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Stock-Based Compensation and Warrant Units (Tables)
 12 Months Ended
Sep. 28, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Total Stock-Based Compensation
The following two tables show stock-based compensation expense by award type and where the stock-based compensation expense is recorded in the Company’s consolidated statements of operations (in thousands):
Year Ended
September 28, 2024September 30, 2023September 24, 2022
RSUs (service-based and performance-based)$109,510 $152,791 $26,858 
Employee stock purchase plan2,698 1,436 — 
Total stock-based compensation expense$112,208 $154,227 $26,858 
Effect of stock-based compensation expense on income by line item (in thousands):
Year Ended
September 28, 2024September 30, 2023September 24, 2022
Cost of revenue, Systems$12,529 $36 $— 
Cost of revenue, Software maintenance and support551 1,767 — 
Cost of revenue, Operation services1,988 4,344 — 
Research and development49,066 68,364 9,671 
Selling, general, and administrative48,074 79,716 17,187 
Total stock-based compensation expense$112,208 $154,227 $26,858 
Schedule of Restricted Stock Unit Activity
The following table summarizes the RSU activity for the periods presented:
SharesWeighted Average Grant Date Fair Value
Outstanding at September 24, 202212,365,587 $15.81 
Granted7,625,784 15.72 
Vested(4,187,313)15.78 
Forfeited(2,920,043)15.62 
Outstanding at September 30, 202312,884,015 $15.81 
Granted3,102,298 44.44
Vested(6,863,457)15.73
Forfeited(1,190,356)20.14
Outstanding at September 28, 20247,932,500 $26.43 
Schedule of Performance Shares Unit Activity
The following table summarizes the PSU activity for the periods presented:
SharesWeighted Average Grant Date Fair Value
Outstanding at September 24, 2022— 
Granted337,986 $15.56 
Vested— 
Forfeited— 
Outstanding at September 30, 2023337,986 $15.56 
Granted235,292 48.38
Vested— 
Forfeited(73,226)15.56
Outstanding at September 28, 2024500,052 $31.10 
Schedule of Employee Stock Purchase Plan, Valuation Assumptions
The fair value of the ESPP is estimated using the Black-Scholes option-pricing model with the following assumptions:
Year Ended
September 28, 2024September 30, 2023
Risk-free interest rate (%)0.05
0.03 - 0.05
Expected term (years)0.50
0.25 - 0.66
Volatility (%)
63.54 - 73.27
63.67 - 76.21
Expected dividends— — 
Schedule of Units Outstanding and Vested
The following is a summary of Class C Units outstanding and vested immediately prior to the consummation of the Business Combination:
 
 Class C
Units
Balance at September 25, 2021428,571
Granted18,107
Redeemed—
Forfeited(18,107)
Balance at June 7, 2022428,571
Vested at June 7, 2022375,930
The following is a summary of VAP Units outstanding which were converted to restricted stock units in the fourth quarter of fiscal year 2022:
 VAP Units
Balance at September 25, 20214,039,620
Granted—
Exercised(255,845)
Forfeited(92,664)
Balance at August 16, 20223,691,111
Converted to restricted stock units(3,691,111)
Balance at September 24, 2022—
Schedule of Class C Units, Valuation Assumptions
The fair value of each Class C Unit grant was estimated on the date of the award using a Black-Scholes option pricing model with the following assumptions:
 
June 7, 2022
Dividend yield0 %
Volatility(a)45.0 %
Risk-free interest rate(b)2.30 %
Expected term (years)(c)2.00
(a)The expected volatility is estimated based on the historical volatility of a select peer group of similar publicly traded companies for a term that is consistent with the expected term of the Class C Units.
(b)The risk-free interest rate is based on the U.S. Treasury constant maturity interest rate whose term is consistent with the expected term of the Class C Units.
(c)The expected term is based on estimated liquidity event timing as further described above.
Schedule of Warrants, Valuation Assumptions The Black-Scholes assumptions utilized in determining the grant date fair value of the GreenBox Warrant after vesting are included in the following table:
Selected Assumption
Strike price$41.972
Volatility (a)48.0%
Risk-free interest rate (b)4.44%
Expected term (years) (c)3.00
(a)The expected volatility is estimated based on the historical volatility of a select peer group of similar publicly traded companies for a term that is consistent with the expected term of the GreenBox Warrant.
(b)The risk-free interest rate is based on the U.S. Treasury constant maturity interest rate whose term is consistent with the expected term of the GreenBox Warrant.
(c)The expected term is based on the contractual term of the GreenBox Warrant.
The assumptions made for purposes of estimating fair value under the Black-Scholes pricing model for the Warrants were as follows:
 
 Selected Assumption
Dividend yield0 %
Volatility(a)43.0 %
Risk-free interest rate(b)1.65 %
Expected term (years)(c)10.00
(a)The expected volatility is estimated based on the historical volatility of a select peer group of similar publicly traded companies for a term that is consistent with the expected term of the Warrants.
(b)The risk-free interest rate is based on the U.S. Treasury constant maturity interest rate whose term is consistent with the expected term of the Warrants.
(c)The expected term is based on the contractual term of the Warrants.
The assumptions made for purposes of estimating fair value under the Black-Scholes pricing model for the June 2022 Warrant were as follows:
Selected Assumption
Dividend yield0%
Volatility (a)40.0%
Risk-free interest rate (b)2.80%
Expected term (years) (c)5.00
(a)The expected volatility is estimated based on the historical volatility of a select peer group of similar publicly traded companies for a term that is consistent with the expected term of the June 2022 Warrant.
(b)The risk-free interest rate is based on the U.S. Treasury constant maturity interest rate whose term is consistent with the expected term of the June 2022 Warrant.
(c)The expected term is based on the contractual term of the June 2022 Warrant.
Schedule of Warrants
The following table summarizes the Company’s stock warrant activity for the year ended September 28, 2024:
 
Warrant Units
Outstanding and unvested at September 24, 2022258,972
Granted11,434,360
Vested(258,972)
Outstanding and unvested at September 30, 202311,434,360
Granted—
Vested—
Outstanding and unvested at September 28, 202411,434,360