SkyWater Technology (SKYT) 10-Q 19 May 21 2021 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Apr. 04, 2021	May 14, 2021
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Apr. 4, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity Registrant Name	SkyWater Technology, Inc.
Entity Central Index Key	0001819974
Entity File Number	001-40345
Entity Tax Identification Number	37-1839853
Current Fiscal Year End Date	--01-02
Entity Current Reporting Status	No
Entity Shell Company	false
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Address, Address Line One	2401 East 86th Street
Entity Address, City or Town	Bloomington
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55425
City Area Code	952
Local Phone Number	851-5200
Title of 12(b) Security	Common stock
Trading Symbol	SKYT
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		39,059,743
Entity Interactive Data Current	Yes
Amendment Flag	false
Entity Incorporation, State or Country Code	DE
Entity Ex Transition Period	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Apr. 04, 2021	Jan. 03, 2021
Current assets:
Cash and cash equivalents	$ 4,216	$ 7,436
Accounts receivable, net	26,730	29,995
Inventories	31,230	27,169
Prepaid expenses and other current assets	8,009	11,972
Total current assets	70,185	76,572
Property and equipment, net	173,174	178,078
Intangible assets, net	4,345	4,561
Other assets	4,607	3,998
Total assets	252,311	263,209
Current liabilities:
Current portion of long-term debt	3,853	2,772
Accounts payable	15,845	16,792
Accrued expenses	22,107	25,496
Income taxes payable	4,517	1,710
Current portion of contingent consideration	6,641	8,904
Deferred revenue - current	22,537	30,653
Total current liabilities	75,500	86,327
Long-term liabilities:
Long-term debt, less current portion and unamortized debt issuance costs	81,688	69,828
Contingent consideration, less current portion	959	1,996
Long-term incentive plan	3,415	3,185
Deferred revenue - long-term	89,001	95,399
Deferred income tax liability, net	6,361	8,058
Total long-term liabilities	181,424	178,466
Total liabilities	256,924	264,793
Commitments and contingencies
Members' equity (deficit):
Common Units (5,000,000 Common Units authorized; 3,057,344 Units issued and 2,105,936 and 2,107,452 outstanding at April 4, 2021 and January 3, 2021, respectively)	3,772	3,767
Retained deficit	(6,594)	(3,783)
Total members' deficit, CMI Acquisition, LLC	(2,822)	(16)
Non-controlling interests	(1,791)	(1,568)
Total members' deficit	(4,613)	(1,584)
Total liabilities and members' deficit	252,311	263,209
Class A Preferred Units [Member]
Members' equity (deficit):
Preferred Units	0	0
Class B Preferred Units [Member]
Members' equity (deficit):
Preferred Units	$ 0	$ 0

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - shares	Apr. 04, 2021	Jan. 03, 2021
Common units authorized	5,000,000	5,000,000
Common units issued	3,057,344	3,057,344
Common units outstanding	2,105,936	2,107,452
Class A Preferred Units [Member]
Preferred units authorized	2,000,000	2,000,000
Preferred units issued	0	0
Preferred units outstanding	0	0
Class B Preferred Units [Member]
Preferred units authorized	18,000,000	18,000,000
Preferred units issued	18,000,000	18,000,000
Preferred units outstanding	18,000,000	18,000,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Apr. 04, 2021	Mar. 29, 2020
Net sales	$ 48,101	$ 36,904
Cost of sales	38,935	30,480
Gross profit	9,166	6,424
Research and development	1,927	662
Selling, general and administrative expenses	8,603	5,633
Change in fair value of contingent consideration	56	841
Operating loss	(1,420)	(712)
Other expense:
Change in fair value of warrant liability	0	(141)
Interest expense	(1,058)	(1,462)
Total other expense	(1,058)	(1,603)
Loss before income taxes	(2,478)	(2,315)
Income tax benefit	(425)	(943)
Net loss	(2,053)	(1,372)
Less: net income attributable to non-controlling interests	758
Net loss attributable to CMI Acquisition, LLC	$ (2,811)	$ (1,372)
Earnings per share
Weighted average units used in computing net loss per Common Unit, basic and diluted:	3,060,343
Weighted average units used in computing net loss per Class B Preferred Unit, basic and diluted		18,000,000
Common Units[Member]
Earnings per share
Net loss per unit attributable, basic and diluted:	$ (1.04)
Preferred Unit [Member]
Earnings per share
Net loss per unit attributable, basic and diluted:		$ (0.08)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Members' Equity (Deficit) - USD ($) $ in Thousands	Total	Common Units [Member]	Retained Earnings (Deficit) [Member]	Total Members' Equity (Deficit), CMI Acquisition, LLC [Member]	Non-controlling Interest [Member]	Class B Units [Member]
Beginning balance at Dec. 29, 2019	$ 24,167	$ 7,333	$ 16,834	$ 24,167
Beginning balance (in Units) at Dec. 29, 2019						18,000
Unit-based compensation	488	488		488
Net income (loss)	(1,372)		(1,372)	(1,372)
Ending balance at Mar. 29, 2020	23,283	7,821	15,462	23,283
Ending balance (in Units) at Mar. 29, 2020						18,000
Beginning balance at Jan. 03, 2021	(1,584)	$ 3,767	(3,783)	(16)	$ (1,568)
Beginning balance (in Units) at Jan. 03, 2021		2,108				18,000
Unit-based compensation	5	$ 5		5
Other (Units)		(2)
Distribution to VIE member	(981)				(981)
Net income (loss)	(2,053)		(2,811)	(2,811)	758
Ending balance at Apr. 04, 2021	$ (4,613)	$ 3,772	$ (6,594)	$ (2,822)	$ (1,791)
Ending balance (in Units) at Apr. 04, 2021		2,106				18,000

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Apr. 04, 2021	Mar. 29, 2020
Cash flows from operating activities:
Net loss	$ (2,053)	$ (1,372)
Adjustments to reconcile net loss to net cash flows provided by (used in) operating activities:
Depreciation and amortization	6,482	4,322
Foundry services obligation	0	(2,055)
Gain on sale of property and equipment	0	(223)
Amortization of debt issuance costs included in interest expense	160	387
Long-term incentive and unit-based compensation	235	676
Change in fair value of warrant liability	0	141
Change in fair value of contingent consideration	56	841
Cash paid for contingent consideration in excess of initial valuation	(3,356)	0
Deferred income taxes	(1,697)	1,146
Non-cash revenue related to customer equipment	(2,481)	0
Changes in operating assets and liabilities:
Accounts receivable	3,265	13,754
Inventories	(4,061)	474
Prepaid expenses and other assets	4,546	(3,993)
Accounts payable	3,595	(696)
Accrued expenses	(1,408)	5,835
Deferred revenue	(14,514)	33,489
Income tax payable and receivable	2,807	(2,275)
Net cash (used in) provided by operating activities	(8,424)	50,451
Cash flows from investing activities:
Purchase of software and licenses	(219)	0
Proceeds from sale of property and equipment	0	650
Purchases of property and equipment	(5,178)	(11,425)
Net cash used in investing activities	(5,397)	(10,775)
Cash flows from financing activities:
Repayment of term loan	0	(1,787)
Net repayment on line of credit	0	(9,822)
Net proceeds from Revolver	13,030	0
Repayment of Financing	(249)	0
Cash paid for debt issuance costs	0	(100)
Cash paid for offering costs	(1,199)	0
Cash paid for contingent consideration	0	(2,539)
Distributions to VIE member	(981)	0
Net cash provided by (used in) financing activities	10,601	(14,248)
Net change in cash and cash equivalents	(3,220)	25,428
Cash and cash equivalents - beginning of period	7,436	4,605
Cash and cash equivalents - end of period	4,216	30,033
Supplemental disclosure of cash flow information:
Cash paid (received) during the period for:Interest	1,009	1,166
Cash paid (received) during the period for:Income taxes	(1,534)	0
Supplemental disclosures of noncash investing and financing activity:
Capital expenditures incurred, not yet paid	6,622	12,853
Equipment acquired through capital lease obligations	$ 2,470	$ 0

Nature of Business

Nature of Business	3 Months Ended
	Apr. 04, 2021
Accounting Policies [Abstract]
Nature of Operations	Note 1 Nature of Business CMI Acquisition, LLC (now known as SkyWater Technology, Inc.), together with its consolidated subsidiaries (collectively, “we”, “us”, “our”, or “SkyWater”), is a U.S. investor-owned, independent, pure-play technology foundry that offers advanced semiconductor development and manufacturing services from our fabrication facility, or fab, in Minnesota and advanced packaging services from our Florida facility. In our technology as a service model, we leverage a strong foundation of proprietary technology to co-develop Emerging Growth Company Status We are an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012. Corporate Conversion and Initial Public Offering Effective April 14, 2021, we converted into a Delaware corporation pursuant to a statutory conversion and changed our name to SkyWater Technology, Inc. Previously, we operated as a Delaware limited liability company under the name CMI Acquisition, LLC. As a result of the corporate conversion, the holders of the different series of units of CMI Acquisition, LLC, became holders of common stock and options to purchase common stock of SkyWater Technology, Inc. The number of shares of common stock that holders of Class B Preferred Units and Common Units were entitled to receive in the corporate conversion was determined in accordance with a plan of conversion, which was based upon the terms of the CMI Acquisition, LLC operating agreement, and varied depending on which class of Units a holder owned. See Note 8 – Members’ Equity (Deficit) On April 23, 2021, we completed our initial public offering (“IPO”) and issued 8,004,000 shares of common stock, including the underwriter’s exercise of their right to purchase additional shares, at an initial offering price to the public of $14.00 per share. We received net proceeds from the IPO of approximately $100,312 after deducting underwriting discounts and commissions of $7,844 and offering costs of approximately $3,900. Shares of common stock began trading on the Nasdaq Stock Market on April 21, 2021 under the symbol “SKYT”. The shares were registered under the Securities Act on a registration statement on Form S-1, We expect to use the proceeds from the IPO for working capital and other general corporate purposes, which may include financing our growth and funding capital expenditures. We may also use a portion of the proceeds from the offering for acquisitions or strategic investments in businesses or technologies, although we do not currently have any plans or commitments for any such acquisitions or investments.

Basis of Presentation and Princ

Basis of Presentation and Principles of Consolidation	3 Months Ended
	Apr. 04, 2021
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Note 2 Basis of Presentation and Principles of Consolidation The condensed consolidated financial statements as of April 4, 2021, and for the three months ended April 4, 2021 and March 29, 2020, are presented in thousands of U.S. dollars (except unit and per unit information), are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information. Accordingly, they do not include all financial information and disclosures required by U.S. GAAP for complete financial statements. These unaudited interim condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and the related notes thereto as of January 3, 2021. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements and, in the opinion of management, reflect all adjustments, which include normal recurring adjustments, necessary for a fair statement of our financial position as of April 4, 2021, and our results of operations, cash flows and members’ equity (deficit) for the three months ended April 4, 2021 and March 29, 2020. The results of operations for the three months ended April 4, 2021 are not necessarily indicative of the results of operations to be expected for the year ending January 2, 2022, or for any other interim period, or for any other future year. Principles of Consolidation Our condensed consolidated financial statements include our assets, liabilities, revenues, and expenses, as well as the assets, liabilities, revenues, and expenses of subsidiaries in which we have a controlling financial interest, SkyWater Technology Foundry, Inc. (“SkyWater Technology Foundry”), SkyWater Federal, LLC (“SkyWater Federal”), and SkyWater Florida, Inc. (“SkyWater Florida”), and variable interest entities (“VIE”) for which we are the primary beneficiary. All intercompany accounts and transactions have been eliminated in consolidation. The condensed consolidated statements of operations, members’ equity (deficit) and cash flows are for the three months ended April 4, 2021 and March 29, 2020. The three months ended April 4, 2021 and March 29, 2020 contained 13 weeks. Use of Estimates The preparation of our condensed consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Management evaluates these estimates and judgments on an ongoing basis and bases its estimates on experience, current and expected future conditions, third-party evaluations and various other assumptions that management believes are reasonable under the circumstances. Actual results could differ from those estimates. COVID-19 In March 2020, the World Health Organization declared the novel coronavirus 2019 (“COVID-19”) COVID-19 COVID-19 Net Loss Per Unit Our Class B Preferred Units contain rights to an 8% “preferred return” on the deemed original equity value of each such Class B Preferred Unit (accrued daily since the date of issuance of each such Class B Preferred Unit) and therefore meet the criteria of a participating security. Under the two-class two-class two-class pre-conversion Basic net loss per unit is calculated by dividing the net loss by the weighted-average number of units outstanding during the period, without consideration for potentially dilutive securities. Diluted net loss per unit is computed by dividing the net loss by the weighted-average number of units and potentially dilutive securities outstanding for the year determined using the treasury-stock method. Because we reported a net loss for the three months ended April 4, 2021 and March 29, 2020, the number of units used to calculate diluted net loss per unit is the same as the number of units used to calculate basic net loss per unit because the potentially dilutive units would have been anti-dilutive if included in the calculation. Common Unit options totaling 3,052,672 have been excluded from the computation of diluted weighted-average units outstanding for the three moths ended March 29, 2020 because such securities have an anti-dilutive impact. There were no Common Unit options outstanding during the three months ended April 4, 2021. The following table sets forth the computation of basic and diluted net loss per unit attributable to Common Unitholders for the three months ended April 4, 2021: Three Months Ended April 4, 2021 Numerator: Net loss attributable to CMI Acquisition, LLC $ (2,811 ) Undistributed preferred return to Class B Preferred Unitholders (359 ) Net loss attributable to Common Unitholders $ (3,170 ) Denominator: Weighted-average Common Units outstanding, basic and diluted (1) 3,060,343 Net loss per unit attributable to Common Unitholders, basic and diluted $ (1.04 ) (1) This number reflects the April 14, 2021 corporate conversion of 2,105,936 Common Units into 3,060,343 shares of common stock. The following table sets forth the computation of basic and diluted net loss per unit attributable to Class B Preferred Unitholders for the three months ended March 29, 2020. There were no Common Units outstanding during the period. Three Months Ended March 29, 2020 Numerator: Net loss attributable to CMI Acquisition, LLC $ (1,372 ) Denominator: Weighted-average Class B Preferred Units outstanding, basic and diluted 18,000,000 Net loss per unit attributable to Class B Preferred Unitholders, basic and diluted $ (0.08 ) Center for NeoVation Through our subsidiary, SkyWater Florida, we entered into several agreements on January 25, 2021 with the government of Osceola County, Florida (“Osceola”) and ICAMR, Inc., a Florida non-profit We are accounting for the CfN Lease as a lease. Given the nominal minimum lease payments required under the lease ($23.00), no assets were initially recognized on our condensed consolidated balance sheet. As we perform under the agreements, expenses we incur and any revenue we are able to generate from the operations of CfN will be included in our condensed consolidated statements of operations as they are incurred or earned. If we are able to reach and maintain full capacity in the CfN for a minimum period of 20 years, Osceola will convey the land, buildings and equipment to us for no consideration at the end of the CfN Lease. At such time that we believe the conveyance of the land, buildings and equipment is reasonably assured, we will record those assets on our condensed consolidated balance sheet at fair value and record a corresponding deferred gain. We will subsequently amortize the depreciable assets over their remaining economic life and recognize an equivalent amount of income from the amortization of the deferred gain. Operating Segment Information Operating segments are identified as components of an enterprise about which separate financial information is available for evaluation by the chief operating decision-maker in making decisions regarding resource allocation and assessing performance. We view our operations and manage our business as one operating segment.

Summary Of Significant Accounti

Summary Of Significant Accounting Policies	3 Months Ended
	Apr. 04, 2021
Accounting Policies [Abstract]
Summary Of Significant Accounting Policies	Note 3 Summary of Significant Accounting Policies Our audited consolidated financial statements include an additional discussion of the significant accounting policies and estimates used in the preparation of our consolidated financial statements. There were no material changes to our significant accounting policies and estimates during the three months ended April 4, 2021. Contingent Consideration Royalties of $3,356 and $2,539 were paid during the three months ended April 4, 2021 and March 29, 2020, respectively. During the same periods, we recorded royalty expense of $56 and $841 to reflect the change in fair value of the contingent consideration obligation in our condensed consolidated statements of operations. Recently Issued Accounting Standards In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-02, In June 2016, the FASB issued a new credit loss accounting standard, ASU 2016-13,

Revenue

Revenue	3 Months Ended
	Apr. 04, 2021
Revenue from Contract with Customer [Abstract]
Revenue	Note 4 Revenue BRIDG In connection with the TED Agreement and CfN Lease as discussed in Note 2 – Basis of Presentation and Principles of Consolidation Center for NeoVation 15,000 Disaggregated Revenue The following table discloses revenue by service type and the timing of recognition of revenue for transfer of goods and services to customers (point-in-time Three Months Ended April 4, 2021 Point-in-Time Over Time Total Lease Revenue Total Wafer Services $ 10,019 $ — $ 10,019 $ — $ — $ Advanced Technology Services T&M — 10,792 10,792 — — 10,792 Fixed Price — 26,123 26,123 — — 26,123 Other — — — 1,167 — 1,167 Total Advanced Technology Services — 36,915 36,915 1,167 — 38,082 Total revenue $ 10,019 $ 36,915 $ 46,934 $ 1,167 $ — $ 48,101 Three Months Ended March 29, 2020 Point-in-Time Over Time Total Lease Revenue Total Wafer Services $ 12,930 $ — $ 12,930 $ — $ 388 $ 13,318 Advanced Technology Services T&M — 19,406 19,406 — — 19,406 Fixed Price — 4,180 4,180 — — 4,180 Other — — — — — — Total Advanced Technology Services — 23,586 23,586 — — 23,586 Total revenue $ 12,930 $ 23,586 $ 36,516 $ — $ 388 $ 36,904 The following table discloses revenue by country as determined based on customer address: Three Months Ended April 4, 2021 March 29, 2020 United States $ 43,621 $ 31,470 Canada 1,609 3,036 All others 2,871 2,398 $ 48,101 $ 36,904 Deferred Contract Costs We recognized amortization of deferred contract costs in our condensed consolidated statements of operations totaling $551 and $0 for the three months ended April 4, 2021 and March 29, 2020, respectively. Contract Assets Contract assets are $9,874 and $8,147 at April 4, 2021 and January 3, 2021, respectively, and are included in accounts receivable, net in our condensed consolidated balance sheets. Contract Liabilities The contract liabilities and other significant components of deferred revenue are as follows: April 4, 2021 January 3, 2021 Contract Deferred Total Contract Deferred Total Liabilities Lease Revenue Deferred Revenue Liabilities Lease Revenue Deferred Revenue Current $ 17,870 $ 4,667 $ 22,537 $ 25,986 $ 4,667 $ 30,653 Long-term 74,223 14,778 89,001 79,455 15,944 95,399 Total $ 92,093 $ 19,445 $ 111,538 $ 105,441 $ 20,611 $ 126,052 The decrease in contract liabilities from January 3, 2021 to April 4, 2021 was primarily the result of completion of specific performance obligations for our customers. Approximately 15% of our total contract liabilities at January 3, 2021 were recognized in revenue in the first three months of 2021. Remaining Performance Obligations As of April 4, 2021, we had approximately $86,765 of transaction price allocated to remaining performance obligations that are unsatisfied (or partially satisfied) on contracts with an original expected duration of one year or more, which are primarily related to Advanced Technology Services contracts. We expect to recognize those remaining performance obligations as follows: Within one year $ 12,542 From one to two years 13,921 From two to three years 12,695 After three years 47,607 Total $ 86,765 We do not disclose the value of remaining performance obligations for contracts with an original expected duration of one year or less. Further, we do not adjust the promised amount of consideration for the effects of a significant financing component if we expect, at contract inception, that the period between when we transfer a promised good or service to a customer and when the customer pays for that good or service will be one year or less.

Balance Sheet Information

Balance Sheet Information	3 Months Ended
	Apr. 04, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Balance Sheet Information	Note 5 Balance Sheet Information Certain significant amounts included in our condensed consolidated balance sheets consist of the following: Accounts receivable, net: April 4, 2021 January 3, 2021 Trade accounts receivable $ 16,372 $ 21,357 Unbilled revenue (contract assets) 9,874 8,147 Note receivable 230 230 Employee note receivable 225 222 Other receivables 29 39 Total accounts receivable, net $ 26,730 $ 29,995 On December 31, 2020, we entered into a note receivable with a key employee for $222. The note may be repaid any time prior to its maturity date of March 31, 2022 and bears interest at 6%. Inventories: April 4, 2021 January 3, 2021 Raw materials $ 1,867 $ 1,463 Work-in-process 23,808 19,719 Supplies and spare parts 5,555 5,987 Total inventories—current 31,230 27,169 Supplies and spare parts classified as other assets 2,160 1,949 Total inventories $ 33,390 $ 29,118 Prepaid expenses and other current assets: April 4, 2021 January 3, 2021 Prepaid expenses $ 2,101 $ 2,761 Equipment purchased for customers (1) 975 5,343 Deferred contract costs 1,459 1,647 Deferred offering costs 3,382 2,183 Other 92 38 Total prepaid assets and other current assets $ 8,009 $ 11,972 (1) We acquired equipment for a customer that we will install and calibrate in our facility. Prior to the customer obtaining ownership and control of the equipment, we recorded costs incurred to date within prepaid expenses and other current assets. Property and equipment, net: April 4, 2021 January 3, 2021 Land $ 5,396 $ 5,396 Buildings and improvements 86,267 85,197 Machinery and equipment 134,875 124,130 Fixed assets not yet in service 11,930 22,602 Total property and equipment, at cost 238,468 237,325 Less: Accumulated depreciation (65,294 ) (59,247 ) Total property and equipment, net $ 173,174 $ 178,078 Depreciation expense was $6,047 and $4,131 for the three months ended April 4, 2021 and March 29, 2020, respectively. Intangible assets, net: Intangible assets consist of purchased software and license costs and a customer list from our acquisition of the business in 2017. Intangible assets are summarized as follows: April 4, 2021 January 3, 2021 Customer list $ 1,500 $ 1,500 Software and licenses 5,627 5,408 Total intangible assets, at cost 7,127 6,908 Less: Accumulated amortization (2,782 ) (2,347 ) Total intangible assets, net $ 4,345 $ 4,561 For the three months ended April 4, 2021 and March 29, 2020, amortization of the customer list intangible asset charged to operations was $88 and amortization of software and licenses was $347 and $103, respectively. Remaining estimated aggregate annual amortization expense is as follows for the years ending: Amortization Expense Remainder of 2021 $ 1,280 2022 1,117 2023 777 2024 422 2025 421 Thereafter 328 Total $ 4,345 Other assets: April 4, 2021 January 3, 2021 Supplies and spare parts $ 2,160 $ 1,949 Deferred contract costs 2,028 2,049 Other assets 419 — Total other assets $ 4,607 $ 3,998 Accrued expenses: April 4, 2021 January 3, 2021 Accrued compensation $ 6,148 $ 6,315 Accrued commissions 2,824 5,183 Accrued fixed asset expenditures 1,885 6,337 Accrued royalties 1,895 2,145 Accrued customer payable 1,119 783 Other accrued expenses 8,236 4,733 Total accrued expenses $ 22,107 $ 25,496

Debt

Debt	3 Months Ended
	Apr. 04, 2021
Debt Disclosure [Abstract]
Debt	Note 6 Debt The components of debt outstanding are as follows: April 4, 2021 January 3, 2021 Revolver, net of unamortized debt issuance costs of $1,460 and $1,537 $ 43,873 $ 30,766 Financing (by VIE), net of unamortized debt issuance costs of $3,375 and $3,458 35,215 35,381 Paycheck Protection Program loan 6,453 6,453 Total long-term debt 85,541 72,600 Less: Current portion of long-term debt (3,853 ) (2,772 ) Long-term debt, excluding current portion and unamortized debt issuance costs $ 81,688 $ 69,828 Revolver The outstanding balance of our amended and restated revolving credit agreement with Wells Fargo Bank, National Association (the “Revolver”) was $45,333 as of April 4, 2021 at an interest rate of 3%. Our remaining availability under the Revolver was $19,667 as of April 4, 2021. Financing On September 30, 2020, the VIE which we consolidate entered into a loan agreement for $39,000 (the “Financing”) at a fixed interest rate of 3.44%. The outstanding balance of the Financing was $38,590 as of April 4, 2021. Paycheck Protection Program On April 18, 2020, we received proceeds of $6,453 pursuant to a loan from TCF Bank under the Paycheck Protection Program (“PPP”). We have filed an application and supporting documentation for forgiveness in full of the PPP loan, however, no assurance is provided that we will obtain forgiveness of the PPP loan in whole or in part. The PPP loan bears interest at Covenants On March 19, 2021, we were granted a waiver from the lender through an amendment to our financial covenants related to the Revolver. As of April 4, 2021, we were in compliance with the amended fixed charge coverage ratio and leverage ratio covenants. Based on these modifications, we are in full compliance with the Revolver covenant requirements. Our VIE was in compliance with the financial covenants related to the Financing. No financial covenants exist related to the PPP loan. Maturities As of April 4, 2021, the Revolver is due in December 2025. The Financing is repayable in equal monthly installments of $194 over 10 years, with the balance payable at the maturity date of October 6, 2030. If we are required to repay the PPP loan, monthly principal and interest payments of $363 begin in August 2021 and continue until July 2023. Future principal payments of our Revolver, PPP loan and consolidated VIE’s Financing, excluding unamortized debt issuance costs, are as follows: Remainder of 2021 $ 2,523 2022 5,333 2023 1,422 2024 1,094 2025 46,470 Thereafter 33,534 Total $ 90,376 Historically, we have addressed our liquidity needs (including funds required to make scheduled principal and interest payments, refinance debt and fund working capital, and planned capital expenditures) with operating cash flows, borrowings under credit facilities, and proceeds from the term loans. Our ability to execute our operating strategy is dependent on our ability to continue to access capital through our Revolver , and other sources of financing and if we were unable to obtain financing on reasonable terms, this may impact our ability to execute our operating strategy.

Income Taxes

Income Taxes	3 Months Ended
	Apr. 04, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Note 7 Income Taxes The effective tax rates for the three months ended April 4, 2021 and March 29, 2020 differ from the statutory tax rates due to state income taxes, permanent tax differences, and changes in our deferred tax asset valuation allowance. The tax rate in any quarter can be affected positively or negatively by adjustments that are required to be reported in the specific quarter of resolution. The effective income tax rate for the three months ended April 4, 2021 was 17.2%, compared to 40.7% for the three months ended March 29, 2020. Our income tax benefit was lower for the three months ended April 4, 2021 than our statutory tax rate of 21% applied to our pre-tax applied to our pre-tax loss due to excess tax benefits related to unit-based compensation expense, partially offset by a deferred tax asset valuation allowance. Management regularly evaluates the future realization of deferred tax assets and provides a valuation allowance, if considered necessary, based on such evaluation. As part of the evaluation, management has evaluated taxable income in carryback years, future reversals of taxable temporary differences, feasible tax planning strategies, and future expectations of income. Based upon this analysis, a valuation allowance of $1,401 was recorded as of April 4, 2021 to reduce our net deferred tax assets to the amount that is more likely than not to be realized. The valuation allowance at January 3, 2021 was $1,609. No liability has been recorded for uncertain tax positions. We would accrue, if applicable, income tax related interest and penalties in income tax expense in our condensed consolidated statement of operations.

Members' Equity (Deficit)

Members' Equity (Deficit)	3 Months Ended
	Apr. 04, 2021
Stockholders' Equity Note [Abstract]
Members' Equity (Deficit)	Note 8 Members’ Equity (Deficit) Classes of Equity Units Until our corporate conversion on April 14, 2021, we had three classes of limited liability interests, designated as Class A Preferred Units, Class B Preferred Units, and Common Units (collectively, the “Unit” or “Units”). There are 2,000,000 Class A Preferred Units authorized specifically for issuance upon exercise of warrants, of which none were issued and outstanding at April 4, 2021 and January 3, 2021. There are 18,000,000 Class B Preferred Units authorized, of which 18,000,000 were issued and outstanding at April 4, 2021 and January 3, 2021. There are 5,000,000 Common Units authorized, of which 3,057,344 were issued as of April 4, 2021 and January 3, 2021 and 2,105,936 and 2,107,452 were outstanding as of April 4, 2021 and January 3, 2021. Class A Preferred Units and Common Units are non-voting Conversion On April 14, 2021, we completed a corporate conversion. Pursuant to the certificate of incorporation effected in connection with the corporate conversion, our authorized capital stock consists of 200,000,000 shares of voting common stock, par value $0.01 per share, and 80,000,000 shares of preferred stock, par value $0.01 per share. As of April 1 Nature of Business Upon the corporate conversion, all Units were converted into an aggregate of 31,055,743 shares of our common stock. Each Class B Preferred Unit and Common Unit were converted into a number of shares of common stock determined by dividing (1) the amount that would have been distributed in respect of each such Unit in accordance with CMI Acquisition, LLC’s operating agreement if all assets of CMI Acquisition, LLC had been sold for a cash amount equal to the pre-offering pre-offering • holders of Class B Preferred Units received an aggregate of 27,995,400 shares of common stock; and • holders of Common Units received an aggregate of shares 3,060,343 of common stock. Restricted Common Units On November 1, 2020, we granted 4,672 restricted Common Units to two directors. Upon the corporate conversion, such restricted Common Units were converted into 6,788 shares of restricted common stock which continue to vest over a one-year On December 18, 2020, we granted restricted unit units to acquire up to 1,602,588 Common Units to certain key employees. Upon the corporate conversion, such restricted unit units were converted into 2,328,880 shares of restricted common stock units which continue to vest in equal amounts over a three-year period, but only in the event we complete an IPO of our stock or experience a change of control event. These restricted common stock units are issued as common stock upon vesting. The grantee has no rights as a common stockholder until the common stock related to the restricted common stock units have been issued. With our IPO completed on April 23, 2021, these restricted common stock units will begin vesting in accordance with their other terms. New Share-Based Compensation Plans 2021 Equity Incentive Plan In connection with our IPO, we adopted the 2021 Equity Incentive Plan (the “2021 Equity Plan”). The 2021 Equity Plan became effective upon the consummation of the IPO and no further awards will be issued under the previous Employee Unit Option Plan. No awards remained outstanding from the Employee Unit Option Plan as of April 4, 2021 and at the corporate conversion date. Under the 2021 Equity Plan, 2021 Employee Stock Purchase Plan In connection with our IPO, we also adopted the 2021 Employee Stock Purchase Plan (the “2021 ESPP”). A maximum of 700,000 shares of our common stock has been reserved for issuance under the 2021 ESPP. Under the 2021 ESPP, eligible employees may purchase our common stock through payroll deductions at a discount not to exceed 15% of the lower of the fair market values of our common stock as of the beginning or end of each offering period, which may range from 6 to 27 months. Payroll deductions are limited to 15% of the employee’s eligible compensation and a maximum of 2,500 shares of our common stock may be purchased by an employee each offering period. Unit-Based Compensation Expense Total unit-based compensation expense recorded in general and administrative expenses in our statement of operations was of unrecognized compensation cost related to restricted Common Units and restricted unit units.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Apr. 04, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 9 Fair Value Measurements The FASB defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. To determine fair value, we use a fair value hierarchy categorized into three levels based on inputs used. Generally, the three levels are as follows: • Level 1 – Quoted prices in active markets for identical assets or liabilities; • Level 2 – Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and • Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 inputs are used in the valuation of our contingent consideration obligation. The change in level 3 assets measured at fair value on a recurring basis is summarized as follows: Contingent Balance at January 3, 2021 $ 10,900 Payments (3,356 ) Change in fair value 56 Balance at April 4, 2021 $ 7,600 The change in fair value is reflected in our condensed consolidated statements of operations. The fair value of our contingent consideration liability at April 4, 2021 and January 3, 2021 was determined using forecasted receipts of projected future revenues of Advanced Technology Services. The royalty is paid out quarterly through 2021. The forecasted future cash flows were discounted reflecting the risk in estimating future revenues. We expect total future cash payments to be between $7,600 and $8,500. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The carrying values of accounts receivable, accounts payable, accrued liabilities, and other financial working capital items approximate fair values at April 4, 2021 and January 3, 2021 due to the short maturity of these items. The carrying values of our borrowings under our Revolver and Financing approximate their fair values due to the frequency of the floating interest rate resets on these borrowings. The fair value of the Revolver and Financing were determined based on inputs that are classified as Level 2 in the fair value hierarchy. Our non-financial non-recurring

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Apr. 04, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 10 Commitments and Contingencies Foundry Services Agreement Under a 40-month Litigation From time to time, we are involved in legal proceedings and subject to claims arising in the ordinary course of our business. Although the results of litigation and claims cannot be predicted with certainty, we currently believe that the resolution of these ordinary-course matters will not have a material adverse effect on our business, operating results, financial condition or cash flows. Even if any particular litigation is resolved in a manner that is favorable to our interests, such litigation can have a negative impact on us because of defense and settlement costs, diversion of management resources from our business and other factors.

Major Customers and Concentrati

Major Customers and Concentration Risk	3 Months Ended
	Apr. 04, 2021
Revenue from Contract with Customer [Abstract]
Major Customers and Concentration Risk	Note 11 Major Customers and Concentration Risk The following customers accounted for 10% or more of sales for the three months ended April 4, 2021 and March 29, 2020: Three Months Ended April 4, 2021 March 29, 2020 Customer A 37 % — Customer B 19 % 34 % Customer C 10 % 27 % 66 % 61 % We had three major customers that accounted for 24%, 19% and 17% of outstanding trade accounts receivable as of April 4, 2021 and four

Related Party Transactions

Related Party Transactions	3 Months Ended
	Apr. 04, 2021
Related Party Transactions [Abstract]
Related Party Transactions	Note 12 Related Party Transactions Professional Services Oxbow Industries, LLC (“Oxbow”), our principal owner, provides management and financial consulting services to us for an annual management fee not to exceed $700. We incurred $160 of management fees to Oxbow during the three months ended April 4, 2021 and March 29, 2020, which have been expensed and included in general and administrative expenses in our condensed consolidated statements of operations. Members of our board of directors provide legal and professional services to us. We incurred fees of $116 and $62 for the three months ended April 4, 2021 and March 29, 2020, respectively, which have been expensed and included in general and administrative expenses in our condensed consolidated statements of operations. Sale-Leaseback Transaction On September 29, 2020, we entered into an agreement to sell the land and building representing our primary operating location in Bloomington, Minnesota to an entity (“Oxbow Realty”) controlled by our principal owner. We subsequently entered into an agreement to lease the land and building from Oxbow Realty for initial payments of $394 per month over 20 years. The monthly payments are subject to a 2% increase each year during the term of the lease. Future minimum lease commitments to Oxbow Realty as of April 4, 2021 were as follows (such amounts are eliminated from our condensed consolidated financial statements due to the consolidation of Oxbow Realty, see Note 13 – Variable Interest Entities Remainder of 2021 $ 3,560 2022 4,836 2023 4,932 2024 5,031 2025 5,132 Thereafter 89,350 Total lease payments 112,841 Less: imputed interest (85,742 ) Total $ 27,099

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Apr. 04, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Note 13 Variable Interest Entities Oxbow Realty was established for the purpose of holding real estate and facilitating real estate transactions. This included facilitating the purchase of our land and building with proceeds from a bank loan and managing the leaseback of the land and building to us. We determined that Oxbow Realty meets the definition of a VIE under Topic 810, Consolidation non-controlling The following table shows the carrying amounts of assets and liabilities of Oxbow Realty that are consolidated by us as of April 4, 2021 and January 3, 2021. The assets and liabilities are presented prior to consolidation, and thus a portion of these assets and liabilities are eliminated in consolidation. April 4, January 3, Cash and cash equivalents $ 434 $ 860 Prepaid expenses 211 99 Finance receivable 36,810 36,930 Total assets $ 37,455 $ 37,889 Accounts payable $ 697 $ 672 Accrued expenses 21 9 Debt 38,529 38,776 Total liabilities $ 39,247 $ 39,457 The following table shows the revenue and expenses of Oxbow Realty that are consolidated by us for the three months ended April 4, 2021, which we began consolidating on September 29, 2020. We have included these amounts, net of eliminations, in the corresponding tables in the notes to our condensed consolidated financial statements. Three Months Ended April 4, 2021 Revenue $ 1,345 General and administrative expenses 252 Interest expense 335 Total expenses 587 Net income $ 758

Basis Of Presentation And Pri_2

Basis Of Presentation And Principles Of Consolidation (Policies)	3 Months Ended
	Apr. 04, 2021
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation Our condensed consolidated financial statements include our assets, liabilities, revenues, and expenses, as well as the assets, liabilities, revenues, and expenses of subsidiaries in which we have a controlling financial interest, SkyWater Technology Foundry, Inc. (“SkyWater Technology Foundry”), SkyWater Federal, LLC (“SkyWater Federal”), and SkyWater Florida, Inc. (“SkyWater Florida”), and variable interest entities (“VIE”) for which we are the primary beneficiary. All intercompany accounts and transactions have been eliminated in consolidation. The condensed consolidated statements of operations, members’ equity (deficit) and cash flows are for the three months ended April 4, 2021 and March 29, 2020. The three months ended April 4, 2021 and March 29, 2020 contained 13 weeks.
Use of Estimates	Use of Estimates The preparation of our condensed consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Management evaluates these estimates and judgments on an ongoing basis and bases its estimates on experience, current and expected future conditions, third-party evaluations and various other assumptions that management believes are reasonable under the circumstances. Actual results could differ from those estimates.
COVID-19	COVID-19 In March 2020, the World Health Organization declared the novel coronavirus 2019 (“COVID-19”) COVID-19 COVID-19
Net Loss Per Unit	Net Loss Per Unit Our Class B Preferred Units contain rights to an 8% “preferred return” on the deemed original equity value of each such Class B Preferred Unit (accrued daily since the date of issuance of each such Class B Preferred Unit) and therefore meet the criteria of a participating security. Under the two-class two-class two-class pre-conversion Basic net loss per unit is calculated by dividing the net loss by the weighted-average number of units outstanding during the period, without consideration for potentially dilutive securities. Diluted net loss per unit is computed by dividing the net loss by the weighted-average number of units and potentially dilutive securities outstanding for the year determined using the treasury-stock method. Because we reported a net loss for the three months ended April 4, 2021 and March 29, 2020, the number of units used to calculate diluted net loss per unit is the same as the number of units used to calculate basic net loss per unit because the potentially dilutive units would have been anti-dilutive if included in the calculation. Common Unit options totaling 3,052,672 have been excluded from the computation of diluted weighted-average units outstanding for the three moths ended March 29, 2020 because such securities have an anti-dilutive impact. There were no Common Unit options outstanding during the three months ended April 4, 2021. The following table sets forth the computation of basic and diluted net loss per unit attributable to Common Unitholders for the three months ended April 4, 2021: Three Months Ended April 4, 2021 Numerator: Net loss attributable to CMI Acquisition, LLC $ (2,811 ) Undistributed preferred return to Class B Preferred Unitholders (359 ) Net loss attributable to Common Unitholders $ (3,170 ) Denominator: Weighted-average Common Units outstanding, basic and diluted (1) 3,060,343 Net loss per unit attributable to Common Unitholders, basic and diluted $ (1.04 ) (1) This number reflects the April 14, 2021 corporate conversion of 2,105,936 Common Units into 3,060,343 shares of common stock. The following table sets forth the computation of basic and diluted net loss per unit attributable to Class B Preferred Unitholders for the three months ended March 29, 2020. There were no Common Units outstanding during the period. Three Months Ended March 29, 2020 Numerator: Net loss attributable to CMI Acquisition, LLC $ (1,372 ) Denominator: Weighted-average Class B Preferred Units outstanding, basic and diluted 18,000,000 Net loss per unit attributable to Class B Preferred Unitholders, basic and diluted $ (0.08 )
Center for NeoVation	Center for NeoVation Through our subsidiary, SkyWater Florida, we entered into several agreements on January 25, 2021 with the government of Osceola County, Florida (“Osceola”) and ICAMR, Inc., a Florida non-profit We are accounting for the CfN Lease as a lease. Given the nominal minimum lease payments required under the lease ($23.00), no assets were initially recognized on our condensed consolidated balance sheet. As we perform under the agreements, expenses we incur and any revenue we are able to generate from the operations of CfN will be included in our condensed consolidated statements of operations as they are incurred or earned. If we are able to reach and maintain full capacity in the CfN for a minimum period of 20 years, Osceola will convey the land, buildings and equipment to us for no consideration at the end of the CfN Lease. At such time that we believe the conveyance of the land, buildings and equipment is reasonably assured, we will record those assets on our condensed consolidated balance sheet at fair value and record a corresponding deferred gain. We will subsequently amortize the depreciable assets over their remaining economic life and recognize an equivalent amount of income from the amortization of the deferred gain.
Contingent Consideration	Contingent Consideration Royalties of $3,356 and $2,539 were paid during the three months ended April 4, 2021 and March 29, 2020, respectively. During the same periods, we recorded royalty expense of $56 and $841 to reflect the change in fair value of the contingent consideration obligation in our condensed consolidated statements of operations.
Operating Segment Information	Operating Segment Information Operating segments are identified as components of an enterprise about which separate financial information is available for evaluation by the chief operating decision-maker in making decisions regarding resource allocation and assessing performance. We view our operations and manage our business as one operating segment.
Recently Issued Accounting Standards	Recently Issued Accounting Standards In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-02, In June 2016, the FASB issued a new credit loss accounting standard, ASU 2016-13,

Basis of Presentation and Pri_3

Basis of Presentation and Principles of Consolidation (Tables)	3 Months Ended
	Apr. 04, 2021
Accounting Policies [Abstract]
Summary of basic and diluted net loss per unit	The following table sets forth the computation of basic and diluted net loss per unit attributable to Common Unitholders for the three months ended April 4, 2021: Three Months Ended April 4, 2021 Numerator: Net loss attributable to CMI Acquisition, LLC $ (2,811 ) Undistributed preferred return to Class B Preferred Unitholders (359 ) Net loss attributable to Common Unitholders $ (3,170 ) Denominator: Weighted-average Common Units outstanding, basic and diluted (1) 3,060,343 Net loss per unit attributable to Common Unitholders, basic and diluted $ (1.04 ) (1) This number reflects the April 14, 2021 corporate conversion of 2,105,936 Common Units into 3,060,343 shares of common stock. The following table sets forth the computation of basic and diluted net loss per unit attributable to Class B Preferred Unitholders for the three months ended March 29, 2020. There were no Common Units outstanding during the period. Three Months Ended March 29, 2020 Numerator: Net loss attributable to CMI Acquisition, LLC $ (1,372 ) Denominator: Weighted-average Class B Preferred Units outstanding, basic and diluted 18,000,000 Net loss per unit attributable to Class B Preferred Unitholders, basic and diluted $ (0.08 )

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Apr. 04, 2021
Revenue from Contract with Customer [Abstract]
Summary of disaggregated revenue	The following table discloses revenue by service type and the timing of recognition of revenue for transfer of goods and services to customers (point-in-time Three Months Ended April 4, 2021 Point-in-Time Over Time Total Lease Revenue Total Wafer Services $ 10,019 $ — $ 10,019 $ — $ — $ Advanced Technology Services T&M — 10,792 10,792 — — 10,792 Fixed Price — 26,123 26,123 — — 26,123 Other — — — 1,167 — 1,167 Total Advanced Technology Services — 36,915 36,915 1,167 — 38,082 Total revenue $ 10,019 $ 36,915 $ 46,934 $ 1,167 $ — $ 48,101 Three Months Ended March 29, 2020 Point-in-Time Over Time Total Lease Revenue Total Wafer Services $ 12,930 $ — $ 12,930 $ — $ 388 $ 13,318 Advanced Technology Services T&M — 19,406 19,406 — — 19,406 Fixed Price — 4,180 4,180 — — 4,180 Other — — — — — — Total Advanced Technology Services — 23,586 23,586 — — 23,586 Total revenue $ 12,930 $ 23,586 $ 36,516 $ — $ 388 $ 36,904
Summary of revenue by country	The following table discloses revenue by country as determined based on customer address: Three Months Ended April 4, 2021 March 29, 2020 United States $ 43,621 $ 31,470 Canada 1,609 3,036 All others 2,871 2,398 $ 48,101 $ 36,904
Summary of deferred revenue	The contract liabilities and other significant components of deferred revenue are as follows: April 4, 2021 January 3, 2021 Contract Deferred Total Contract Deferred Total Liabilities Lease Revenue Deferred Revenue Liabilities Lease Revenue Deferred Revenue Current $ 17,870 $ 4,667 $ 22,537 $ 25,986 $ 4,667 $ 30,653 Long-term 74,223 14,778 89,001 79,455 15,944 95,399 Total $ 92,093 $ 19,445 $ 111,538 $ 105,441 $ 20,611 $ 126,052
Summary of performance obligations	We expect to recognize those remaining performance obligations as follows: Within one year $ 12,542 From one to two years 13,921 From two to three years 12,695 After three years 47,607 Total $ 86,765

Balance Sheet Information (Tabl

Balance Sheet Information (Tables)	3 Months Ended
	Apr. 04, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of accounts receivable, net	Accounts receivable, net: April 4, 2021 January 3, 2021 Trade accounts receivable $ 16,372 $ 21,357 Unbilled revenue (contract assets) 9,874 8,147 Note receivable 230 230 Employee note receivable 225 222 Other receivables 29 39 Total accounts receivable, net $ 26,730 $ 29,995
Summary of inventories	Inventories: April 4, 2021 January 3, 2021 Raw materials $ 1,867 $ 1,463 Work-in-process 23,808 19,719 Supplies and spare parts 5,555 5,987 Total inventories—current 31,230 27,169 Supplies and spare parts classified as other assets 2,160 1,949 Total inventories $ 33,390 $ 29,118
Summary of prepaid expenses and other current assets	Prepaid expenses and other current assets: April 4, 2021 January 3, 2021 Prepaid expenses $ 2,101 $ 2,761 Equipment purchased for customers (1) 975 5,343 Deferred contract costs 1,459 1,647 Deferred offering costs 3,382 2,183 Other 92 38 Total prepaid assets and other current assets $ 8,009 $ 11,972 (1) We acquired equipment for a customer that we will install and calibrate in our facility. Prior to the customer obtaining ownership and control of the equipment, we recorded costs incurred to date within prepaid expenses and other current assets.
Summary of property and equipment, net	Property and equipment, net: April 4, 2021 January 3, 2021 Land $ 5,396 $ 5,396 Buildings and improvements 86,267 85,197 Machinery and equipment 134,875 124,130 Fixed assets not yet in service 11,930 22,602 Total property and equipment, at cost 238,468 237,325 Less: Accumulated depreciation (65,294 ) (59,247 ) Total property and equipment, net $ 173,174 $ 178,078
Summary of intangible assets, net	Intangible assets are summarized as follows: April 4, 2021 January 3, 2021 Customer list $ 1,500 $ 1,500 Software and licenses 5,627 5,408 Total intangible assets, at cost 7,127 6,908 Less: Accumulated amortization (2,782 ) (2,347 ) Total intangible assets, net $ 4,345 $ 4,561
Summary of remaining estimated aggregate annual amortization expense	Remaining estimated aggregate annual amortization expense is as follows for the years ending: Amortization Expense Remainder of 2021 $ 1,280 2022 1,117 2023 777 2024 422 2025 421 Thereafter 328 Total $ 4,345
Summary of other assets	Other assets: April 4, 2021 January 3, 2021 Supplies and spare parts $ 2,160 $ 1,949 Deferred contract costs 2,028 2,049 Other assets 419 — Total other assets $ 4,607 $ 3,998
Summary of accrued expenses	Accrued expenses: April 4, 2021 January 3, 2021 Accrued compensation $ 6,148 $ 6,315 Accrued commissions 2,824 5,183 Accrued fixed asset expenditures 1,885 6,337 Accrued royalties 1,895 2,145 Accrued customer payable 1,119 783 Other accrued expenses 8,236 4,733 Total accrued expenses $ 22,107 $ 25,496

Debt (Tables)

Debt (Tables)	3 Months Ended
	Apr. 04, 2021
Debt Disclosure [Abstract]
Summary of debt outstanding	The components of debt outstanding are as follows: April 4, 2021 January 3, 2021 Revolver, net of unamortized debt issuance costs of $1,460 and $1,537 $ 43,873 $ 30,766 Financing (by VIE), net of unamortized debt issuance costs of $3,375 and $3,458 35,215 35,381 Paycheck Protection Program loan 6,453 6,453 Total long-term debt 85,541 72,600 Less: Current portion of long-term debt (3,853 ) (2,772 ) Long-term debt, excluding current portion and unamortized debt issuance costs $ 81,688 $ 69,828
Summary of future principal payments	Future principal payments of our Revolver, PPP loan and consolidated VIE’s Financing, excluding unamortized debt issuance costs, are as follows: Remainder of 2021 $ 2,523 2022 5,333 2023 1,422 2024 1,094 2025 46,470 Thereafter 33,534 Total $ 90,376

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Apr. 04, 2021
Fair Value Disclosures [Abstract]
Summary of Change in Level 3 Assets Measured at Fair Value On a Recurring Basis	Level 3 inputs are used in the valuation of our contingent consideration obligation. The change in level 3 assets measured at fair value on a recurring basis is summarized as follows: Contingent Balance at January 3, 2021 $ 10,900 Payments (3,356 ) Change in fair value 56 Balance at April 4, 2021 $ 7,600

Major Customers and Concentra_2

Major Customers and Concentration Risk (Tables)	3 Months Ended
	Apr. 04, 2021
Revenue from Contract with Customer [Abstract]
Summary of Concentration Risk Percentage of Customers	The following customers accounted for 10% or more of sales for the three months ended April 4, 2021 and March 29, 2020: Three Months Ended April 4, 2021 March 29, 2020 Customer A 37 % — Customer B 19 % 34 % Customer C 10 % 27 % 66 % 61 %

Related Party Transactions (Tab

Related Party Transactions (Tables)	Apr. 04, 2021
Related Party Transactions [Abstract]
Summary of Minimum Lease Payments Sale Lease back Transactions	Remainder of 2021 $ 3,560 2022 4,836 2023 4,932 2024 5,031 2025 5,132 Thereafter 89,350 Total lease payments 112,841 Less: imputed interest (85,742 ) Total $ 27,099

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	3 Months Ended
	Apr. 04, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Condensed Balance Sheet Statements	The following table shows the carrying amounts of assets and liabilities of Oxbow Realty that are consolidated by us as of April 4, 2021 and January 3, 2021. The assets and liabilities are presented prior to consolidation, and thus a portion of these assets and liabilities are eliminated in consolidation. April 4, January 3, Cash and cash equivalents $ 434 $ 860 Prepaid expenses 211 99 Finance receivable 36,810 36,930 Total assets $ 37,455 $ 37,889 Accounts payable $ 697 $ 672 Accrued expenses 21 9 Debt 38,529 38,776 Total liabilities $ 39,247 $ 39,457
Summary of Condensed Income Statements	The following table shows the revenue and expenses of Oxbow Realty that are consolidated by us for the three months ended April 4, 2021, which we began consolidating on September 29, 2020. We have included these amounts, net of eliminations, in the corresponding tables in the notes to our condensed consolidated financial statements. Three Months Ended April 4, 2021 Revenue $ 1,345 General and administrative expenses 252 Interest expense 335 Total expenses 587 Net income $ 758

Nature of Business - Additional

Nature of Business - Additional information (Details) - USD ($) $ / shares in Units, $ in Thousands	Apr. 23, 2021	Apr. 04, 2021	Mar. 29, 2020
Sale of Stock [Line items]
Payments of stock issuance costs		$ 1,199	$ 0
IPO [Member]
Sale of Stock [Line items]
Issued of common stock	8,004,000
Offering price	$ 14
Proceeds from IPO	$ 100,312
Payments of stock issuance costs	3,900
Commissions	$ 7,844

Basis of Presentation and Pri_4

Basis of Presentation and Principles of Consolidation - Summary of Basic And Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
		Apr. 04, 2021	Mar. 29, 2020
Numerator:
Net loss attributable to CMI Acquisition, LLC		$ (2,811)	$ (1,372)
Undistributed preferred return to Class B Preferred Unitholders		(359)
Net loss attributable to Common Unitholders		$ (3,170)
Denominator:
Weighted-average Units outstanding, basic and diluted		3,060,343
Common Units [Member]
Denominator:
Weighted-average shares outstanding	[1]	3,060,343,000
Net loss per unit attributable to Common Unitholders, basic and diluted		$ (1.04)
Preferred Unit [Member]
Denominator:
Weighted-average Units outstanding, basic and diluted			18,000,000,000
Net loss per unit attributable to Common Unitholders, basic and diluted			$ (0.08)
[1]	This number reflects the April 14, 2021 corporate conversion of 2,105,936 Common Units into 3,060,343 shares of common stock.

Basis of Presentation and Pri_5

Basis of Presentation and Principles of Consolidation - Summary of Basic And Diluted Net Loss Per Share (Parenthetical) (Details)	Apr. 04, 2021shares
Common Units [member]
Weighted average number of shares outstanding to reflect corporate conversion	2,105,936
Common Stock [member]
Weighted average number of shares outstanding to reflect corporate conversion	3,060,343

Basis of Presentation and Pri_6

Basis of Presentation and Principles of Consolidation - Additional Information (Details)	3 Months Ended
	Apr. 04, 2021USD ($)Segmentshares	Mar. 29, 2020shares
Lessee, Lease, Description [Line Items]
Number of Operating Segments | Segment	1
Common units option outstanding | shares	0
Class B Preferred Units [Member]
Lessee, Lease, Description [Line Items]
Preferred units rate of return	8.00%
CNF Lease [Member]
Lessee, Lease, Description [Line Items]
Lessee, Operating Lease, Term of Contract	23 years
Operating Lease, Payments	$ 1
Operating lease payment in the event of termination of agreement	$ 15,000,000
CNF Lease [Member] | Minimum [Member]
Lessee, Lease, Description [Line Items]
Lessee, Operating Lease, Term of Contract	18 months
Lessee, Operating Lease, Liability, to be Paid	$ 23
Share-based Payment Arrangement, Option [Member]
Lessee, Lease, Description [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | shares		3,052,672

Summary of Significant Accoun_2

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)	3 Months Ended
	Apr. 04, 2021	Mar. 29, 2020
Accounting Policies [Abstract]
Significant accounting changes amount	$ 0
Royalty expense	56,000	$ 841,000
Payments for royalties	$ 3,356,000	$ 2,539,000

Revenue - Summary of Disaggrega

Revenue - Summary of Disaggregated Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 04, 2021	Mar. 29, 2020
Disaggregation of Revenue [Line Items]
Total revenue	$ 48,101	$ 36,904
Lease Revenue [Member]
Disaggregation of Revenue [Line Items]
Total revenue	1,167
Revenue Recognized Foundary Services Obligation [Member]
Disaggregation of Revenue [Line Items]
Total revenue		388
Point In Time [Member]
Disaggregation of Revenue [Line Items]
Total revenue	10,019	12,930
Over Time [Member]
Disaggregation of Revenue [Line Items]
Total revenue	36,915	23,586
Total Topic 606 Revenue [Member]
Disaggregation of Revenue [Line Items]
Total revenue	46,934	36,516
Wafer Services [Member] | Total Revenue [Member]
Disaggregation of Revenue [Line Items]
Total revenue	10,019	13,318
Wafer Services [Member] | Revenue Recognized Foundary Services Obligation [Member]
Disaggregation of Revenue [Line Items]
Total revenue		388
Wafer Services [Member] | Point In Time [Member]
Disaggregation of Revenue [Line Items]
Total revenue	10,019	12,930
Wafer Services [Member] | Total Topic 606 Revenue [Member]
Disaggregation of Revenue [Line Items]
Total revenue	10,019	12,930
Advanced Technology Services TM [Member] | Total Revenue [Member]
Disaggregation of Revenue [Line Items]
Total revenue	10,792	19,406
Advanced Technology Services TM [Member] | Over Time [Member]
Disaggregation of Revenue [Line Items]
Total revenue	10,792	19,406
Advanced Technology Services TM [Member] | Total Topic 606 Revenue [Member]
Disaggregation of Revenue [Line Items]
Total revenue	10,792	19,406
Advanced Technology Services Fixed Price [Member] | Total Revenue [Member]
Disaggregation of Revenue [Line Items]
Total revenue	26,123	4,180
Advanced Technology Services Fixed Price [Member] | Over Time [Member]
Disaggregation of Revenue [Line Items]
Total revenue	26,123	4,180
Advanced Technology Services Fixed Price [Member] | Total Topic 606 Revenue [Member]
Disaggregation of Revenue [Line Items]
Total revenue	26,123	4,180
Advanced Technology Services Other [Member] | Total Revenue [Member]
Disaggregation of Revenue [Line Items]
Total revenue	1,167
Advanced Technology Services Other [Member] | Lease Revenue [Member]
Disaggregation of Revenue [Line Items]
Total revenue	1,167
Advanced Technology Services Total [Member] | Total Revenue [Member]
Disaggregation of Revenue [Line Items]
Total revenue	38,082	23,586
Advanced Technology Services Total [Member] | Lease Revenue [Member]
Disaggregation of Revenue [Line Items]
Total revenue	1,167
Advanced Technology Services Total [Member] | Over Time [Member]
Disaggregation of Revenue [Line Items]
Total revenue	36,915	23,586
Advanced Technology Services Total [Member] | Total Topic 606 Revenue [Member]
Disaggregation of Revenue [Line Items]
Total revenue	$ 36,915	$ 23,586

Revenue - Summary of Revenue by

Revenue - Summary of Revenue by Country (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 04, 2021	Mar. 29, 2020
Disaggregation of Revenue [Line Items]
Revenues	$ 48,101	$ 36,904
Canada
Disaggregation of Revenue [Line Items]
Revenues	1,609	3,036
United States
Disaggregation of Revenue [Line Items]
Revenues	43,621	31,470
All others
Disaggregation of Revenue [Line Items]
Revenues	$ 2,871	$ 2,398

Revenue - Summary of Deferred R

Revenue - Summary of Deferred Revenue (Details) - USD ($) $ in Thousands	Apr. 04, 2021	Jan. 03, 2021
Revenue Recognition and Deferred Revenue [Abstract]
Contract Liabilities Current	$ 17,870	$ 25,986
Contract Liabilities Long-term	74,223	79,455
Contract Liabilities Total	92,093	105,441
Deferred Lease Revenue Current	4,667	4,667
Deferred Lease Revenue Long-term	14,778	15,944
Deferred Lease Revenue Total	19,445	20,611
Total Deferred Revenue Current	22,537	30,653
Total Deferred Revenue Long-term	89,001	95,399
Total Deferred Revenue Total	$ 111,538	$ 126,052

Revenue - Summary of Performanc

Revenue - Summary of Performance Obligations (Details) $ in Thousands	Apr. 04, 2021USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue remaining performance obligation amount	$ 86,765
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-04
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue remaining performance obligation amount	$ 12,542
Revenue remaining performance obligation expected timing of satisfaction period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-04
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue remaining performance obligation amount	$ 13,921
Revenue remaining performance obligation expected timing of satisfaction period	24 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-04
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue remaining performance obligation amount	$ 12,695
Revenue remaining performance obligation expected timing of satisfaction period	36 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-04
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue remaining performance obligation amount	$ 47,607
Revenue remaining performance obligation expected timing of satisfaction period	48 months

Revenue - Additional Informatio

Revenue - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 04, 2021	Mar. 29, 2020	Jan. 03, 2021
Revenue from Contract with Customer [Abstract]
Percentage of contract liabilities recognized in revenue	15.00%
Contract with customer asset net	$ 9,874		$ 8,147
Deferred ​contract ​cost amortization	551	$ 0
Revenue remaining performance obligation amount	$ 86,765

Balance Sheet Information - Sum

Balance Sheet Information - Summary of Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Apr. 04, 2021	Jan. 03, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable, net	$ 26,730	$ 29,995
Trade accounts receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable, net	16,372	21,357
Unbilled revenue (contract assets)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable, net	9,874	8,147
Note receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable, net	230	230
Employee note receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable, net	225	222
Other receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable, net	$ 29	$ 39

Balance Sheet Information - S_2

Balance Sheet Information - Summary Of Inventories (Details) - USD ($) $ in Thousands	Apr. 04, 2021	Jan. 03, 2021
Inventory Disclosure [Abstract]
Raw materials	$ 1,867	$ 1,463
Work-in-process	23,808	19,719
Supplies and spare parts	5,555	5,987
Total inventories—current	31,230	27,169
Supplies and spare parts classified as other assets	2,160	1,949
Total inventories	$ 33,390	$ 29,118

Balance Sheet Information - S_3

Balance Sheet Information - Summary of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands		Apr. 04, 2021	Jan. 03, 2021
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid expenses		$ 2,101	$ 2,761
Equipment purchased for customers	[1]	975	5,343
Deferred contract costs		1,459	1,647
Deferred offering costs		3,382	2,183
Other		92	38
Total prepaid assets and other current assets		$ 8,009	$ 11,972
[1]	We acquired equipment for a customer that we will install and calibrate in our facility. Prior to the customer obtaining ownership and control of the equipment, we recorded costs incurred to date within prepaid expenses and other current assets.

Balance Sheet Information - S_4

Balance Sheet Information - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Apr. 04, 2021	Jan. 03, 2021
Property, Plant and Equipment [Abstract]
Land	$ 5,396	$ 5,396
Buildings and improvements	86,267	85,197
Machinery and equipment	134,875	124,130
Fixed assets not yet in service	11,930	22,602
Total property and equipment, at cost	238,468	237,325
Less: Accumulated depreciation	(65,294)	(59,247)
Total property and equipment, net	$ 173,174	$ 178,078

Balance Sheet Information - S_5

Balance Sheet Information - Summary of Intangible Assets (Details) - USD ($) $ in Thousands	Apr. 04, 2021	Jan. 03, 2021
Finite-Lived Intangible Assets [Line Items]
Total intangible assets, at cost	$ 7,127	$ 6,908
Less: Accumulated amortization	(2,782)	(2,347)
Total intangible assets, net	4,345	4,561
Customer list
Finite-Lived Intangible Assets [Line Items]
Total intangible assets, at cost	1,500	1,500
Software and licenses
Finite-Lived Intangible Assets [Line Items]
Total intangible assets, at cost	$ 5,627	$ 5,408

Balance Sheet Information - S_6

Balance Sheet Information - Summary of Remaining Estimated Aggregate Annual Amortization Expense (Details) - USD ($) $ in Thousands	Apr. 04, 2021	Jan. 03, 2021
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
Remainder of 2021	$ 1,280
2022	1,117
2023	777
2024	422
2025	421
Thereafter	328
Total	$ 4,345	$ 4,561

Balance Sheet Information - S_7

Balance Sheet Information - Summary of Other Assets (Details) - USD ($) $ in Thousands	Apr. 04, 2021	Jan. 03, 2021
Other Assets, Noncurrent [Abstract]
Supplies and spare parts	$ 2,160	$ 1,949
Deferred contract costs	2,028	2,049
Other assets	419	0
Total other assets	$ 4,607	$ 3,998

Balance Sheet Information - S_8

Balance Sheet Information - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands	Apr. 04, 2021	Jan. 03, 2021
Payables and Accruals [Abstract]
Accrued compensation	$ 6,148	$ 6,315
Accrued commissions	2,824	5,183
Accrued fixed asset expenditures	1,885	6,337
Accrued royalties	1,895	2,145
Accrued customer payable	1,119	783
Other accrued expenses	8,236	4,733
Total accrued expenses	$ 22,107	$ 25,496

Balance Sheet Information - Add

Balance Sheet Information - Additional Information (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Apr. 04, 2021	Mar. 29, 2020
Debt Instrument [Line Items]
Depreciation		$ 6,047	$ 4,131
Customer list
Debt Instrument [Line Items]
Amortization of intangible assets		88	88
Software and licenses
Debt Instrument [Line Items]
Amortization of intangible assets		$ 347	$ 103
Key Employee
Debt Instrument [Line Items]
Debt instrument, face amount	$ 222
Debt instrument, interest rate	6.00%
Debt instrument, maturity date	Mar. 31, 2022

Debt - Summary of Debt Outstand

Debt - Summary of Debt Outstanding (Details) - USD ($) $ in Thousands	Apr. 04, 2021	Jan. 03, 2021
Debt Instrument [Line Items]
Long-term Debt	$ 90,376
Total long-term debt	85,541	$ 72,600
Less: Current portion of long-term debt	(3,853)	(2,772)
Long-term debt, excluding current portion and unamortized debt issuance costs	81,688	69,828
VIE Financing
Debt Instrument [Line Items]
Long-term Debt	35,215	35,381
Paycheck Protection Program Loan
Debt Instrument [Line Items]
Long-term Debt	6,453	6,453
Revolving Credit Facility | Line of Credit [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 43,873	$ 30,766

Debt - Summary of Debt Outsta_2

Debt - Summary of Debt Outstanding (Parenthetical) (Details) - USD ($) $ in Thousands	Apr. 04, 2021	Jan. 03, 2021
VIE Financing
Debt Instrument [Line Items]
Unamortized Debt Issuance Costs	$ 3,375	$ 3,458
Revolving Credit Facility [Member] | Line of Credit [Member]
Debt Instrument [Line Items]
Unamortized Debt Issuance Costs	$ 1,460	$ 1,537

Debt - Summary of Future Princi

Debt - Summary of Future Principal Payments (Details) $ in Thousands	Apr. 04, 2021USD ($)
Long-term Debt, Fiscal Year Maturity [Abstract]
Remainder of 2021	$ 2,523
2022	5,333
2023	1,422
2024	1,094
2025	46,470
Thereafter	33,534
Total	$ 90,376

Debt - Additional Information (

Debt - Additional Information (Details) - USD ($) $ in Thousands	Apr. 04, 2021	Apr. 18, 2020	Sep. 30, 2020
Revolving Credit Facility
Debt Instrument [Line Items]
Remaining borrowing capacity	$ 19,667
Maturity date description	December 2025
Revolving Credit Facility | Amended And Restated Revolving Credit Agreement [Member]
Debt Instrument [Line Items]
Line of credit	$ 45,333
Debt instrument, interest rate	3.00%
VIE Financing
Debt Instrument [Line Items]
Debt instrument, interest rate	3.44%
Debt instrument, face amount			$ 39,000
Long term debt non-current	$ 38,590
Frequency of periodic payment	monthly
Debt instrument, periodic payment	$ 194
Debt instrument, term	10 years
Debt instrument, maturity date	Oct. 6, 2030
Paycheck Protection Program Loan
Debt Instrument [Line Items]
Debt instrument, interest rate		1.00%
Proceeds from issuance of other long term debt		$ 6,453
Maturity date description	July 2023
Debt instrument, periodic payment	$ 363

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 04, 2021	Mar. 29, 2020	Jan. 03, 2021
Income Tax Disclosure [Abstract]
Effective income tax rate percent	17.20%	40.70%
Federal statutory income tax rate, percent	21.00%	21.00%
Deferred tax assets, valuation allowance	$ 1,401		$ 1,609
Penalties and interest expense	$ 0	$ 0

Members' Equity (Deficit) - Add

Members' Equity (Deficit) - Additional Information (Details) $ / shares in Units, $ in Thousands	Apr. 14, 2021$ / sharesshares	Apr. 04, 2021USD ($)shares	Dec. 18, 2020shares	Nov. 01, 2020Directorsshares	Apr. 04, 2021USD ($)shares	Mar. 29, 2020USD ($)	Apr. 21, 2021shares	Jan. 03, 2021shares
Class of Stock [Line Items]
Common shares authorized	200,000,000
Common shares, per share | $ / shares	$ 0.01
Preferred shares authorized	80,000,000
Preferred shares, per share | $ / shares	$ 0.01
Common shares, issued	31,055,743
Common shares outstanding	31,055,743
Preferred shares outstanding	0
General and Administrative Expense [Member]
Class of Stock [Line Items]
Share-based compensation expense | $					$ 5	$ 488
2021 Equity Incentive Plan [Member]
Class of Stock [Line Items]
Capital Shares Reserved for Future Issuance		5,000,000			5,000,000
2021 Employee Stock Purchase Plan [Member]
Class of Stock [Line Items]
Share-based Compensation employee subscription rate		15.00%			15.00%
2021 Employee Stock Purchase Plan [Member] | Maximum [Member]
Class of Stock [Line Items]
Capital Shares Reserved for Future Issuance		700,000			700,000
Share-based compensation service period		27 months
2021 Employee Stock Purchase Plan [Member] | Minimum [Member]
Class of Stock [Line Items]
Share-based compensation service period		6 months
Restricted Stock Units (RSUs) [Member]
Class of Stock [Line Items]
Share-based compensation grant				4,672
Number of directors | Directors				2
Number of shares conversion of convertible securities				6,788
Share-based Payment Arrangement, Option [Member] | 2021 Equity Incentive Plan [Member]
Class of Stock [Line Items]
Number of share-based compensation arrangement outstanding							1,087,157
Share-based Payment Arrangement, Option [Member] | 2021 Employee Stock Purchase Plan [Member]
Class of Stock [Line Items]
Share-based compensation arrangement outstanding stock maximum		15.00%
Capital Units [Member]
Class of Stock [Line Items]
Number Shares, conversion of units	31,055,743
Common Stock [Member] | 2021 Employee Stock Purchase Plan [Member]
Class of Stock [Line Items]
Share-based compensation purchased for award		2,500
Class A Preferred Units [Member]
Class of Stock [Line Items]
Preferred units authorized		2,000,000			2,000,000			2,000,000
Preferred units issued		0			0			0
Preferred units outstanding		0			0			0
Class B Preferred Units [Member]
Class of Stock [Line Items]
Preferred units authorized		18,000,000			18,000,000			18,000,000
Preferred units issued		18,000,000			18,000,000			18,000,000
Preferred units outstanding		18,000,000			18,000,000			18,000,000
Number Shares, conversion of units	27,995,400
Percentage of preferred return on original equity value of shares	8.00%
Common Units [Member]
Class of Stock [Line Items]
Preferred units authorized		5,000,000			5,000,000			5,000,000
Preferred units issued		3,057,344			3,057,344			3,057,344
Preferred units outstanding		2,107,452			2,107,452			2,107,452
Number Shares, conversion of units	3,060,343
Common Units [Member] | Restricted Stock Units (RSUs) [Member]
Class of Stock [Line Items]
Number Shares, conversion of units			1,602,588
Restricted Common Stock Units [Member]
Class of Stock [Line Items]
Unrecognized compensation cost | $		$ 9,022			$ 9,022
Restricted Common Stock Units [Member] | 2021 Equity Incentive Plan [Member]
Class of Stock [Line Items]
Share-based compensation arrangement grant		645,747
Restricted Common Stock Units [Member] | Restricted Stock Units (RSUs) [Member]
Class of Stock [Line Items]
Number of shares, corporate conversion			2,328,880

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Change in Level 3 Assets Measured at Fair Value On a Recurring Basis (Detail) - Fair Value, Inputs, Level 3 [Member] - Fair Value, Recurring [Member] $ in Thousands	3 Months Ended
	Apr. 04, 2021USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	$ 10,900
Payments	(3,356)
Change in fair value	56
Ending Balance	$ 7,600

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) $ in Thousands	Apr. 04, 2021USD ($)
Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total future cash payments	$ 8,500
Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total future cash payments	$ 7,600

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands	Mar. 01, 2017	Mar. 29, 2020
Semiconductor Wafers [Member] | Foundry Services Agreement [Member]
Commitments And Contingencies [Line Items]
Agreement term	2020-06
Customer guaranteed period	40 months
Wafer Services [Member] | One Customer [Member]
Commitments And Contingencies [Line Items]
Revenue		$ 12,545

Major Customers and Concentra_3

Major Customers and Concentration Risk - Summary of Concentration Risk Percentage of Customers (Details) - Sales Revenue, Net [Member]	3 Months Ended
	Apr. 04, 2021	Mar. 29, 2020
Concentration Risk [Line Items]
Concentration Risk, Percentage	66.00%	61.00%
Customer A [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	37.00%
Customer B [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	19.00%	34.00%
Customer C [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	10.00%	27.00%

Major Customers and Concentra_4

Major Customers and Concentration Risk - Summary of Concentration Risk percentage of customers (Parenthetical) (Details) - Sales Revenue, Net [Member]	3 Months Ended
	Apr. 04, 2021	Mar. 29, 2020
Concentration Risk [Line Items]
Concentration Risk, Percentage	66.00%	61.00%
Maximum [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	10.00%	10.00%

Major Customers and Concentra_5

Major Customers and Concentration Risk - Additional Information (Details) - Accounts Receivable [Member] - Customers	Apr. 04, 2021	Jan. 03, 2021
Concentration Risk [Line Items]
Number of Customers	3	4
Customer One [Member]
Concentration Risk [Line Items]
Concentration risk percentage	24.00%	30.00%
Customer Two [Member]
Concentration Risk [Line Items]
Concentration risk percentage	19.00%	20.00%
Customer Three [Member]
Concentration Risk [Line Items]
Concentration risk percentage	17.00%	19.00%
Customer Four [Member]
Concentration Risk [Line Items]
Concentration risk percentage		18.00%

Related Party Transactions - Su

Related Party Transactions - Summary of Minimum Lease Payments Sale Lease back Transactions (Details) $ in Thousands	Apr. 04, 2021USD ($)
Minimum Lease Payments, Sale Leaseback Transactions, Fiscal Year Maturity [Abstract]
Remainder of 2021	$ 3,560
2022	4,836
2023	4,932
2024	5,031
2025	5,132
Thereafter	89,350
Total lease payments	112,841
Less: imputed interest	(85,742)
Total	$ 27,099

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands	Sep. 29, 2020	Apr. 04, 2021	Mar. 29, 2020
Land and Building [Member] | Oxbow Realty [Member]
Related Party Transaction [Line Items]
Operating leases rent expense	$ 394
Operating lease term	20 years
Percentage of operating lease rent payments	2.00%
General and Administrative Expense [Member] | Board Of Directors [Member]
Related Party Transaction [Line Items]
Expenses from transactions with related party		$ 116	$ 62
General and Administrative Expense [Member] | Oxbow Industries LLC [Member]
Related Party Transaction [Line Items]
Expenses from transactions with related party		160	$ 160
Maximum [Member] | Oxbow Industries LLC [Member]
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction		$ 700

Variable Interest Entities - Su

Variable Interest Entities - Summary of Condensed Balance Sheet Statements (Details) - USD ($) $ in Thousands	Apr. 04, 2021	Jan. 03, 2021	Mar. 29, 2020	Dec. 29, 2019
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	$ 4,216	$ 7,436	$ 30,033	$ 4,605
Prepaid expenses	2,101	2,761
Total assets	252,311	263,209
Accounts payable	15,845	16,792
Accrued expenses	22,107	25,496
Total liabilities	256,924	264,793
Variable Interest Entity, Primary Beneficiary [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	434	860
Prepaid expenses	211	99
Finance receivable	36,810	36,930
Total assets	37,455	37,889
Accounts payable	697	672
Accrued expenses	21	9
Debt	38,529	38,776
Total liabilities	$ 39,247	$ 39,457

Variable Interest Entities - _2

Variable Interest Entities - Summary of Condensed Income Statements (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 04, 2021	Mar. 29, 2020
Condensed Income Statements, Captions [Line Items]
Revenues	$ 48,101	$ 36,904
General and Administrative Expense	8,603	5,633
Interest Expense	1,058	1,462
Net income	(2,811)	$ (1,372)
Variable Interest Entity, Primary Beneficiary [Member]
Condensed Income Statements, Captions [Line Items]
Revenues	1,345
General and Administrative Expense	252
Interest Expense	335
Total expenses	587
Net income	$ 758