XML 26 R20.htm IDEA: XBRL DOCUMENT
v3.25.3

Stockholders' Equity | 9 Months Ended
--- | ---
Sep. 26, 2025
Stockholders' Equity Note [Abstract] |
Stockholders' Equity | Note 11 — Stockholders’ Equity Incentive Plan The Company maintains an Amended and Restated Omnibus Equity Incentive Plan, as amended (the “Equity Plan”). The Equity Plan allows for awards of stock options, stock appreciation rights, restricted stock, restricted stock units (“RSUs”) and performance stock units (“PSUs”) and other stock- and cash-based awards, including awards that are subject to service-based and performance-based vesting conditions. As of September 26, 2025, the Company had outstanding grants of stock options, RSUs and PSUs. Stock options granted under the Equity Plan are granted at fair market value on the date of grant, become exercisable generally over a three-year period, or as determined by the Board of Directors, and expire over periods not exceeding 10 years from the date of grant. Certain stock options and stock-based awards provide for accelerated vesting if there is a change in control and pre-established financial metrics are met (as defined in the Equity Plan). Grants of restricted stock outstanding under the Equity Plan generally vest over periods of one to three years. Grants of RSUs and PSUs outstanding under the Equity Plan generally vest based on service, performance, or a combination of both. On June 19, 2024, stockholders approved a proposal to increase the number of shares under the Equity Plan by 2,600,000 shares, for a total of 22,805,000 shares. As of September 26, 2025, there were 1,179,745 shares available for grant under the Equity Plan. Note 11 — Stockholders’ Equity (Continued) Stock-Based Compensation The cost that has been charged against income for stock-based compensation is set forth below (in thousands):
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 26, 2025 |  |  | September 27, 2024 |  |  | September 26, 2025 |  |  | September 27, 2024 |
Employee stock options |  | $ | 1,566 |  |  | $ | 3,592 |  |  | $ | 5,611 |  |  | $ | 10,283 |
Restricted stock |  |  | — |  |  |  | 156 |  |  |  | 302 |  |  |  | 354 |
RSUs |  |  | 3,382 |  |  |  | 3,150 |  |  |  | 9,690 |  |  |  | 8,493 |
PSUs |  |  | 2,478 |  |  |  | 115 |  |  |  | 5,085 |  |  |  | 2,919 |
Nonemployee stock options |  |  | 124 |  |  |  | 137 |  |  |  | 426 |  |  |  | 429 |
Nonemployee RSUs |  |  | 608 |  |  |  | 10 |  |  |  | 861 |  |  |  | 63 |
Total stock-based compensation expense |  | $ | 8,158 |  |  | $ | 7,160 |  |  | $ | 21,975 |  |  | $ | 22,541 |
The Company recorded stock-based compensation costs in the following categories (in thousands):
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 26, 2025 |  |  | September 27, 2024 |  |  | September 26, 2025 |  |  | September 27, 2024 |
Cost of sales |  | $ | 48 |  |  | $ | 303 |  |  | $ | 428 |  |  | $ | 964 |
General and administrative |  |  | 5,026 |  |  |  | 3,621 |  |  |  | 12,352 |  |  |  | 11,677 |
Selling and marketing |  |  | 1,492 |  |  |  | 1,213 |  |  |  | 4,078 |  |  |  | 3,742 |
Research and development |  |  | 1,592 |  |  |  | 2,023 |  |  |  | 5,117 |  |  |  | 6,158 |
Total stock-based compensation expense, net |  |  | 8,158 |  |  |  | 7,160 |  |  |  | 21,975 |  |  |  | 22,541 |
Amounts capitalized as part of inventory |  |  | 64 |  |  |  | 361 |  |  |  | 568 |  |  |  | 1,138 |
Total stock-based compensation expense, gross |  | $ | 8,222 |  |  | $ | 7,521 |  |  | $ | 22,543 |  |  | $ | 23,679 |
As of September 26, 2025, total unrecognized compensation cost related to non-vested stock-based compensation arrangements were as follows (in thousands):
|  | September 26, 2025 |
Stock options |  | $ | 7,016 |
RSUs and PSUs |  |  | 34,050 |
Total unrecognized stock-based compensation cost |  | $ | 41,066 |
The cost is expected to be recognized over a weighted-average period of approximately one and one-half years. Assumptions The fair value of each stock option award is estimated on the date of grant using a Black-Scholes option valuation model applying the weighted-average assumptions noted in the following table. Expected volatilities are based on historical volatility of the Company’s stock. The expected term of stock options granted is derived from the historical exercises and post-vesting cancellations and represents the period of time that stock options granted are expected to be outstanding. The Company has calculated a 8% estimated forfeiture rate based on historical forfeiture experience. The risk-free rate is based on the U.S. Treasury yield curve corresponding to the expected term at the time of the grant.
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 26, 2025 |  |  | September 27, 2024 |  |  | September 26, 2025 |  |  | September 27, 2024 |
Expected dividend yield |  |  | 0 | % |  |  | 0 | % |  |  | 0 | % |  |  | 0 | %
Expected volatility |  |  | 60 | % |  |  | 59 | % |  |  | 60 | % |  |  | 59 | %
Risk-free interest rate |  |  | 3.83 | % |  |  | 3.70 | % |  |  | 4.07 | % |  |  | 4.17 | %
Expected term (in years) |  |  | 5.05 |  |  |  | 5.29 |  |  |  | 5.05 |  |  |  | 5.29 |
Note 11 — Stockholders’ Equity (Continued) Stock Options A summary of stock option activity under the Equity Plan for the nine months ended September 26, 2025 is presented below:
|  | Stock Options (in 000’s) |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Contractual Term (years) |  |  | Aggregate Intrinsic Value (in 000’s) |
Outstanding at December 27, 2024 |  |  | 2,808 |  |  | $ | 45.72 |  |  |  |  |  |  |
Granted |  |  | 121 |  |  |  | 18.22 |  |  |  |  |  |  |
Exercised |  |  | (210 | ) |  |  | 15.99 |  |  |  |  |  |  |
Forfeited or expired |  |  | (870 | ) |  |  | 50.16 |  |  |  |  |  |  |
Outstanding at September 26, 2025 |  |  | 1,849 |  |  | $ | 45.15 |  |  |  | 6.02 |  |  | $ | 3,284 |
Exercisable at September 26, 2025 |  |  | 1,423 |  |  | $ | 48.45 |  |  |  | 5.26 |  |  | $ | 2,269 |
Restricted Stock, Restricted Stock Units and Performance Stock Units A summary of restricted stock, RSU and PSU activity under the Equity Plan for the nine months ended September 26, 2025 is presented below (shares in thousands):
|  | Restricted Stock |  |  | RSUs |  |  | PSUs |
Unvested at December 27, 2024 |  |  | 16 |  |  |  | 695 |  |  |  | 406 |
Granted |  |  | — |  |  |  | 1,274 |  |  |  | 849 |
Vested |  |  | (16 | ) |  |  | (277 | ) |  |  | (20 | )
Forfeited or expired |  |  | — |  |  |  | (186 | ) |  |  | (433 | )
Unvested at September 26, 2025 |  |  | — |  |  |  | 1,506 |  |  |  | 802 |
Share Repurchase Program In May 2025, the Company’s Board of Directors authorized a share repurchase program under which the Company may repurchase up to $30 million of its outstanding common stock. Under the program, the Company may repurchase shares in the open market, through privately negotiated transactions, by entering into structured repurchase agreements with third parties, by making block purchases, and/or pursuant to Rule 10b5-1 trading plans. The timing, manner, price, and amount of any repurchases under the program will be determined by the Company in its discretion, subject to market conditions, legal requirements, and other considerations. The Company is not obligated to repurchase any specific number of shares, and the program may be modified, suspended, or discontinued at any time, without prior notice. During the three and nine months ended September 26, 2025 the Company purchased 115,115 and 375,630 shares, respectively for an aggregate of $1,982,000 and $6,461,000, respectively, pursuant to its share repurchase program. As of September 26, 2025, $23,539,000 remained available for repurchases pursuant to the program. Repurchased shares are held in treasury stock. Treasury stock purchases are accounted for under the cost method whereby the cost of the acquired stock is recorded as treasury stock.

X
- References No definition available. + Details
Name: | us-gaap_StockholdersEquityNoteAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for equity. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-13 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-13 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-14 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477968/946-235-50-2 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477968/946-235-50-2 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 505 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478448/946-505-50-6 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480237/815-40-50-6 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/505/tableOfContent Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-13 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-13 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-13 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-14 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-14 Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 16 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-16 Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-18 Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-18 Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-18 + Details
Name: | us-gaap_StockholdersEquityNoteDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration