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Fair Value Measurements (Tables)

12 Months Ended

Dec. 28, 2025

Fair Value Measurements [Abstract]

Schedule of Financial Assets and Liabilities that are Measured at Fair Value, on a Recurring Basis

The following tables set forth the Company’s financial assets and liabilities that are measured at fair value, on a recurring basis (in thousands):

		As of December 28, 2025
		Level 1				Level 2				Level 3				Total
Financial Assets
Restricted cash		$	3,841			$	—			$	—			$	3,841
Total		$	3,841			$	—			$	—			$	3,841
Financial Liabilities
July 2024 Notes derivative liability (1)		$	—			$	—			$	19,604			$	19,604
July 2024 Notes derivative liability – related parties (1)			—				—				12,615				12,615
September 2024 Notes derivative liability (1)			—				—				37,930				37,930
September 2024 Notes derivative liability – related parties (1)			—				—				5,870				5,870
July 2025 Note derivative liability– related party (1)			—				—				3,246				3,246
September 2025 Notes derivative liability (1)			—				—				14,756				14,756
November 2025 Note derivative liability – related party (1)			—				—				1,488				1,488
Forward purchase agreement liabilities			—				—				3,965				3,965
SAFE Agreement with related party			—				—				535				535
Private placement warrants			—				—				1,692				1,692
Working capital warrants			—				—				194				194
Public warrants			2,475				—				—				2,475
Deferred Sunder Consideration Shares			10,840				—				—				10,840
Deferred Ambia Consideration Shares			—				—				16,879				16,879
Total		$	13,315			$	—			$	118,774			$	132,089

		As of December 29, 2024
		Level 1				Level 2				Level 3				Total
Financial Assets
Restricted cash		$	3,841			$	—			$	—			$	3,841
Total		$	3,841			$	—			$	—			$	3,841
Financial Liabilities
July 2024 Notes derivative liability (1)		$	—			$	—			$	13,563			$	13,563
July 2024 Notes derivative liability – related parties (1)			—				—				21,127				21,127
September 2024 Notes derivative liability (1)			—				—				55,474				55,474
September 2024 Notes derivative liability – related parties (1)			—				—				6,958				6,958
Forward purchase agreement liabilities (2)			—				—				3,494				3,494
SAFE Agreement with related party			—				—				384				384
Private placement warrants			—				—				627				627
Working capital warrants			—				—				72				72
Public warrants			862				—				—				862
Total		$	862			$	—			$	101,699			$	102,561

(1)	The derivative liabilities are associated with the Company’s outstanding senior unsecured convertible notes with stated interest rates of 7.0% (the “September 2024 Notes” and “September 2025 Notes”) and 12.0% (the “July 2024 Notes”, “July 2025 Note”, and “November 2025 Note”) all of which are defined in Note 10 – Borrowings and Derivative Liabilities.
(2)	Includes $1.3 million due to related parties as of and December 29, 2024.

Schedule of Liabilities by Class and Categorized Within Level 3 Under the Fair Value Hierarchy

The reconciliation of liabilities by class and categorized within Level 3 under the fair value hierarchy is as follows for the fiscal years ended December 28, 2025 and December 29, 2024 (in thousands):

		Fiscal Year Ended December 28, 2025
		Derivative liabilities				Forward Purchase Agreements				SAFE Agreements				Warrant liabilities				Deferred Ambia Consideration Shares				Total
Balance as of December 29, 2024		$	97,122			$	3,494			$	384			$	699			$	—			$	101,699
Additions			20,808				—				—				—				16,879				37,687
Conversions			(10,931	)			—				—				—				—				(10,931	)
Net (gain)/loss recognized within Other non-operating income, net in the consolidated statement of operations			(11,490	)			471				151				1,187				—				(9,681	)
Balance as of December 28, 2025		$	95,509			$	3,965			$	535			$	1,886			$	16,879			$	118,774

		Fiscal Year Ended December 29, 2024
		Derivative liabilities				Forward Purchase Agreements				SAFE Agreements				Warrant liabilities				Total
Balance as of December 31, 2023		$	—			$	3,831			$	—			$	10,960			$	14,791
Additions			131,108				—				6,000				—				137,108
Conversions			—				—				(6,250	)			(7,306	)			(13,556	)
Net (gain)/loss recognized within Other non-operating income, net in the consolidated statement of operations			(33,986	)			(337	)			634				(2,955	)			(36,644	)
Balance as of December 29, 2024		$	97,122			$	3,494			$	384			$	699			$	101,699

Schedule of Derivative Liability Valuation Inputs

The assumptions used to value the derivative liabilities as of December 28, 2025 were as follows:

		12.0% Senior Unsecured Convertible Notes												7.0% Senior Unsecured Convertible Notes
		July 2024 Notes				July 2025 Note				November 2025 Note				September 2024 Notes				September 2025 Notes
Coupon rate			12.0	%			12.0	%			12.0	%			7.0	%			7.0	%
Conversion rate			595.24				558.66				626.96				467.84				467.84
Conversion price		$	1.68			$	1.79			$	1.60			$	2.14			$	2.14
Common stock price		$	1.62			$	1.62			$	1.62			$	1.62			$	1.62
Risk-free interest rate			3.6	%			3.6	%			3.6	%			3.58	%			3.58	%
Volatility			82.2	%			83.2	%			81.3	%			85.6	%			85.6	%
Dividend yield			0.00	%			0.00	%			0.00	%			0.00	%			0.00	%

The assumptions used to value the derivative liabilities as of December 29, 2024 were as follows:

		Senior Unsecured Convertible Notes
		12.0% Notes				7.0% Notes
		July 2024 Notes				September 2024 Notes
Coupon rate			12.0	%			7.0	%
Conversion rate			595.24				467.84
Conversion price		$	1.68			$	2.14
Common stock price		$	1.81			$	1.81
Risk-free interest rate			4.43	%			4.43	%
Volatility			62.0	%			66.6	%
Dividend yield			0.00	%			0.00	%

Schedule of Measured at Fair Value

FPAs are measured at fair value on a recurring basis using a Monte Carlo simulation analysis based upon the following inputs:

		As of
		December 28,				December 29,
		2025				2024
VWAP stock price		$	1.66			$	1.78
Simulation period			0.55 years				0.55 years
Risk-free rate			3.57	%			4.28	%
Volatility			77.3	%			117.0	%

The Company valued the private placement and working capital warrants, based on a binomial lattice model, which included the following inputs:

		As of
		December 28,				December 29,
		2025				2024
Expected term			2.56 years				3.56 years
Stock price		$	1.62			$	1.81
Exercise price		$	11.50			$	11.50
Expected volatility			179.0	%			68.1	%
Risk-free rate			3.50	%			4.39	%
Expected dividend yield			0.00	%			0.00	%

Schedule of Financial Liabilities that were not Measured at Fair Value, on a Non-Recurring Basis

The following table sets forth the Company’s financial liabilities that were not measured at fair value and are considered a Level 3 instrument in the fair value hierarchy (in thousands):

		As of December 28, 2025
		Principal amount (1)				Unamortized debt discount and debt issuance costs				Net carrying amount excluding capitalized interest (1)				Fair value
12.0% senior unsecured convertible notes
July 2024 Notes		$	27,973			$	(5,832	)		$	22,141			$	33,165
July 2024 Notes – related parties			18,000				(10,369	)			7,631				21,204
Subtotal July 2024 Notes			45,973				(16,201	)			29,772				54,369
July 2025 Note – related party			5,000				(3,557	)			1,443				5,641
November 2025 Note – related party			2,000				(1,509	)			491				2,360
7.0% senior unsecured convertible notes
September 2024 Notes			56,543				(42,211	)			14,332				59,425
September 2024 Notes – related parties			8,750				(6,404	)			2,346				8,880
Subtotal September 2024 Notes			65,293				(48,615	)			16,678				68,305
September 2025 Notes			22,000				(18,646	)			3,354				24,227
Total		$	140,266			$	(88,528	)		$	51,738			$	154,902

		As of December 29, 2024
		Principal amount (1)				Unamortized debt discount and debt issuance costs				Net carrying amount excluding capitalized interest (1)				Fair value
12.0% senior unsecured convertible notes
July 2024 Notes		$	17,973			$	(6,205	)		$	11,768			$	21,390
July 2024 Notes – related parties			28,000				(10,785	)			17,215				33,323
Subtotal July 2024 Notes			45,973				(16,990	)			28,983				54,713
7.0% senior unsecured convertible notes
September 2024 Notes			71,800				(66,164	)			5,636				77,245
September 2024 Notes – related parties			8,000				(7,524	)			476				8,583
Subtotal September 2024 Notes			79,800				(73,688	)			6,112				85,828
Total		$	125,773			$	(90,678	)		$	35,095			$	140,541

(1) Excludes capitalized interest (coupon interest, default interest and failure to file interest) of $10.8 million and $13.6 million as of December 28, 2025 and December 29, 2024, respectively, included in the July 2024 Notes.

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Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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