Leases

9 Months Ended

Sep. 27, 2025

We lease real estate space under non-cancelable operating lease agreements for commercial and industrial space, as well as for a portion of our corporate headquarters located in Livermore, California. Our leases have remaining terms of one to nine years, and some leases include options to extend up to twenty years. We also have operating leases for automobiles with remaining lease terms of one year. We did not include any of our renewal options in our lease terms for calculating our lease liability as the renewal options allow us to maintain operational flexibility and we are not reasonably certain we will exercise these options at this time. The weighted-average remaining lease term for our operating leases was three years as of September 27, 2025 and the weighted-average discount rate was 4.8%.

The components of lease expense were as follows (in thousands):


	Three Months Ended				Nine Months Ended
	September 27, 2025		September 28, 2024		September 27, 2025		September 28, 2024
Lease expense:
Operating lease expense	$	2,132	$	2,180	$	6,469	$	6,360
Short-term lease expense	127		102		364		247
Variable lease expense	877		1,112		2,589		2,974
	$	3,136	$	3,394	$	9,422	$	9,581

Future minimum payments under our non-cancelable operating leases were as follows as of September 27, 2025 (in thousands):


Fiscal Year	Amount
Remainder of 2025	$	2,269
2026	7,961
2027	7,527
2028	4,038
2029	311
Thereafter	1,254
Total minimum lease payments	23,360
Less: interest	(2,643)
Present value of net minimum lease payments	20,717
Less: current portion	(7,400)
Total long-term operating lease liabilities	$	13,317