27, 2025 and $( 158,000 ) was recognized during the three months ended December 28, 2024.

No SARs expense was recognized during the six months ended December 27, 2025 and $( 139,000 ) was recognized during the six months ended December 28, 2024.

There were no SARs exercised during the three or six month periods ended December 27, 2025 or December 28, 2024.

No SARs expense was recognized during the three months ended March 28, 2026 or March 29, 2025.

No SARs expense was recognized during the nine months ended March 28, 2026 and $( 139,000 ) was recognized during the nine months ended March 29, 2025.

There were no SARs exercised during the three or nine month periods ended March 28, 2026 or March 29, 2025.

Restricted Stock Units

9 unchanged sentences

Granted 329,457 $ 4.52

Outstanding, December 28, 2024 329,457 $ 4.52

Outstanding, March 29, 2025 329,457 $ 4.52

Outstanding, June 28, 2025 281,577 $ 4.52

2 unchanged sentences

Forfeited ( 12,688 ) $ 3.28

Outstanding, December 27, 2025 723,866 $ 3.22

Vested but not released, December 27,2025 —

Total restricted stock unit expense recognized during the three months ended December 27, 2025 and December 28, 2024 was approximately $ 278,000 and $ 176,000 .

Total restricted stock unit expense recognized during the six months ended December 27, 2025 and December 28, 2024 was approximately $ 499,000 and $ 223,000 .

As of December 27, 2025 total unrecognized compensation expense on restricted stock units was $ 1.9 million, which is expected to be recognized over a weighted average period of approximately 2.2 years.

Outstanding, March 28, 2026 723,866 $ 3.18

Vested but not released, March 28,2026 —

Total restricted stock unit expense recognized during the three months ended March 28, 2026 and March 29, 2025 was approximately $( 31,000 ) and $ 26,000 .

Total restricted stock unit expense recognized during the nine months ended March 28, 2026 and March 29, 2025 was approximately $ 468,000 and $ 250,000 .

As of March 28, 2026 total unrecognized compensation expense on restricted stock units was $ 1.5 million, which is expected to be recognized over a weighted average period of approximately 1.9 years.

Commitments and Contingencies

6 unchanged sentences

If actual return rates and/or repair and replacement costs differ significantly from management’s estimates, adjustments to recognize additional cost of sales may be required in future periods.

The Company’s warranty reserve was approximately $ 25,300 as of December 27, 2025 and $ 26,000 as of June 28, 2025.

The Company’s warranty reserve was approximately $ 25,300 as of March 28, 2026 and $ 26,000 as of June 28, 2025.

Derivative Financial Instruments

1 unchanged sentence

As a part of our risk management strategy, we use Mexican Peso forward contracts to hedge foreign currency fluctuations for a portion of our Mexican Peso denominated expenses.

As of December 27, 2025, the Company had outstanding foreign currency forward contracts with a total notional amount of $ 14.3 million that mature through the first quarter of fiscal year 2027.

During the three months ended December 27, 2025, the Company entered into $ 15.3 million of foreign currency forward contracts and settled $ 7.3 million of such contracts.

During the same period of the previous year, the Company entered into $ 12.9 million of foreign currency forward contracts and settled $ 5.9 million of such contracts.

During the six months ended December 27, 2025, the Company entered into $ 15.3 million of foreign currency forward contracts and settled $ 13.8 million of such contracts.

As of March 28, 2026, the Company had outstanding foreign currency forward contracts with a total notional amount of $ 19.5 million that mature through the third quarter of fiscal year 2027.

During the three months ended March 28, 2026, the Company entered into $ 11.7 million of foreign currency forward contracts and settled $ 6.6 million of such contracts.

During the same period of the previous year, the Company did not enter into foreign currency forward contracts and settled $ 8.1 million of such contracts.

During the nine months ended March 28, 2026, the Company entered into $ 27.0 million of foreign currency forward contracts and settled $ 20.4 million of such contracts.

During the same periods of the previous year, the Company entered into $ 29.0 million of foreign currency forward contracts and settled $ 20.6 million of contracts.

Changes in the fair value of the forward contracts are recognized as a component of OCI and will be recognized in cost of sales when the hedged item affects earnings.

The amount of net earnings expected to be reclassified into earnings in the next 9 months is $ 0.4 million.

The following table summarizes the fair value of the derivative instruments in the Consolidated Balance Sheets as of December 27, 2025 and June 28, 2025 (in thousands):

Derivatives designated as hedging instruments under Subtopic 815-20 Balance Sheet Location December 27, 2025 June 28, 2025

The amount of net loss expected to be reclassified into earnings in the next 12 months is approximately $ 35,000 .

The following table summarizes the fair value of the derivative instruments in the Consolidated Balance Sheets as of March 28, 2026 and June 28, 2025 (in thousands):

Derivatives designated as hedging instruments under Subtopic 815-20 Balance Sheet Location March 28, 2026 June 28, 2025

Foreign currency forward contracts Other current assets $ 56 $ 1,330

The following tables summarize the gain (loss) on derivative instruments, net of tax, on the Consolidated Statements of Operations for the three months ended December 27, 2025 and December 28, 2024, respectively (in thousands):

The following tables summarize the gain (loss) on derivative instruments, net of tax, on the Consolidated Statements of Operations for the three months ended March 28, 2026 and March 29, 2025, respectively (in thousands):

Derivatives Designated as Hedging Instruments Classification of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) AOCI Balance

September 27, 2025 Effective

December 27, 2025 Effective

AOCI Effective Portion

1 unchanged sentence

Income AOCI Balance

December 27, 2025

March 28, 2026

Forward contracts Cost of sales $ ( 395 ) $ 794 $ ( 364 ) $ 35

1 unchanged sentence

Derivatives Designated as Hedging Instruments Classification of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) AOCI Balance

September 28, 2024 Effective

December 28, 2024 Effective

AOCI Effective Portion

1 unchanged sentence

Income AOCI Balance

December 28, 2024

March 29, 2025

Forward contracts Cost of sales $ 1,011 $ ( 1,274 ) $ 588 $ 325

Total $ 1,011 $ ( 1,274 ) $ 588 $ 325

The following tables summarize the gain (loss) on derivative instruments, net of tax, on the Consolidated Statements of Operations for the six months ended December 27, 2025 and December 28, 2024, respectively (in thousands):

The following tables summarize the gain (loss) on derivative instruments, net of tax, on the Consolidated Statements of Operations for the nine months ended March 28, 2026 and March 29, 2025, respectively (in thousands):

Derivatives Designated as Hedging Instruments Classification of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) AOCI Balance

3 unchanged sentences

Income AOCI Balance

December 27, 2025

March 28, 2026

Forward contracts Cost of sales ( 1,029 ) 3,217 ( 2,153 ) 35

5 unchanged sentences

Income AOCI Balance

December 28, 2024

March 29, 2025

Forward contracts Cost of sales 215 ( 1,276 ) 1,386 325

Total $ 215 ( 1,276 ) 1,386 325

As of December 27, 2025, the Company does not have any foreign exchange contracts with credit-risk-related contingent features.

As of March 28, 2026, the Company does not have any foreign exchange contracts with credit-risk-related contingent features.

The Company is subject to the risk of fluctuating interest rates from our lines of credit and foreign currency risk resulting from our China and Vietnam operations.

29 unchanged sentences

The Company has elected to expense costs to obtain contracts as incurred as these costs are immaterial to the financial statements.

During the first six months of fiscal year 2026, no revenues were recognized from performance obligations satisfied or partially satisfied in previous periods.

During the first nine months of fiscal year 2026, no revenues were recognized from performance obligations satisfied or partially satisfied in previous periods.

Contract Balances

1 unchanged sentence

Current contract assets are classified separately on the condensed consolidated balance sheet and transferred to receivables when the right to payment becomes unconditional.

The following table summarizes the activity in the Company’s contract assets during the six months ended December 27, 2025 (in thousands):

The following table summarizes the activity in the Company’s contract assets during the nine months ended March 28, 2026 (in thousands):

Contract Assets

2 unchanged sentences

Amounts collected or invoiced ( 266,369 )

Ending balance, December 27, 2025

The Company also has long term contract assets of approximately $ 10.4 million at December 27, 2025, and June 28, 2025, classified under Other long-term assets in the condensed consolidated balance sheet.

Ending balance, March 28, 2026

The Company also has long term contract assets of approximately $ 10.3 million at March 28, 2026, and $ 10.4 at June 28, 2025, classified under Other long-term assets in the condensed consolidated balance sheet.

No revenue was recognized, and approximately $ 75,606 was collected or invoiced related to these balances during the period.

1 unchanged sentence

Disaggregation of Revenue

The following table presents the Company’s revenue disaggregated for the three and six months ended December 27, 2025 and December 28, 2024 (in thousands):

Recognition Three Months Ended Six Months Ended

December 27, 2025 December 28, 2024 December 27, 2025 December 28, 2024

The following table presents the Company’s revenue disaggregated for the three and nine months ended March 28, 2026 and March 29, 2025 (in thousands):

Recognition Three Months Ended Nine Months Ended

March 28, 2026 March 29, 2025 March 28, 2026 March 29, 2025

Over-Time $ 85,827 $ 106,396 $ 272,214 $ 339,478

6 unchanged sentences

The weighted average discount rate is disclosed in the tables below.

The components of lease cost for the three months and six months ended December 27, 2025 and December 28, 2024 were (in thousands):

Three Months Ended Six Months Ended

December 27, 2025 December 28, 2024 December 27, 2025 December 28, 2024

The components of lease cost for the three months and nine months ended March 28, 2026 and March 29, 2025 were (in thousands):

Three Months Ended Nine Months Ended

March 28, 2026 March 29, 2025 March 28, 2026 March 29, 2025

Lease cost Classification

7 unchanged sentences

Total lease cost $ 2,322 $ 2,138 $ 6,245 $ 7,376

Amounts reported in the Consolidated Balance Sheet as of December 27, 2025 and June 28, 2025 were (in thousands, except weighted average lease term and discount rate):

December 27, 2025 June 28, 2025

Amounts reported in the Consolidated Balance Sheet as of March 28, 2026 and June 28, 2025 were (in thousands, except weighted average lease term and discount rate):

March 28, 2026 June 28, 2025

Operating Leases:

16 unchanged sentences

The current portion of the total finance lease liabilities of $ 3.8 million is classified under Other Current Liabilities , resulting in $ 4.6 million classified in Other Long-term Liabilities section of the condensed consolidated balance sheet.

Future lease payments under non-cancellable leases as of December 27, 2025 are as follows (in thousands):

Future lease payments under non-cancellable leases as of March 28, 2026 are as follows (in thousands):

Fiscal Years Ending Operating Leases Finance Leases

8 unchanged sentences

Total lease liabilities $ 27,810 $ 8,402

(1) Represents estimated lease payments for the remaining six-month period ending June 27, 2026.

(1) Represents estimated lease payments for the remaining nine-month period ending June 27, 2026.

Segment Information

1 unchanged sentence

The Company’s chief operating decision maker is its Chief Executive Officer.

As of December 27, 2025, the Company operates and internally manages a single operating segment, Electronics Manufacturing Services, as this is the only discrete financial information that is regularly reviewed by the chief operating decision maker.

As of March 28, 2026, the Company operates and internally manages a single operating segment, Electronics Manufacturing Services, as this is the only discrete financial information that is regularly reviewed by the chief operating decision maker.

This segment provides integrated electronic and mechanical engineering, assembly, sourcing and procurement, logistics, and new product testing for our customers.

4 unchanged sentences

In accordance with the adoption of ASU 2023-07 in 2025, the Company determined that significant segment measures included gross profit, which is primarily composed of materials and labor costs as follows (in thousands):

Three Months Ended Six Months Ended

December 27, 2025 December 28, 2024 December 27, 2025 December 28, 2024

Three Months Ended Nine Months Ended

March 28, 2026 March 29, 2025 March 28, 2026 March 29, 2025

Materials $ 47,032 $ 65,338 $ 154,068 $ 211,956

3 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