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v3.26.1

Borrowings and Derivative Liabilities (Tables) | 12 Months Ended
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Dec. 28, 2025
Borrowings and Derivative Liabilities [Abstract] |
Schedule of Borrowings and Derivative Liabilities | The Company’s borrowings and derivative liabilities consisted of the following (in thousands):
|  | As of |
|  | December 28, |  |  | December 29, |
|  | 2025 |  |  | 2024 |
Short term: |  |  |  |  |  |
Seller Note – related party |  | $ | 20,000 |  |  | $ | — |
Loan with related party |  |  | 1,500 |  |  |  | 1,500 |
Total short-term debt with related parties |  | $ | 21,500 |  |  | $ | 1,500 |
Long-term: |  |  |  |  |  |  |  |
12.0% senior unsecured convertible notes and related derivative liabilities |  |  |  |  |  |  |  |
July 2024 Notes |  | $ | 32,969 |  |  | $ | 17,965 |
July 2024 Notes – related parties |  |  | 7,631 |  |  |  | 24,632 |
Subtotal July 2024 Notes |  |  | 40,600 |  |  |  | 42,597 |
July 2025 Note – related party |  |  | 1,443 |  |  |  | — |
November 2025 Note – related party |  |  | 491 |  |  |  | — |
July 2024 Notes derivative liability |  |  | 19,604 |  |  |  | 13,563 |
July 2024 Notes derivative liability – related party |  |  | 12,615 |  |  |  | 21,127 |
Subtotal July 2024 Notes derivative liability |  |  | 32,219 |  |  |  | 34,690 |
July 2025 Note derivative liability – related party |  |  | 3,246 |  |  |  | — |
November 2025 Note derivative liability – related party |  |  | 1,488 |  |  |  | — |
Total 12.0% senior unsecured convertible notes and derivative liabilities |  |  | 79,487 |  |  |  | 77,287 |
7.0% senior unsecured convertible notes and derivative liabilities |  |  |  |  |  |  |  |
September 2024 Notes |  |  | 14,332 |  |  |  | 5,636 |
September 2024 Notes – related parties |  |  | 2,346 |  |  |  | 476 |
Subtotal September 2024 Notes |  |  | 16,678 |  |  |  | 6,112 |
September 2025 Notes |  |  | 3,354 |  |  |  | — |
September 2024 Notes derivative liability |  |  | 37,930 |  |  |  | 55,474 |
September 2024 Notes derivative liability – related parties |  |  | 5,870 |  |  |  | 6,958 |
Subtotal September 2024 Notes derivative liability |  |  | 43,800 |  |  |  | 62,432 |
September 2025 Notes derivative liability |  |  | 14,756 |  |  |  | — |
Total 7.0% senior unsecured convertible notes and derivative liabilities |  |  | 78,588 |  |  |  | 68,544 |
Total notes payable and derivative liabilities |  |  | 158,075 |  |  |  | 145,831 |
Less current portion |  |  | (2,786 | ) |  |  | — |
Total senior unsecured convertible notes payable and derivative liabilities, net of current portion |  | $ | 155,289 |  |  | $ | 145,831 |
Balance sheet classification |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |
Notes payable, current portion |  | $ | 2,786 |  |  | $ | — |
Long-term liabilities |  |  |  |  |  |  |  |
Notes payable and derivative liabilities, net of current portion |  | $ | 120,159 |  |  | $ | 92,638 |
Notes payable and derivative liabilities with related parties |  |  | 35,130 |  |  |  | 53,193 |
Total |  | $ | 155,289 |  |  | $ | 145,831 |
Schedule of Fair Value of the Derivative Liability | The carrying amount of the July 2024 Notes was as follows (in thousands):
|  | As of |
|  | December 28, |  |  | December 29, |
|  | 2025 |  |  | 2024 |
July 2024 Notes principal amount |  | $ | 56,801 |  |  | $ | 59,587 |
Less Unamortized debt discount |  |  | (16,201 | ) |  |  | (16,990 | )
Net carrying amount of July 2024 Notes |  | $ | 40,600 |  |  | $ | 42,597 |
The carrying amount of the July 2025 Note was as follows (in thousands):
|  | As of |
|  | December 28, |
|  | 2025 |
July 2025 Note – related party |  | $ | 5,000 |
Less Unamortized debt discount – related party |  |  | (3,557 | )
Net carrying amount of July 2025 Note – related party |  | $ | 1,443 |
The carrying amount of the convertible November 2025 Note was as follows (in thousands):
|  | As of |
|  | December 28, |
|  | 2025 |
November 2025 Note – related party |  | $ | 2,000 |
Less Unamortized debt discount – related party |  |  | (1,509 | )
Net carrying amount of November 2025 Note – related party |  | $ | 491 |
The carrying amount of the convertible September 2024 Notes was as follows (in thousands):
|  | As of |
|  | December 28, |  |  | December 29, |
|  | 2025 |  |  | 2024 |
September 2024 Notes |  | $ | 65,293 |  |  | $ | 79,800 |
Less Unamortized debt discount |  |  | (48,615 | ) |  |  | (73,688 | )
Net carrying amount of September 2024 Notes |  | $ | 16,678 |  |  | $ | 6,112 |
The carrying amount of the September 2025 Notes, inclusive of the fair value of the derivative liabilities was as follows (in thousands):
|  | As of |
|  | December 28, |
|  | 2025 |
September 2025 Notes |  | $ | 22,000 |
Less Unamortized debt discount |  |  | (18,646 | )
Net carrying amount of September 2025 Notes |  | $ | 3,354 |
Schedule of Short and Long-term Debt | The principal amount of all short and long-term debt, excluding capitalized interest in connection with the exchanged notes, is as follows:
|  | Principal payment |
Fiscal year ending |  |  |
2026 |  | $ | 21,500 |
2027 |  |  | — |
2028 |  |  | — |
2029 |  |  | 143,266 |
Total |  |  | 164,766 |

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