Marvell Technology, Inc.

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0001835632 mrvl:MatthewJ.MurphyMember 2026-05-03 2026-08-01 0001835632 mrvl:MatthewJ.MurphyMember 2026-08-01 0001835632 mrvl:ChrisKoopmansMember 2026-05-03 2026-08-01 0001835632 mrvl:ChrisKoopmansMember 2026-08-01 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended August 1, 2026 or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-40357 MARVELL TECHNOLOGY, INC . (Exact name of registrant as specified in its charter) Delaware 85-3971597 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 1000 N. West Street, Suite 1200 Wilmington , Delaware 19801 ( 302 ) 295-4840 (Address of principal executive offices, zip code and registrant s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $0.002 per share MRVL The Nasdaq Global Select Market Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T ( 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of large accelerated filer, accelerated filer, smaller reporting company and emerging growth company in Rule 12b-2 of the Exchange Act. Large accelerated filer Accelerated filer Non-accelerated filer Smaller reporting company Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No The number of shares of common stock of the registrant outstanding as of August 21, 2026 was 876.9 million. Table of Contents TABLE OF CONTENTS Page PART I. FINANCIAL INFORMATION Item 1. Financial Statements: Unaudited Condensed Consolidated Balance Sheets as of August 1 , 2026 and January 31, 2026 2 Unaudited Condensed Consolidated Statements of Operations for the three and six months ended August 1 , 2026 and August 2 , 2025 3 Unaudited Condensed Consolidated Statements of Comprehensive Income for the three and six months ended August 1 , 2026 and August 2 , 2025 4 Unaudited Condensed Consolidated Statements of Stockholders Equity for the three and six months ended August 1 , 2026 and August 2 , 2025 5 Unaudited Condensed Consolidated Statements of Cash Flows for the six months ended August 1 , 2026 and August 2 , 2025 7 Notes to Unaudited Condensed Consolidated Financial Statements 8 Item 2. Management s Discussion and Analysis of Financial Condition and Results of Operations 28 Item 3. Quantitative and Qualitative Disclosures About Market Risk 37 Item 4. Controls and Procedures 38 PART II. OTHER INFORMATION Item 1. Legal Proceedings 39 Item 1A. Risk Factors 39 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 69 Item 5. Other Information 70 Item 6. Exhibits 71 Signatures 76 1 Table of Contents PART I: FINANCIAL INFORMATION Item 1. Financial Statements MARVELL TECHNOLOGY, INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except par value per share) August 1, 2026 January 31, 2026 ASSETS Current assets: Cash and cash equivalents $ 3,932.8 $ 2,638.8 Accounts receivable, net 2,218.4 2,186.6 Inventories 1,360.6 1,388.0 Prepaid expenses and other current assets 407.5 247.2 Total current assets 7,919.3 6,460.6 Property and equipment, net 1,071.0 935.0 Goodwill 13,873.9 11,062.2 Acquired intangible assets, net 2,346.6 1,754.7 Deferred tax assets 322.3 345.9 Other non-current assets 2,021.5 1,726.9 Total assets $ 27,554.6 $ 22,285.3 LIABILITIES AND STOCKHOLDERS EQUITY Current liabilities: Accounts payable $ 797.9 $ 1,073.8 Accrued liabilities 1,425.8 1,337.1 Accrued employee compensation 275.8 309.8 Short-term debt 499.8 Total current liabilities 2,499.5 3,220.5 Long-term debt 4,962.9 3,970.8 Other non-current liabilities 1,560.6 785.6 Total liabilities 9,023.0 7,976.9 Commitments and contingencies (Note 9) Stockholders equity: Preferred stock, $ 0.002 par value; 8.0 shares authorized; 2.0 shares issued and outstanding as of August 1, 2026 of Series A Convertible Preferred Stock ( none issued and outstanding as of January 31, 2026) Common stock, $ 0.002 par value 1.8 1.7 Additional paid-in capital 16,939.2 12,950.9 Retained earnings 1,590.6 1,355.8 Total stockholders equity 18,531.6 14,308.4 Total liabilities and stockholders equity $ 27,554.6 $ 22,285.3 See accompanying notes to unaudited condensed consolidated financial statements 2 Table of Contents MARVELL TECHNOLOGY, INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except per share amounts) Three Months Ended Six Months Ended August 1, 2026 August 2, 2025 August 1, 2026 August 2, 2025 Net revenue $ 2,739.3 $ 2,006.1 $ 5,157.1 $ 3,901.4 Cost of goods sold 1,283.7 995.5 2,440.7 1,938.4 Gross profit 1,455.6 1,010.6 2,716.4 1,963.0 Operating expenses: Research and development 741.1 519.0 1,393.4 1,026.7 Selling, general and administrative 257.6 192.8 516.0 379.2 Restructuring related charges (gains), net ( 2.8 ) 8.7 7.9 ( 3.6 ) Total operating expenses 995.9 720.5 1,917.3 1,402.3 Operating income 459.7 290.1 799.1 560.7 Interest expense ( 61.6 ) ( 51.9 ) ( 114.4 ) ( 100.6 ) Other expense, net ( 19.8 ) ( 4.5 ) ( 223.1 ) ( 10.5 ) Interest and other loss, net ( 81.4 ) ( 56.4 ) ( 337.5 ) ( 111.1 ) Income before income taxes 378.3 233.7 461.6 449.6 Provision for income taxes 70.3 38.9 119.1 76.9 Net income $ 308.0 $ 194.8 $ 342.5 $ 372.7 Net income per share basic $ 0.34 $ 0.23 $ 0.39 $ 0.43 Net income per share diluted $ 0.33 $ 0.22 $ 0.38 $ 0.43 Weighted-average shares outstanding - common stock and preferred stock assuming conversion: Basic 897.4 862.6 889.6 863.7 Diluted 921.2 870.4 907.1 873.0 See accompanying notes to unaudited condensed consolidated financial statements 3 Table of Contents MARVELL TECHNOLOGY, INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In millions) Three Months Ended Six Months Ended August 1, 2026 August 2, 2025 August 1, 2026 August 2, 2025 Net income $ 308.0 $ 194.8 $ 342.5 $ 372.7 Other comprehensive income, net of tax Net change in unrealized gain cash flow hedges 0.7 0.2 Other comprehensive income, net of tax 0.7 0.2 Comprehensive income, net of tax $ 308.0 $ 195.5 $ 342.5 $ 372.9 See accompanying notes to unaudited condensed consolidated financial statements 4 Table of Contents MARVELL TECHNOLOGY, INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY (In millions, except per share amounts) Preferred Stock Common Stock Additional Paid-in Capital Retained Earnings Shares Amount Shares Amount Total Balance at January 31, 2026 $ 847.3 $ 1.7 $ 12,950.9 $ 1,355.8 $ 14,308.4 Net income 34.5 34.5 Issuance of Series A Convertible Preferred Stock in connection with a securities purchase agreement, net of issuance cost 2.0 1,999.6 1,999.6 Issuance of common stock in connection with equity incentive plans 2.9 3.3 3.3 Tax withholdings related to net share settlement of restricted stock units ( 227.2 ) ( 227.2 ) Issuance of common stock in connection with acquisitions 26.8 0.1 2,097.9 2,098.0 Replacement equity awards attributable to pre-acquisition service 33.4 33.4 Vestings of common stock in connection with customer warrant 10.9 10.9 Stock-based compensation 208.7 208.7 Repurchases of common stock ( 1.4 ) ( 200.0 ) ( 200.0 ) Cash dividends declared and paid ($ 0.06 per share) ( 53.8 ) ( 53.8 ) Balance at May 2, 2026 2.0 $ 875.6 $ 1.8 $ 16,877.5 $ 1,336.5 $ 18,215.8 Net income 308.0 308.0 Issuance of common stock in connection with equity incentive plans 2.3 54.2 54.2 Tax withholdings related to net share settlement of restricted stock units ( 138.0 ) ( 138.0 ) Vestings of common stock in connection with customer warrant 11.3 11.3 Stock-based compensation 334.2 334.2 Repurchases of common stock ( 1.1 ) ( 200.0 ) ( 200.0 ) Cash dividends declared and paid ($ 0.06 per share) ( 53.9 ) ( 53.9 ) Balance at August 1, 2026 2.0 $ 876.8 $ 1.8 $ 16,939.2 $ 1,590.6 $ 18,531.6 5 Table of Contents MARVELL TECHNOLOGY, INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY - (Continued) (In millions, except per share amounts) Common Stock Additional Paid-in Capital Accumulated Other Comprehensive Income (Loss) Accumulated Deficit Shares Amount Total Balance at February 1, 2025 866.0 $ 1.7 $ 14,534.1 $ 0.4 $ ( 1,109.2 ) $ 13,427.0 Net income 177.9 177.9 Other comprehensive loss ( 0.5 ) ( 0.5 ) Issuance of common stock in connection with equity incentive plans 1.8 0.6 0.6 Tax withholdings related to net share settlement of restricted stock units ( 50.2 ) ( 50.2 ) Vestings of common stock in connection with customer warrant 6.8 6.8 Stock-based compensation 142.9 142.9 Repurchases of common stock ( 5.6 ) ( 340.0 ) ( 340.0 ) Cash dividends declared and paid ($ 0.06 per share) ( 51.8 ) ( 51.8 ) Balance at May 3, 2025 862.2 $ 1.7 $ 14,294.2 $ ( 0.1 ) $ ( 983.1 ) $ 13,312.7 Net income 194.8 194.8 Other comprehensive income 0.7 0.7 Issuance of common stock in connection with equity incentive plans 2.6 50.5 50.5 Tax withholdings related to net share settlement of restricted stock units ( 50.7 ) ( 50.7 ) Vestings of common stock in connection with customer warrant 12.3 12.3 Stock-based compensation 153.1 153.1 Repurchases of common stock ( 2.7 ) ( 200.0 ) ( 200.0 ) Cash dividends declared and paid ($ 0.06 per share) ( 51.7 ) ( 51.7 ) Balance at August 2, 2025 862.1 $ 1.7 $ 14,259.4 $ 0.6 $ ( 840.0 ) $ 13,421.7 See accompanying notes to unaudited condensed consolidated financial statements 6 Table of Contents MARVELL TECHNOLOGY, INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) Six Months Ended August 1, 2026 August 2, 2025 Cash flows from operating activities: Net income $ 342.5 $ 372.7 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 188.5 168.3 Stock-based compensation 533.8 295.7 Amortization of acquired intangible assets 440.1 489.4 Change in fair value of contingent consideration liability 433.7 Change in fair value of forward stock purchase contract ( 131.0 ) Restructuring related charges (gains), net ( 14.0 ) Deferred income taxes 38.7 ( 9.2 ) Other expense, net 58.3 80.8 Changes in assets and liabilities, net of acquisitions: Accounts receivable ( 31.7 ) ( 423.3 ) Prepaid expenses and other assets ( 333.7 ) ( 93.4 ) Inventories 36.9 ( 54.5 ) Accounts payable ( 333.6 ) ( 68.1 ) Accrued employee compensation ( 40.1 ) ( 90.8 ) Accrued liabilities and other non-current liabilities 41.9 140.9 Net cash provided by operating activities 1,244.3 794.5 Cash flows from investing activities: Purchases of technology licenses ( 5.0 ) ( 2.2 ) Purchases of property and equipment ( 282.4 ) ( 166.3 ) Proceeds from sales of property and equipment 27.3 Acquisitions, net of cash acquired ( 1,270.9 ) Other, net 6.6 ( 30.1 ) Net cash used in investing activities ( 1,551.7 ) ( 171.3 ) Cash flows from financing activities: Repurchases of common stock ( 400.0 ) ( 540.0 ) Proceeds from employee stock plans 57.5 51.1 Proceeds from issuance of preferred stock 2,000.0 Tax withholding paid on behalf of employees for net share settlement ( 365.2 ) ( 100.9 ) Dividend payments to stockholders ( 107.7 ) ( 103.5 ) Payments on technology license obligations ( 56.6 ) ( 54.3 ) Proceeds from borrowings 998.9 1,198.6 Principal payments of debt ( 500.0 ) ( 790.6 ) Other, net ( 25.5 ) ( 7.5 ) Net cash provided by (used in) financing activities 1,601.4 ( 347.1 ) Net increase in cash and cash equivalents 1,294.0 276.1 Cash and cash equivalents at beginning of period 2,638.8 948.3 Cash and cash equivalents at end of period $ 3,932.8 $ 1,224.4 See accompanying notes to unaudited condensed consolidated financial statements 7 Table of Contents MARVELL TECHNOLOGY, INC. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Note 1. Basis of Presentation The unaudited condensed consolidated financial statements of Marvell Technology, Inc. ( MTI ), a Delaware corporation, and its wholly owned subsidiaries (the Company ), as of and for the three and six months ended August 1, 2026, have been prepared as required by the U.S. Securities and Exchange Commission (the SEC ). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles ( U.S. GAAP ) have been condensed or omitted as permitted by the SEC. These unaudited condensed consolidated financial statements and related notes should be read in conjunction with the Company s fiscal 2026 audited financial statements included in the Company s Annual Report on Form 10-K for the fiscal year ended January 31, 2026. In the opinion of management, the financial statements include all adjustments, including normal recurring adjustments and other adjustments, that are considered necessary for fair presentation of the Company s financial position and results of operations. All inter-company accounts and transactions have been eliminated. Operating results for the periods presented herein are not necessarily indicative of the results that may be expected for the entire year. Certain prior period amounts have been reclassified to conform to current period presentation. These financial statements should also be read in conjunction with the Company s critical accounting policies included in the Company s Annual Report on Form 10-K for the fiscal year ended January 31, 2026 and those included in this Quarterly Report on Form 10-Q below. All dollar amounts in the financial statements and tables in these notes, except per share amounts, are stated in millions of U.S. dollars unless otherwise noted. The Company s fiscal year is the 52- or 53-week period ending on the Saturday closest to January 31. Accordingly, every fifth or sixth fiscal year will have a 53-week period. The additional week in a 53-week year is added to the fourth quarter, making such quarter consist of 14 weeks. Fiscal 2026 had a 52-week year. Fiscal 2027 is a 52-week year. On February 2, 2026, the Company completed the acquisition of Celestial AI, Inc. ( Celestial ), a provider of a Photonic Fabric TM technology platform purpose-built for next-generation scale-up interconnect. The acquisition of Celestial is expected to accelerate the Company s connectivity strategy for next-generation AI and cloud data centers. The unaudited condensed consolidated financial statements include the operating results of Celestial for the period from date of acquisition through the Company s second quarter ended August 1, 2026. See Note 4 Business Combinations and Note 5 Goodwill and Acquired Intangible Assets, Net for more information. On February 10, 2026, the Company completed the acquisition of XConn Technologies Holdings, Ltd. ( XConn ), a provider of advanced peripheral component interconnect express ( PCIe ) and compute express link ( CXL ) switching silicon, which expands the Company s switching portfolio and augments the Company s Ultra Accelerator Link TM ( UALink TM ) scale-up switch team. The unaudited condensed consolidated financial statements include the operating results of XConn for the period from date of acquisition through the Company s second quarter ended August 1, 2026. See Note 4 Business Combinations and Note 5 Goodwill and Acquired Intangible Assets, Net for more information. Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On an ongoing basis, the Company evaluates its estimates, including those related to revenue recognition, provisions for sales returns and allowances, inventory excess and obsolescence, contingent consideration, goodwill and other intangible assets, forward stock purchase contract, restructuring, government incentives, income taxes, litigation and other contingencies. Actual results could differ from these estimates and such differences could affect the results of operations reported in future periods. In the current macroeconomic environment, these estimates could require increased judgment and carry a higher degree of variability and volatility. As events continue to evolve and additional information becomes available, these estimates may change materially in future periods. Significant Accounting Policies There have been no material changes to our significant accounting policies from the information provided in Note 2 Significant Accounting Policies of the Notes to Consolidated Financial Statements set forth in Part II, Item 8 included in the Company s Annual Report on Form 10-K for the fiscal year ended January 31, 2026, except as described below. 8 Table of Contents MARVELL TECHNOLOGY, INC. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued) Derivative Financial Instruments The Company accounts for its derivative instruments as either assets or liabilities and carries them at fair value. For derivative instruments that hedge the exposure to variability in expected future cash flows and are designated as cash flow hedges, the effective portion of the gain or loss on the derivative instrument is reported as a component of accumulated other comprehensive income (loss) in the statement of stockholders equity and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. The ineffective portion of the gain or loss on the derivative instrument is recognized in current earnings. To receive hedge accounting treatment, cash flow hedges must be highly effective in offsetting changes to expected future cash flows on hedged transactions. Derivatives that are not designated as hedges are remeasured at fair value at each reporting period through earnings in the statement of operations and through cash provided by operating activities in the statements of cash flows. Note 2. Recent Accounting Pronouncements Accounting Pronouncements Not Yet Effective In November 2024, the FASB issued ASU 2024-03, Income Statement Reporting Comprehensive Income Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses requiring disaggregated disclosure of certain expense captions into specified categories in the notes to financial statements on an annual and interim basis. The ASU is effective for fiscal years beginning after December 15, 2026 with updates to be applied on a prospective basis with the option to apply the standard retrospectively. Early adoption is permitted. The Company is evaluating the impact that this new standard will have on the Company s consolidated financial statements. In May 2025, the FASB issued ASU 2025-04, Compensation Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606): Clarifications to Share-Based Consideration Payable to a Customer to reduce diversity in practice and improve the decision usefulness and operability of the guidance for share-based consideration payable to a customer in conjunction with selling goods or services. The ASU is effective for fiscal years beginning after December 15, 2026 with updates to be applied on a retrospective or modified retrospective basis. Early adoption is permitted. The Company is evaluating the impact that this new standard will have on the Company s consolidated financial statements. In September 2025, the FASB issued ASU 2025-06, Intangibles Goodwill and Other Internal-Use Software (Subtopic 350-40) : Targeted Improvements to the Accounting for Internal-Use Software . This ASU makes targeted improvements that clarify and modernize the accounting for costs related to internal-use software. ASU 2025-06 is effective for fiscal years beginning after December 15, 2027, and interim periods within those annual periods, on either a prospective, retrospective, or modified basis. Early adoption is permitted. The Company is evaluating the impact that this new standard will have on the Company s consolidated financial statements. In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities. This ASU establishes the accounting and presentation for government grants received by a business entity. This ASU will be effective for fiscal years beginning after December 15, 2028, and interim periods within those fiscal years. Early adoption is permitted. This ASU provides for adoption either on a modified prospective, modified retrospective, or retrospective basis. The Company is evaluating the impact that this new standard will have on the Company s consolidated financial statements. 9 Table of Contents MARVELL TECHNOLOGY, INC. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued) Note 3. Revenue Disaggregation of Revenue The majority of the Company s revenue is generated from sales of the Company s products. The following table summarizes net revenue disaggregated by end market (in millions, except percentages): Three Months Ended Six Months Ended August 1, 2026 % of Total August 2, 2025 % of Total August 1, 2026 % of Total August 2, 2025 % of Total Net revenue by end market: Data center $ 2,171.5 79 % $ 1,490.5 74 % $ 4,004.2 78 % $ 2,931.1 75 % Communications and other 567.8 21 % 515.6 26 % 1,152.9 22 % 970.3 25 % $ 2,739.3 $ 2,006.1 $ 5,157.1 $ 3,901.4 The following table summarizes net revenue disaggregated by primary geographical market based on destination of shipment (in millions, except percentages): Three Months Ended Six Months Ended August 1, 2026 % of Total August 2, 2025 % of Total August 1, 2026 % of Total August 2, 2025 % of Total Net revenue based on destination of shipment: China $ 1,161.5 42 % $ 583.4 29 % $ 2,219.4 43 % $ 1,292.3 33 % Taiwan 456.8 17 % 541.2 27 % 976.5 19 % 868.5 22 % Singapore 337.3 12 % 141.5 7 % 497.3 10 % 304.6 8 % United States 190.8 7 % 310.8 15 % 361.3 7 % 616.0 16 % Other 592.9 22 % 429.2 22 % 1,102.6 21 % 820.0 21 % $ 2,739.3 $ 2,006.1 $ 5,157.1 $ 3,901.4 These destinations of shipment are not necessarily indicative of the geographic location of the Company s end customers or the country in which the Company s end customers sell devices containing the Company s products. For example, a substantial majority of the shipments made to China relate to sales to non-China based customers that have factories or contract manufacturing operations located within China. Net revenue for individual countries included in Other did not exceed 10% of the Company s net revenue for any of the fiscal periods presented. The following table summarizes net revenue disaggregated by customer type (in millions, except percentages): Three Months Ended Six Months Ended August 1, 2026 % of Total August 2, 2025 % of Total August 1, 2026 % of Total August 2, 2025 % of Total Net revenue by customer type: Direct customers $ 1,364.9 50 % $ 1,191.4 59 % $ 2,553.8 50 % $ 2,260.7 58 % Distributors 1,374.4 50 % 814.7 41 % 2,603.3 50 % 1,640.7 42 % $ 2,739.3 $ 2,006.1 $ 5,157.1 $ 3,901.4 Contract Liabilities Contract liabilities consist of the Company s obligation to transfer goods or services to a customer for which the Company has received consideration or the amount is due from the customer. Contract liability balances are comprised of deferred revenue. The amount of revenue recognized during the six months ended August 1, 2026 that was included in the deferred revenue balance at January 31, 2026 was not material. 10 Table of Contents MARVELL TECHNOLOGY, INC. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued) As of the end of a reporting period, some of the performance obligations associated with contracts will have been unsatisfied or only partially satisfied. The Company has elected the practical expedient and does not disclose the value of unsatisfied performance obligations for contracts with an original expected duration of one year or less. Customer Warrant During fiscal 2025, the Company issued a warrant to a customer for the purchase of up to 4.2 million shares ( Fiscal 2025 Warrant Shares ) of the Company s common stock at an exercise price of $ 87.77 per share. The warrant has an exercise term of seven years and a vesting term of five years . The Fiscal 2025 Warrant Shares vest primarily based on the customer s achievement of qualifying product revenue milestones and are recognized as a reduction to revenue as qualifying revenues are recognized during the vesting term. The grant date fair value of the warrant was determined to be $ 54.44 per share and a total fair value of $ 227.6 million using the Black-Scholes option pricing model. A total of 1.2 million Fiscal 2025 Warrant Shares were vested as of August 1, 2026. During fiscal 2026, the Company issued a warrant to a customer for the purchase of up to 1.0 million shares ( Fiscal 2026 Warrant Shares ) of the Company s common stock at an exercise price of $ 87.00 per share. The warrant has an exercise term of six years and a vesting term of