Segment and Geographic Information
As more fully described in the Company’s Summary of Significant Accounting Policies, the Company operates as one operating segment. Operating segments are defined as components of an enterprise for which separate financial information is regularly evaluated by the CODM, which is the Company’s chief executive officer, in deciding how to allocate resources and assess performance. The Company’s CODM evaluates the Company’s financial information and resources and assesses the performance of these resources on a consolidated basis. There is no expense or asset information, that are supplemental to those disclosed in these consolidated financial statements, that are regularly provided to the CODM. The allocation of resources and assessment of performance of the operating segment is based on consolidated net loss and gross margin as shown in our consolidated statements of operations. The CODM considers net loss and gross margin in the annual forecasting process and reviews actual results when making decisions about allocating resources. Since the Company operates as one operating segment, financial segment information, including profit or loss and asset information, can be found in the consolidated financial statements.
Geographic Information
Revenue and property and equipment, net by geographic region, based on physical location of the operations recording the sale or the assets are as follows:
Revenue by geographical region (in thousands):
| | | | | | | | | | | | | | | | | |
| Year Ended |
| September 27, 2025 | | September 28, 2024 | | September 30, 2023 |
| United States | $ | 2,199,063 | | | $ | 1,784,345 | | | $ | 1,173,177 | |
| International | 47,859 | | | 3,834 | | | 3,714 | |
| Total revenue | $ | 2,246,922 | | | $ | 1,788,179 | | | $ | 1,176,891 | |
| Percentage of revenue generated outside of the United States | 2 | % | | nil | | nil |
Total property and equipment, net by geographical region (in thousands):
| | | | | | | | | | | |
| | Year Ended |
| | September 27, 2025 | | September 28, 2024 |
| United States | $ | 117,640 | | | $ | 96,802 | |
| International | 9 | | | 307 | |
| Total property and equipment, net | $ | 117,649 | | | $ | 97,109 | |
| Percentage of property and equipment, net held outside of the United States | nil | | nil |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.