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Note 10 - Stock-based Compensation

3 Months Ended

Mar. 31, 2024

Notes to Financial Statements

Share-Based Payment Arrangement [Text Block]

Note 10 — Stock-Based Compensation

Stock-based compensation expense included in the Company's consolidated financial statements for the three months ended March 31, 2024 and April 2, 2023 was as follows (in thousands):

		*Three Months Ended*
		*March 31, 2024*				*April 2, 2023*
Cost of revenue		$	237			$	78
Research and development			357				184
Selling, general and administrative			969				453
Total		$	1,563			$	715

The Company capitalized stock-based compensation amounts to capitalized internal-use software and tooling, net of $146 thousand and $18 thousand for the three months ended March 31, 2024 and April 2, 2023, respectively.

Stock-Based Compensation Award Activity

The following table summarizes the activity in the shares available for grant under the 2019 Plan during the three months ended March 31, 2024 (in thousands):

		*Shares Available for Grants*
Balance at December 31, 2023			595
Restricted stock units (RSUs) granted			(114	)
RSUs forfeited or expired			1
Balance at March 31, 2024			482

Stock Options

The following table summarizes stock options outstanding and stock option activity under the 2009 Plan and the 2019 Plan, and the related weighted average exercise price for the three months ended March 31, 2024:

Weighted

Weighted

Average

Average

Aggregate

Number of

Exercise

Remaining

Intrinsic

Shares

Price

Term

Value

(in thousands)

(in years)

(in thousands)

Balance outstanding at December 31, 2023

60

$

19.45

Activity during period

—

$

—

Balance outstanding, exercisable, and vested at March 31, 2024

60

$

19.45

2.03

$

190

No stock options were granted, exercised or forfeited during the three months ended March 31, 2024 and April 2, 2023.

Total stock-based compensation related to stock options was $0 during the three months ended March 31, 2024 and April 2, 2023.

Restricted Stock Units

The Company grants restricted stock units (“RSUs”) and performance restricted stock units ("PRSUs") to employees and directors with various vesting terms. RSUs entitle the holder to receive, at no cost, one common share for each RSU as it vests. In general, the Company's policy is to withhold shares in settlement of employee tax withholding obligations upon the vesting of RSUs. The stock-based compensation expense related to RSUs and PRSUs were approximately $1.5 million and $0.7 million for the three months ended March 31, 2024 and April 2, 2023, respectively.

As of March 31, 2024 and April 2, 2023, there was approximately $3.1 million and $2.2 million, respectively, in unrecognized compensation expense related to RSUs. The remaining unrecognized stock-based compensation expense as of March 31, 2024 is expected to be recorded over a weighted average period of 0.81 years.

A summary of activity for the Company's RSUs and PRSUs for the three months ended March 31, 2024 is as follows:

		*RSUs & PRSUs Outstanding*
						*Weighted*
						*Average*
		*Number of*				*Grant Date*
		*Shares*				*Fair Value*
		(in thousands)
Nonvested at December 31, 2023			589			$	7.35
Granted			114				14.17
Vested and released			(70	)			12.89
Forfeited			(1	)			6.10
Nonvested at March 31, 2024			632			$	7.97

Employee Stock Purchase Plan

Total stock-based compensation related to the Company's Employee Stock Purchase Plan was approximately $28 thousand and $30 thousand for the three months ended March 31, 2024 and April 2, 2023, respectively.