What changed in this filing

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Item 1. Financial Statements

2026-08-04 compared with 2026-04-29 · 238 added, 149 removed, 551 unchanged (41% of the section changed)

6 unchanged sentences

Cash and cash equivalents $ 255.9 $ 311.8

Accounts receivable, net of allowance for credit losses of $ 0.9 at both March 27, 2026 and December 26, 2025

Accounts receivable, net of allowance for credit losses of $ 1.0 and $ 0.9 at June 26, 2026 and December 26, 2025, respectively

Inventories 629.9 390.9

26 unchanged sentences

Common stock — $ 0.001 par value, 90.0 shares authorized;

47.2 and 47.2 shares issued, and 44.8 and 45.5 shares outstanding at March 27, 2026 and December 26, 2025, respectively

48.2 and 47.2 shares issued, and 45.3 and 45.5 shares outstanding at June 26, 2026 and December 26, 2025, respectively

Additional paid-in capital 560.8 578.7

Common shares held in treasury, at cost, 2.4 and 1.7 shares at March 27, 2026 and December 26, 2025, respectively

Common shares held in treasury, at cost, 2.9 and 1.7 shares at June 26, 2026 and December 26, 2025, respectively

( 88.7 ) ( 48.4 )

8 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Three Months Ended

2026 March 28,

Three Months Ended Six Months Ended

2026 June 27,

2025 June 26,

2026 June 27,

(In millions, except per share amounts)

11 unchanged sentences

General and administrative 49.0 46.9 98.0 95.4

Impairment of goodwill — 151.1 — 151.1

Total operating expenses 74.2 221.3 147.3 292.4

Income from operations 11.4 12.9

Income (loss) from operations 29.5 ( 141.8 ) 40.8 ( 128.9 )

Interest income 1.0 0.8 2.4 1.9

1 unchanged sentence

Other income (expense), net 0.6 ( 2.2 ) ( 0.7 ) ( 1.3 )

Income before provision for income taxes 4.2 4.9

Income (loss) before provision for income taxes 30.0 ( 153.3 ) 34.2 ( 148.3 )

Provision for income taxes 18.1 7.2 37.2 14.6

Net loss ( 15.0 ) ( 2.5 )

Net income (loss) 11.9 ( 160.5 ) ( 3.0 ) ( 162.9 )

Net income attributable to noncontrolling interests 3.2 1.5 6.2 4.1

Net loss attributable to UCT $ ( 17.9 ) $ ( 5.0 )

Net loss per share attributable to UCT common stockholders:

Net income (loss) attributable to UCT $ 8.7 $ ( 162.0 ) $ ( 9.2 ) $ ( 167.0 )

Net income (loss) per share attributable to UCT common stockholders:

Basic $ 0.19 $ ( 3.58 ) $ ( 0.20 ) $ ( 3.70 )

Diluted $ 0.19 $ ( 3.58 ) $ ( 0.20 ) $ ( 3.70 )

Shares used in computing net loss per share:

Shares used in computing net income (loss) per share:

Basic 45.1 45.2 45.2 45.2

3 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

Three Months Ended

2026 March 28,

Three Months Ended Six Months Ended

2026 June 27,

2025 June 26,

2026 June 27,

(In millions)

Net loss $ ( 15.0 ) $ ( 2.5 )

Net income (loss) $ 11.9 $ ( 160.5 ) $ ( 3.0 ) $ ( 162.9 )

Other comprehensive income (loss):

Change in cumulative translation adjustment, net of tax ( 1.2 ) 9.5 ( 6.1 ) 10.0

Change in pension net actuarial gain, net of tax 0.3 — 0.4 —

Total other comprehensive income (loss) ( 0.9 ) 9.5 ( 5.7 ) 10.0

Comprehensive loss ( 19.8 ) ( 1.9 )

Comprehensive income (loss) 11.0 ( 151.0 ) ( 8.7 ) ( 152.9 )

Comprehensive income, attributable to noncontrolling interests 3.1 5.7 4.3 8.3

Comprehensive loss attributable to UCT $ ( 20.9 ) $ ( 4.5 )

Comprehensive income (loss) attributable to UCT $ 7.9 $ ( 156.7 ) $ ( 13.0 ) $ ( 161.2 )

(See accompanying Notes to Condensed Consolidated Financial Statements)

1 unchanged sentence

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Three Months Ended

2026 March 28,

Six Months Ended

2026 June 27,

(In millions)

6 unchanged sentences

Amortization of debt issuance costs 1.6 1.1

Impairment of goodwill — 151.1

Loss on extinguishment of debt 3.4 —

19 unchanged sentences

Proceeds from the issuance of convertible notes 600.0 —

Borrowings on revolving credit facility 15.0 —

Proceeds from issuance of common stock 1.1 1.1

Payment of debt issuance costs ( 17.4 ) ( 0.6 )

2 unchanged sentences

Principal payments on bank borrowings ( 481.5 ) ( 15.1 )

Employees’ taxes paid upon vesting of restricted stock units ( 3.5 ) ( 0.7 )

Payments of dividends to a joint venture shareholder ( 0.1 ) ( 0.1 )

Net cash provided by (used in) financing activities 48.5 ( 18.8 )

Effect of exchange rate changes on cash and cash equivalents ( 4.3 ) 4.0

Net increase in cash and cash equivalents 11.7 3.7

Net increase (decrease) in cash and cash equivalents ( 55.9 ) 13.5

Cash and cash equivalents at beginning of period 311.8 313.9

9 unchanged sentences

Three Months Ended

March 27, 2026

June 26, 2026

Common Stock Treasury shares

7 unchanged sentences

(In millions)

Balance March 27, 2026 44.8 $ 0.1 $ 556.8 2.4 $ ( 88.7 ) $ 171.3 $ ( 11.6 ) $ 627.9 $ 74.2 $ 702.1

Issuance under employee stock plans 0.5 — 1.1 — — — — 1.1 — 1.1

Employees' taxes paid upon vesting of restricted stock units — — ( 3.5 ) — — — — ( 3.5 ) — ( 3.5 )

Stock-based compensation expense — — 6.4 — — — — 6.4 — 6.4

Shares transfer from employee stock plans — — — 0.5 — — — — — —

Net income — — — — — 8.7 — 8.7 3.2 11.9

Dividend payments to a joint venture shareholder — — — — — — — 0.0 0.0

Other comprehensive loss — — — — — — ( 0.8 ) ( 0.8 ) ( 0.1 ) ( 0.9 )

Balance June 26, 2026 45.3 $ 0.1 $ 560.8 2.9 $ ( 88.7 ) $ 180.0 $ ( 12.4 ) $ 639.8 $ 77.3 $ 717.1

Six Months Ended

June 26, 2026

Common Stock Treasury shares

Amount Additional

Shares Amount

Comprehensive

Income (Loss)

Stockholders’

Equity of UCT

Noncontrolling

(In millions)

Balance December 26, 2025 45.5 $ 0.1 $ 578.7 1.7 $ ( 48.4 ) $ 189.2 $ ( 8.6 ) $ 711.0 $ 73.1 $ 784.1

Capped call transactions — — ( 25.1 ) — — — — ( 25.1 ) — ( 25.1 )

Repurchase of common stock ( 0.7 ) — — 0.7 ( 40.3 ) — — ( 40.3 ) — ( 40.3 )

Issuance under employee stock plans 0.5 — 1.1 — — — — 1.1 — 1.1

Employees' taxes paid upon vesting of restricted stock units — — ( 3.5 ) — — — — ( 3.5 ) — ( 3.5 )

Stock-based compensation expense — — 9.6 — — — — 9.6 — 9.6

Repurchase of common stock ( 0.7 ) — — 0.7 ( 40.3 ) — — ( 40.3 ) — ( 40.3 )

Shares transfer from employee stock plans — — — 0.5 — — — — — —

Capped call transactions — — ( 25.1 ) — — — — ( 25.1 ) — ( 25.1 )

Net income (loss) — — — — — ( 9.2 ) — ( 9.2 ) 6.2 ( 3.0 )

Dividend payments to a joint venture shareholder — — — — — — — — ( 0.1 ) ( 0.1 )

Other comprehensive loss — — — — — — ( 3.8 ) ( 3.8 ) ( 1.9 ) ( 5.7 )

Balance March 27, 2026 44.8 $ 0.1 $ 556.8 2.4 $ ( 88.7 ) $ 171.3 $ ( 11.6 ) $ 627.9 $ 74.2 $ 702.1

Balance June 26, 2026 45.3 $ 0.1 $ 560.8 2.9 $ ( 88.7 ) $ 180.0 $ ( 12.4 ) $ 639.8 $ 77.3 $ 717.1

Three Months Ended

March 28, 2025

June 27, 2025

Common Stock Treasury shares

7 unchanged sentences

(In millions)

Balance March 28, 2025 45.1 $ 0.1 $ 561.3 1.5 $ ( 45.0 ) $ 365.4 $ ( 9.8 ) $ 872.0 $ 64.8 $ 936.8

Issuance under employee stock plans 0.4 — 1.1 — — — — 1.1 — 1.1

Employees' taxes paid upon vesting of restricted stock units — — ( 0.7 ) — — — — ( 0.7 ) — ( 0.7 )

Stock-based compensation expense — — 7.1 — — — — 7.1 — 7.1

Repurchase of common stock ( 0.2 ) — — 0.2 ( 3.4 ) — — ( 3.4 ) — ( 3.4 )

Net income (loss) — — — — — ( 162.0 ) — ( 162.0 ) 1.5 ( 160.5 )

Dividend payments to a joint venture shareholder — — — — — — — — ( 0.1 ) ( 0.1 )

Other comprehensive income — — — — — — 5.3 5.3 4.2 9.5

Balance June 27, 2025 45.3 $ 0.1 $ 568.8 1.7 $ ( 48.4 ) $ 203.4 $ ( 4.5 ) $ 719.4 $ 70.4 $ 789.8

Six Months Ended

June 27, 2025

Common Stock Treasury shares

Amount Additional

Shares Amount

Comprehensive

Income (Loss)

Stockholders’

Equity of UCT

Noncontrolling

(In millions)

Balance December 27, 2024 45.1 $ 0.1 $ 558.4 1.5 $ ( 45.0 ) $ 370.4 $ ( 10.3 ) $ 873.6 $ 62.2 $ 935.8

Issuance under employee stock plans 0.4 — 1.1 — — — — 1.1 — 1.1

Employees' taxes paid upon vesting of restricted stock units — — ( 0.7 ) — — — — ( 0.7 ) — ( 0.7 )

Stock-based compensation expense — — 10.0 — — — — 10.0 — 10.0

Repurchase of common stock ( 0.2 ) — — 0.2 ( 3.4 ) — — ( 3.4 ) — ( 3.4 )

Net income (loss) — — — — — ( 167.0 ) — ( 167.0 ) 4.1 ( 162.9 )

Dividend payments to a joint venture shareholder — — — — — — — — ( 0.1 ) ( 0.1 )

Other comprehensive income — — — — — — 5.8 5.8 4.2 10.0

Balance March 28, 2025 45.1 $ 0.1 $ 561.3 1.5 $ ( 45.0 ) $ 365.4 $ ( 9.8 ) $ 872.0 $ 64.8 $ 936.8

Balance June 27, 2025 45.3 $ 0.1 $ 568.8 1.7 $ ( 48.4 ) $ 203.4 $ ( 4.5 ) $ 719.4 $ 70.4 $ 789.8

ULTRA CLEAN HOLDINGS, INC.

11 unchanged sentences

Reportable Segments

Subsequent Events

Index to Notes

17 unchanged sentences

Principles of Consolidation — The Company’s Condensed Consolidated Financial Statements include the accounts of the Company and its majority-owned subsidiaries and all intercompany accounts and transactions have been eliminated upon consolidation.

Significant Accounting Policies — There were no changes to the accounting policies disclosed in Note 1, Organization and Significant Accounting Polices of the Company’s Annual Report on Form 10-K for the year ended December 26, 2025 that had a material impact on the Company’s condensed consolidated financial statements and related notes.

Significant Accounting Policies — There were no changes to the accounting policies disclosed in Note 1, Organization and Significant Accounting Policies of the Company’s Annual Report on Form 10-K for the year ended December 26, 2025 that had a material impact on the Company’s condensed consolidated financial statements and related notes.

Accounting Standards Recently Adopted

57 unchanged sentences

The Company will adopt this guidance in fiscal 2027 and does not expect the adoption to have a material impact on its consolidated financial position, results of operations, or disclosures.

In May 2026, the FASB issued ASU 2026-02, Environmental Credits and Environmental Credit Obligations (Topic 818) (“ASU 2026-02”).

ASU 2026-02 improves the financial accounting for and disclosure of activities related to environmental credits and environmental credit obligations.

This update provides recognition, measurement, presentation, and disclosure requirements for all entities that generate, purchase, or receive environmental credits or have a regulatory compliance obligation that may be settled with environmental credits.

ASU 2026-02 is effective for the Company for annual reporting periods (and interim periods within those annual periods) beginning after December 15, 2027, with early adoption permitted.

The Company is currently evaluating the impact of ASU 2026-02 on its consolidated financial statements and related disclosures.

Index to Notes

BALANCE SHEET INFORMATION

Accounts Receivable Factoring Agreement

The Company has a receivables factoring arrangement pursuant to which certain receivables are sold to a bank without recourse in exchange for cash.

Accounts Receivable Factoring Agreements

The Company has receivables factoring arrangements pursuant to which certain receivables are sold to a bank without recourse in exchange for cash.

Transactions under this arrangement are accounted for as sales under ASC 860, Transfers and Servicing of Financial Assets, with the sold receivables removed from the Company’s balance sheet.

Under this arrangement, the Company does not maintain any beneficial interest in the receivables sold, and the bank’s purchase of eligible receivables is subject to a maximum amount of $ 25.0 million of uncollected receivables originated within the

Index to Notes

United States.

Under these arrangements, the Company does not maintain any beneficial interest in the receivables sold, and the bank’s purchase of eligible receivables is subject to a maximum amount of $ 40.0 million of uncollected receivables originated within the United States.

The Company services the receivables on behalf of the bank but otherwise maintains no significant continuing involvement with respect to the receivables.

Sale proceeds, which are representative of the fair value of factored receivables, less a factoring fee, are reflected in cash flows from operating activities in the Condensed Consolidated Statements of Cash Flows, and the Company did not receive any proceeds in excess of the fair value of factored receivables during the periods presented.

During the three-month period ended March 27, 2026, the Company received cash proceeds of $ 19.0 million from the sales of accounts receivables under this arrangement.

As of March 27, 2026, $ 19.0 million of receivables factored under these arrangements had been sold and removed from the Company’s Consolidated Balance Sheets.

During the three and six month periods ended June 26, 2026, the Company received cash proceeds of $ 30.0 million and $ 49.0 million, respectively, from the sale of accounts receivable under these arrangements.

As of June 26, 2026, $ 26.3 million of receivables factored under these arrangements had been sold and removed from the Company’s Consolidated Balance Sheets.

Inventories consisted of the following:

(In millions) March 27,

(In millions) June 26,

2026 December 26,

5 unchanged sentences

Property, plant and equipment, net, consisted of the following:

(In millions) March 27,

(In millions) June 26,

2026 December 26,

8 unchanged sentences

Total $ 323.7 $ 324.6

Capitalized interest was not significant for the three months ended March 27, 2026, or for the fiscal year ended December 26, 2025.

Capitalized interest was not significant for the six months ended June 26, 2026, or for the fiscal year ended December 26, 2025.

Index to Notes

3 unchanged sentences

Reporting Date Using

Description March 27, 2026 Quoted Prices in

Description June 26, 2026 Quoted Prices in

Active Markets for

20 unchanged sentences

These assumptions are routinely made in the appraisal process by the independent actuary resulting in a Level 3 classification.

As of March 27, 2026, the Company’s aggregate pension benefit obligations was $ 15.0 million and the fair value of the pension plan assets was $ 12.9 million, resulting in underfunded pension benefit obligations of $ 2.1 million.

As of June 26, 2026, the Company’s aggregate pension benefit obligations was $ 12.1 million and the fair value of the pension plan assets was $ 9.8 million, resulting in underfunded pension benefit obligations of $ 2.3 million.

The Company recognizes the overfunded or underfunded status of defined benefit pension plans, measured as the difference between the fair value of the plan assets and the benefit obligation.

Each overfunded plan is recognized as an asset and each underfunded plan is recognized as a liability.

There were no transfers in or out of any level during the three months ended March 27, 2026 and March 28, 2025.

There were no transfers in or out of any level during the six months ended June 26, 2026 and June 27, 2025.

Fair value adjustments were noncash, and therefore did not impact the Company’s liquidity or capital resources.

1 unchanged sentence

Goodwill represents the excess of the consideration transferred over the fair value of tangible and identifiable intangible assets acquired, less liabilities assumed in a business combination.

During the three months ended March 27, 2026, the Company did not recognize any impairment charges or additions to goodwill.

During the six months ended June 26, 2026, the Company did not recognize any impairment charges or additions to goodwill.

Details of aggregate goodwill of the Company are as follows:

1 unchanged sentence

Balance at December 26, 2025 $ 114.2 $ — $ 114.2

Balance at March 27, 2026 $ 114.2 $ — $ 114.2

Balance at June 26, 2026 $ 114.2 $ — $ 114.2

Intangible Assets

3 unchanged sentences

Details of intangible assets were as follows:

As of March 27, 2026 As of December 26, 2025

As of June 26, 2026 As of December 26, 2025

(Dollars in millions) Useful Life

16 unchanged sentences

The Company amortizes its intangible assets on a straight-line or accelerated basis over the estimated economic life of the assets.

Amortization expense was approximately $ 6.9 million and $ 7.3 million for the three months ended March 27, 2026 and March 28, 2025, respectively.

Amortization expense was approximately $ 6.8 million and $ 13.7 million for the three and six months ended June 26, 2026, respectively.

For the three and six months ended June 27, 2025, amortization expense was approximately $ 7.0 million and $ 14.3 million, respectively.

Amortization expense related to recipes, standard operating procedures, developed technology and certain intellectual property/know-how is included in cost of revenues, while the remaining amortization expense is included in general and administrative expense.

As of March 27, 2026, future estimated amortization expense is expected to be as follows:

As of June 26, 2026, future estimated amortization expense is expected to be as follows:

(In millions) Amortization

4 unchanged sentences

Long-term debt was as follows:

(In millions) March 27, 2026 December 26, 2025

(In millions) June 26, 2026 December 26, 2025

Term loan $ — $ 481.4

Revolver 15.0 —

Convertible Notes 600.0 —

2 unchanged sentences

Debt issuance costs ( 15.6 ) ( 4.5 )

Total long-term debt, net of debt issuance costs $ 601.9 $ 467.0

Total long-term debt $ 599.4 $ 467.0

Term Loan and Revolving Credit Facilities

On February 26, 2026, the Company entered into the Ninth Amendment to the Credit Agreement, dated as of August 27, 2018 (as amended, the “Credit Agreement”), which temporarily increased the maximum permitted Consolidated Total Gross Leverage Ratio financial maintenance covenant (applicable only to the revolving credit facility) to 6.00 to 1.00 for the fiscal periods ending on or about March 31, 2026 and June 30, 2026, subject to the terms and conditions set forth in the amendment.

The term loan facility matures on February 25, 2028 and requires quarterly principal payments of 0.625 % of the outstanding principal balance, with the remaining principal paid upon maturity.

During the quarter ended March 27, 2026,

On April 23, 2026, the Company entered into the Tenth Amendment to its Credit Agreement, dated as of August 27, 2018 (as amended, the “Credit Agreement”), which increased the revolving credit facility from $ 150.0 million to $ 250.0 million and extended the maturity date from August 27, 2027 to April 23, 2031.

The revolving credit facility bears interest at Term SOFR plus an applicable margin ranging from 1.25 % to 1.75 %, based on the Company's Consolidated Secured Net Leverage Ratio.

The amended Credit Agreement requires the Company to maintain a maximum Consolidated Secured Net

Index to Notes

the Company made a voluntary prepayment of $ 459.0 million on its term loan facility.

In connection with the prepayment, the Company wrote off $ 3.0 million of unamortized debt issuance costs related to the prepaid portion of the term loan.

The remaining unamortized debt issuance costs continue to be amortized over the remaining term of the facility.

As of March 27, 2026, the outstanding balance under the Term Loan of $ 19.4 million, and the interest rate on the outstanding Term Loan was 6.4 %.

The revolving credit facility has aggregate commitments of $ 150.0 million and a maturity date of August 27, 2027.

The Company pays a quarterly commitment fee in arrears equal to 0.25 % of the average daily available commitment outstanding.

Outstanding letters of credit reduce the availability of the revolving credit facility and, as of March 27, 2026, the Company had $ 145.9 million, net of $ 4.1 million of outstanding letters of credit, available under this revolving credit facility.

The letter of credit facility has an available commitment of $ 50.0 million and a maturity date of August 27, 2027.

The Company pays a quarterly fee in arrears on the dollar equivalent of all outstanding letters of credit equal to the applicable margin for the revolving credit facility, and a fronting fee equal to 0.125 % of the undrawn and unexpired amount of each letter of credit.

As of March 27, 2026, the Company had $ 4.1 million of outstanding letters of credit and $ 45.9 million of available commitments remaining under the letter of credit facility.

As of March 27, 2026, total unamortized debt issuance costs related to the term loan and the revolving credit facility were $ 1.0 million.

The Credit Agreement requires the Company to maintain certain financial covenants including a minimum consolidated fixed charge coverage ratio and a maximum consolidated leverage ratio as of the last day of any fiscal quarter.

The Company currently has no revolving loans outstanding under the Credit Agreement.

As of March 27, 2026, the Company was in compliance with the financial covenants contained within the Credit Agreement.

Leverage Ratio of 3.25 to 1.00 (or 3.75 to 1.00 for any reference period in which a Material Acquisition is consummated) and a minimum Cash Interest Coverage Ratio of 3.00 to 1.00.

The Company incurred approximately $ 1.3 million in new debt issuance costs and had approximately $ 0.9 million of unamortized deferred issuance costs from the prior facility;

of these amounts, approximately $ 1.9 million will be deferred and amortized over the new five-year term, while approximately $ 0.3 million was recognized as expense in the second quarter of fiscal 2026.

As of June 26, 2026, total unamortized debt issuance costs related to the revolving credit facility were $ 1.9 million, which is included in other non-current assets in the accompanying condensed consolidated balance sheets.

The Company pays a quarterly commitment fee in arrears on the average daily available commitment outstanding, at a rate ranging from 0.20 % to 0.25 % based on the Company's Consolidated Secured Net Leverage Ratio.

Outstanding letters of credit and outstanding borrowings reduce the availability of the revolving credit facility.

As of June 26, 2026, the Company had $ 230.9 million available under the revolving credit facility, net of $ 4.1 million of outstanding letters of credit and $ 15.0 million of outstanding borrowings.

The letter of credit facility has an available commitment of $ 50.0 million and a maturity date of April 23, 2031.

The Company pays a quarterly fee in arrears on the dollar equivalent of all outstanding letters of credit equal to the applicable margin for Term SOFR loans under the revolving credit facility, and a fronting fee equal to 0.125 % per annum of the undrawn and unexpired amount of each letter of credit.

As of June 26, 2026, the Company had $ 4.1 million of outstanding letters of credit and $ 45.9 million of available commitments remaining under the letter of credit facility.

During the second quarter, the Company drew $ 15.0 million under the revolving credit facility, which remained outstanding as of June 26, 2026 and bore interest at a rate of 5.4 %.

As of June 26, 2026, the Company was in compliance with the financial covenants contained within the Credit Agreement.

In addition, the Company maintains credit agreements with financial institutions in Czechia and in Israel, which provide for revolving credit facilities of up to 7.0 million euros (approximately $ 8.0 million) and $ 5.0 million, respectively.

As of March 27, 2026, there were no borrowings outstanding under these facilities.

As of March 27, 2026, the Company had $ 145.9 million, $ 6.4 million and $ 5.0 million available to draw from its credit facilities in the U.S., Czechia and Israel, respectively.

As of June 26, 2026, there were no borrowings outstanding under these facilities;

however, $ 2.1 million of the Czechia facility was utilized for outstanding bank guarantees.

As of June 26, 2026, the Company had $ 230.9 million, $ 5.9 million and $ 5.0 million available to draw from its credit facilities in the U.S., Czechia and Israel, respectively.

During the quarter ended June 26, 2026, the Company prepaid the remaining $ 19.4 million outstanding under its term loan facility, retiring the facility in full.

In connection with the prepayment, the Company wrote off $ 0.1 million of remaining unamortized debt issuance costs.

Convertible Notes and Related Capped Call Transactions

11 unchanged sentences

Upon conversion, the Company will pay cash up to the aggregate principal amount of the Convertible Notes to be converted and will pay or deliver, as the case may be, cash, shares of the Company’s common stock or a combination of cash and shares of the Company’s common stock, at the Company’s election, in respect of the remainder, if any, of the conversion value in excess of the aggregate principal amount of the Convertible Notes being converted.

Index to Notes

equal to 100 % of the principal amount of the Convertible Notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the fundamental change repurchase date.

If the Company undergoes a fundamental change (as defined in the indenture governing the Convertible Notes), subject to certain conditions, holders may require the Company to repurchase for cash all or any portion of their Notes, at a price equal to 100 % of the principal amount of the Convertible Notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the fundamental change repurchase date.

The Company has the right, at its election, to redeem all or any portion of the Convertible Notes on or after March 20, 2029 and on or before the 40th scheduled trading day immediately preceding the maturity date, at a price equal to 100 % of the principal amount of the Convertible Notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the redemption date, if the Convertible Notes are freely tradable and the last reported sale price per share of common stock exceeds 130 % of the conversion price for each of at least 20 trading days (whether or not consecutive) during the 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding the redemption notice date.

During any fiscal quarter commencing after June 26, 2026, if the last reported sale price of the Company’s common stock exceeds 130 % of the initial conversion price for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding fiscal quarter, the Convertible Notes are convertible at the option of the holders.

There have been no changes to the initial conversion price of the Convertible Notes since issuance.

The closing market price of the Company's common stock of $ 58.87 per share as of March 27, 2026 was below $ 110.17 per share, which represents 130 % of the initial conversion price of $ 84.75 per share.

Additionally, the last reported sale price of the Company’s common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day, March 27, 2026, did not exceed 130 % of the initial conversion price.

As such, during the three months ended on March 27, 2026, the conditions allowing holders of the Convertible Notes to convert were not met.

The Convertible Notes are therefore not convertible during the three months ended on March 27, 2026.

The closing market price of the Company's common stock of $ 118.82 per share as of June 26, 2026 was higher than $ 110.17 per share, which represents 130 % of the initial conversion price of $ 84.75 per share.

However, the closing market price of the Company's common stock did not exceed $ 110.17 per share for at least 20 trading days during the period of 30 consecutive trading days ending on the last trading day of the quarter ended June 26, 2026.

Accordingly, the Convertible Notes are not convertible at the option of the holders pursuant to this condition during the quarter ending September 25, 2026.

The Convertible Notes are the Company’s senior unsecured obligations and rank equal in right of payment to any of the Company’s existing and future senior, unsecured indebtedness;

2 unchanged sentences

and structurally subordinated to all existing and future indebtedness and other liabilities, including trade payables, and preferred equity, if any, of the Company’s subsidiaries.

The net carrying amount of the Convertible Notes as of March 27, 2026 was as follows (in millions):

(In millions) March 27, 2026

The net carrying amount of the Convertible Notes as of June 26, 2026 was as follows (in millions):

(In millions) June 26, 2026

Principal $ 600.0

1 unchanged sentence

Net carrying amount $ 584.4

Interest expense related to the Convertible Notes for the three months ended March 27, 2026 was $ 0.2 million, consisting of amortization of debt issuance costs.

Interest expense related to the Convertible Notes for the three and six months ended June 26, 2026 was $ 0.8 million and $ 1.0 million, consisting of amortization of debt issuance costs.

The Convertible Notes do not bear contractual interest.

9 unchanged sentences

The fair value of the Company’s long-term debt, which consists of a term loan facility and the Convertible Notes, is based on Level 2 inputs and was determined using quoted prices for the notes and similar instruments in inactive markets as of the last trading day of the reporting period.

The Company’s long-term debt has been classified as Level 2 in the fair value hierarchy.

As of March 27, 2026, the carrying value of the term loan approximates its fair value, and the estimated fair value of the Convertible Notes was $ 616.5 million.

The Company’s long-term debt has been classified as Level 2 in the fair value

Index to Notes

The Company recorded income tax provision of $ 19.2 million and $ 7.4 million for the three months ended March 27, 2026 and March 28, 2025, respectively.

The Company’s effective tax rate was 457.1 % and 151.0 % for the three months ended March 27, 2026 and March 28, 2025, respectively.

The change in respective tax rates reflects, primarily, the impact of a planned distribution of earnings from one of the Company’s foreign subsidiaries in the current year, changes in the geographic mix of worldwide earnings and financial results in jurisdictions which are taxed at different rates and the impact of losses in jurisdictions with full valuation allowances on deferred tax assets.

Company management continuously evaluates the need for a valuation allowance and, as of March 27, 2026, concluded that a valuation allowance on its U.S.

As of June 26, 2026, the carrying value of the term loan approximates its fair value, and the estimated fair value of the Convertible Notes was $ 982.4 million.

The Company recorded an income tax provision of $ 18.1 million and $ 7.2 million for the three months ended June 26, 2026 and June 27, 2025, respectively, and $ 37.2 million and $ 14.6 million for the six months ended June 26, 2026 and June 27, 2025, respectively.

The Company’s effective tax rate was 60.3 % and ( 4.7 )% for the three months ended June 26, 2026 and June 27, 2025, respectively, and 108.8 % and ( 9.8 )% for the six months ended June 26, 2026 and June 27, 2025, respectively.

The change in the respective tax rates primarily reflects the tax effects of a distribution of earnings from, and a change in ownership of, one of the Company’s foreign subsidiaries in the current year, changes in the geographic mix of worldwide earnings and financial results in jurisdictions which are taxed at different rates and the impact of losses in jurisdictions with full valuation allowances on deferred tax assets.

Management continuously evaluates the need for a valuation allowance and, as of June 26, 2026, concluded that a valuation allowance on its U.S.

federal, state and certain foreign deferred tax assets was still appropriate.

The provision for income taxes for the three months ended March 27, 2026 includes the impact of a change in the Company’s assertion regarding the permanent reinvestment of undistributed earnings of one of its China subsidiaries.

The Company no longer considers the China subsidiary’s undistributed earnings generated prior to fiscal year 2022 permanently reinvested.

As a result of this change in assertion, the Company recorded a discrete income tax expense of $ 14.8 million in the quarter ended March 27, 2026.

As of March 27, 2026 and December 26, 2025, the Company’s gross liability for unrecognized tax benefits, excluding interest, was $ 5.8 million and $ 5.6 million, respectively.

The provision for income taxes for the three and six months ended June 26, 2026 includes the impact of a distribution of earnings of one of the Company’s China subsidiaries.

As a result of this distribution, the Company recorded a discrete income tax expense of $ 0.3 million and $ 15.1 million in the three and six months ended June 26, 2026, respectively.

The provision for income taxes for the three and six months ended June 26, 2026 also includes the tax effect of a change in ownership of one of the Company’s China subsidiaries.

As a result of this legal entity structure change, the Company recorded a discrete tax expense of $ 9.6 million in the three and six months ended June 26, 2026.

As of June 26, 2026 and December 26, 2025, the Company’s gross liability for unrecognized tax benefits, excluding interest, was $ 6.0 million and $ 5.6 million, respectively.

Increases or decreases to interest and penalties on uncertain tax positions are included in the income tax provision in the Condensed Consolidated Statements of Operations.

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This legislation is effective for us in additional jurisdictions beginning in fiscal 2026, most notably in Singapore and Malaysia where we currently enjoy a low tax rate under certain tax incentives.

The Company has accounted for the impacts of Pillar Two in its provision for income taxes for the three months ended March 27, 2026.

The Company has accounted for the impacts of Pillar Two in its provision for income taxes for the three and six months ended June 26, 2026.

In July 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted into law in the U.S.

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The Company has analyzed the impacts of the OBBBA and reflected them in the current period.

These impacts did not have a material effect on the provision for income taxes for the three months ended March 27, 2026.

These impacts did not have a material effect on the provision for income taxes for the three and six months ended June 26, 2026.

RETIREMENT PLANS

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The Company believes that the assumptions utilized in recording its obligations under the plans are reasonable based on its experience and market conditions.

As of March 27, 2026, the benefit obligation of the plans was $ 15.0 million and the fair value of the benefit plan assets was $ 12.9 million which are invested in several fixed deposit accounts with financial institutions.

As of March 27, 2026, the underfunded balance of the plans of $ 2.1 million has been recorded by the Company and is included in other liabilities.

Amounts recognized in accumulated other comprehensive income (loss) and contributions made for the three months ended March 27, 2026 and March 28, 2025 were not material.

As of March 27, 2026, the Company’s future estimated payment obligations for the respective fiscal years are as follows:

Index to Notes

As of June 26, 2026, the benefit obligation of the plans was $ 12.1 million and the fair value of the benefit plan assets was $ 9.8 million which are invested in several fixed deposit accounts with financial institutions.

As of June 26, 2026, the underfunded balance of the plans of $ 2.3 million has been recorded by the Company and is included in other liabilities.

Amounts recognized in accumulated other comprehensive income (loss) and contributions made for the three and six months ended June 26, 2026 and June 27, 2025 were not material.

As of June 26, 2026, the Company’s future estimated payment obligations for the respective fiscal years are as follows:

(In millions)

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The Company matches 50.0 % of each employee's contribution, up to a maximum of 6 % of the employee’s eligible earnings.

The Company made discretionary employer contributions of $ 0.9 million and $ 1.0 million to the 401(k) Plan for the three months ended March 27, 2026 and March 28, 2025, respectively.

The Company made discretionary employer contributions of $ 0.9 million and $ 1.9 million to the 401(k) Plan for the three and six months ended June 26, 2026, respectively, and $ 0.9 million and $ 1.9 million to the 401(k) Plan for the three and six months ended June 27, 2025, respectively.

COMMITMENTS AND CONTINGENCIES

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On October 23, 2025, the Board of Directors approved a renewal of the share repurchase program, authorizing the Company to repurchase up to $ 150.0 million of its common stock over a three-year period.

No shares have been repurchased under the renewed program.

During the three months ended March 27, 2026, the Company repurchased 0.7 million shares for $ 40.3 million through a privately negotiated transaction with one of the initial purchasers of the Company’s convertible notes.

No shares have been repurchased under the renewed program in the first half of 2026.

For the three and six months ended June 27, 2025, approximately 0.2 million shares were repurchased under this program with aggregate cost of $ 3.4 million.

During the six months ended June 26, 2026, the Company repurchased 0.7 million shares for $ 40.3 million through a privately negotiated transaction with one of the initial purchasers of the Company’s convertible notes.

These shares are held as treasury stock.

The Company accounts for treasury stock using the cost method.

The Company may reissue treasury shares to satisfy obligations under its stock-based compensation programs.

There were no share repurchases during the three months ended June 26, 2026.

Index to Notes

Non-controlling Interests

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Net income (loss) attributable to noncontrolling interests is allocated based on the respective ownership interests and continues to be attributed even if such allocation results in a deficit noncontrolling interests balance.

Index to Notes

EMPLOYEE STOCK PLANS

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These stock awards are granted to employees with a unit purchase price of zero dollars and typically vest over three years , subject to the employee’s continued service with the Company and, in the case of PSUs, subject to achieving certain performance goals and market conditions.

The Company also grants common stock to its board members in the form of restricted stock awards (“RSAs”), which vest on the earlier of the next Annual Shareholder Meeting, or 365 days from date of grant.

The Company also grants common stock to its board members in the form of restricted stock awards (“RSAs”), which vest on the earlier of the next Annual Shareholder Meeting, or one year from date of grant.

The aggregate number of shares authorized for issuance under the plan is 18.1 million.

2 unchanged sentences

The following table shows the Company’s stock-based compensation expense included in the Condensed Consolidated Statements of Operations:

Three Months Ended

(In millions) March 27,

2026 March 28,

Three Months Ended Six Months Ended

(In millions) June 26,

2026 June 27,

2025 June 26,

2026 June 27,

Cost of revenues (1) $ 0.9 $ 0.3 $ 1.6 $ 0.7

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Total stock-based compensation $ 6.4 $ 7.1 $ 9.6 $ 10.0

(1) Stock-based compensation expense capitalized in inventory for the three months ended March 27, 2026 and March 28, 2025 were immaterial.

(1) Stock-based compensation expense capitalized in inventory for the three and six months ended June 26, 2026 and June 27, 2025 were immaterial.

Restricted Stock Units, Performance Stock Units and Restricted Stock Awards

The following table summarizes the Company’s combined RSU, PSU and RSA activity for the three months ended March 27, 2026:

The following table summarizes the Company’s combined RSU, PSU and RSA activity for the six months ended June 26, 2026:

(In millions) Number of

1 unchanged sentence

Outstanding at December 26, 2025 1.6 $ 42.3

Vested ( 0.4 )

Forfeited ( 0.2 )

Outstanding at March 27, 2026 1.4 83.9

Expected to vest at March 27, 2026 1.4 $ 83.9

No RSUs, PSUs, or RSAs were granted during the three months ended March 27, 2026.

As of March 27, 2026, approximately $ 23.4 million of unrecognized stock-based compensation cost related to employee and director awards remains to be amortized on a straight-line basis over a weighted average period of 1.7 years, and will be adjusted for subsequent changes in future grants.

Outstanding at June 26, 2026 1.5 172.6

Expected to vest at June 26, 2026 1.5 $ 175.8

For the three and six months ended June 26, 2026, the Company granted 0.5 million RSUs with a weighted average grant date fair value of $ 82.24 per share.

For the three and six months ended June 26, 2026, the Company granted 0.1 million PSUs with a total grant date fair value of $ 7.6 million.

Index to Notes

As of June 26, 2026, approximately $ 55.9 million of unrecognized stock-based compensation cost related to employee and director awards remains to be amortized on a straight-line basis over a weighted average period of 2.1 years, and will be adjusted for subsequent changes in future grants.

Under the current PSU program, the number of PSUs earned and eligible to vest at the end of the performance period is determined based on the achievement of specified performance objectives.

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The relative TSR modifier is based on the Company’s stock price performance compared to a designated peer group, and the operating margin modifier reflects the average annual difference between non-GAAP operating margin achieved and the applicable operating plan.

Index to Notes

The percentage of the target award earned may range from zero to 200 %, depending on the level of performance achieved and the impact of the applicable performance modifiers.

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The aggregate number of shares authorized for issuance under the plan is 1.5 million.

The Company recorded $ 0.2 million of expense related to ESPP for each of the three months ended March 27, 2026 and March 28, 2025.

No shares were issued under the ESPP during either of these periods.

During the three and six months ended June 26, 2026, the Company issued 49 thousand shares under the ESPP.

REVENUE RECOGNITION

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We estimate these amounts based on the expected amount to be provided to customers and reduce revenues recognized.

Accruals for unpaid customer rebates of $ 2.2 million and $ 1.9 million as of March 27, 2026 and December 26, 2025, were netted against accounts receivable.

Accruals for unpaid customer rebates of $ 2.2 million and $ 1.9 million as of June 26, 2026 and

Index to Notes

December 26, 2025, were netted against accounts receivable.

The Company’s disaggregated revenues are apportioned by segments within the Company’s Condensed Consolidated Statement of Operations.

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The Company’s principal markets include Americas, Asia Pacific and EMEA.

The Company’s foreign operations are conducted primarily through its subsidiaries in China, Czechia, Israel, Malaysia, Singapore, South Korea, Taiwan, and the

Index to Notes

United Kingdom.

The Company’s foreign operations are conducted primarily through its subsidiaries in China, Czechia, Israel, Malaysia, Singapore, South Korea, Taiwan, and the United Kingdom.

Revenues by geographic area are categorized based on the customer’s location to which the products were shipped or services were performed.

The following table sets forth revenue by geographic area (in millions):

Three Months Ended

2026 March 28,

Three Months Ended Six Months Ended

2026 June 27,

2025 June 26,

2026 June 27,

Singapore $ 252.8 $ 179.0 $ 456.1 $ 382.7

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Total $ 644.9 $ 518.8 $ 1,178.6 $ 1,037.4

The Company’s most significant customers (having individually accounted for 10% or more of revenues) are from Products segment and their related revenues as a percentage of total revenues were as follows:

Three Months Ended

2026 March 28,

The Company’s most significant customers (having individually accounted for 10% or more of revenues) are primarily from the Products segment and their related revenues as a percentage of total revenues were as follows:

Three Months Ended Six Months Ended

2026 June 27,

2025 June 26,

2026 June 27,

Lam Research Corporation 39.5 % 32.7 % 38.3 % 34.4 %

Applied Materials, Inc.

21.8 23.3 21.8 23.0

Total 61.3 % 56.0 % 60.1 % 57.4 %

Three customers’ gross accounts receivable balances, Lam Research Corporation, Applied Materials, Inc., and ASM International, were individually greater than 10% of gross accounts receivable as of March 27, 2026, in the aggregate approximately 39.0 % of the Company’s total gross accounts receivable.

As of December 26, 2025, gross accounts receivable from Lam Research Corporation exceeded 10% of the Company's total gross accounts receivable, representing approximately 17.1 % of the total.

As of June 26, 2026, gross accounts receivable from two customers each exceeded 10% of the Company's total gross accounts receivable, representing approximately 25.3 % of the total in aggregate.

As of December 26, 2025, gross accounts receivable from one customer exceeded 10% of the Company's total gross accounts receivable, representing approximately 17.1 % of the total in aggregate.

The Company leases land, offices, facilities and equipment in locations throughout the United States, Asia Pacific and EMEA.

NET LOSS PER SHARE

Basic net loss per share is computed by dividing net loss by the weighted-average number of outstanding shares of common stock during the period.

Diluted net loss per share is computed using the treasury stock method for stock-based awards, and the if-converted method for convertible notes.

NET INCOME (LOSS) PER SHARE

Basic net income (loss) per share is computed by dividing net income (loss) by the weighted-average number of outstanding shares of common stock during the period.

Diluted net income (loss) per share is computed using the treasury stock method for stock-based awards, and the if-converted method for convertible notes.

Under the treasury stock method, the denominator is adjusted to include, when dilutive, incremental shares issuable upon the assumed exercise of stock options, ESPP shares to be issued, and vesting of service-based and performance-based restricted stock units.

Under the if-converted method, the numerator is adjusted to add back interest expense on the convertible notes, net of tax, and the denominator is adjusted to include

Under the if-converted method, interest expense is not added back to the numerator because the terms of the convertible notes require the principal to be settled in cash upon conversion.

The denominator includes the incremental shares assumed to be issued to settle the conversion premium, based on the average market price of the Company's common stock during the reporting

Index to Notes

incremental shares issuable upon conversion of the convertible notes, when the effect of applying this method is dilutive.

period, to the extent the effect is dilutive.

The Company has a single class of common stock.

The computation of basic and diluted net loss per share is as follows:

Three Months Ended

(In millions, except share amounts) March 27,

2026 March 28,

Net loss attributable to UCT $ ( 17.9 ) $ ( 5.0 )

The computation of basic and diluted net income (loss) per share is as follows:

Three Months Ended Six Months Ended

(In millions, except per share amounts) June 26,

2026 June 27,

2025 June 26,

2026 June 27,

Net income (loss) attributable to UCT $ 8.7 $ ( 162.0 ) $ ( 9.2 ) $ ( 167.0 )

Shares used in computation — basic:

6 unchanged sentences

Diluted weighted average common shares outstanding 46.1 45.2 45.2 45.2

Net loss per share attributable to UCT:

Net income (loss) per share attributable to UCT:

Basic $ 0.19 $ ( 3.58 ) $ ( 0.20 ) $ ( 3.70 )

Diluted $ 0.19 $ ( 3.58 ) $ ( 0.20 ) $ ( 3.70 )

Potential common shares from employee stock plans totaling 1.5 million and 0.3 million for the three months ended March 27, 2026 and March 28, 2025, respectively, as well as approximately 7.1 million shares issuable upon conversion of the Company’s convertible notes, were excluded from the computation of diluted loss per share because their effect would have been antidilutive due to the net loss incurred in those periods.

The following outstanding potentially dilutive shares were excluded from the calculation of diluted net income (loss) per share of common stock because their impact would have been antidilutive for the period presented:

Three Months Ended Six Months Ended

(In millions) June 26,

2026 June 27,

2025 June 26,

2026 June 27,

Employee equity plan 0.0 1.4 1.4 1.2

Employee stock purchase plan — 0.0 0.0 0.1

Convertible notes — — 7.1 —

Common shares excluded from calculation of diluted net income (loss) per share 0.0 1.4 8.5 1.3

REPORTABLE SEGMENTS

5 unchanged sentences

The following table describes each segment:

Index to Notes

Segment Product or Services Primary Markets Served Geographic Areas

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Any intercompany sales and associated profit (and any other intercompany items) are eliminated from segment results.

Index to Notes

Three Months Ended

(In millions) March 27,

2026 March 28,

Three Months Ended Six Months Ended

(In millions) June 26,

2026 June 27,

2025 June 26,

2026 June 27,

Products $ 572.7 $ 454.9 $ 1,038.4 $ 911.9

5 unchanged sentences

Total segment cost of revenues $ 541.2 $ 439.3 $ 990.5 $ 873.9

Gross profit:

Products $ 83.9 $ 61.6 $ 148.9 $ 128.4

Services 19.8 17.9 39.2 35.1

Total segment gross profit $ 103.7 $ 79.5 $ 188.1 $ 163.5

Operating expenses:

2 unchanged sentences

General and administrative 40.2 36.8 79.8 76.3

Impairment of goodwill — 77.6 — 77.6

Total Products operating expenses 59.1 132.5 117.1 189.1

2 unchanged sentences

General and administrative 8.8 10.1 18.2 19.2

Impairment of goodwill — 73.5 — 73.5

Total Services operating expenses 15.1 88.8 30.2 103.3

Total segment operating expenses $ 74.2 $ 221.3 $ 147.3 $ 292.4

Segment operating profit:

Segment operating profit (loss):

Products $ 24.8 $ ( 70.9 ) $ 31.8 $ ( 60.7 )

Services 4.7 ( 70.9 ) 9.0 ( 68.2 )

Total segment operating profit $ 11.4 $ 12.9

Reconciliation of segment operating profit:

Total segment operating profit $ 11.4 $ 12.9

Index to Notes

Total segment operating profit (loss) $ 29.5 $ ( 141.8 ) $ 40.8 $ ( 128.9 )

Reconciliation of segment operating profit (loss):

Total segment operating profit (loss) $ 29.5 $ ( 141.8 ) $ 40.8 $ ( 128.9 )

Interest income 1.0 0.8 2.4 1.9

1 unchanged sentence

Other income (expense), net 0.6 ( 2.2 ) ( 0.7 ) ( 1.3 )

Income before provision for income taxes $ 4.2 $ 4.9

Income (loss) before provision for income taxes $ 30.0 $ ( 153.3 ) $ 34.2 $ ( 148.3 )

Expenditures for segment property, plant and equipment

5 unchanged sentences

Services 6.5 6.2 12.9 12.6

Index to Notes

Total depreciation and amortization $ 19.3 $ 18.7 $ 38.5 $ 37.7

(In millions) March 27,

(In millions) June 26,

2026 December 26,

3 unchanged sentences

Long-lived assets comprised of operating lease right-of-use assets and property, plant and equipment, net, are reported based on the location of the asset.

The carrying amount of long-lived assets in United States, Malaysia, Israel, South Korea and other foreign countries were $ 167.1 million, $ 82.3 million, $ 67.6 million, $ 47.2 million and $ 113.6 million, respectively as of March 27, 2026, and $ 172.6 million, $ 81.0 million, $ 69.6 million, $ 50.0 million and $ 108.4 million, respectively as of December 26, 2025.

SUBSEQUENT EVENTS

On April 23, 2026, the Company entered into the Tenth Amendment (the “Tenth Amendment”) to its Credit Agreement.

The Tenth Amendment, among other things, increased the aggregate revolving credit commitment from $ 150.0 million to $ 250.0 million, extended the maturity date to April 23, 2031, reduced the applicable interest rate margin, and modified certain financial covenants and other provisions to provide additional flexibility.

All other material terms of the Credit Agreement, including the term loan facility, remained unchanged.

In addition, the Company prepaid the remaining $ 19.4 million outstanding under its term loan facility.

The carrying amount of long-lived assets in United States, Malaysia, Israel, South Korea and other foreign countries were $ 165.1 million, $ 87.5 million, $ 66.2 million, $ 46.2 million and $ 116.8 million, respectively as of June 26, 2026, and $ 172.6 million, $ 81.0 million, $ 69.6 million, $ 50.0 million and $ 108.4 million, respectively as of December 26, 2025.

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