| Basic and Diluted Net Income Per Share |
(15) Basic and Diluted Net Income Per Share
The Company uses the two-class method to calculate
net income per share. No dividends were declared or paid in the thirteen week and twenty-six periods ended June 28, 2026 and June 29,
2025.
The following table sets forth the computation
of the Company’s basic and diluted net income per share attributable to common stockholders for the thirteen week and twenty-six
week periods ended June 28, 2026 and June 29, 2025 (in thousands, except share and per share amounts):
| | |
Thirteen Weeks Ended | | |
Twenty-six Weeks Ended | |
| | |
June 28, | | |
June 29, | | |
June 28, | | |
June 29, | |
| | |
2026 | | |
2025 | | |
2026 | | |
2025 | |
| Numerator for basic income per share: | |
| | |
| | |
| | |
| |
| Net income (loss) - basic | |
$ | 6,894 | | |
$ | (27,337 | ) | |
$ | 12,144 | | |
$ | (22,525 | ) |
| Numerator for diluted income per share | |
| | | |
| | | |
| | | |
| | |
| Senior unsecured convertible notes | |
| (6,368 | ) | |
| — | | |
| (11,500 | ) | |
| — | |
| July 2024 Notes derivative liability and interest expense, net of tax | |
| — | | |
| — | | |
| — | | |
| — | |
| Third SAFE | |
| — | | |
| — | | |
| — | | |
| — | |
| Net income (loss) - diluted | |
$ | 526 | | |
$ | (27,337 | ) | |
$ | 644 | | |
$ | (22,525 | ) |
| Denominator: | |
| | | |
| | | |
| | | |
| | |
| Weighted average shares: | |
| | | |
| | | |
| | | |
| | |
| Denominator for basic income per share | |
| 149,417,506 | | |
| 81,176,254 | | |
| 136,849,897 | | |
| 80,695,825 | |
| Effect of dilutive securities: | |
| | | |
| | | |
| | | |
| | |
| Senior unsecured convertible notes | |
| 12,394,421 | | |
| — | | |
| 15,445,992 | | |
| — | |
| July 2024 Notes derivative liability | |
| — | | |
| — | | |
| — | | |
| — | |
| Third SAFE | |
| — | | |
| — | | |
| — | | |
| — | |
| Stock options and RSUs | |
| 17,563,802 | | |
| — | | |
| 15,511,913 | | |
| — | |
| Warrants | |
| 2,492 | | |
| — | | |
| 101,841 | | |
| — | |
| Deferred consideration | |
| 5,837,885 | | |
| — | | |
| 5,837,885 | | |
| — | |
| Denominator for diluted income per share | |
| 185,216,106 | | |
| 81,176,254 | | |
| 173,747,528 | | |
| 80,695,825 | |
| Net income per share: | |
| | | |
| | | |
| | | |
| | |
| Net income - basic | |
$ | 0.05 | | |
$ | (0.34 | ) | |
$ | 0.09 | | |
$ | (0.28 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Net income– diluted | |
$ | 0.00 | | |
$ | (0.34 | ) | |
$ | 0.00 | | |
$ | (0.28 | ) |
The Company’s calculation of the weighted
average shares outstanding is inclusive of 234,610 warrants with an insignificant exercise price (which assumes that the warrants were
outstanding as of the beginning of the period or the date of the grant, whichever is earlier) for both the thirteen week and twenty-six
week periods ended June 28, 2026. The following table presents the potential common
shares outstanding that were excluded from the computation of diluted net loss per share of common stock as of the periods presented because
including them would have been anti-dilutive:
| |
|
Thirteen Weeks Ended |
|
|
Twenty-Six Weeks Ended |
|
| |
|
June 28,
2026 |
|
|
June 29,
2025 |
|
|
June 28,
2026 |
|
|
June 29,
2025 |
|
| Common stock warrants |
|
|
— |
|
|
|
277,021 |
|
|
|
— |
|
|
|
200,900 |
|
| Stock options and RSUs issued and outstanding |
|
|
— |
|
|
|
6,879,632 |
|
|
|
— |
|
|
|
8,080,312 |
|
| May 2026 Notes |
|
|
3,051,571 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| July 2025 Notes |
|
|
2,793,296 |
|
|
|
— |
|
|
|
2,793,296 |
|
|
|
— |
|
| November 2025 Notes |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| January 2026 Notes |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| July 2024 Notes and derivative liability |
|
|
27,364,717 |
|
|
|
27,364,717 |
|
|
|
27,364,717 |
|
|
|
27,364,717 |
|
| September 2024 Notes and derivative liability |
|
|
27,071,315 |
|
|
|
37,383,142 |
|
|
|
27,071,315 |
|
|
|
37,383,142 |
|
| September 2025 Notes |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| April 2026 Notes |
|
|
25,022,880 |
|
|
|
— |
|
|
|
25,022,880 |
|
|
|
— |
|
| Third SAFE Agreement |
|
|
— |
|
|
|
2,750,000 |
|
|
|
— |
|
|
|
2,750,000 |
|
| Total potential common shares excluded from diluted net loss per share |
|
|
85,303,779 |
|
|
|
74,654,512 |
|
|
|
82,252,208 |
|
|
|
75,779,071 |
|
|