Annual report pursuant to Section 13 and 15(d)

Summary of Significant Accounting Policies (Tables)

v3.24.4
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Sep. 29, 2024
Accounting Policies [Abstract]  
Schedule of Inventory

 

   

As of

September 29, 2024

    

As of

October 1, 2023

  
    (Thousands)  
   

As of

September 29, 2024

    

As of

October 1, 2023

  
Raw Materials   $ 9,460     $ 8,211  
Work in Process     5,954       4,460  
Finished Goods     556       489  
Gross Inventory     15,970       13,160  
Less: Inventory Reserves     (1,107 )     (1,007 )
Net Inventory   $ 14,863     $ 12,153  
Schedule of Warranty Reserves

The table below summarizes the warranty expenses and incurred warranty costs for the twelve months ended September 29, 2024 and October 1, 2023.

 

    2024     2023  
    Years ended  
    2024     2023  
Beginning balance   $ 75     $ 169  
                 
Incurred costs for warranties satisfied during the period     (52 )     (133 )
                 
Warranty Expenses:                
Warranties reserved for new product shipped during the period(1)     106       223  
Change in estimate for pre-existing warranty liabilities (2)     (77 )     (184 )
Warranty Expense     29       39  
                 
Ending balance   $ 52     $ 75  

 

  (1) Warranty expenses accrued to cost of sales (based on current year shipments and historical warranty return rate).
  (2) Changes in estimated warranty liabilities recognized in cost of sales associated with: the period end customer returned warranty backlog, or the actual costs of repaired/replaced warranty units which were shipped to the customer during the year. During the twelve months ended September 29, 2024, the warranty return rate was significantly below historical levels resulting in a favorable change in estimate during the period.