0001628280-25-050421 | 10-Q | XBRL Viewer

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LEASE COMMITMENTS - Narrative (Details)	Sep. 28, 2025
Minimum
Lessee, operating lease, remaining lease term (year)	1 year
Maximum
Lessee, operating lease, remaining lease term (year)	10 years

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)

9 Months Ended

Sep. 28, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets

Intangible assets consisted of the following:September 28, 2025Gross Carrying AmountAccumulated AmortizationNet Carrying ValueFinite-lived intangible assets:Customer relationships$269,235 $(75,490)$193,745 Tradenames13,775 (6,837)6,938 Technology27,559 (16,996)10,563 Total finite-lived intangible assets$310,569 $(99,323)$211,246 Indefinite-lived intangible assets:Tradenames$165,278 — $165,278 License agreement23,800 — 23,800 Total indefinite-lived intangible assets$189,078 — $189,078 December 31, 2024Gross Carrying AmountAccumulated AmortizationNet Carrying ValueFinite-lived intangible assets:Customer relationships$269,950 $(67,426)$202,524 Tradenames13,775 (6,294)7,481 Technology26,676 (15,265)11,411 Total finite-lived intangible assets$310,401 $(88,985)$221,416 Indefinite-lived intangible assets:Tradenames$165,260 — $165,260

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

The following outlines the estimated amortization expense related to finite-lived intangible assets held as of September 28, 2025:


2025 (excluding the thirty-nine weeks ended September 28, 2025)	$	3,414
2026	13,552
2027	13,546
2028	13,546
2029	13,546
Thereafter	153,642
Total	$	211,246

ACCRUED LIABILITIES

9 Months Ended

Sep. 28, 2025

Accrued Liabilities [Abstract]

ACCRUED LIABILITIES

Accrued liabilities of the Company consisted of the following:


	As of
	September 28, 2025		December 31, 2024
Accrued freight	$	3,140	$	1,673
Accrued employee compensation and benefits	13,895		11,646
Accrued returns and allowances	7,714		12,257
Accrued taxes	4,888		4,053
Current portion of operating lease liabilities	5,579		5,324
Accrued warranties	2,416		2,332
Cataclean license accrual	7,140		-
Accrued other	6,909		5,905
Total accrued liabilities	$	51,681	$	43,190

EARNINGS PER SHARE - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 28, 2025	Sep. 29, 2024	Sep. 28, 2025	Sep. 29, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	22,462,450	18,826,353	21,791,720	18,826,353
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	14,633,311	14,633,311	14,633,311	14,633,311
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	437,268	454,064	437,268	454,064
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	3,600,584	557,828	3,138,084	557,828
Performance stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	2,697,537	2,087,400	2,489,307	2,087,400
Unvested Earn-Out Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	1,093,750	1,093,750	1,093,750	1,093,750

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 28, 2025	Nov. 04, 2025
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 28, 2025
Document Transition Report	false
Entity File Number	001-39599
Entity Registrant Name	HOLLEY INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	87-1727560
Entity Address, Address Line One	2445 Nashville Road, Suite B1
Entity Address, City or Town	Bowling Green
Entity Address, State or Province	KY
Entity Address, Postal Zip Code	42101
City Area Code	270
Local Phone Number	782-2900
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		120,509,897
Entity Central Index Key	0001822928
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Amendment Flag	false
Document Fiscal Year Focus	2025
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.0001
Trading Symbol	HLLY
Security Exchange Name	NYSE
Warrants
Document Information [Line Items]
Title of 12(b) Security	Warrants to purchase common stock
Trading Symbol	HLLY WS
Security Exchange Name	NYSE

GOODWILL AND OTHER INTANGIBLE ASSETS - Narrative (Details) - USD ($)		3 Months Ended		9 Months Ended
	Jan. 01, 2025	Sep. 28, 2025	Sep. 29, 2024	Sep. 28, 2025	Sep. 29, 2024
Indefinite-Lived Intangible Assets [Line Items]
Goodwill impairment		$ 0	$ 0	$ 0	$ 0
Payments to acquire intangible assets				16,660,000	$ 0
Cataclean Perpetual License
Indefinite-Lived Intangible Assets [Line Items]
Asset acquisition, consideration transferred	$ 23,800,000
Indefinite-lived license agreements	$ 23,800,000
Payments to acquire intangible assets				16,660,000
Capital expenditures incurred but not yet paid				$ 7,140,000

- Definition

Amount of impairment loss from asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

EARNINGS PER SHARE - Schedule of Basic and Diluted Earning Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2025	Sep. 29, 2024	Sep. 28, 2025	Sep. 29, 2024
Numerator:
Net income (loss)	$ (806)	$ (6,288)	$ 12,874	$ 14,547
Denominator:
Weighted average common shares outstanding - basic (in shares)	119,405,911	118,694,139	119,140,257	118,345,442
Weighted average common shares outstanding - diluted (in shares)	119,405,911	118,694,139	119,810,987	119,153,568
Earnings Per Share, Basic [Abstract]
Basic (in usd per share)	$ (0.01)	$ (0.05)	$ 0.11	$ 0.12
Diluted (in usd per share)	$ (0.01)	$ (0.05)	$ 0.11	$ 0.12
Restricted stock units
Denominator:
Incremental common shares attributable to dilutive effect of share-based payment arrangements (in shares)	0	0	462,500	740,025
Performance stock units
Denominator:
Incremental common shares attributable to dilutive effect of share-based payment arrangements (in shares)	0	0	208,230	68,101

LEASE COMMITMENTS - Operating Lease Assets and Obligations (Details) - USD ($) $ in Thousands	Sep. 28, 2025	Dec. 31, 2024
Assets:
Right-of-use assets	$ 32,635	$ 35,974
Liabilities:
Current portion of operating lease liabilities	5,579	5,324
Long-term operating lease liabilities - Other noncurrent liabilities	28,159	31,876
Total lease liabilities	$ 33,738	$ 37,200
Weighted average remaining lease term (in years)	5 years 10 months 24 days	6 years 7 months 6 days
Weighted average discount rate	6.50%	5.91%

PROPERTY, PLANT AND EQUIPMENT, NET - Long-lived Assets by Geographic (Details) - USD ($) $ in Thousands	Sep. 28, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, net	$ 43,758	$ 40,983
United States
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, net	41,174	38,606
International
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, net	$ 2,584	$ 2,377

LEASE COMMITMENTS - Future Minimum Rental Payments for Operating Leases (Details) - USD ($) $ in Thousands	Sep. 28, 2025	Dec. 31, 2024
Leases [Abstract]
2025 (excluding the thirty-nine weeks ended September 28, 2025)	$ 1,868
2026	7,236
2027	7,228
2028	6,885
2029	5,860
Thereafter	11,722
Total lease payments	40,799
Less imputed interest	(7,061)
Total lease liabilities	$ 33,738	$ 37,200

COMMON STOCK WARRANTS AND EARN-OUT LIABILITY	9 Months Ended
COMMON STOCK WARRANTS AND EARN-OUT LIABILITY	Sep. 28, 2025
Equity [Abstract]
COMMON STOCK WARRANTS AND EARN-OUT LIABILITY	COMMON STOCK WARRANTS AND EARN-OUT LIABILITY The Company consummated a business combination (the “Business Combination”) pursuant to that certain Agreement and Plan of Merger dated March 11, 2021 (the “Merger Agreement”), by and among Empower Ltd., (“Empower”), Empower Merger Sub I Inc., Empower Merger Sub II LLC, and Holley Intermediate Holdings, Inc. (“Holley Intermediate”) on July 16, 2021, (the “Closing” and such date, the “Closing Date”). Upon the Closing, there were 14,666,644 Warrants, consisting of 9,999,977 public warrants ("Public Warrants") and 4,666,667 private warrants ("Private Warrants" and together with the Public Warrants, the “Warrants”), outstanding to purchase shares of Common Stock that were issued by Empower prior to the Business Combination. Each Warrant entitles the registered holder to purchase one share of Common Stock at a price of $11.50 per share, subject to adjustments, provided that the Company has an effective registration statement under the Securities Act covering the shares of Common Stock issuable upon exercise of the Warrants and a current prospectus relating to them is available and such shares are registered, qualified or exempt from registration under the securities laws of the state of residence of the holder. The Warrants may be exercised only for a whole number of shares of Common Stock. The Warrants expire on July 16, 2026, the date that is five years after the Closing Date, or earlier upon redemption or liquidation. Additionally, the Private Warrants will be non-redeemable and are exercisable on a cashless basis so long as they are held by Empower Sponsor Holdings, LLC (the "Sponsor") or any of its permitted transferees. If the Private Warrants are held by someone other than the Sponsor or its permitted transferees, the Private Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants. The Company may redeem the Public Warrants at a price of $0.01 per warrant upon 30 days' notice if the closing price of Common Stock equals or exceeds $18.00 per share, subject to adjustments, on the trading day prior to the date on which notice of redemption is given, provided there is an effective registration statement and current prospectus in effect with respect to the ordinary shares underlying such Warrants throughout the 30-day redemption period. If the foregoing conditions are satisfied and the Company issues a notice of redemption of the Warrants, the Warrant holder is entitled to exercise his, her or its Warrant prior to the scheduled redemption date. Any such exercise requires the Warrant holder to pay the exercise price for each Warrant being exercised. Further, the Company may redeem the Public Warrants at a price of $0.10 per warrant upon 30 days' notice if the closing price of Common Stock equals or exceeds $10.00 per share, subject to adjustments, on the trading day prior to the date on which notice of redemption is given. Beginning on the date the notice of redemption is given until the Warrants are redeemed or exercised, holders may elect to exercise their Warrants on a cashless basis and receive that number of shares of Common Stock as determined by reference to a table in the warrant agreement.During any period when the Company has failed to maintain an effective registration statement, warrant holders may exercise Warrants on a cashless basis in accordance with Section 3(a)(9) of the Securities Act or another exemption, and the Company will use its commercially reasonable best efforts to register or qualify the shares under applicable blue-sky laws to the extent an exemption is not available.The Company’s Warrants are accounted for as a liability in accordance with ASC 815-40 and are presented as a warrant liability on the balance sheet. The warrant liability was measured at fair value at inception and on a recurring basis, with changes in fair value recognized as non-operating expense. As of September 28, 2025 and December 31, 2024, a warrant liability with a fair value of $3,752 and $813, respectively, was reflected as a long-term liability in the condensed consolidated balance sheet. An increase of $3,019 and a decrease of $1,041 in the fair value of the warrant liability was reflected as change in fair value of warrant liability in the condensed consolidated statements of comprehensive income (loss) for the 13-week periods ended September 28, 2025 and September 29, 2024, respectively. An increase of $2,939 and a decrease of $7,570 in the fair value of the warrant liability was reflected as change in fair value of warrant liability in the condensed consolidated statements of comprehensive income (loss) for the 39-week periods ended September 28, 2025 and September 29, 2024, respectively. Additionally, the Sponsor received 2,187,500 shares of Common Stock upon the Closing, which vest in two equal tranches upon achievement of certain market share price milestones during the earn-out period, as outlined in the Merger Agreement (the “Earn-Out Shares”). The first tranche of Earn-Out Shares vested during the first quarter of 2022. Upon vesting, the first tranche of 1,093,750 Earn-Out Shares were issued and a liability of $14,689, representing the fair value of the shares on the date of vesting, was reclassified from liabilities to equity. The remaining tranche of Earn-Out Shares will be forfeited if the applicable conditions are not satisfied before July 16, 2028 (seven years after the Closing Date). The unvested Earn-Out Shares are presented as an earn-out liability on the balance sheet and are remeasured at fair value with changes in fair value recognized as non-operating expense. As of September 28, 2025 and December 31, 2024, an earn-out liability with a fair value of $1,870 and $1,148, respectively, was reflected as a long-term liability in the condensed consolidated balance sheet. An increase of $1,126 and a decrease of $634 in the fair value of the earn-out liability was reflected as change in fair value of earn-out liability in the condensed consolidated statements of comprehensive income (loss) for the 13-week periods ended September 28, 2025 and September 29, 2024, respectively. An increase of $722 and a decrease of $2,341 in the fair value of the earn-out liability was reflected as change in fair value of earn-out liability in the condensed consolidated statements of comprehensive income (loss) for the 39-week periods ended September 28, 2025 and September 29, 2024, respectively.

REVENUE

9 Months Ended

Sep. 28, 2025

Revenues [Abstract]

REVENUE

The principal activity from which the Company generates its revenue is the manufacturing and distribution of after-market automotive parts for its customers, comprised of resellers and end users. The Company recognizes revenue at a point in time, rather than over time, as the performance obligation is satisfied when customer obtains control of the product upon title transfer and not as the product is manufactured or developed. The amount of revenue recognized is based on the purchase order price and adjusted for revenue allocated to variable consideration (i.e., estimated rebates, co-op advertising, etc.).

The Company collects sales tax and other taxes concurrent with revenue-producing activities which are excluded from revenue. Shipping and handling costs incurred after control of the product is transferred to our customers are treated as fulfillment costs and not a separate performance obligation.

The Company allows customers to return products when certain Company-established criteria are met. These sales returns are recorded as a charge against gross sales in the period in which the related sales are recognized, net of returns to stock. Returned products, which are recorded as inventories, are valued at the lower of cost or net realizable value. The physical condition and marketability of the returned products are the major factors considered in estimating realizable value. The Company also estimates expected sales returns and records the necessary adjustment as a charge against gross sales.

The Company’s payment terms with customers are customary and vary by customer and geography but typically range from 30 to 365 days. The Company elected the practical expedient to disregard the possible existence of a significant financing component related to payment on contracts, as the Company expects that customers will pay for the products within one year. The Company has evaluated the terms of our

arrangements and determined that they do not contain significant financing components. Additionally, as all contracts with customers have an expected duration of one year or less, the Company has elected the practical expedient to exclude disclosure of information regarding the aggregate amount and future timing of performance obligations that are unsatisfied or partially satisfied as of the end of the reporting period. The Company provides limited warranties on most of its products against certain manufacturing and other defects. Provisions for estimated expenses related to product warranty are made at the time products are sold. Refer to Note 15, “Commitments and Contingencies” for more information.

The following table summarizes total revenue by division category during the 13-week and 39-week periods ended September 28, 2025 and September 29, 2024. The Company's category definitions were revised by management during the first quarter of 2025. The prior-year period has been revised to conform with the current presentation. There is no change to total sales.


	For the thirteen weeks ended				For the thirty-nine weeks ended
	September 28, 2025		September 29, 2024		September 28, 2025		September 29, 2024
Domestic Muscle	$	88,487	$	85,666	$	290,077	$	295,497
Euro & Import	7,914		6,980		22,692		19,841
Truck & Off-Road	28,901		28,255		95,154		93,527
Safety & Racing	13,071		13,137		50,156		53,306
Net sales	$	138,373	$	134,038	$	458,078	$	462,170

The following table summarizes total revenue based on geographic location from which the product is shipped:


	For the thirteen weeks ended				For the thirty-nine weeks ended
	September 28, 2025		September 29, 2024		September 28, 2025		September 29, 2024
United States	$	135,097	$	130,459	$	445,002	$	447,206
Italy	3,276		3,579		13,076		14,964
Net sales	$	138,373	$	134,038	$	458,078	$	462,170

Accounts receivable, less allowance was $51,011 and $36,123 as of June 29, 2025 and December 31, 2024, respectively.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

GOODWILL AND OTHER INTANGIBLE ASSETS

9 Months Ended

Sep. 28, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill represents the premium paid over the fair value of the net tangible and identifiable intangible assets acquired in the Company's business combinations. There were no changes to goodwill during the 39-week period ended September 28, 2025.

No goodwill impairment charges were incurred during the 13-week and 39-week periods ended September 28, 2025 and September 29, 2024, respectively. Potential changes in the Company's costs and operating structure, the implementation of synergies, and overall performance in the automotive aftermarket industry, could negatively impact near-term cash-flow projections and could trigger a potential impairment of the Company's goodwill and / or indefinite-lived intangible assets. In addition, failure to execute the Company's strategic plans as well as increases in weighted average costs of capital could negatively impact the fair value of the reporting unit and increase the risk of future impairment charges.

On January 1, 2025, the Company, entered into an agreement with Cataclean Global Limited ("Cataclean") to purchase a perpetual exclusive license in North America for developing, manufacturing, marketing, distributing, using and selling existing Cataclean products as well as future product formulations in all sales channels in North America for a total purchase price of $23,800. The Cataclean perpetual license agreement of $23,800 is included in other intangible assets, net in the condensed consolidated balance sheets. As of September 28, 2025, the Company has paid $16,660 to Cataclean and the remaining $7,140 is included in accrued liabilities in the condensed consolidated balance sheets.

Intangible assets consisted of the following:


	September 28, 2025
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value
Finite-lived intangible assets:
Customer relationships	$	269,235	$	(75,490)	$	193,745
Tradenames	13,775		(6,837)		6,938
Technology	27,559		(16,996)		10,563
Total finite-lived intangible assets	$	310,569	$	(99,323)	$	211,246

Indefinite-lived intangible assets:
Tradenames	$	165,278	—		$	165,278
License agreement	23,800		—		23,800
Total indefinite-lived intangible assets	$	189,078	—		$	189,078


	December 31, 2024
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value
Finite-lived intangible assets:
Customer relationships	$	269,950	$	(67,426)	$	202,524
Tradenames	13,775		(6,294)		7,481
Technology	26,676		(15,265)		11,411
Total finite-lived intangible assets	$	310,401	$	(88,985)	$	221,416

Indefinite-lived intangible assets:
Tradenames	$	165,260	—		$	165,260

The following outlines the estimated amortization expense related to finite-lived intangible assets held as of September 28, 2025:


2025 (excluding the thirty-nine weeks ended September 28, 2025)	$	3,414
2026	13,552
2027	13,546
2028	13,546
2029	13,546
Thereafter	153,642
Total	$	211,246

SUBSEQUENT EVENT	9 Months Ended
SUBSEQUENT EVENT	Sep. 28, 2025
Subsequent Events [Abstract]
SUBSEQUENT EVENT	SUBSEQUENT EVENTS On October 27, 2025, the Company repaid $10,000 on the outstanding principal on its first lien term loan at a discount to par. On October 15, 2025, the Company entered into a new Lease Agreement (the "Lease"). The Lease has an initial term of ten years and two months with two three year extensions. The Lease has a common date of annual lease fixed escalators of 3.5% commencing on February 1, 2026 with an initial monthly base rent of $103. The Company is in the process of finalizing and determining an updated incremental borrowing rate ("IBR") to apply at lease commencement. The Company is responsible for its pro rata share of other periodic payments under the lease, including real property taxes, utilities and insurance expenses. The lease is within our strategic optimization for warehousing, storing, manufacturing and distributing automotive parts.

REVENUE - Summary of Revenue Based on Geographic Location (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2025	Sep. 29, 2024	Sep. 28, 2025	Sep. 29, 2024
Disaggregation of Revenue [Line Items]
Net sales	$ 138,373	$ 134,038	$ 458,078	$ 462,170
United States
Disaggregation of Revenue [Line Items]
Net sales	135,097	130,459	445,002	447,206
Italy
Disaggregation of Revenue [Line Items]
Net sales	$ 3,276	$ 3,579	$ 13,076	$ 14,964

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

INVENTORY (Details) - USD ($) $ in Thousands	Sep. 28, 2025	Dec. 31, 2024
Inventory Disclosure [Abstract]
Raw materials	$ 56,327	$ 58,858
Work-in-process	6,037	3,416
Finished goods	133,293	130,249
Inventory, net	$ 195,657	$ 192,523

EQUITY-BASED COMPENSATION PLANS - Stock Option Activity (Details)	9 Months Ended
	Sep. 28, 2025 $ / shares shares
Number of Stock Options
Beginning balance (in shares) \| shares	437,268
Forfeited, shares (in shares) \| shares	0
Expired, shares (in shares) \| shares	0
Ending balance (in shares) \| shares	437,268
Options, exercisable, number of stock options (in shares) \| shares	437,268
Weighted Average Exercise Price
Beginning balance, weighted average exercise price (in dollars per share) \| $ / shares	$ 10.99
Forfeited, weighted average exercise price (in dollars per share) \| $ / shares	0
Expired, weighted average exercise price (in dollars per share) \| $ / shares	0
Ending balance, weighted average exercise price (in dollars per share) \| $ / shares	10.99
Options exercisable, weighted average exercise price (in dollars per share) \| $ / shares	$ 10.99
Options, weighted average remaining contractual term (years)	6 years 21 days
Options exercisable, weighted average remaining contractual term (years)	6 years 21 days

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings
Beginning balance (in shares) at Dec. 31, 2023		117,707,280
Beginning balance at Dec. 31, 2023	$ 441,151	$ 12	$ 373,869	$ (710)	$ 67,980
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	3,730				3,730
Equity compensation	1,141		1,141
Foreign currency translation adjustment	(186)			(186)
Tax withholding related to vesting of restricted stock units	(921)		(921)
Issuance of shares for restricted stock units (in shares)		604,061
Issuance of shares for restricted stock units	0
Ending balance (in shares) at Mar. 31, 2024		118,311,341
Ending balance at Mar. 31, 2024	444,915	$ 12	374,089	(896)	71,710
Beginning balance (in shares) at Dec. 31, 2023		117,707,280
Beginning balance at Dec. 31, 2023	441,151	$ 12	373,869	(710)	67,980
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	14,547
Foreign currency translation adjustment	244
Ending balance (in shares) at Sep. 29, 2024		118,703,283
Ending balance at Sep. 29, 2024	458,743	$ 12	376,670	(466)	82,527
Beginning balance (in shares) at Mar. 31, 2024		118,311,341
Beginning balance at Mar. 31, 2024	444,915	$ 12	374,089	(896)	71,710
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	17,105				17,105
Equity compensation	1,621		1,621
Foreign currency translation adjustment	44			44
Tax withholding related to vesting of restricted stock units	(516)		(516)
Issuance of shares for restricted stock units (in shares)		372,131
Issuance of shares for restricted stock units	0
Ending balance (in shares) at Jun. 30, 2024		118,683,472
Ending balance at Jun. 30, 2024	463,169	$ 12	375,194	(852)	88,815
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	(6,288)				(6,288)
Equity compensation	1,521		1,521
Foreign currency translation adjustment	386			386
Tax withholding related to vesting of restricted stock units	(45)		(45)
Issuance of shares for restricted stock units (in shares)		19,811
Issuance of shares for restricted stock units	0
Ending balance (in shares) at Sep. 29, 2024		118,703,283
Ending balance at Sep. 29, 2024	458,743	$ 12	376,670	(466)	82,527
Beginning balance (in shares) at Dec. 31, 2024		118,748,697
Beginning balance at Dec. 31, 2024	421,152	$ 12	377,557	(1,162)	44,745
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	2,817				2,817
Equity compensation	1,495		1,495
Foreign currency translation adjustment	(285)			(285)
Tax withholding related to vesting of restricted stock units	(594)		(594)
Issuance of shares for restricted stock units (in shares)		333,960
Issuance of shares for restricted stock units	0
Ending balance (in shares) at Mar. 30, 2025		119,082,657
Ending balance at Mar. 30, 2025	424,585	$ 12	378,458	(1,447)	47,562
Beginning balance (in shares) at Dec. 31, 2024		118,748,697
Beginning balance at Dec. 31, 2024	421,152	$ 12	377,557	(1,162)	44,745
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	12,874
Foreign currency translation adjustment	1,336
Ending balance (in shares) at Sep. 28, 2025		119,405,911
Ending balance at Sep. 28, 2025	439,737	$ 12	381,932	174	57,619
Beginning balance (in shares) at Mar. 30, 2025		119,082,657
Beginning balance at Mar. 30, 2025	424,585	$ 12	378,458	(1,447)	47,562
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	10,863				10,863
Equity compensation	1,408		1,408
Foreign currency translation adjustment	1,239			1,239
Tax withholding related to vesting of restricted stock units	(256)		(256)
Issuance of shares for restricted stock units (in shares)		323,254
Issuance of shares for restricted stock units	0
Ending balance (in shares) at Jun. 29, 2025		119,405,911
Ending balance at Jun. 29, 2025	437,839	$ 12	379,610	(208)	58,425
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	(806)				(806)
Equity compensation	2,322		2,322
Foreign currency translation adjustment	382			382
Ending balance (in shares) at Sep. 28, 2025		119,405,911
Ending balance at Sep. 28, 2025	$ 439,737	$ 12	$ 381,932	$ 174	$ 57,619

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

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+ Details

REVENUE (Tables)

9 Months Ended

Sep. 28, 2025

Revenues [Abstract]

Revenue from External Customers by Division Category


	For the thirteen weeks ended				For the thirty-nine weeks ended
	September 28, 2025		September 29, 2024		September 28, 2025		September 29, 2024
Domestic Muscle	$	88,487	$	85,666	$	290,077	$	295,497
Euro & Import	7,914		6,980		22,692		19,841
Truck & Off-Road	28,901		28,255		95,154		93,527
Safety & Racing	13,071		13,137		50,156		53,306
Net sales	$	138,373	$	134,038	$	458,078	$	462,170

Revenue from External Customers by Geographic Location

The following table summarizes total revenue based on geographic location from which the product is shipped:


	For the thirteen weeks ended				For the thirty-nine weeks ended
	September 28, 2025		September 29, 2024		September 28, 2025		September 29, 2024
United States	$	135,097	$	130,459	$	445,002	$	447,206
Italy	3,276		3,579		13,076		14,964
Net sales	$	138,373	$	134,038	$	458,078	$	462,170

PROPERTY, PLANT AND EQUIPMENT, NET - Property, Plant, and Equipment (Details) - USD ($) $ in Thousands	Sep. 28, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	$ 95,550	$ 87,658
Less: accumulated depreciation	51,792	46,675
Property, plant and equipment, net	43,758	40,983
Land
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	1,080	1,230
Buildings and improvements
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	13,255	12,874
Machinery and equipment
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	68,344	65,333
Construction in process
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	$ 12,871	$ 8,221

DEBT - Future Maturities of Long-term Debt and Amortization of Debt Issuance Cost (Details) - USD ($) $ in Thousands	Sep. 28, 2025	Dec. 31, 2024
Debt
2025 (excluding the thirty-nine weeks ended September 28, 2025)	$ 3,367
2026	6,571
2027	6,571
2028	526,219
Long-term debt	542,728
Debt Issuance Costs
2025 (excluding the thirty-nine weeks ended September 28, 2025)	698
2026	2,244
2027	2,244
2028	2,245
Debt issuance costs	$ 7,431	$ 8,977

SUBSEQUENT EVENT (Details) $ in Thousands			9 Months Ended
SUBSEQUENT EVENT (Details) $ in Thousands	Oct. 27, 2025 USD ($)	Oct. 15, 2025 USD ($) renewal_option	Sep. 28, 2025 USD ($)	Sep. 29, 2024 USD ($)
Subsequent Event [Line Items]
Repayments of long-term debt			$ 18,625	$ 28,832
Subsequent Event
Subsequent Event [Line Items]
Initial lease term		10 years 2 months
Number of renewal options \| renewal_option		2
Lease renewal term		3 years
Annual lease fixed escalator, percent		0.035
Operating lease, initial monthly base rent		$ 103
First lien term loan due November 17, 2028 \| Delayed Draw Term Loan (DDTL)
Subsequent Event [Line Items]
Repayments of long-term debt			$ 15
First lien term loan due November 17, 2028 \| Delayed Draw Term Loan (DDTL) \| Subsequent Event
Subsequent Event [Line Items]
Repayments of long-term debt	$ 10

INVENTORY

9 Months Ended

Sep. 28, 2025

Inventory Disclosure [Abstract]

INVENTORY

Inventories of the Company consisted of the following:


	As of
	September 28, 2025		December 31, 2024
Raw materials	$	56,327	$	58,858
Work-in-process	6,037		3,416
Finished goods	133,293		130,249
	$	195,657	$	192,523

REVENUE - Summary of Revenue by Product Category (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2025	Sep. 29, 2024	Sep. 28, 2025	Sep. 29, 2024
Disaggregation of Revenue [Line Items]
Net sales	$ 138,373	$ 134,038	$ 458,078	$ 462,170
Domestic Muscle
Disaggregation of Revenue [Line Items]
Net sales	88,487	85,666	290,077	295,497
Euro & Import
Disaggregation of Revenue [Line Items]
Net sales	7,914	6,980	22,692	19,841
Truck & Off-Road
Disaggregation of Revenue [Line Items]
Net sales	28,901	28,255	95,154	93,527
Safety & Racing
Disaggregation of Revenue [Line Items]
Net sales	$ 13,071	$ 13,137	$ 50,156	$ 53,306

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 7
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

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EARNINGS PER SHARE

9 Months Ended

Sep. 28, 2025

Earnings Per Share [Abstract]

EARNINGS PER SHARE

The following table sets forth the calculation of basic and diluted earnings per share:


	For the thirteen weeks ended				For the thirty-nine weeks ended
	September 28, 2025		September 29, 2024		September 28, 2025		September 29, 2024
Numerator:
Net income (loss)	$	(806)	$	(6,288)	$	12,874	$	14,547
Denominator:
Weighted average common shares outstanding - basic	119,405,911		118,694,139		119,140,257		118,345,442
Dilutive effect of potential common shares from RSUs	—		—		462,500		740,025
Dilutive effect of potential common shares from PSUs	—		—		208,230		68,101
Weighted average common shares outstanding - diluted	119,405,911		118,694,139		119,810,987		119,153,568
Earnings per share:
Basic	$	(0.01)	$	(0.05)	$	0.11	$	0.12
Diluted	$	(0.01)	$	(0.05)	$	0.11	$	0.12

The following outstanding shares of Common Stock equivalents were excluded from the calculation of diluted earnings per share because their effect would have been anti-dilutive. Warrants to purchase shares of Common Stock having an exercise price greater than the average share market price are excluded from the calculation of diluted earnings per share.


	For the thirteen weeks ended		For the thirty-nine weeks ended
	September 28, 2025	September 29, 2024	September 28, 2025	September 29, 2024
Anti-dilutive shares excluded from calculation of diluted EPS:
Warrants	14,633,311	14,633,311	14,633,311	14,633,311
Stock options	437,268	454,064	437,268	454,064
Restricted stock units	3,600,584	557,828	3,138,084	557,828
Performance stock units	2,697,537	2,087,400	2,489,307	2,087,400
Unvested Earn-Out Shares	1,093,750	1,093,750	1,093,750	1,093,750
Total anti-dilutive shares	22,462,450	18,826,353	21,791,720	18,826,353

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2025	Sep. 29, 2024	Sep. 28, 2025	Sep. 29, 2024
Income Statement [Abstract]
Net sales	$ 138,373	$ 134,038	$ 458,078	$ 462,170
Cost of goods sold	78,534	81,732	264,593	287,512
Gross profit	59,839	52,306	193,485	174,658
Selling, general, and administrative	33,466	30,109	103,119	97,675
Research and development costs	4,715	4,620	13,894	13,743
Amortization of intangible assets	3,456	3,436	10,338	10,307
Restructuring costs	1,360	954	2,178	1,566
Write-down of assets held for sale	0	7,505	0	7,505
Other operating expense	975	119	1,232	213
Total operating expense	43,972	46,743	130,761	131,009
Operating income	15,867	5,563	62,724	43,649
Change in fair value of warrant liability	3,019	(1,041)	2,939	(7,570)
Change in fair value of earn-out liability	1,126	(634)	722	(2,341)
Loss on early extinguishment of debt	0	0	0	141
Interest expense, net	11,259	15,010	40,341	39,192
Total non-operating expense	15,404	13,335	44,002	29,422
Income (loss) before income taxes	463	(7,772)	18,722	14,227
Income tax expense (benefit)	1,269	(1,484)	5,848	(320)
Net income (loss)	(806)	(6,288)	12,874	14,547
Comprehensive income:
Foreign currency translation adjustment	382	386	1,336	244
Total comprehensive income (loss)	$ (424)	$ (5,902)	$ 14,210	$ 14,791
Common Share Data:
Weighted average common shares outstanding - basic (in shares)	119,405,911	118,694,139	119,140,257	118,345,442
Weighted average common shares outstanding - diluted (in shares)	119,405,911	118,694,139	119,810,987	119,153,568
Basic net income (loss) per share (in usd per share)	$ (0.01)	$ (0.05)	$ 0.11	$ 0.12
Diluted net income (loss) per share (in usd per share)	$ (0.01)	$ (0.05)	$ 0.11	$ 0.12

EQUITY-BASED COMPENSATION PLANS (Tables)

9 Months Ended

Sep. 28, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Share-Based Payment Arrangement, Expensed and Capitalized

Equity-based compensation expense included the following components:


	For the thirteen weeks ended				For the thirty-nine weeks ended
	September 28, 2025		September 29, 2024		September 28, 2025		September 29, 2024
Restricted stock units	$	1,386	$	944	$	3,362	$	2,686
Performance stock units	936		491		1,814		1,376
Stock options	—		86		49		221

Schedule of Nonvested Restricted Stock Units Activity

The following table summarizes Restricted Stock Award for the 39-week period ended September 28, 2025:


	Unvested Restricted Stock Awards
	Number of RSAs	Weighted Average Grant Date Fair Value
Balance on December 31, 2024	4,195,161	$	3.12
Granted	4,342,344	2.89
Vested	(1,051,186)	3.32
Forfeited	(418,252)	3.13
Balance on September 28, 2025	7,068,067	$	2.95

Share-Based Payment Arrangement, Option, Activity

The following table summarizes stock option activity for the 39-week period ended September 28, 2025:


	Number of Stock Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (years)
Options outstanding on December 31, 2024	437,268	$	10.99
Forfeited	-	-
Expired	-	-
Options outstanding on September 28, 2025	437,268	$	10.99	6.06
Options exercisable on September 28, 2025	437,268	$	10.99	6.06

DERIVATIVE INSTRUMENTS	9 Months Ended
DERIVATIVE INSTRUMENTS	Sep. 28, 2025
Derivative Instrument Detail [Abstract]
DERIVATIVE INSTRUMENTS	DERIVATIVE INSTRUMENTS The Company from time to time enters into derivative financial instruments, such as interest rate collar agreements (each, a “Collar”), to manage its exposure to fluctuations in interest rates on the Company’s variable rate debt. On January 4, 2023, the Company entered into a Collar with Wells Fargo with a notional amount of $500,000 that expires on February 18, 2026. The Collar has a floor of 2.811% and a cap of 5% (based on three-month SOFR). On January 30, 2025, the Company entered into another Collar with Wells Fargo with a notional amount of $400,000 that expires on November 18, 2028. The Collar has a floor of 3.35% and a cap of 4.99% (based on three-month SOFR). The structure of these Collars is such that the Company receives an incremental amount if the Collar index exceeds the cap rate. Conversely, the Company pays an incremental amount to Wells Fargo if the Collar index falls below the floor rate. No payments are required if the Collar index falls between the cap and floor rates. As of September 28, 2025, the Company recognized a derivative liability of $4,331 for the Collar in other noncurrent liabilities on the condensed consolidated balance sheets. The Company recorded a net change in the fair value of the Collar as an increase (decrease) to interest expense of $(972) and $4,271 for the 13-week and 39-week periods ended September 28, 2025, respectively. The fair value of the Collar is determined using observable market-based inputs and the impact of credit risk on the derivative’s fair value (the creditworthiness of the Company’s counterparty for assets and the creditworthiness of the Company for liabilities) (a Level 2 measurement, as described in Note 9, "Fair Value Measurements").

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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+ Details

INCOME TAXES

9 Months Ended

Sep. 28, 2025

Income Tax Disclosure [Abstract]

INCOME TAXES

The Company's effective income tax rate is based on expected income, statutory rates and tax planning opportunities available in the various jurisdictions in which it operates. For interim financial reporting, the Company estimates the annual income tax rate based on projected taxable income for the full year and records a quarterly income tax provision or benefit in accordance with the anticipated annual rate. The Company refines the estimates of the year's taxable income as new information becomes available, including actual year-to-date financial results. This continual estimation process often results in a change to the expected effective income tax rate for the year. When this occurs, the Company adjusts the income tax provision during the quarter in which the change in estimate occurs so that the year-to-date provision

reflects the expected income tax rate. Significant judgment is required in determining the effective tax rate and in evaluating tax positions.


	For the thirteen weeks ended						For the thirty-nine weeks ended
	September 28, 2025			September 29, 2024			September 28, 2025			September 29, 2024
Income tax expense (benefit)	$	1,269		$	(1,484)		$	5,848		$	(320)
Effective tax rate	274.1		%	19.1		%	31.2		%	(2.2		%)

For the 13-week period ended September 28, 2025, the Company's effective tax rate of 274.1% differed from the 21% federal statutory tax rate primarily due to permanent differences related to changes in fair value of the warrant and earn-out liabilities recognized during the period, state taxes, and the impact of foreign taxes in higher rate jurisdictions. These items had a greater impact on the effective tax rate for the13-week period ended September 28, 2025 due to the low pre-tax net income result. For the 13-week period ended September 29, 2024, the Company’s effective tax rate of 19.1% differed from the 21% federal statutory rate primarily due to permanent differences related to changes in fair value of the warrant and earn-out liabilities recognized during the period and the impact of foreign taxes in higher tax rate jurisdictions.

For the 39-week period ended September 28, 2025, the Company's effective tax rate of 31.2% differed from the 21% federal statutory tax rate primarily due to permanent differences related to changes in fair value of the warrant and earn-out liabilities recognized during the period, state taxes, the impact of foreign taxes in higher tax rate jurisdictions, and excess tax deficiencies from share-based compensation recognized during the period. For the 39-week period ended September 29, 2024, the Company’s effective tax rate of (2.2)% differed from the 21% federal statutory rate primarily due to permanent differences related to changes in fair value of the warrant and earn-out liabilities recognized during the period, federal research and development tax credits, and the impact of foreign taxes in higher tax rate jurisdictions. In addition, the Company incurred expenses related to product rationalization that were determined to be significant and infrequent in nature; therefore, the full tax benefit of these expenses were recorded during the year as a discrete adjustment.

On July 4, 2025, the U.S. enacted the One Big Beautiful Bill Act (“OBBBA”) that includes several U.S. corporate tax provisions, including the restoration of 100% bonus depreciation on qualified property, the current deductibility of domestic research and experimental expenditures, and changes to the interest expense limitation. The provisions of the OBBBA did not have a material impact to our income tax expense or effective tax rate. We expect the provisions of OBBBA to result in a reduction to current tax expense for 2025.

- Definition

The entire disclosure for income tax.

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+ Details

DEBT (Tables)

9 Months Ended

Sep. 28, 2025

Debt Disclosure [Abstract]

Schedule of Debt

Debt of the Company consisted of the following:


	As of
	September 28, 2025		December 31, 2024
First lien term loan due November 17, 2028	$	542,648	$	560,933
Other	80		630
Financing lease	210		—
Less unamortized debt issuance costs	(7,431)		(8,977)
	535,507		552,586
Less current portion of long-term debt	(6,651)		(7,201)
	$	528,856	$	545,385

Schedule of Maturities of Long-Term Debt

Future maturities of long-term debt and amortization of debt issuance costs as of September 28, 2025 are as follows:


	Debt		Debt Issuance Costs
2025 (excluding the thirty-nine weeks ended September 28, 2025)	$	3,367	$	698
2026	6,571		2,244
2027	6,571		2,244
2028	526,219		2,245
	$	542,728	$	7,431

DESCRIPTION OF THE BUSINESS, BASIS OF PRESENTATION, AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 28, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Emerging Growth Company Status	Emerging Growth Company StatusSection 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company is an emerging growth company, and, as such, has elected to take advantage of the benefits of the extended transition period for new or revised financial accounting standards.
Risks and Uncertainties	Risks and UncertaintiesThe Company's business and results of operations, financial condition, and liquidity are impacted by broad economic conditions, as well as by geopolitical events, including the conflict in Ukraine, the conflict in the Middle East, and the possible expansion of such conflicts and potential geopolitical consequences. The Company's business is impacted by various economic factors that affect both consumers and the automotive aftermarket industry, including but not limited to inflation, fuel costs, wage rates, trade restrictions, including tariffs, supply chain disruptions, hiring, and other economic conditions. The global and regional economic and political conditions, as well as changes in trade policies, may cause volatility in demand for the Company's products, materials and logistics, and transportation delays, and as a result may impact the pricing of the Company's products and product availability. In 2025, the U.S. introduced trade policy actions that have increased import tariffs across a wide range of countries at various rates, with certain exemptions, and these evolving tariff policies in the U.S., along with responsive measures enacted by other countries, have created additional uncertainty and complexity in the global trade environment. In response, the Company has implemented a range of initiatives to mitigate the impact of tariffs, including conducting harmonized tariff code audits to ensure accurate classification and compliance, diversifying supplier locations outside of China, reshoring products to North America, and exploring direct shipping from suppliers to international customers to reduce tariff exposure on goods entering the U.S. The Company continues to monitor international trade developments, including potential changes in tariff rates and the possibility of new exemptions or retaliatory actions, in order to analyze their impact on the business. The Company additionally continues to evaluate and implement additional strategies to further minimize the impact of tariffs on its operations. If current tariff levels are sustained or increased, there remains a risk that our profitability, cash flows, and financial estimates could be negatively affected.Additionally, in response to inflationary impacts and supply chain disruptions, the Company has attempted to minimize potential adverse impacts on its business with cost savings initiatives, price increases to customers, and increased attention to maintaining appropriate inventory levels in the distribution channel. The Company's profitability has been, and may continue to be, adversely affected by constrained consumer demand, a shift in sales to lower-margin products, and demands on our performance that increase our costs. Should the ongoing macroeconomic conditions not improve, or worsen, or if the Company's attempt to mitigate the impact on its supply chain, operations and costs is not successful, the Company’s business, results of operations and financial condition may be adversely affected.
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP" or “GAAP”) and applicable rules and regulations of the SEC regarding interim financial reporting. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these interim condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements and notes thereto for the year ended December 31, 2024, as filed with the SEC on March 14, 2025, in the Company’s annual report on Form 10-K. In management’s opinion, the unaudited interim condensed consolidated financial statements reflect all adjustments, which are of a normal and recurring nature, that are necessary for a fair presentation of financial results for the interim periods presented. Operating results for any quarter are not necessarily indicative of the results for the full fiscal year. The Company operates on a fiscal year that ends on December 31. The three- and nine-month periods ended September 28, 2025 and September 29, 2024 each included 13 weeks and 39 weeks, respectively.
Principles of Consolidation	Principles of Consolidation These unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany transactions and accounts have been eliminated in consolidation.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Accounting Standards Not Yet Adopted In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to SEC's Disclosure Update and Simplification Initiative. This ASU amends the disclosure or presentation requirements related to various subtopics in the FASB Accounting Standards Codification. The effective date for each amendment will be the date on which the SEC's removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. The Company will monitor the removal of various requirements from the current regulations in order to determine when to adopt the related amendments, but it does not anticipate that the adoption of the new guidance will have a material impact on the Company’s consolidated financial statements and related disclosures. The Company will continue to evaluate the impact of this guidance on its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU requires additional disclosures of various income tax components that affect the rate reconciliation based on the applicable taxing jurisdictions, as well as the qualitative and quantitative aspects of those components. The standard also requires information pertaining to taxes paid to be disaggregated for federal, state and foreign taxes, and contains other disclosure requirements. This ASU is effective for fiscal years beginning after December 15, 2024 and interim periods within fiscal years beginning after December 15, 2025, with early adoption permitted. While early adoption is permitted, the Company has determined it will not early adopt the standard. The Company does not believe the adoption of the standard will have a material effect on the Company’s consolidated financial position or results of operations. In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40). The objective of ASU 2024-03 is to improve disclosures about a public entity's expenses, primarily through additional disaggregation of income statement expenses. In January 2025, the FASB further clarified the effective date of ASU 2024-03 with the issuance of Accounting Standards Update 2025-01, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40) (“ASU 2025-01”). ASU 2024-03 is effective for annual periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted and may be applied either on a prospective or retrospective basis. The Company is currently evaluating the impact ASU 2024-03 will have on its financial statement disclosures.

FAIR VALUE MEASUREMENTS - Summary of Assumptions for Estimated Fair Value Using Monte Carlo Simulation Model (Details) - Monte Carlo Simulation Model	Sep. 28, 2025	Dec. 31, 2024
Valuation date price \| Earn-out liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Alternative investment measurement input	3.25	3.02
Valuation date price \| Warrant liability (Private)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Alternative investment measurement input	3.25	3.02
Strike price \| Warrant liability (Private)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Alternative investment measurement input	11.50	11.50
Remaining life and Expected term (in years) \| Earn-out liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Alternative investment measurement input	2.80	3.54
Remaining life and Expected term (in years) \| Warrant liability (Private)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Alternative investment measurement input	0.80	1.54
Expected dividend \| Warrant liability (Private)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Alternative investment measurement input	0	0
Expected volatility \| Earn-out liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Alternative investment measurement input	1.1008	0.6433
Risk-free interest rate \| Earn-out liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Alternative investment measurement input	0.0359	0.0421
Risk-free interest rate \| Warrant liability (Private)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Alternative investment measurement input	0.0367	0.0412
Price threshold \| Warrant liability (Private)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Alternative investment measurement input	18.00	18.00
Price hurdle \| Earn-out liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Alternative investment measurement input	15.00	15.00

GOODWILL AND OTHER INTANGIBLE ASSETS - Summary of Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 28, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 310,569	$ 310,401
Accumulated Amortization	(99,323)	(88,985)
Total	211,246	221,416
Indefinite-Lived Intangible Assets [Line Items]
Total indefinite-lived intangible assets	189,078
Tradenames
Indefinite-Lived Intangible Assets [Line Items]
Total indefinite-lived intangible assets	165,278	165,260
License agreement
Indefinite-Lived Intangible Assets [Line Items]
Total indefinite-lived intangible assets	23,800
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	269,235	269,950
Accumulated Amortization	(75,490)	(67,426)
Total	193,745	202,524
Tradenames
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	13,775	13,775
Accumulated Amortization	(6,837)	(6,294)
Total	6,938	7,481
Technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	27,559	26,676
Accumulated Amortization	(16,996)	(15,265)
Total	$ 10,563	$ 11,411

COMMITMENTS AND CONTINGENCIES (Tables)

9 Months Ended

Sep. 28, 2025

Commitments and Contingencies Disclosure [Abstract]

Schedule of Product Warranty Liability

The following table provides the changes in the Company's accrual for product warranties, which is classified as a component of accrued liabilities in the condensed consolidated balance sheets.


	For the thirteen weeks ended				For the thirty-nine weeks ended
	September 28, 2025		September 29, 2024		September 28, 2025		September 29, 2024
Beginning balance	$	2,534	$	6,046	$	2,332	$	3,325
Accrued for current year warranty claims	1,620		2,542		5,780		9,289
Settlement of warranty claims	(1,738)		(2,400)		(5,696)		(6,426)
Ending balance	$	2,416	$	6,188	$	2,416	$	6,188

FAIR VALUE MEASUREMENTS - Schedule of Value Assets and Liabilities Measured on Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Sep. 28, 2025	Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value liabilities	$ 9,953	$ 2,021
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value liabilities	2,482	548
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value liabilities	4,331	60
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value liabilities	3,141	1,413
Warrant liability (Public)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value liabilities	2,482	548
Warrant liability (Public) \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value liabilities	2,482	548
Warrant liability (Public) \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value liabilities	0	0
Warrant liability (Public) \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value liabilities	0	0
Warrant liability (Private)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value liabilities	1,270	265
Warrant liability (Private) \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value liabilities	0	0
Warrant liability (Private) \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value liabilities	0	0
Warrant liability (Private) \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value liabilities	1,270	265
Earn-out liability
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value liabilities	1,870	1,148
Earn-out liability \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value liabilities	0	0
Earn-out liability \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value liabilities	0	0
Earn-out liability \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value liabilities	1,870	1,148
Interest rate collar liability
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value liabilities	4,331	60
Interest rate collar liability \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value liabilities	0	0
Interest rate collar liability \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value liabilities	4,331	60
Interest rate collar liability \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value liabilities	$ 0	$ 0

INVENTORY (Tables)

9 Months Ended

Sep. 28, 2025

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventories of the Company consisted of the following:


	As of
	September 28, 2025		December 31, 2024
Raw materials	$	56,327	$	58,858
Work-in-process	6,037		3,416
Finished goods	133,293		130,249
	$	195,657	$	192,523

COMMON STOCK WARRANTS AND EARN-OUT LIABILITY (Details) $ / shares in Units, $ in Thousands		3 Months Ended			9 Months Ended
	Jul. 16, 2021 tranche $ / shares shares	Sep. 28, 2025 USD ($)	Sep. 29, 2024 USD ($)	Apr. 03, 2022 USD ($) shares	Sep. 28, 2025 USD ($)	Sep. 29, 2024 USD ($)	Dec. 31, 2024 USD ($)
Common Stock Warrants And Earn-out Liability [Line Items]
Class of warrant or right, outstanding (in shares) \| shares	14,666,644
Warrant liability \| $		$ 3,752			$ 3,752		$ 813
Change in fair value of warrant liability \| $		3,019	$ (1,041)		2,939	$ (7,570)
Earn-out liability \| $		1,870			1,870		1,148
Change in fair value of earn-out liability \| $		1,126	$ (634)		722	$ (2,341)
Empower Sponsor Holdings Llc
Common Stock Warrants And Earn-out Liability [Line Items]
Earn-out liability \| $		$ 1,870			$ 1,870		$ 1,148
Empower Sponsor Holdings Llc \| Unvested Earn-Out Shares
Common Stock Warrants And Earn-out Liability [Line Items]
Business acquisition, equity interest issued or issuable, number of shares (in shares) \| shares	2,187,500
Number of tranches \| tranche	2
Empower Sponsor Holdings Llc \| Tranche One
Common Stock Warrants And Earn-out Liability [Line Items]
Stock issued during period, shares, acquisitions (in shares) \| shares				1,093,750
Stock issued during period, value, acquisitions \| $				$ 14,689
Empower Sponsor Holdings Llc \| Tranche Two
Common Stock Warrants And Earn-out Liability [Line Items]
Earnout arrangement, maximum term (in years)	7 years
Public Warrants
Common Stock Warrants And Earn-out Liability [Line Items]
Class of warrant or right, outstanding (in shares) \| shares	9,999,977
Public Warrants \| Valuation date price
Common Stock Warrants And Earn-out Liability [Line Items]
Class of warrant or right, exercise price of warrants or rights (in dollars per share) \| $ / shares	$ 0.01
Warrants and rights outstanding, redemption period	30 days
Share price (in dollars per share) \| $ / shares	$ 18.00
Public Warrants \| Measurement Input Share Price
Common Stock Warrants And Earn-out Liability [Line Items]
Class of warrant or right, exercise price of warrants or rights (in dollars per share) \| $ / shares	0.10
Share price (in dollars per share) \| $ / shares	$ 10.00
Private Warrants
Common Stock Warrants And Earn-out Liability [Line Items]
Class of warrant or right, outstanding (in shares) \| shares	4,666,667
Private and Public Warrants
Common Stock Warrants And Earn-out Liability [Line Items]
Class of warrant or right, number of securities called by each warrant or right (in shares) \| shares	1
Class of warrant or right, exercise price of warrants or rights (in dollars per share) \| $ / shares	$ 11.50
Warrants and rights outstanding, term (in years)	5 years

ACCRUED LIABILITIES (Tables)

9 Months Ended

Sep. 28, 2025

Accrued Liabilities [Abstract]

Schedule of Accrued Liabilities

Accrued liabilities of the Company consisted of the following:


	As of
	September 28, 2025		December 31, 2024
Accrued freight	$	3,140	$	1,673
Accrued employee compensation and benefits	13,895		11,646
Accrued returns and allowances	7,714		12,257
Accrued taxes	4,888		4,053
Current portion of operating lease liabilities	5,579		5,324
Accrued warranties	2,416		2,332
Cataclean license accrual	7,140		-
Accrued other	6,909		5,905
Total accrued liabilities	$	51,681	$	43,190

EQUITY-BASED COMPENSATION PLANS - Restricted Stock Units Activity (Details) - Restricted stock units - $ / shares	3 Months Ended		9 Months Ended
	Sep. 28, 2025	Sep. 29, 2024	Sep. 28, 2025
Number of RSAs
Beginning balance (in shares)			4,195,161
Granted (in shares)			4,342,344
Vested (in shares)			(1,051,186)
Forfeited (in shares)			(418,252)
Ending balance (in shares)	7,068,067		7,068,067
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share)			$ 3.12
Granted (in dollars per share)	$ 2.89	$ 3.83	2.89
Vested (in dollars per share)			3.32
Forfeited (in dollars per share)			3.13
Ending balance (in dollars per share)	$ 2.95		$ 2.95

INCOME TAXES (Tables)

9 Months Ended

Sep. 28, 2025

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation


	For the thirteen weeks ended						For the thirty-nine weeks ended
	September 28, 2025			September 29, 2024			September 28, 2025			September 29, 2024
Income tax expense (benefit)	$	1,269		$	(1,484)		$	5,848		$	(320)
Effective tax rate	274.1		%	19.1		%	31.2		%	(2.2		%)

PROPERTY, PLANT AND EQUIPMENT, NET (Tables)

9 Months Ended

Sep. 28, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

Property, plant and equipment of the Company consisted of the following:


	As of
	September 28, 2025		December 31, 2024
Land	$	1,080	$	1,230
Buildings and improvements	13,255		12,874
Machinery and equipment	68,344		65,333

Construction in process	12,871		8,221
Total property, plant and equipment	95,550		87,658
Less: accumulated depreciation	51,792		46,675
Property, plant and equipment, net	$	43,758	$	40,983

Schedule of Long-Lived Assets by Geographic Location

The Company’s long-lived assets by geographic location are as follows:


	As of
	September 28, 2025		December 31, 2024
United States	$	41,174	$	38,606
International	2,584		2,377
Total property, plant and equipment, net	$	43,758	$	40,983

SEGMENTS

9 Months Ended

Sep. 28, 2025

Segment Reporting [Abstract]

SEGMENTS

The Company operates as one operating segment. The Company's chief operating decision maker ("CODM") is its Chief Executive Officer, who reviews financial information presented on a consolidated basis. The CODM uses consolidated gross margin and net income to assess financial performance and allocate resources. These financial metrics are used by the CODM to make key operating decisions, such as the determination of the rate at which the Company seeks to grow gross margin and the allocation of budget between cost of revenues, sales and marketing, research and development, and general and administrative expenses.

The following table presents selected financial information with respect to the Company’s single operating segment for the 13-week and 39-week periods ended September 28, 2025 and September 29, 2024:


	For the thirteen weeks ended				For the thirty-nine weeks ended
	September 28, 2025		September 29, 2024		September 28, 2025		September 29, 2024
Net sales	$	138,373	$	134,038	$	458,078	$	462,170
Cost of goods sold	78,534		81,732		264,593		287,512
Gross profit	59,839		52,306		193,485		174,658
Selling, general, and administrative	33,466		30,109		103,119		97,675
Research and development costs	4,715		4,620		13,894		13,743
Amortization of intangible assets	3,456		3,436		10,338		10,307
Restructuring costs	1,360		954		2,178		1,566
Write-down of assets held for sale	—		7,505		—		7,505
Other operating income	975		119		1,232		213
Total operating expense	43,972		46,743		130,761		131,009
Operating income	15,867		5,563		62,724		43,649
Change in fair value of warrant liability	3,019		(1,041)		2,939		(7,570)
Change in fair value of earn-out liability	1,126		(634)		722		(2,341)
Loss on early extinguishment of debt	—		—		—		141
Interest expense, net	11,259		15,010		40,341		39,192
Total non-operating expense	15,404		13,335		44,002		29,422
Income (loss) before income taxes	463		(7,772)		18,722		14,227
Income tax expense (benefit)	1,269		(1,484)		5,848		(320)
Net income (loss)	$	(806)	$	(6,288)	$	12,874	$	14,547

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 28, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 28, 2025	Sep. 29, 2024
OPERATING ACTIVITIES:
Net income	$ 12,874	$ 14,547
Adjustments to reconcile net income to net cash from operating activities:
Depreciation	7,183	7,364
Amortization of intangible assets	10,338	10,307
Amortization of deferred loan costs	1,336	1,314
Amortization of right of use assets	3,990	4,103
Write-down of assets held-for-sale	0	7,505
Fair value adjustments to warrant liability	2,939	(7,570)
Fair value adjustments to earn-out liability	722	(2,341)
Fair value adjustments to interest rate collar	4,271	(151)
Equity compensation	5,225	4,283
Change in deferred taxes	6,215	(8,534)
Loss on early extinguishment of long-term debt	0	141
Gain on disposal of property, plant and equipment	0	(568)
Provision for inventory reserves	10	10,451
Provision for credit losses	261	528
Change in operating assets and liabilities:
Accounts receivable	(13,602)	3,359
Inventories	(2,958)	(2,303)
Prepaids and other assets	(8,133)	(653)
Accounts payable	6,406	9,025
Accrued interest	4,316	32
Accrued and other liabilities	(1,326)	(8,066)
Net cash provided by operating activities	40,067	42,773
INVESTING ACTIVITIES:
Capital expenditures	(9,953)	(4,372)
Acquisition of license agreement	(16,660)	0
Proceeds from the disposal of fixed assets	205	1,645
Net cash used in investing activities	(26,408)	(2,727)
FINANCING ACTIVITIES:
Principal payments on long-term debt	(18,625)	(28,832)
Payments from stock-based award activities	(850)	(1,482)
Net cash used in financing activities	(19,475)	(30,314)
Effect of foreign currency rate fluctuations on cash	452	(62)
Net change in cash and cash equivalents	(5,364)	9,670
Cash and cash equivalents:
Beginning of period	56,087	41,081
End of period	50,723	50,751
Supplemental disclosures of cash flow information:
Cash paid for interest	35,691	39,453
Cash paid for income taxes	8,325	7,596
Property and equipment additions included in accounts payable
Supplemental non-cash investing activity:
Capital expenditures incurred but not yet paid	692	168
Purchase price of license agreement included in accrued liabilities
Supplemental non-cash investing activity:
Capital expenditures incurred but not yet paid	$ 7,140	$ 0

COMMITMENTS AND CONTINGENCIES - Schedule of Accrual For Product Warranties (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2025	Sep. 29, 2024	Sep. 28, 2025	Sep. 29, 2024
Movement in Standard Product Warranty Accrual [Roll Forward]
Beginning balance	$ 2,534	$ 6,046	$ 2,332	$ 3,325
Accrued for current year warranty claims	1,620	2,542	5,780	9,289
Settlement of warranty claims	(1,738)	(2,400)	(5,696)	(6,426)
Ending balance	$ 2,416	$ 6,188	$ 2,416	$ 6,188

CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands	Sep. 28, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Accounts receivable, allowance for credit loss, current	$ 2,000	$ 2,026
Preferred stock, par or stated value per share (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par or stated value per share (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	550,000,000	550,000,000
Common stock, shares, issued (in shares)	119,405,911	118,748,697
Common stock, shares, outstanding (in shares)	119,405,911	118,748,697

EQUITY-BASED COMPENSATION PLANS

9 Months Ended

Sep. 28, 2025

Share-Based Payment Arrangement [Abstract]

EQUITY-BASED COMPENSATION PLANS

In 2021, the Company adopted the 2021 Omnibus Incentive Plan (the “2021 Plan”), under which awards, including stock options, restricted stock units ("RSUs") and performance stock units ("PSUs") may be granted to employees and non-employee directors. The 2021 Plan authorized 8,850,000 shares of Common Stock to be available for award grants. As of September 28, 2025, 1,250,425 shares of Common Stock remained available for future issuance under the 2021 Plan.

Equity-based compensation expense included the following components:


	For the thirteen weeks ended				For the thirty-nine weeks ended
	September 28, 2025		September 29, 2024		September 28, 2025		September 29, 2024
Restricted stock units	$	1,386	$	944	$	3,362	$	2,686
Performance stock units	936		491		1,814		1,376
Stock options	—		86		49		221

All equity-based compensation expenses are recorded in selling, general and administrative costs in the condensed consolidated statements of comprehensive income (loss).

Restricted Stock Awards

RSUs and PSUs are collectively referred to as "Restricted Stock Awards". The Compensation Committee has awarded RSUs to select employees and non-employee directors and has awarded PSUs to select employees. The RSUs vest ratably over one to four years of continued employment or board services, as applicable. The grant date fair value of a time-based award or a performance-based award without a market condition is equal to the market price of Common Stock on the grant date and is recognized over the requisite service period. The grant date fair value of a performance-based award with a market condition is determined using a Monte Carlo simulation and is recognized over the requisite service period. On September 28, 2025, there was $12,081 of unrecognized compensation cost related to unvested Restricted Stock Awards that is expected to be recognized over a remaining weighted average period of 2.0 years.

The weighted-average grant-date fair value of Restricted Stock Awards granted during the 13-week periods ended September 28, 2025 and September 29, 2024, was $2.89 and $3.83, respectively. The fair value of Restricted Stock Awards vested and converted to shares of Common Stock during the 39-week period ended September 28, 2025 and September 29, 2024, was $2,444 and $5,190, respectively.

The following table summarizes Restricted Stock Award for the 39-week period ended September 28, 2025:


	Unvested Restricted Stock Awards
	Number of RSAs	Weighted Average Grant Date Fair Value
Balance on December 31, 2024	4,195,161	$	3.12
Granted	4,342,344	2.89
Vested	(1,051,186)	3.32
Forfeited	(418,252)	3.13
Balance on September 28, 2025	7,068,067	$	2.95

Performance-based Restricted Stock Units

The PSUs granted under the 2021 Plan represent shares of Common Stock that are potentially issuable in the future based on a combination of performance and service requirements. On March 21, 2025, the Company granted 812,256 PSUs under the 2021 Plan to key employees with a grant date fair value of $2.53. On March 31, 2025 the Company granted 10,943 PSUs with a grant date fair value of $2.57; and on April 21, 2025, the Company granted 27,134 PSUs with a grant date fair value of $1.98. The PSUs granted to employees were based on salary and include annual net sales and adjusted EBITDA growth targets with threshold and stretch goals. The awards vest ratably over three years, subject to the employee’s continuous employment through the vesting date and the level of performance achieved. The number of PSUs granted reflects the target number able to be earned under a given award. Non-vested PSU compensation expense

is based on the most recent performance assumption available and is adjusted as assumptions change. The fair value of a PSU at the grant date is equal to the market price of Common Stock on the grant date. The cost estimates for PSU grants represent initial target awards until the Company can reasonably forecast the financial performance of each PSU award grant. The actual number of shares of Common Stock to be issued at the end of each performance period will range from —% to 150% of the initial target awards.

On August 12, 2025, the Company granted 433,034 PSUs to its President and Chief Executive Officer, which are potentially issuable in the future based on a combination of achievement of a certain stock price metric and service requirements through the expiration date of August 12, 2032. The fair value of $3.26 for this award is determined using a Monte Carlo simulation as of the date of the grant and share-based compensation expense will not be adjusted should the target awards vary from actual awards. The Company's estimates of fair value may be impacted by certain variables including, but not limited to, stock price volatility, the risk-free interest rate, expected dividend yields, and the Company's performance.

Stock Options

Stock option grants have an exercise price at least equal to the market value of the underlying Common Stock on the date of grant, have ten-year terms, and vest ratably over three years of continued employment. In general, vested options expire if not exercised within 90 days of termination of service. Compensation expense for stock options is recorded based on straight-line amortization of the grant date fair value over the requisite service period. As of September 28, 2025, all stock options vested and there was no additional compensation cost to recognize.

The following table summarizes stock option activity for the 39-week period ended September 28, 2025:


	Number of Stock Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (years)
Options outstanding on December 31, 2024	437,268	$	10.99
Forfeited	-	-
Expired	-	-
Options outstanding on September 28, 2025	437,268	$	10.99	6.06
Options exercisable on September 28, 2025	437,268	$	10.99	6.06

FAIR VALUE MEASUREMENTS

9 Months Ended

Sep. 28, 2025

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

The Company’s financial liabilities subject to fair value measurement on a recurring basis and the level of inputs used for such measurements were as follows:


	Fair Value Measured on September 28, 2025
	Level 1		Level 2		Level 3		Total
Liabilities:
Warrant liability (Public)	$	2,482	$	—	$	—	$	2,482
Warrant liability (Private)	—		—		1,270		1,270
Earn-out liability	—		—		1,870		1,870
Interest rate collar liability	—		4,331		—		4,331
Total fair value liabilities	$	2,482	$	4,331	$	3,141	$	9,953


	Fair Value Measured on December 31, 2024
	Level 1		Level 2		Level 3		Total
Liabilities:
Warrant liability (Public)	$	548	$	—	$	—	$	548
Warrant liability (Private)	—		—		265		265
Earn-out liability	—		—		1,148		1,148
Interest rate collar liability	—		60		—		60
Total fair value liabilities	$	548	$	60	$	1,413	$	2,021

As of September 28, 2025, the Company's derivative liabilities for its Private and Public Warrants, earn-out liability, and derivative liability for its Collar are measured at fair value on a recurring basis (see Note 7, “Common Stock Warrants and Earn-Out Liability,” and Note 8, "Derivative Instruments," for more details). The fair values of the Private Warrants and earn-out liability are determined based on significant inputs not observable in the market (Level 3). The valuation of the Level 3 liabilities uses assumptions and estimates the Company believes would be made by a market participant in making the same valuation. The Company assesses these assumptions and estimates on an on-going basis as additional data impacting the assumptions and estimates are obtained. The Company uses a Monte Carlo simulation model to estimate the fair value of its Private Warrants and earn-out liability. The fair value of the Collar, which is included in other noncurrent liabilities on the condensed consolidated balance sheets, is determined based on models that reflect the contractual terms of the derivative, yield curves, and the credit quality of the counterparties. Inputs are generally observable and do not contain a high level of subjectivity (Level 2). The fair value of the Public Warrants is determined using publicly traded prices (Level 1). Changes in the fair value of the derivative liabilities related to Warrants and the earn-out liability are recognized as non-operating expense in the condensed consolidated statements of comprehensive income (loss). Changes in the fair value of the Collar is recognized as an adjustment to interest expense in the condensed consolidated statements of comprehensive income (loss). Changes in the fair value of the derivative liabilities related to Warrants and the earn-out liability and changes in the fair value of the Collar are recognized in net cash provided by operating activities on the condensed consolidated statements of cash flows.

The fair value of Private Warrants was estimated as of the measurement date using the Monte Carlo simulation model with the following assumptions:


	September 28, 2025			December 31, 2024
Valuation date price	$	3.25		$	3.02
Strike price	$	11.50		$	11.50
Remaining life (in years)	0.80			1.54
Expected dividend	$	—		$	—
Risk-free interest rate	3.67		%	4.12		%
Price threshold	$	18.00		$	18.00

The fair value of the earn-out liability was estimated as of the measurement date using the Monte Carlo simulation model with the following assumptions:


	September 28, 2025			December 31, 2024
Valuation date price	$	3.25		$	3.02
Expected term (in years)	2.80			3.54
Expected volatility	110.08		%	64.33		%
Risk-free interest rate	3.59		%	4.21		%
Price hurdle	$	15.00		$	15.00

As of September 28, 2025 and December 31, 2024, the Company has accounts receivable, accounts payable and accrued expenses for which the carrying value approximates fair value due to the short-term nature of these instruments. The carrying value of the Company’s long-term debt approximates fair value as the rates used approximate the market rates currently available to the Company.

The reconciliation of changes in Level 3 liabilities during the 39-week periods ended September 28, 2025 and September 29, 2024 is as follows:


	Private Warrants		Earn-Out Liability		Total
Balance at December 31, 2023	$	2,903	$	3,479	$	6,382
Gains included in earnings	(2,638)		(2,341)		(4,979)
Balance at September 29, 2024	$	265	$	1,138	$	1,403

Balance at December 31, 2024	$	265	$	1,148	$	1,413
Losses included in earnings	1,006		722		1,728
Balance at September 28, 2025	$	1,271	$	1,870	$	3,141

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 28, 2025	Dec. 31, 2024
ASSETS
Cash and cash equivalents	$ 50,723	$ 56,087
Accounts receivable, less allowance for credit losses of $2,000 and $2,026 respectively	49,553	36,123
Inventory	195,657	192,523
Prepaids and other current assets	20,124	12,614
Total current assets	316,057	297,347
Property, plant, and equipment, net	43,758	40,983
Goodwill	372,340	372,340
Other intangibles assets, net	400,324	386,676
Right-of-use assets	32,635	35,974
Total assets	1,165,114	1,133,320
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable	51,231	44,781
Accrued liabilities	51,681	43,190
Accrued interest	4,316	0
Current portion of long-term debt	6,651	7,201
Total current liabilities	113,879	95,172
Long-term debt, net of current portion	528,856	545,385
Warrant liability	3,752	813
Earn-out liability	1,870	1,148
Deferred taxes	43,606	37,391
Other noncurrent liabilities	33,414	32,259
Total liabilities	725,377	712,168
Commitments and contingencies (Refer to Note 15 - Commitments and Contingencies)
Stockholders' equity:
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, none issued and outstanding on September 28, 2025 and December 31, 2024	0	0
Common stock, $0.0001 par value, 550,000,000 shares authorized, 119,405,911 and 118,748,697 shares issued and outstanding on September 28, 2025 and December 31, 2024, respectively	12	12
Additional paid-in capital	381,932	377,557
Accumulated other comprehensive income (loss)	174	(1,162)
Retained earnings	57,619	44,745
Total stockholders' equity	439,737	421,152
Total liabilities and stockholders' equity	$ 1,165,114	$ 1,133,320

SEGMENTS- Narrative (Details)	9 Months Ended
SEGMENTS- Narrative (Details)	Sep. 28, 2025 segment
Segment Reporting [Abstract]
Number of Operating Segments	1

DERIVATIVE INSTRUMENTS (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
DERIVATIVE INSTRUMENTS (Details) - USD ($) $ in Thousands	Sep. 28, 2025	Sep. 28, 2025	Sep. 29, 2024	Jan. 30, 2025	Jan. 04, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unrealized gain (loss) on derivatives		$ (4,271)	$ 151
Designated as Hedging Instrument \| Interest Rate Contract
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount				$ 400,000	$ 500,000
Derivative, floor interest rate				3.35%	2.811%
Derivative, cap interest rate				4.99%	5.00%
Derivative liability	$ 4,331	4,331
Unrealized gain (loss) on derivatives	$ 972	$ (4,271)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities not subject to a master netting arrangement and not elected to be offset.

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+ Details

- Definition

The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of derivative instruments, including options, swaps, futures, and forward contracts, held at each balance sheet date, that was included in earnings for the period.

+ References + Details

REVENUE - Narrative (Details) - USD ($) $ in Thousands	Jun. 29, 2025	Dec. 31, 2024
Revenues [Abstract]
Accounts receivable, less allowance	$ 51,011	$ 36,123

DEBT - Schedule of Debt (Details) - USD ($) $ in Thousands	Sep. 28, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Long-term debt	$ 542,728
Financing lease	210	$ 0
Less unamortized debt issuance costs	(7,431)	(8,977)
Long-term debt and lease obligation, including current maturities	535,507	552,586
Less current portion of long-term debt	(6,651)	(7,201)
Long-term debt, net of current portion	528,856	545,385
Term Loan
Debt Instrument [Line Items]
Long-term debt	542,648	560,933
Other
Debt Instrument [Line Items]
Long-term debt	$ 80	$ 630

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

DEBT

9 Months Ended

Sep. 28, 2025

Debt Disclosure [Abstract]

DEBT

Debt of the Company consisted of the following:


	As of
	September 28, 2025		December 31, 2024
First lien term loan due November 17, 2028	$	542,648	$	560,933
Other	80		630
Financing lease	210		—
Less unamortized debt issuance costs	(7,431)		(8,977)
	535,507		552,586
Less current portion of long-term debt	(6,651)		(7,201)
	$	528,856	$	545,385

On November 18, 2021, the Company entered into a credit facility with a syndicate of lenders and Wells Fargo Bank, N.A., ("Wells Fargo") as administrative agent for the lenders, letter of credit issuer and swing line lender (the "Credit Agreement"). The financing consisted of a seven-year $600,000 first lien term loan, a five-year $125,000 revolving credit facility, and a $100,000 delayed draw term loan. The proceeds of delayed draw loans made after closing were available to the Company to finance acquisitions. Upon the expiration of the delayed draw term loan in May 2022, the Company had drawn $57,000, which is included in the amount outstanding under the first lien term loan due November 17, 2028. Proceeds from the credit facility were used to repay in full the Company’s obligations under its previously existing first lien and second lien notes and to pay $13,413 in deferred financing fees related to the refinancing.

The revolving credit facility includes a letter of credit facility in the amount of $10,000, pursuant to which letters of credit may be issued as long as revolving loans may be advanced and subject to availability under the revolving credit facility. The Company had $2,509 in outstanding letters of credit on September 28, 2025.

The first lien term loan is to be repaid in quarterly payments of $1,643 through September 30, 2028 with the balance due upon maturity on November 17, 2028. The Company is required to make annual payments on the term loan in an amount equal to 50% of annual excess cash flow greater than $5,000, as defined in the Credit Agreement. This percentage requirement may decrease or be eliminated if certain leverage ratios are achieved. Based on the Company's results for 2024, no excess cash flow payment is expected to be required in 2025. Any such payments offset future mandatory quarterly payments. The Credit Agreement permits voluntary prepayments at any time, in whole or in part. The Company repaid $15,000 outstanding principal on its first lien term loan at a discount to par during the 39-week periods ended September 28, 2025.

As of September 28, 2025, amounts outstanding under the credit facility accrue interest at a rate equal to either the Secured Overnight Financing Rate ("SOFR") or base rate, at the Company's election, plus a specified margin. In the case of revolving credit loans and letter of credit fees, the specified margin is based on the Company's Total Leverage Ratio, as defined in the Credit Agreement. Commitment fees payable under the revolving credit facility are based on the Company's Total Leverage Ratio. On September 28, 2025, the weighted average interest rate on the Company's borrowings under the credit facility was 8.2%. As of September 28, 2025, the Company did not have any borrowings outstanding on its revolving credit facility.

The Company has entered into interest rate collars in the notional amounts of $500,000 and $400,000 to hedge the Company's exposure to fluctuations in interest rates on its variable-rate debt. Refer to Note 8, "Derivative Instruments," for additional information.

Obligations under the Credit Agreement are secured by substantially all of the Company’s assets, including a secured interest in the Company's headquarters, with a carrying value of $3,271. The Credit Agreement includes representations and warranties and affirmative and negative covenants customary for financings of this type, including, but not limited to, limitations on restricted payments, additional borrowings, additional investments, and asset sales.

In February 2023, the Company entered into an amendment to the Credit Agreement which, among other things, increases the Total Leverage Ratio applicable under the Credit Agreement as of the quarter ending October 1, 2023 to initially 7.25:1.00, and provides for modified step-down levels for such covenant thereafter through the fiscal quarter ending June 30, 2024 (the “Covenant Relief Period”). As of June 30, 2024, the required Total Leverage Ratio was 5.00:1.00. As a condition to the Covenant Relief Period, the Company also agreed to (i) a minimum liquidity test, (ii) an interest coverage test, (iii) an anti-cash hoarding test at any time revolving loans are outstanding, and (iv) additional reporting obligations. Under the amended Credit Agreement, the revolving credit facility contains a minimum liquidity financial covenant of $45,000, which includes unrestricted cash and any available borrowing capacity under the revolving credit facility. In October 2023, the Company entered into a second amendment to the Credit Agreement in which the interest rate on any outstanding borrowings under the Credit Agreement was changed from LIBOR to SOFR. In May 2023, the Company entered into a third amendment to the Credit Agreement in which certain defined terms were clarified. The Company incurred $2,106 of deferred financing fees related to these amendments. On September 28, 2025, the Company was in compliance with all financial covenants.

Some of the lenders that are parties to the Credit Agreement, and their respective affiliates, have various relationships with the Company in the ordinary course of business involving the provision of financial services, including cash management, commercial banking, investment banking or other services.

On December 4, 2024, the Company entered into an amendment to its Credit Agreement that extends the revolver maturity date to November 18, 2029, which date may occur earlier if the maturity date of the existing term loan is not extended, and reduces the revolving credit facility from $125,000 to $100,000. The amendment permits our Total Leverage Ratio for the benefit of the revolving credit lenders to be tested only for fiscal quarters in which there are outstanding revolving credit loans on the last day of such fiscal quarter.

Future maturities of long-term debt and amortization of debt issuance costs as of September 28, 2025 are as follows:


	Debt		Debt Issuance Costs
2025 (excluding the thirty-nine weeks ended September 28, 2025)	$	3,367	$	698
2026	6,571		2,244
2027	6,571		2,244
2028	526,219		2,245
	$	542,728	$	7,431

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

PROPERTY, PLANT AND EQUIPMENT, NET

9 Months Ended

Sep. 28, 2025

Property, Plant and Equipment [Abstract]

PROPERTY, PLANT AND EQUIPMENT, NET

Property, plant and equipment of the Company consisted of the following:


	As of
	September 28, 2025		December 31, 2024
Land	$	1,080	$	1,230
Buildings and improvements	13,255		12,874
Machinery and equipment	68,344		65,333

Construction in process	12,871		8,221
Total property, plant and equipment	95,550		87,658
Less: accumulated depreciation	51,792		46,675
Property, plant and equipment, net	$	43,758	$	40,983

The Company’s long-lived assets by geographic location are as follows:


	As of
	September 28, 2025		December 31, 2024
United States	$	41,174	$	38,606
International	2,584		2,377
Total property, plant and equipment, net	$	43,758	$	40,983

COMMITMENTS AND CONTINGENCIES

9 Months Ended

Sep. 28, 2025

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

Litigation

The Company is a party to various lawsuits and claims in the normal course of business, as well as the putative securities class action described below. While the lawsuits and claims against the Company cannot be predicted with certainty, management believes that the ultimate resolution of such matters will not have a material effect on the consolidated financial position or liquidity of the Company; however, in light of the inherent uncertainties involved in such lawsuits and claims, some of which may be beyond the Company’s control, an adverse outcome in one or more of these matters could be material to the Company’s results of operations or cash flows for any particular reporting period. The Company has established loss provision for matters in which losses are probable and can be reasonably estimated. Although management will continue to reassess the estimated liability based on future developments, an objective assessment of such claims may not always be predictive of the outcome and actual results may vary from current estimates.

A putative securities class action was filed on November 6, 2023, against the Company, Tom Tomlinson (the Company’s former Director, President, and Chief Executive Officer), and Dominic Bardos (the Company’s former Chief Financial Officer) in the United States District Court for the Western District of Kentucky (the “Complaint”) and is captioned City of Fort Lauderdale General Employees’ Retirement System v. Holley, Inc., f/k/a Empower LTD., Tom Tomlinson, and Dominic Bardos, Civil Action No. 1:23-cv-148-S.

On February 26, 2024, the court appointed City of Fort Lauderdale General Employees’ Retirement System to serve as lead plaintiff to prosecute claims on behalf of a proposed class of stockholders who purchased or otherwise acquired Holley securities between July 21, 2021, and February 6, 2023. On April 26, 2024, the lead plaintiff filed an amended Complaint, adding Vinod Nimmagadda (the Company’s Executive Vice President of Corporate Development and New Ventures) as a defendant. Lead plaintiff alleges that statements made regarding the Company’s business, operations, and prospects violated Sections 10(b), Section 20(a) and Rule 10b-5 of the Securities Exchange Act of 1934 and seeks class certification, damages, interest, attorneys’ fees, and other relief. The Company filed a motion to dismiss on June 28, 2024. On January 7, 2025, the lead plaintiff filed a motion for leave to file a supplemented amended Complaint, which the court granted on March 20, 2025. The Company filed a motion to dismiss the supplemented amended Complaint on April 3, 2025, and briefing on the motion to dismiss was completed on May 8, 2025. On August 29, 2025, the court denied the motion to dismiss. The defendants’ answer to the operative Complaint is currently due on November 12, 2025.

Due to the early stage of this proceeding, we cannot reasonably estimate the potential range of loss, if any. The Company disputes the allegations and intends to vigorously defend against them.

Product Warranties

The Company generally warrants its products against certain manufacturing and other defects. These product warranties are provided for specific periods of time depending on the nature of the product. The accrued product warranty costs are based primarily on historical experience of actual warranty claims and are recorded at the time of the sale.

The following table provides the changes in the Company's accrual for product warranties, which is classified as a component of accrued liabilities in the condensed consolidated balance sheets.


	For the thirteen weeks ended				For the thirty-nine weeks ended
	September 28, 2025		September 29, 2024		September 28, 2025		September 29, 2024
Beginning balance	$	2,534	$	6,046	$	2,332	$	3,325
Accrued for current year warranty claims	1,620		2,542		5,780		9,289
Settlement of warranty claims	(1,738)		(2,400)		(5,696)		(6,426)
Ending balance	$	2,416	$	6,188	$	2,416	$	6,188

Employee Savings Plans

The Company has a defined-contribution savings plan under Section 401(k) of the Internal Revenue Code that covers United States-based employees. United States-based eligible employees may contribute up to the current statutory limits under the Internal Revenue Service regulations. Holley matches employee contributions to the 401(k) Plan up to 3.5% each pay period, and an additional discretionary match of up to 1.5% is made based on company performance targets. The Company also has a defined-contribution saving plan for Canada-based employees. Canada-based eligible employees may contribute up to the current statutory limits for a Registered Retirement Savings Plan. Holley matches employee contributions to the Group Savings Plan up to 3.0% each pay period, and an additional discretionary match of up to 1.5% is made based on company performance targets.

During the 13-week periods ended September 28, 2025 and September 29, 2024, the Company made matching contributions under the savings plans totaling $607 and $39, respectively. During the 39-week periods ended September 28, 2025 and September 29, 2024, the Company made matching contributions under the savings plan totaling $1,698 and $1,168, respectively.

GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Finite-lived Intangible Assets, Future Amortization Expense (Details) - USD ($) $ in Thousands	Sep. 28, 2025	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
2025 (excluding the thirty-nine weeks ended September 28, 2025)	$ 3,414
2026	13,552
2027	13,546
2028	13,546
2029	13,546
Thereafter	153,642
Total	$ 211,246	$ 221,416

DEBT - Narrative (Details)		1 Months Ended	9 Months Ended
DEBT - Narrative (Details)	Nov. 18, 2021 USD ($)	May 31, 2022 USD ($)	Sep. 28, 2025 USD ($)	Sep. 29, 2024 USD ($)	Jan. 30, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 04, 2024 USD ($)	Dec. 03, 2024 USD ($)	Jun. 30, 2024	Oct. 01, 2023	May 31, 2023 USD ($)	Feb. 28, 2023 USD ($)	Jan. 04, 2023 USD ($)
Debt Instrument [Line Items]
Repayments of long-term debt			$ 18,625,000	$ 28,832,000
Property, plant, and equipment, net			43,758,000			$ 40,983,000
Interest Rate Contract \| Designated as Hedging Instrument
Debt Instrument [Line Items]
Derivative, notional amount					$ 400,000,000								$ 500,000,000
The Credit Facility \| Letter of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			10,000,000
Letters of credit outstanding, amount			2,509,000
The Credit Facility \| Term Loan
Debt Instrument [Line Items]
Debt instrument, term (in years)	7 years
Debt instrument, face amount	$ 600,000,000
The Credit Facility \| Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, term (in years)	5 years
Line of credit facility, maximum borrowing capacity	$ 125,000,000						$ 100,000,000	$ 125,000,000
Long-term debt			0
The Credit Facility \| Delayed Draw Term Loan (DDTL)
Debt Instrument [Line Items]
Debt instrument, face amount	100,000,000
Debt instrument, withdrawn amount		$ 57,000,000
First lien term loan due November 17, 2028 \| Term Loan
Debt Instrument [Line Items]
Debt issuance costs, gross		$ 13,413,000
First lien term loan due November 17, 2028 \| Delayed Draw Term Loan (DDTL)
Debt Instrument [Line Items]
Debt instrument, periodic payment, principal	$ 1,643,000
Debt instrument, periodic payment, percentage of annual excess cash flow	50.00%
Debt instrument amount of annual excess cash flow	$ 5,000
Repayments of long-term debt			$ 15,000
The Credit Agreement
Debt Instrument [Line Items]
Debt issuance costs, gross											$ 2,106,000
Debt, weighted average interest rate			8.20%
Debt instrument, covenant, consolidated net leverage ratio									5.00	7.25
Debt instrument, covenant, minimum liquidity												$ 45,000,000
The Credit Agreement \| Asset Pledged as Collateral \| Corporate Headquarters
Debt Instrument [Line Items]
Property, plant, and equipment, net			$ 3,271,000

SEGMENTS - Summary Financial Information of Operating Segment (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 28, 2025	Jun. 29, 2025	Mar. 30, 2025	Sep. 29, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 28, 2025	Sep. 29, 2024
Segment Reporting Information [Line Items]
Net sales	$ 138,373			$ 134,038			$ 458,078	$ 462,170
Cost of goods sold	78,534			81,732			264,593	287,512
Gross profit	59,839			52,306			193,485	174,658
Selling, general, and administrative	33,466			30,109			103,119	97,675
Research and development costs	4,715			4,620			13,894	13,743
Amortization of intangible assets	3,456			3,436			10,338	10,307
Restructuring costs	1,360			954			2,178	1,566
Write-down of assets held for sale	0			7,505			0	7,505
Other operating expense	975			119			1,232	213
Total operating expense	43,972			46,743			130,761	131,009
Operating income	15,867			5,563			62,724	43,649
Change in fair value of warrant liability	3,019			(1,041)			2,939	(7,570)
Change in fair value of earn-out liability	1,126			(634)			722	(2,341)
Loss on early extinguishment of debt	0			0			0	141
Interest expense, net	11,259			15,010			40,341	39,192
Total non-operating expense	15,404			13,335			44,002	29,422
Income (loss) before income taxes	463			(7,772)			18,722	14,227
Income tax expense (benefit)	1,269			(1,484)			5,848	(320)
Net income (loss)	(806)	$ 10,863	$ 2,817	(6,288)	$ 17,105	$ 3,730	12,874	14,547
Reportable Segment
Segment Reporting Information [Line Items]
Net sales	138,373			134,038			458,078	462,170
Cost of goods sold	78,534			81,732			264,593	287,512
Gross profit	59,839			52,306			193,485	174,658
Selling, general, and administrative	33,466			30,109			103,119	97,675
Research and development costs	4,715			4,620			13,894	13,743
Amortization of intangible assets	3,456			3,436			10,338	10,307
Restructuring costs	1,360			954			2,178	1,566
Write-down of assets held for sale	0			7,505			0	7,505
Other operating expense	975			119			1,232	213
Total operating expense	43,972			46,743			130,761	131,009
Operating income	15,867			5,563			62,724	43,649
Change in fair value of warrant liability	3,019			(1,041)			2,939	(7,570)
Change in fair value of earn-out liability	1,126			(634)			722	(2,341)
Loss on early extinguishment of debt	0			0			0	141
Interest expense, net	11,259			15,010			40,341	39,192
Total non-operating expense	15,404			13,335			44,002	29,422
Income (loss) before income taxes	463			(7,772)			18,722	14,227
Income tax expense (benefit)	1,269			(1,484)			5,848	(320)
Net income (loss)	$ (806)			$ (6,288)			$ 12,874	$ 14,547

DESCRIPTION OF THE BUSINESS, BASIS OF PRESENTATION, AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 28, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF THE BUSINESS, BASIS OF PRESENTATION, AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	DESCRIPTION OF THE BUSINESS, BASIS OF PRESENTATION, AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Holley Inc., a Delaware corporation headquartered in Bowling Green, Kentucky, conducts operations through its wholly owned subsidiaries. These operating subsidiaries are comprised of Holley Performance Products Inc., Hot Rod Brands, Inc., Simpson Safety Solutions, Inc., B&M Racing and Performance Products, Inc., and Speedshop.com, Inc. When used in these notes, the terms the “Company” or “Holley” mean Holley, Inc. and all entities included in its consolidated financial statements. The Company designs, manufactures and distributes high-performance automotive products to customers primarily in the United States, Canada and Europe. The Company is a leading manufacturer of a diversified line of performance automotive products, including carburetors, fuel pumps, fuel injection systems, nitrous oxide injection systems, superchargers, exhaust headers, mufflers, distributors, ignition components, engine tuners and automotive performance plumbing products. The Company is also a leading manufacturer of exhaust products as well as shifters, converters, transmission kits, transmissions, tuners and automotive software. The Company’s products are designed to enhance street, off-road, recreational and competitive vehicle performance through increased horsepower, torque and drivability. The Company has locations in the United States, Canada, Italy and China. Emerging Growth Company Status Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company is an emerging growth company, and, as such, has elected to take advantage of the benefits of the extended transition period for new or revised financial accounting standards. Risks and Uncertainties The Company's business and results of operations, financial condition, and liquidity are impacted by broad economic conditions, as well as by geopolitical events, including the conflict in Ukraine, the conflict in the Middle East, and the possible expansion of such conflicts and potential geopolitical consequences. The Company's business is impacted by various economic factors that affect both consumers and the automotive aftermarket industry, including but not limited to inflation, fuel costs, wage rates, trade restrictions, including tariffs, supply chain disruptions, hiring, and other economic conditions. The global and regional economic and political conditions, as well as changes in trade policies, may cause volatility in demand for the Company's products, materials and logistics, and transportation delays, and as a result may impact the pricing of the Company's products and product availability. In 2025, the U.S. introduced trade policy actions that have increased import tariffs across a wide range of countries at various rates, with certain exemptions, and these evolving tariff policies in the U.S., along with responsive measures enacted by other countries, have created additional uncertainty and complexity in the global trade environment. In response, the Company has implemented a range of initiatives to mitigate the impact of tariffs, including conducting harmonized tariff code audits to ensure accurate classification and compliance, diversifying supplier locations outside of China, reshoring products to North America, and exploring direct shipping from suppliers to international customers to reduce tariff exposure on goods entering the U.S. The Company continues to monitor international trade developments, including potential changes in tariff rates and the possibility of new exemptions or retaliatory actions, in order to analyze their impact on the business. The Company additionally continues to evaluate and implement additional strategies to further minimize the impact of tariffs on its operations. If current tariff levels are sustained or increased, there remains a risk that our profitability, cash flows, and financial estimates could be negatively affected. Additionally, in response to inflationary impacts and supply chain disruptions, the Company has attempted to minimize potential adverse impacts on its business with cost savings initiatives, price increases to customers, and increased attention to maintaining appropriate inventory levels in the distribution channel. The Company's profitability has been, and may continue to be, adversely affected by constrained consumer demand, a shift in sales to lower-margin products, and demands on our performance that increase our costs. Should the ongoing macroeconomic conditions not improve, or worsen, or if the Company's attempt to mitigate the impact on its supply chain, operations and costs is not successful, the Company’s business, results of operations and financial condition may be adversely affected. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP" or “GAAP”) and applicable rules and regulations of the SEC regarding interim financial reporting. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these interim condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements and notes thereto for the year ended December 31, 2024, as filed with the SEC on March 14, 2025, in the Company’s annual report on Form 10-K. In management’s opinion, the unaudited interim condensed consolidated financial statements reflect all adjustments, which are of a normal and recurring nature, that are necessary for a fair presentation of financial results for the interim periods presented. Operating results for any quarter are not necessarily indicative of the results for the full fiscal year. The Company operates on a fiscal year that ends on December 31. The three- and nine-month periods ended September 28, 2025 and September 29, 2024 each included 13 weeks and 39 weeks, respectively. Principles of Consolidation These unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany transactions and accounts have been eliminated in consolidation. Recent Accounting Pronouncements Accounting Standards Not Yet Adopted In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to SEC's Disclosure Update and Simplification Initiative. This ASU amends the disclosure or presentation requirements related to various subtopics in the FASB Accounting Standards Codification. The effective date for each amendment will be the date on which the SEC's removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. The Company will monitor the removal of various requirements from the current regulations in order to determine when to adopt the related amendments, but it does not anticipate that the adoption of the new guidance will have a material impact on the Company’s consolidated financial statements and related disclosures. The Company will continue to evaluate the impact of this guidance on its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU requires additional disclosures of various income tax components that affect the rate reconciliation based on the applicable taxing jurisdictions, as well as the qualitative and quantitative aspects of those components. The standard also requires information pertaining to taxes paid to be disaggregated for federal, state and foreign taxes, and contains other disclosure requirements. This ASU is effective for fiscal years beginning after December 15, 2024 and interim periods within fiscal years beginning after December 15, 2025, with early adoption permitted. While early adoption is permitted, the Company has determined it will not early adopt the standard. The Company does not believe the adoption of the standard will have a material effect on the Company’s consolidated financial position or results of operations. In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40). The objective of ASU 2024-03 is to improve disclosures about a public entity's expenses, primarily through additional disaggregation of income statement expenses. In January 2025, the FASB further clarified the effective date of ASU 2024-03 with the issuance of Accounting Standards Update 2025-01, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40) (“ASU 2025-01”). ASU 2024-03 is effective for annual periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted and may be applied either on a prospective or retrospective basis. The Company is currently evaluating the impact ASU 2024-03 will have on its financial statement disclosures.

FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 28, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The Company’s financial liabilities subject to fair value measurement on a recurring basis and the level of inputs used for such measurements were as follows:


	Fair Value Measured on September 28, 2025
	Level 1		Level 2		Level 3		Total
Liabilities:
Warrant liability (Public)	$	2,482	$	—	$	—	$	2,482
Warrant liability (Private)	—		—		1,270		1,270
Earn-out liability	—		—		1,870		1,870
Interest rate collar liability	—		4,331		—		4,331
Total fair value liabilities	$	2,482	$	4,331	$	3,141	$	9,953


	Fair Value Measured on December 31, 2024
	Level 1		Level 2		Level 3		Total
Liabilities:
Warrant liability (Public)	$	548	$	—	$	—	$	548
Warrant liability (Private)	—		—		265		265
Earn-out liability	—		—		1,148		1,148
Interest rate collar liability	—		60		—		60
Total fair value liabilities	$	548	$	60	$	1,413	$	2,021

Fair Value Measurement Inputs and Valuation Techniques

The fair value of Private Warrants was estimated as of the measurement date using the Monte Carlo simulation model with the following assumptions:


	September 28, 2025			December 31, 2024
Valuation date price	$	3.25		$	3.02
Strike price	$	11.50		$	11.50
Remaining life (in years)	0.80			1.54
Expected dividend	$	—		$	—
Risk-free interest rate	3.67		%	4.12		%
Price threshold	$	18.00		$	18.00

The fair value of the earn-out liability was estimated as of the measurement date using the Monte Carlo simulation model with the following assumptions:


	September 28, 2025			December 31, 2024
Valuation date price	$	3.25		$	3.02
Expected term (in years)	2.80			3.54
Expected volatility	110.08		%	64.33		%
Risk-free interest rate	3.59		%	4.21		%
Price hurdle	$	15.00		$	15.00

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The reconciliation of changes in Level 3 liabilities during the 39-week periods ended September 28, 2025 and September 29, 2024 is as follows:


	Private Warrants		Earn-Out Liability		Total
Balance at December 31, 2023	$	2,903	$	3,479	$	6,382
Gains included in earnings	(2,638)		(2,341)		(4,979)
Balance at September 29, 2024	$	265	$	1,138	$	1,403

Balance at December 31, 2024	$	265	$	1,148	$	1,413
Losses included in earnings	1,006		722		1,728
Balance at September 28, 2025	$	1,271	$	1,870	$	3,141

EQUITY-BASED COMPENSATION PLANS - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands					3 Months Ended		9 Months Ended		12 Months Ended
	Aug. 12, 2025	Apr. 21, 2025	Mar. 31, 2025	Mar. 21, 2025	Sep. 28, 2025	Sep. 29, 2024	Sep. 28, 2025	Sep. 29, 2024	Dec. 31, 2021
Restricted stock units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Nonvested award, cost not yet recognized, amount					$ 12,081		$ 12,081
Cost not yet recognized, period for recognition (years)							2 years
Granted (in dollars per share)					$ 2.89	$ 3.83	$ 2.89
Vested in period, fair value							$ 2,444	$ 5,190
Granted (in shares)							4,342,344
Restricted stock units \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period (in years)							1 year
Restricted stock units \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period (in years)							4 years
Performance stock units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period (in years)							3 years
Granted (in dollars per share)	$ 3.26	$ 1.98	$ 2.57	$ 2.53
Granted (in shares)	433,034	27,134	10,943	812,256
Performance stock units \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting award rights, percentage of initial target awards					0.00%		0.00%
Performance stock units \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting award rights, percentage of initial target awards					150.00%		150.00%
Share-Based Payment Arrangement
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period (in years)									3 years
Expiration period (in years)									10 years
Options, expiration term after fully vesting (in years)									90 days
The 2021 Omnibus Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares authorized (in shares)									8,850,000
Common stock, capital shares reserved for future issuance (in shares)					1,250,425		1,250,425

INCOME TAXES - Narrative (Details)	3 Months Ended		9 Months Ended
INCOME TAXES - Narrative (Details)	Sep. 28, 2025	Sep. 29, 2024	Sep. 28, 2025	Sep. 29, 2024
Income Tax Disclosure [Abstract]
Effective tax rate, percent	274.10%	19.10%	31.20%	(2.20%)

LEASE COMMITMENTS

9 Months Ended

Sep. 28, 2025

Leases [Abstract]

LEASE COMMITMENTS

The Company leases retail stores, manufacturing, distribution, engineering, and research and development facilities, office space, equipment, and automobiles under operating lease agreements. Leases have remaining lease terms of one to 10 years, inclusive of renewal options that the Company is reasonably certain to exercise.

The following table summarizes operating lease assets and obligations, and provides information associated with the measurement of operating lease obligations.


	As of
	September 28, 2025			December 31, 2024
Assets:
Operating right of use assets	$	32,635		$	35,974
Liabilities:
Current operating lease liabilities - Accrued liabilities	5,579			5,324
Long-term operating lease liabilities - Other noncurrent liabilities	28,159			31,876
Total lease liabilities	$	33,738		$	37,200
Lease term and discount rate
Weighted average remaining lease term (in years)	5.9			6.6
Weighted average discount rate	6.50		%	5.91		%

The following summarizes the components of operating lease expense and provides supplemental cash flow information for operating leases:


	For the thirteen weeks ended				For the thirty-nine weeks ended
	September 28, 2025		September 29, 2024		September 28, 2025		September 29, 2024
Components of lease expense:
Operating lease expense	$	2,033	$	1,840	$	5,897	$	5,346
Variable Lease Expense	50		68		494		254
Short-term lease expense	182		510		470		1,214
Total lease expense	$	2,265	$	2,418	$	6,861	$	6,814
Supplemental cash flow information related to leases:
Cash paid for amounts included in measurement of operating lease liabilities	$	1,967	$	1,613	$	5,748	$	5,280
Right-of-use assets obtained in exchange for new operating lease liabilities	—		2,582		1,125		6,958
Decapitalization of right-of-use assets upon lease termination or modification	416		14		447		1,374

The following table summarizes the maturities of the Company's operating lease liabilities as of September 28, 2025:


2025 (excluding the thirty-nine weeks ended September 28, 2025)	$	1,868
2026	7,236
2027	7,228
2028	6,885
2029	5,860
Thereafter	11,722
Total lease payments	40,799
Less imputed interest	(7,061)
Present value of lease liabilities	$	33,738

INCOME TAXES - Schedule of Provision and Effective Tax rates (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2025	Sep. 29, 2024	Sep. 28, 2025	Sep. 29, 2024
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 1,269	$ (1,484)	$ 5,848	$ (320)
Effective tax rate	274.10%	19.10%	31.20%	(2.20%)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

SEGMENTS (Tables)

9 Months Ended

Sep. 28, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment


	For the thirteen weeks ended				For the thirty-nine weeks ended
	September 28, 2025		September 29, 2024		September 28, 2025		September 29, 2024
Net sales	$	138,373	$	134,038	$	458,078	$	462,170
Cost of goods sold	78,534		81,732		264,593		287,512
Gross profit	59,839		52,306		193,485		174,658
Selling, general, and administrative	33,466		30,109		103,119		97,675
Research and development costs	4,715		4,620		13,894		13,743
Amortization of intangible assets	3,456		3,436		10,338		10,307
Restructuring costs	1,360		954		2,178		1,566
Write-down of assets held for sale	—		7,505		—		7,505
Other operating income	975		119		1,232		213
Total operating expense	43,972		46,743		130,761		131,009
Operating income	15,867		5,563		62,724		43,649
Change in fair value of warrant liability	3,019		(1,041)		2,939		(7,570)
Change in fair value of earn-out liability	1,126		(634)		722		(2,341)
Loss on early extinguishment of debt	—		—		—		141
Interest expense, net	11,259		15,010		40,341		39,192
Total non-operating expense	15,404		13,335		44,002		29,422
Income (loss) before income taxes	463		(7,772)		18,722		14,227
Income tax expense (benefit)	1,269		(1,484)		5,848		(320)
Net income (loss)	$	(806)	$	(6,288)	$	12,874	$	14,547

EQUITY-BASED COMPENSATION PLANS - Equity-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2025	Sep. 29, 2024	Sep. 28, 2025	Sep. 29, 2024
Restricted stock units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based payment arrangement, expense	$ 1,386	$ 944	$ 3,362	$ 2,686
Performance stock units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based payment arrangement, expense	936	491	1,814	1,376
Stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based payment arrangement, expense	$ 0	$ 86	$ 49	$ 221

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

LEASE COMMITMENTS - Operating Lease Expense Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2025	Sep. 29, 2024	Sep. 28, 2025	Sep. 29, 2024
Components of lease expense:
Operating lease expense	$ 2,033	$ 1,840	$ 5,897	$ 5,346
Variable Lease Expense	50	68	494	254
Short-term lease expense	182	510	470	1,214
Total lease expense	2,265	2,418	6,861	6,814
Supplemental cash flow information related to leases:
Cash paid for amounts included in measurement of operating lease liabilities	1,967	1,613	5,748	5,280
Right-of-use assets obtained in exchange for new operating lease liabilities	0	2,582	1,125	6,958
Decapitalization of right-of-use assets upon lease termination or modification	$ 416	$ 14	$ 447	$ 1,374

LEASE COMMITMENTS (Tables)

9 Months Ended

Sep. 28, 2025

Leases [Abstract]

Schedule of Operating Lease Assets and Obligations

The following table summarizes operating lease assets and obligations, and provides information associated with the measurement of operating lease obligations.As ofSeptember 28, 2025December 31, 2024Assets:Operating right of use assets$32,635 $35,974 Liabilities:Current operating lease liabilities - Accrued liabilities5,579 5,324 Long-term operating lease liabilities - Other noncurrent liabilities28,159 31,876 Total lease liabilities$33,738 $37,200 Lease term and discount rateWeighted average remaining lease term (in years)5.96.6Weighted average discount rate6.50%5.91%

Schedule of Lease Cost

The following summarizes the components of operating lease expense and provides supplemental cash flow information for operating leases:


	For the thirteen weeks ended				For the thirty-nine weeks ended
	September 28, 2025		September 29, 2024		September 28, 2025		September 29, 2024
Components of lease expense:
Operating lease expense	$	2,033	$	1,840	$	5,897	$	5,346
Variable Lease Expense	50		68		494		254
Short-term lease expense	182		510		470		1,214
Total lease expense	$	2,265	$	2,418	$	6,861	$	6,814
Supplemental cash flow information related to leases:
Cash paid for amounts included in measurement of operating lease liabilities	$	1,967	$	1,613	$	5,748	$	5,280
Right-of-use assets obtained in exchange for new operating lease liabilities	—		2,582		1,125		6,958
Decapitalization of right-of-use assets upon lease termination or modification	416		14		447		1,374

Schedule of Lessee, Operating Lease, Liability, to be Paid, Maturity

The following table summarizes the maturities of the Company's operating lease liabilities as of September 28, 2025:


2025 (excluding the thirty-nine weeks ended September 28, 2025)	$	1,868
2026	7,236
2027	7,228
2028	6,885
2029	5,860
Thereafter	11,722
Total lease payments	40,799
Less imputed interest	(7,061)
Present value of lease liabilities	$	33,738

COMMITMENTS AND CONTINGENCIES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2025	Sep. 29, 2024	Sep. 28, 2025	Sep. 29, 2024
Other Commitments [Line Items]
Defined contribution plan, employer discretionary contribution, amount	$ 607	$ 39	$ 1,698	$ 1,168
Foreign Plan
Other Commitments [Line Items]
Employer matching contribution, percent			3.00%
Employer discretionary match contribution, percent			1.50%
United States
Other Commitments [Line Items]
Employer matching contribution, percent			3.50%
Employer discretionary match contribution, percent			1.50%

FAIR VALUE MEASUREMENTS - Reconciliation of Changes (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 28, 2025	Sep. 29, 2024
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 1,413	$ 6,382
Gains (losses) included in earnings	1,728	(4,979)
Ending balance	3,141	1,403
Private Warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	265	2,903
Gains (losses) included in earnings	1,006	(2,638)
Ending balance	1,271	265
Earn-out liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	1,148	3,479
Gains (losses) included in earnings	722	(2,341)
Ending balance	$ 1,870	$ 1,138

EARNINGS PER SHARE (Tables)

9 Months Ended

Sep. 28, 2025

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table sets forth the calculation of basic and diluted earnings per share:


	For the thirteen weeks ended				For the thirty-nine weeks ended
	September 28, 2025		September 29, 2024		September 28, 2025		September 29, 2024
Numerator:
Net income (loss)	$	(806)	$	(6,288)	$	12,874	$	14,547
Denominator:
Weighted average common shares outstanding - basic	119,405,911		118,694,139		119,140,257		118,345,442
Dilutive effect of potential common shares from RSUs	—		—		462,500		740,025
Dilutive effect of potential common shares from PSUs	—		—		208,230		68,101
Weighted average common shares outstanding - diluted	119,405,911		118,694,139		119,810,987		119,153,568
Earnings per share:
Basic	$	(0.01)	$	(0.05)	$	0.11	$	0.12
Diluted	$	(0.01)	$	(0.05)	$	0.11	$	0.12

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share


	For the thirteen weeks ended		For the thirty-nine weeks ended
	September 28, 2025	September 29, 2024	September 28, 2025	September 29, 2024
Anti-dilutive shares excluded from calculation of diluted EPS:
Warrants	14,633,311	14,633,311	14,633,311	14,633,311
Stock options	437,268	454,064	437,268	454,064
Restricted stock units	3,600,584	557,828	3,138,084	557,828
Performance stock units	2,697,537	2,087,400	2,489,307	2,087,400
Unvested Earn-Out Shares	1,093,750	1,093,750	1,093,750	1,093,750
Total anti-dilutive shares	22,462,450	18,826,353	21,791,720	18,826,353

ACCRUED LIABILITIES (Details) - USD ($) $ in Thousands	Sep. 28, 2025	Jun. 29, 2025	Dec. 31, 2024	Sep. 29, 2024	Jun. 30, 2024	Dec. 31, 2023
Accrued Liabilities [Abstract]
Accrued freight	$ 3,140		$ 1,673
Accrued employee compensation and benefits	13,895		11,646
Accrued returns and allowances	7,714		12,257
Accrued taxes	4,888		4,053
Current portion of operating lease liabilities	5,579		5,324
Accrued warranties	2,416	$ 2,534	2,332	$ 6,188	$ 6,046	$ 3,325
Cataclean license accrual	7,140		0
Accrued other	6,909		5,905
Total accrued liabilities	$ 51,681		$ 43,190