v3.26.1
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 28, 2026
Jun. 29, 2025
Cash flows from operating activities    
Net income (loss) $ 12,144 $ (22,525)
Adjustments to reconcile net income from operations to net cash used in operating activities:    
Stock-based compensation expense 2,870 5,753
Non-cash lease expense 1,085 605
Deferred income tax benefit (608)
Depreciation and amortization 6,767 3,002
Provision for credit losses 5,608 1,217
Change in fair value of SAFE Agreement – related party (555) 34
Change in fair value of forward purchase agreement liabilities [1] 5,309 (1,612)
Change in fair value of derivative liabilities [2] (64,389) (3,675)
Change in fair value of warrant liabilities (2,176) 3,043
Change in fair value of deferred consideration (8,789)
Change in fair value of deferred consideration with related party (2,306)
Change in fair value of debt obligations 652
Amortization of debt issuance costs [3] 7,648 7,645
Non-cash expense (income) [4] 648 (314)
Loss on extinguishment of debt 794
Loss on impairments and disposals 113
Changes in operating assets and liabilities, net of business acquisitions:    
Accounts receivable 11,055 (2,780)
Inventories 2,854 18,289
Contract assets (25,713)
Prepaid expenses and other current assets (20,360) (911)
Other noncurrent assets (140) (262)
Accounts payable (1,782) 9,330
Accrued expenses and other liabilities 10,006 (2,579)
Contract liabilities (16,975) 4,995
Purchase of property and equipment (1,538) (705)
Net cash used in operating activities (52,179) (7,050)
Cash flows from investing activities    
Cash paid for acquisition, net of cash acquired 553
Net cash provided by investing activities 553
Cash flows from financing activities    
Proceeds from issuance of convertible notes 40,710 200
Proceeds from issuance of convertible notes due to related parties 1,300
Finance lease payments (1,365) (1,022)
Principal repayment of notes payable (11,318)
Proceeds from issuance of common stock 9,050
Proceeds from exercise of common stock options 559
Issuance of safe agreement 5,000
Proceeds from exercise of warrant for common stock 60
Investor financing deposit-related party 5,000
Net cash provided by financing activities 43,377 4,797
Net decrease in cash, cash equivalents and restricted cash (8,249) (2,253)
Cash, cash equivalents, and restricted cash at beginning of period 13,458 17,219
Cash, cash equivalents, and restricted cash at end of period 5,209 14,966
Supplemental disclosures of cash flow information:    
Cash paid during the period for interest 5,719 1,445
Cash paid for income taxes
Supplemental disclosure of noncash financing and investing activities:    
Issuance of convertible note in exchange for investor deposit 2,000
Conversion of 7% unsecured notes for shares of common stock 22,026
Conversion offer no longer meets bifurcation criteria 3,996
Conversion of related party SAFE to 10% notes 4,980
Issuance of debt related to CPP 824
Settlement of March 2026 Bridge Note through the issuance of common stock 1,587
Issuance of common stock as partial consideration for acquisition 3,333
Deferred consideration recognized for acquisition of Cobalt 6,331
Tax effect of Cobalt acquisition accounted for as Goodwill 1,001
Deferred consideration reclassified to Additional paid-in capital 8,533
Measurement period adjustment to increase goodwill due to a decrease in acquired fair value of inventory in SunPower Acquisition $ 841
[1] Includes related party expense of $0.9 and $1.0 million in the twenty-six weeks ended June 28, 2026 and June 29, 2025, respectively.
[2] Includes related party gain on remeasurement of $20.0 million and $2.1 million in the twenty-six weeks ended June 28, 2026 and June 29, 2025, respectively.
[3] Includes related party amortization expense of $2.4 million and $1.3 million in the twenty-six weeks ended June 28, 2026 and June 29, 2025, respectively.
[4] Includes related party non-cash income of $0.1 million in the twenty-six weeks ended June 29, 2025.