v3.26.1
Business Combinations (Tables)
 3 Months Ended 12 Months Ended
Mar. 29, 2026
Dec. 28, 2025
Business Combinations [Abstract]    
Schedule of Total Consideration is Summarized The total consideration is summarized as follows (in thousands):
Consideration      
Fair value of shares of the Company’s common stock issued at Cobalt Closing (classified within Additional paid-in capital)   $ 3,333  
Deferred Cobalt Consideration Shares (Classified within Deferred consideration, current and noncurrent)     6,331  
Fair value of total consideration   $ 9,664  

The consideration initially paid and remaining payable as of the date of the Sunder Closing is summarized below (in thousands): 

 

    Consideration  
Paid at Sunder Closing        
Cash   $ 20,689  
Seller note     20,000  

Fair value of 3.3 million shares of the Company’s common stock

     5,700  
Payable subsequent to Sunder Closing        
Deferred Sunder Consideration Shares (fair value of 6.7 million shares of the Company’s common stock at Sunder Closing)     11,400  
Fair value of total consideration at Sunder Closing   $ 57,789  
The total consideration is summarized as follows (in thousands):
Consideration      
Fair value of 10,243,924 shares of the Company’s common stock issued at Ambia Closing   $ 16,493  
Deferred Ambia Consideration Shares     16,879  
Fair value of total consideration   $ 33,372  

The consideration is summarized as follows (in thousands): 

 

Consideration      
Cash   $ 20,689  
Seller note     20,000  
Fair value of 3,333,334 shares of the Company’s common stock (classified within Additional paid-in-capital)     5,700  
Deferred Sunder Consideration Shares (fair value of 6,666,666 shares of the Company’s common stock):        
Classified within Deferred consideration, current with related party     5,700  
Classified within Deferred consideration, noncurrent with related party     5,700  
Fair value of total consideration   $ 57,789  
Consideration      
Fair value of 10,243,924 shares of the Company’s common stock issued at Ambia Closing (classified within Additional paid-in capital)   $ 16,493  
Deferred Ambia Consideration Shares (Classified within Deferred consideration, current)     16,879  
Fair value of total consideration   $ 33,372  
Schedule of Provisional Fair Values of Identifiable Assets Acquired and Liabilities Assumed

The provisional fair values of identifiable assets acquired and liabilities assumed are identified below (in thousands):

 

    Provisional
fair values
as of
Cobalt Closing		  
Net assets acquired:      
Cash and cash equivalents   $ 553  
Trade accounts receivable, net     3,642  
Inventories     1,739  
Prepaid expenses and other current assets     30  
Property and equipment, net     485  
Intangible assets, net     3,871  
Operating lease right-of-use assets     1,277  
Accounts payable     (3,864 )
Accrued expenses and other current liabilities     (1,002 )
Short-term debt with third parties     (2,706 )
Other long-term liabilities     (1,099 )
Contract liabilities     (5,238 )
Deferred tax liability     (1,001 )
Fair value of the excess of liabilities assumed over assets acquired     (3,313 )
Fair value of common stock issued     3,333  
Fair value of Deferred Cobalt Consideration Shares     6,331  
Consideration transferred     9,664  
Goodwill recognized   $ 12,977  

As of the date of acquisition, the intangible assets acquired and estimated useful lives were as follows:

 

    Estimated
useful life		   Provisional
fair values
as of the
Cobalt Closing		  
Customer relationships (Backlog)   18 months   $ 1,100  
Trade name – Cobalt   10 years     2,000  
Building lease intangible asset – favorable lease   6 years     771  
Total       $ 3,871  
 

(in thousands)

   Provisional
fair values		  
Net assets acquired:      
Accounts receivable   $ 797  
Prepaid expenses and other current assets     3,039  
Property and equipment     241  
Operating lease right-of-use assets     313  
Other noncurrent assets     135  
Intangibles     37,500  
Contract liabilities     (11,673 )
Accounts payable     (203 )
Accrued expenses and other current liabilities     (3,850 )
Operating lease liabilities     (332 )
Fair value of net assets acquired     25,967  
Consideration transferred     57,789  
Goodwill recognized   $ 31,822  

 

Intangible assets acquired and estimated useful lives were as follows (in thousands):

 

    Estimated
useful life		     Provisional
fair values		  
Customer relationships   10 years     $ 30,600  
Trademark - Sunder   10 years       6,100  
Developed technology - Sunder   2 years       800  
Total         $ 37,500  
The provisional fair values of identifiable assets acquired and liabilities assumed are identified below (in thousands):
    Provisional
fair values
as of the
Ambia
Closing		  
Net assets acquired:      
Cash and cash equivalents   $ 1,350  
Accounts receivable     1,368  
Contract assets - unbilled receivables     1,143  
Prepaid expenses and other current assets     797  
Property and equipment, net     2,230  
Intangible assets     4,300  
Operating lease right-of-use assets     2,563  
Other noncurrent assets     182  
Accounts payable     (2,806 )
Accrued expenses and other current liabilities     (2,917 )
Contract liabilities     (1,675 )
Operating lease liabilities, noncurrent     (2,702 )
Finance lease liabilities     (1,269 )
Fair value of net assets acquired     2,564  
Fair value of common stock issued     16,493  
Fair value of Deferred Ambia Consideration Shares     16,879  
Consideration transferred     33,372  
Goodwill recognized   $ 30,808  

 

As of the Ambia Closing, the intangible assets acquired and estimated useful lives were as follows:

 

    Estimated
useful life		   Provisional
Fair values
as of the
Ambia
Closing		  
Customer relationships (Backlog)   1 year (1)   $ 3,400  
Trademarks - Ambia   1 year     900  
Total       $ 4,300  

 

(1) Useful life is based upon customer consumption, expected to occur within one year.

The following table summarizes the provisional and final fair values of identifiable assets acquired and liabilities assumed and measurement period adjustments (in thousands):

 

    Provisional
fair values as of December 29, 2024		     Measurement
period
adjustments in fiscal 2025		     Final
fair values		  
Net assets acquired:                  
Cash   $ 1,000     $ —     $ 1,000  
Accounts receivable    

11,999

       4,615       16,614  
Contract assets    

4,615

      

(4,615

 )     —  
Inventories     27,706       20,682       48,388  
Prepaid expenses and other current assets     2,219       —       2,219  
Property and equipment     5,867       —       5,867  
Operating lease right-of-use assets     2,506       —       2,506  
Other noncurrent assets     541       —       541  
Intangibles     18,100       (2,206 )     15,894  
Deferred revenue     (7,361 )     —       (7,361 )
Accounts payable     (5,270 )     —       (5,270 )
Accrued expenses and other current liabilities     (13,955 )     —       (13,955 )
Operating lease liabilities     (2,963 )     —       (2,963 )
Other long-term liabilities     (8,980 )     —       (8,980 )
Fair value of net assets acquired     36,024       18,476       54,500  
Goodwill recognized     18,476       (18,476 )     —  
Consideration transferred   $ 54,500     $ —     $ 54,500  

 

The provisional and final fair values of the intangible assets acquired and estimated useful lives were as follows:

 

    Estimated
useful life		   Provisional
fair values
as of
December 29,
2024		     Measurement
period
adjustments
in fiscal
2025		     Final
fair values		  
Trademark – Blue Raven Solar   10 years   $ 8,400     $ (1,306 )   $ 7,094  
Trademark - SunPower   10 years     5,200       (900 )     4,300  
Developed technology   3 years     4,500       —       4,500  
Total       $ 18,100     $ (2,206 )   $ 15,894  

The following table summarizes the provisional fair value of identifiable assets acquired and liabilities assumed (in thousands):

 

    Provisional
fair values
as of
September 24,
2025		     Measurement
period
adjustments in
fiscal
2025		     Provisional
fair values
as of
December 28,
2025		  
Net assets acquired:                  
Accounts receivable   $ 257     $ 540     $ 797  
Prepaid expenses and other current assets     387       2,652       3,039  
Property and equipment     241      
—
       241  
Operating lease right-of-use assets     313      
—
       313  
Other noncurrent assets     552       (417 )     135  
Intangibles     25,922       11,578       37,500  
Contract liabilities     (11,073 )     (600 )     (11,673 )
Accounts payable     (184 )     (19 )     (203 )
Accrued expenses and other current liabilities     (1,322 )     (2,528 )     (3,850 )
Operating lease liabilities     (215 )     (117 )     (332 )
Fair value of net assets acquired     14,878       11,089       25,967  
Consideration transferred     57,789      
—
       57,789  
Goodwill recognized   $ 42,911     $ (11,089 )   $ 31,822  

  

As of the date of acquisition, the intangible assets acquired and estimated useful lives were as follows:

 

    Estimated
useful life		   Provisional
fair values
as of
September 24,
2025		     Measurement
period
adjustments in
fiscal
2025		     Provisional
fair values
as of
December 28,
2025		  
Customer relationships   10 years   $ 9,279     $ 21,321     $ 30,600  
Trademark - Sunder   10 years     2,427       3,673       6,100  
Developed technology - Sunder   2 years     14,216       (13,416 )     800  
Total       $ 25,922     $ 11,578     $ 37,500  

The provisional fair values of identifiable assets acquired and liabilities assumed are identified below (in thousands):

 

    Provisional
fair values
as of
December 28,
2025		  
Net assets acquired:      
Cash and cash equivalents   $ 1,350  
Accounts receivable     1,368  
Contract assets - unbilled receivables     1,143  
Prepaid expenses and other current assets     797  
Property and equipment, net     2,230  
Intangible assets     4,300  
Operating lease right-of-use assets     2,563  
Other noncurrent assets     182  
Accounts payable     (2,806 )
Accrued expenses and other current liabilities     (2,917 )
Contract liabilities     (1,675 )
Operating lease liabilities, noncurrent     (2,702 )
Finance lease liabilities     (1,269 )
Fair value of net assets acquired     2,564  
Fair value of common stock issued (classified within Additional paid-in-capital)     16,493  
Fair value of Deferred Ambia Consideration Shares (Accrued expenses and other current liabilities)     16,879  
Consideration transferred     33,372  
Goodwill recognized   $ 30,808  

 

As of the date of acquisition, the intangible assets acquired and estimated useful lives were as follows:

 

    Estimated
useful life		   Provisional
Fair values
as of
December 28,
2025		  
Customer relationships (Backlog)   1 year (1)   $ 3,400  
Trademarks - Ambia   1 year     900  
Total       $ 4,300  

 

(1) Useful life is based upon customer consumption, expected to occur within one year.
Schedule of Operations of the Combined Business The pro forma results do not necessarily reflect the actual results of operations of the combined business (in thousands):
    Unaudited  
    Thirteen Weeks
Ended		  
    March 29,     March 30,  
    2026     2025  
             
Pro forma revenue   $ 114,579     $ 101,190  
Pro forma net income from operations     1,725       187  
 The pro forma results do not necessarily reflect the actual results of operations of the combined business (in thousands):
    Unaudited  
    Fiscal Year Ended  
    December 28,     December 29,  
    2025     2024  
Pro forma revenue   $ 429,689     $ 480,427  
Pro forma net loss from continuing operations     (59,168 )     (312,801 )