v3.26.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2025
May 25, 2025
May 26, 2024
Current assets:      
Cash and cash equivalents $ 17,469 $ 8,265 $ 8,462
Current portion of note receivable 0 8,000 0
Contract assets 7,655 6,979 4,069
Inventory 29,085 32,291 39,979
Prepaid expenses and other current assets 1,921 1,454 1,439
Total current assets 82,292 85,677 81,033
Property, plant and equipment, net 127,304 129,006 149,165
Goodwill 13,881 13,881 13,881
Other assets 8,700 10,778 9,881
Total assets 232,177 239,342 253,960
Current liabilities:      
Accounts payable 5,839 8,220 16,334
Accrued expenses and other current liabilities 17,734 21,958 22,538
Total current liabilities 23,573 30,178 38,872
Debt derivative liability, related party 26,564 24,991 25,400
Other liabilities 6,698 9,741 12,061
Total liabilities 198,117 191,909 200,058
Commitments and contingencies, see note 9
Series A Redeemable Convertible Preferred Stock, $0.001 par value; 2,000,000 shares authorized; 47,466, 45,736 and 42,461 shares issued and outstanding, redemption value $48,356, $46,308 and $42,991 48,262 46,097 42,587
Stockholders’ (deficit) equity:      
Common Stock, $0.001 par value; 75,000,000 shares authorized; 37,477,386, 37,026,234 and 30,562,961 shares issued and outstanding 37 37 31
Additional paid-in capital 208,962 206,539 177,807
Accumulated deficit (223,201) (205,240) (166,523)
Total stockholders’ (deficit) equity (14,202) 1,336 11,315
Total liabilities, convertible preferred stock and stockholders’ (deficit) equity 232,177 239,342 253,960
Nonrelated party      
Current assets:      
Accounts receivable, net 13,233 15,151 16,274
Current liabilities:      
Debt, net of current portion 5,694 5,801 22,906
Related party      
Current assets:      
Accounts receivable, net 12,929 13,537 10,810
Current liabilities:      
Debt, net of current portion $ 135,588 $ 121,198 $ 100,819