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INCOME TAXES (Tables)

12 Months Ended

May 30, 2025

INCOME TAXES

Domestic and foreign components of loss before income tax expense (benefit)

		Year Ended
		May 30,				May 31,				May 31,
(In thousands)		2025				2024				2023
Domestic		$	(4,422	)		$	12,355			$	14,541
Foreign			131				103				76
		$	(4,291	)		$	12,458			$	14,617

Income tax expense (benefit)

		Year Ended
		May 30,				May 31,				May 31,
(In thousands)		2025				2024				2023
Federal income taxes:
Current		$	-			$	6			$	28
Deferred			(409	)			(14,377	)			-
State income taxes:
Current			7				14				-
Deferred			(12	)			(6,396	)			-
Foreign income taxes:
Current			33				55				32
Deferred			-				-				-
		$	(381	)		$	(20,698	)		$	60

Effective tax rate

		Year Ended
		May 30,				May 31,				May 31,
		2025				2024				2023
U.S. federal statutory tax rate			21.0	%			21.0	%			21.0	%
State taxes, net of federal tax effect			0.1				(51.1	)			-
Foreign rate differential			0.1				0.2				0.7
Stock-based compensation			(10.3	)			(8.4	)			(9.1	)
Research and development credit			(1.3	)			(1.5	)			(2.3	)
Change in valuation allowance			-				(126.0	)			(9.3	)
Other			(0.7	)			(0.3	)			(0.6	)
Effective tax rate			8.9	%			(166.1	)%			0.4	%

Net deferred tax assets and liabilities

		May 30,				May 31,
(In thousands)		2025				2024
Deferred tax assets:
Net operating losses		$	7,945			$	9,344
Lease liability			2,295				1,310
Credit carryforwards			6,681				6,739
Inventory reserves			1,067				1,070
Reserves and accruals			1,368				855
Capitalized research and development			4,291				2,645
Other			-				23
			23,647				21,986
Deferred tax liabilities:
Operating lease right-of-use assets			(2,035	)			(1,213	)
Intangibles			(2,285	)			-
Other			(213	)			-
Net deferred tax assets		$	19,114			$	20,773

Unrecognized tax benefits

(In thousands)
Balance at May 31, 2022		$	2,018
Increases related to prior year tax positions			90
Increases related to current year tax positions			168
Balance at May 31, 2023			2,276
Increases related to prior year tax positions			35
Decreases related to prior year tax positions			(28	)
Increases related to current year tax positions			233
Decreases related to current year tax positions			(32	)
Balance at May 31, 2024			2,484
Decreases related to prior year tax positions			(23	)
Balance at May 30, 2025		$	2,461

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of the change in unrecognized tax benefits.

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