v3.26.1
Segments (Tables)
 6 Months Ended
Jul. 03, 2026
Segment Reporting [Abstract]  
Schedule of Segment Reporting
The following tables (i) summarize total revenues by segment, (ii) reconcile each segment’s revenues to their respective segment operating income, including segment operating expenses, (iii) reconcile each segment’s income from continuing operations before taxes and (iv) reconcile (loss) income from continuing operations for the three and six months ended July 3, 2026 and June 30, 2025 (in thousands):
Three Months Ended July 3, 2026
CMCEMP Corporate and Other Total
Revenue:
Revenue – Point in time$41,378 $6,859 $— $48,237 
Revenue – Over time15,669 2,495 — 18,164 
Total revenue57,047 9,354 — 66,401 
Cost of goods sold42,131 7,660 — 49,791 
Gross profit14,916 1,694 — 16,610 
Operating expenses:
General and administrative(1)
3,298 1,626 12,856 17,780 
Research and development(2)
4,056 265 — 4,321 
Sales and marketing1,371 579 187 2,137 
Operating expenses8,725 2,470 13,043 24,238 
Operating income (loss)6,191 (776)(13,043)(7,628)
Interest expense (income)361 66 (300)127 
Interest expense – related party99 — 134 233 
Change in fair value of derivative asset— — 881 881 
Gain on remeasurement of fair value of marketable securities— — (445)(445)
Other (income) expense, net
(49)(33)(104)(186)
Income (loss) from continuing operations before taxes5,780 (809)(13,209)(8,238)
Income tax benefit
— — (3,750)(3,750)
Income (loss) from continuing operations$5,780 $(809)$(9,459)$(4,488)
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(1)Includes stock-based compensation of approximately $10.3 million, of which $10.0 million, $0.2 million, and $0.1 million were included within the Corporate and Other segment, CMC, and EMP segment, respectively.
(2)Includes stock-based compensation of approximately $3.6 million, all included in the CMC segment.
Three Months Ended June 30, 2025
CMCEMP Corporate and Other Total
Revenue:
Revenue – Point in time$32,518 $6,927 $— $39,445 
Revenue – Over time9,187 498 — 9,685 
Total revenue41,705 7,425 — 49,130 
Cost of goods sold33,599 5,384 — 38,983 
Gross profit8,106 2,041 — 10,147 
Operating expenses:
General and administrative2,135 1,028 853 4,016 
Research and development675 334 — 1,009 
Sales and marketing1,146 585 145 1,876 
Operating expenses3,956 1,947 998 6,901 
Operating income (loss)4,150 94 (998)3,246 
Interest expense609 95 89 793 
Interest expense (income) – related party377 50 (50)377 
Loss on remeasurement of the fair value of marketable securities
— — 23 23 
Other (income) expense, net(26)(32)(19)(77)
Income (loss) from continuing operations before taxes3,190 (19)(1,041)2,130 
Income tax provision— — — — 
Income (loss) from continuing operations$3,190 $(19)$(1,041)$2,130 
Six Months Ended July 3, 2026
CMCEMPCorporate and OtherTotal
Revenue:
Revenue – Point in time$72,555 $13,139 $— $85,694 
Revenue – Over time32,698 4,016 — 36,714 
Total revenue105,253 17,155 — 122,408 
Cost of goods sold80,546 13,404 — 93,950 
Gross profit24,707 3,751 — 28,458 
Operating expenses:
General and administrative(1)
5,990 3,044 15,814 24,848 
Research and development(2)
4,574 595 2 5,171 
Sales and marketing2,737 1,127 340 4,204 
Operating expenses13,301 4,766 16,156 34,223 
Operating income (loss)11,406 (1,015)(16,156)(5,765)
Interest expense (income)903 155 (318)740 
Interest expense – related party467 78 315 860 
Change in fair value of derivative asset— — (2,214)(2,214)
Gain on remeasurement of fair value of marketable securities
— — (1,081)(1,081)
Other income, net
(38)(62)(104)(204)
Income (loss) from continuing operations before taxes10,074 (1,186)(12,754)(3,866)
Income tax provision— 4 956 960 
Income (loss) from continuing operations$10,074 $(1,190)$(13,710)$(4,826)
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(1)Includes stock-based compensation of approximately $10.9 million, of which $10.6 million, $0.2 million, and $0.1 million were included within the Corporate and Other segment, CMC segment, and EMP segment, respectively.
(2)Includes stock-based compensation of approximately $3.6 million, all included in the CMC segment..
Six Months Ended June 30, 2025
CMCEMPCorporate and OtherTotal
Revenue:
Revenue – Point in time$65,578 $13,138 $— $78,716 
Revenue – Over time15,240 1,561 — 16,801 
Total revenue80,818 14,699 — 95,517 
Cost of goods sold66,795 9,964 — 76,759 
Gross profit14,023 4,735 — 18,758 
Operating expenses:
General and administrative3,780 2,319 1,176 7,275 
Research and development1,152 668 — 1,820 
Sales and marketing2,350 921 288 3,559 
Operating expenses7,282 3,908 1,464 12,654 
Operating income (loss)6,741 827 (1,464)6,104 
Interest expense944 190 169 1,303 
Interest expense (income) – related party769 105 (81)793 
Loss on remeasurement of the fair value of marketable securities
— — 23 23 
Other (income) expense, net24 (57)35 2 
Income (loss) from continuing operations before taxes5,004 589 (1,610)3,983 
Income tax provision— — — — 
Income (loss) from continuing operations$5,004 $589 $(1,610)$3,983 
Schedule of Depreciation and Amortization Expense by Segment
Depreciation and amortization expense by segment for the three and six months ended July 3, 2026 and June 30, 2025 were as follows (in thousands):
Three Months Ended July 3, 2026
CMCEMP
Corporate
and Other
Total
Depreciation and amortization$1,584 $272 $— $1,856 
Total depreciation and amortization$1,584 $272 $— $1,856 
Three Months Ended June 30, 2025
CMCEMPCorporate and OtherTotal
Depreciation and amortization$1,333 $278 $— $1,611 
Total depreciation and amortization$1,333 $278 $— $1,611 
Six Months Ended July 3, 2026
CMCEMP
Corporate
and Other
Total
Depreciation and amortization$3,216 $560 $3 $3,779 
Total depreciation and amortization$3,216 $560 $3 $3,779 


Six Months Ended June 30, 2025
CMCEMPCorporate and OtherTotal
Depreciation and amortization$2,648 $567 $— $3,215 
Total depreciation and amortization$2,648 $567 $— $3,215 
Schedule of Total Assets by Segments
Total assets for the Company’s business segments, as of July 3, 2026 and December 31, 2025, were as follows (in thousands):

July 3, 2026
CMCEMPCorporate and OtherTotal
Total assets$144,335 $13,989 $125,904 $284,228 
December 31, 2025
CMCEMPCorporate and OtherTotal
Total assets$148,704 $26,322 $620 $175,646 
Capital expenditures net of grants proceeds, by segment during the six months ended July 3, 2026 and June 30, 2025 were as follows (in thousands):
Six Months Ended July 3, 2026
CMCEMPCorporate and OtherTotal
Purchases of property, plant and equipment, net of grant proceeds$3,039 $102 $— $3,141 
Six Months Ended June 30, 2025
CMCEMPCorporate and OtherTotal
Purchases of property, plant and equipment, net of grant proceeds$4,490 $101 $11 $4,602 
Schedule of Long Lived Assets
As of July 3, 2026 and December 31, 2025, geographic information about long-lived assets associated with particular regions are as follows (in thousands):
July 3, 2026
United StatesEuropeTotal
Property, plant and equipment, net$42,372 $85 $42,457 
Operating lease right-of-use assets11,768 9 11,777 
Intangible assets, net6,322 236 6,558 
Goodwill2,686 1,841 4,527 
Deferred tax assets, net— 88 88 
Other assets724 — 724 
Total long-lived assets$63,872 $2,259 $66,131 
December 31, 2025
United StatesEuropeTotal
Property, plant and equipment, net$42,342 $— $42,342 
Operating lease right-of-use assets10,570 16 10,586 
Intangible assets, net6,922 262 7,184 
Goodwill2,685 1,898 4,583 
Other assets878 — 878 
Total long-lived assets$63,397 $2,176 $65,573