v3.26.1
Debt (Tables)
 6 Months Ended
Jun. 27, 2026
Debt Disclosure [Abstract]  
Schedule of Debt Balances
The following is a summary of debt balances as of June 27, 2026 and December 31, 2025 (in thousands):
June 27, 2026December 31, 2025
2027 Notes
$29,459 $29,459 
2030 Notes
224,269 334,148 
Debt discount—2030 Notes issue date embedded derivatives, net(1)
(15,564)(25,745)
Delayed draw term loans(2)
110,884 104,569 
Debt issuance costs—Delayed draw term loans
(6,718)(7,181)
Debt discount—Delayed draw term loan warrants
(18,534)(19,510)
Total debt outstanding$323,796 $415,740 
Less: current portion of long-term debt(29,459)— 
Long-term debt$294,337 $415,740 
_________
(1) 2030 Notes Embedded Derivative was valued using the binomial lattice valuation model and recorded as debt discount. Amount shown is net of amortization from the issue date discount and pro rata reductions from conversions. See Note 2 and Note 5.
(2) Includes accrued PIK interest of $10.9 million and $4.6 million as of June 27, 2026 and December 31, 2025, respectively.
The following is a summary of the 2027 Notes as of June 27, 2026, included in Current liabilities in the Company’s unaudited condensed consolidated balance sheet (in thousands):
Principal Amount
Unamortized Issuance Costs
Net Carrying AmountFair Value
AmountLeveling
2027 Notes
$29,459 $— $29,459 $6,098 Level 2
The following is a summary of the 2027 Notes as of December 31, 2025, included in Long-term liabilities in the Company’s unaudited condensed consolidated balance sheet (in thousands):
Principal Amount
Unamortized Issuance Costs
Net Carrying AmountFair Value
AmountLeveling
2027 Notes
$29,459 $— $29,459 $6,098 Level 2
The following is a summary of the 2030 Notes as of June 27, 2026 (in thousands):
Principal Amount(1)
Undiscounted Cash Flows(2)
Unamortized Derivative Discount(3)
Net Carrying Amount
Fair Value
AmountLeveling
2030 Notes, net
$151,288 $72,981 $(15,564)$208,705 $114,266 Level 2
__________
(1) Represents the net principal amount remaining after $68.8 million of 2030 Note conversions settled during the six months ended June 27, 2026. See Note 2. On May 1, 2026, the aggregate remaining principal amount of the 2030 Notes was increased by approximately $10.4 million in interest payment in the form of PIK interest at a rate of 9.5% for the period from October 15, 2025 to May 1, 2026, pursuant to the terms of the 2030 Notes Indenture.
(2) Represents the remaining undiscounted future cash flows using the PIK election, including any amounts contingently payable.
(3) Represents the remaining unamortized debt discount in the 2030 Notes. The discount was reduced by $8.0 million for conversions settled during the six months ended June 27, 2026. See Note 2. The remaining discount is being amortized to interest expense at an effective interest rate of 1.7% per annum over the term of the 2030 Notes.
The following is a summary of the 2030 Notes as of December 31, 2025 (in thousands):
Principal Amount
Undiscounted Cash Flows(1)
Unamortized Derivative Discount(2)
Carrying Amount
Fair Value
AmountLeveling
2030 Notes, net
$209,721 $124,427 $(25,745)$308,403 $166,267 Level 2
__________
(1) Represents the undiscounted future cash flows using the PIK election, including any amounts contingently payable, recognized on the restructuring date in accordance with TDR accounting discussed in Note 2.
(2) Represents the unamortized embedded derivatives in the 2030 Notes, recorded as a single derivative, bifurcated from the host and recorded as a discount in accordance with ASC 815. The 2030 Notes Embedded Derivative discount is being amortized to interest expense at an effective interest rate of 1.6% per annum over the term of the 2030 Notes.