Amkor Technology, Inc. (AMKR): Business Model Canvas [Dec-2025 Updated]

You're looking to cut through the noise and see exactly how Amkor Technology, Inc. makes its money right now, especially with the AI boom driving everything. Honestly, their whole game in late 2025 boils down to a massive, capital-intensive pivot: they are betting big on advanced packaging-think High-Density Fan-Out and 2.5D/3D integration-to serve the AI accelerator and HPC giants. We see this play in their numbers: they're backing it with a new $7 billion Arizona campus and nearly $950 million in CapEx for FY 2025, all while sitting on $2.1 billion in cash. Their estimated $6.60 billion in net sales for 2025 hinges on these complex services, even with major customer concentration-Apple alone is still 30-40% of the pie. This isn't just assembly; it's strategic co-location with partners like TSMC. Here's the quick math: the value is in the complexity they manage. Dive below to see the full nine blocks of their operational blueprint.

Amkor Technology, Inc. (AMKR) - Canvas Business Model: Key Partnerships

The Key Partnerships for Amkor Technology, Inc. are centered around securing high-volume, leading-edge manufacturing capacity, especially in the United States, and ensuring access to the most advanced process technologies for its major customers.

Strategic collaboration with TSMC on US advanced packaging in Arizona.

Amkor Technology, Inc. signed a memorandum of understanding with Taiwan Semiconductor Manufacturing Company (TSMC) to collaborate on bringing advanced packaging and test capabilities to Arizona. This partnership is designed to create a seamless integration of silicon manufacturing and packaging processes. Under the agreement, TSMC will contract turnkey advanced packaging and test services from Amkor Technology, Inc.'s planned facility in Peoria, Arizona, to support TSMC's customers utilizing its Phoenix front-end wafer fabrication facilities. The companies will jointly define specific packaging technologies, including TSMC's Integrated Fan-Out (InFO) and Chip on Wafer on Substrate (CoWoS®), to address common customer needs. This collaboration is integral to Amkor Technology, Inc.'s expanded planned investment of $7 billion across two phases for its new state-of-the-art outsourced semiconductor advanced packaging and test campus in Arizona.

Key customer partnerships with major chip designers like Apple, NVIDIA, and AMD.

Amkor Technology, Inc. partners with major players across its four primary end markets: communications, computing, automotive & industrial, and consumer. The company's customer concentration reflects significant reliance on top-tier designers, with Apple reportedly accounting for approximately 30-40% of total revenue. The new Arizona campus is specifically noted to support key customers including Apple and NVIDIA. Demand from these relationships fueled Amkor Technology, Inc.'s Q3 2025 net sales of $1.99 billion, which represented a 31% sequential increase, driven by record revenue in the Computing end market, which saw 21% year-over-year growth, including demand for AI GPUs using 2.5D technology.

The importance of these customer engagements is reflected in the company's financial commitment to capacity expansion:

Outsourcing agreement with Intel for EMIB advanced packaging production.

Amkor Technology, Inc. entered a Strategic Partnership with Intel focused on Embedded Multi-Die Interconnect Bridge (EMIB) assembly. This collaboration aims to enhance the availability of the EMIB technology ecosystem and significantly expand Advanced Packaging capacity. Through this agreement, Amkor Technology, Inc. will implement EMIB assembly processes at its facilities in Korea, Portugal, and the upcoming Arizona manufacturing site. Intel has reportedly begun EMIB assembly at Amkor Technology, Inc.'s Songdo K5 facility in Incheon, South Korea, marking Intel's first-ever move to outsource this high-end packaging. This move is strategic to meet the surge in demand for heterogeneous integration solutions supporting high-performance computing and Artificial Intelligence chips.

Government support via the CHIPS for America initiative for US expansion.

Amkor Technology, Inc.'s U.S. expansion is heavily supported by federal incentives. Amkor Technology Arizona, Inc., a subsidiary, was awarded up to $407 million in direct funding under the CHIPS Incentives Program's Funding Opportunity for Commercial Fabrication Facilities. This award directly supports Amkor Technology, Inc.'s investment of approximately $2 billion in the greenfield advanced packaging and test facility in Peoria, Arizona. The project is expected to create an estimated 2,000 manufacturing jobs and, at the peak of construction, more than 2,000 construction jobs.

Suppliers of high-end materials and equipment for 2.5D/3D packaging.

The ecosystem supporting Amkor Technology, Inc.'s advanced offerings is substantial, as the 2.5D And 3D Semiconductor Packaging Market itself is valued at USD 11.12 billion in 2025. Amkor Technology, Inc.'s full-year 2025 capital expenditure forecast of approximately $950 million is a direct investment in the necessary equipment and infrastructure to handle these complex packages, such as those utilizing Through Silicon Via (TSV) solutions, which captured 44.20% of the 2.5D and 3D market revenue in 2024.

• The 2.5D and 3D Semiconductor Packaging Market is projected to grow at a compound annual growth rate (CAGR) of 14.78% through 2030.
• Amkor Technology, Inc.'s full-year 2025 effective tax rate is projected around 20% (excluding discrete items).
• The company redeemed the remaining $400 million of its outstanding senior notes due 2027 in October 2025.

Amkor Technology, Inc. (AMKR) - Canvas Business Model: Key Activities

Amkor Technology, Inc. focuses its key activities on high-precision, high-volume semiconductor manufacturing, which is the core of its role as an Outsourced Semiconductor Assembly and Test (OSAT) service provider. This involves managing complex processes to deliver finished integrated circuits to leading semiconductor companies, foundries, and electronics OEMs.

The company's operational execution in late 2025 is characterized by significant capital deployment to secure future growth areas. The full year 2025 capital expenditures forecast was increased to approximately $950 million, up from an earlier projection of $850 million, reflecting aggressive investment in next-generation capabilities and capacity expansion, including the new Arizona campus.

Key activities are heavily weighted toward advanced technology development and scaling production to meet demand from high-growth sectors like Artificial Intelligence (AI) and High-Performance Computing (HPC).

• High-volume manufacturing of advanced semiconductor packaging (OSAT).
• Research and development (R&D) in High-Density Fan-Out (HDFO) and 2.5D/3D technologies.
• Global supply chain and logistics management for complex components.
• Providing end-to-end turnkey services, including final test and drop shipment.
• Optimizing manufacturing footprint, including rationalization plans in Japan.

The results from the third quarter ended September 30, 2025, illustrate the output of these activities, showing record revenue in Advanced packaging, which is a key focus area. Net sales for Q3 2025 reached $1,987 million, a sequential increase of 31%. This strong execution translated to an Operating Income Margin of 8.0% for the quarter.

Investment in future capabilities is a constant activity, with Research and Development expenses for the twelve months ending September 30, 2025, totaling $0.173B. This R&D supports the ramping of high-density fan-out technology, with additional products moving into production in the fourth quarter of 2025.

Global footprint optimization is an ongoing activity. Amkor Technology, Inc. is actively working to enhance operational efficiency by optimizing its manufacturing footprint in Japan, with expected actions to yield approximately 100 basis points (bps) corporate gross margin improvement by the end of 2027. Concurrently, the company is expanding its U.S. presence, having broken ground on the Arizona campus, which represents a total investment increased to $7 billion. Furthermore, capacity expansion is planned in Korea, where Amkor will construct three new production lines.

You can see the snapshot of the operational scale and financial output from the third quarter of 2025 below:

The company's global workforce supports these activities, with over 28,000 employees worldwide. The Q4 2025 guidance anticipates net sales between $1.775 billion and $1.875 billion, which includes an expected $30 million benefit to gross margin from asset sales. Finance: Review the Q4 2025 actuals against the midpoint guidance of $1.825 billion by February 2026.

Amkor Technology, Inc. (AMKR) - Canvas Business Model: Key Resources

You're looking at the core assets Amkor Technology, Inc. relies on to execute its strategy, especially with the massive capital outlay happening right now. These aren't just line items on a balance sheet; they are the physical and intellectual foundations of their business.

The company's financial footing is definitely strong enough to support these big moves. As of the end of the third quarter of 2025, Amkor Technology, Inc. reported a very healthy balance sheet. Here's the quick math on their liquidity position at September 30, 2025:

This strong cash position allowed them to proceed with major capacity expansions. What this estimate hides, though, is the impact of the October 2025 redemption of the remaining $400 million of senior notes due 2027, which further optimized their maturity profile.

The most visible physical resource is the massive expansion in the United States. Amkor Technology, Inc. broke ground on its new outsourced semiconductor advanced packaging and test campus in Arizona, significantly expanding the planned investment to a total of $7 billion across two phases. This is a huge commitment, up from the initial plan of $2 billion. This facility is set to become the first U.S.-based high-volume advanced packaging facility.

• Arizona Campus Total Investment: $7 billion (expanded from $2 billion)
• Total Cleanroom Space Planned: Over 750,000 square feet
• Phase One Construction Completion Estimate: Mid-2027
• Production Start Estimate: Early 2028
• Projected New Jobs Created: As many as 3,000 high-quality jobs

Beyond the U.S. investment, Amkor Technology, Inc. maintains its global network. This includes ongoing optimization efforts, such as in Japan, which management expects will improve gross margins by 100 basis points by the end of 2027. Their global footprint is essential for serving customers across Asia, Europe, and the US.

The intellectual property and expertise are centered on the most advanced packaging nodes. This is where the real value is created, moving beyond simple assembly to complex integration. They are actively presenting on and developing solutions for these areas, which are critical for AI and high-performance computing.

• Key Technology Focus Areas include: System-in-Package (SiP) and heterogeneous integration.
• Specific IP development includes testing methodologies for 2.5D Chiplet Package Designs.
• SiP is noted as a critical technology for integrating multiple chips into a compact footprint, ideal for AI inference at the edge.
• The company is focused on scaling capacity and capability for leading edge technologies, including high-density fanout advanced SIP and test solutions.

Finally, the workforce is a non-negotiable asset. You can't build a $7 billion campus without the right people. The projected creation of up to 3,000 new high-quality jobs in Arizona underscores the need for a highly skilled engineering and technical workforce capable of handling complex assembly and test processes for these advanced packages.

Finance: draft 13-week cash view by Friday.

Amkor Technology, Inc. (AMKR) - Canvas Business Model: Value Propositions

You're looking at Amkor Technology, Inc. (AMKR) and trying to see what tangible value they are delivering to customers right now, especially given the massive investment cycle they are in. Honestly, the value proposition is centered on being the indispensable partner for the most complex semiconductor needs, which is clearly reflected in their latest numbers.

Enabling next-generation devices through leadership in advanced packaging for AI/HPC.

This is where the action is, and the financials back it up. Amkor Technology, Inc. delivered record revenue in Advanced packaging during the third quarter of 2025, with that segment dwarfing the mainstream business. For Q3 2025, the company booked net sales of $1.99 billion, which was a strong 31% sequential increase. The Advanced Products segment alone brought in $1.68 billion in Q3 2025. This is directly tied to secular trends; the Computing end market revenue, which includes AI and High-Performance Computing (HPC) demand using technologies like High Density Fan-Out (HDFO), was up 12% sequentially in that same quarter. To support this leadership, Amkor Technology, Inc. increased its full-year 2025 capital expenditure forecast to approximately $950 million.

Offering a resilient, geographically diverse supply chain (Asia, Europe, US).

You need supply chain assurance, and Amkor Technology, Inc. is actively building that out. Their operational base includes production facilities, R&D centers, and sales offices strategically located across Asia, Europe, and the United States. A major part of this resilience strategy is the groundbreaking of their new Advanced packaging and test campus in Arizona during Q3 2025. This U.S. expansion is a massive commitment, part of a larger project estimated at $7 billion. This diversification helps them manage geopolitical risks and meet regional demands.

Providing full turnkey manufacturing, simplifying the customer's supply chain.

Amkor Technology, Inc. offers a comprehensive service that goes beyond just assembly or test. They provide full turnkey manufacturing services, covering everything from packaging development through final device testing. This end-to-end capability is a major simplification for customers who would otherwise have to manage multiple vendors for the back-end process. The company serves key markets including communication, computing, automotive, and industrial sectors.

Expertise as the world's largest automotive OSAT provider.

When it comes to the automotive sector, Amkor Technology, Inc. claims the top spot. They are recognized as the world's largest automotive OSAT (Outsourced Semiconductor Assembly and Test) provider. This expertise is translating into growth in advanced applications; the Automotive and Industrial segment revenue rose 5% sequentially in Q3 2025, driven by advanced packaging for ADAS (Advanced Driver-Assistance Systems) applications.

Accelerated product cycle times via co-location with foundry partners like TSMC.

Speed to market is critical, and Amkor Technology, Inc. is demonstrating an ability to scale quickly. They executed what they called 'steep production ramps' in Q3 2025 to meet the latest iOS product ramp, which drove a 67% sequential revenue increase in the Communications segment. The strategic co-location, such as the new Arizona facility being near TSMC's leading-edge wafer fabs, is specifically designed to reduce lead times and enhance early product development collaboration.

Here is a snapshot of the key financial and operational metrics supporting these value propositions as of the latest reported quarter:

The company's liquidity position supports these value drivers, with total cash and short-term investments at $2.1 billion as of September 30, 2025. Finance: draft 13-week cash view by Friday.

Amkor Technology, Inc. (AMKR) - Canvas Business Model: Customer Relationships

Amkor Technology, Inc. structures customer relationships to align with the complexity and strategic importance of the semiconductor products being developed. The company emphasizes deep technical integration to support evolving technology roadmaps.

Dedicated engineering teams work closely on customer technology roadmaps, which is critical for next-generation products. Amkor Technology, Inc. electrical engineers use simulation tools to reduce design cycle times and provide expert advice. This includes offering Design for Performance (DFP), Design for Cost (DFC), and Design for Manufacturing (DFM) services. This close interaction is necessary to meet signal integrity (SI) and power integrity (PI) performance specifications for advanced packages. Amkor Technology, Inc. is actively working with customers worldwide to develop, qualify, and verify packaging solutions early in the new product development process. This collaborative approach is necessary to balance the rapid innovation occurring in front-end wafer fabrication processes.

Strategic, long-term relationships are evident in key partnerships and market segment performance. Amkor Technology, Inc. announced expanded partnerships with TSMC and Infineon in early 2025 to support Advanced Packaging and power module initiatives, respectively. The success of these deep ties is reflected in the Q3 2025 financial results. The Communications end market saw revenue surge 67% sequentially, driven by the iOS ecosystem. The Computing end market also achieved record revenue, increasing 12% sequentially, fueled by demand for AI and HPC solutions like High-Density Fan-Out (HDFO) ramps. The total company revenue for Q3 2025 reached $1.99 billion.

The relationship model differentiates based on product type, suggesting a high-touch, consultative sales model for advanced projects. The focus on Advanced Packaging-which drove record revenue in Q3 2025-requires this level of engineering partnership. The company is investing heavily, with a full-year 2025 Capital Expenditure (CapEx) forecast of approximately $950 million, much of which supports these leading-edge customer needs. The Operating Income Margin for Q3 2025 was 8.0%, indicating strong execution on these complex, high-value projects.

For high-volume mainstream products, the relationship relies on efficient, standardized service delivery across a broad geographic footprint. Amkor Technology, Inc. serves integrated device manufacturers, fabless semiconductor companies, original equipment manufacturers, and contract foundries globally. The company is the world's largest automotive OSAT, serving that market segment which saw revenue increase 5% sequentially in Q3 2025. This scale allows for efficient service delivery, even as the company expands its manufacturing footprint, including breaking ground on a new Advanced packaging and test campus in Arizona in October 2025.

Here's a quick look at the recent performance by key end markets, which shows the success of the differentiated relationship approach:

The company manages customer interactions through dedicated account managers at both corporate and divisional levels to ensure responsiveness. The overall strategy is about partnering with lead customers in growth markets to align on technology roadmaps.

• Amkor Technology, Inc. is the #1 Automotive OSAT.
• Advanced Packaging accounted for 77% of revenue in 2023 (a historical benchmark for advanced focus).
• Total cash and short-term investments stood at $2.1 billion as of September 30, 2025.
• The company paid a quarterly dividend of $0.08269 per share on September 23, 2025.

If onboarding for a new advanced package takes longer than expected, the risk to the projected 2025 full-year revenue of approximately $6.60 billion rises. Finance: confirm the Q4 2025 actual revenue against the guidance range of $1.775 billion to $1.875 billion by end of January 2026.

Amkor Technology, Inc. (AMKR) - Canvas Business Model: Channels

You're looking at how Amkor Technology, Inc. gets its advanced packaging and test services to the world's leading chip designers and manufacturers. The channel strategy is built on direct, high-touch relationships, supported by a significant global footprint and a major new domestic hub.

Direct sales force managing relationships with global semiconductor companies.

The effectiveness of the direct sales channel is clear when you look at customer concentration. For the year ended December 31, 2024, direct sales to two major customers represented a substantial portion of the business. Specifically, direct sales to Apple accounted for 30.8% of net sales, and direct sales to Qualcomm accounted for 10.2% of net sales for that same period. This concentration shows the critical nature of managing these key relationships directly. The company's trailing 12-month revenue as of September 30, 2025, was $6.449B, making these direct customer relationships central to the top line.

Global network of sales and support offices in key electronics regions.

Amkor Technology maintains a broad operational base to support its global customer base. As of September 2025, Amkor Technology has approximately 10K employees spread across 6 continents. This global presence includes production facilities, product development centers, and sales and support offices located in key electronics manufacturing regions across Asia, Europe, and the USA. The company's headquarters remains in Tempe, Arizona. This network is essential for providing localized technical support and managing the logistics of high-volume semiconductor packaging and test services.

• Global employee count as of September 2025: approximately 10K.
• Operational presence across 6 continents.
• Sales and support offices in key regions in Asia, Europe, and the USA.

Direct shipment services (drop shipment) to end-device manufacturers.

While specific revenue figures for direct shipment volume are not broken out separately from overall net sales, the model relies on direct delivery to the customer's specified location, which includes end-device manufacturers. The company's Q3 2025 net sales reached $1.99 billion, reflecting the scale of product movement through all channels. The full-year 2025 capital expenditures guidance was increased to approximately $950 million, which supports the infrastructure needed for efficient global fulfillment, including any drop shipment logistics.

New Arizona campus serving as a direct, domestic channel for US-based customers.

The new Peoria, Arizona campus is a massive investment designed to create a direct, high-volume domestic channel, especially for US-based customers like Apple and NVIDIA. The total planned investment for this state-of-the-art outsourced semiconductor advanced packaging and test campus has expanded to $7 billion across two phases, up from initial plans of $2 billion. Upon completion of both phases, the campus will feature over 750,000 square feet of cleanroom space and is expected to create up to 3,000 high-quality jobs. Construction of the first manufacturing facility is slated for completion in mid-2027, with volume production beginning in early 2028. This facility is intended to be the first U.S.-based high-volume advanced packaging facility.

• Total Arizona campus investment: $7 billion.
• Cleanroom space upon completion: over 750,000 square feet.
• Projected job creation: up to 3,000.
• Production start target: early 2028.

Amkor Technology, Inc. (AMKR) - Canvas Business Model: Customer Segments

You're looking at Amkor Technology, Inc.'s customer base as of late 2025, and honestly, it's a story of high-end technology driving revenue concentration. The customer segments are clearly defined by the end-use application, which dictates the complexity and, therefore, the margin profile of the packaging services required.

The business relies heavily on a few large players, which is typical in the outsourced semiconductor assembly and test (OSAT) space when serving leading-edge logic and memory customers. Net sales from the top ten customers represented 73% of total net sales in the third quarter of 2025, showing a continued high degree of concentration.

Here is a breakdown of the key customer segments based on the Q1 2025 end-market distribution, which sets the stage before the significant Q3 surge:

The Communications segment remains the largest, driven by major smartphone and tablet OEMs, with significant demand coming from the iOS ecosystem, which fueled a massive 67% sequential revenue surge in Q3 2025. This demand is heavily reliant on advanced System-in-Package (SiP) solutions.

For Computing, the focus is squarely on AI accelerator and High-Performance Computing (HPC) companies. This segment saw a 12% sequential revenue increase in Q3 2025, powered by demand for advanced packaging like High-Density Fan-Out (HDFO) technology for AI applications.

The Automotive & Industrial segment serves chip makers involved in Electric Vehicles (EV) and ADAS. This area showed more modest, but steady, growth with revenue up 5% sequentially in Q3 2025, capitalizing on the shift to more complex driver-assistance features.

Finally, the Consumer segment includes manufacturers of wearables and other connected devices. While it was the smallest segment in Q1 2025 at 17% of sales, it still saw a 5% sequential revenue increase in Q3 2025.

You should note the following about the largest customers:

• Large, concentrated customers dominate the revenue base.
• Net sales from the top ten customers were 73% of total revenue in Q3 2025.
• The Communications segment, heavily influenced by the iOS ecosystem, saw its revenue increase 67% sequentially in Q3 2025.
• Amkor Technology, Inc. continues to reinforce its commitment to enabling its customers' technology roadmaps, including breaking ground on a new Advanced packaging and test campus in Arizona in Q3 2025.

Finance: draft 13-week cash view by Friday.

Amkor Technology, Inc. (AMKR) - Canvas Business Model: Cost Structure

You're looking at the core financial drains for Amkor Technology, Inc. as they push hard into next-generation packaging. The cost structure here is dominated by the need to stay ahead technologically, which means heavy, upfront spending.

Capital-intensive spending on new capacity and technology is a huge driver. For the full fiscal year 2025, the capital expenditure, or CapEx, forecast was increased to approximately $950 million. Honestly, that's a big jump from the earlier $850 million estimate, largely to support the expanded investment in that new Arizona campus and other geographic footprint expansions. This level of spending tests liquidity, even with $2.1 billion in cash and short-term investments as of September 30, 2025, so you see the commitment to future capacity.

The high cost of materials for advanced packaging definitely pressures gross margins. You saw the Q3 2025 gross margin hit 14.3%, but management noted that year-over-year margins were constrained due to a product mix concentrated in higher material content products. It's a trade-off: you pay more for the advanced materials needed for 2.5D and 3D packaging, but that's where the premium revenue is.

Next, consider the significant fixed costs from global factory operations and cleanroom maintenance. Amkor Technology, Inc. operates a broad geographic footprint, which translates directly into overhead. They maintain about 13 Million Square Feet (1.2M sqm) of manufacturing space globally. That space, especially the cleanrooms required for high-precision work, carries a substantial, non-negotiable fixed cost base, regardless of immediate volume utilization.

The race for leading-edge technology means Research and Development (R&D) costs for leading-edge packaging defintely remain high. For the twelve months ending September 30, 2025, the R&D expense totaled $0.173B, which was a 6.9% increase year-over-year. They are spending to develop next-generation solutions for AI and high-performance computing (HPC).

Finally, the day-to-day running costs are significant. Operating expenses were around $125 million in Q3 2025, specifically reported as $125,563 thousand. Looking ahead, the guidance for Q4 2025 suggested operating expenses were expected to be around $120 million. Here's the quick math: Q3 operating income was $159 million on $1.99 billion in sales, giving an 8.0% margin, which shows they are managing those costs well given the heavy CapEx cycle.

To map out these key cost components for you, look at this snapshot:

The company is actively working on optimizing its cost structure, for example, by taking steps to reduce manufacturing costs in Japan and align factory capacity to market demand. This is a necessary action to offset the margin pressure from high material content and scaling investments in advanced packaging.

Amkor Technology, Inc. (AMKR) - Canvas Business Model: Revenue Streams

You're looking at the top line for Amkor Technology, Inc. (AMKR) as of late 2025, and the revenue picture is clearly bifurcated between legacy services and high-growth, advanced packaging work. The overall expectation for the full fiscal year 2025 is set at approximately $6.60 billion in Net Sales.

The growth engine is definitely in the more complex offerings, which include High-Density Fan-Out (HDFO), 2.5D/3D integration, and System-in-Package (SiP) solutions, primarily serving the Artificial Intelligence (AI) and High-Performance Computing (HPC) markets. To give you a sense of the shift, look at the revenue split we saw in the third quarter of 2025 compared to the start of the year:

The Mainstream Products category covers the standard packaging and test services for more mature markets, providing a necessary, though slower-growing, base load of revenue. Still, the real story is the acceleration in the high-end space. For instance, the revenue generated from the Communications segment showed an exceptional surge in the third quarter of 2025, jumping 67% sequentially. This was largely tied to the latest product ramp within that ecosystem.

We also need to account for non-operational income that can temporarily boost the bottom line. Management has signaled a specific, non-recurring item in the final quarter of the year. Here are the key data points driving the revenue stream narrative as we head into year-end:

• Estimated Net Sales for the full fiscal year 2025 are approximately $6.60 billion.
• The Communications segment saw revenue surge 67% sequentially in Q3 2025.
• Advanced Products revenue reached $1,684 million in Q3 2025, up from $1,064 million in Q1 2025.
• Mainstream Products revenue was $303 million in Q3 2025, up from $258 million in Q1 2025.
• There is an anticipated $30 million benefit to gross margin in Q4 2025, stemming from expected one-time gains from asset sales.

Finance: draft 13-week cash view by Friday.