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Stock-Based Compensation and Warrant Units
 6 Months Ended
Mar. 29, 2025
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation and Warrant Units Stock-Based Compensation and Warrant Units
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):
Three Months EndedSix Months Ended
March 29, 2025March 30, 2024March 29, 2025March 30, 2024
RSUs (service-based and performance-based)$44,808 $27,568 $70,632 $56,555 
Employee stock purchase plan932 497 1,882 972 
Total stock-based compensation expense$45,740 $28,065 $72,514 $57,527 
Effect of stock-based compensation expense on income by line item (in thousands):
Three Months EndedSix Months Ended
March 29, 2025March 30, 2024March 29, 2025March 30, 2024
Cost of revenue, Systems$10,532 $3,839 $13,680 $6,554 
Cost of revenue, Software maintenance and support247 60 344 235 
Cost of revenue, Operation services484 671 948 1,212 
Research and development14,317 12,789 24,872 25,086 
Selling, general, and administrative20,160 10,706 32,670 24,440 
Total stock-based compensation expense$45,740 $28,065 $72,514 $57,527 
Total stock-based compensation expense for the three and six months ended March 29, 2025 increased as compared to the three and six months ended March 30, 2024. There was an increase in RSU grants to employees because there was an increase in the number of employees in fiscal year 2025, as compared to fiscal year 2024, which resulted in an increase in this expense.
Warrants
GreenBox Warrant
On July 23, 2023, the Company issued the GreenBox Warrant to Sunlight, which allows Sunlight to acquire up to an aggregate of 11,434,360 shares of the Company’s Class A Common Stock, subject to certain vesting conditions. The GreenBox Warrant had a grant date fair value of $19.90 per share. The GreenBox Warrant may vests upon conditions defined in the GreenBox Warrant, as GreenBox makes additional expenditures to the Company in connection with the Framework Agreement. There are up to eight vesting tranches in the GreenBox Warrant based on increments of expenditures where approximately 1,429,295 shares may vest per tranche, subject to certain conditions defined in the GreenBox Warrant. Upon vesting, shares may be acquired at an exercise price of $41.9719 per share. The warrant contains customary anti-dilution, down-round, and change-in-control provisions. The right to purchase shares pursuant to the GreenBox Warrant expires 36 months following the end of the initial term of the Framework Agreement, which is July 23, 2027, or if applicable, the extension term of the Framework Agreement, which is July 23, 2029. As of March 29, 2025, none of the shares issuable pursuant to the GreenBox Warrant had vested.