Financing Arrangements |
12 Months Ended |
|---|---|
Dec. 27, 2025 | |
| Financing Arrangements | |
| Financing Arrangements | Note 3—Financing Arrangements 2023 SVB Credit Agreement On November 7, 2023, we entered into a loan and security agreement (as amended to date, the “2023 SVB Credit Agreement”) with Silicon Valley Bank, a division of First-Citizen Bank & Trust Company (“SVB”), which provides for a revolving line of credit up to $10.0 million. The borrowing base is limited to 85% of eligible accounts receivable, subject to certain adjustments. Borrowings accrue interest on advance at a per annum rate equal to the greater of 8.50% and the Prime Rate. On November 7, 2025, we entered into a first amendment to the 2023 SVB Credit Agreement to, among other things, extend the maturity date from November 7, 2025 to November 7, 2027. As of December 27, 2025, all obligations under the 2023 SVB Credit Agreement were secured by a first priority security interest in our tangible and intangible assets. The 2023 SVB Credit Agreement subjects us to certain affirmative and negative covenants, including financial covenants with respect to our liquidity and restrictions on the payment of dividends. As of December 27, 2025, we were in compliance with our covenants under the 2023 SVB Credit Agreement. We have letters of credit issued by SVB under the 2023 SVB Credit Agreement and Citibank, N.A., which are secured by cash and are classified as restricted cash in the consolidated balance sheets. As of December 27, 2025 and December 28, 2024, (i) outstanding letters of credit were $10.3 million and $11.9 million, respectively, (ii) outstanding borrowings were $1.8 million and $1.2 million, respectively, and (iii) availability under the revolving line of credit was $0.2 million and $0, respectively. |