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STOCKHOLDERS’ EQUITY | 6 Months Ended
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Jun. 27, 2025
Equity [Abstract] |
STOCKHOLDERS’ EQUITY | STOCKHOLDERS’ EQUITY Share-based Compensation Plans The following table sets forth the detailed allocation of the share-based compensation expense which was included in the Company’s condensed consolidated statements of operations:
| Three Months Ended |  | Six Months Ended
(in thousands) | June 27, 2025 |  | June 28, 2024 |  | June 27, 2025 |  | June 28, 2024
Cost of revenue | $ | 868 |  |  | $ | 273 |  |  | $ | 1,430 |  |  | $ | 796 |
Research and development | 1,205 |  |  | 1,523 |  |  | 3,697 |  |  | 3,478 |
Selling, general and administrative | 5,624 |  |  | 5,158 |  |  | 11,035 |  |  | 9,603 |
Total | $ | 7,697 |  |  | $ | 6,954 |  |  | $ | 16,162 |  |  | $ | 13,877 |
Restricted Stock Units
(in thousands, except per share amounts) | Number of Shares |  | Weighted Average Grant-Date Fair Value Per Share
Balance at December 31, 2024 | 3,447 |  |  | $ | 12.95 |
Granted | 1,941 |  |  | 7.83
Vested | (1,759) |  |  | 12.46
Forfeited | (99) |  |  | 12.91
Balance at June 27, 2025 | 3,530 |  |  | $ | 9.88 |
The Company’s stock benefit plans include the 2002 Employee Stock Purchase Plan (as amended and restated, the “ESPP”) and current active stock plans adopted in 1995 and 2002 (as amended and restated, the “1995 Stock Plan” and “2002 Director Plan”, respectively). Refer to Note 11, “Employee Benefit Plans” of Notes to Consolidated Financial Statements in the 2024 Form 10-K for details pertaining to each plan. On June 12, 2025, at the Company’s annual meeting of shareholders, stockholders approved the 2025 Equity Incentive Plan (the “2025 Stock Plan”) to replace the 1995 Stock Plan and 2002 Director Plan. Stockholders also approved an amendment to the 2002 ESPP, increasing the number of shares of common stock reserved for issuance by 500,000 shares. As of June 27, 2025, an aggregate of 6,799,081 shares of common stock were reserved for issuance under the 2025 Stock Plan, of which 6,775,531 shares remained available for future grants. Share Repurchase Program In February 2025, the Board of Directors terminated the Company’s existing stock repurchase program and authorized a new program under which the Company may repurchase up to $200 million of its outstanding shares of common stock through February 2028. The Company is authorized to repurchase, from time-to-time, shares of its outstanding common stock through open market purchases and 10b5-1 trading plans, in accordance with applicable rules and regulations, at such time and such prices as management may decide. The program does not obligate the Company to repurchase any specific number of shares and may be discontinued at any time. The actual timing and amount of repurchases are subject to business and market conditions, corporate and regulatory requirements, stock price, acquisition opportunities and other factors. During the six months ended June 27, 2025, the Company repurchased and retired approximately 5.1 million shares of the Company’s common stock for an aggregate amount of $50.1 million. As of June 27, 2025, approximately $149.9 million of the share repurchase authorization remained available for repurchases under this program.

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