v3.26.1
Net (Loss) Income Per Share (Tables)
 6 Months Ended
Jul. 03, 2026
Earnings Per Share [Abstract]  
Basic and Diluted Net (Loss) Income Per Share
Basic and diluted net (loss) income per share were calculated as follows (in thousands, except share and per share amounts):
Three Months Ended
July 3,
2026		Three Months
Ended
June 30,
2025		Six Months Ended
July 3,
2026		Six Months
Ended
June 30,
2025
Numerator:
(Loss) income from continuing operations$(4,488)$2,130 $(4,826)$3,983 
Loss from discontinued operations— (890)— (1,546)
Net (loss) income$(4,488)$1,240 $(4,826)$2,437 
Denominator:
Weighted average shares outstanding – basic28,414,861 20,123,187 24,223,725 20,123,187 
Weighted average effect of potentially dilutive securities:
Effect of potentially dilutive securities— 145,095 — 72,948 
Weighted average shares outstanding – diluted28,414,861 20,268,282 24,223,725 20,196,135 
Net (loss) income per share – continuing operations:
Basic$(0.16)$0.11 $(0.20)$0.20 
Diluted$(0.16)$0.11 $(0.20)$0.20 
Net loss per share – discontinued operations:
Basic$— $(0.05)$— $(0.08)
Diluted$— $(0.05)$— $(0.08)
Net (loss) income per share:
Basic$(0.16)$0.06 $(0.20)$0.12 
Diluted$(0.16)$0.06 $(0.20)$0.12 
The following table sets forth a reconciliation of the numerators and denominators used to compute pro forma basic and diluted net (loss) income per share (in thousands, except share and per share amounts):
Three Months EndedSix Months Ended
July 3,
2026		June 30,
2025		July 3,
2026		June 30,
2025
Numerator:
Net (loss) income$(4,488)$1,240 $(4,826)$2,437 
Income tax effects of Reorganization(a)
— (86)3,791 (169)
Pro forma net (loss) income
$(4,488)$1,154 $(1,035)$2,268 
Denominator:
Pro forma weighted average common stock outstanding – basic(b)
28,414,86120,123,18724,223,72520,123,187
Pro forma weighted average common stock outstanding – diluted(b,c)
28,414,86120,268,28224,223,72520,196,135
Pro forma net (loss) income per share – basic
$(0.16)$0.06 $(0.04)$0.11 
Pro forma net (loss) income per share – diluted
$(0.16)$0.06 $(0.04)$0.11 
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(a)Following the Reorganization, the Company is subject to U.S. federal and applicable state income taxes. The adjustment for income taxes reflects the estimated income tax expense that would have been recognized had the Reorganization occurred on January 1, 2025, based on an effective tax rate of (91.5)% and (73.2)% for the three and six months ended July 3, 2026, and 6.95% for the three and six months ended June 30, 2025. No pro forma adjustment for income taxes was required for the three months ended July 3, 2026, as the Reorganization was already in effect for the entirety of that period, such that the Company's actual effective tax rate for the three months ended July 3, 2026 reflects its full corporate tax status without adjustment. The pro forma effective tax rate for the six months ended July 3, 2026 represents the Company's actual effective tax rate for the period, excluding the effect of the deferred tax adjustment of $3.5 million, which was recognized in the period of the Reorganization and does not reflect ongoing income tax expense, and other discrete tax impacts of $0.3 million related to the Reorganization. Because the Reorganization occurred during the three months ended April 3, 2026, these amounts are fully reflected within the six month period and no incremental adjustment relates to the three months ended July 3, 2026. For the three and six months ended June 30, 2025, the difference between the U.S. federal statutory rate of 21.0% and the effective tax rate of 6.95% is primarily driven by a 15.45% reduction due to federal tax credits, partially offset by other immaterial rate items of 1.4%, including state taxes and permanent differences. The pro forma income tax effect for the three and six months ended June 30, 2025 includes the results of discontinued operations.
(b)Pro Forma as adjusted weighted average common stock outstanding (basic and diluted) reflects the Reorganization as if it occurred on January 1, 2025, including the impact of the Reorganization, resulting in 20,122,721 shares of Class A common stock issued and outstanding and 466 shares of Class B common stock issued and outstanding.
(c)The potential impact on the pro forma weighted average common stock outstanding (diluted) of 657,704 shares of restricted stock units, 457,390 restricted stock awards, and 677,280 of stock appreciation rights were evaluated under the treasury stock method. There was no impact of dilutive shares for the three and six months ended July 3, 2026, as the Company operated at a net loss for both periods. For the three and six months ended June 30, 2025, the Company determined that the impact represented 145,095 and 72,948 dilutive shares, respectively, considering the weighted average unrecognized compensation costs of approximately $2.6 million and $1.1 million, respectively, and the estimated fair value of our common stock for the period.