XML 22 R11.htm IDEA: XBRL DOCUMENT

BALANCE SHEET INFORMATION

3 Months Ended

Aug. 29, 2025

3. BALANCE SHEET INFORMATION

Inventories

Inventories consisted of the following:

	August 29,		May 30,
(In thousands)	2025		2025
Raw materials and sub-assemblies	$	32,609	$	30,644
Work in process		8,674		9,263
Finished goods		559		2,090
	$	41,842	$	41,997

Property and equipment

Property and equipment, net consisted of the following:

	Useful life	August 29,			May 30,
(In thousands)	(in years)	2025			2025
Leasehold improvements	*	$	6,098		$	5,999
Machinery and equipment	3 - 5		3,845			3,846
Test equipment	4 - 5		2,883			2,898
Furniture and fixtures	2 - 10		1,336			1,331
Construction-in-process			673			362
			14,835			14,436
Less: accumulated depreciation			(5,834	)		(5,467	)
		$	9,001		$	8,969

* Lesser of estimated useful life or lease term.

Depreciation expense was $0.4 million for the three months ended August 29, 2025 and $0.2 million for the three months ended August 30, 2024.

Product warranties

The Company provides for the estimated cost of product warranties at the time revenues are recognized on the products shipped. While the Company engages in extensive product quality programs and processes, including actively monitoring and evaluating the quality of its component suppliers, the Company’s warranty obligation is affected by product failure rates, material usage and service delivery costs incurred in correcting a product failure. Should actual product failure rates, material usage or service delivery costs differ from the Company’s estimates, revisions to the estimated warranty liability would be required. The standard warranty period is one year for systems and ninety days for parts and service.

The following is a summary of changes in the Company's liability for product warranties during the three months ended August 29, 2025 and August 30, 2024:

	Three Months Ended
	August 29,			August 30,
(In thousands)	2025			2024
Balance at the beginning of the period	$	428		$	234
Accruals for warranties issued during the period		169			178
Adjustments to previously existing warranty accruals		204			-
Consumption of reserves		(291	)		(193	)
Balance at the end of the period	$	510		$	219

The accrued warranty balance is included in accrued expenses on the accompanying Condensed Consolidated Balance Sheets.

Deferred revenue

Deferred revenue, short-term consisted of the following:

	August 29,		May 30,
(In thousands)	2025		2025
Customer deposits	$	826	$	1,802
Deferred revenue		293		179
	$	1,119	$	1,981