XML 18 R7.htm IDEA: XBRL DOCUMENT v3.25.3
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 28, 2025
Sep. 29, 2024
Cash flows from operating activities from continuing operations    
Net loss $ (31,199) $ (103,440)
Net loss from discontinued operations, net of income taxes (1,100) (2,007)
Net loss from continuing operations (30,099) (101,433)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 8,205 4,086
Non-cash interest expense 1,938
Non-cash lease expense 826 483
Depreciation and amortization 4,293 991
Provision for credit losses 4,159 3,065
Change in reserve for excess and obsolete inventory 131
Change in fair value of SAFE Agreement – related party 113 900
Change in fair value of forward purchase agreement liabilities [1] 807 (4,906)
Change in fair value of derivative liabilities [2] (1,639) 37,875
Change in fair value of warrant liabilities 3,122 2,116
Amortization of debt issuance costs [3] 14,259 1,361
Non-cash income [4] (474)
Loss on impairments and disposals 140 3,721
Accretion of debt in CS Solis – related party 3,872
Loss on conversion of SAFE Agreements to shares of common stock 1,250
Non-cash expense in connection with warrant issued for vendor services 5,410
Loss on issuance of derivative liability [5] 24,688
Gain on debt extinguishment (19,948)
Other financing costs 3,812
Changes in operating assets and liabilities, net of business acquisitions:    
Accounts receivable, net (32,747) 14,735
Inventories 34,098 2,378
Prepaid expenses and other current assets (12,462) (3,185)
Other noncurrent assets 95
Accounts payable 11,692 (8,496)
Accrued expenses and other liabilities (6,360) (1,646)
Operating lease liabilities (866) (875)
Contract liabilities (10,568) (1,434)
Net cash used in operating activities (13,406) (29,111)
Cash flows from investing activities from continuing operations    
Cash paid for acquisition, net of cash acquired (20,689)
Capitalization of internal-use software costs (1,044)
Net cash used in investing activities from continuing operations (20,689) (1,044)
Cash flows from financing activities from continuing operations    
Proceeds from issuance of convertible notes, net of debt discount 20,000 68,725
Proceeds from issuance of convertible notes due to related parties 5,000 26,000
Payment of debt issuance costs (200)
Finance lease payments (1,528)
Principal repayment of note payable (300)
Proceeds from issuance of common stock 1,682 6,143
Proceeds from exercise of common stock options 775 492
Proceeds from exercise of warrant for common stock 60
Proceeds from issuance of SAFE Agreements 6,000
Net cash provided by financing activities from continuing operations 25,789 107,060
Effect of exchange rate changes 22
Net (decrease) increase in cash, cash equivalents and restricted cash (8,306) 76,927
Cash, cash equivalents, and restricted cash at beginning of period 17,219 6,416
Cash, cash equivalents, and restricted cash at end of period 8,913 83,343
Supplemental disclosures of cash flow information:    
Cash paid during the period for interest 9,811
Cash paid for income taxes 10
Supplemental disclosure of noncash financing and investing activities:    
Issuance of Seller Note as partial purchase consideration in Sunder acquisition 20,000
Issuance of shares of common stock as partial purchase consideration in Sunder acquisition [6] 17,100  
Cancellation of existing indebtedness in Exchange Agreement 65,872
Issuance of convertible notes in Exchange Agreement 31,452
Issuance of common stock in Exchange Agreement 2,220
Conversion of SAFE Agreements to shares of common stock with related party 5,000
Carlyle warrant modification 660
Operating lease right-of-use assets obtained in exchange for lease obligations 116
Issuance of common stock warrants 1,400
Measurement period adjustments related to the SunPower acquisition – (Refer to Note 3)
[1] Includes related party income of $0.1 million and $1.8 million in the thirty-nine week periods ended September 28, 2025, and September 29, 2024, respectively.
[2] Includes related party remeasurement of gain of $1.8 million and loss of $22.8 million in the thirty-nine week periods ended September 28, 2025 and September 29, 2024, respectively.
[3] Includes related party amortization expense of $2.7 million and $0.6 million in the thirty-nine week periods ended September 28, 2025 and September 29, 2024, respectively.
[4] Includes related party non-cash income of $0.1 million in the thirty-nine week period ended September 28, 2025.
[5] Includes $3.0 million of related party expense in each of the thirteen and thirty-nine week periods ended September 29, 2024.
[6] The deferred consideration paid and payable in connection with the Sunder acquisition was accounted for on the Company’s balance sheet as of September 28, 2025, as (i) $5.7 million within Additional paid-in capital, (ii) $5.7 million within Accrued expenses and other current liabilities, and (iii) $5.7 million within Other long-term liabilities.