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BUSINESS COMBINATIONS (Tables)

6 Months Ended

Jul. 04, 2025

BUSINESS COMBINATIONS

Schedule of unaudited pro forma financial information

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​

​

​

​

​

​

​

​

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​

​

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Three Months Ended

​

Six Months Ended

​

​

July 4,

​

June 28,

​

July 4,

​

June 28,

​

2025

2024

2025

2024

​

​

(in thousands, except per share data)

​

​

(Unaudited)

Pro forma revenue

​

$

173,473

​

$

153,771

​

$

329,730

​

$

289,138

​

​

​

​

​

​

​

​

​

​

​

​

​

Pro forma income (loss) from operations

​

$

11,815

​

$

8,708

​

$

18,600

​

$

16,700

Pro forma net income (loss) (1)

​

$

15,434

​

$

6,562

​

$

19,793

​

$

11,550

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​

​

​

​

​

​

​

​

​

​

​

​

Earnings (Loss) per share:

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​

​

​

​

​

​

​

​

​

​

​

Basic

​

$

1.07

​

$

0.48

​

$

1.38

​

$

0.85

Diluted

​

$

1.03

​

$

0.47

​

$

1.34

​

$

0.82

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted average shares outstanding:

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​

​

​

​

​

​

​

​

​

​

​

Basic

​

​

14,444

​

​

13,725

​

​

14,298

​

​

13,665

Diluted

​

​

14,917

​

​

14,074

​

​

14,778

​

​

14,001

(1) Adjustments to pro forma net income include income from operations, amortization and interest expenses.

Alternative Power Generation, Inc.

BUSINESS COMBINATIONS

Schedule of consideration for the acquisition

​

​	​	​	​
​		APG
​	​	(in thousands)
Cash consideration	​	$	20,830
Other working capital adjustments and holdbacks	​	​	-
Issuance of common stock	​	​	5,557
Contingent consideration	​	​	12,040
Total consideration	​	$	38,427

Schedule of acquired assets recorded at their estimated fair value as of the acquisition date

​

​	​	​	​
​		APG
​	​	(in thousands)
Current assets	​	$	10,606
Non-current assets (1)	​	​	12
Liabilities	​	​	(12,549)
Non-current lease liability	​	​	(240)
Backlog	​	​	2,372
Customer relationships	​	​	3,313
Tradename	​	​	1,407
Goodwill	​	​	33,506
Net assets acquired	​	$	38,427

​

(1) Excluded from non-current assets are backlog, customer relationships, tradename, and goodwill.

Alpha Inspections, Inc.

BUSINESS COMBINATIONS

Schedule of consideration for the acquisition

​

​	​	​	​
​		Alpha
​	​	(in thousands)
Cash consideration	​	$	12,086
Other working capital adjustments and holdbacks	​	​	-
Total consideration	​	$	12,086

Schedule of acquired assets recorded at their estimated fair value as of the acquisition date

​

​	​	​	​
​		Alpha
​	​	(in thousands)
Current assets	​	$	1,135
Non-current assets (1)	​	​	34
Liabilities	​	​	(475)
Backlog	​	​	550
Customer relationships	​	​	2,413
Tradename	​	​	550
Goodwill	​	​	7,879
Net assets acquired	​	$	12,086

​

(1) Excluded from non-current assets are backlog, customer relationships, tradename, and goodwill.

Enica Engineering, PLLC

BUSINESS COMBINATIONS

Schedule of consideration for the acquisition

​

​	​	​	​
​		Enica
​	​	(in thousands)
Cash consideration	​	$	12,211
Other working capital adjustments and holdbacks	​	​	—
Contingent consideration	​	​	4,060
Total consideration	​	$	16,271

Schedule of acquired assets recorded at their estimated fair value as of the acquisition date

​

​	​	​	​
​		Enica
​	​	(in thousands)
Current assets	​	$	2,358
Non-current assets (1)	​	​	69
Right-of-use assets	​	​	652
Liabilities	​	​	(658)
Lease liability	​	​	(652)
Backlog	​	​	576
Customer relationships	​	​	3,892
Tradename	​	​	187
Goodwill	​	​	9,847
Net assets acquired	​	$	16,271

​

(1) Excluded from non-current assets are right-of-use assets, backlog, customer relationships, tradename, and goodwill.

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