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Note 5 - Leases

6 Months Ended

Jun. 28, 2025

Note 5 – Leases

The Company primarily leases office and manufacturing facilities in addition to vehicles, which have remaining terms ranging from less than one year to eleven years, four months.

The Company has no finance leases.

Leases recorded on the balance sheet consist of the following (in thousands):

Leases	*June 28, 2025*		*December 31, 2024*
Assets
Operating lease right of use asset	$	23,113	$	24,316

Liabilities
Operating lease - current	$	4,321	$	3,998
Operating lease - non-current	$	19,212	$	19,928

Other information related to lease term and discount rate is as follows:

	*June 28, 2025*
Operating leases weighted average remaining lease term (in years)		6.65
Operating leases weighted average discount rate		4.95	%

The components of lease expense are as follows (in thousands):

	*Fiscal Quarter Ended*						*Six Fiscal Months Ended*
	*June 28, 2025*			*June 29, 2024*			*June 28, 2025*			*June 29, 2024*
Operating lease cost	$	1,344		$	1,321		$	2,675		$	2,704
Short-term lease cost		15			7			39			25
Sublease income		(131	)		(111	)		(248	)		(224	)
Total net lease cost	$	1,228		$	1,217		$	2,466		$	2,505

Right of use assets obtained in exchange for new operating lease liability during the six fiscal months ended June 28, 2025 were $0.5 million. The Company paid $2.7 million for its operating leases for each of the six fiscal months ended June 28, 2025 and June 29, 2024, which are included in operating cash flows on the consolidated condensed statements of cash flows.

Undiscounted maturities of operating lease payments as of June 28, 2025 are summarized as follows (in thousands):

2025	$	2,715
2026		4,502
2027		3,934
2028		3,629
2029		3,536
Thereafter		9,180
Total future minimum lease payments	$	27,496
Less: amount representing interest		(3,963	)
Present value of future minimum lease payments	$	23,533