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Stock-Based Compensation and Warrant Units | 9 Months Ended
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Jun. 28, 2025
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation and Warrant Units | Stock-Based Compensation and Warrant Units The following two tables show stock-based compensation expense by award type and where the stock-based compensation expense is recorded in the Company’s condensed consolidated statements of operations (in thousands):
| Three Months Ended |  | Nine Months Ended
| June 28, 2025 |  | June 29, 2024 |  | June 28, 2025 |  | June 29, 2024
RSUs (service-based and performance-based) | $ | 48,468 |  |  | $ | 28,416 |  |  | $ | 117,760 |  |  | $ | 84,970 |
Employee stock purchase plan | 972 |  |  | 916 |  |  | 2,854 |  |  | 1,888 |
Total stock-based compensation expense | $ | 49,440 |  |  | $ | 29,332 |  |  | $ | 120,614 |  |  | $ | 86,858 |
Effect of stock-based compensation expense on income by line item (in thousands):
| Three Months Ended |  | Nine Months Ended
| June 28, 2025 |  | June 29, 2024 |  | June 28, 2025 |  | June 29, 2024
Cost of revenue, Systems | $ | 14,983 |  |  | $ | 3,401 |  |  | $ | 27,323 |  |  | $ | 9,955 |
Cost of revenue, Software maintenance and support | 194 |  |  | 116 |  |  | 538 |  |  | 351 |
Cost of revenue, Operation services | 856 |  |  | 290 |  |  | 1,804 |  |  | 1,502 |
Research and development | 12,369 |  |  | 12,819 |  |  | 37,241 |  |  | 37,905 |
Selling, general, and administrative | 21,038 |  |  | 12,706 |  |  | 53,708 |  |  | 37,145 |
Total stock-based compensation expense | $ | 49,440 |  |  | $ | 29,332 |  |  | $ | 120,614 |  |  | $ | 86,858 |
Total stock-based compensation expense for the three and nine months ended June 28, 2025 increased as compared to the three and nine months ended June 29, 2024. There was an increase in RSU grants to employees because there was an increase in the number of employees in fiscal year 2025, as compared to fiscal year 2024, which resulted in an increase in this expense. GreenBox Warrant On July 23, 2023, the Company issued the GreenBox Warrant to Sunlight, which allows Sunlight to acquire up to an aggregate of 11,434,360 shares of the Company’s Class A Common Stock, subject to certain vesting conditions. The GreenBox Warrant had a grant date fair value of $19.90 per share. The GreenBox Warrant vests upon conditions defined in the GreenBox Warrant, as GreenBox makes additional expenditures to the Company in connection with the Framework Agreement. There are up to eight vesting tranches in the GreenBox Warrant based on increments of expenditures where approximately 1,429,295 shares may vest per tranche, subject to certain conditions defined in the GreenBox Warrant. Upon vesting, shares may be acquired at an exercise price of $41.9719 per share. The warrant contains customary anti-dilution, down-round, and change-in-control provisions. The right to purchase shares pursuant to the GreenBox Warrant expires 36 months following the end of the initial term of the Framework Agreement, which is July 23, 2027, or if applicable, the extension term of the Framework Agreement, which is July 23, 2029. As of June 28, 2025, none of the shares issuable pursuant to the GreenBox Warrant had vested.

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