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Note 8 - Debt Obligations

9 Months Ended

Sep. 28, 2025

Notes to Financial Statements

Debt Disclosure [Text Block]

Note 8 — Debt Obligations

Revolving Line of Credit

As of September 28, 2025 and December 29, 2024, the Company had $15.0 million and $18.0 million of revolving debt outstanding, respectively, with an interest rate of 7.75% per annum and 8.00%, respectively. Heritage Bank has a first priority security interest in substantially all of the Company's tangible and intangible assets to secure any outstanding amounts under the agreement. Related interest expenses and annual facility fees recognized were $60 thousand and $181 thousand for the three and nine months ended September 28, 2025, respectively, and were $149 thousand and $205 thousand for the three and nine months ended September 29, 2024, respectively.

Financing Arrangements

The Company has acquired certain assets consisting of tooling for performance under revenue contracts with customers, with smaller amounts related to IT infrastructure components, that were financed through financing arrangements. The following table provides details for assets financed through financing arrangements as of September 28, 2025, and December 29, 2024 (in thousands):

		September 28,				December 29,
		2025				2024
Assets purchased through financing arrangements		$	4,633			$	4,562
Less: Accumulated depreciation			(2,590	)			(1,219	)
Assets purchased through financing arrangements, net		$	2,043			$	3,343
Corresponding note payable for financing arrangements		$	1,763			$	3,130
Minimum remaining term for outstanding financing arrangements			0.21				0.64
Maximum remaining term for outstanding financing arrangements			1.58				2.32
Weighted average remaining term for outstanding financing arrangements			1.16				1.68
Minimum stated interest rate for outstanding financing arrangements			8.00	%			8.00	%
Maximum stated interest rate for outstanding financing arrangements			9.89	%			9.89	%
Weighted average stated interest rate for outstanding financing arrangements			8.72	%			8.88	%

The following table provides detail on payments related to financing arrangements for the three and nine months ended September 28, 2025 and September 29, 2024 (in thousands):

		Three Months Ended								Nine Months Ended
		September 28,				September 29,				September 28,				September 29,
		2025				2024				2025				2024
Payments related to financing arrangements		$	676			$	397			$	1,765			$	916

The following table provides the details of future payments for assets purchased through financing arrangements as of  September 28, 2025 (in thousands):

		Financing Arrangements
2025 (remaining period)		$	686
2026			852
2027			340
Total payments			1,878
Less: Interest			(115	)
Present value of financing arrangements		$	1,763

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- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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