0001628280-26-014017
SEC filingNotes highlight $1.22B cash, $175M non-cancelable purchase commitments, $736M ATM equity raise, and single-segment structure as of Jan 31, 2026.
Notes show cash and equivalents at $1,220M and short-term investments at $81M as of Jan 31, 2026, with total assets of $2,037M and zero debt. Shareholders' equity reached $1,849M after the ATM raise. Working capital stands at $1,621M.
Total non-cancelable purchase obligations equal $175M, split between $157.5M manufacturing supply capacity reservations (through FY2028) and $17.5M technology license fees. Additional foundry purchase orders of $114.5M are committed within one year but excluded from the table. Refundable deposits of $28.8M support these arrangements.
No buybacks or dividends disclosed. The company raised $736.3M net via ATM equity issuance of 4.8M shares. Property and equipment purchases totaled $52.5M in the nine-month period. No debt activity reported.
Single reportable segment confirmed; CODM uses consolidated net income. Revenue disaggregated geographically shows United States at $268M (3 months) and Hong Kong at $104M, with no operating income or margin detail by geography or segment.
Operating cash flow (CFO) of $282.1M significantly exceeded net income of $303.2M, indicating strong cash conversion despite large working capital outflows. The primary non-cash adjustments were share-based compensation ($132.9M) and depreciation/amortization ($18.8M). Working capital consumed $184.7M, driven by inventory build ($127.9M) and accounts receivable increase ($81.1M), partially offset by accounts payable growth ($36.3M).
Capex of $52.5M represented 18.6% of CFO, a moderate intensity. Free cash flow (CFO minus capex) was $229.6M, providing ample coverage for capital returns (none in period).
Investing activities also included $82.6M for a business acquisition and net purchases of short-term investments. Financing activities were dominated by $736.3M in net proceeds from an ATM offering, with $14.3M in tax withholdings for RSU settlements.
Overall, cash flow quality is high, with CFO growth driven by profitability improvements. The large working capital investment in inventory and receivables warrants monitoring for future cash conversion.