v3.26.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Oct. 02, 2026
Sep. 30, 2025
Dec. 31, 2025
Dec. 31, 2024
Cash flows from operating activities:        
Net income $ 3,465 $ 4,007    
Loss from discontinued operations 0 (2,398)    
Income from continuing operations 3,465 6,405    
Adjustments to reconcile income from continuing operations to net cash used in operating activities:        
Deferred income taxes, net 3,138 0    
Unrealized gain on fair market value of derivative (2,214) 0    
Unrealized loss on forward instruments 222 0    
Unrealized (gain) loss on marketable securities (2,721) 23    
Depreciation and amortization 5,704 4,839    
Stock-based compensation 12,809 810    
Noncash operating lease expense 739 693    
Noncash interest expense 24 165    
Provision for excess and obsolete inventories 2,404 527    
Provision for credit losses 144 95    
Change in fair value of interest rate collars (73) 37    
Change in operating assets and liabilities:        
Accounts receivable (16,677) 6,051    
Unbilled revenue (896) (5,276)    
Inventories (85,511) (13,046)    
Related party receivables 238 0    
Prepaid expenses and other current assets (4,534) (1,151)    
Other assets 336 (96)    
Accounts payable 4,712 3,352    
Accrued expenses and other current liabilities 7,710 (2,375)    
Operating lease liabilities (602) (579)    
Related party payables 216 0    
Deferred revenue 10,778 937    
Other liabilities (138) 11    
Net cash (used in) provided by operating activities from continuing operations (60,727) 1,422    
Net cash used in operating activities from discontinued operations 0 (2,817)    
Net cash used in operating activities (60,727) (1,395)    
Cash flows from investing activities:        
Purchase of shares upon exercise of call option (See Note 2) (1,426) 0    
Purchases of property, plant and equipment, net of grant proceeds (see Note 7 – Government Grants) (4,829) (5,872)    
Net cash used in investing activities from continuing operations (6,255) (5,872)    
Net cash used in investing activities from discontinued operations 0 (189)    
Net cash used in investing activities (6,255) (6,061)    
Cash flows from financing activities:        
Proceeds from the issuance of Class A Redeemable Preferred Stock and warrants 200,000 0    
Payments of issuance costs on Class A Redeemable Preferred Stock and warrants (6,866) 0    
Proceeds from initial public offering, net of underwriting discount and offering costs 125,363 0    
Payments of principal on revolving credit facility (174,470) (326)    
Proceeds from revolving credit facility 177,747 15,458    
Cash distributions paid to stockholders 0 (6,833)    
Contributions from stockholders 0 250    
Payments of deferred consideration (73) 0    
Payments of contingent consideration (98) 0    
Employee taxes paid on shares withheld for tax-withholding purposes (4,371) 0    
Payments of principal on revolving credit facility – related party (1,771) (1,375)    
Payments of principal on finance leases (24) (36)    
Repurchase of Class B common stock (25) 0    
Net cash provided by financing activities from continuing operations 295,719 1,858    
Net cash provided by financing activities from discontinued operations 0 93    
Net cash provided by financing activities 295,719 1,951    
Effects of exchange rate changes on cash (72) 98    
Net increase (decrease) in cash and restricted cash 228,665 (5,407)    
Cash and restricted cash at beginning of period 1,759 6,532    
Cash and restricted cash at end of period 230,424 1,125    
Reconciliation of cash and restricted cash at beginning of period:        
Cash at beginning of period – continuing operations 1,759 3,608    
Restricted cash at beginning of period - continuing operations 0 0    
Cash at beginning of period – discontinued operations 0 11 $ 0 $ 2,924
Cash and restricted cash at beginning of period 1,759 6,532    
Reconciliation of cash and restricted cash at end of period:        
Cash at end of period – continuing operations 105,714 1,114    
Restricted cash at end of period - continuing operations 124,710 0    
Cash at end of period – discontinued operations 0 11 $ 0 $ 2,924
Cash and restricted cash at end of period 230,424 1,125    
Supplemental non-cash investing and financing information:        
Purchases of property, plant and equipment included in accounts payable and accrued expenses 659 3,173    
Contracted government grants not yet received 1,729 171    
Right-of-use assets obtained in exchange for new operating lease liabilities 1,660 0    
Non-cash capitalized issuance costs 1,951 0    
Issuance of TEG Warrants in exchange for a deferred asset 9,259 0    
Accrued dividends and accretion on Class A Redeemable Preferred Stock 634 0    
Supplemental disclosure of cash flow information:        
Cash paid for interest 2,146 2,587    
Cash paid for income taxes 1,330 0    
Nonrelated Party        
Cash flows from financing activities:        
Payments of principal on long-term debt (2,399) (5,280)    
Related Party        
Cash flows from financing activities:        
Payments of principal on long-term debt $ (17,294) $ 0    

Source

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