v3.26.1
Borrowings and Derivative Liabilities (Tables)
 3 Months Ended 12 Months Ended
Mar. 29, 2026
Dec. 28, 2025
Borrowings and Derivative Liabilities [Abstract]    
Schedule of Borrowings and Derivative Liabilities

The Company’s borrowings and derivative liabilities consisted of the following (in thousands):

  

   As of 
   March 29,   December 28, 
   2026   2025 
Short-term debt (including current portion of long-term debt):        
March 2026 Bridge Note  $9,500   $— 
$1.9 Million Note   1,530    — 

Cobalt Loan

   

2,706

    

—

 

Total Short-term debt with third parties

   

13,736

    

—

 
Current portion of long-term debt   2,786    2,786 
Total short-term debt and current portion of long-term debt  $16,522   $2,786 
           
Short-term debt with related parties:          
Seller Note – related party  $20,000   $20,000 
Loan with related party   1,500    1,500 
Total short-term debt with related parties  $21,500   $21,500 
           
Long-term debt:          
12.0% senior unsecured convertible notes and related derivative liabilities          
July 2024 Notes  $31,911   $32,969 
July 2024 Notes – related parties   7,946    7,631 
Subtotal July 2024 Notes   39,857    40,600 
July 2025 Note – related party   1,519    1,443 
November 2025 Note – related party   517    491 
January 2026 Note – related party   1,038    — 
           
July 2024 Notes derivative liability   14,042    19,604 
July 2024 Notes derivative liability – related party   9,036    12,615 
Subtotal July 2024 Notes derivative liability   23,078    32,219 
July 2025 Note derivative liability – related party   2,239    3,246 
November 2025 Note derivative liability – related party   1,069    — 
January 2026 Note derivative liability – related party   1,467    1,488 
Total 12.0% senior unsecured convertible notes and derivative liabilities   70,784    79,487 
           
7.0% senior unsecured convertible notes and derivative liabilities          
September 2024 Notes   15,942    14,332 
September 2024 Notes – related parties   2,804    2,346 
Subtotal September 2024 Notes   18,746    16,678 
September 2025 Notes   3,575    3,354 
           
September 2024 Notes derivative liability   26,351    37,930 
September 2024 Notes derivative liability – related parties   4,286    5,870 
Subtotal September 2024 Notes derivative liability   30,637    43,800 
September 2025 Notes derivative liability   10,825    14,756 
Total 7.0% senior unsecured convertible notes and derivative liabilities   63,783    78,588 
           
Total notes payable and derivative liabilities   134,567    158,075 
Less current portion   (2,786)   (2,786)
Total senior unsecured convertible notes payable and derivative liabilities, net of current portion  $131,781   $155,289 
           
Balance sheet classification of long-term debt          
Notes payable and derivative liabilities, net of current portion  $99,860   $120,159 
Notes payable and derivative liabilities with related parties   31,921    35,130 
Total long-term debt including net of current portion   131,781    155,289 
Current portion of long-term debt   2,786    2,786 
Total long-term debt  $134,567   $158,075 

The Company’s borrowings and derivative liabilities consisted of the following (in thousands):

  

   As of 
   December 28,   December 29, 
   2025   2024 
Short term:        
Seller Note – related party  $20,000   $
—
 
Loan with related party   1,500    1,500 
Total short-term debt with related parties  $21,500   $1,500 
           
Long-term:          
12.0% senior unsecured convertible notes and related derivative liabilities          
July 2024 Notes  $32,969   $17,965 
July 2024 Notes – related parties   7,631    24,632 
Subtotal July 2024 Notes   40,600    42,597 
July 2025 Note – related party   1,443    
—
 
November 2025 Note – related party   491    
—
 
           
July 2024 Notes derivative liability   19,604    13,563 
July 2024 Notes derivative liability – related party   12,615    21,127 
Subtotal July 2024 Notes derivative liability   32,219    34,690 
July 2025 Note derivative liability – related party   3,246    
—
 
November 2025 Note derivative liability – related party   1,488    
—
 
Total 12.0% senior unsecured convertible notes and derivative liabilities   79,487    77,287 
           
7.0% senior unsecured convertible notes and derivative liabilities          
September 2024 Notes   14,332    5,636 
September 2024 Notes – related parties   2,346    476 
Subtotal September 2024 Notes   16,678    6,112 
September 2025 Notes   3,354    
—
 
           
September 2024 Notes derivative liability   37,930    55,474 
September 2024 Notes derivative liability – related parties   5,870    6,958 
Subtotal September 2024 Notes derivative liability   43,800    62,432 
September 2025 Notes derivative liability   14,756    
—
 
Total 7.0% senior unsecured convertible notes and derivative liabilities   78,588    68,544 
Total notes payable and derivative liabilities   158,075    145,831 
Less current portion   (2,786)   
—
 
Total senior unsecured convertible notes payable and derivative liabilities, net of current portion  $155,289   $145,831 
           
Balance sheet classification          
Current liabilities          
Notes payable, current portion  $2,786   $
—
 
Long-term liabilities          
Notes payable and derivative liabilities, net of current portion  $120,159   $92,638 
Notes payable and derivative liabilities with related parties   35,130    53,193 
Total  $155,289   $145,831 
Schedule of Fair Value of the Derivative Liability

The carrying amount of the July 2024 Notes was as follows (in thousands):

 

   As of 
   March 29,   December 28, 
   2026   2025 
July 2024 Notes principal amount (1)  $55,566   $56,801 
Less Unamortized debt discount   (15,709)   (16,201)
Net carrying amount of July 2024 Notes  $39,857   $40,600 

 

(1)Includes capitalized coupon interest of $7.5 million and $8.6 million as of March 29, 2026 and December 28, 2025, respectively, and capitalized contingent interest of $2.0 million and $2.2 million as of March 29, 2026 and December 28, 2025, respectively.

The carrying amount of the July 2025 Note was as follows (in thousands):

 

   As of 
   March 29,   December 28, 
   2026   2025 
July 2025 Note principal amount  $5,000   $5,000 
Less Unamortized debt discount   (3,481)   (3,557)
Net carrying amount of July 2025 Note  $1,519   $1,443 

The carrying amount of the November 2025 Note was as follows (in thousands):

 

   As of 
   March 29,   December 28, 
   2026   2025 
November 2025 Note principal amount  $2,000   $2,000 
Less Unamortized debt discount   (1,483)   (1,509)
Net carrying amount of November 2025 Note  $517   $491 

The carrying amount of the January 2026 Note was as follows (in thousands):

 

   As of 
   March 29, 
   2026 
January 2026 Note principal amount  $3,300 
Less Unamortized debt discount   (2,262)
Net carrying amount of January 2026 Note  $1,038 

The carrying amount of the convertible September 2024 Notes was as follows (in thousands):

 

   As of 
   March 29,   December 28, 
   2026   2025 
September 2024 Notes  $62,543   $65,293 
Less Unamortized debt discount   (43,797)   (48,615)
Net carrying amount of September 2024 Notes  $18,746   $16,678 

The carrying amount of the September 2025 Notes, inclusive of the fair value of the derivative liabilities was as follows (in thousands):

 

   As of 
   March 29,   December 28, 
   2026   2025 
September 2024 Notes  $22,000   $22,000 
Less Unamortized debt discount   (18,425)   (18,646)
Net carrying amount of September 2024 Notes  $3,575   $3,354 

The carrying amount of the July 2024 Notes was as follows (in thousands):

 

   As of 
   December 28,   December 29, 
   2025   2024 
July 2024 Notes principal amount  $56,801   $59,587 
Less Unamortized debt discount   (16,201)   (16,990)
Net carrying amount of July 2024 Notes  $40,600   $42,597 

The carrying amount of the July 2025 Note was as follows (in thousands):

 

   As of 
   December 28, 
   2025 
July 2025 Note – related party  $5,000 
Less Unamortized debt discount – related party   (3,557)
Net carrying amount of July 2025 Note – related party  $1,443 

The carrying amount of the convertible November 2025 Note was as follows (in thousands):

 

   As of 
   December 28, 
   2025 
November 2025 Note – related party  $2,000 
Less Unamortized debt discount – related party   (1,509)
Net carrying amount of November 2025 Note – related party  $491 

The carrying amount of the convertible September 2024 Notes was as follows (in thousands):

 

   As of 
   December 28,   December 29, 
   2025   2024 
September 2024 Notes  $65,293   $79,800 
Less Unamortized debt discount   (48,615)   (73,688)
Net carrying amount of September 2024 Notes  $16,678   $6,112 

The carrying amount of the September 2025 Notes, inclusive of the fair value of the derivative liabilities was as follows (in thousands):

 

   As of 
   December 28, 
   2025 
September 2025 Notes  $22,000 
Less Unamortized debt discount   (18,646)
Net carrying amount of September 2025 Notes  $3,354 
Schedule of Short and Long-term Debt

The principal amount of all short and long-term debt, excluding capitalized contingent interest in connection with the July 2024 Notes, is as follows:

 

   Principal
payment		 
Fiscal year ending    
Remainder of fiscal 2026  $35,284 
2027   4,056 
2028   2,156 
2029   141,894 
Total  $184,468 

The principal amount of all short and long-term debt, excluding capitalized interest in connection with the exchanged notes, is as follows:

 

   Principal payment 
Fiscal year ending    
2026  $21,500 
2027   — 
2028   — 
2029   143,266 
Total   164,766