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BALANCE SHEET INFORMATION | 12 Months Ended
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May 30, 2025
BALANCE SHEET INFORMATION |
BALANCE SHEET INFORMATION | 3. BALANCE SHEET INFORMATION Inventories consisted of the following:
|  | May 30, |  |  | May 31, |
(In thousands) |  | 2025 |  |  | 2024 |
Raw materials and sub-assemblies |  | $ | 30,644 |  |  | $ | 22,410 |
Work in process |  |  | 9,263 |  |  |  | 13,593 |
Finished goods |  |  | 2,090 |  |  |  | 1,467 |
|  | $ | 41,997 |  |  | $ | 37,470 |
Property and equipment, net consisted of the following:
|  | May 30, |  |  | May 31, |
(In thousands) |  | 2025 |  |  | 2024 |
Leasehold improvements |  | $ | 5,999 |  |  | $ | 1,298 |
Machinery and equipment |  |  | 3,846 |  |  |  | 4,180 |
Test equipment |  |  | 2,898 |  |  |  | 1,928 |
Furniture and fixtures |  |  | 1,331 |  |  |  | 175 |
Construction-in-process |  |  | 362 |  |  |  | 638 |
|  |  | 14,436 |  |  |  | 8,219 |
Less: accumulated depreciation and amortization |  |  | (5,467 | ) |  |  | (4,966 | )
|  | $ | 8,969 |  |  | $ | 3,253 |
Depreciation expense was $1.0 million, $0.7 million, and $0.5 million in fiscal years 2025, 2024, and 2023, respectively. Accrued expenses and other current liabilities consisted of the following:
|  | May 30, |  |  | May 31, |
(In thousands) |  | 2025 |  |  | 2024 |
Commissions and bonuses |  | $ | 1,420 |  |  | $ | 1,290 |
Payroll related |  |  | 1,335 |  |  |  | 1,202 |
Professional services |  |  | 436 |  |  |  | 503 |
Warranty reserve |  |  | 428 |  |  |  | 234 |
Escrow payable |  |  | 1,762 |  |  |  | - |
Other |  |  | 639 |  |  |  | 137 |
|  | $ | 6,020 |  |  | $ | 3,366 |
Changes in the Company’s warranty reserve were as follows:
|  | May 30, |  |  | May 31, |
(In thousands) |  | 2025 |  |  | 2024 |
Balance at the beginning of the period |  | $ | 234 |  |  | $ | 267 |
Accruals for warranties issued during the period |  |  | 679 |  |  |  | 511 |
Warranties acquired through business combination |  |  | 144 |  |  |  | - |
Consumption of reserves |  |  | (629 | ) |  |  | (544 | )
Balance at the end of the period |  | $ | 428 |  |  | $ | 234 |
The accrued warranty balance is included in accrued expenses and other current liabilities on the consolidated balance sheets. Deferred revenue, short-term consisted of the following:
|  | May 30, |  |  | May 31, |
(In thousands) |  | 2025 |  |  | 2024 |
Customer deposits |  | $ | 1,802 |  |  | $ | 1,248 |
Deferred revenue |  |  | 179 |  |  |  | 97 |
|  | $ | 1,981 |  |  | $ | 1,345 |

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