v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jul. 03, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net (loss) income $ (4,826) $ 2,437
Loss from discontinued operations 0 (1,546)
(Loss) income from continuing operations (4,826) 3,983
Adjustments to reconcile (loss) income from continuing operations to net cash (used in) provided by operating activities:    
Deferred income taxes, net 3,987 0
Change in fair value of derivative asset (2,214) 0
Depreciation and amortization 3,779 3,215
Stock-based compensation 10,735 383
Noncash operating lease expense 469 440
Noncash interest expense 17 14
Provision for excess and obsolete inventories 33 (1)
Change in fair value of interest rate collars (56) 51
Unrealized (gain) loss on marketable securities (1,081) 23
Change in operating assets and liabilities:    
Accounts receivable (5,588) 7,607
Unbilled revenue 2,057 (4,059)
Inventories (32,763) (10,780)
Related party receivables 291 0
Income tax receivable (3,766) 0
Prepaid expenses and other current assets (2,378) (527)
Other assets 134 5
Accounts payable 12,250 885
Accrued expenses and other current liabilities 5,004 4,181
Operating lease liabilities (418) (381)
Related party payables 190 0
Deferred revenue 6,570 3,975
Other liabilities 2 10
Net cash (used in) provided by operating activities from continuing operations (7,572) 9,024
Net cash used in operating activities from discontinued operations 0 (2,742)
Net cash (used in) provided by operating activities (7,572) 6,282
Cash flows from investing activities:    
Purchase of shares upon exercise of call option (1,426) 0
Purchases of property, plant and equipment, net of grant proceeds (see Note 7 – Government Grants) (3,141) (4,602)
Net cash used in investing activities from continuing operations (4,567) (4,602)
Net cash used in investing activities from discontinued operations 0 (110)
Net cash used in investing activities (4,567) (4,712)
Cash flows from financing activities:    
Proceeds from initial public offering, net of underwriting discount and offering costs 125,363 0
Payments of principal on revolving credit facility (99,882) (326)
Proceeds from revolving credit facility 76,441 6,522
Cash distributions paid to stockholders 0 (6,833)
Payments of deferred consideration (73) 0
Payments of contingent consideration (49) 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) (1,559)
Repurchase of Class B Common Stock (25) 0
Payments of principal on finance leases (16) (25)
Net cash provided by (used in) financing activities from continuing operations 76,540 (6,452)
Net cash provided by financing activities from discontinued operations 0 103
Net cash provided by (used in) financing activities 76,540 (6,349)
Effects of exchange rate changes on cash (38) 42
Net increase (decrease) in cash 64,363 (4,737)
Cash at beginning of period 1,759 6,532
Cash at end of period 66,122 1,795
Reconciliation of cash at beginning of period:    
Cash at beginning of period – continuing operations 1,759 3,608
Cash at beginning of period – discontinued operations 0 2,924
Cash at beginning of period 1,759 6,532
Reconciliation of cash at end of period:    
Cash at end of period – continuing operations 66,122 1,620
Cash at end of period – discontinued operations 0 175
Cash at end of period 66,122 1,795
Supplemental non-cash investing and financing activities:    
Purchases of property, plant and equipment included in accounts payable and accrued expenses 684 280
Contracted government grants not yet received 1,273 0
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability 1,660 0
Supplemental disclosure of cash flow information:    
Cash paid for interest 1,674 1,834
Cash paid for income taxes 700 0
Nonrelated Party    
Cash flows from financing activities:    
Payments of principal on long-term debt (1,783) (4,231)
Related Party    
Cash flows from financing activities:    
Payments of principal on long-term debt $ (17,294) $ 0

Source

10-Q XBRL Zip