Lifecore Biomedical (LFCR) 10-Q 2 Jan 25 2025 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Nov. 24, 2024	Dec. 26, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Nov. 24, 2024
Document Transition Report	false
Entity File Number	000-27446
Entity Registrant Name	LIFECORE BIOMEDICAL, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	94-3025618
Entity Address, Address Line One	3515 Lyman Boulevard
Entity Address, City or Town	Chaska,
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55318
City Area Code	952
Local Phone Number	368-4300
Title of 12(b) Security	Common stock, par value $0.001 per share
Trading Symbol	LFCR
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		37,025,331
Entity Central Index Key	0001005286
Current Fiscal Year End Date	--05-25
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Nov. 24, 2024	May 26, 2024
Current Assets:
Cash and cash equivalents	$ 9,455	$ 8,462
Accounts receivable, less allowance for credit losses	30,303	31,153
Inventories, net	39,214	39,979
Prepaid expenses and other current assets	2,886	1,439
Total Current Assets	81,858	81,033
Property, plant, and equipment, net	150,576	149,165
Operating lease right-of-use assets	2,304	2,442
Goodwill	13,881	13,881
Intangible assets, net	4,200	4,200
Other long-term assets	2,567	3,239
Total Assets	255,386	253,960
Current Liabilities:
Accounts payable	14,967	16,334
Accrued compensation	4,631	6,165
Other accrued liabilities	9,866	9,354
Current portion of lease liabilities	4,116	4,133
Current portion of long-term debt, related party	773	773
Total Current Liabilities	35,290	38,872
Long-term debt, less current portion, net, related party	110,528	100,819
Revolving credit facility	8,500	19,691
Debt derivative liability, related party	23,300	25,400
Long-term lease liabilities, less current portion	7,423	4,944
Deferred taxes, net	552	543
Deferred revenues, less current portion, related party	4,880	4,703
Other non-current liabilities	5,153	5,086
Total Liabilities	195,626	200,058
Commitments and Contingencies, see Note 15
Convertible Preferred Stock, $0.001 par value; 2,000,000 shares authorized; 44,068 and 42,461 shares issued and outstanding, redemption value $44,619 and $42,991	44,311	42,587
Stockholders’ Equity:
Common Stock, $0.001 par value; 75,000,000 and 50,000,000 shares authorized; 36,980,790 and 30,562,961 shares issued and outstanding	37	30
Additional paid-in capital	206,868	177,808
Accumulated deficit	(191,456)	(166,523)
Total Stockholders’ Equity	15,449	11,315
Total Liabilities, Convertible Preferred Stock, and Stockholders’ Equity	255,386	253,960
Nonrelated party
Current Assets:
Accounts receivable, less allowance for credit losses	20,177	20,343
Current Liabilities:
Deferred revenues	426	1,088
Related party
Current Assets:
Accounts receivable, less allowance for credit losses	10,126	10,810
Current Liabilities:
Deferred revenues	511	1,025
Deferred revenues, less current portion, related party	$ 4,880	$ 4,703

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Nov. 24, 2024	May 26, 2024
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	2,000,000	2,000,000
Preferred stock, shares issued (in shares)	44,068	42,461
Preferred stock, shares outstanding (in shares)	44,068	42,461
Preferred stock, redemption value	$ 44,619	$ 42,991
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	75,000,000	50,000,000
Common stock, shares issued (in shares)	36,980,790	30,562,961
Common stock, shares outstanding (in shares)	36,980,790	30,562,961

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Nov. 24, 2024	Nov. 26, 2023	Nov. 24, 2024	Nov. 26, 2023
Revenues	$ 32,564	$ 30,150	$ 57,269	$ 54,672
Cost of goods sold	21,480	20,193	40,798	41,987
Gross profit	11,084	9,957	16,471	12,685
Operating costs and expenses:
Research and development	1,924	2,098	4,110	4,244
Selling, general, and administrative	11,119	9,342	25,904	18,538
Total operating costs and expenses	13,043	11,440	30,014	22,782
Operating loss	(1,959)	(1,483)	(13,543)	(10,097)
Change in fair value of debt derivative liability, related party	1,200	20,700	2,100	20,900
Other expense, net	(304)	(967)	(507)	(1,138)
(Loss) income from continuing operations before income taxes	(6,528)	14,177	(22,783)	1,655
Income tax (expense) benefit	(43)	65	(18)	(23)
(Loss) income from continuing operations	(6,571)	14,242	(22,801)	1,632
(Loss) income from discontinued operations	0	(24)	0	1,832
Net (loss) income	(6,571)	14,218	(22,801)	3,464
Fair value of conversion ratio improvement to preferred stockholders	(2,132)	0	(2,132)	0
(Loss) income available to common stockholders	$ (8,703)	$ 14,218	$ (24,933)	$ 3,464
Basic income or loss per share:
(Loss) income from continuing operations available to common stockholders (in dollars per share)	$ (0.25)	$ 0.47	$ (0.76)	$ 0.05
Income from discontinued operations (in dollars per share)	0	0	0	0.06
Total basic net (loss) income per share (in dollars per share)	(0.25)	0.47	(0.76)	0.11
Diluted income or loss per share:
(Loss) income from continuing operations available to common stockholders (in dollars per share)	(0.25)	0.39	(0.76)	0.05
Income from discontinued operations (in dollars per share)	0	0	0	0.05
Total diluted net (loss) income per share (in dollars per share)	$ (0.25)	$ 0.39	$ (0.76)	$ 0.10
Shares used in income or loss per share computations:
Basic (in shares)	34,360,657	30,458,032	32,609,808	30,430,712
Diluted (in shares)	34,360,657	36,419,103	32,609,808	36,397,352
Nonrelated party
Revenues	$ 19,534	$ 20,522	$ 36,327	$ 37,475
Operating costs and expenses:
Interest expense, net	(842)	(832)	(1,810)	(1,625)
Related party
Revenues	13,030	9,628	20,942	17,197
Operating costs and expenses:
Interest expense, net	$ (4,623)	$ (3,241)	$ (9,023)	$ (6,385)

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY OR DEFICIT - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit
Convertible Preferred Stock, beginning balance (in shares) at May. 28, 2023	39,420
Convertible Preferred Stock, beginning balance at May. 28, 2023	$ 39,318
Increase (Decrease) in Temporary Equity [Roll Forward]
Dividends paid-in-kind (in shares)	739
Dividends paid-in-kind	$ 748
Accretion of issuance costs	$ 48
Convertible Preferred Stock, ending balance (in shares) at Aug. 27, 2023	40,159
Convertible Preferred Stock, ending balance at Aug. 27, 2023	$ 40,114
Beginning balance (in shares) at May. 28, 2023		30,322,169
Beginning balance at May. 28, 2023	(4,230)	$ 30	$ 174,276	$ (178,536)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends paid-in-kind	(748)		(748)
Accretion of issuance costs	(48)		(48)
Issuance of stock under stock plans, net of shares withheld (in shares)		133,469
Issuance of stock under stock plans, net of shares withheld	724		724
Payments related to employee stock plans	(45)		(45)
Stock-based compensation	1,541		1,541
Net income (loss)	(10,754)			(10,754)
Ending balance (in shares) at Aug. 27, 2023		30,455,638
Ending balance at Aug. 27, 2023	$ (13,560)	$ 30	175,700	(189,290)
Convertible Preferred Stock, beginning balance (in shares) at May. 28, 2023	39,420
Convertible Preferred Stock, beginning balance at May. 28, 2023	$ 39,318
Convertible Preferred Stock, ending balance (in shares) at Nov. 26, 2023	40,912
Convertible Preferred Stock, ending balance at Nov. 26, 2023	$ 40,924
Beginning balance (in shares) at May. 28, 2023		30,322,169
Beginning balance at May. 28, 2023	(4,230)	$ 30	174,276	(178,536)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	3,464
Ending balance (in shares) at Nov. 26, 2023		30,458,621
Ending balance at Nov. 26, 2023	$ 1,421	$ 30	176,463	(175,072)
Convertible Preferred Stock, beginning balance (in shares) at Aug. 27, 2023	40,159
Convertible Preferred Stock, beginning balance at Aug. 27, 2023	$ 40,114
Increase (Decrease) in Temporary Equity [Roll Forward]
Dividends paid-in-kind (in shares)	753
Dividends paid-in-kind	$ 763
Accretion of issuance costs	$ 47
Convertible Preferred Stock, ending balance (in shares) at Nov. 26, 2023	40,912
Convertible Preferred Stock, ending balance at Nov. 26, 2023	$ 40,924
Beginning balance (in shares) at Aug. 27, 2023		30,455,638
Beginning balance at Aug. 27, 2023	(13,560)	$ 30	175,700	(189,290)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends paid-in-kind	(763)		(763)
Accretion of issuance costs	(47)		(47)
Issuance of stock under stock plans, net of shares withheld (in shares)		2,983
Payments related to employee stock plans	(12)		(12)
Stock-based compensation	1,585		1,585
Net income (loss)	14,218			14,218
Ending balance (in shares) at Nov. 26, 2023		30,458,621
Ending balance at Nov. 26, 2023	$ 1,421	$ 30	176,463	(175,072)
Convertible Preferred Stock, beginning balance (in shares) at May. 26, 2024	42,461
Convertible Preferred Stock, beginning balance at May. 26, 2024	$ 42,587
Increase (Decrease) in Temporary Equity [Roll Forward]
Dividends paid-in-kind (in shares)	796
Dividends paid-in-kind	$ 806
Accretion of issuance costs	$ 48
Convertible Preferred Stock, ending balance (in shares) at Aug. 25, 2024	43,257
Convertible Preferred Stock, ending balance at Aug. 25, 2024	$ 43,441
Beginning balance (in shares) at May. 26, 2024	30,562,961	30,562,961
Beginning balance at May. 26, 2024	$ 11,315	$ 30	177,808	(166,523)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends paid-in-kind	(806)		(806)
Accretion of issuance costs	(48)		(48)
Issuance of stock under stock plans, net of shares withheld (in shares)		335,294
Issuance of stock under stock plans, net of shares withheld	1	$ 1
Payments related to employee stock plans	(589)		(589)
Stock-based compensation	2,419		2,419
Net income (loss)	(16,230)			(16,230)
Ending balance (in shares) at Aug. 25, 2024		30,898,255
Ending balance at Aug. 25, 2024	$ (3,938)	$ 31	178,784	(182,753)
Convertible Preferred Stock, beginning balance (in shares) at May. 26, 2024	42,461
Convertible Preferred Stock, beginning balance at May. 26, 2024	$ 42,587
Convertible Preferred Stock, ending balance (in shares) at Nov. 24, 2024	44,068
Convertible Preferred Stock, ending balance at Nov. 24, 2024	$ 44,311
Beginning balance (in shares) at May. 26, 2024	30,562,961	30,562,961
Beginning balance at May. 26, 2024	$ 11,315	$ 30	177,808	(166,523)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ (22,801)
Ending balance (in shares) at Nov. 24, 2024	36,980,790	36,980,790
Ending balance at Nov. 24, 2024	$ 15,449	$ 37	206,868	(191,456)
Convertible Preferred Stock, beginning balance (in shares) at Aug. 25, 2024	43,257
Convertible Preferred Stock, beginning balance at Aug. 25, 2024	$ 43,441
Increase (Decrease) in Temporary Equity [Roll Forward]
Dividends paid-in-kind (in shares)	811
Dividends paid-in-kind	$ 822
Accretion of issuance costs	$ 48
Convertible Preferred Stock, ending balance (in shares) at Nov. 24, 2024	44,068
Convertible Preferred Stock, ending balance at Nov. 24, 2024	$ 44,311
Beginning balance (in shares) at Aug. 25, 2024		30,898,255
Beginning balance at Aug. 25, 2024	(3,938)	$ 31	178,784	(182,753)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net of fees (in shares)		5,928,775
Issuance of common stock, net of fees	23,841	$ 6	23,835
Conversion ratio improvement provided to preferred stockholders	0		2,132	(2,132)
Dividends paid-in-kind	(822)		(822)
Accretion of issuance costs	(48)		(48)
Issuance of stock under stock plans, net of shares withheld (in shares)		153,760
Payments related to employee stock plans	(385)		(385)
Stock-based compensation	3,372		3,372
Net income (loss)	$ (6,571)			(6,571)
Ending balance (in shares) at Nov. 24, 2024	36,980,790	36,980,790
Ending balance at Nov. 24, 2024	$ 15,449	$ 37	$ 206,868	$ (191,456)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Nov. 24, 2024	Nov. 26, 2023
Cash flows from operating activities:
Net (loss) income	$ (22,801)	$ 3,464
Adjustments to reconcile net income or loss to net cash used in operating activities:
Depreciation and amortization	4,037	3,934
Stock-based compensation	5,791	3,110
Deferred taxes	9	36
Change in debt derivative liability, related party	(2,100)	(20,900)
(Reversal of) provision for expected credit losses	(150)	37
Net loss on disposal of property, plant, and equipment	49	19
Changes in operating assets and liabilities:
Inventories	765	(605)
Other assets	(1,139)	2,023
Accounts payable	791	(4,261)
Accrued compensation	(1,534)	(779)
Other liabilities	64	(2,776)
Net cash used in operating activities	(6,753)	(7,041)
Cash flows from investing activities:
Purchases of property, plant, and equipment	(5,862)	(9,315)
Net cash used in investing activities	(5,862)	(9,315)
Cash flows from financing activities:
Issuance of common stock, net of fees	23,841	0
Proceeds from exercise of stock options	0	724
Proceeds from finance lease incentive	2,400	0
(Repayments of) proceeds from revolving credit facility, net	(11,191)	69
Payments related to employee stock plans	(974)	(57)
Principal payments on equipment financing, related party	(386)	(193)
Principal payments on finance leases	(82)	(57)
Net cash provided by financing activities	13,608	486
Net increase (decrease) in cash and cash equivalents	993	(15,870)
Cash and cash equivalents, beginning of period	8,462	19,091
Cash and cash equivalents, end of period	9,455	3,221
Supplemental disclosure of cash flow information:
Cash paid for income taxes	127	70
Cash paid for interest	1,298	1,255
Purchases of property, plant, and equipment in accounts payable	5,700	8,132
Increases to property, plant and equipment financed by finance leases	2,737	0
Capitalization of non-cash interest to property, plant, and equipment	1,456	2,063
Dividends paid in kind on Convertible Preferred Stock	1,628	1,511
Nonrelated party
Adjustments to reconcile net income or loss to net cash used in operating activities:
Non-cash interest expense	825	518
Changes in operating assets and liabilities:
Accounts receivable	316	5,649
Deferred revenues	(662)	421
Related party
Adjustments to reconcile net income or loss to net cash used in operating activities:
Non-cash interest expense	8,816	6,152
Changes in operating assets and liabilities:
Accounts receivable	684	(6,861)
Deferred revenues	$ (514)	$ 3,778

Organization, Basis of Presenta

Organization, Basis of Presentation, and Summary of Significant Accounting Policies	6 Months Ended
	Nov. 24, 2024
Accounting Policies [Abstract]
Organization, Basis of Presentation, and Summary of Significant Accounting Policies	Organization, Basis of Presentation, and Summary of Significant Accounting Policies Organization Lifecore Biomedical, Inc. and its subsidiaries (“Lifecore” or the “Company”) is a fully integrated contract development and manufacturing organization (“CDMO”) that offers capabilities in the development, fill and finish of complex sterile injectable pharmaceutical products in syringes, vials, and cartridges. Discontinued Operations The Company previously operated a natural food company through its wholly-owned subsidiary, Curation Foods, Inc. (“Curation Foods”). During the year ended May 28, 2023, the Company entered into agreements for the sale or disposition of all subsidiaries within the Curation Foods business, which was completed during the year ended May 26, 2024. Upon completion of the dispositions, it ceased to operate the Curation Foods business. Basis of Presentation The accompanying Condensed Consolidated Balance Sheet as of May 26, 2024, which has been derived from audited financial statements, and the accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments (consisting of normal recurring accruals) have been made which are necessary to present fairly the financial position of the Company at November 24, 2024, and the results of operations and cash flows for all periods presented. Although the Company believes that the disclosures in these financial statements are adequate to make the information presented not misleading, certain information normally included in financial statements and related footnotes prepared following GAAP have been condensed or omitted per the rules and regulations of the Securities and Exchange Commission (the “SEC”). The accompanying financial data should be reviewed in conjunction with the audited financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended May 26, 2024. The Company’s fiscal year is the 52- or 53-week period that ends on the last Sunday of May with quarters within each year ending on the last Sunday of August, November, and February; however, in instances where the last Sunday would result in a quarter being 12-weeks in length, the Company’s policy is to extend that quarter to the following Sunday. A 14th week is included in the fiscal year every five or six years to realign the Company’s fiscal quarters with calendar quarters. The results reported in these interim condensed consolidated financial statements are not necessarily indicative of the results that may be reported for the entire year. During the second quarter of 2025, the Company changed the basis of presentation for certain items to improve the usefulness of the financial statements, none of which had a material effect to any of the periods presented: (i) in Note 8 – Inventories, the Company previously presented certain adjustments used to state inventory at net realizable value as a standalone caption titled "inventory reserve" and now presents those adjustments directly to raw materials; (ii) in the balance sheet and Note 9 – Property, Plant and Equipment, net, the Company previously presented the carrying value of certain types of software not yet placed into service as a component of other long-term assets and now presents those within the construction in process category of property, plant and equipment, with additions to that software presented as purchases of property, plant and equipment on the statement of cash flows; (iii) in the statement of cash flows, non-cash interest for periods ended in fiscal year 2024 were previously presented within both depreciation and amortization as well as the change in working capital and are now presented as a standalone caption for non-cash interest; and (iv) on the balance sheet, certain types of accrued liabilities were previously presented as accrued other liabilities and are now presented as accrued compensation, with changes to those liabilities reclassified to the applicable lines within operating activities on the statement of cash flows. Statement of Comprehensive Income or Loss In accordance with Financial Accounting Standards Board Accounting Standard Codification Topic 220, Comprehensive Income, a statement of comprehensive income has not been included as the Company has no items of other comprehensive income or loss. Comprehensive income or loss is the same as net income or loss for all periods presented. Basis of Consolidation The condensed consolidated financial statements are presented on the accrual basis of accounting in accordance with GAAP and include the accounts of the Company and its subsidiaries. All material inter-company transactions and balances have been eliminated. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make certain estimates and judgments that affect the amounts reported in the financial statements and accompanying notes. The accounting estimates that require management’s most significant and subjective judgments include revenue recognition; recognition and measurement of current and deferred income tax assets and liabilities; the recoverability assessment of inventories; the valuation and recognition of stock-based compensation; and the valuation of the debt derivative liability. These estimates involve the consideration of complex factors and require management to make judgments. The analysis of historical and future trends can require extended periods of time to resolve and are subject to change from period to period. The actual results may differ from management’s estimates. Reportable Segments The Company operates as one reportable segment. This is based on the objectives of the business and how our chief operating decision maker, the President and Chief Executive Officer, regularly reviews and manages the business, monitors operating performance and allocates resources. Concentrations of Risk Cash and trade accounts receivable are financial instruments that potentially subject the Company to concentrations of credit risk. Our Company policy limits, among other things, the amount of credit exposure to any one issuer and to any one type of investment, other than securities issued or guaranteed by the U.S. government. The Company maintains cash in U.S. bank accounts, the balance of which may at times exceed the federally insured limit. During the three and six months ended November 24, 2024 and November 26, 2023, the company had significant sales concentrations with certain customers. The Company also had accounts receivable concentrations at November 24, 2024 and May 26, 2024. See Note 2 – Revenue and Note 7 – Accounts Receivable, for the quantification of these concentrations. Per Share Information Accounting guidance requires the presentation of basic and diluted earnings per share. Basic earnings per share is computed using the weighted average number of common shares outstanding during the reporting period. Diluted earnings per share reflects the potential dilution as if securities or other contracts to issue the Company’s common stock, par value $0.001 per share (“Common Stock”) were exercised or converted into Common Stock. The Company’s diluted common equivalent shares consist of convertible preferred stock, stock options, restricted stock units (“RSUs”), and performance share units (“PSUs”). Dilution related to stock options, RSUs and PSUs is calculated using the treasury stock method, which includes the assumed repurchase of common shares from cash received upon stock option exercises, and unrecognized compensation expense. The potential dilutive effect of the Convertible Preferred Stock is calculated using the if-converted method assuming the conversion as of the earliest period reported or at the date of issuance, if later, but are excluded if their effect is anti-dilutive. Fair Value Measurements The Company uses fair value measurement accounting for financial assets and liabilities and for financial instruments and certain other items measured at fair value. The Company has not elected the fair value option for any of its other eligible financial assets or liabilities. Applicable accounting guidance establishes a three-tier hierarchy for fair value measurements, which prioritizes the inputs used in measuring fair value as follows: • Level 1 – observable inputs such as quoted prices for identical instruments in active markets. • Level 2 – inputs other than quoted prices in active markets that are observable either directly or indirectly through corroboration with observable market data. • Level 3 – unobservable inputs in which there is little or no market data, which would require the Company to develop its own assumptions. Related Party Transactions The Company has reflected related party balances on the face of its financial statements beginning in the period which Alcon Research, LLC (“Alcon”) became a related party, which was as of May 22, 2023 at the time Alcon provided financing to the Company. Prior to providing financing, and continuing subsequently, Alcon was a customer of the Company. Refer to Note 10 – Long-term Debt for additional discussion on the Company’s debt agreement with Alcon.

Revenue

Revenue	6 Months Ended
	Nov. 24, 2024
Revenue from Contract with Customer [Abstract]
Revenue	Revenue The Company disaggregates its revenue based on how it markets its products and services and reviews results of operations. The following table disaggregates revenues by major product lines and services: Three Months Ended Six Months Ended November 24, 2024 November 26, 2023 November 24, 2024 November 26, 2023 CDMO $ 25,610 $ 23,678 $ 45,790 $ 45,217 HA manufacturing 6,954 6,472 11,479 9,455 Total $ 32,564 $ 30,150 $ 57,269 $ 54,672 The following table disaggregates revenues by the timing of revenue recognition: Three Months Ended Six Months Ended November 24, 2024 November 26, 2023 November 24, 2024 November 26, 2023 Revenues recognized over time $ 6,122 $ 5,827 $ 11,998 $ 12,208 Revenues recognized at a point in time 26,442 24,323 45,271 42,464 Total $ 32,564 $ 30,150 $ 57,269 $ 54,672 During the three months ended November 24, 2024, the Company had revenues concentrations of 10% or greater from three customers, accounting for 40%, 18%, and 18%. During the three months ended November 26, 2023, the Company had revenues concentrations of 10% or greater from three customers, accounting for 32%, 22%, and 22%. During the six months ended November 24, 2024, the Company had revenues concentrations of 10% or greater from three customers, accounting for 37%, 20% and 14%. During the six months ended November 26, 2023, the Company had revenues concentrations of 10% or greater from three customers, accounting for 31%, 22%, and 14%. Contract assets primarily relate to the Company’s unconditional right to consideration for work completed but not billed at the reporting date. Contract liabilities primarily relate to payments received from customers in advance of performance under a contract. Description Balance Sheet Presentation November 24, 2024 May 26, 2024 Assets: Receivables not yet billed Accounts receivable, less allowance for credit losses $ 5,216 $ 3,885 Related party receivables not yet billed Accounts receivable, related party 482 184 Total contract assets $ 5,698 $ 4,069 Current Liabilities: Advances on customer-owned equipment Other accrued liabilities $ 3,014 $ 3,509 Non related parties deferred revenue Deferred revenues 426 1,088 Related party deferred revenue Deferred revenues, related party 511 1,025 Non-Current Liabilities: Related party deferred revenue Deferred revenues, less current portion, related party 4,880 4,703 Non-current customer deposit Other non-current liabilities 176 257 Total contract liabilities $ 9,007 $ 10,582 Revenues recognized during the three and six months ended November 24, 2024 that were included in the contract liability balance at the beginning of fiscal year 2025, were $328 and $1,911. We receive payments from customers based on billing schedules as established in our contracts. The contract assets relate to our conditional right to consideration for our completed performance under the contract. Accounts receivable are recorded when the right to consideration becomes unconditional. Contract liabilities relate to payments received in advance of performance under the contract. Contract liabilities are recognized as revenue as we perform under the statements of work.

Restructuring Costs

Restructuring Costs	6 Months Ended
	Nov. 24, 2024
Restructuring and Related Activities [Abstract]
Restructuring Costs	Restructuring Costs During fiscal year 2020, the Company commenced a multi-year restructuring plan to improve profitability and to redesign the organization to focus on strategic assets so that it could compete and thrive as a standalone public CDMO business. We expect to finish incurring expenses under this plan by the end of fiscal year 2025. Types of costs associated with this plan include: (i) employee termination costs, as a result of multiple reductions-in-force; and (ii) other costs related to the sale of non-strategic assets, including contract termination costs and asset write-offs. These costs are included within selling, general, and administrative costs The following table presents the restructuring expenses incurred during the period: Three Months Ended Six Months Ended November 24, 2024 November 26, 2023 November 24, 2024 November 26, 2023 Employee termination costs $ 396 $ 157 $ 835 $ 139 Other costs 8 — 52 8 Total restructuring costs $ 404 $ 157 $ 887 $ 147 The following table presents a reconciliation of the beginning and ending restructuring liability balances: Employee termination costs Other costs Total Balance as of May 26, 2024 $ 217 $ 4,554 $ 4,771 Expense 835 52 887 Payments (725) (58) (783) Balance as of November 24, 2024 $ 327 $ 4,548 $ 4,875 The following table presents actual and expected expenses incurred or to be incurred under the plan: Incurred through November 24, 2024 Expected remaining costs to be incurred Total expected costs Employee termination costs $ 5,168 $ 513 $ 5,681 Other costs 13,438 — 13,438 Asset write-off costs not included in the restructuring liability 13,893 — 13,893 Total restructuring costs $ 32,499 $ 513 $ 33,012

Earnings Per Share

Earnings Per Share	6 Months Ended
	Nov. 24, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The following table sets forth the weighted average shares used in the computation of basic and diluted earnings per share: Three Months Ended Six Months Ended November 24, 2024 November 26, 2023 November 24, 2024 November 26, 2023 Weighted average shares for basic income or loss per share 34,360,657 30,458,032 32,609,808 30,430,712 Effect of dilutive securities: Convertible preferred stock — 5,790,810 — 5,737,685 Stock options, RSUs and PSUs — 170,261 — 228,955 Weighted average shares for diluted income or loss per share 34,360,657 36,419,103 32,609,808 36,397,352 Due to the Company’s net loss for the three and six months ended November 24, 2024, the diluted income or loss per share is calculated using only the basic weighted average common shares outstanding and thus excludes the following, as such impact would be antidilutive: Three Months Ended Six Months Ended November 24, 2024 November 24, 2024 Convertible Preferred Stock 6,769,985 6,707,861 Stock Options — — Restricted Stock Units 237,084 209,713 Performance Share Units (1) 8,500 17,000 Total 7,015,569 6,934,574 (1) PSUs are not considered dilutive until performance targets are met. See Note 13 – Convertible Preferred Stock and Common Stock for more information on outstanding Convertible Preferred Stock and Note 12 – Stock-based Compensation for more information on outstanding stock options, RSUs and PSUs.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Nov. 24, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Cash and cash equivalents Cash and cash equivalents represent cash in banks and highly liquid short-term investments that have maturities of three months or less when acquired. These highly liquid short-term investments are both readily convertible to known amounts of cash and so near to their maturity that they present insignificant risk of changes in value due to changes in interest rates. Term Loan Credit Facility and debt derivative liability The Term Loan Credit Facility (as defined in Note 10 – Long-term Debt) contains embedded derivatives requiring bifurcation. These embedded derivatives were initially recorded at fair value as a noncurrent liability (“debt derivative liability”) offset by a discount to the carrying value of the Term Lean Credit Facility that is being amortized to interest expense over the term of that facility. The debt derivative liability is being subsequently remeasured at fair value every reporting period with changes in fair value recognized as a component of other expense, net. The fair value of the debt derivative liability is estimated using a discounted cash flow model that includes annually weighted probabilities that certain call and put premiums contained in the Term Loan Credit Facility are exercised upon qualifying events of default or changes in control. The Term Loan Credit Facility, including the embedded derivatives, has an aggregate fair value of $143,000 as of November 24, 2024, a Level 3 measurement. The key inputs to the valuation model are (i) the probability and timing of a change in control event occurring over the remaining term of the debt; and (ii) the discount rate for the valuation of that scenario, which can be influenced by in changes in the risk-free rate and the credit spread, which in turn can be influenced by the Company's credit rating as well as changes in the credit market. Factors that can affect the estimate of fair value at each reporting date, and therefore the amount of gain or loss recorded for a particular period, include imprecision in estimating unobservable market inputs and the selection of particular methodologies and assumptions used to determine the fair value. During the second quarter of 2025, we adjusted certain key assumptions by increasing the probability of a 2028 change in control and lowering the discount rate due to an improvement in the Company's credit rating. Revolving Credit Facility Outstanding borrowings under the Company's Revolving Credit Facility are carried at cost, which approximates their fair value as of November 24, 2024 and May 26, 2024, due to their short duration and variable rates of interest. Conversion ratio improvement provided to preferred stockholders During the three months ended November 24, 2024, we performed a non-recurring fair value measurement to record the value of a conversion ratio improvement provided to preferred stockholders as a result of the October 3, 2024 Securities Purchase Agreement referenced in Note 13 – Convertible Preferred Stock and Common Stock. The fair value of the conversion feature was recorded as an increase to both additional paid in capital and accumulated deficit and was calculated using an as-converted method based on the contractual conversion ratio of the preferred shares and the closing price of our common stock, a level 1 measurement. The following table summarizes the fair value of the Company’s balance sheet components that are measured at fair value on a recurring and non-recurring basis: Type of measurement Measurement date Type of measurement Level 1 Level 2 Level 3 Liabilities: Debt derivative liability Recurring November 24, 2024 $ — $ — $ 23,300 Debt derivative liability Recurring May 26, 2024 — — 25,400 Stockholders' equity: Conversion ratio improvement provided to preferred stockholders Non- recurring October 3, 2024 2,132 — — Key inputs used to develop the discount rate for the fair value measurements at the balance sheet dates were as follows: November 24, 2024 May 26, 2024 Probability of change in control event 80% 80% Discount rates used in change in control scenario: Total range 18.8% — 19.2% 21.3% — 22.3% Credit spread 14.5% 16.8% Risk-free rate range 4.3% — 4.7% 4.5% — 5.5% The following table reflects the roll forward reconciliation of Level 3 recurring fair value measurements: Three Months Ended Six Months Ended November 24, 2024 November 26, 2023 November 24, 2024 November 26, 2023 Balance at beginning of period $ 24,500 $ 64,700 $ 25,400 $ 64,900 Decrease in fair value (1) (1,200) (20,700) (2,100) (20,900) Balance at end of period $ 23,300 $ 44,000 $ 23,300 $ 44,000 (1)

Contract Assets and Liabilities

Contract Assets and Liabilities	6 Months Ended
	Nov. 24, 2024
Revenue from Contract with Customer [Abstract]
Contract Assets and Liabilities	Revenue The Company disaggregates its revenue based on how it markets its products and services and reviews results of operations. The following table disaggregates revenues by major product lines and services: Three Months Ended Six Months Ended November 24, 2024 November 26, 2023 November 24, 2024 November 26, 2023 CDMO $ 25,610 $ 23,678 $ 45,790 $ 45,217 HA manufacturing 6,954 6,472 11,479 9,455 Total $ 32,564 $ 30,150 $ 57,269 $ 54,672 The following table disaggregates revenues by the timing of revenue recognition: Three Months Ended Six Months Ended November 24, 2024 November 26, 2023 November 24, 2024 November 26, 2023 Revenues recognized over time $ 6,122 $ 5,827 $ 11,998 $ 12,208 Revenues recognized at a point in time 26,442 24,323 45,271 42,464 Total $ 32,564 $ 30,150 $ 57,269 $ 54,672 During the three months ended November 24, 2024, the Company had revenues concentrations of 10% or greater from three customers, accounting for 40%, 18%, and 18%. During the three months ended November 26, 2023, the Company had revenues concentrations of 10% or greater from three customers, accounting for 32%, 22%, and 22%. During the six months ended November 24, 2024, the Company had revenues concentrations of 10% or greater from three customers, accounting for 37%, 20% and 14%. During the six months ended November 26, 2023, the Company had revenues concentrations of 10% or greater from three customers, accounting for 31%, 22%, and 14%. Contract assets primarily relate to the Company’s unconditional right to consideration for work completed but not billed at the reporting date. Contract liabilities primarily relate to payments received from customers in advance of performance under a contract. Description Balance Sheet Presentation November 24, 2024 May 26, 2024 Assets: Receivables not yet billed Accounts receivable, less allowance for credit losses $ 5,216 $ 3,885 Related party receivables not yet billed Accounts receivable, related party 482 184 Total contract assets $ 5,698 $ 4,069 Current Liabilities: Advances on customer-owned equipment Other accrued liabilities $ 3,014 $ 3,509 Non related parties deferred revenue Deferred revenues 426 1,088 Related party deferred revenue Deferred revenues, related party 511 1,025 Non-Current Liabilities: Related party deferred revenue Deferred revenues, less current portion, related party 4,880 4,703 Non-current customer deposit Other non-current liabilities 176 257 Total contract liabilities $ 9,007 $ 10,582 Revenues recognized during the three and six months ended November 24, 2024 that were included in the contract liability balance at the beginning of fiscal year 2025, were $328 and $1,911. We receive payments from customers based on billing schedules as established in our contracts. The contract assets relate to our conditional right to consideration for our completed performance under the contract. Accounts receivable are recorded when the right to consideration becomes unconditional. Contract liabilities relate to payments received in advance of performance under the contract. Contract liabilities are recognized as revenue as we perform under the statements of work.

Accounts Receivable

Accounts Receivable	6 Months Ended
	Nov. 24, 2024
Receivables [Abstract]
Accounts Receivable	Accounts Receivable Accounts receivable balances are as follows: November 24, 2024 May 26, 2024 Accounts receivable $ 30,864 $ 31,864 Less: Allowance for credit losses (561) (711) Accounts receivable, less allowance for credit losses $ 30,303 $ 31,153 Gross receivable by bill type are as follows: November 24, 2024 May 26, 2024 Billed $ 25,166 $ 27,795 Unbilled 5,698 4,069 Accounts receivable $ 30,864 $ 31,864 Three of the Company’s customers had accounts receivable concentrations of 10% or greater as of November 24, 2024, accounting for 33%, 19% and 13% of accounts receivable. Two of the Company’s customers had accounts receivable concentrations of 10% or greater as of May 26, 2024, accounting for 34% and 18%. Changes in the allowance for credit losses related to accounts receivable are as follows: Six Months Ended November 24, 2024 November 26, 2023 Beginning balance $ 711 $ 485 Provision (Reduction) (150) 37 Charge-offs — (14) Ending Balance $ 561 $ 508 The Company’s accounts receivable serves as part of the collateral for certain of the Company’s debt arrangements. Refer to Note 10 – Long-term Debt for additional discussion on the Company’s debt arrangements and related collateral.

Inventories, net

Inventories, net	6 Months Ended
	Nov. 24, 2024
Inventory Disclosure [Abstract]
Inventories, net	Inventories, net Inventories primarily consist of in-process and finished goods related to sterile injectable pharmaceutical products in syringes, vials and cartridges. This includes premium, pharmaceutical grade HA in bulk form as well as formulated and filled syringes, vials and cartridges for injectable products used in treating a broad spectrum of medical conditions and procedures. Inventories are stated at the lower of cost (using the first-in, first-out method) or net realizable value. Inventories consisted of the following: November 24, 2024 May 26, 2024 Finished goods $ 17,890 $ 14,924 Raw materials 12,839 13,140 Work in process 8,485 11,915 Inventories, net $ 39,214 $ 39,979 Adjustments to inventory are determined at the raw materials, work-in-process, and finished good levels to reflect obsolescence or impaired balances. Factors influencing inventory obsolescence include changes in demand, product life cycle, product pricing, physical deterioration, and quality concerns. The Company’s inventory serves as part of the collateral for certain of the Company’s debt arrangements. Refer to Note 10 – Long-term Debt for additional discussion on the Company’s debt arrangements and related collateral.

Property, Plant, and Equipment,

Property, Plant, and Equipment, net	6 Months Ended
	Nov. 24, 2024
Property, Plant and Equipment [Abstract]
Property, Plant, and Equipment, net	Property, Plant, and Equipment, net Property, plant, and equipment, net, consists of the following: November 24, 2024 May 26, 2024 Land and land improvements $ 3,739 $ 3,739 Buildings and building improvements 63,796 62,874 Machinery and equipment 62,661 61,013 Computer equipment and software 8,496 8,290 Furniture and fixtures 1,641 1,631 Construction in process 64,614 61,952 Property, plant, and equipment, gross 204,947 199,499 Less accumulated depreciation and amortization (54,371) (50,334) Property, plant, and equipment, net $ 150,576 $ 149,165 The major components of the construction in process are related to aseptic filler production to significantly increase manufacturing capacity. Depreciation and amortization expense for property, plant, and equipment for the three months ended November 24, 2024 and November 26, 2023 was $2,044 and $1,987, respectively. Depreciation and amortization expense for property, plant, and equipment for the six months ended November 24, 2024 and November 26, 2023 was $4,037 and $3,934, respectively. Interest is capitalized based on the average outstanding construction in process balance, excluding previously capitalized interest, using a 10% interest rate. Capitalized interest on construction projects was $745 and $1,094 for three months ended November 24, 2024 and November 26, 2023, respectively. Capitalized interest on construction projects was $1,456 and $2,063 for six months ended November 24, 2024 and November 26, 2023, respectively. Capitalized interest has decreased as we consider alternative approaches to generating cash flows from a legacy asset that has not yet generated revenue. Property, plant, and equipment acquisitions that provide a benefit over several years, and exceed five thousand dollars, are capitalized. The depreciation policy for property, plant, and equipment is as follows: Depreciable Lives Land improvements 10 — 40 Buildings and building improvements 7 — 40 Machinery and equipment 7 — 25 Transportation equipment 5 — 12 Computer hardware and software 3 — 10 Furniture, fixtures, and office equipment 5 — 10 Tools, molds, and dies 3

Long-term Debt

Long-term Debt	6 Months Ended
	Nov. 24, 2024
Debt Disclosure [Abstract]
Long-term Debt	Long-term Debt Long-term debt, net consists of the following: November 24, 2024 May 26, 2024 Term loan credit facility $ 165,274 $ 157,313 Equipment financing 6,764 7,150 Total principal amount of long-term debt 172,038 164,463 Less: unamortized debt issuance costs (453) (504) Less: debt discount (60,284) (62,367) Total long-term debt, net of issuance costs and discount 111,301 101,592 Less: Current portion of long-term debt, related party (773) (773) Long-term debt, less current portion, net, related party $ 110,528 $ 100,819 Revolving credit facility $ 8,500 $ 19,691 The future minimum principal payments under the Company’s term loan credit facility and equipment financing liability for each year presented are as follows: Remainder of Fiscal year 2025 $ 387 Fiscal year 2026 773 Fiscal year 2027 773 Fiscal year 2028 773 Fiscal year 2029 166,047 Fiscal year 2030 773 Thereafter 2,512 Total $ 172,038 Term Loan Credit Facility On May 22, 2023, the Company, Curation Foods, and Lifecore Biomedical Operating Company, Inc. (the “Borrowers”), certain of the Company’s other subsidiaries, as guarantors, and Alcon Research, LLC (“Alcon”), as administrative agent, collateral agent and lender, entered into a Credit and Guaranty Agreement (the “Term Loan Credit Facility”). The Term Loan Credit Facility refinanced in full all obligations of the Company and their subsidiaries under its prior term loan credit facility. Upon entry into the Term Loan Credit Facility, the prior term loan credit facility was terminated and all noncompliance with debt covenants were thereby cured. The Term Loan Credit Facility provided for up to $142,270 in term loans, excluding PIK interest added to the outstanding balance. The obligations under the Term Loan Credit Facility mature on May 22, 2029, and is secured by the same collateral that secures the Revolving Credit Facility (as defined below). As of November 24, 2024 and May 26, 2024, the Company’s effective annual interest rate under the Term Loan Credit Facility was 22.5% for both periods. The annual stated rate is 10.0%. On November 26, 2024, the Company entered into certain amendments to the Term Loan Credit Facility. Refer to Note 17 - Subsequent Events for additional information. Equipment Financing On May 22, 2023, the Company entered into an equipment financing agreement with Alcon, totaling $7,730. The agreement calls for 40 quarterly principal payments of $193, plus 6% interest. Revolving Credit Facility On May 22, 2023, the Borrowers and certain of the Company’s other subsidiaries, as guarantors, entered into a Limited Waiver, Consent and Fifth Amendment to the credit agreement with BMO, as lender (the “Revolving Credit Facility”). As of November 24, 2024 and May 26, 2024, the Company’s effective annual interest rate under the Revolving Credit Facility was linked to the Secured Overnight Financing Rate (SOFR), and was approximately 8% for both periods. On November 26, 2024, the Company entered into certain amendments to the Revolving Credit Facility. Refer to Note 17 - Subsequent Events for additional information. Financial Covenants Compliance Status and Borrowing Capacity As of November 24, 2024, the Company was in compliance with all financial covenants under the Term Loan Credit Facility and Revolving Credit Facility.

Leases

Leases	6 Months Ended
	Nov. 24, 2024
Leases [Abstract]
Leases	Leases Finance Leases In September 2015, Lifecore executed a lease for an 80,950 square foot building in Chaska, MN, two miles from its headquarters facility. Lifecore and the lessor made capital improvements prior to occupancy and thus the lease did not become effective until January 2016. Lifecore is currently using the building for warehousing and final packaging. The initial term of the lease was seven years with two five-year renewal options. In December 2022, Lifecore exercised one of the options to renew the lease for an additional five years, which extended the lease to December 31, 2027. That lease amendment contained a buyout option at any time during the renewal period with the purchase price equal to the mortgage balance on the lessor’s loan secured by the building. The finance lease obligation at May 26, 2024 assumed the buyout option would be exercised during fiscal year 2028, which was estimated to be $2,568. On August 9, 2024, Lifecore amended this lease to provide for a $2,400 cash payment to the Company in exchange for a revised rent payment schedule and an updated purchase option. This cash payment was received in October 2024, which made the amendment fully effective, and increased the future lease payments by $2,637. The amendment extended the lease term to September 30, 2034 , and the future payment obligations were discounted at the Company’s incremental borrowing rate of 9%. The finance lease obligation at November 24, 2024 assumed the amended buyout option would be exercised on September 30, 2034 , which is estimated to be $3,100. The only other finance lease that Lifecore has relates to a truck that was executed during fiscal year 2024. The truck lease runs for three years and had an initial capitalized amount of $196. Operating Leases Lifecore leases facilities and equipment under operating lease agreements with various terms and conditions, which expire at various dates through fiscal year 2033. Certain of these leases have renewal options. The only active operating real estate lease relates to a 21,384 square foot building in Chanhassen, Minnesota, containing a warehouse and office space. The lease commenced on September 1, 2020 with an initial term of seven years, plus an option to extend it for an additional five years. The extension period was included in the lease obligation at inception since it was reasonably certain to be exercised. Prior to occupancy, $1,922 in improvements were made to the building, which was funded by the lessor. Lifecore is reimbursing the lessor for costs over 84 months. The future lease payments under this lease, which extend through 2033, total $2,056 as of November 24, 2024. An operating lease for the Curation Foods former headquarters located in Santa Maria, California was terminated in December 2023. The property was vacated and surrendered to the lessor on February 29, 2024. The only other Lifecore operating leases relate to printer/copiers, with terms ranging from 36 to 60 months. The future lease payments under these leases, which extend through March 2027, totaled $49 as of November 24, 2024.
Leases	Leases Finance Leases In September 2015, Lifecore executed a lease for an 80,950 square foot building in Chaska, MN, two miles from its headquarters facility. Lifecore and the lessor made capital improvements prior to occupancy and thus the lease did not become effective until January 2016. Lifecore is currently using the building for warehousing and final packaging. The initial term of the lease was seven years with two five-year renewal options. In December 2022, Lifecore exercised one of the options to renew the lease for an additional five years, which extended the lease to December 31, 2027. That lease amendment contained a buyout option at any time during the renewal period with the purchase price equal to the mortgage balance on the lessor’s loan secured by the building. The finance lease obligation at May 26, 2024 assumed the buyout option would be exercised during fiscal year 2028, which was estimated to be $2,568. On August 9, 2024, Lifecore amended this lease to provide for a $2,400 cash payment to the Company in exchange for a revised rent payment schedule and an updated purchase option. This cash payment was received in October 2024, which made the amendment fully effective, and increased the future lease payments by $2,637. The amendment extended the lease term to September 30, 2034 , and the future payment obligations were discounted at the Company’s incremental borrowing rate of 9%. The finance lease obligation at November 24, 2024 assumed the amended buyout option would be exercised on September 30, 2034 , which is estimated to be $3,100. The only other finance lease that Lifecore has relates to a truck that was executed during fiscal year 2024. The truck lease runs for three years and had an initial capitalized amount of $196. Operating Leases Lifecore leases facilities and equipment under operating lease agreements with various terms and conditions, which expire at various dates through fiscal year 2033. Certain of these leases have renewal options. The only active operating real estate lease relates to a 21,384 square foot building in Chanhassen, Minnesota, containing a warehouse and office space. The lease commenced on September 1, 2020 with an initial term of seven years, plus an option to extend it for an additional five years. The extension period was included in the lease obligation at inception since it was reasonably certain to be exercised. Prior to occupancy, $1,922 in improvements were made to the building, which was funded by the lessor. Lifecore is reimbursing the lessor for costs over 84 months. The future lease payments under this lease, which extend through 2033, total $2,056 as of November 24, 2024. An operating lease for the Curation Foods former headquarters located in Santa Maria, California was terminated in December 2023. The property was vacated and surrendered to the lessor on February 29, 2024. The only other Lifecore operating leases relate to printer/copiers, with terms ranging from 36 to 60 months. The future lease payments under these leases, which extend through March 2027, totaled $49 as of November 24, 2024.

Stock-based Compensation

Stock-based Compensation	6 Months Ended
	Nov. 24, 2024
Share-Based Payment Arrangement [Abstract]
Stock-based Compensation	Stock-based Compensation Stock-Based Compensation Activity The Company uses the Black-Scholes option pricing model to calculate the grant date fair value of stock option awards. The use of an option pricing model requires the Company to make estimates and assumptions, including the expected stock price volatility, expected life of option awards and risk-free interest rate which have a significant impact on the fair value estimates. The following table displays the estimated fair value of stock options granted and the weighted average assumptions utilized: Three Months Ended Six Months Ended November 24, 2024 November 24, 2024 Weighted-average grant date fair value $2.13 $2.33 Assumptions: Expected life (in years) 4.35 4.35 Risk-free interest rate 3.87% 3.88% Volatility 52% 53% Dividend yield —% —% A summary of the activity under the Company’s stock option plans as of November 24, 2024 and changes during the fiscal quarter then ended is presented below: Options Outstanding Weighted-Average Exercise Price Per Share Total Intrinsic Value of Options Exercised Weighted-Average Remaining Contractual Term in Years Aggregate Intrinsic Value Options outstanding at May 26, 2024 2,112,591 $ 10.88 2.44 $ — Options granted 95,525 5.00 Options exercised — — $ — Options forfeited (30,488) 9.16 Options expired (272,066) 12.09 Options outstanding at November 24, 2024 1,905,562 10.44 1.79 $ 214 Options exercisable at November 24, 2024 1,726,328 10.74 1.37 214 The intrinsic values presented in the table above were calculated as the excess, if any, of the market price or closing price of the Company’s common stock over the exercise price of the options multiplied by the number of options exercised, outstanding or exercisable, as applicable. RSUs are valued using the closing price of the Company’s common stock on their grant date and expensed ratably over the requisite vesting period of one Restricted Stock Units Outstanding Weighted-Average Grant Date Fair Value Per Share RSUs outstanding at May 26, 2024 1,622,004 $ 7.83 Granted 651,630 4.83 Vested (588,366) 8.32 Forfeited (183,994) 7.03 RSUs outstanding at November 24, 2024 1,501,274 6.43 Currently, the PSUs outstanding vest upon achievement of certain stock price hurdles and continued employment thereafter of our CEO. The PSUs have a 5-year term and any unvested awards at the end of the term will be forfeited. PSUs subject to market conditions are valued using a Monte Carlo simulation model and expensed on an accelerated attribution basis over the derived service period. If the stock price hurdles are not met, expense is not reversed as long as the requisite service period has been met. A summary of the Company’s PSU award activity as of November 24, 2024 and changes during the fiscal quarter then ended is presented below: Performance Share Units Outstanding Weighted-Average Grant Date Fair Value Per Share PSUs outstanding at May 26, 2024 1,500,000 $ 4.66 Granted 750,000 3.36 Vested (75,000) 4.24 Forfeited — — PSUs outstanding at November 24, 2024 2,175,000 4.23 Stock-Based Compensation Expense The following table summarizes stock-based compensation by income statement line item: Three Months Ended Six Months Ended November 24, 2024 November 26, 2023 November 24, 2024 November 26, 2023 Cost of product sales $ 105 $ 178 247 $ 362 Research and development (135) 42 (123) 84 Selling, general and administrative 3,402 1,357 5,667 2,664 Stock-based compensation expense 3,372 1,577 5,791 3,110 Amount capitalized into property, plant, and equipment — 7 — 16 Total stock-based compensation costs $ 3,372 $ 1,584 $ 5,791 $ 3,126 As of November 24, 2024, there was $13,006 of total unrecognized compensation expense related to unvested equity compensation awards granted under the Lifecore incentive stock plans. This total expense is expected to be recognized over a weighted-average period of 2.16 years.

Convertible Preferred Stock and

Convertible Preferred Stock and Common Stock	6 Months Ended
	Nov. 24, 2024
Equity [Abstract]
Convertible Preferred Stock and Common Stock	Convertible Preferred Stock and Common Stock On October 3, 2024, the Company entered into a Securities Purchase Agreement (the “Purchase Agreement”) with certain entities. Pursuant to the Purchase Agreement, the Company agreed to sell an aggregate of 5,928,775 shares of its common stock (the “Shares”) for aggregate gross proceeds of approximately $24,300 (the “Offering”). The purchase price for each Share was $4.10. The Offering closed on October 3, 2024. The issuance costs of $467 were recorded as an offset to the Offering proceeds within additional paid-in capital. The issuance of these common shares triggered an anti-dilution provision of the Convertible Preferred Stock, resulting in a $2,132 increase in Additional Paid-in Capital and an offsetting increase in Accumulated Deficit. This was determined by the additional 453,117 common shares the Preferred Stockholders could obtain upon conversion as of November 24, 2024, multiplied by the October 3, 2024 Lifecore closing stock price of $4.705 per share. On January 9, 2023, the Company issued 38,750 shares of the Series A Convertible Preferred Stock, par value $0.001 per share (the “Convertible Preferred Stock”), all of which are convertible into shares of Common Stock at the election of the holders of the Convertible Preferred Stock. The Convertible Preferred Stock ranks senior to the Common Stock with respect to dividends, distributions and payments on liquidation, winding-up and dissolution. The Company recorded the Convertible Preferred Stock proceeds of $38,750, as well as issuance costs of $668. The issuance costs are being reduced over the period ending June 29, 2026 as a charge to additional paid-in capital. Dividends The holders of Convertible Preferred Stock are entitled to dividends on the liquidation preference at the rate of 7.5% per annum, payable in-kind. The holders are also entitled to participate in dividends declared or paid on the Common Stock on an as-converted basis. As of November 24, 2024 and May 26, 2024, the aggregate liquidation preference of the Convertible Preferred Stock was $44,619 and $42,991, respectively. Conversion Each holder has the right, at its option, to convert its Convertible Preferred Stock, in whole or in part, into fully paid and non-assessable shares of Common Stock at an initial conversion price equal to $7.00 per share. The conversion price is subject to customary anti-dilution adjustments, including in the event of any stock split, stock dividend, recapitalization or similar events, and is also subject to adjustment in the event of subsequent offerings of Common Stock or convertible securities by the Company for less than the conversion price. The issuance of 5,928,775 shares of Common Stock on October 3, 2024 triggered an anti-dilution feature of the Convertible Preferred Stock, resulting the conversion price being reduced to $6.53 per share. Voting Each holder is entitled to vote with the holders of the shares of Common Stock on all matters submitted for a vote of holders of shares of Common Stock. Each holder is entitled the whole number of votes equal to the number of shares of Common Stock into which such holder’s shares of Convertible Preferred Stock would be convertible on the record date for the vote or consent. Registration Rights Agreement The Registration Rights Agreement contains monetary penalties if the Company fails to maintain the effectiveness of the registration statement. As of November 24, 2024, the Company has incurred $4,795 in cumulative monetary penalties and interest under the Registration Rights Agreement due to the delinquent filing of the Company’s annual and quarterly reports with the SEC. In October 2024, the Company completed SEC filings to regain the effectiveness of the registration statement. This terminated the further accrual of monetary penalties; however, the interest accruals will continue until the prior monetary penalties are settled. The Company paid $535 of these monetary penalties in the year ended May 28, 2023. The accrual for these liabilities was $4,260 as of November 24, 2024, which is included in other accrued liabilities.

Income Taxes

Income Taxes	6 Months Ended
	Nov. 24, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The effective tax rate was approximately 1% or less for all periods presented. The effective tax rates were lower than the U.S. federal statutory tax rate in all periods due to the Company’s valuation allowance on its deferred tax assets.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Nov. 24, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Contingencies In the ordinary course of business, the Company is involved in various legal proceedings and claims. The Company makes a provision for a liability relating to legal matters when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. These provisions are reviewed at least each fiscal quarter and adjusted to reflect the impacts of negotiations, estimated settlements, legal rulings, advice of legal counsel and other information and events pertaining to a particular matter. Legal fees are expensed in the period in which they are incurred. Because recovery of amounts is contingent upon a legal settlement, no amounts have been recorded as recoverable costs through November 24, 2024. Class Action Complaint On July 29, 2024, a putative class action complaint was filed on behalf of stockholders of the Company in the United States District Court of Minnesota against the Company and certain of its named executive officers. The complaint generally alleges that statements made to the Company’s stockholders between October 7, 2020, and March 19, 2024 regarding the Company’s financial results, internal controls, remediation efforts, periodic reporting, and financial prospects were false and misleading in violation of Section 10(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and that the individual defendants are liable for such statements because they are controlling persons under Section 20(a) of the Exchange Act. The complaint seeks compensatory damages, court costs, and attorneys’ fees. On November 15, 2024, the Court appointed purported stockholders David Carew and Hugh Robert Homes as co-lead plaintiffs and appointed their respective counsel. The co-lead plaintiffs must file an amended complaint by January 24, 2025. The Company continues to believe that the claims are without merit and intends to vigorously defend against them. Any potential loss arising from this claim is not currently probable or estimable. SEC Subpoena On February 16, 2024, the Chicago Regional Office of the SEC issued a subpoena to the Company seeking documents and information concerning the financial statement restatement. The Company is in the process of responding to the subpoena and intends to cooperate with the SEC. We cannot predict the duration or outcome of this matter at this time. Landlord Complaints On January 12, 2024, the landlord for a property leased by Curation Foods filed a complaint of unlawful detainer against the Company in Santa Barbara County Superior Court, seeking possession of the building and alleging past due rent of approximately $171. On February 29, 2024, Curation Foods surrendered possession of the premises to the landlord. The unlawful detainer action has thus been converted to an ordinary civil action. Landlord has filed an amended complaint against both Curation Foods and the Company seeking to recover all rent which will accrue through the expiration of the lease, less any sums landlord collects from a replacement tenant. No trial date has been set yet, although a mediation has been scheduled for February 13, 2025 and a continued case management conference is set for April 21, 2025 . On January 12, 2024, a landlord for a different property leased by Curation Foods delivered to the Company a pay or quit notice related to such property, seeking payment of past due rent of approximately $87. On February 29, 2024, Curation Foods surrendered possession of the premises to the landlord. The Company has accrued past due rents, but the ultimate exposure to loss will depend on future events and is not reasonably certain at this time. Compliance Matters On December 1, 2018, the Company acquired all of the voting interests and substantially all of the assets of Yucatan (the “Yucatan Acquisition”), which owns a guacamole manufacturing plant in Mexico called Procesadora Tanok, S de RL de C.V. (“Tanok”). On October 21, 2019, the Company retained Latham & Watkins, LLP to conduct an internal investigation relating to potential environmental and Foreign Corrupt Practices Act (“FCPA”) compliance matters associated with regulatory permitting at the Tanok facility in Mexico. The Company subsequently voluntarily self-disclosed to the SEC and the U.S. Department of Justice (“DOJ”) the conduct under investigation, and these agencies commenced an investigation. The Company also disclosed the conduct under investigation to the Office of the Attorney General in Mexico, which in December 2021 decided (a) that Curation Foods, did not commit or participate in the criminal conduct disclosed, (b) no criminal action would be taken against Curation Foods, (c) that no criminal liability was established against Tanok and Yucatan after they were acquired by Curation Foods, and (d) the decisions do not apply to any individuals who may be responsible for misconduct. The Company also disclosed the misconduct to other regulators in Mexico. The conduct at issue began prior to the Yucatan Acquisition, and the agreement for the Yucatan Acquisition provides the Company with certain indemnification rights that may allow the Company to recover the cost of a portion of the liabilities that have been and may be incurred by the Company in connection with these compliance matters. On September 2, 2020, one of the former owners of Yucatan filed a lawsuit against the Company in Los Angeles County Superior Court for breach of employment agreement, breach of contract, breach of holdback agreement, declaratory relief and accounting, and related claims. The Plaintiff sought over $10 million in damages, including delivery of shares of his stock held in escrow for the indemnification claims described above. On November 3, 2020, the Company filed an answer and cross-complaint against the Plaintiff and other former equity holders of Yucatan for fraud, indemnification, and other claims, and seeking no less than $80 million in damages. In fiscal 2022, 2023 and 2024, the Company reached settlements with several of the cross-defendants, pursuant to which the settling cross-defendants agreed that certain of the shares of stock they received when the Company acquired Yucatan either be sold and the proceeds paid to the Company, or that those shares be released to the Company. The trial for the remaining defendants was severed into two trials by the Court, and the first trial involved claims by and against one defendant only. The first trial concluded on October 18, 2024, and there were offsetting verdicts. The jury awarded the defendant $375 in damages and awarded the Company $1,011 against the defendant. No final judgment has been entered, and there are additional issues to be resolved by the Court before any judgment can be entered. The trial for the other defendants will involve only the Company’s claims against them, and there are no claims made by those defendants against the Company. On November 16, 2023, the Company and the DOJ executed a letter (“Declination Letter”) in which the DOJ has declined to prosecute the Company for violations of the FCPA involving the Company’s formerly-held subsidiary, Yucatan Foods L.P. (“Yucatan”). Pursuant to the Declination Letter, in connection with the DOJ’s declination to prosecute, in fiscal 2023 the Company agreed to pay disgorgement in the amount of $407, and to continue to fully cooperate with any ongoing government investigations and any prosecutions that might result in the future. The Company paid the disgorgement amount in full in fiscal 2024. At this stage, the ultimate outcome of these or any other investigations, legal actions, or potential claims that may arise from the matters related to the litigation is uncertain and the Company cannot reasonably predict the timing or outcomes, or estimate the amount final judgments, or the effect, if any, they may have on its financial statements. Separately, future rulings from the Court will affect pending claims against the severed defendants for indemnification under provisions in the purchase agreement. Because recovery of amounts is contingent upon resolution of many issues in connection with these legal proceedings, no amounts have been recorded as recoverable costs through November 24, 2024.

Discontinued Operations

Discontinued Operations	6 Months Ended
	Nov. 24, 2024
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	Discontinued Operations On August 24, 2023, the Company reached a confidential settlement and release agreement with a third-party insurance underwriter as a result of a claim filed by the Curation Foods business. In connection with this settlement agreement, the Company received a cash payment of $1,850 on September 19, 2023, which was recognized as income from discontinued operations in the six months ended November 26, 2023. The $1,850 cash received is included in net cash from operating activities on the consolidated statement of cash flows.

Subsequent Events

Subsequent Events	6 Months Ended
	Nov. 24, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Limited Waivers and Amendments to Credit Agreements On November 26, 2024, the Company entered into (i) that certain Limited Waiver Under and Ninth Amendment to Credit Agreement (the “BMO Amendment”) by and among the Company, Curation Foods and Lifecore Biomedical Operating Company, Inc. (“Lifecore” and, together with the Company and Curation Foods, the “Borrowers”), certain of the Company’s other subsidiaries, and BMO Bank, N.A. (“BMO”), which amended that certain Credit Agreement, dated as of December 31, 2020 (as amended, restated, amended and restated, supplemented or otherwise modified prior to the BMO Amendment, the “Revolving Credit Agreement”), by and among the Borrowers, certain of the Company’s other subsidiaries, as guarantors, and BMO, as administrative agent, swing line lender and a letter of credit issuer and (ii) that certain Limited Waiver Under and Third Amendment to Credit and Guaranty Agreement (the “Alcon Amendment” and, together with the BMO Amendment, the “Credit Agreement Amendments”), by and among the Borrowers, certain of the Company’s other subsidiaries, and Alcon, which amended that certain Credit and Guaranty Agreement, dated May 22, 2023 (as amended, restated, amended and restated, supplemented or otherwise modified prior to the Alcon Amendment, the “Term Loan Credit Agreement”), by and among the Borrowers, certain of the Company’s other subsidiaries, as guarantors, and Alcon, as administrative agent, collateral agent and lender. The BMO Amendment provides for, among other things, (i) an extension of the maturity date under the Revolving Credit Agreement from December 31, 2025 to November 26, 2027, (ii) certain changes to the applicable interest rates under the Revolving Credit Agreement, and (iii) certain other changes with respect to the Company’s financial and reporting covenants. The Alcon Amendment provides for, among other things, certain other changes with respect to the Company’s financial and reporting covenants to align with the Revolving Credit Agreement’s financial and reporting covenants, as implemented pursuant to the BMO Amendment. The Company is required to pay fees of $280 to BMO in connection with the Credit Agreement Amendments. Investor Dispute On December 23, 2024, 22NW Fund, L.P. (“22NW”), a holder of shares of the Company’s common stock and Convertible Preferred Stock, filed a complaint against the Company, two former officers, and four former or current directors in the Commercial Division of the Supreme Court of the State of New York, New York County. The complaint seeks money damages (including compensatory damages, court costs, and attorneys’ fees) for (i) alleged material misrepresentations by the Company on which 22NW allegedly relied when purchasing its shares of Convertible Preferred Stock, and (ii) alleged breaches of that certain Securities Purchase Agreement, dated January 9, 2023, by and between the Company and certain investors, including 22NW, related to the purchase of Convertible Preferred Stock (the “SPA”). 22NW further seeks an order of specific performance for breach of the SPA, seeking to cause the Company to file a proxy statement with the SEC and to hold a stockholder meeting to seek to approve the removal of the current cap on the conversion of Convertible Preferred Stock into Company common stock as set forth in the Certificate of Designations related to the Convertible Preferred Stock. The Court has set a hearing on January 21, 2025 to entertain the investor’s request for specific performance. The Company intends to defend itself vigorously against these claims. Included in the complaint are statements that the Company owes 22NW registration penalties caused by the Company’s failure to maintain an effective registration statement with respect to the Series A, which have been previously accrued by the Company. See Note 13 – Convertible Preferred Stock and Common for more information. The Company has assessed the remaining elements of the complaint and determined that any potential loss arising from these claims is not currently probable or estimable.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Nov. 24, 2024	Aug. 25, 2024	Nov. 26, 2023	Aug. 27, 2023	Nov. 24, 2024	Nov. 26, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (6,571)	$ (16,230)	$ 14,218	$ (10,754)	$ (22,801)	$ 3,464

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Nov. 24, 2024
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

Organization, Basis of Presen_2

Organization, Basis of Presentation, and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Nov. 24, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying Condensed Consolidated Balance Sheet as of May 26, 2024, which has been derived from audited financial statements, and the accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments (consisting of normal recurring accruals) have been made which are necessary to present fairly the financial position of the Company at November 24, 2024, and the results of operations and cash flows for all periods presented. Although the Company believes that the disclosures in these financial statements are adequate to make the information presented not misleading, certain information normally included in financial statements and related footnotes prepared following GAAP have been condensed or omitted per the rules and regulations of the Securities and Exchange Commission (the “SEC”). The accompanying financial data should be reviewed in conjunction with the audited financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended May 26, 2024.
Fiscal Period	The Company’s fiscal year is the 52- or 53-week period that ends on the last Sunday of May with quarters within each year ending on the last Sunday of August, November, and February; however, in instances where the last Sunday would result in a quarter being 12-weeks in length, the Company’s policy is to extend that quarter to the following Sunday. A 14th week is included in the fiscal year every five or six years to realign the Company’s fiscal quarters with calendar quarters. The results reported in these interim condensed consolidated financial statements are not necessarily indicative of the results that may be reported for the entire year.
Reclassification	During the second quarter of 2025, the Company changed the basis of presentation for certain items to improve the usefulness of the financial statements, none of which had a material effect to any of the periods presented: (i) in Note 8 – Inventories, the Company previously presented certain adjustments used to state inventory at net realizable value as a standalone caption titled "inventory reserve" and now presents those adjustments directly to raw materials; (ii) in the balance sheet and Note 9 – Property, Plant and Equipment, net, the Company previously presented the carrying value of certain types of software not yet placed into service as a component of other long-term assets and now presents those within the construction in process category of property, plant and equipment, with additions to that software presented as purchases of property, plant and equipment on the statement of cash flows; (iii) in the statement of cash flows, non-cash interest for periods ended in fiscal year 2024 were previously presented within both depreciation and amortization as well as the change in working capital and are now presented as a standalone caption for non-cash interest; and (iv) on the balance sheet, certain types of accrued liabilities were previously presented as accrued other liabilities and are now presented as accrued compensation, with changes to those liabilities reclassified to the applicable lines within operating activities on the statement of cash flows.
Statement of Comprehensive Income or Loss	Statement of Comprehensive Income or Loss In accordance with Financial Accounting Standards Board Accounting Standard Codification Topic 220, Comprehensive Income, a statement of comprehensive income has not been included as the Company has no items of other comprehensive income or loss. Comprehensive income or loss is the same as net income or loss for all periods presented.
Basis of Consolidation	Basis of Consolidation The condensed consolidated financial statements are presented on the accrual basis of accounting in accordance with GAAP and include the accounts of the Company and its subsidiaries. All material inter-company transactions and balances have been eliminated.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make certain estimates and judgments that affect the amounts reported in the financial statements and accompanying notes. The accounting estimates that require management’s most significant and subjective judgments include revenue recognition; recognition and measurement of current and deferred income tax assets and liabilities; the recoverability assessment of inventories; the valuation and recognition of stock-based compensation; and the valuation of the debt derivative liability. These estimates involve the consideration of complex factors and require management to make judgments. The analysis of historical and future trends can require extended periods of time to resolve and are subject to change from period to period. The actual results may differ from management’s estimates.
Reportable Segments	Reportable Segments The Company operates as one reportable segment. This is based on the objectives of the business and how our chief operating decision maker, the President and Chief Executive Officer, regularly reviews and manages the business, monitors operating performance and allocates resources.
Concentrations of Risk	Concentrations of Risk Cash and trade accounts receivable are financial instruments that potentially subject the Company to concentrations of credit risk. Our Company policy limits, among other things, the amount of credit exposure to any one issuer and to any one type of investment, other than securities issued or guaranteed by the U.S. government. The Company maintains cash in U.S. bank accounts, the balance of which may at times exceed the federally insured limit.
Per Share Information	Per Share Information Accounting guidance requires the presentation of basic and diluted earnings per share. Basic earnings per share is computed using the weighted average number of common shares outstanding during the reporting period. Diluted earnings per share reflects the potential dilution as if securities or other contracts to issue the Company’s common stock, par value $0.001 per share (“Common Stock”) were exercised or converted into Common Stock. The Company’s diluted common equivalent shares consist of convertible preferred stock, stock options, restricted stock units (“RSUs”), and performance share units (“PSUs”). Dilution related to stock options, RSUs and PSUs is calculated using the treasury stock method, which includes the assumed repurchase of common shares from cash received upon stock option exercises, and unrecognized compensation expense. The potential dilutive effect of the Convertible Preferred Stock is calculated using the if-converted method assuming the conversion as of the earliest period reported or at the date of issuance, if later, but are excluded if their effect is anti-dilutive.
Fair Value Measurements	Fair Value Measurements The Company uses fair value measurement accounting for financial assets and liabilities and for financial instruments and certain other items measured at fair value. The Company has not elected the fair value option for any of its other eligible financial assets or liabilities. Applicable accounting guidance establishes a three-tier hierarchy for fair value measurements, which prioritizes the inputs used in measuring fair value as follows: • Level 1 – observable inputs such as quoted prices for identical instruments in active markets. • Level 2 – inputs other than quoted prices in active markets that are observable either directly or indirectly through corroboration with observable market data. • Level 3 – unobservable inputs in which there is little or no market data, which would require the Company to develop its own assumptions.
Related Party Transactions	Related Party Transactions

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Nov. 24, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following table disaggregates revenues by major product lines and services: Three Months Ended Six Months Ended November 24, 2024 November 26, 2023 November 24, 2024 November 26, 2023 CDMO $ 25,610 $ 23,678 $ 45,790 $ 45,217 HA manufacturing 6,954 6,472 11,479 9,455 Total $ 32,564 $ 30,150 $ 57,269 $ 54,672 The following table disaggregates revenues by the timing of revenue recognition: Three Months Ended Six Months Ended November 24, 2024 November 26, 2023 November 24, 2024 November 26, 2023 Revenues recognized over time $ 6,122 $ 5,827 $ 11,998 $ 12,208 Revenues recognized at a point in time 26,442 24,323 45,271 42,464 Total $ 32,564 $ 30,150 $ 57,269 $ 54,672

Restructuring Costs (Tables)

Restructuring Costs (Tables)	6 Months Ended
	Nov. 24, 2024
Restructuring and Related Activities [Abstract]
Schedule of Restructuring and Related Costs	The following table presents the restructuring expenses incurred during the period: Three Months Ended Six Months Ended November 24, 2024 November 26, 2023 November 24, 2024 November 26, 2023 Employee termination costs $ 396 $ 157 $ 835 $ 139 Other costs 8 — 52 8 Total restructuring costs $ 404 $ 157 $ 887 $ 147 The following table presents a reconciliation of the beginning and ending restructuring liability balances: Employee termination costs Other costs Total Balance as of May 26, 2024 $ 217 $ 4,554 $ 4,771 Expense 835 52 887 Payments (725) (58) (783) Balance as of November 24, 2024 $ 327 $ 4,548 $ 4,875 The following table presents actual and expected expenses incurred or to be incurred under the plan: Incurred through November 24, 2024 Expected remaining costs to be incurred Total expected costs Employee termination costs $ 5,168 $ 513 $ 5,681 Other costs 13,438 — 13,438 Asset write-off costs not included in the restructuring liability 13,893 — 13,893 Total restructuring costs $ 32,499 $ 513 $ 33,012

Earnings Per Share_ (Tables)

Earnings Per Share  (Tables)	6 Months Ended
	Nov. 24, 2024
Earnings Per Share [Abstract]
Schedule of Computation of Diluted Net Income Per Share	The following table sets forth the weighted average shares used in the computation of basic and diluted earnings per share: Three Months Ended Six Months Ended November 24, 2024 November 26, 2023 November 24, 2024 November 26, 2023 Weighted average shares for basic income or loss per share 34,360,657 30,458,032 32,609,808 30,430,712 Effect of dilutive securities: Convertible preferred stock — 5,790,810 — 5,737,685 Stock options, RSUs and PSUs — 170,261 — 228,955 Weighted average shares for diluted income or loss per share 34,360,657 36,419,103 32,609,808 36,397,352
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	Due to the Company’s net loss for the three and six months ended November 24, 2024, the diluted income or loss per share is calculated using only the basic weighted average common shares outstanding and thus excludes the following, as such impact would be antidilutive: Three Months Ended Six Months Ended November 24, 2024 November 24, 2024 Convertible Preferred Stock 6,769,985 6,707,861 Stock Options — — Restricted Stock Units 237,084 209,713 Performance Share Units (1) 8,500 17,000 Total 7,015,569 6,934,574 (1) PSUs are not considered dilutive until performance targets are met.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Nov. 24, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Assets and Liabilities	The following table summarizes the fair value of the Company’s balance sheet components that are measured at fair value on a recurring and non-recurring basis: Type of measurement Measurement date Type of measurement Level 1 Level 2 Level 3 Liabilities: Debt derivative liability Recurring November 24, 2024 $ — $ — $ 23,300 Debt derivative liability Recurring May 26, 2024 — — 25,400 Stockholders' equity: Conversion ratio improvement provided to preferred stockholders Non- recurring October 3, 2024 2,132 — —
Schedule of Derivative Liabilities Assumptions	Key inputs used to develop the discount rate for the fair value measurements at the balance sheet dates were as follows: November 24, 2024 May 26, 2024 Probability of change in control event 80% 80% Discount rates used in change in control scenario: Total range 18.8% — 19.2% 21.3% — 22.3% Credit spread 14.5% 16.8% Risk-free rate range 4.3% — 4.7% 4.5% — 5.5%
Schedule of Fair Value Reconciliation of Level 3	The following table reflects the roll forward reconciliation of Level 3 recurring fair value measurements: Three Months Ended Six Months Ended November 24, 2024 November 26, 2023 November 24, 2024 November 26, 2023 Balance at beginning of period $ 24,500 $ 64,700 $ 25,400 $ 64,900 Decrease in fair value (1) (1,200) (20,700) (2,100) (20,900) Balance at end of period $ 23,300 $ 44,000 $ 23,300 $ 44,000 (1)

Contract Assets and Liabiliti_2

Contract Assets and Liabilities (Tables)	6 Months Ended
	Nov. 24, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Contract Assets and Liabilities	Description Balance Sheet Presentation November 24, 2024 May 26, 2024 Assets: Receivables not yet billed Accounts receivable, less allowance for credit losses $ 5,216 $ 3,885 Related party receivables not yet billed Accounts receivable, related party 482 184 Total contract assets $ 5,698 $ 4,069 Current Liabilities: Advances on customer-owned equipment Other accrued liabilities $ 3,014 $ 3,509 Non related parties deferred revenue Deferred revenues 426 1,088 Related party deferred revenue Deferred revenues, related party 511 1,025 Non-Current Liabilities: Related party deferred revenue Deferred revenues, less current portion, related party 4,880 4,703 Non-current customer deposit Other non-current liabilities 176 257 Total contract liabilities $ 9,007 $ 10,582

Accounts Receivable (Tables)

Accounts Receivable (Tables)	6 Months Ended
	Nov. 24, 2024
Receivables [Abstract]
Schedule of Accounts Receivable	Accounts receivable balances are as follows: November 24, 2024 May 26, 2024 Accounts receivable $ 30,864 $ 31,864 Less: Allowance for credit losses (561) (711) Accounts receivable, less allowance for credit losses $ 30,303 $ 31,153 Gross receivable by bill type are as follows: November 24, 2024 May 26, 2024 Billed $ 25,166 $ 27,795 Unbilled 5,698 4,069 Accounts receivable $ 30,864 $ 31,864 Changes in the allowance for credit losses related to accounts receivable are as follows: Six Months Ended November 24, 2024 November 26, 2023 Beginning balance $ 711 $ 485 Provision (Reduction) (150) 37 Charge-offs — (14) Ending Balance $ 561 $ 508

Inventories, net (Tables)

Inventories, net (Tables)	6 Months Ended
	Nov. 24, 2024
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories are stated at the lower of cost (using the first-in, first-out method) or net realizable value. Inventories consisted of the following: November 24, 2024 May 26, 2024 Finished goods $ 17,890 $ 14,924 Raw materials 12,839 13,140 Work in process 8,485 11,915 Inventories, net $ 39,214 $ 39,979

Property, Plant, and Equipmen_2

Property, Plant, and Equipment, net (Tables)	6 Months Ended
	Nov. 24, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant and Equipment	Property, plant, and equipment, net, consists of the following: November 24, 2024 May 26, 2024 Land and land improvements $ 3,739 $ 3,739 Buildings and building improvements 63,796 62,874 Machinery and equipment 62,661 61,013 Computer equipment and software 8,496 8,290 Furniture and fixtures 1,641 1,631 Construction in process 64,614 61,952 Property, plant, and equipment, gross 204,947 199,499 Less accumulated depreciation and amortization (54,371) (50,334) Property, plant, and equipment, net $ 150,576 $ 149,165 Depreciable Lives Land improvements 10 — 40 Buildings and building improvements 7 — 40 Machinery and equipment 7 — 25 Transportation equipment 5 — 12 Computer hardware and software 3 — 10 Furniture, fixtures, and office equipment 5 — 10 Tools, molds, and dies 3

Long-term Debt (Tables)

Long-term Debt (Tables)	6 Months Ended
	Nov. 24, 2024
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	Long-term debt, net consists of the following: November 24, 2024 May 26, 2024 Term loan credit facility $ 165,274 $ 157,313 Equipment financing 6,764 7,150 Total principal amount of long-term debt 172,038 164,463 Less: unamortized debt issuance costs (453) (504) Less: debt discount (60,284) (62,367) Total long-term debt, net of issuance costs and discount 111,301 101,592 Less: Current portion of long-term debt, related party (773) (773) Long-term debt, less current portion, net, related party $ 110,528 $ 100,819 Revolving credit facility $ 8,500 $ 19,691
Schedule of Maturities of Long-term Debt	The future minimum principal payments under the Company’s term loan credit facility and equipment financing liability for each year presented are as follows: Remainder of Fiscal year 2025 $ 387 Fiscal year 2026 773 Fiscal year 2027 773 Fiscal year 2028 773 Fiscal year 2029 166,047 Fiscal year 2030 773 Thereafter 2,512 Total $ 172,038

Stock-based Compensation (Table

Stock-based Compensation (Tables)	6 Months Ended
	Nov. 24, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Stock Option Weighted Average Assumptions	The following table displays the estimated fair value of stock options granted and the weighted average assumptions utilized: Three Months Ended Six Months Ended November 24, 2024 November 24, 2024 Weighted-average grant date fair value $2.13 $2.33 Assumptions: Expected life (in years) 4.35 4.35 Risk-free interest rate 3.87% 3.88% Volatility 52% 53% Dividend yield —% —%
Summary of Stock Option Activity	A summary of the activity under the Company’s stock option plans as of November 24, 2024 and changes during the fiscal quarter then ended is presented below: Options Outstanding Weighted-Average Exercise Price Per Share Total Intrinsic Value of Options Exercised Weighted-Average Remaining Contractual Term in Years Aggregate Intrinsic Value Options outstanding at May 26, 2024 2,112,591 $ 10.88 2.44 $ — Options granted 95,525 5.00 Options exercised — — $ — Options forfeited (30,488) 9.16 Options expired (272,066) 12.09 Options outstanding at November 24, 2024 1,905,562 10.44 1.79 $ 214 Options exercisable at November 24, 2024 1,726,328 10.74 1.37 214
Summary of Stock-based Compensation Activity	A summary of the Company’s RSU award activity as of November 24, 2024 and changes during the fiscal quarter then ended is presented below: Restricted Stock Units Outstanding Weighted-Average Grant Date Fair Value Per Share RSUs outstanding at May 26, 2024 1,622,004 $ 7.83 Granted 651,630 4.83 Vested (588,366) 8.32 Forfeited (183,994) 7.03 RSUs outstanding at November 24, 2024 1,501,274 6.43 Performance Share Units Outstanding Weighted-Average Grant Date Fair Value Per Share PSUs outstanding at May 26, 2024 1,500,000 $ 4.66 Granted 750,000 3.36 Vested (75,000) 4.24 Forfeited — — PSUs outstanding at November 24, 2024 2,175,000 4.23
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs	The following table summarizes stock-based compensation by income statement line item: Three Months Ended Six Months Ended November 24, 2024 November 26, 2023 November 24, 2024 November 26, 2023 Cost of product sales $ 105 $ 178 247 $ 362 Research and development (135) 42 (123) 84 Selling, general and administrative 3,402 1,357 5,667 2,664 Stock-based compensation expense 3,372 1,577 5,791 3,110 Amount capitalized into property, plant, and equipment — 7 — 16 Total stock-based compensation costs $ 3,372 $ 1,584 $ 5,791 $ 3,126

Organization, Basis of Presen_3

Organization, Basis of Presentation, and Summary of Significant Accounting Policies (Details)	6 Months Ended
	Nov. 24, 2024 segment $ / shares	May 26, 2024 $ / shares
Accounting Policies [Abstract]
Number of reportable segments	1
Number of operating segments	1
Common stock, par value (in dollars per share) | $ / shares	$ 0.001	$ 0.001

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenue by Product Line (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Nov. 24, 2024	Nov. 26, 2023	Nov. 24, 2024	Nov. 26, 2023
Segment Reporting Information [Line Items]
Revenues	$ 32,564	$ 30,150	$ 57,269	$ 54,672
CDMO
Segment Reporting Information [Line Items]
Revenues	25,610	23,678	45,790	45,217
HA Manufacturing [Member]
Segment Reporting Information [Line Items]
Revenues	$ 6,954	$ 6,472	$ 11,479	$ 9,455

Revenue - Disaggregation of R_2

Revenue - Disaggregation of Revenue by Timing of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Nov. 24, 2024	Nov. 26, 2023	Nov. 24, 2024	Nov. 26, 2023
Segment Reporting Information [Line Items]
Revenues	$ 32,564	$ 30,150	$ 57,269	$ 54,672
Revenues recognized over time
Segment Reporting Information [Line Items]
Revenues	6,122	5,827	11,998	12,208
Revenues recognized at a point in time
Segment Reporting Information [Line Items]
Revenues	$ 26,442	$ 24,323	$ 45,271	$ 42,464

Revenue - Narrative (Details)

Revenue - Narrative (Details) - Revenues - Customer Concentration Risk	3 Months Ended		6 Months Ended
	Nov. 24, 2024	Nov. 26, 2023	Nov. 24, 2024	Nov. 26, 2023
Customer A
Related Party Transaction [Line Items]
Concentration risk percentage	40%	32%	37%	31%
Customer B
Related Party Transaction [Line Items]
Concentration risk percentage	18%	22%	20%	22%
Customer C
Related Party Transaction [Line Items]
Concentration risk percentage	18%	22%	14%	14%

Restructuring Costs - Schedule

Restructuring Costs - Schedule of Restructuring Expenses Incurred (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Nov. 24, 2024	Nov. 26, 2023	Nov. 24, 2024	Nov. 26, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	$ 404	$ 157	$ 887	$ 147
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]			Selling, general, and administrative
Employee termination costs
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	396	157	$ 835	139
Other costs
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	$ 8	$ 0	$ 52	$ 8

Restructuring Costs - Restructu

Restructuring Costs - Restructuring Costs Liability Roll-Forward (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Nov. 24, 2024	Nov. 26, 2023	Nov. 24, 2024	Nov. 26, 2023
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance			$ 4,771
Expense	$ 404	$ 157	887	$ 147
Payments			(783)
Restructuring reserve, ending balance	4,875		4,875
Employee termination costs
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance			217
Expense	396	157	835	139
Payments			(725)
Restructuring reserve, ending balance	327		327
Other costs
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance			4,554
Expense	8	$ 0	52	$ 8
Payments			(58)
Restructuring reserve, ending balance	$ 4,548		$ 4,548

Restructuring Costs - Schedul_2

Restructuring Costs - Schedule of Expected Costs (Details) $ in Thousands	Nov. 24, 2024 USD ($)
Restructuring Cost and Reserve [Line Items]
Incurred cost	$ 32,499
Expected remaining costs to be incurred	513
Total expected costs	33,012
Employee termination costs
Restructuring Cost and Reserve [Line Items]
Incurred cost	5,168
Expected remaining costs to be incurred	513
Total expected costs	5,681
Other costs
Restructuring Cost and Reserve [Line Items]
Incurred cost	13,438
Expected remaining costs to be incurred	0
Total expected costs	13,438
Asset write-off costs not included in the restructuring liability
Restructuring Cost and Reserve [Line Items]
Incurred cost	13,893
Expected remaining costs to be incurred	0
Total expected costs	$ 13,893

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Basic and Diluted Earnings per Share (Details) - shares	3 Months Ended		6 Months Ended
	Nov. 24, 2024	Nov. 26, 2023	Nov. 24, 2024	Nov. 26, 2023
Earnings Per Share [Abstract]
Weighted average shares for basic income or loss per share (in shares)	34,360,657	30,458,032	32,609,808	30,430,712
Effect of dilutive securities:
Convertible preferred stock (in shares)	0	5,790,810	0	5,737,685
Stock options, RSUs and PSUs (in shares)	0	170,261	0	228,955
Weighted average shares for diluted income or loss per share (in shares)	34,360,657	36,419,103	32,609,808	36,397,352

Earnings Per Share - Schedule_2

Earnings Per Share - Schedule of Antidilutive Securities (Details) - shares	3 Months Ended	6 Months Ended
	Nov. 24, 2024	Nov. 24, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Amount of securities excluded from computation of earnings per share (in shares)	7,015,569	6,934,574
Convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Amount of securities excluded from computation of earnings per share (in shares)	6,769,985	6,707,861
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Amount of securities excluded from computation of earnings per share (in shares)	0	0
Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Amount of securities excluded from computation of earnings per share (in shares)	237,084	209,713
Performance Share Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Amount of securities excluded from computation of earnings per share (in shares)	8,500	17,000

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) $ in Millions	Nov. 24, 2024 USD ($)
Term loan credit facility | Level 3 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Borrowings, fair value	$ 143

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value of Assets and Liabilities (Details) - USD ($) $ in Thousands	Nov. 24, 2024	May 26, 2024
Level 1 | Recurring
Liabilities:
Debt derivative liability	$ 0	$ 0
Level 1 | Non- recurring
Stockholders' equity:
Conversion ratio improvement provided to preferred stockholders	2,132
Level 2 | Recurring
Liabilities:
Debt derivative liability	0	0
Level 2 | Non- recurring
Stockholders' equity:
Conversion ratio improvement provided to preferred stockholders	0
Level 3 | Recurring
Liabilities:
Debt derivative liability	23,300	$ 25,400
Level 3 | Non- recurring
Stockholders' equity:
Conversion ratio improvement provided to preferred stockholders	$ 0

Fair Value Measurements - Deriv

Fair Value Measurements - Derivative Liability Assumptions (Details)	Nov. 24, 2024	May 26, 2024
Probability of change in control event
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liability, measurement input	0.80	0.80
Total range | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liability, measurement input	0.188	0.213
Total range | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liability, measurement input	0.192	0.223
Credit spread
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liability, measurement input	0.145	0.168
Risk-free rate range | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liability, measurement input	0.043	0.045
Risk-free rate range | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liability, measurement input	0.047	0.055

Fair Value Measurements - Fai_2

Fair Value Measurements - Fair Value Reconciliation of Level 3 (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Nov. 24, 2024	Nov. 26, 2023	Nov. 24, 2024	Nov. 26, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	$ 24,500	$ 64,700	$ 25,400	$ 64,900
Decrease in fair value	(1,200)	(20,700)	(2,100)	(20,900)
Balance at end of period	$ 23,300	$ 44,000	$ 23,300	$ 44,000

Contract Assets and Liabiliti_3

Contract Assets and Liabilities - Schedule of Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	Nov. 24, 2024	May 26, 2024
Assets:
Total contract assets	$ 5,698	$ 4,069
Current Liabilities:
Advances on customer-owned equipment	3,014	3,509
Non-Current Liabilities:
Related party deferred revenue	4,880	4,703
Non-current customer deposit	176	257
Total contract liabilities	9,007	10,582
Nonrelated party
Assets:
Total contract assets	5,216	3,885
Current Liabilities:
Deferred revenues	426	1,088
Related party
Assets:
Total contract assets	482	184
Current Liabilities:
Deferred revenues	511	1,025
Non-Current Liabilities:
Related party deferred revenue	$ 4,880	$ 4,703

Contract Assets and Liabiliti_4

Contract Assets and Liabilities - Narratives (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Nov. 24, 2024	Nov. 24, 2024
Revenue from Contract with Customer [Abstract]
Revenue recognized included in the contract liability	$ 328	$ 1,911

Accounts Receivable - Schedule

Accounts Receivable - Schedule of Accounts Receivable Balances (Details) - USD ($) $ in Thousands	Nov. 24, 2024	May 26, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	$ 30,864	$ 31,864
Less: Allowance for credit losses	(561)	(711)
Accounts receivable, less allowance for credit losses	30,303	31,153
Billed
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	25,166	27,795
Unbilled
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	$ 5,698	$ 4,069

Accounts Receivable - Narrative

Accounts Receivable - Narrative (Details) - Accounts Receivable - Customer Concentration Risk	6 Months Ended	12 Months Ended
	Nov. 24, 2024	May 26, 2024
Customer A
Concentration Risk [Line Items]
Concentration risk percentage	33%	34%
Customer B
Concentration Risk [Line Items]
Concentration risk percentage	19%	18%
Customer C
Concentration Risk [Line Items]
Concentration risk percentage	13%

Accounts Receivable - Changes i

Accounts Receivable - Changes in Allowance for Credit Losses (Details) - USD ($) $ in Thousands	6 Months Ended
	Nov. 24, 2024	Nov. 26, 2023
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 711	$ 485
Provision (Reduction)	(150)	37
Charge-offs	0	(14)
Ending Balance	$ 561	$ 508

Inventories, net (Details)

Inventories, net (Details) - USD ($) $ in Thousands	Nov. 24, 2024	May 26, 2024
Inventory Disclosure [Abstract]
Finished goods	$ 17,890	$ 14,924
Raw materials	12,839	13,140
Work in process	8,485	11,915
Inventories, net	$ 39,214	$ 39,979

Property, Plant, and Equipmen_3

Property, Plant, and Equipment, net - Components of Property and Equipment (Details) - USD ($) $ in Thousands	Nov. 24, 2024	May 26, 2024
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	$ 204,947	$ 199,499
Less accumulated depreciation and amortization	(54,371)	(50,334)
Property, plant, and equipment, net	150,576	149,165
Land and land improvements
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	$ 3,739	3,739
Land improvements | Minimum
Property, Plant and Equipment [Line Items]
Depreciable Lives (in years)	10 years
Land improvements | Maximum
Property, Plant and Equipment [Line Items]
Depreciable Lives (in years)	40 years
Buildings and building improvements
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	$ 63,796	62,874
Buildings and building improvements | Minimum
Property, Plant and Equipment [Line Items]
Depreciable Lives (in years)	7 years
Buildings and building improvements | Maximum
Property, Plant and Equipment [Line Items]
Depreciable Lives (in years)	40 years
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	$ 62,661	61,013
Machinery and equipment | Minimum
Property, Plant and Equipment [Line Items]
Depreciable Lives (in years)	7 years
Machinery and equipment | Maximum
Property, Plant and Equipment [Line Items]
Depreciable Lives (in years)	25 years
Transportation equipment | Minimum
Property, Plant and Equipment [Line Items]
Depreciable Lives (in years)	5 years
Transportation equipment | Maximum
Property, Plant and Equipment [Line Items]
Depreciable Lives (in years)	12 years
Computer equipment and software
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	$ 8,496	8,290
Computer equipment and software | Minimum
Property, Plant and Equipment [Line Items]
Depreciable Lives (in years)	3 years
Computer equipment and software | Maximum
Property, Plant and Equipment [Line Items]
Depreciable Lives (in years)	10 years
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	$ 1,641	1,631
Furniture and fixtures | Minimum
Property, Plant and Equipment [Line Items]
Depreciable Lives (in years)	5 years
Furniture and fixtures | Maximum
Property, Plant and Equipment [Line Items]
Depreciable Lives (in years)	10 years
Construction in process
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	$ 64,614	$ 61,952
Tools, molds, and dies
Property, Plant and Equipment [Line Items]
Depreciable Lives (in years)	3 years

Property, Plant, and Equipmen_4

Property, Plant, and Equipment, net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Nov. 24, 2024	Nov. 26, 2023	Nov. 24, 2024	Nov. 26, 2023
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 2,044	$ 1,987	$ 4,037	$ 3,934
Capitalized interest, rate			10%
Capitalized interest	745	$ 1,094	$ 1,456	$ 2,063
Capitalization threshold	$ 5		$ 5

Long-term Debt - Schedule of Lo

Long-term Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands	Nov. 24, 2024	May 26, 2024
Debt Instrument [Line Items]
Total principal amount of long-term debt	$ 172,038	$ 164,463
Less: unamortized debt issuance costs	(453)	(504)
Less: debt discount	(60,284)	(62,367)
Total long-term debt, net of issuance costs and discount	111,301	101,592
Less: Current portion of long-term debt, related party	(773)	(773)
Long-term debt, less current portion, net, related party	110,528	100,819
Revolving credit facility	8,500	19,691
Line of credit | Term loan credit facility
Debt Instrument [Line Items]
Total principal amount of long-term debt	165,274	157,313
Equipment financing
Debt Instrument [Line Items]
Total principal amount of long-term debt	$ 6,764	$ 7,150

Long-term Debt - Future Minimum

Long-term Debt - Future Minimum Principal Payments of Debt (Details) - USD ($) $ in Thousands	Nov. 24, 2024	May 26, 2024
Debt Disclosure [Abstract]
Remainder of Fiscal year 2025	$ 387
Fiscal year 2026	773
Fiscal year 2027	773
Fiscal year 2028	773
Fiscal year 2029	166,047
Fiscal year 2030	773
Thereafter	2,512
Total	$ 172,038	$ 164,463

Long-term Debt - Narrative (Det

Long-term Debt - Narrative (Details) $ in Thousands	May 22, 2023 USD ($) payment	Nov. 24, 2024 USD ($)	May 26, 2024
Line of credit | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit, available borrowing capacity		$ 20,900
Equipment financing
Debt Instrument [Line Items]
Debt instrument, face amount	$ 7,730
Stated interest rate	6%
Number of quarterly payments | payment	40
Quarterly principal payment amount	$ 193
Term Loan Credit Agreement
Debt Instrument [Line Items]
Debt instrument, face amount	$ 142,270
Term Loan Credit Agreement | Line of credit
Debt Instrument [Line Items]
Effective interest rate		22.50%	22.50%
Stated interest rate		10%
Revolving Credit Agreement | Revolving Credit Facility
Debt Instrument [Line Items]
Effective interest rate		8%	8%

Leases (Details)

Leases (Details) $ in Thousands	Aug. 09, 2024 USD ($)	Nov. 24, 2024 USD ($)	May 26, 2024 USD ($)	Dec. 31, 2022	Sep. 01, 2020 USD ($) ft²	Sep. 30, 2015 ft² renewalOption mi
Truck
Operating Leased Assets [Line Items]
Lessee, finance lease, term of contract		3 years
Finance lease obligation		$ 196
Office Equipment
Operating Leased Assets [Line Items]
Lessee, operating lease, liability, to be paid		$ 49
Minimum | Office Equipment
Operating Leased Assets [Line Items]
Lessee, operating lease, remaining lease term		36 months
Maximum | Office Equipment
Operating Leased Assets [Line Items]
Lessee, operating lease, remaining lease term		60 months
Chaska, Minnesota Facility
Operating Leased Assets [Line Items]
Area of real estate property | ft²						80,950
Distance from current facility | mi						2
Lessee, finance lease, term of contract						7 years
Lessee, finance lease, number of renewal terms | renewalOption						2
Lessee, finance lease, renewal term				5 years		5 years
Finance lease, liability, buyout		$ 3,100	$ 2,568
Consideration received for lease adjustment	$ 2,400
Lessee, operating lease, liability, to be paid		$ 2,637
Weighted average discount rate		9%
Chanhassen, Minnesota Warehouse And Office
Operating Leased Assets [Line Items]
Area of real estate property | ft²					21,384
Lessee, operating lease, liability, to be paid		$ 2,056
Lessee, operating lease, term of contract					7 years
Lessee, operating lease, renewal term					5 years
Chanhassen, Minnesota Warehouse And Office | Building Improvements
Operating Leased Assets [Line Items]
Lessee, operating lease, term of contract					84 months
Operating lease liabilities					$ 1,922

Stock-based Compensation - Narr

Stock-based Compensation - Narrative (Details) $ in Thousands	6 Months Ended
	Nov. 24, 2024 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 13,006
Weighted-average period	2 years 1 month 28 days
Restricted Stock Units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	1 year
Restricted Stock Units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Performance Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award term	5-year

Stock-based Compensation - Stoc

Stock-based Compensation - Stock Option Weighted Average Assumptions (Details) - Stock Options - $ / shares	3 Months Ended	6 Months Ended
	Nov. 24, 2024	Nov. 24, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant date fair value (in dollars per share)	$ 2.13	$ 2.33
Expected life (in years)	4 years 4 months 6 days	4 years 4 months 6 days
Risk-free interest rate	3.87%	3.88%
Volatility	52%	53%
Dividend yield	0%	0%

Stock-based Compensation - St_2

Stock-based Compensation - Stock Options Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Nov. 24, 2024	May 26, 2024
Options Outstanding
Options outstanding, beginning balance (in shares)	2,112,591
Options granted (in shares)	95,525
Options exercised (in shares)	0
Options forfeited (in shares)	(30,488)
Options expired (in shares)	(272,066)
Options outstanding, ending balance (in shares)	1,905,562	2,112,591
Options exercisable (in shares)	1,726,328
Weighted-Average Exercise Price Per Share
Options outstanding, beginning balance (in dollars per share)	$ 10.88
Options granted (in dollars per share)	5
Options exercised (in dollars per share)	0
Options forfeited (in dollars per share)	9.16
Options expired (in dollars per share)	12.09
Options outstanding, ending balance (in dollars per share)	10.44	$ 10.88
Options exercisable (in dollars per share)	$ 10.74
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Total Intrinsic Value of Options Exercised (in thousands)	$ 0
Weighted average remaining contractual term, options outstanding	1 year 9 months 14 days	2 years 5 months 8 days
Weighted average remaining contractual term, options exercisable	1 year 4 months 13 days
Aggregate intrinsic value, options outstanding	$ 214	$ 0
Aggregate intrinsic value, options exercisable	$ 214

Stock-based Compensation - Rest

Stock-based Compensation - Restricted Stock Unit Activity (Details) - Restricted Stock Units	6 Months Ended
	Nov. 24, 2024 $ / shares shares
Restricted Stock Units Outstanding
Beginning balance (in shares) | shares	1,622,004
Granted (in shares) | shares	651,630
Vested (in shares) | shares	(588,366)
Forfeited (in shares) | shares	(183,994)
Ending balance (in shares) | shares	1,501,274
Weighted-Average Grant Date Fair Value Per Share
Beginning balance (in dollars per share) | $ / shares	$ 7.83
Granted (in dollars per share) | $ / shares	4.83
Vested (in dollars per share) | $ / shares	8.32
Forfeited (in dollars per share) | $ / shares	7.03
Ending balance (in dollars per share) | $ / shares	$ 6.43

Stock-based Compensation - Perf

Stock-based Compensation - Performance Share Unit Activity (Details) - Performance Share Units	6 Months Ended
	Nov. 24, 2024 $ / shares shares
Performance Share Units Outstanding
Beginning balance (in shares) | shares	1,500,000
Granted (in shares) | shares	750,000
Vested (in shares) | shares	(75,000)
Forfeited (in shares) | shares	0
Ending balance (in shares) | shares	2,175,000
Weighted-Average Grant Date Fair Value Per Share
Beginning balance (in dollars per share) | $ / shares	$ 4.66
Granted (in dollars per share) | $ / shares	3.36
Vested (in dollars per share) | $ / shares	4.24
Forfeited (in dollars per share) | $ / shares	0
Ending balance (in dollars per share) | $ / shares	$ 4.23

Stock-based Compensation - Summ

Stock-based Compensation - Summary of Stock-based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Nov. 24, 2024	Nov. 26, 2023	Nov. 24, 2024	Nov. 26, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 3,372	$ 1,577	$ 5,791	$ 3,110
Amount capitalized into property, plant, and equipment	0	7	0	16
Total stock-based compensation costs	3,372	1,584	5,791	3,126
Cost of product sales
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	105	178	247	362
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	(135)	42	(123)	84
Selling, general and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 3,402	$ 1,357	$ 5,667	$ 2,664

Convertible Preferred Stock a_2

Convertible Preferred Stock and Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended	12 Months Ended
	Oct. 03, 2024	Jan. 09, 2023	Nov. 24, 2024	May 28, 2023	May 26, 2024
Class of Stock [Line Items]
Sale of stock, number of shares issued	5,928,775
Sale of stock, consideration received	$ 24,300
Sale of stock, price per share (in dollars per share)	$ 4.10
Stock issuance costs	$ 467
Conversion ratio improvement provided to preferred stockholders			$ 0
Convertible preferred stock, shares issued upon conversion (in shares)	453,117
Share price (in dollars per share)	$ 4.705
Preferred stock, conversion price (in dollars per share)	$ 6.53
Registration rights agreement penalty			4,795
Registration rights agreement penalty, amount paid				$ 535
Registration rights agreement penalty, accrual			4,260
Additional Paid-in Capital
Class of Stock [Line Items]
Conversion ratio improvement provided to preferred stockholders	$ 2,132		2,132
Accumulated Deficit
Class of Stock [Line Items]
Conversion ratio improvement provided to preferred stockholders	$ (2,132)		(2,132)
Series A Preferred Stock
Class of Stock [Line Items]
Stock issuance costs		$ 668
Proceeds of convertible preferred stock, net of issuance costs (in shares)		38,750
Temporary equity par value (usd per share)		$ 0.001
Proceeds from issuance of convertible preferred stock		$ 38,750
Dividend percentage rate		7.50%
Liquidation preference			$ 44,619		$ 42,991
Temporary equity, liquidation preference (usd per share)		$ 7

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Thousands				12 Months Ended
	Oct. 18, 2024 USD ($)	Nov. 03, 2020 USD ($)	Sep. 02, 2020 USD ($)	May 28, 2023 USD ($)	Nov. 24, 2024 trial	Jan. 12, 2024 USD ($)
Landlord Complaint, Past Due Rent, One
Loss Contingencies [Line Items]
Loss contingency, minimum amount of damages						$ 171
Landlord Complaint, Past Due Rent, Two
Loss Contingencies [Line Items]
Loss contingency, minimum amount of damages						$ 87
Compliance Matters
Loss Contingencies [Line Items]
Damages sought			$ 10,000
Number of trials | trial					2
Loss Contingency, Damages Awarded, Value	$ 1,011
Litigation settlement				$ 407
Compliance Matters | Defendant
Loss Contingencies [Line Items]
Loss Contingency, Damages Awarded, Value	$ 375
Compliance Matters | Minimum
Loss Contingencies [Line Items]
Damages sought		$ 80,000

Discontinued Operations - Narra

Discontinued Operations - Narrative (Details) $ in Thousands	Sep. 19, 2023 USD ($)
Discontinued Operations and Disposal Groups [Abstract]
Proceeds from legal settlements	$ 1,850

Subsequent Events (Details)

Subsequent Events (Details) $ in Thousands	Nov. 26, 2024 USD ($)
Subsequent Event
Subsequent Event [Line Items]
Commitment fee amount	$ 280