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INCOME TAXES

12 Months Ended

Dec. 27, 2024

INCOME TAXES

INCOME TAXES

11. INCOME TAXES

The provision for income taxes is comprised of ⁽¹⁾:

​

​	​	​	​	​	​	​	​	​	​	​
​	​	Fiscal Year
​		2024			2023			2022
​	​	(in thousands)								​
Current federal taxes	​	$	361	​	$	61	​	$	(1,224)	​
Current state taxes	​		1,207	​		676	​		(73)	​
Current foreign taxes	​	​	18	​	​	—	​	​	—	​
Deferred federal taxes	​		1,677	​		2,022	​		(1,519)	​
Deferred state taxes	​		846	​		906	​		(188)	​
​	​	$	4,109	​	$	3,665	​	$	(3,004)	​

(1) Revenue from the Company’s foreign operations was immaterial for fiscal years 2024, 2023, and 2022.

The provision for income taxes reconciles to the amounts computed by applying the statutory federal tax rate of 21% for fiscal years 2024, 2023, and 2022 to the Company’s income before income taxes. The sources and tax effects of the differences for fiscal years 2024, 2023 and 2022 are as follows:

​

​	​	​	​	​	​	​	​	​	​	​
​	​	Fiscal Year								​
​		2024			2023			2022
​	​	(in thousands)								​
Computed “expected” federal income tax expense	​	$	5,603	​	$	3,064	​	$	(2,405)	​
Permanent differences	​		52	​		194	​		24	​
Nondeductible executive compensation	​	​	600	​	​	121	​	​	711	​
Stock options and disqualifying dispositions	​	​	(910)	​	​	560	​	​	576	​
Energy efficient building deduction	​	​	(2,053)	​	​	(717)	​	​	(1,378)	​
Current and deferred state income tax expense, net of federal benefit	​		1,694	​		1,250	​		(111)	​
Research and development tax credit	​	​	(813)	​	​	(867)	​	​	(517)	​
Change in valuation allowance	​	​	(85)	​	​	—	​	​	—	​
Other	​		21	​		60	​		96	​
​	​	$	4,109	​	$	3,665	​	$	(3,004)	​

​

The tax effects of temporary differences that give rise to significant portions of the net deferred tax assets and liabilities are as follows:

​

​	​	​	​	​	​	​
​	​	December 27,		​	December 29,
​		2024			2023
​	​	(in thousands)
Deferred tax assets:	​	​	​	​	​	​
Other accrued liabilities	​	$	4,642	​	$	2,907
Federal and state net operating losses	​	​	11,451	​	​	15,890
Lease liability	​	​	4,269	​	​	3,977
Stock compensation	​	​	1,509	​	​	1,214
Capitalized research and development	​	​	5,058	​	​	4,286
Credit carryforwards	​	​	2,395	​	​	2,819
Excess business interest limitation	​	​	—	​	​	84
Other	​		212	​		432
Total deferred tax assets	​		29,536	​		31,609
Valuation allowance	​		(1,106)	​		(1,191)
Net deferred tax assets	​	$	28,430	​	$	30,418
Deferred tax liabilities:	​	​	​	​	​	​
Deferred revenue	​	$	(2,899)	​	$	(2,960)
Fixed assets	​	​	(2,813)	​	​	(3,013)
Intangible assets	​	​	(5,475)	​	​	(4,926)
Lease right-of-use assets	​	​	(3,806)	​	​	(3,558)
Other	​	​	(91)	​	​	—
Total deferred tax liabilities	​		(15,084)	​		(14,457)
Net deferred tax asset	​	$	13,346	​	$	15,961

​

As of December 27, 2024, the Company had federal and state operating loss carryovers of $32.7 million and $66.5 million, respectively. As of December 27, 2024, the Company had a federal tax credit carryforward of $2.4 million, and an immaterial amount of state tax credit carryforward. The federal net operating losses begin to expire in 2027. The majority of the state net operating loss carryovers will begin to expire in 2030.

During each fiscal year, management assesses the available positive and negative evidence to estimate if sufficient future taxable income will be generated to utilize existing deferred tax assets. During fiscal year 2024, $0.1 million of the valuation allowance was released due to expected future utilization of deferred tax assets.

As of December 27, 2024 and December 29, 2023, the Company’s liabilities related to uncertain tax positions were immaterial to the consolidated financial statements. The Company may be subject to examination by the Internal Revenue Service (“IRS”) for calendar years 2021 through 2024. The Company may also be subject to examination on certain state and local jurisdictions for the years 2020 through 2024.

The Company's policy is to recognize interest and penalties related to unrecognized tax benefits in income tax expense. As of December 27, 2024 and December 29, 2023, the Company did not have any unrecognized tax benefits. In addition, during the fiscal year 2024, the Company did not have any additions or reductions of unrecognized tax benefits.

​

​

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