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CONTRACT ASSETS AND LIABILITIES | 3 Months Ended
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Mar. 28, 2026
Contract Assets And Liabilities |
CONTRACT ASSETS AND LIABILITIES | 12. CONTRACT ASSETS AND LIABILITIES Contract assets include unbilled amounts typically resulting from sales under contracts when the cost-to-cost method of revenue recognition is utilized and revenue recognized from customer arrangements, including licensing, exceeds the amount billed to the customer, and right to payment is not just subject to the passage of time. Amounts may not exceed their net realizable value. Contract assets are generally classified as current. The Company classifies the noncurrent portion of contract assets under Other assets in its condensed consolidated balance sheets. Contract liabilities consist of advance payments and billings in excess of revenue recognized for the contract. Net contract assets (liabilities) consisted of the following: SCHEDULE OF CONTRACT WITH CUSTOMER, ASSET AND LIABILITY
|  | March 28, 2026 |  |  | December 27, 2025 |
ASC 606 Contract assets |  | $ | 6,134,563 |  |  | $ | 6,032,913 |
ASC 606 Current contract liabilities and billings in excess of revenue earned |  |  | (1,008,635 | ) |  |  | (1,168,009 | )
ASC 606 Noncurrent contract liabilities |  |  | (2,728 | ) |  |  | (7,465 | )
Grant income receivable |  |  | 753,068 |  |  |  | — |
Collaboration contract assets (recorded in Prepaid expenses and other current assets) |  |  | 128,522 |  |  |  | 98,911 |
Deferred grant income |  |  | — |  |  |  | (2,688,627 | )
The $0.1 million increase in the Company’s ASC 606 contract assets at March 28, 2026 as compared to December 27, 2025 was primarily due to an increase in amounts incurred for production of defense products. The $0.2 million decrease in the Company’s contract liabilities from December 27, 2025 to March 28, 2026 was primarily due to satisfaction of performance obligations that were paid in advance. The Company records ASC 606 contract assets or contract liabilities on a contract-by-contract basis. The Company records a contract asset for unbilled revenue when the Company’s performance exceeds amounts billed. The Company classifies the contract asset as either current or non-current based on the expected timing of the Company’s right to bill under the terms of the contract, which the Company expects to be able to bill for within one year. Contract liabilities consist of payments received in advance of product shipment. The liability is removed with shipment of the product. In the three months ended March 28, 2026, the Company recognized revenue of $0.6 million related to its contract liabilities at December 27, 2025. In the three months ended March 29, 2025, the Company recognized revenue of $0.1 million related to its contract liabilities at December 28, 2024. The Company did not recognize impairment losses on its contract assets in the three months ended March 28, 2026, or the years ended December 27, 2025 or December 28, 2024. The $0.8 million increase in Grant income receivables as of March 28, 2026 compared to December 27, 2025 reflects revenue in excess of billings during the three months ended March 28, 2026. The $2.7 million decrease in Deferred grant income as of March 28, 2026 compared to December 27, 2025 reflects the recognition of previously deferred amounts upon satisfaction of the related grant conditions during the three months ended March, 28, 2026.

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