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v3.26.1

Fair Value Measurements (Tables) | 3 Months Ended | 12 Months Ended
--- | --- | ---
Mar. 29, 2026 | 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 table sets forth the Company’s financial assets and liabilities that are measured at fair value on a recurring basis (in thousands):
|  | As of March 29, 2026 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Financial Assets |  |  |  |  |  |  |  |  |  |  |  |
Restricted cash |  | $ | 1,134 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,134 |
Total |  | $ | 1,134 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,134 |
Financial Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
July 2024 Notes derivative liability (1) |  | $ | — |  |  | $ | — |  |  | $ | 14,042 |  |  | $ | 14,042 |
July 2024 Notes derivative liability – related parties (1) |  |  | — |  |  |  | — |  |  |  | 9,036 |  |  |  | 9,036 |
September 2024 Notes derivative liability (1) |  |  | — |  |  |  | — |  |  |  | 26,351 |  |  |  | 26,351 |
September 2024 Notes derivative liability – related parties (1) |  |  | — |  |  |  | — |  |  |  | 4,286 |  |  |  | 4,286 |
July 2025 Note derivative liability– related party (1) |  |  | — |  |  |  | — |  |  |  | 2,239 |  |  |  | 2,239 |
September 2025 Notes derivative liability (1) |  |  | — |  |  |  | — |  |  |  | 10,825 |  |  |  | 10,825 |
November 2025 Note derivative liability – related party (1) |  |  | — |  |  |  | — |  |  |  | 1,069 |  |  |  | 1,069 |
January 2026 Note derivative liability – related party |  |  |  |  |  |  |  |  |  |  | 1,467 |  |  |  | 1,467 |
$1.9 Million Note |  |  |  |  |  |  |  |  |  |  | 1,530 |  |  |  | 1,530 |
March 2026 Bridge Note |  |  |  |  |  |  |  |  |  |  | 9,500 |  |  |  | 9,500 |
Forward purchase agreement liabilities |  |  | — |  |  |  | — |  |  |  | 5,107 |  |  |  | 5,107 |
SAFE Agreement with related party |  |  | — |  |  |  | — |  |  |  | 579 |  |  |  | 579 |
Private placement warrants |  |  | — |  |  |  | — |  |  |  | 1,504 |  |  |  | 1,504 |
Working capital warrants |  |  | — |  |  |  | — |  |  |  | 172 |  |  |  | 172 |
Public warrants |  |  | 2,070 |  |  |  | — |  |  |  | — |  |  |  | 2,070 |
Deferred Cobalt Consideration Shares |  |  | — |  |  |  | — |  |  |  | 6,331 |  |  |  | 6,331 |
Deferred Ambia Consideration Shares |  |  | — |  |  |  | — |  |  |  | 13,936 |  |  |  | 13,936 |
Total |  | $ | 2,070 |  |  | $ | — |  |  | $ | 107,974 |  |  | $ | 110,044 |
|  | 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 |
(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”, “November 2025 Note” and “January 2026 Note”) all of which are defined in Note 9 – Borrowings and Derivative Liabilities.
| 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 thirteen week periods ended March 29, 2026 and March 30, 2025 (in thousands):
|  |  |  |  | Thirteen Weeks Ended March 29, 2026 |
|  | Derivative liabilities |  |  | Convertible debt at fair value |  |  | Forward purchase agreements |  |  | SAFE Agreements |  |  | Warrant liabilities |  |  | Deferred Consideration Shares |  |  | Total |
Balance as of December 28, 2025 |  | $ | 95,509 |  |  | $ | — |  |  | $ | 3,965 |  |  | $ | 535 |  |  | $ | 1,886 |  |  | $ | 16,879 |  |  | $ | 118,774 |
Additions |  |  | 2,297 |  |  |  | 10,710 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 6,331 |  |  |  | 19,338 |
Conversions |  |  | (1,883 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1,883 | )
Net (gain) loss recognized within Other non-operating income, net in the consolidated statement of operations |  |  | (26,608 | ) |  |  | 320 |  |  |  | 1,142 |  |  |  | 44 |  |  |  | (210 | ) |  |  | (2,943 | ) |  |  | (28,255 | )
Balance as of March 29, 2026 |  | $ | 69,315 |  |  | $ | 11,030 |  |  | $ | 5,107 |  |  | $ | 579 |  |  | $ | 1,676 |  |  | $ | 20,267 |  |  | $ | 107,974 |
|  | Thirteen Weeks Ended March 30, 2025 |
|  | Derivative liabilities |  |  | Forward purchase agreements |  |  | SAFE Agreements |  |  | Warrant liabilities |  |  | Total |
Balance as of December 29, 2024 |  | $ | 97,122 |  |  | $ | 3,494 |  |  | $ | 384 |  |  | $ | 699 |  |  | $ | 101,699 |
Additions |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Conversions |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Net (gain) loss recognized within Other non-operating income, net in the consolidated statement of operations |  |  | (15,127 | ) |  |  | (268 | ) |  |  | 20 |  |  |  | 488 |  |  |  | (14,887 | )
Balance as of March 30, 2025 |  | $ | 81,995 |  |  | $ | 3,226 |  |  | $ | 404 |  |  | $ | 1,187 |  |  | $ | 86,812 |
| 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 Liabilities | The assumptions used to value the derivative liabilities as of March 29, 2026 were as follows:
|  | 12.0% Senior Unsecured Convertible Notes |  |  | 7.0% Senior Unsecured Convertible Notes |
|  | July 2024 Notes(1) |  |  | July 2025 Note |  |  | November 2025 Note |  |  | January 2026 Note |  |  | September 2024 Notes(1) |  |  | September 2025 Notes(1) |
Coupon rate |  |  | 12.0 | % |  |  | 12.0 | % |  |  | 12.0 | % |  | $ | 12.0 | % |  |  | 7.0 | % |  |  | 7.0 | %
Initial conversion rate |  |  | 595.24 |  |  |  | 558.66 |  |  |  | 626.96 |  |  |  | 540.54 |  |  |  | 467.84 |  |  |  | 467.84 |
Initial conversion price |  | $ | 1.68 |  |  | $ | 1.79 |  |  | $ | 1.60 |  |  | $ | 1.85 |  |  | $ | 2.14 |  |  | $ | 2.14 |
Common stock price |  | $ | 1.25 |  |  | $ | 1.25 |  |  | $ | 1.25 |  |  | $ | 1.25 |  |  | $ | 1.25 |  |  | $ | 1.25 |
Risk-free interest rate |  |  | 4.00 | % |  |  | 4.00 | % |  |  | 3.96 | % |  |  | 4.00 | % |  |  | 3.96 | % |  |  | 3.96 | %
Volatility |  |  | 88.1 | % |  |  | 88.8 | % |  |  | 87.5 | % |  |  | 89.2 | % |  |  | 90.7 | % |  |  | 90.7 | %
Dividend yield |  |  | 0.00 | % |  |  | 0.00 | % |  |  | 0.00 | % |  |  | 0.00 | % |  |  | 0.00 | % |  |  | 0.00 | %
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(1) |  |  | July 2025 Note |  |  | November 2025 Note |  |  | September 2024 Notes(1) |  |  | September 2025 Notes(1) |
Coupon rate |  |  | 12.0 | % |  |  | 12.0 | % |  |  | 12.0 | % |  |  | 7.0 | % |  |  | 7.0 | %
Initial conversion rate |  |  | 595.24 |  |  |  | 558.66 |  |  |  | 626.96 |  |  |  | 467.84 |  |  |  | 467.84 |
Initial 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 | %
| (1) | The conversion option is derived based upon the above assumptions plus a make-whole provision which is based upon changes in the Company’s stock price and the conversion date.
| 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 Key Inputs for the Simulation Include Stock Price | The key inputs for the simulation include stock price, simulation period and volatility of the Company’s common stock and were as follows as of March 29, 2026:
|  | $1.9 Million Note |  |  | March 2026 Bridge Note |
VWAP stock price |  | $ | 1.24 |  |  | $ | 1.24 |
Simulation period |  |  | 0.83 years |  |  |  | 0.94 years |
Risk-free rate |  |  | 3.76 | % |  |  | 3.77 | %
Volatility |  |  | 81.4 | % |  |  | 83.3 | %
Credit risk-adjusted rate |  |  | 41.4 | % |  |  | 73.4 | %
The Company valued the private placement and working capital warrants, based on a binomial lattice model, which included the following inputs:
|  | As of |
|  | March 29, |  |  | December 28, |
|  | 2026 |  |  | 2025 |
Expected term |  |  | 2.31 years |  |  |  | 2.56 years |
Stock price |  | $ | 1.25 |  |  | $ | 1.62 |
Exercise price |  | $ | 11.50 |  |  | $ | 11.50 |
Expected volatility |  |  | 268.3 | % |  |  | 179.0 | %
Risk-free rate |  |  | 3.90 | % |  |  | 3.50 | %
Expected dividend yield |  |  | 0.00 | % |  |  | 0.00 | %
FPAs are measured at fair value on a recurring basis using a Monte Carlo simulation analysis based upon the following inputs:
|  | As of |
|  | March 29, |  |  | December 28, |
|  | 2026 |  |  | 2025 |
VWAP stock price |  | $ | 1.24 |  |  | $ | 1.66 |
Simulation period |  |  | 0.30 years |  |  |  | 0.55 years |
Risk-free rate |  |  | 3.73 | % |  |  | 3.57 | %
Volatility |  |  | 58.0 | % |  |  | 77.3 | %
| 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 are not Measured at Fair Value | The following tables set forth the Company’s financial liabilities that are not measured at fair value and are considered a Level 3 instrument in the fair value hierarchy (in thousands):
|  | As of March 29, 2026 |
|  | 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 |  |  | $ | (5,655 | ) |  | $ | 22,318 |  |  | $ | 26,724 |
July 2024 Notes – related parties |  |  | 18,000 |  |  |  | (10,054 | ) |  |  | 7,946 |  |  |  | 17,086 |
Subtotal July 2024 Notes |  |  | 45,973 |  |  |  | (15,709 | ) |  |  | 30,264 |  |  |  | 43,810 |
July 2025 Note – related party |  |  | 5,000 |  |  |  | (3,481 | ) |  |  | 1,519 |  |  |  | 4,494 |
November 2025 Note – related party |  |  | 2,000 |  |  |  | (1,483 | ) |  |  | 517 |  |  |  | 1,971 |
January 2026 Note – related party |  |  | 3,300 |  |  |  | (2,262 | ) |  |  | 1,038 |  |  |  | 2,955 |
7.0% senior unsecured convertible notes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
September 2024 Notes |  |  | 53,793 |  |  |  | (37,851 | ) |  |  | 15,942 |  |  |  | 45,830 |
September 2024 Notes – related parties |  |  | 8,750 |  |  |  | (5,946 | ) |  |  | 2,804 |  |  |  | 7,461 |
Subtotal September 2024 Notes |  |  | 62,543 |  |  |  | (43,797 | ) |  |  | 18,746 |  |  |  | 53,291 |
September 2025 Notes |  |  | 22,000 |  |  |  | (18,425 | ) |  |  | 3,575 |  |  |  | 18,793 |
Total |  | $ | 140,816 |  |  | $ | (85,157 | ) |  | $ | 55,659 |  |  | $ | 125,314 |
|  | 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 |
(1) | Excludes capitalized interest (coupon interest, default interest and failure to file interest) of $9.6 million and $10.8 million as of March 29, 2026, and December 28, 2025, respectively, included in the July 2024 Notes.
| 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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