Unless the context requires otherwise, references in this Management’s Discussion and Analysis of Financial Condition and Results of Operations to “Nextpower,” the “Company,” “we,” “us” and “our” shall mean, prior to the initial public offering (“IPO”), Nextpower LLC (“Nextpower LLC” or the “LLC”) and its consolidated subsidiaries, and following the IPO and the related transactions completed in connection with the IPO, Nextpower Inc. and its consolidated subsidiaries. References in this Management’s Discussion and Analysis of Financial Condition and Results of Operations to “Flex” refer to Flex Ltd., a Singapore incorporated public company limited by shares and having a registration no. 199002645H, and its consolidated subsidiaries, unless the context otherwise indicates. This Management’s Discussion and Analysis of Financial Condition and Results of Operations is designed to provide a reader of our unaudited condensed consolidated financial statements with a narrative from the perspective of the Company’s management. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our unaudited condensed consolidated financial statements and related notes thereto included elsewhere in this Quarterly Report on Form 10-Q for the three-month period ended July 3, 2026 (this “Quarterly Report”) and our audited consolidated financial statements and the related notes and other information included in our Annual Report on Form 10-K for the year ended March 31, 2026, filed with the SEC on May 19, 2026 (the “Form 10-K”). In addition to historical financial information, the following discussion and analysis contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Such statements are based upon current expectations that involve risks, uncertainties and assumptions. Any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. For example, the words “believes,” “anticipates,” “plans,” “expects,” “intends” and similar expressions are intended to identify forward-looking statements. Our actual results and timing of selected events may differ materially from those results anticipated and discussed in the forward-looking statements as a result of many factors. Factors that might cause 15 such a discrepancy include, but are not limited to, those discussed under the sections below titled “Liquidity and Capital Resources” and “Risk Factors.” All forward-looking statements in this document are based on information available to us as of the date of this Quarterly Report and we assume no obligation to update any such forward-looking statements, except as required by law. OVERVIEW We are a leading global provider of solar and energy technology solutions for utility-scale power plants. Founded in 2013 by our Chief Executive Officer, Dan Shugar, we pioneered and remain the global market leader in solar tracking systems. We now deliver an integrated suite of structural, electrical, and digital solutions across the full lifecycle of solar power plants, from design and construction through operations and maintenance. Our integrated solutions are designed to streamline project execution, increase energy yield and long-term reliability, and enhance customer return on investment. We have shipped more than 160 GW of solar tracker systems as of July 3, 2026 to projects on six continents for use in utility-scale and distributed generation solar applications. Our customers include engineering, procurement and construction firms (“EPCs”), as well as solar project developers and owners. Developers originate projects, select and acquire sites, obtain permits, select contractors, negotiate power offtake agreements, and oversee the building of projects. EPCs design and optimize the system, procure components, build and commission the plant, and operate the plant for a limited time until transfer to a long-term owner. Owners, which are often independent power producers, own and operate the plant, typically as part of a portfolio of similar assets. Owners generate cash flows through the sale of electricity to utilities, wholesale markets, or end users. For the majority of our projects, our direct customer is the EPC. We also engage with project owners and developers and enter into master supply agreements that cover multiple projects. We are a qualified, preferred provider to some of the largest solar EPCs, project owners and developers in the world. We had revenues of $0.9 billion for the three-month period ended July 3, 2026 and $3.6 billion for fiscal year 2026. Business acquisitions On July 17, 2026, we completed the previously announced acquisition of 100% of the ownership interests in Prevalon Energy LLC (“Prevalon”), a U.S.-headquartered provider of large-scale battery energy storage systems (“BESS”), power stabilization solutions, and lifecycle services, for total consideration of up to $365 million, consisting of (i) approximately $150 million in cash consideration paid at closing, net of cash and restricted cash acquired, (ii) $50 million in stock consideration consisting of shares of our Class A common stock to be issued one year after closing and priced at the average of the daily volume-weighted average prices for our Class A common stock on the Nasdaq Stock Market LLC for each of the 60 consecutive complete trading days ending with May 27, 2026, and (iii) up to $165 million of contingent cash consideration. The acquisition extends our technology platform across BESS, energy management software, and power control technologies and lifecycle services supporting grid-connected storage, hybrid power plants, AI data center infrastructure, and other critical power applications. On July 30, 2026, we completed the previously announced acquisition of complementary assets of Zigor Corporation’s power conversion business and its U.S.-based subsidiary, Apex Power, for total consideration of up to approximately $80.5 million in cash, consisting of $46.0 million paid at closing and up to $34.5 million of contingent cash consideration. This acquisition expands our energy infrastructure technology portfolio, including UL-certified central inverters for utility-scale solar and energy storage projects in the United States. Revenue mix The following tables set forth geographic information of revenue based on the locations to which the products are shipped: Three-month periods ended July 3, 2026 June 27, 2025 Revenue: (In thousands, except percentages) U.S. $ 775,617 83% $ 599,498 69% Rest of the World 159,553 17% 264,755 31% Total $ 935,170 $ 864,253 16 The following table sets forth the revenue from customers that individually accounted for greater than 10% of our revenue during the periods included below: Three-month periods ended July 3, 2026 June 27, 2025 (In millions) Customer A $ 152.1 * Customer H * $ 99.5 * Percentage below 10% Critical accounting policies and significant management estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates. Estimates are used in accounting for, among other things: impairment of goodwill, impairment of long-lived assets, allowance for credit losses, provision for excess or obsolete inventories, valuation of deferred tax assets, warranty reserves, contingencies, operation-related accruals, fair values of awards granted under stock-based compensation plans and fair values of assets obtained and liabilities assumed in business combinations. We periodically review estimates and assumptions, and the effects of our revisions are reflected in the period they occur. We believe that these estimates and assumptions provide a reasonable basis for the fair presentation of the unaudited condensed consolidated financial statements. Refer to the critical accounting policies and significant management estimates under Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Form 10-K, where we discussed our more significant policies and estimates used in the preparation of the unaudited condensed consolidated financial statements. There have been no material changes to our critical accounting estimates since the Form 10-K. Key components of our results of operations The following discussion describes certain line items in our unaudited condensed consolidated statements of operations. Revenue We derive our revenue primarily from the sale of solar trackers and energy yield management systems to our customers. To a lesser extent, we also derived our revenue from foundations, steel frames, eBOS, AI and robotic services, and other. Our revenue growth is dependent on (i) our ability to maintain and expand our market share, (ii) total market growth and (iii) our ability to develop and introduce new products driving performance enhancements and cost efficiencies throughout the solar power plant. Cost of sales and gross profit Cost of sales consists primarily of purchased components net of any incentives or rebates earned from our suppliers, shipping and other logistics costs, applicable tariffs, standard product warranty costs, amortization of certain acquired intangible assets, stock-based compensation and direct labor. Direct labor costs represent expenses of personnel directly related to project execution such as supply chain, logistics, quality, tooling, operations and customer satisfaction. Amortization of intangibles consists of developed technology and certain acquired patents over its expected period of use and is also included under cost of sales. Steel prices, cost of transportation, and labor costs in countries where our suppliers perform manufacturing activities affect our cost of sales. Our ability to lower our cost of sales depends on implementation and design improvements to our products as well as on driving more cost-effective manufacturing processes with our suppliers. We generally do not directly purchase raw materials such as steel or electronic components and generally do not hedge against changes in their price. Most of our cost of sales are directly affected by sales volume. Personnel costs related to our supply chain, logistics, quality, and tooling are not directly impacted by our sales volume. 17 Operating expenses Selling, general and administrative expenses Selling, general and administrative expenses consist primarily of personnel-related costs associated with our administrative and support functions. These costs include, among other things, personnel costs, stock-based compensation, facilities charges including depreciation associated with administrative functions, professional services, travel expenses, and allowance for bad debt. Professional services include audit, legal, tax and other consulting services. We have expanded our sales organization and expect to scale our sales headcount to support our planned growth. We have incurred and expect to continue to incur on an ongoing basis certain new costs related to the requirements of being a publicly traded company, including insurance, accounting, tax, legal and other professional services costs, which could be material. Amortization of intangibles consists of customer relationships and trade names over their expected period of use and is included under selling, general and administrative expenses. Acquisition-related costs are also included under selling, general and administrative expenses. Research and development Research and development expenses consist primarily of personnel-related costs associated with our engineering employees, stock-based compensation, third-party consulting and supporting our new business acquisitions. Research and development activities include improvements to our existing products, development of new tracker products and energy yield management systems and innovations to expand our technology platform. We expense substantially all research and development expenses as incurred. We expect that the dollar amount of research and development expenses will increase in amount over time. Income tax expense The provision for income taxes primarily represents the Company’s U.S. federal, state, and local income taxes as well as foreign income taxes payable by its subsidiaries. We expect to receive a tax benefit for foreign tax credits in the United States for the foreign tax paid. RESULTS OF OPERATIONS The financial information and the discussion below should be read in conjunction with the unaudited condensed consolidated financial statements and notes thereto included elsewhere in this Quarterly Report. In addition, reference should be made to our audited consolidated financial statements and notes thereto and related Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Form 10-K. Three-month periods ended July 3, 2026 June 27, 2025 % Change Unaudited Condensed Consolidated Statement of Operations Data: (In thousands, except percentages) Revenue $ 935,170 $ 864,253 8 % Cost of sales 599,317 582,527 3 Gross profit 335,853 281,726 19 Selling, general and administrative expenses 100,438 73,936 36 Research and development 44,508 21,560 106 Operating income 190,907 186,230 3 Interest expense 253 1,216 (79) Other income, net (8,271) (5,953) 39 Income before income taxes 198,925 190,967 4 Provision for income taxes 33,570 33,784 (1) Net income $ 165,355 $ 157,183 5 % 18 Non-GAAP Financial Measures We present Adjusted gross profit, Adjusted operating income, Adjusted net income, Adjusted EBITDA, Adjusted gross margin, Adjusted net income margin and Adjusted EBITDA margin as supplemental measures of our performance. We define Adjusted gross profit as gross profit plus stock-based compensation expense and intangible amortization. We define Adjusted operating income as operating income plus stock-based compensation expense, intangible amortization and non-recurring integration activities related to acquisitions. We define Adjusted net income as net income (loss) plus stock-based compensation expense, intangible amortization, non-recurring tax adjustments, and non-recurring integration activities related to acquisitions and other discrete events as applicable, net of their tax effects. We define Adjusted EBITDA as net income (loss) plus (i) interest, net, (ii) debt extinguishment costs, (iii) provision for income taxes, (iv) depreciation expense, (v) intangible amortization, (vi) stock-based compensation expense, (vii) non-recurring integration activities related to acquisitions and (viii) other discrete events as applicable. We define Adjusted gross margin as the percentage derived from Adjusted gross profit divided by revenue. We define Adjusted net income margin as the percentage derived from Adjusted net income divided by revenue. We define Adjusted EBITDA margin as the percentage derived from Adjusted EBITDA divided by revenue. Adjusted gross profit, Adjusted operating income, Adjusted net income, Adjusted EBITDA, Adjusted gross margin, Adjusted net income margin and Adjusted EBITDA margin are intended as supplemental measures of performance that are neither required by, nor presented in accordance with, U.S. GAAP. We present these Adjusted financial measures because we believe they assist investors and analysts in comparing our performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. In addition, we may use all or any combination of Adjusted gross profit, Adjusted operating income, Adjusted net income and Adjusted EBITDA when determining incentive compensation and to evaluate the effectiveness of our business strategies. Among other limitations, Adjusted gross profit, Adjusted operating income, Adjusted net income, Adjusted EBITDA, Adjusted net income margin, Adjusted gross margin and Adjusted EBITDA margin do not reflect our cash expenditures or future capital expenditures or contractual commitments (including under the Tax Receivable Agreement, as defined below), do not reflect the impact of certain cash or non-cash charges resulting from matters we consider not to be indicative of our ongoing operations and do not reflect the associated income tax expense or benefit related to those charges. In addition, other companies in our industry may calculate Adjusted gross profit, Adjusted operating income, Adjusted net income, Adjusted EBITDA, Adjusted gross margin, Adjusted net income margin and Adjusted EBITDA margin differently from us, which further limits their usefulness as comparative measures. Because of these limitations, Adjusted gross profit, Adjusted operating income, Adjusted net income, Adjusted EBITDA, Adjusted gross margin, Adjusted net income margin and Adjusted EBITDA margin should not be considered in isolation or as substitutes for performance measures calculated in accordance with U.S. GAAP. We compensate for these limitations by relying primarily on our U.S. GAAP results and using Adjusted financial measures on a supplemental basis. You should review the reconciliation to the most directly comparable U.S. GAAP measure of Adjusted gross profit, Adjusted operating income, Adjusted net income, Adjusted EBITDA, Adjusted gross margin, Adjusted net income margin and Adjusted EBITDA margin below and not rely on any single financial measure to evaluate our business. Three-month periods ended July 3, 2026 June 27, 2025 Other Financial Information: (In thousands, except percentages) Adjusted gross profit $ 342,283 $ 285,123 Adjusted operating income 228,068 211,678 Adjusted net income 186,262 175,502 Adjusted EBITDA 232,553 214,774 Adjusted gross margin 36.6% 33.0% Adjusted net income margin 19.9% 20.3% Adjusted EBITDA margin 24.9% 24.9% 19 The following table provides a reconciliation of gross profit to Adjusted gross profit, operating income to Adjusted operating income, net income to Adjusted net income, net income to Adjusted EBITDA, gross margin to Adjusted gross margin, net income margin to Adjusted net income margin, and net income margin to Adjusted EBITDA margin for each period presented. Three-month periods ended July 3, 2026 June 27, 2025 Reconciliation of GAAP to Non-GAAP Financial Measures: (In thousands, except percentages) GAAP gross profit & margin $ 335,853 35.9% $ 281,726 32.6% Stock-based compensation expense 4,445 2,238 Intangible amortization 1,985 1,159 Adjusted gross profit & margin $ 342,283 36.6% $ 285,123 33.0% GAAP operating income & margin $ 190,907 20.4% $ 186,230 21.5% Stock-based compensation expense 29,638 22,310 Intangible amortization 3,375 2,059 Acquisition related costs (1) 4,148 1,079 Adjusted operating income & margin $ 228,068 24.4% $ 211,678 24.5% GAAP net income & margin $ 165,355 17.7% $ 157,183 18.2% Stock-based compensation expense 29,638 22,310 Intangible amortization 3,375 2,059 Adjustment for taxes (16,254) (7,129) Acquisition related costs (1) 4,148 1,079 Adjusted net income & margin $ 186,262 19.9% $ 175,502 20.3% GAAP net income & margin $ 165,355 17.7% $ 157,183 18.2% Interest, net (9,159) (5,371) Provision for income taxes 33,570 33,784 Depreciation expense 5,391 3,730 Intangible amortization 3,375 2,059 Stock-based compensation expense 29,638 22,310 Acquisition related costs (1) 4,148 1,079 Other 235 — Adjusted EBITDA & margin $ 232,553 24.9% $ 214,774 24.9% (1)Represents transaction and integration costs incurred in relation to our acquisitions. We do not believe that the acquisition transaction costs are normal operating expenses indicative of our core operating performance, nor were these charges taken into account as factors in evaluating management’s performance when determining incentive compensation or to evaluate the effectiveness of our business strategies. The data below, and discussion that follows, represents our results from operations. Comparison of the three-month periods ended July 3, 2026 and June 27, 2025 Revenue Revenue increased by $70.9 million, or 8%, for the three-month period ended July 3, 2026 compared to the three-month period ended June 27, 2025, driven by a higher average selling price resulting from increasing costs per watt coupled with increased customer demand in the U.S, offset with lower GW delivered most notably in Rest of the World. Revenue increased by approximately $176.1 million, or 29%, in the U.S. during the three-month period ended July 3, 2026 compared to the three- 20 month period ended June 27, 2025 as the number of projects and volume of shipments increased year over year, Rest of the World decreased by $105.2 million, or 40%, primarily resulting from decreased shipments to Latin America, and the Middle East, partially offset with increased shipments to Europe. Cost of sales and gross profit Cost of sales increased by $16.8 million, or 3%, during the three-month period ended July 3, 2026 compared to the three-month period ended June 27, 2025, primarily driven by the volume of shipment increase in the U.S., and to a lesser extent, higher freight and logistics costs as a result of the U.S.-Iran war, along with higher cost associated with the increase in headcount as a result of our recent business acquisitions, partially offset by the impact from a $10.1 million increase in Internal Revenue Code Section 45X tax credit (“45X Credit”) that is earned over time for certain clean energy components domestically produced and sold by a manufacturer, coupled with the impact from a $6.9 million decrease in tariffs, net of refunds. We recognize a reduction in cost of sales for 45X Credits earned on components manufactured in the U.S. During the three-month periods ended July 3, 2026 and June 27, 2025, we recognized approximately $103.3 million and $93.2 million, respectively, of reduction to cost of sales related to the 45X Credit earned on production of eligible components shipped during the period, which offset tariffs of approximately $3.9 million and $10.8 million respectively. Freight and logistics costs also increased slightly as a percentage of revenue during the three-month period ended July 3, 2026 compared to the three-month period ended June 27, 2025. Gross profit increased by $54.1 million, or 19%, during the three-month period ended July 3, 2026 compared to the three-month period ended June 27, 2025, primarily resulting from the volume of shipment increase in the U.S. noted above and the impact from the 45X Credit recognized in the period, which more than offset the higher freight and logistics costs noted above. Selling, general and administrative expenses Selling, general and administrative expenses increased by $26.5 million, or 36%, to $100.4 million for the three-month period ended July 3, 2026 from approximately $73.9 million for the three-month period ended June 27, 2025 while increasing 219 basis points from approximately 9% to approximately 11% as a percentage of revenue during the same period. The increase in selling, general and administrative expenses was primarily the result of an increase in costs of approximately $20.7 million related to our continued expansion of our sales organization in line with the growth in the global market and the expansion of our supporting functions also required to support our current and planned growth. In addition, acquisition-related costs and stock-based compensation expense increased $3.1 million and $2.7 million, respectively. Research and development Research and development expenses increased by $22.9 million, or 106%, to $44.5 million for the three-month period ended July 3, 2026 from approximately $21.6 million during the three-month period ended June 27, 2025, primarily driven by our continued investment in innovation, increasing our engineering team and supporting our recent business acquisitions. Interest expense Interest expense decreased by $1.0 million, or 79%, to $0.3 million for the three-month period ended July 3, 2026 from $1.2 million during the three-month period ended June 27, 2025, primarily driven by lower amortization of the issuance cost and related commitment fee as a result of the new revolving credit facility entered on September 8, 2025, which replaced the credit facility entered into on February 13, 2023. Other income, net Other income, net was $8.3 million for the three-month period ended July 3, 2026, which primarily included $9.3 million of interest income, partially offset by $1.0 million of unfavorable foreign currency exchange losses and other. Other income, net 21 was $6.0 million income for the three-month period ended June 27, 2025, which primarily included $6.3 million of interest income, partially offset by $0.3 million of unfavorable foreign currency exchange losses. Provision for income taxes We accrue and pay income taxes according to the laws and regulations of each jurisdiction in which we operate. Most of our revenue and profits are generated in the United States with a statutory income tax rate of 21% for the three-month periods ended July 3, 2026 and June 27, 2025. For the three-month periods ended July 3, 2026 and June 27, 2025, we recorded total income tax expense of $33.6 million and $33.8 million, respectively, which reflected consolidated effective income tax rates of 16.9% and 17.7%, respectively. The decrease in tax expense as well as effective tax rate from the three-month period ended June 27, 2025 to the three-month period ended July 3, 2026 is driven by jurisdictional mix of income and stock-based compensation deductions. From time to time, we are subject to income tax audits in the jurisdictions in which we operate. The calculation of tax liabilities involves dealing with uncertainties in the application of complex tax rules and regulations in a number of jurisdictions. Due to such complexity of these uncertainties, the ultimate resolution may result in a payment or refund that is materially different from our estimates. LIQUIDITY AND CAPITAL RESOURCES Our principal uses of cash have been to fund our operations and invest in research and development and our cash flow generation and credit facilities have continued to provide adequate liquidity for our business. We enhanced our capital structure with a $1.0 billion unsecured revolving credit facility expanding our total liquidity to over $2.0 billion as of July 3, 2026. Credit Facilities As of July 3, 2026, we had approximately $919.4 million available under the revolving credit facility, net of $80.6 million of outstanding letters of credit. We were in compliance with all applicable covenants as of July 3, 2026. Supplier Finance Program We participate in various supplier finance programs administered by a third-party financial institution. Under such programs, certain suppliers may, at their sole discretion, elect to sell one or more of their receivables from us to a financial institution. Our payment obligations to the financial institution are not accelerated and remain subject to the original contractual terms agreed with the supplier. We do not provide guarantees or collateral in connection with these arrangements. Amounts payable under the programs are included in accounts payable on the unaudited condensed consolidated balance sheets and payments made under the programs are reported as operating activities on the unaudited condensed consolidated statements of cash flows. The outstanding amount payable under our supplier finance programs as of July 3, 2026 was $174.8 million. Tax Receivable Agreement In connection with the IPO, on February 13, 2023, Nextpower Inc. also entered into a Tax Receivable Agreement (the “Tax Receivable Agreement”) that provided for the payment by us to Flex, TPG Rise Flash, L.P (“TPG Rise”), and the TPG Affiliates (or certain permitted transferees thereof) of 85% of the tax benefits, if any, that we are deemed to realize under certain circumstances, as more fully described in the Form 10-K. There may be a material negative effect on our liquidity if, as a result of timing discrepancies or otherwise, the payments under the Tax Receivable Agreement exceed the actual benefits we realize in respect of the tax attributes subject to the Tax Receivable Agreement or are not sufficient to permit us to make payments under the Tax Receivable Agreement after we have paid taxes. Prior to the separation from Flex, Yuma, Inc. (“Yuma”) and Yuma Sub assigned their respective rights under the Tax Receivable Agreement to an entity that remains an affiliate of Flex. We believe that our cash provided by operations and other existing and committed sources of liquidity, including our revolving credit facility, will provide adequate liquidity for ongoing operations, planned capital expenditures and other investments, potential debt service requirements and payments under the Tax Receivable Agreement for at least the next 12 months. 22 Cash Flows Analysis Three-month periods ended July 3, 2026 June 27, 2025 (In thousands) Net cash provided by operating activities $ 121,059 $ 81,324 Net cash used in investing activities (21,899) (98,071) Net cash provided by (used in) financing activities 19,762 (5,954) Three-month period ended July 3, 2026 Net cash provided by operating activities was $121.1 million during the three-month period ended July 3, 2026. Total cash provided during the period was driven by net income of $165.4 million adjusted for non-cash charges of approximately $45.1 million primarily related to stock-based compensation expense, depreciation and amortization, and deferred income taxes costs. Cash from net income was further decreased by the overall increase in our net operating assets and liabilities, primarily our net working capital accounts, resulting in an outflow of approximately $89.4 million as we continue to fund our current and planned growth. Net cash used in investing activities was approximately $21.9 million and directly attributable to $15.9 million paid for the purchase of property and equipment, coupled with $6.0 million paid for the purchase of intangible assets. Net cash provided by financing activities was $19.8 million primarily resulting from $26.0 million of proceeds from the issuance of common stock upon option exercises, offset by a $6.2 million payment of acquisition deferred purchase price. Three-month period ended June 27, 2025 Net cash provided by operating activities was $81.3 million during the three-month period ended June 27, 2025. Total cash provided during the period was driven by net income of $157.2 million adjusted for non-cash charges of approximately $28.1 million primarily related to stock-based compensation expense, depreciation and amortization, and deferred income taxes. Cash from net income was further decreased by the overall increase in our net operating assets and liabilities, primarily our net working capital accounts, resulting in an outflow of approximately $103.9 million as we continued to fund our current and planned growth. Net cash used in investing activities was approximately $98.1 million and directly attributable to the $86.8 million payment for the business acquisitions net of cash acquired, coupled with the purchase of property and equipment. Net cash used in financing activities was $6.0 million primarily resulting from a $3.0 million tax distribution to our former non-controlling interest holder pursuant to the LLC Agreement, and a $2.9 million payment to Flex, TPG and the TPG Affiliates pursuant to the Tax Receivable Agreement. Cash management and financing We had a total liquidity of over $2.0 billion as of July 3, 2026, primarily related to unutilized amounts under the revolving credit facility net of cumulative letters of credit issued in conjunction with our customer contracts, and our cash and cash equivalents. Contractual obligations and commitments Information regarding our debt obligations, operating lease commitments, obligations under the Tax Receivable Agreement and other commitments is provided in Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Form 10-K. There were no material changes in our contractual obligations and commitments as of July 3, 2026. 23 Surety Bonds We are required to provide surety bonds to various parties as required for certain transactions initiated during the ordinary course of business to guarantee our performance in accordance with contractual or legal obligations. These off-balance sheet arrangements do not adversely impact our liquidity or capital resources. Recently adopted accounting pronouncements Refer to Note 2 in the notes to the unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q for recently adopted accounting pronouncements during the three-month period ended July 3, 2026.