v3.25.2
Reportable Segment and Geographic Information
 6 Months Ended
Jun. 29, 2025
Segment Reporting [Abstract]  
Reportable Segment and Geographic Information Reportable Segment and Geographic Information
The following represents the results of the Company’s single segment as presented and reviewed by our CODM:

Three-Month Period EndedSix-Month Period Ended
June 29, 2025June 30, 2024June 29, 2025June 30, 2024
(in thousands, except per share data)
Revenue$59,063 $93,329 $120,359 $172,965 
Cost of revenue
Labor20,892 20,166 42,160 40,918 
Direct expenses22,362 27,314 43,009 60,106 
Cost of tool revenue 881 24,869 1,911 33,129 
Depreciation and amortization4,029 3,866 8,123 8,718 
Total cost of revenue 48,16476,21595,203142,871
Gross profit 10,89917,11425,15630,094
Research and development expense3,368 3,382 6,617 7,394 
Selling, general, administrative expense
Labor6,510 6,364 13,623 12,521 
Direct expenses7,353 5,895 15,130 10,835 
Depreciation and amortization146 73 286 146 
Total selling, general, and administrative expense14,009 12,332 29,038 23,502 
Operating (loss) income
(6,478)1,400 (10,499)(802)
Other expense:
Interest expense1,637 2,482 3,450 4,871 
Total other expense1,637 2,482 3,450 4,871 
Loss before income taxes(8,115)(1,082)(13,949)(5,673)
Income tax expense (benefit)742 (127)1,126 (86)
Net loss$(8,857)$(955)$(15,075)$(5,587)
The following table discloses revenue for the for the three- and six-month periods ended June 29, 2025 and June 30, 2024 by country as determined based on customer address:
Three-Month Period Ended
Six-Month Period Ended
June 29, 2025June 30, 2024June 29, 2025June 30, 2024
United States$53,780 $90,598 $111,026 $166,822 
Canada3,030 1,647 560 637 
Hong Kong293 32 5,342 3,880 
United Kingdom560 352 767 79 
All others1,400 700 2,663 1,547 
Total$59,063 $93,329 $120,359 $172,965 

One customer accounted for 43% and 41% of revenue for the three- and six-month periods ended June 29, 2025. Three customers accounted for 10% or more of revenue, and in aggregate accounted for 72% and 66% of revenue for the three- and six-month periods ended June 30, 2024, respectively. One customer accounted for 34% of accounts receivable as of June 29, 2025 and there were no other customers that exceeded 10% of total accounts receivable. The loss of a major customer could adversely affect the Company’s operating results and financial condition.