Long-Term Debt

3 Months Ended

Mar. 29, 2026

Debt Disclosure [Abstract]

Long-Term Debt

Long-Term Debt

Long-term debt obligations are summarized as follows:

(in thousands)	March 29, 2026		December 28, 2025
Revolving Credit Facility	$	25,000	$	—
Term Loan	—		350,000
Total long-term debt at par value	25,000		350,000
Less: Current portion of long-term debt	—		(1,750)
Less: Unamortized original issue discount	—		(10,820)
Total long-term debt	$	25,000	$	337,430

Term Loan

On October 31, 2025, the Company entered into a $350.0 million Term Loan (the “Term Loan”) having a maturity date of October 31, 2032 and bearing interest of 4.0% plus the Secured Overnight Financing Rate (“SOFR”), with a SOFR floor of 0%. Contracted payments were 1% of the Term Loan annually, with 0.25% paid quarterly beginning in June 2026. The Company was required to prepay the Term Loan with any proceeds received from an IPO of the Company’s common shares. In the three-month fiscal period ended March 29, 2026, the Company repaid the Term Loan using net proceeds from the IPO completed in February 2026, cash on hand and borrowings under the Revolving Credit Facility. Refer to “Note 1, Nature of Business” for further information on the IPO.

Debt Issuance Costs

In connection with the Term Loan, the Company incurred $11.0 million of financing costs, which were deferred as a reduction to the carrying value of the long-term debt obligation. The amounts deferred were amortized over the life of the Term Loan using the effective interest method and recognized as interest expense in the Company’s condensed consolidated statements of operations and comprehensive income. In connection with the repayment of the Term Loan, the Company recognized an acceleration of amortization of debt issuance costs of $10.7 million in the three-month fiscal period ended March 29, 2026.

Asset Based Revolving Credit Facility

The Company's Asset Based Revolving Credit Facility ("the Revolving Credit Facility") provides for a maximum availability of $125.0 million. The availability of credit at any given time is constrained by the terms and conditions of the facility, including the amount of collateral available and a borrowing base formula based on several factors including the value of eligible accounts receivable and inventory. In connection with the Revolving Credit Facility, the Company has entered into a letter of credit of $0.6 million issued on the Company's behalf by a financial institution related to the guarantee of future payment on certain lease agreements. Borrowing capacity under the Revolving Credit Facility was $99.4 million and $124.4 million at March 29, 2026 and December 28, 2025, respectively. Amortization of debt issuance costs associated with the Revolving Credit Facility was not material for the three-month fiscal periods ended March 29, 2026 and March 30, 2025.

Subsequent to March 29, 2026, the Company amended its Revolving Credit Facility on April 29, 2026, increasing the maximum availability from $125.0 million to $200.0 million and extending the maturity date to April 2031. In connection with the amendment, the Company incurred $0.6 million in financing costs that will be amortized over the term of the Revolving Credit Facility using the effective interest method.