Holley (HLLY) 10-Q 8 Nov 24 2024 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 29, 2024	Nov. 06, 2024
Document Information [Line Items]
Entity Central Index Key	0001822928
Entity Registrant Name	Holley Inc.
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2024
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 29, 2024
Document Transition Report	false
Entity File Number	001-39599
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	87-1727560
Entity Address, Address Line One	2445 Nashville Road, Suite B1
Entity Address, City or Town	Bowling Green
Entity Address, State or Province	KY
Entity Address, Postal Zip Code	42101
City Area Code	270
Local Phone Number	782-2900
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		119,797,033
Warrant [Member]
Document Information [Line Items]
Title of 12(b) Security	Warrants to purchase common stock
Trading Symbol	HLLY WS
Security Exchange Name	NYSE
Common Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.0001
Trading Symbol	HLLY
Security Exchange Name	NYSE

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 29, 2024	Dec. 31, 2023
ASSETS
Cash and cash equivalents	$ 50,751	$ 41,081
Accounts receivable, less allowance for credit losses of $1,970 and $1,577 respectively	44,492	48,360
Inventory	179,285	192,260
Prepaids and other current assets	16,332	15,665
Assets held for sale	7,696	0
Total current assets	298,556	297,366
Property, plant, and equipment, net	42,718	47,206
Goodwill	413,245	419,056
Other intangibles assets, net	398,804	410,465
Right-of-use assets	30,911	29,250
Total assets	1,184,234	1,203,343
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable	52,738	43,692
Accrued interest	487	455
Accrued liabilities	41,164	42,129
Current portion of long-term debt	7,479	7,461
Total current liabilities	101,868	93,737
Long-term debt, net of current portion	548,905	576,710
Warrant liability	813	8,383
Earn-out liability	1,138	3,479
Deferred taxes	45,008	53,542
Other noncurrent liabilities	27,759	26,341
Total liabilities	725,491	762,192
Commitments and contingencies (Refer to Note 15 - Commitments and Contingencies)
Stockholders' equity:
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, none issued and outstanding on September 29, 2024 and December 31, 2023	0	0
Common stock, $0.0001 par value, 550,000,000 shares authorized, 118,703,283 and 117,707,280 shares issued and outstanding on September 29, 2024 and December 31, 2023, respectively	12	12
Additional paid-in capital	376,670	373,869
Accumulated other comprehensive loss	(466)	(710)
Retained earnings	82,527	67,980
Total stockholders' equity	458,743	441,151
Total liabilities and stockholders' equity	$ 1,184,234	$ 1,203,343

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ in Thousands	Sep. 29, 2024	Dec. 31, 2023
Accounts Receivable, Allowance for Credit Loss, Current	$ 1,970	$ 1,577
Preferred Stock, Par or Stated Value Per Share (in dollars per share)	$ 0.0001	$ 0.0001
Preferred Stock, Shares Authorized (in shares)	5,000,000	5,000,000
Preferred Stock, Shares Issued (in shares)	0	0
Preferred Stock, Shares Outstanding (in shares)	0	0
Common Stock, Par or Stated Value Per Share (in dollars per share)	$ 0.0001	$ 0.0001
Common Stock, Shares Authorized (in shares)	550,000,000	550,000,000
Common Stock, Shares, Issued (in shares)	118,703,283	117,707,280
Common Stock, Shares, Outstanding (in shares)	118,703,283	117,707,280

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Oct. 01, 2023	Sep. 29, 2024	Oct. 01, 2023
Net sales	$ 134,038	$ 156,530	$ 462,170	$ 503,997
Cost of goods sold	81,732	98,156	287,512	308,162
Gross profit	52,306	58,374	174,658	195,835
Selling, general, and administrative	30,109	28,880	97,675	87,998
Research and development costs	4,620	6,100	13,743	18,935
Amortization of intangible assets	3,436	3,687	10,307	11,040
Restructuring costs	954	415	1,566	2,106
Write-down of assets held-for-sale	7,505	0	7,505	0
Other operating expense	119	(28)	213	508
Total operating expense	46,743	39,054	131,009	120,587
Operating income	5,563	19,320	43,649	75,248
Fair value adjustments to warrant liability	(1,041)	2,064	(7,570)	5,516
Fair value adjustments to earn-out liability	(634)	700	(2,341)	2,089
Loss on early extinguishment of long-term debt	0	0	141	0
Interest expense, net	(15,010)	(13,712)	(39,192)	(41,909)
Total non-operating expense	13,335	16,476	29,422	49,514
Income (loss) before income taxes	(7,772)	2,844	14,227	25,734
Income tax expense (benefit)	(1,484)	2,092	(320)	7,756
Net income (loss)	(6,288)	752	14,547	17,978
Comprehensive income (loss):
Foreign currency translation adjustment	386	(176)	244	(103)
Total comprehensive income (loss)	$ (5,902)	$ 576	$ 14,791	$ 17,875
Common Share Data:
Weighted average common shares outstanding - basic (in shares)	118,694,139	117,397,069	118,345,442	117,256,959
Weighted average common shares outstanding - diluted (in shares)	118,694,139	119,245,956	119,153,568	118,119,501
Basic net income (loss) per share (in dollars per share)	$ (0.05)	$ 0.01	$ 0.12	$ 0.15
Diluted net income (loss) per share (in dollars per share)	$ (0.05)	$ 0.01	$ 0.12	$ 0.15

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Dec. 31, 2022	117,147,997
Balance at Dec. 31, 2022	$ 12	$ 368,122	$ (944)	$ 48,800	$ 415,990
Net income (loss)	0	0	0	4,247	4,247
Equity compensation	0	394	0	0	394
Foreign currency translation adjustment	0	0	(199)	0	(199)
Tax withholding related to vesting of restricted stock units	$ 0	(34)	0	0	(34)
Issuance of shares for restricted stock units (in shares)	24,219
Issuance of shares for restricted stock units	$ 0	0	0	0	0
Balance (in shares) at Apr. 02, 2023	117,172,216
Balance at Apr. 02, 2023	$ 12	368,482	(1,143)	53,047	420,398
Balance (in shares) at Dec. 31, 2022	117,147,997
Balance at Dec. 31, 2022	$ 12	368,122	(944)	48,800	415,990
Net income (loss)					17,978
Foreign currency translation adjustment					(103)
Balance (in shares) at Oct. 01, 2023	117,473,122
Balance at Oct. 01, 2023	$ 12	372,158	(1,047)	66,778	437,901
Balance (in shares) at Apr. 02, 2023	117,172,216
Balance at Apr. 02, 2023	$ 12	368,482	(1,143)	53,047	420,398
Net income (loss)	0	0	0	12,979	12,979
Equity compensation	0	1,806	0	0	1,806
Foreign currency translation adjustment	0	0	272	0	272
Tax withholding related to vesting of restricted stock units	$ 0	(39)	0	0	(39)
Issuance of shares for restricted stock units (in shares)	77,638
Issuance of shares for restricted stock units	$ 0	0	0	0	0
Balance (in shares) at Jul. 02, 2023	117,249,854
Balance at Jul. 02, 2023	$ 12	370,249	(871)	66,026	435,416
Net income (loss)	0	0	0	752	752
Equity compensation	0	2,970	0	0	2,970
Foreign currency translation adjustment	0	0	(176)	0	(176)
Tax withholding related to vesting of restricted stock units	$ 0	(1,061)	0	0	(1,061)
Issuance of shares for restricted stock units (in shares)	223,268
Issuance of shares for restricted stock units	$ 0	0	0	0	0
Balance (in shares) at Oct. 01, 2023	117,473,122
Balance at Oct. 01, 2023	$ 12	372,158	(1,047)	66,778	437,901
Balance (in shares) at Dec. 31, 2023	117,707,280
Balance at Dec. 31, 2023	$ 12	373,869	(710)	67,980	441,151
Net income (loss)	0	0	0	3,730	3,730
Equity compensation	0	1,141	0	0	1,141
Foreign currency translation adjustment	0	0	(186)	0	(186)
Tax withholding related to vesting of restricted stock units	$ 0	(921)	0	0	(921)
Issuance of shares for restricted stock units (in shares)	604,061
Issuance of shares for restricted stock units	$ 0	0	0	0	0
Balance (in shares) at Mar. 31, 2024	118,311,341
Balance at Mar. 31, 2024	$ 12	374,089	(896)	71,710	444,915
Balance (in shares) at Dec. 31, 2023	117,707,280
Balance at Dec. 31, 2023	$ 12	373,869	(710)	67,980	441,151
Net income (loss)					14,547
Foreign currency translation adjustment					244
Balance at Sep. 29, 2024					458,743
Balance (in shares) at Mar. 31, 2024	118,311,341
Balance at Mar. 31, 2024	$ 12	374,089	(896)	71,710	444,915
Net income (loss)	0	0	0	17,105	17,105
Equity compensation	0	1,621	0	0	1,621
Foreign currency translation adjustment	0	0	44	0	44
Tax withholding related to vesting of restricted stock units	$ 0	(516)	0	0	(516)
Issuance of shares for restricted stock units (in shares)	372,131
Issuance of shares for restricted stock units	$ 0	0	0	0	0
Balance (in shares) at Jun. 30, 2024	118,683,472
Balance at Jun. 30, 2024	$ 12	375,194	(852)	88,815	463,169
Net income (loss)					(6,288)
Foreign currency translation adjustment					386
Balance at Sep. 29, 2024					458,743
Balance (in shares) at Jun. 30, 2024	118,683,472
Balance at Jun. 30, 2024	$ 12	375,194	(852)	88,815	463,169
Net income (loss)	0	0	0	(6,288)	(6,288)
Equity compensation	0	1,521	0	0	1,521
Foreign currency translation adjustment	0	0	386	0	386
Tax withholding related to vesting of restricted stock units	$ 0	(45)	0	0	(45)
Issuance of shares for restricted stock units (in shares)	19,811
Issuance of shares for restricted stock units	$ 0	0	0	0	0
Balance (in shares) at Sep. 30, 2024	118,703,283
Balance at Sep. 30, 2024	$ 12	$ 376,670	$ (466)	$ 82,527	$ 458,743

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 29, 2024	Oct. 01, 2023
OPERATING ACTIVITIES:
Net income	$ 14,547	$ 17,978
Adjustments to reconcile net income to net cash from operating activities:
Depreciation	7,364	7,738
Amortization of intangible assets	10,307	11,040
Amortization of deferred loan costs	1,314	1,339
Amortization of right of use assets	4,103	4,014
Write-down of assets held-for-sale	7,505	0
Fair value adjustments to warrant liability	(7,570)	5,516
Fair value adjustments to earn-out liability	(2,341)	2,089
Fair value adjustments to interest rate collar	(151)	(3,185)
Equity compensation	4,283	5,170
Change in deferred taxes	(8,534)	(8,616)
Loss on early extinguishment of long-term debt	141	0
Gain on disposal of property, plant and equipment	(568)	(227)
Provision for inventory reserves	10,451	3,824
Provision for credit losses	528	744
Accounts receivable	3,359	(1,054)
Inventories	(2,303)	21,046
Prepaids and other current assets	(653)	4,862
Accounts payable	9,025	(5,413)
Accrued interest	32	(5,670)
Accrued and other liabilities	(8,066)	(4,332)
Net cash provided by operating activities	42,773	56,863
INVESTING ACTIVITIES:
Capital expenditures	(4,372)	(4,417)
Proceeds from the disposal of fixed assets	1,645	1,292
Net cash used in investing activities	(2,727)	(3,125)
FINANCING ACTIVITIES:
Deferred financing fees	0	(1,427)
Payments from stock-based award activities	(1,482)	(1,134)
Net cash used in financing activities	(30,314)	(42,998)
Effect of foreign currency rate fluctuations on cash	(62)	(57)
Net change in cash and cash equivalents	9,670	10,683
Beginning of period	41,081	26,150
End of period	50,751	36,833
Supplemental disclosures of cash flow information:
Cash paid for interest	39,453	50,290
Cash paid for income taxes	7,596	16,041
Property and equipment additions included in accounts payable	168	0
Principal Payment [Member]
FINANCING ACTIVITIES:
Principal payments on long-term debt	$ (28,832)	$ (40,437)

Note 1 - Description of the Bus

Note 1 - Description of the Business, Basis of Presentation, and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 29, 2024
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	1. DESCRIPTION OF THE BUSINESS, BASIS OF PRESENTATION, AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Holley Inc., a Delaware corporation headquartered in Bowling Green, Kentucky, conducts operations through its wholly owned subsidiaries. These operating subsidiaries are comprised of Holley Performance Products Inc., Hot Rod Brands, Inc., Simpson Safety Solutions, Inc., B&M Racing and Performance Products, Inc., and Speedshop.com, Inc. When used in these notes, the terms the “Company” or “Holley” mean Holley, Inc. and all entities included in its consolidated financial statements. The Company designs, manufactures and distributes high-performance automotive products to car and truck enthusiasts primarily in the United States, Canada and Europe. The Company is a leading manufacturer of a diversified line of performance automotive products, including carburetors, fuel pumps, fuel injection systems, nitrous oxide injection systems, superchargers, exhaust headers, mufflers, distributors, ignition components, engine tuners and automotive performance plumbing products. The Company is also a leading manufacturer of exhaust products as well as shifters, converters, transmission kits, transmissions, tuners and automotive software. The Company’s products are designed to enhance street, off-road, recreational and competitive vehicle performance through increased horsepower, torque and drivability. The Company has locations in the United States, Canada, Italy and China. Emerging Growth Company Status Section 102 1 Risks and Uncertainties The Company's business and results of operations, financial condition, and liquidity are impacted by broad economic conditions, as well as by geopolitical events, including the conflict in Ukraine, the conflict in the Middle East, and the possible expansion of such conflicts and potential geopolitical consequences. The Company's business is impacted by various economic factors that affect both consumers and the automotive aftermarket industry, including but not ns. In response to inflationary impacts and supply chain disruptions, the Company has attempted to minimize potential adverse impacts on its business with cost savings initiatives, price increases to customers, and increased attention to maintaining appropriate inventory levels in the distribution channel. The Company's profitability has been, and may not not may Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP" or “GAAP”) and applicable rules and regulations of the SEC regarding interim financial reporting. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these interim condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements and notes thereto for the year ended December 31, 2023 March 14, 2024, 10 not The Company operates on a fiscal year that ends on December 31. three nine September 29, 2024 October 1, 2023 13 39 Principles of Consolidation These unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany transactions and accounts have been eliminated in consolidation. Recent Accounting Pronouncements Accounting Standards Not In October 2023, 2023 06, Disclosure Improvements: Codification Amendments in Response to SEC's Disclosure Update and Simplification Initiative. X not In November 2023, 2023 07, Segment Reporting (Topic 280 December 15, 2023 December 15, 2024, In December 2023, 2023 09, Income Taxes (Topic 740 December 15, 2024 December 15, 2025,

Note 2 - Inventory

Note 2 - Inventory	9 Months Ended
	Sep. 29, 2024
Notes to Financial Statements
Inventory Disclosure [Text Block]	2. INVENTORY Inventories of the Company consisted of the following: As of September 29, 2024 December 31, 2023 Raw materials $ 59,071 $ 63,552 Work-in-process 19,669 22,619 Finished goods 100,545 106,089 $ 179,285 $ 192,260 During the 39 September 29, 2024

Note 3 - Property, Plant and Eq

Note 3 - Property, Plant and Equipment, Net	9 Months Ended
	Sep. 29, 2024
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	3. PROPERTY, PLANT AND EQUIPMENT, NET Property, plant and equipment of the Company consisted of the following: As of September 29, 2024 December 31, 2023 Land $ 1,230 $ 3,326 Buildings and improvements 11,936 11,404 Machinery and equipment 72,952 73,332 Construction in process 8,093 6,224 Total property, plant and equipment 94,211 94,286 Less: accumulated depreciation 51,493 47,080 Property, plant and equipment, net $ 42,718 $ 47,206 The Company’s long-lived assets by geographic locations are as follows: As of September 29, 2024 December 31, 2023 United States $ 39,716 $ 44,931 International 3,002 2,275 Total property, plant and equipment, net $ 42,718 $ 47,206 Assets Held for Sale Assets held for sale includes the net book value of assets the Company plans to sell during the fourth 2024. During the 39 September 29, 2024 13 39 September 29, 2024. September 29, 2024 fourth 2024. During the 39 September 29, 2024 September 29, 2024 fourth 2024. As of September 29, 2024, September 29, 2024 As of September 29, 2024 Inventory $ 4,632 Land 2,096 Machinery and equipment 951 Intangible assets 17 Assets Held for Sale $ 7,696

Note 4 - Goodwill and Other Int

Note 4 - Goodwill and Other Intangible Assets	9 Months Ended
	Sep. 29, 2024
Notes to Financial Statements
Goodwill and Intangible Assets Disclosure [Text Block]	4. GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill represents the premium paid over the fair value of the net tangible and identifiable intangible assets acquired in the Company's business combinations. The Company impaired $5,810 of goodwill related to Detroit Speed Engineering during the 39 September 29, 2024 3 No goodwill impairment charges were incurred during the 13 39 September 29, 2024 October 1, 2023 Intangible assets consisted of the following: September 29, 2024 Gross Carrying Amount Accumulated Amortization Net Carrying Value Finite-lived intangible assets: Customer relationships $ 269,950 $ (64,397 ) $ 205,553 Tradenames 13,775 (6,112 ) 7,663 Technology 26,676 (14,899 ) 11,777 Total finite-lived intangible assets $ 310,401 $ (85,408 ) $ 224,993 Indefinite-lived intangible assets: Tradenames $ 173,811 — $ 173,811 December 31, 2023 Gross Carrying Amount Accumulated Amortization Net Carrying Value Finite-lived intangible assets: Customer relationships $ 269,950 $ (55,732 ) $ 214,218 Tradenames 13,775 (5,569 ) 8,206 Technology 26,676 (13,800 ) 12,876 Total finite-lived intangible assets $ 310,401 $ (75,101 ) $ 235,300 Indefinite-lived intangible assets: Tradenames $ 175,165 — $ 175,165 The following outlines the estimated future amortization expense related to intangible assets held as of September 29, 2024 2024 (excluding the thirty-nine weeks ended September 29, 2024) $ 3,436 2025 13,713 2026 13,608 2027 13,602 2028 13,602 Thereafter 167,032 Total $ 224,993

Note 5 - Accrued Liabilities

Note 5 - Accrued Liabilities	9 Months Ended
	Sep. 29, 2024
Notes to Financial Statements
Accrued Liabilities Disclosure [Text Block]	5. ACCRUED LIABILITIES Accrued liabilities of the Company consisted of the following: As of September 29, 2024 December 31, 2023 Accrued freight $ 2,727 $ 5,654 Accrued employee compensation and benefits 11,772 11,696 Accrued returns and allowances 12,583 11,267 Accrued taxes 212 1,475 Current portion of operating lease liabilities 4,302 4,948 Accrued other 9,568 7,089 Total accrued liabilities $ 41,164 $ 42,129

Note 6 - Debt

Note 6 - Debt	9 Months Ended
	Sep. 29, 2024
Notes to Financial Statements
Debt Disclosure [Text Block]	6. DEBT Debt of the Company consisted of the following: As of September 29, 2024 December 31, 2023 First lien term loan due November 17, 2028 $ 564,219 $ 592,505 Other 905 1,974 Less unamortized debt issuance costs (8,740 ) (10,308 ) 556,384 584,171 Less current portion of long-term debt (7,479 ) (7,461 ) $ 548,905 $ 576,710 On November 18, 2021, seven $600,000 first five May 2022, first November 17, 2028. first second The revolving credit facility includes a letter of credit facility in the amount of $10,000, p may may in September 29, 2024 The first September 30, 2028 November 17, 2028. $5,000, may 2023, no 2024. first 39 September 29, 2024 As of September 29, 2024 Secured Overnight Financing Rate ("SOFR") September 29, 2024 The Company has entered into an interest rate collar in the notional amount of $500,000 to hedge the Company's exposure to fluctuations in interest rates on its variable-rate debt. Refer to Note 8, "Derivative Instruments, " Obligations under the Credit Agreement are secured by substantially all of the Company’s assets, including a secured interest in the Company's headquarters, with a carrying value of $5,722. The Credit Agreement includes representations and warranties and affirmative and negative covenants customary for financings of this type, including, but not In February 2023, April 2, 2023 7.25:1.00, June 30, 2024 ( June 30, 2024, 5.00:1.00. April 2023, second May 2023, third September 29, 2024 Some of the lenders that are parties to the Credit Agreement, and their respective affiliates, have various relationships with the Company in the ordinary course of business involving the provision of financial services, including cash management, commercial banking, investment banking or other services. Future maturities of long-term debt and amortization of debt issuance costs as of September 29, 2024 Debt Debt Issuance Costs 2024 (excluding the thirty-nine weeks ended September 29, 2024) $ 3,510 $ 429 2025 7,253 1,876 2026 6,571 2,034 2027 6,571 2,209 2028 541,219 2,192 $ 565,124 $ 8,740

Note 7 - Common Stock Warrants

Note 7 - Common Stock Warrants and Earn-out Liability	9 Months Ended
	Sep. 29, 2024
Notes to Financial Statements
Warrant Liability [Text Block]	7. COMMON STOCK WARRANTS AND EARN-OUT LIABILITY The Company consummated a business combination (the “Business Combination”) pursuant to that certain Agreement and Plan of Merger dated March 11, 2021 ( July 16, 2021, ( one may July 16, 2026, five The Company may 30 30 may 30 may During any period when the Company has failed to maintain an effective registration statement, warrant holders may 3 9 not The Company’s Warrants are accounted for as a liability in accordance with ASC 815 40 September 29, 2024 December 31, 2023 . A de crease of and an increase of in the fair value of the warrant liability was reflected as change in fair value of warrant liability in the condensed consolidated statements of comprehensive income for the 13 September 29, 2024 October 1, 2023 , respectively. A de crease of $7,570 and an increase of $5,516 in the fair value of the warrant liability was reflected as change in fair value of warrant liability in the condensed consolidated statements of comprehensive income for the 39 September 29, 2024 October 1, 2023 , respectively. Additionally, the Sponsor received 2,187,500 shares of Common Stock upon the Closing, which vest in two first first 2022. first not July 16, 2028 ( seven nges in fair value recognized as non-operating expense. As of September 29, 2024 and December 31, 2023 , an earn-out liability with a fair value of and , respectively, was reflected as a long-term liability in the condensed consolidated balance sheet. A decrease of and an increase of in the fair value of the earn-out liability was reflected as change in fair value of earn-out liability in the condensed consolidated statements of comprehensive income for the 13 September 29, 2024 October 1, 2023 , respectively. A decrease of $2,341 and an increase of $2,089 in the fair value of the earn-out liability was reflected as change in fair value of earn-out liability in the condensed consolidated statements of comprehensive income for the 39 September 29, 2024 October 1, 2023 , respectively.

Note 8 - Derivative Instruments

Note 8 - Derivative Instruments	9 Months Ended
	Sep. 29, 2024
Notes to Financial Statements
Derivative Instruments and Hedging Activities Disclosure [Text Block]	8. DERIVATIVE INSTRUMENTS The Company from time to time enters into derivative financial instruments, such as interest rate collar agreements (each, a “Collar”), to manage its exposure to fluctuations in interest rates on the Company’s variable rate debt. On January 4, 2023, February 18, 2026. three No As of September 29, 2024 n other noncurrent assets on the condensed consolidated balance sheet. T he Company recorded a net change in the fair value of the Collar as a decrease to interest expense of $2,204 and , for the 13 39 September 29, 2024 , respectively . 13 39 September 29, 2024 The fair value of the Collar is determined using observable market-based inputs and the impact of credit risk on the derivative’s fair value (the creditworthiness of the Company’s counterparty for assets and the creditworthiness of the Company for liabilities) (a Level 2 Note 9, "Fair Value Measurements")

Note 9 - Fair Value Measurement

Note 9 - Fair Value Measurements	9 Months Ended
	Sep. 29, 2024
Notes to Financial Statements
Fair Value Disclosures [Text Block]	9. FAIR VALUE MEASUREMENTS The Company’s financial liabilities subject to fair value measurement on a recurring basis and the level of inputs used for such measurements were as follows: Fair Value Measured on September 29, 2024 Level 1 Level 2 Level 3 Total Liabilities: Warrant liability (Public) $ 548 $ — $ — $ 548 Warrant liability (Private) — — 265 265 Earn-out liability — — 1,138 1,138 Interest rate collar liability — 1,013 — 1,013 Total fair value liabilities $ 548 $ 1,013 $ 1,403 $ 2,964 Fair Value Measured on December 31, 2023 Level 1 Level 2 Level 3 Total Liabilities: Warrant liability (Public) $ 5,480 $ — $ — $ 5,480 Warrant liability (Private) — — 2,903 2,903 Earn-out liability — — 3,479 3,479 Interest rate collar liability — 1,164 — 1,164 Total fair value liabilities $ 5,480 $ 1,164 $ 6,382 $ 13,026 As of September 29, 2024 7, Common Stock Warrants and Earn-Out Liability, 8, Derivative Instruments not 3 3 . The fair value of the Collar, which is included in other noncurrent assets on the condensed consolidated balance sheet, is determined based on models that reflect the contractual terms of the derivative, yield curves, and the credit quality of the counterparties. Inputs are generally observable and do not 2 1 The fair value of Private Warrants was estimated as of the measurement date using the Monte Carlo simulation model with the following assumptions: September 29, 2024 December 31, 2023 Valuation date price $ 2.95 $ 4.87 Strike price $ 11.50 $ 11.50 Remaining life (in years) 1.79 2.54 Expected dividend $ — $ — Risk-free interest rate 3.65 % 4.01 % Price threshold $ 18.00 $ 18.00 The fair value of the earn-out liability was estimated as of the measurement date using the Monte Carlo simulation model with the following assumptions: September 29, 2024 December 31, 2023 Valuation date price $ 2.95 $ 4.87 Expected term (in years) 3.79 4.54 Expected volatility 63.64 % 67.20 % Risk-free interest rate 3.51 % 3.79 % Price hurdle $ 15.00 $ 15.00 As of September 29, 2024 December 31, 2023 3 The reconciliation of changes in Level 3 39 September 29, 2024 October 1, 2023 Private Warrants Earn-Out Liability Total Balance at December 31, 2022 $ 1,581 $ 1,176 $ 2,757 Losses included in earnings 518 428 946 Balance at October 1, 2023 $ 2,099 $ 1,604 $ 3,703 Balance at December 31, 2023 $ 2,903 $ 3,479 $ 6,382 Gains included in earnings (2,638 ) (2,341 ) (4,979 ) Balance at September 29, 2024 $ 265 $ 1,138 $ 1,403

Note 10 - Revenue

Note 10 - Revenue	9 Months Ended
	Sep. 29, 2024
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	10. REVENUE The principal activity from which the Company generates its revenue is the manufacturing and distribution of after-market automotive parts for its customers, comprised of resellers and end users. The Company recognizes revenue at a point in time, rather than over time, as the performance obligation is satisfied when customer obtains control of the product upon title transfer and not The Company collects sales tax and other taxes concurrent with revenue-producing activities which are excluded from revenue. Shipping and handling costs incurred after control of the product is transferred to our customers are treated as fulfillment costs and not The Company allows customers to return products when certain Company-established criteria are met. These sales returns are recorded as a charge against gross sales in the period in which the related sales are recognized, net of returns to stock. Returned products, which are recorded as inventories, are valued at the lower of cost or net realizable value. The physical condition and marketability of the returned products are the major factors considered in estimating realizable value. The Company also estimates expected sales returns and records the necessary adjustment as a charge against gross sales. The Company’s payment terms with customers are customary and vary by customer and geography but typically range from 30 365 one not one 15, Commitments and Contingencies The following table summarizes total revenue by product category. For the thirteen weeks ended For the thirty-nine weeks ended September 29, 2024 October 1, 2023 September 29, 2024 October 1, 2023 Electronic systems $ 57,716 $ 70,062 $ 193,211 $ 213,214 Mechanical systems 31,762 37,870 109,922 122,108 Exhaust 11,403 14,343 40,592 47,556 Accessories 20,333 21,788 68,146 75,635 Safety 12,824 12,467 50,299 45,484 Net sales $ 134,038 $ 156,530 $ 462,170 $ 503,997 The following table summarizes total revenue based on geographic location from which the product is shipped: For the thirteen weeks ended For the thirty-nine weeks ended September 29, 2024 October 1, 2023 September 29, 2024 October 1, 2023 United States $ 130,459 $ 154,150 $ 447,206 $ 491,385 Italy 3,579 2,380 14,964 12,612 Net sales $ 134,038 $ 156,530 $ 462,170 $ 503,997

Note 11 - Income Taxes

Note 11 - Income Taxes	9 Months Ended
	Sep. 29, 2024
Notes to Financial Statements
Income Tax Disclosure [Text Block]	11. INCOME TAXES The Company's effective income tax rate is based on expected income, statutory rates and tax planning opportunities available in the various jurisdictions in which it operates. For interim financial reporting, the Company estimates the annual income tax rate based on projected taxable income for the full year and records a quarterly income tax provision or benefit in accordance with the anticipated annual rate. The Company refines the estimates of the year's taxable income as new information becomes available, including actual year-to-date financial results. This continual estimation process often results in a change to the expected effective income tax rate for the year. When this occurs, the Company adjusts the income tax provision during the quarter in which the change in estimate occurs so that the year-to-date provision reflects the expected income tax rate. Significant judgment is required in determining the effective tax rate and in evaluating tax positions. For the thirteen weeks ended For the thirty-nine weeks ended September 29, 2024 October 1, 2023 September 29, 2024 October 1, 2023 Income tax expense (benefit) $ (1,484 ) $ 2,092 $ (320 ) $ 7,756 Effective tax rate 19.1 % 73.6 % (2.2 )% 30.1 % For the 13 September 29, 2024 , the Company's effective tax rate of differed from the 21% federal statutory rate primarily due to permanent differences related to changes in fair value of the warrant and earn-out liabilities recognized during the period and the impact of foreign taxes in higher tax rate jurisdictions. For the 13 October 1, 2023 , the Company’s effective tax rate of differed from the 21% federal statutory rate primarily due to permanent differences related to changes in the fair value of the warrant and earn-out liabilities recognized during the period. For the 39 September 29, 2024 , the Company's effective tax rate of -2.2% differed from the 21% federal statutory rate primarily due to permanent differences related to changes in fair value of the warrant and earn-out liabilities recognized during the period, federal research and development tax credits, and the impact of foreign taxes in higher tax rate jurisdictions. In addition, the Company incurred expenses related to product rationalization that were determined to be significant and infrequent in nature; therefore, the full tax benefit of these expenses was recorded during the year as a discrete adjustment. For the 39 October 1, 2023 , the Company’s effective tax rate of 30.1% differed from the 21% federal statutory rate primarily due to permanent differences related to changes in the fair value of the warrant and earn-out liabilities recognized during the period.

Note 12 - Earnings Per Share

Note 12 - Earnings Per Share	9 Months Ended
	Sep. 29, 2024
Notes to Financial Statements
Earnings Per Share [Text Block]	12. EARNINGS PER SHARE The following table sets forth the calculation of basic and diluted earnings per share: For the thirteen weeks ended For the thirty-nine weeks ended September 29, 2024 October 1, 2023 September 29, 2024 October 1, 2023 Numerator: Net income (loss) $ (6,288 ) $ 752 $ 14,547 $ 17,978 Denominator: Weighted average common shares outstanding - basic 118,694,139 117,397,069 118,345,442 117,256,959 Dilutive effect of potential common shares from RSUs — 1,848,887 740,025 862,542 Dilutive effect of potential common shares from PSUs — — 68,101 — Weighted average common shares outstanding - diluted 118,694,139 119,245,956 119,153,568 118,119,501 Earnings per share: Basic $ (0.05 ) $ 0.01 $ 0.12 $ 0.15 Diluted $ (0.05 ) $ 0.01 $ 0.12 $ 0.15 The following outstanding shares of Common Stock equivalents were excluded from the calculation of diluted earnings per share because their effect would have been anti-dilutive. Warrants to purchase shares of Common Stock having an exercise price greater than the average share market price are excluded from the calculation of diluted earnings per share. For the thirteen weeks ended For the thirty-nine weeks ended September 29, 2024 October 1, 2023 September 29, 2024 October 1, 2023 Anti-dilutive shares excluded from calculation of diluted EPS: Warrants 14,633,311 14,633,311 14,633,311 14,633,311 Stock options 454,064 922,228 454,064 922,228 Restricted stock units 557,828 175,783 557,828 175,783 Performance stock units 2,087,400 2,177,462 2,087,400 2,177,462 Unvested Earn-Out Shares 1,093,750 1,093,750 1,093,750 1,093,750 Total anti-dilutive shares 18,826,353 19,002,534 18,826,353 19,002,534

Note 13 - Equity-based Compensa

Note 13 - Equity-based Compensation Plans	9 Months Ended
	Sep. 29, 2024
Notes to Financial Statements
Shareholders' Equity and Share-Based Payments [Text Block]	13. EQUITY-BASED COMPENSATION PLANS [OPEN] In 2021, 2021 “2021 may 2021 September 29, 2024 , shares of Co 2021 June 6, 2023, 2021 not Equity-based compensation expense included the following components: For the thirteen weeks ended For the thirty-nine weeks ended September 29, 2024 October 1, 2023 September 29, 2024 October 1, 2023 Restricted stock units $ 944 $ 1,331 $ 2,686 $ 3,146 Performance stock units 491 1,322 1,376 1,696 Stock options 86 317 221 328 All equity-based compensation expenses are recorded in selling, general and administrative costs in the condensed consolidated statements of comprehensive income. Restricted Stock Awards RSUs and PSUs are collectively referred to as "Restricted Stock Awards". The Compensation Committee has awarded RSUs to select employees and non-employee directors and has awarded PSUs to select employees. The RSUs vest ratably over one four d employment. The grant date fair value of a time-based award or a performance-based award without a market condition is equal to the market price of Common Stock on the grant date and is recognized over the requisite service period. The grant date fair value of a performance-based award with a market condition is determined using a Monte Carlo simulation and is recognized over the requisite service period. On September 29, 2024 , there was of unrecognized compensation cost related to unvested Restricted Stock Awards that is expected to be recognized over a remaining weighted average period of years. The weighted-average grant-date fair value of Restricted Stock Awards granted during the 39 September 29, 2024 October 1, 2023 39 September 29, 2024 October 1, 2023 The following table summarizes Restricted Stock Award for the 39 September 29, 2024 Unvested Restricted Stock Awards Weighted Average Number of RSAs Grant Date Fair Value Balance on December 31, 2023 4,904,801 $ 2.86 Granted 1,504,665 3.83 Vested (1,356,007 ) 3.04 Forfeited (713,838 ) 3.39 Balance on September 29, 2024 4,339,621 $ 3.14 Performance-based Restricted Stock Units The PSUs granted under the 20 21 March 4, 2024, 2021 March 18, 2024, April 1, $4.49; April 8, $4.44; April 15, $4.15; April 29, $4.05; May 13, $3.93; July 22, $3.67; August 19, three Stock Options Stock option grants have an exercise price at least equal to the market value of the underlying Common Stock on the date of grant, have ten three not 90 September 29, 2024 The following table summarizes stock option activity for the 39 September 29, 2024 Weighted Average Weighted Remaining Number of Average Contractual Stock Options Exercise Price Term (years) Options outstanding on December 31, 2023 886,046 $ 10.97 Forfeited (134,066 ) 11.03 Expired (297,916 ) 10.90 Options outstanding on September 29, 2024 454,064 $ 11.01 6.87 Options exercisable on September 29, 2024 302,705 $ 11.01 7.13

Note 14 - Lease Commitments

Note 14 - Lease Commitments	9 Months Ended
	Sep. 29, 2024
Notes to Financial Statements
Lessee, Operating Leases [Text Block]	14. LEASE COMMITMENTS The Company leases retail stores, manufacturing, distribution, engineering, and research and development facilities, office space, equipment, and automobiles under operating lease agreements. Leases have remaining lease terms of one The following table summarizes operating lease assets and obligations, and provides information associated with the measurement of operating lease obligations. As of September 29, 2024 December 31, 2023 Assets: Operating right of use assets $ 30,911 $ 29,250 Liabilities: Current operating lease liabilities - Accrued liabilities $ 4,302 $ 4,948 Long-term operating lease liabilities 27,759 25,177 Total lease liabilities $ 32,061 $ 30,125 Lease term and discount rate Weighted average remaining lease term (in years) 6.7 7.2 Weighted average discount rate 6.29 % 6.21 % The following summarizes the components of operating lease expense and provides supplemental cash flow information for operating leases: For the thirteen weeks ended For the thirty-nine weeks ended September 29, 2024 October 1, 2023 September 29, 2024 October 1, 2023 Components of lease expense: Operating lease expense $ 1,840 $ 1,630 $ 5,346 $ 4,923 Short-term lease expense 510 521 1,214 1,499 Variable lease expense 68 88 254 257 Total lease expense $ 2,418 $ 2,239 $ 6,814 $ 6,679 Supplemental cash flow information related to leases: Cash paid for amounts included in measurement of operating lease liabilities $ 1,613 $ 1,720 $ 5,280 $ 3,471 Right-of-use assets obtained in exchange for new operating lease liabilities 2,582 2,354 6,958 2,354 Decapitalization of right-of-use assets upon lease termination or modification 14 154 1,374 154 The following table summarizes the maturities of the Company's operating lease liabilities as of September 29, 2024 2024 (excluding the thirty-nine weeks ended September 29, 2024) $ 1,601 2025 6,363 2026 5,972 2027 5,992 2028 5,562 Thereafter 14,157 Total lease payments 39,647 Less imputed interest (7,586 ) Present value of lease liabilities $ 32,061

Note 15 - Commitments and Conti

Note 15 - Commitments and Contingencies	9 Months Ended
	Sep. 29, 2024
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	15. COMMITMENTS AND CONTINGENCIES Litigation The Company is a party to various lawsuits and claims in the normal course of business, as well as the putative securities class action described below. While the lawsuits and claims against the Company cannot be predicted with certainty, management believes that the ultimate resolution of such matters will not may one riod. The Company has established loss provision for matters in which losses are probable and can be reasonably estimated. Although management will continue to reassess the estimated liability based on future developments, an objective assessment of such claims may not may A putative securities class action was filed on November 6, 2023, No. 1:23 148 On February 26, 2024, July 21, 2021 February 6, 2023. April 26, 2024, 10 20 10b 5 1934 June 28, 2024. Due to the early stage of this proceeding, we cannot reasonably estimate the potential range of loss, if any. The Company disputes the allegations and intends to vigorously defend against them. Product Warranties The Company generally warrants its products against certain manufacturing and other defects. These product warranties are provided for specific periods of time depending on the nature of the product. The accrued product warranty costs are based primarily on historical experience of actual warranty claims and are recorded at the time of the sale. The following table provides the changes in the Company's accrual for product warranties, which is classified as a component of accrued liabilities in the condensed consolidated balance sheets. For the thirteen weeks ended For the thirty-nine weeks ended September 29, 2024 October 1, 2023 September 29, 2024 October 1, 2023 Beginning balance $ 6,046 $ 3,876 $ 3,325 $ 3,584 Accrued for current year warranty claims 2,542 3,005 9,289 9,472 Settlement of warranty claims (2,400 ) (2,857 ) (6,426 ) (9,032 ) Ending balance $ 6,188 $ 4,024 $ 6,188 $ 4,024 Employee Savings Plans The Company has a defined-contribution savings plan under Section 401 covers United States-based employees. may 401 may During the 13 September 29, 2024 October 1, 2023 39 September 29, 2024 October 1, 2023 savings plans totaling and , respectively. The decrease in the Company made matching contributions during the 13 September 29, 2024 is due to the Company's suspension of the 401

Insider Trading Arrangements

Insider Trading Arrangements	9 Months Ended
	Sep. 29, 2024
Insider Trading Arr Line Items
Material Terms of Trading Arrangement [Text Block]	5. Trading Plans During the fiscal quarter ended September 29, 2024 no 16 10b5 1 10b5 1 408
Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false
Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 29, 2024
Accounting Policies [Abstract]
Emerging Growth Company [Policy Text Block]	Emerging Growth Company Status Section 102 1
Risks And Uncertainties [Policy Text Block]	Risks and Uncertainties The Company's business and results of operations, financial condition, and liquidity are impacted by broad economic conditions, as well as by geopolitical events, including the conflict in Ukraine, the conflict in the Middle East, and the possible expansion of such conflicts and potential geopolitical consequences. The Company's business is impacted by various economic factors that affect both consumers and the automotive aftermarket industry, including but not ns. In response to inflationary impacts and supply chain disruptions, the Company has attempted to minimize potential adverse impacts on its business with cost savings initiatives, price increases to customers, and increased attention to maintaining appropriate inventory levels in the distribution channel. The Company's profitability has been, and may not not may
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP" or “GAAP”) and applicable rules and regulations of the SEC regarding interim financial reporting. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these interim condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements and notes thereto for the year ended December 31, 2023 March 14, 2024, 10 not The Company operates on a fiscal year that ends on December 31. three nine September 29, 2024 October 1, 2023 13 39
Consolidation, Policy [Policy Text Block]	Principles of Consolidation These unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany transactions and accounts have been eliminated in consolidation.
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements Accounting Standards Not In October 2023, 2023 06, Disclosure Improvements: Codification Amendments in Response to SEC's Disclosure Update and Simplification Initiative. X not In November 2023, 2023 07, Segment Reporting (Topic 280 December 15, 2023 December 15, 2024, In December 2023, 2023 09, Income Taxes (Topic 740 December 15, 2024 December 15, 2025,

Note 2 - Inventory (Tables)

Note 2 - Inventory (Tables)	9 Months Ended
	Sep. 29, 2024
Notes Tables
Schedule of Inventory, Current [Table Text Block]	As of September 29, 2024 December 31, 2023 Raw materials $ 59,071 $ 63,552 Work-in-process 19,669 22,619 Finished goods 100,545 106,089 $ 179,285 $ 192,260

Note 3 - Property, Plant and _2

Note 3 - Property, Plant and Equipment, Net (Tables)	9 Months Ended
	Sep. 29, 2024
Notes Tables
Property, Plant and Equipment [Table Text Block]	As of September 29, 2024 December 31, 2023 Land $ 1,230 $ 3,326 Buildings and improvements 11,936 11,404 Machinery and equipment 72,952 73,332 Construction in process 8,093 6,224 Total property, plant and equipment 94,211 94,286 Less: accumulated depreciation 51,493 47,080 Property, plant and equipment, net $ 42,718 $ 47,206
Long-Lived Assets by Geographic Areas [Table Text Block]	As of September 29, 2024 December 31, 2023 United States $ 39,716 $ 44,931 International 3,002 2,275 Total property, plant and equipment, net $ 42,718 $ 47,206
Disposal Groups, Including Discontinued Operations [Table Text Block]	As of September 29, 2024 Inventory $ 4,632 Land 2,096 Machinery and equipment 951 Intangible assets 17 Assets Held for Sale $ 7,696

Note 4 - Goodwill and Other I_2

Note 4 - Goodwill and Other Intangible Assets (Tables)	9 Months Ended
	Sep. 29, 2024
Notes Tables
Schedule of Intangible Assets [Table Text Block]	September 29, 2024 Gross Carrying Amount Accumulated Amortization Net Carrying Value Finite-lived intangible assets: Customer relationships $ 269,950 $ (64,397 ) $ 205,553 Tradenames 13,775 (6,112 ) 7,663 Technology 26,676 (14,899 ) 11,777 Total finite-lived intangible assets $ 310,401 $ (85,408 ) $ 224,993 Indefinite-lived intangible assets: Tradenames $ 173,811 — $ 173,811 December 31, 2023 Gross Carrying Amount Accumulated Amortization Net Carrying Value Finite-lived intangible assets: Customer relationships $ 269,950 $ (55,732 ) $ 214,218 Tradenames 13,775 (5,569 ) 8,206 Technology 26,676 (13,800 ) 12,876 Total finite-lived intangible assets $ 310,401 $ (75,101 ) $ 235,300 Indefinite-lived intangible assets: Tradenames $ 175,165 — $ 175,165
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]	2024 (excluding the thirty-nine weeks ended September 29, 2024) $ 3,436 2025 13,713 2026 13,608 2027 13,602 2028 13,602 Thereafter 167,032 Total $ 224,993

Note 5 - Accrued Liabilities (T

Note 5 - Accrued Liabilities (Tables)	9 Months Ended
	Sep. 29, 2024
Notes Tables
Schedule of Accrued Liabilities [Table Text Block]	As of September 29, 2024 December 31, 2023 Accrued freight $ 2,727 $ 5,654 Accrued employee compensation and benefits 11,772 11,696 Accrued returns and allowances 12,583 11,267 Accrued taxes 212 1,475 Current portion of operating lease liabilities 4,302 4,948 Accrued other 9,568 7,089 Total accrued liabilities $ 41,164 $ 42,129

Note 6 - Debt (Tables)

Note 6 - Debt (Tables)	9 Months Ended
	Sep. 29, 2024
Notes Tables
Schedule of Debt [Table Text Block]	As of September 29, 2024 December 31, 2023 First lien term loan due November 17, 2028 $ 564,219 $ 592,505 Other 905 1,974 Less unamortized debt issuance costs (8,740 ) (10,308 ) 556,384 584,171 Less current portion of long-term debt (7,479 ) (7,461 ) $ 548,905 $ 576,710
Schedule of Maturities of Long-Term Debt [Table Text Block]	Debt Debt Issuance Costs 2024 (excluding the thirty-nine weeks ended September 29, 2024) $ 3,510 $ 429 2025 7,253 1,876 2026 6,571 2,034 2027 6,571 2,209 2028 541,219 2,192 $ 565,124 $ 8,740

Note 9 - Fair Value Measureme_2

Note 9 - Fair Value Measurements (Tables)	9 Months Ended
	Sep. 29, 2024
Notes Tables
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	Fair Value Measured on September 29, 2024 Level 1 Level 2 Level 3 Total Liabilities: Warrant liability (Public) $ 548 $ — $ — $ 548 Warrant liability (Private) — — 265 265 Earn-out liability — — 1,138 1,138 Interest rate collar liability — 1,013 — 1,013 Total fair value liabilities $ 548 $ 1,013 $ 1,403 $ 2,964 Fair Value Measured on December 31, 2023 Level 1 Level 2 Level 3 Total Liabilities: Warrant liability (Public) $ 5,480 $ — $ — $ 5,480 Warrant liability (Private) — — 2,903 2,903 Earn-out liability — — 3,479 3,479 Interest rate collar liability — 1,164 — 1,164 Total fair value liabilities $ 5,480 $ 1,164 $ 6,382 $ 13,026
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block]	September 29, 2024 December 31, 2023 Valuation date price $ 2.95 $ 4.87 Strike price $ 11.50 $ 11.50 Remaining life (in years) 1.79 2.54 Expected dividend $ — $ — Risk-free interest rate 3.65 % 4.01 % Price threshold $ 18.00 $ 18.00 September 29, 2024 December 31, 2023 Valuation date price $ 2.95 $ 4.87 Expected term (in years) 3.79 4.54 Expected volatility 63.64 % 67.20 % Risk-free interest rate 3.51 % 3.79 % Price hurdle $ 15.00 $ 15.00
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]	Private Warrants Earn-Out Liability Total Balance at December 31, 2022 $ 1,581 $ 1,176 $ 2,757 Losses included in earnings 518 428 946 Balance at October 1, 2023 $ 2,099 $ 1,604 $ 3,703 Balance at December 31, 2023 $ 2,903 $ 3,479 $ 6,382 Gains included in earnings (2,638 ) (2,341 ) (4,979 ) Balance at September 29, 2024 $ 265 $ 1,138 $ 1,403

Note 10 - Revenue (Tables)

Note 10 - Revenue (Tables)	9 Months Ended
	Sep. 29, 2024
Notes Tables
Revenue from External Customers by Products and Services [Table Text Block]	For the thirteen weeks ended For the thirty-nine weeks ended September 29, 2024 October 1, 2023 September 29, 2024 October 1, 2023 Electronic systems $ 57,716 $ 70,062 $ 193,211 $ 213,214 Mechanical systems 31,762 37,870 109,922 122,108 Exhaust 11,403 14,343 40,592 47,556 Accessories 20,333 21,788 68,146 75,635 Safety 12,824 12,467 50,299 45,484 Net sales $ 134,038 $ 156,530 $ 462,170 $ 503,997
Revenue from External Customers by Geographic Areas [Table Text Block]	For the thirteen weeks ended For the thirty-nine weeks ended September 29, 2024 October 1, 2023 September 29, 2024 October 1, 2023 United States $ 130,459 $ 154,150 $ 447,206 $ 491,385 Italy 3,579 2,380 14,964 12,612 Net sales $ 134,038 $ 156,530 $ 462,170 $ 503,997

Note 11 - Income Taxes (Tables)

Note 11 - Income Taxes (Tables)	9 Months Ended
	Sep. 29, 2024
Notes Tables
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	For the thirteen weeks ended For the thirty-nine weeks ended September 29, 2024 October 1, 2023 September 29, 2024 October 1, 2023 Income tax expense (benefit) $ (1,484 ) $ 2,092 $ (320 ) $ 7,756 Effective tax rate 19.1 % 73.6 % (2.2 )% 30.1 %

Note 12 - Earnings Per Share (T

Note 12 - Earnings Per Share (Tables)	9 Months Ended
	Sep. 29, 2024
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	For the thirteen weeks ended For the thirty-nine weeks ended September 29, 2024 October 1, 2023 September 29, 2024 October 1, 2023 Numerator: Net income (loss) $ (6,288 ) $ 752 $ 14,547 $ 17,978 Denominator: Weighted average common shares outstanding - basic 118,694,139 117,397,069 118,345,442 117,256,959 Dilutive effect of potential common shares from RSUs — 1,848,887 740,025 862,542 Dilutive effect of potential common shares from PSUs — — 68,101 — Weighted average common shares outstanding - diluted 118,694,139 119,245,956 119,153,568 118,119,501 Earnings per share: Basic $ (0.05 ) $ 0.01 $ 0.12 $ 0.15 Diluted $ (0.05 ) $ 0.01 $ 0.12 $ 0.15
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	For the thirteen weeks ended For the thirty-nine weeks ended September 29, 2024 October 1, 2023 September 29, 2024 October 1, 2023 Anti-dilutive shares excluded from calculation of diluted EPS: Warrants 14,633,311 14,633,311 14,633,311 14,633,311 Stock options 454,064 922,228 454,064 922,228 Restricted stock units 557,828 175,783 557,828 175,783 Performance stock units 2,087,400 2,177,462 2,087,400 2,177,462 Unvested Earn-Out Shares 1,093,750 1,093,750 1,093,750 1,093,750 Total anti-dilutive shares 18,826,353 19,002,534 18,826,353 19,002,534

Note 13 - Equity-based Compen_2

Note 13 - Equity-based Compensation Plans (Tables)	9 Months Ended
	Sep. 29, 2024
Notes Tables
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]	For the thirteen weeks ended For the thirty-nine weeks ended September 29, 2024 October 1, 2023 September 29, 2024 October 1, 2023 Restricted stock units $ 944 $ 1,331 $ 2,686 $ 3,146 Performance stock units 491 1,322 1,376 1,696 Stock options 86 317 221 328
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]	Unvested Restricted Stock Awards Weighted Average Number of RSAs Grant Date Fair Value Balance on December 31, 2023 4,904,801 $ 2.86 Granted 1,504,665 3.83 Vested (1,356,007 ) 3.04 Forfeited (713,838 ) 3.39 Balance on September 29, 2024 4,339,621 $ 3.14
Share-Based Payment Arrangement, Option, Activity [Table Text Block]	Weighted Average Weighted Remaining Number of Average Contractual Stock Options Exercise Price Term (years) Options outstanding on December 31, 2023 886,046 $ 10.97 Forfeited (134,066 ) 11.03 Expired (297,916 ) 10.90 Options outstanding on September 29, 2024 454,064 $ 11.01 6.87 Options exercisable on September 29, 2024 302,705 $ 11.01 7.13

Note 14 - Lease Commitments (Ta

Note 14 - Lease Commitments (Tables)	9 Months Ended
	Sep. 29, 2024
Notes Tables
Schedule of Operating Lease Assets and Obligations [Table Text Block]	As of September 29, 2024 December 31, 2023 Assets: Operating right of use assets $ 30,911 $ 29,250 Liabilities: Current operating lease liabilities - Accrued liabilities $ 4,302 $ 4,948 Long-term operating lease liabilities 27,759 25,177 Total lease liabilities $ 32,061 $ 30,125 Lease term and discount rate Weighted average remaining lease term (in years) 6.7 7.2 Weighted average discount rate 6.29 % 6.21 %
Lease, Cost [Table Text Block]	For the thirteen weeks ended For the thirty-nine weeks ended September 29, 2024 October 1, 2023 September 29, 2024 October 1, 2023 Components of lease expense: Operating lease expense $ 1,840 $ 1,630 $ 5,346 $ 4,923 Short-term lease expense 510 521 1,214 1,499 Variable lease expense 68 88 254 257 Total lease expense $ 2,418 $ 2,239 $ 6,814 $ 6,679 Supplemental cash flow information related to leases: Cash paid for amounts included in measurement of operating lease liabilities $ 1,613 $ 1,720 $ 5,280 $ 3,471 Right-of-use assets obtained in exchange for new operating lease liabilities 2,582 2,354 6,958 2,354 Decapitalization of right-of-use assets upon lease termination or modification 14 154 1,374 154
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block]	2024 (excluding the thirty-nine weeks ended September 29, 2024) $ 1,601 2025 6,363 2026 5,972 2027 5,992 2028 5,562 Thereafter 14,157 Total lease payments 39,647 Less imputed interest (7,586 ) Present value of lease liabilities $ 32,061

Note 15 - Commitments and Con_2

Note 15 - Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 29, 2024
Notes Tables
Schedule of Product Warranty Liability [Table Text Block]	For the thirteen weeks ended For the thirty-nine weeks ended September 29, 2024 October 1, 2023 September 29, 2024 October 1, 2023 Beginning balance $ 6,046 $ 3,876 $ 3,325 $ 3,584 Accrued for current year warranty claims 2,542 3,005 9,289 9,472 Settlement of warranty claims (2,400 ) (2,857 ) (6,426 ) (9,032 ) Ending balance $ 6,188 $ 4,024 $ 6,188 $ 4,024

Note 2 - Inventory (Details Tex

Note 2 - Inventory (Details Textual) - USD ($) $ in Thousands	9 Months Ended
	Sep. 29, 2024	Oct. 01, 2023
Inventory Write-down	$ 10,451	$ 3,824
Inventory Related To Acquisitions And Product Rationalization Initiatives [Member]
Inventory Write-down	$ 8,835

Note 2 - Inventory - Schedule o

Note 2 - Inventory - Schedule of Inventory (Details) - USD ($) $ in Thousands	Sep. 29, 2024	Dec. 31, 2023
Raw materials	$ 59,071	$ 63,552
Work-in-process	19,669	22,619
Finished goods	100,545	106,089
Inventory, Net	$ 179,285	$ 192,260

Note 3 - Property, Plant and _3

Note 3 - Property, Plant and Equipment, Net (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Oct. 01, 2023	Sep. 29, 2024	Oct. 01, 2023	Dec. 31, 2023
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down	$ 7,505	$ 0	$ 7,505	$ 0
Asset, Held-for-Sale, Not Part of Disposal Group, Current	7,696		7,696		$ 0
Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations [Member]
Asset, Held-for-Sale, Not Part of Disposal Group, Current	7,696		7,696
Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations [Member] | Detroit Speed Engineering [Member]
Disposal Group, Including Discontinued Operation, Consideration	5,600		5,600
Disposal Group, Including Discontinued Operation, Assets					$ 13,105
Assets, Fair Value Disclosure	5,600		5,600
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down	7,505		7,505
Asset, Held-for-Sale, Not Part of Disposal Group, Current	5,600		5,600
Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations [Member] | Land at Porter Pike [Member]
Disposal Group, Including Discontinued Operation, Consideration	2,400		2,400
Asset, Held-for-Sale, Not Part of Disposal Group, Current	$ 2,096		$ 2,096

Note 3 - Property, Plant and _4

Note 3 - Property, Plant and Equipment, Net - Schedule of Property, Plant, and Equipment (Details) - USD ($) $ in Thousands	Sep. 29, 2024	Dec. 31, 2023
Property, Plant, and Equipment, Gross	$ 94,211	$ 94,286
Less: accumulated depreciation	51,493	47,080
Property, plant and equipment, net	42,718	47,206
Land [Member]
Property, Plant, and Equipment, Gross	1,230	3,326
Building and Building Improvements [Member]
Property, Plant, and Equipment, Gross	11,936	11,404
Machinery and Equipment [Member]
Property, Plant, and Equipment, Gross	72,952	73,332
Construction in Progress [Member]
Property, Plant, and Equipment, Gross	$ 8,093	$ 6,224

Note 3 - Property, Plant and _5

Note 3 - Property, Plant and Equipment, Net - Schedule of Long-lived Assets by Geographic Locations (Details) - USD ($) $ in Thousands	Sep. 29, 2024	Dec. 31, 2023
Property, plant, and equipment, net	$ 42,718	$ 47,206
UNITED STATES
Property, plant, and equipment, net	39,716	44,931
Non-US [Member]
Property, plant, and equipment, net	$ 3,002	$ 2,275

Note 3 - Property, Plant and _6

Note 3 - Property, Plant and Equipment, Net - Assets Held for Sale (Details) - USD ($) $ in Thousands	Sep. 29, 2024	Dec. 31, 2023
Assets Held for Sale	$ 7,696	$ 0
Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations [Member]
Inventory	4,632
Intangible assets	17
Assets Held for Sale	7,696
Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations [Member] | Land [Member]
Property, plant and equipment	2,096
Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations [Member] | Machinery and Equipment [Member]
Property, plant and equipment	$ 951

Note 4 - Goodwill and Other I_3

Note 4 - Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Oct. 01, 2023	Oct. 01, 2023
Goodwill, Impairment Loss		$ 0	$ 0
Detroit Speed Engineering [Member] | Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations [Member]
Goodwill, Impairment Loss	$ 5,810

Note 4 - Goodwill and Other I_4

Note 4 - Goodwill and Other Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 29, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets, Gross	$ 310,401	$ 310,401
Finite-Lived Intangible Assets, Accumulated Amortization	(85,408)	(75,101)
Finite-Lived Intangible Assets, Net	224,993	235,300
Trade Names 1 [Member]
Tradenames	173,811	175,165
Customer Relationships [Member]
Finite-Lived Intangible Assets, Gross	269,950	269,950
Finite-Lived Intangible Assets, Accumulated Amortization	(64,397)	(55,732)
Finite-Lived Intangible Assets, Net	205,553	214,218
Trade Names [Member]
Finite-Lived Intangible Assets, Gross	13,775	13,775
Finite-Lived Intangible Assets, Accumulated Amortization	(6,112)	(5,569)
Finite-Lived Intangible Assets, Net	7,663	8,206
Technology-Based Intangible Assets [Member]
Finite-Lived Intangible Assets, Gross	26,676	26,676
Finite-Lived Intangible Assets, Accumulated Amortization	(14,899)	(13,800)
Finite-Lived Intangible Assets, Net	$ 11,777	$ 12,876

Note 4 - Goodwill and Other I_5

Note 4 - Goodwill and Other Intangible Assets - Schedule of Finite-lived Intangible Assets, Future Amortization Expense (Details) - USD ($) $ in Thousands	Sep. 29, 2024	Dec. 31, 2023
2024 (excluding the thirty-nine weeks ended September 29, 2024)	$ 3,436
2025	13,713
2026	13,608
2027	13,602
2028	13,602
Thereafter	167,032
Total	$ 224,993	$ 235,300

Note 5 - Accrued Liabilities -

Note 5 - Accrued Liabilities - Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 29, 2024	Dec. 31, 2023
Accrued freight	$ 2,727	$ 5,654
Accrued employee compensation and benefits	11,772	11,696
Accrued returns and allowances	12,583	11,267
Accrued taxes	212	1,475
Current portion of operating lease liabilities	4,302	4,948
Accrued other	9,568	7,089
Total accrued liabilities	$ 41,164	$ 42,129

Note 6 - Debt (Details Textual)

Note 6 - Debt (Details Textual) $ in Thousands		9 Months Ended
	Nov. 18, 2021 USD ($)	Sep. 29, 2024 USD ($)	Jun. 30, 2024	Dec. 31, 2023 USD ($)	Feb. 28, 2023 USD ($)	Jan. 04, 2023 USD ($)	May 31, 2022 USD ($)
Property, Plant and Equipment, Net		$ 42,718		$ 47,206
The Credit Agreement [Member] | Asset Pledged as Collateral [Member] | Corporate Headquarters [Member]
Property, Plant and Equipment, Net		5,722
Interest Rate Contract [Member] | Designated as Hedging Instrument [Member]
Derivative, Notional Amount		500,000				$ 500,000
Revolving Credit Facility [Member]
Debt Instrument, Term (Year)	5 years
Line of Credit Facility, Maximum Borrowing Capacity	$ 125,000
Letter of Credit [Member]
Line of Credit Facility, Maximum Borrowing Capacity		10,000
Letters of Credit Outstanding, Amount		$ 2,150
Delayed Draw Term Loan (DDTL) [Member]
Debt Instrument, Face Amount	100,000
Debt Instrument, Withdrawn Amount							$ 57,000
First Lien Note Due November 17, 2028 [Member]
Debt Issuance Costs, Gross							$ 13,413
First Lien Note Due November 17, 2028 [Member] | Term Loan [Member]
Debt Instrument, Face Amount	600,000
First Lien Note Due November 17, 2028 [Member] | Delayed Draw Term Loan (DDTL) [Member]
Debt Instrument, Periodic Payment, Principal	$ 1,643
Debt Instrument, Periodic Payment, Percentage of Annual Excess Cash FLow		50%
Repayments of Long-Term Debt		$ 25,000
The Credit Agreement [Member]
Debt Issuance Costs, Gross					$ 1,427
Debt, Weighted Average Interest Rate		9.10%
Debt Instrument, Covenant, Consolidated Net Leverage Ratio			5		7.25
Debt Instrument, Covenant, Minimum Liquidity					$ 45,000

Note 6 - Debt - Schedule of Deb

Note 6 - Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Sep. 29, 2024	Dec. 31, 2023
Long-Term Debt, Gross	$ 565,124
Other	905	$ 1,974
Less unamortized debt issuance costs	(8,740)	(10,308)
Long-Term Debt	556,384	584,171
Less current portion of long-term debt	(7,479)	(7,461)
Long-Term Debt, Excluding Current Maturities	548,905	576,710
First Lien Note Due November 17, 2028 [Member]
Long-Term Debt, Gross	$ 564,219	$ 592,505

Note 6 - Debt - Future Maturiti

Note 6 - Debt - Future Maturities of Long-term Debt and Amortization of Debt Issuance Cost (Details) - USD ($) $ in Thousands	Sep. 29, 2024	Dec. 31, 2023
2024 (excluding the thirty-nine weeks ended September 29, 2024), future maturities	$ 3,510
2024 (excluding the thirty-nine weeks ended September 29, 2024)	429
2025, future maturities	7,253
2025, debt issuance costs amortization	1,876
2026, future maturities	6,571
2026, debt issuance costs amortization	2,034
2027, future maturities	6,571
2027, debt issuance costs amortization	2,209
2028, future maturities	541,219
2028, debt issuance costs amortization	2,192
Future maturities	565,124
Debt Issuance Cost Amortization	$ 8,740	$ 10,308

Note 7 - Common Stock Warrant_2

Note 7 - Common Stock Warrants and Earn-out Liability (Details Textual) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended			9 Months Ended
	Jul. 16, 2021	Sep. 29, 2024	Oct. 01, 2023	Apr. 03, 2022	Sep. 29, 2024	Oct. 01, 2023	Sep. 30, 2024	Dec. 31, 2023	Oct. 09, 2021
Class of Warrant or Right, Outstanding (in shares)									14,666,644
Warrant Liability		$ 813			$ 813			$ 8,383
Fair Value Adjustment of Warrants		(1,041)	$ 2,064		(7,570)	$ 5,516
Business Combination, Contingent Consideration, Liability, Noncurrent		1,138			1,138			3,479
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability		(634)	700		(2,341)	2,089
Empower Sponsor Holdings LLC [Member]
Business Combination, Contingent Consideration, Liability, Noncurrent							$ 1,138	$ 3,479
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability		$ (634)	$ 700		$ (2,341)	$ 2,089
Empower Sponsor Holdings LLC [Member] | Earn Out Shares [Member]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares)	2,187,500
Empower Sponsor Holdings LLC [Member] | Tranche One [Member]
Stock Issued During Period, Shares, Acquisitions (in shares)				1,093,750
Stock Issued During Period, Value, Acquisitions				$ 14,689
Public Warrants [Member]
Class of Warrant or Right, Outstanding (in shares)									9,999,977
Public Warrants [Member] | Measurement Input, Share Price [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)									$ 0.01
Share Price (in dollars per share)									18
Public Warrants [Member] | Measurement Input Share Price1 [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)									0.1
Share Price (in dollars per share)									$ 10
Private Placement Warrants [Member]
Class of Warrant or Right, Outstanding (in shares)									4,666,667
Private and Public Warrants [Member]
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares)									1
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)									$ 11.5
Warrants and Rights Outstanding, Term (Year)									5 years

Note 8 - Derivative Instrumen_2

Note 8 - Derivative Instruments (Details Textual) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 29, 2024	Sep. 29, 2024	Oct. 01, 2023	Jan. 04, 2023
Unrealized Gain (Loss) on Derivatives		$ 151	$ 3,185
Designated as Hedging Instrument [Member] | Interest Rate Contract [Member]
Derivative, Notional Amount	$ 500,000	500,000		$ 500,000
Derivative, Floor Interest Rate				2.811%
Derivative, Cap Interest Rate				5%
Derivative Liability	1,013	1,013
Unrealized Gain (Loss) on Derivatives	(2,204)	(151)
Payments for (Proceeds from) Hedge, Investing Activities	$ (412)	$ (1,280)

Note 9 - Fair Value Measureme_3

Note 9 - Fair Value Measurements - Schedule of Value Assets and Liabilities Measured on Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands	Sep. 29, 2024	Dec. 31, 2023
Liability	$ 2,964	$ 13,026
Fair Value, Inputs, Level 1 [Member]
Liability	548	5,480
Fair Value, Inputs, Level 2 [Member]
Liability	1,013	1,164
Fair Value, Inputs, Level 3 [Member]
Liability	1,403	6,382
Warrant Liability Public Warrants [Member]
Liability	548	5,480
Warrant Liability Public Warrants [Member] | Fair Value, Inputs, Level 1 [Member]
Liability	548	5,480
Warrant Liability Public Warrants [Member] | Fair Value, Inputs, Level 2 [Member]
Liability	0	0
Warrant Liability Public Warrants [Member] | Fair Value, Inputs, Level 3 [Member]
Liability	0	0
Warrant Liability Private Placement Warrants [Member]
Liability	265	2,903
Warrant Liability Private Placement Warrants [Member] | Fair Value, Inputs, Level 1 [Member]
Liability	0	0
Warrant Liability Private Placement Warrants [Member] | Fair Value, Inputs, Level 2 [Member]
Liability	0	0
Warrant Liability Private Placement Warrants [Member] | Fair Value, Inputs, Level 3 [Member]
Liability	265	2,903
Earn Out Liability [Member]
Liability	1,138	3,479
Earn Out Liability [Member] | Fair Value, Inputs, Level 1 [Member]
Liability	0	0
Earn Out Liability [Member] | Fair Value, Inputs, Level 2 [Member]
Liability	0	0
Earn Out Liability [Member] | Fair Value, Inputs, Level 3 [Member]
Liability	1,138	3,479
Interest Rate Collar Liability [Member]
Liability	1,013	1,164
Interest Rate Collar Liability [Member] | Fair Value, Inputs, Level 1 [Member]
Liability	0	0
Interest Rate Collar Liability [Member] | Fair Value, Inputs, Level 2 [Member]
Liability	1,013	1,164
Interest Rate Collar Liability [Member] | Fair Value, Inputs, Level 3 [Member]
Liability	$ 0	$ 0

Note 9 - Fair Value Measureme_4

Note 9 - Fair Value Measurements - Summary of Assumptions for Estimated Fair Value Using Monte Carlo Simulation Model (Details) - Monte Carlo Simulation Model [Member]	Sep. 29, 2024	Dec. 31, 2023
Measurement Input, Share Price [Member] | Earn Out Liability [Member]
Alternative Investment, Measurement Input	2.95	4.87
Measurement Input, Share Price [Member] | Warrant Liability Private Placement Warrants [Member]
Alternative Investment, Measurement Input	2.95	4.87
Measurement Input Strike Price [Member] | Warrant Liability Private Placement Warrants [Member]
Alternative Investment, Measurement Input	11.5	11.5
Measurement Input, Expected Term [Member] | Earn Out Liability [Member]
Alternative Investment, Measurement Input	3.79	4.54
Measurement Input, Expected Term [Member] | Warrant Liability Private Placement Warrants [Member]
Alternative Investment, Measurement Input	1.79	2.54
Measurement Input, Price Volatility [Member] | Earn Out Liability [Member]
Alternative Investment, Measurement Input	0.6364	0.672
Measurement Input, Risk Free Interest Rate [Member] | Earn Out Liability [Member]
Alternative Investment, Measurement Input	0.0351	0.0379
Measurement Input, Risk Free Interest Rate [Member] | Warrant Liability Private Placement Warrants [Member]
Alternative Investment, Measurement Input	0.0365	0.0401
Measurement Input Price Hurdle One [Member] | Earn Out Liability [Member]
Alternative Investment, Measurement Input	15	15
Measurement Input Price Threshold [Member] | Warrant Liability Private Placement Warrants [Member]
Alternative Investment, Measurement Input	18	18

Note 9 - Fair Value Measureme_5

Note 9 - Fair Value Measurements - Reconciliation of Changes (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 29, 2024	Oct. 01, 2023
Balance	$ 6,382	$ 2,757
Losses included in earnings	(4,979)	946
Balance	1,403	3,703
Private Placement Warrants [Member]
Balance	2,903	1,581
Losses included in earnings	(2,638)	518
Balance	265	2,099
Earn Out Liability [Member]
Balance	3,479	1,176
Losses included in earnings	(2,341)	428
Balance	$ 1,138	$ 1,604

Note 10 - Revenue - Summary of

Note 10 - Revenue - Summary of Revenue by Product Category (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Oct. 01, 2023	Sep. 29, 2024	Oct. 01, 2023
Net sales	$ 134,038	$ 156,530	$ 462,170	$ 503,997
Electronic Systems [Member]
Net sales	57,716	70,062	193,211	213,214
Mechanical System [Member]
Net sales	31,762	37,870	109,922	122,108
Exhaust [Member]
Net sales	11,403	14,343	40,592	47,556
Accessories [Member]
Net sales	20,333	21,788	68,146	75,635
Safety [Member]
Net sales	$ 12,824	$ 12,467	$ 50,299	$ 45,484

Note 10 - Revenue - Summary o_2

Note 10 - Revenue - Summary of Revenue Based on Geographic Location (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Oct. 01, 2023	Sep. 29, 2024	Oct. 01, 2023
Net sales	$ 134,038	$ 156,530	$ 462,170	$ 503,997
UNITED STATES
Net sales	130,459	154,150	447,206	491,385
ITALY
Net sales	$ 3,579	$ 2,380	$ 14,964	$ 12,612

Note 11 - Income Taxes (Details

Note 11 - Income Taxes (Details Textual)	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Oct. 01, 2023	Sep. 29, 2024	Oct. 01, 2023
Effective Income Tax Rate Reconciliation, Percent	19.10%	73.60%	(2.20%)	30.10%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21%	21%	21%	21%

Note 11 - Income Taxes - Schedu

Note 11 - Income Taxes - Schedule of Provision and Effective Tax rates (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Oct. 01, 2023	Sep. 29, 2024	Oct. 01, 2023
Income tax expense (benefit)	$ (1,484)	$ 2,092	$ (320)	$ 7,756
Effective tax rate	19.10%	73.60%	(2.20%)	30.10%

Note 12 - Earnings Per Share -

Note 12 - Earnings Per Share - Schedule of Basic and Diluted Earning Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Oct. 01, 2023	Sep. 29, 2024	Oct. 01, 2023
Net income (loss)	$ (6,288)	$ 752	$ 14,547	$ 17,978
Weighted average common shares outstanding - basic (in shares)	118,694,139	117,397,069	118,345,442	117,256,959
Weighted average common shares outstanding - diluted (in shares)	118,694,139	119,245,956	119,153,568	118,119,501
Earnings per share:
Basic net income (loss) per share (in dollars per share)	$ (0.05)	$ 0.01	$ 0.12	$ 0.15
Diluted net income (loss) per share (in dollars per share)	$ (0.05)	$ 0.01	$ 0.12	$ 0.15
Restricted Stock Units (RSUs) [Member]
Dilutive effect of potential common shares from share-based payment arrangement (in shares)	0	1,848,887	740,025	862,542
Performance Shares [Member]
Dilutive effect of potential common shares from share-based payment arrangement (in shares)	0	0	68,101	0

Note 12 - Earnings Per Share _2

Note 12 - Earnings Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Oct. 01, 2023	Sep. 29, 2024	Oct. 01, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share (in shares)	18,826,353	19,002,534	18,826,353	19,002,534
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share (in shares)	14,633,311	14,633,311	14,633,311	14,633,311
Share-Based Payment Arrangement, Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share (in shares)	454,064	922,228	454,064	922,228
Restricted Stock Units (RSUs) [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share (in shares)	557,828	175,783	557,828	175,783
Performance Shares [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share (in shares)	2,087,400	2,177,462	2,087,400	2,177,462
Earn Out Shares [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share (in shares)	1,093,750	1,093,750	1,093,750	1,093,750

Note 13 - Equity-based Compen_3

Note 13 - Equity-based Compensation Plans (Details Textual) - USD ($) $ / shares in Units, $ in Thousands

9 Months Ended

Aug. 19, 2024

Jul. 22, 2024

May 13, 2024

Apr. 29, 2024

Apr. 15, 2024

Apr. 08, 2024

Apr. 01, 2024

Mar. 18, 2024

Mar. 04, 2024

Jun. 06, 2023

Sep. 29, 2024

Oct. 01, 2023

Sep. 30, 2024

Dec. 31, 2021

Restricted Stock Units (RSUs) [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)

1,504,665

Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount

$ 7,887

Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)

1 year 10 months 24 days

Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)

$ 3.83

$ 2.76

Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value

$ 5,190

$ 685

Restricted Stock Units (RSUs) [Member] | Minimum [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)

1 year

Restricted Stock Units (RSUs) [Member] | Maximum [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)

4 years

Restricted Stock Units (RSUs) [Member] | President [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)

1,000,000

Performance Shares [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)

1,965

25,195

14,138

28,741

36,144

30,544

5,654

26,020

340,895

Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)

3 years

Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)

$ 3.09

$ 3.67

$ 3.93

$ 4.05

$ 4.15

$ 4.44

$ 4.49

$ 4.25

$ 4.22

Performance Shares [Member] | Minimum [Member]

Share-based Compensation Arrangement, Vesting Award Rights, Percentage of Initial Target Awards

0%

Performance Shares [Member] | Maximum [Member]

Share-based Compensation Arrangement, Vesting Award Rights, Percentage of Initial Target Awards

150%

Performance Shares [Member] | President [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)

1,520,000

Share-Based Payment Arrangement [Member]

Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount

$ 120

Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)

4 months 24 days

Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year)

10 years

Share-Based Payment Arrangement [Member] | Minimum [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)

3 years

The 2021 Omnibus Incentive Plan [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares)

8,850,000

Common Stock, Capital Shares Reserved for Future Issuance (in shares)

4,685,932

Note 13 - Equity-based Compen_4

Note 13 - Equity-based Compensation Plans - Schedule of Components of Equity-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Oct. 01, 2023	Sep. 29, 2024	Oct. 01, 2023
Restricted Stock Units (RSUs) [Member]
Share-Based Payment Arrangement, Expense	$ 944	$ 1,331	$ 2,686	$ 3,146
Performance Shares [Member]
Share-Based Payment Arrangement, Expense	491	1,322	1,376	1,696
Share-Based Payment Arrangement, Option [Member]
Share-Based Payment Arrangement, Expense	$ 86	$ 317	$ 221	$ 328

Note 13 - Equity-based Compen_5

Note 13 - Equity-based Compensation Plans - Summary of Restricted Stock Units Activity (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares	9 Months Ended
	Sep. 29, 2024	Oct. 01, 2023
Balance (in shares)	4,904,801
Balance (in dollars per share)	$ 2.86
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	1,504,665
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)	$ 3.83	$ 2.76
Vested, shares (in shares)	(1,356,007)
Vested, weighted average grant date fair value (in dollars per share)	$ 3.04
Forfeited, shares (in shares)	(713,838)
Forfeited, weighted average grant date fair value (in dollars per share)	$ 3.39
Balance (in shares)	4,339,621
Balance (in dollars per share)	$ 3.14

Note 13 - Equity-based Compen_6

Note 13 - Equity-based Compensation Plans - Summary of Stock Option Activity (Details)	9 Months Ended
	Sep. 29, 2024 $ / shares shares
Options outstanding, shares (in shares) | shares	886,046
Options outstanding, weighted average exercise price (in dollars per share) | $ / shares	$ 10.97
Forfeited, shares (in shares) | shares	(134,066)
Forfeited, weighted average exercise price (in dollars per share) | $ / shares	$ 11.03
Expired, shares (in shares) | shares	(297,916)
Expired, weighted average exercise price (in dollars per share) | $ / shares	$ 10.9
Options outstanding, shares (in shares) | shares	454,064
Options outstanding, weighted average exercise price (in dollars per share) | $ / shares	$ 11.01
Options outstanding, weighted average remaining contractual term (Year)	6 years 10 months 13 days
Options exercisable, shares (in shares) | shares	302,705
Options exercisable, weighted average exercise price (in dollars per share) | $ / shares	$ 11.01
Options exercisable, weighted average remaining contractual term (Year)	7 years 1 month 17 days

Note 14 - Lease Commitments (De

Note 14 - Lease Commitments (Details Textual)	Sep. 29, 2024
Minimum [Member]
Lessee, Operating Lease, Remaining Lease Term (Year)	1 year
Maximum [Member]
Lessee, Operating Lease, Remaining Lease Term (Year)	10 years

Note 14 - Lease Commitments - S

Note 14 - Lease Commitments - Schedule of Operating Lease Assets and Obligations (Details) - USD ($) $ in Thousands	Sep. 29, 2024	Dec. 31, 2023
Right-of-use assets	$ 30,911	$ 29,250
Current operating lease liabilities - Accrued liabilities	4,302	4,948
Long-term operating lease liabilities	27,759	25,177
Total lease liabilities	$ 32,061	$ 30,125
Weighted average remaining lease term (in years) (Year)	6 years 8 months 12 days	7 years 2 months 12 days
Weighted average discount rate	6.29%	6.21%

Note 14 - Lease Commitments -_2

Note 14 - Lease Commitments - Schedule of Operating Lease Expense Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Oct. 01, 2023	Sep. 29, 2024	Oct. 01, 2023
Components of lease expense:
Operating lease expense	$ 1,840	$ 1,630	$ 5,346	$ 4,923
Short-term lease expense	510	521	1,214	1,499
Variable lease expense	68	88	254	257
Total lease expense	2,418	2,239	6,814	6,679
Cash paid for amounts included in measurement of operating lease liabilities	1,613	1,720	5,280	3,471
Right-of-use assets obtained in exchange for new operating lease liabilities	2,582	2,354	6,958	2,354
Decapitalization of right-of-use assets upon lease termination or modification	$ 14	$ 154	$ 1,374	$ 154

Note 14 - Lease Commitments -_3

Note 14 - Lease Commitments - Schedule of Future Minimum Rental Payments for Operating Leases (Details) - USD ($) $ in Thousands	Sep. 29, 2024	Dec. 31, 2023
2024 (excluding the thirty-nine weeks ended September 29, 2024)	$ 1,601
2025	6,363
2026	5,972
2027	5,992
2028	5,562
Thereafter	14,157
Total lease payments	39,647
Less imputed interest	(7,586)
Present value of lease liabilities	$ 32,061	$ 30,125

Note 15 - Commitments and Con_3

Note 15 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Oct. 01, 2023	Sep. 29, 2024	Oct. 01, 2023
The 401K [Member]
Defined Contribution Plan, Employer Discretionary Contribution Amount	$ 39	$ 562	$ 1,168	$ 1,702
UNITED STATES
Defined Contribution Plan, Employer Matching Contribution, Percent of Match			3.50%
Defined Contribution Plan, Employer Discretionary Contribution, Percent of Match			1.50%
Foreign Plan [Member]
Defined Contribution Plan, Employer Matching Contribution, Percent of Match			3%
Defined Contribution Plan, Employer Discretionary Contribution, Percent of Match			1.50%

Note 15 - Commitments and Con_4

Note 15 - Commitments and Contingencies - Schedule of Accrual For Product Warranties (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Oct. 01, 2023	Sep. 29, 2024	Oct. 01, 2023
Beginning balance	$ 6,046	$ 3,876	$ 3,325	$ 3,584
Accrued for current year warranty claims	2,542	3,005	9,289	9,472
Settlement of warranty claims	(2,400)	(2,857)	(6,426)	(9,032)
Ending balance	$ 6,188	$ 4,024	$ 6,188	$ 4,024