Key Tronic (KTCC) 10-Q 12 Nov 24 2025 Q1 Quarterly report Financial data

COVER PAGE

COVER PAGE - shares	3 Months Ended
	Sep. 28, 2024	Nov. 07, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 28, 2024
Document Transition Report	false
Entity File Number	0-11559
Entity Registrant Name	KEY TRONIC CORPORATION
Entity Incorporation, State or Country Code	WA
Entity Tax Identification Number	91-0849125
Entity Address, Address Line One	N. 4424 Sullivan Road
Entity Address, City or Town	Spokane Valley
Entity Address, State or Province	WA
Entity Address, Postal Zip Code	99216
City Area Code	509
Local Phone Number	928-8000
Title of 12(b) Security	Common Stock, no par value
Trading Symbol	KTCC
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		10,761,871
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000719733
Current Fiscal Year End Date	--06-28

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 28, 2024	Jun. 29, 2024
Current assets:
Cash and cash equivalents	$ 6,555	$ 4,752
Trade receivables, net of credit losses of $3,129 and $2,918	133,984	132,559
Contract assets	23,626	21,250
Inventories	95,845	105,099
Other, net of credit losses of $1,642 and $1,679	28,273	24,739
Total current assets	288,283	288,399
Property, plant and equipment, net	27,910	28,806
Operating lease right-of-use assets, net	14,612	15,416
Other assets:
Deferred income tax asset	18,394	17,376
Other	6,735	5,346
Total other assets	25,129	22,722
Total assets	355,934	355,343
Current liabilities:
Accounts payable	83,768	79,394
Accrued compensation and vacation	6,870	6,510
Current portion of long-term debt	3,057	3,123
Other	18,450	15,149
Total current liabilities	112,145	104,176
Long-term liabilities:
Long-term debt, net	109,675	116,383
Operating lease liabilities	9,573	10,312
Deferred income tax liability	74	263
Other long-term obligations	124	219
Total long-term liabilities	119,446	127,177
Total liabilities	231,591	231,353
Commitments and contingencies
Shareholders’ equity:
Common stock, no par value—shares authorized $25,000; issued and outstanding $10,762 and $10,762 shares, respectively	47,351	47,284
Retained earnings	78,045	76,921
Accumulated other comprehensive (loss)	(1,053)	(215)
Total shareholders’ equity	124,343	123,990
Total liabilities and shareholders’ equity	$ 355,934	$ 355,343

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Sep. 28, 2024	Jun. 29, 2024
Statement of Financial Position [Abstract]
Trade receivables, allowance for doubtful accounts	$ 3,129	$ 2,918
Other, net of credit losses	$ 1,642	$ 1,679
Common stock, shares authorized (in shares)	25,000	25,000
Common stock, shares issued (in shares)	10,762	10,762
Common stock, shares outstanding (in shares)	10,762	10,762

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Sep. 28, 2024	Sep. 30, 2023
Income Statement [Abstract]
Net sales	$ 131,558	$ 150,112
Cost of sales	118,255	139,250
Gross profit	13,303	10,862
Research, development and engineering expenses	2,289	2,241
Selling, general and administrative expenses	6,570	5,784
Gain on insurance proceeds, net of losses	0	(431)
Total operating expenses	8,859	7,594
Operating income	4,444	3,268
Interest expense, net	3,263	3,011
Income before income taxes	1,181	257
Income tax provision (benefit)	57	(78)
Net income	$ 1,124	$ 335
Net income per share - Basic (in USD per share)	$ 0.10	$ 0.03
Weighted average shares outstanding — Basic (in shares)	10,762	10,762
Net income per share - Diluted (in USD per share)	$ 0.10	$ 0.03
Weighted average shares outstanding — Diluted (in shares)	10,762	11,003

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Sep. 28, 2024	Sep. 30, 2023
Comprehensive income (loss):
Net income	$ 1,124	$ 335
Other comprehensive income (loss):
Unrealized gain (loss) on hedging instruments, net of tax	(838)	58
Comprehensive income	$ 286	$ 393

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Sep. 28, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net of tax expense (benefit)	$ (0.3)	$ 0

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Sep. 28, 2024	Sep. 30, 2023
Operating activities:
Net income	$ 1,124	$ 335
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	3,011	2,787
Amortization of interest rate swap	0	58
Amortization of deferred loan costs	138	55
Noncash lease expense	1,094	1,528
Inventory write-down to net realizable value	296	265
Provision for warranty	16	118
Provision for doubtful accounts	212	0
Loss on disposal of assets	8	0
Gain on insurance proceeds, net of losses	0	(431)
Share-based compensation expense	67	59
Deferred income taxes	(1,207)	(901)
Changes in operating assets and liabilities:
Trade receivables	(1,636)	9,157
Contract assets	(2,377)	(2,978)
Inventories	8,958	10,867
Other assets	(6,661)	1,417
Accounts payable	4,374	(14,261)
Accrued compensation and vacation	360	(1,491)
Other liabilities	2,170	(961)
Cash provided by operating activities	9,947	5,623
Investing activities:
Purchase of property and equipment	(377)	(527)
Proceeds from insurance	0	2,249
Cash (used in) provided by investing activities	(377)	1,722
Financing activities:
Payment of financing costs	(126)	(491)
Repayments of long term debt	(778)	(707)
Borrowings under revolving credit agreement	119,987	138,320
Repayments of revolving credit agreement	(126,003)	(143,170)
Principal payments on finance leases	(847)	(1,326)
Cash used in financing activities	(7,767)	(7,374)
Net increase (decrease) in cash and cash equivalents	1,803	(29)
Cash and cash equivalents, beginning of period	4,752	3,603
Cash and cash equivalents, end of period	6,555	3,574
Supplemental cash flow information:
Interest payments	3,303	3,042
Income tax payments, net of refunds	$ 228	$ 1,168

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDER'S EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Beginning balances at Jul. 01, 2023	$ 130,617	$ 47,727	$ 82,986	$ (97)
Beginning balances (in shares) at Jul. 01, 2023		10,762
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock appreciation rights (in shares)		0
Share-based compensation		$ 59
Exercise of stock appreciation rights		0
Net income	335		335
Unrealized gain (loss) on hedging instruments, net	58			58
Ending balances at Sep. 30, 2023	131,068	$ 47,786	83,321	(39)
Ending balances (in shares) at Sep. 30, 2023		10,762
Beginning balances at Jun. 29, 2024	$ 123,990	$ 47,284	76,921	(215)
Beginning balances (in shares) at Jun. 29, 2024	10,762	10,762
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock appreciation rights (in shares)		0
Share-based compensation		$ 67
Exercise of stock appreciation rights		0
Net income	$ 1,124		1,124
Unrealized gain (loss) on hedging instruments, net	(838)			(838)
Ending balances at Sep. 28, 2024	$ 124,343	$ 47,351	$ 78,045	$ (1,053)
Ending balances (in shares) at Sep. 28, 2024	10,762	10,762

Basis of Presentation

Basis of Presentation	3 Months Ended
	Sep. 28, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements included herein have been prepared by Key Tronic Corporation and subsidiaries (the Company) pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in our annual consolidated financial statements have been condensed or omitted. The year-end condensed consolidated balance sheet information was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America. The financial statements reflect all normal and recurring adjustments which, in the opinion of management, are necessary for a fair presentation of the financial position, results of operations and cash flows for the interim periods presented. The preparation of financial statements in accordance with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the reported amounts of revenues and expenses during the reporting period. The results of operations for the periods presented are not necessarily indicative of the results to be expected for the full year. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the financial statements and notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 29, 2024. The Company’s reporting period is a 52/53 week fiscal year ending on the Saturday closest to June 30. The three month periods ended September 28, 2024 and September 30, 2023, were both 13 week periods. Fiscal year 2025 will end on June 28, 2025, which is a 52 week year. Fiscal year 2024 which ended on June 29, 2024, was also a 52 week year. Management’s Assessment of Liquidity Historically, due to the timing between the procurement of raw materials, production cycle and payment from our customers, we have financed operations and met our capital expenditure requirements primarily through cash flows provided by operations and borrowings under our credit facilities. We generated operating income and net income of $4.4 million and $1.1 million, respectively, during the 3-month period ended September 28, 2024, and have positive working capital of $176.1 million as of September 28, 2024. Based on current projections, we anticipate generating cash from operations as revenue is expected to increase during the second quarter of fiscal year 2025 and decreasing working capital requirements as existing backlog is manufactured and shipped. As of September 28, 2024, approximately $18.5 million was available under the asset-based revolving credit facility with Bank of America, an additional MXN1 million ($0.04 million USD) was available under the line of credit with Banorte Financial Group, and $6.6 million of cash was on hand. As of September 28, 2024, we have limited borrowing capacity on our credit facility, which matures on December 3, 2025. We are in discussions with multiple financial institutions to extend the borrowing capacity on our credit facility. If we are unable to meet projected operating results or restructure or refinance our asset-based revolving credit facility, we may need to delay the purchase of raw materials or require our customers to fund inventory raw material costs ahead of production. Other options to increase our liquidity include factoring receivables or leveraging foreign owned assets for additional borrowing capacity. We believe that projected cash from operations, funds available under our asset-based revolving credit facility and additional financing options will be sufficient to meet our working and fixed capital requirements for at least the next 12 months.

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Sep. 28, 2024
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Reclassifications Certain prior period reclassifications were made to conform with the current period presentation. These reclassifications had no effect on reported income, comprehensive income, cash flows, total assets, or shareholders' equity as previously reported. Allowance for Credit Losses The Company evaluates the collectability of accounts receivable and records an allowance for credit losses, which reduces the receivables to an amount that management reasonably estimates will be collected. A specific allowance is recorded against receivables considered to be impaired based on the Company’s knowledge of the financial condition of the customer, and a general allowance is calculated and applied to remaining receivables based on the Company's historical collection experience. In determining the amount of the allowance, the Company considers several factors including the aging of the receivables, the current business environment and historical experience. After all attempts to collect a receivable have failed, the receivable is written off against the allowance. Leases Lease assets and liabilities are initially recognized based on the present value of lease payments over the lease term calculated using the Company’s incremental borrowing rate, unless the implicit rate is readily determinable. Our incremental borrowing rate represents the rate of interest that we would have to pay to borrow on a collateralized basis over a similar term in a similar economic environment. Lease assets also include any lease prepayments. Lease terms include options to extend or terminate the lease when it is reasonably certain that those options will be exercised. Leases are classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the consolidated statements of income. For further information, please refer to Footnote “Leases” of the “Notes to Consolidated Financial Statements.” Revenue Recognition The first step in its process for revenue recognition is to identify the contract with a customer. A contract is defined as an agreement between two or more parties that creates enforceable rights and obligations. A contract can be written, oral, or implied. The Company generally enters into manufacturing service agreements (“MSA”) with its customers that outlines the terms of the business relationship between the customer and the Company. This includes matters such as warranty, indemnification, transfer of title and risk of loss, liability for excess and obsolete inventory, pricing, payment terms, etc. The Company will also bid on a program-by-program basis for customers in which an executed MSA may not be in place. In these instances, as well as when we have an MSA in place, we receive customer purchase orders for specific quantities and timing of products. As a result, the Company considers its contract with a customer to be the combination of the MSA and the purchase order. The transaction price is fixed and set forth in each purchase order. In the Company's normal course of business, there are no variable pricing components, or material amounts refunded to customers in the form of refunds or rebates. The Company assesses whether control of the product or services promised under the contract is transferred to the customer at a point in time (shipment) or over time (as we manufacture the product). The Company is first required to evaluate whether its contracts meet the criteria for 'over-time' or 'point-in-time' recognition. The Company has determined that for the majority of its contracts the Company is manufacturing products for which there is no alternative use due to the unique nature of the customer-specific product, IP and other contract restrictions. The Company has an enforceable right to payment including a reasonable profit for performance completed to date with respect to these contracts. As a result, revenue is recognized under these contracts 'over-time' based on the input cost-to-cost method as it better depicts the transfer of control. This input method is based on the ratio of costs incurred to date as compared to the total estimated costs at completion of the performance obligation. For all other contracts that do not meet these criteria, such as manufacturing contracts for which the terms do not provide an enforceable right to payment for performance completed to date, the Company recognizes revenue when it has transferred control of the related manufactured products which generally occurs upon shipment to the customer. Revenue from engineering services is recognized over time as costs related to the services are incurred, which approximates proportional performance of the service. This method is used because management considers it to be the best available measure of progress on the contracts. Revenue from scrap and excess inventory sales is recognized at the point-in-time of scrap at the customers direction, or, if applicable, shipment of the material to the customer. Earnings Per Common Share Basic earnings per common share (EPS) is computed by dividing net income (loss) by the weighted average number of common shares outstanding during the period. Diluted EPS is computed by dividing net income (loss) by the combination of other potentially dilutive weighted average common shares and the weighted average number of common shares outstanding during the period using the treasury stock method. The computation assumes the proceeds from the exercise of equity awards were used to repurchase common shares at the average market price during the period. The computation of diluted EPS does not assume conversion, exercise, or contingent issuance of common stock equivalent shares that would have an anti-dilutive effect on EPS. Derivative Instruments and Hedging Activities The Company has entered into foreign currency forward contracts which are accounted for as cash flow hedges in accordance with ASC 815, Derivatives and Hedging. The effective portion of the gain or loss on the derivative is reported as a component of accumulated other comprehensive income (AOCI) and is reclassified into earnings in the same period in which the underlying hedged transaction affects earnings. The derivative’s effectiveness represents the change in fair value of the hedge that offsets the change in fair value of the hedged item. The Company uses derivatives to manage the variability of foreign currency fluctuations of expenses in our Mexico facilities. The foreign currency forward contracts have terms that are matched to the underlying transactions being hedged. As a result, these transactions fully offset the hedged risk and no ineffectiveness has been recorded. The Company’s foreign currency forward contracts potentially expose the Company to credit risk to the extent the counterparty may be unable to meet the terms of the agreement. The Company minimizes such risk by utilizing a counterparty with a strong credit rating. The Company’s counterparty to the foreign currency forward contracts is a major banking institution. This institution does not require collateral for the contracts, and the Company believes that the risk of the counterparty failing to meet their contractual obligations is remote. The Company does not enter into derivative instruments for trading or speculative purposes. Income Taxes We compute our interim income tax provision through the use of an ETR applied to year-to-date operating results and specific events that are discretely recognized as they occur. In determining the estimated annual ETR, we analyze various factors, including projections of our annual earnings, taxing jurisdictions in which the earnings will be generated, the impact of state and local income taxes, our ability to use tax credits and available tax planning alternatives. Discrete items, including the effect of changes in tax laws, tax rates, and certain circumstances with respect to valuation allowances or other unusual or non-recurring tax adjustments, are reflected in the period in which they occur as an addition to, or reduction from, the income tax provision, rather than included in the estimated annual ETR. Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences and benefits attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, as well as tax credit and net operating loss carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which temporary differences and carryforwards are expected to be recovered or settled. The effect on deferred tax assets and liabilities for a change in tax rates is recognized in the period that includes the enactment date. Valuation allowances are established when necessary to reduce deferred tax assets to the amount that is more likely than not to be realized. We utilize a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount which is more than 50% likely of being realized upon ultimate settlement. We consider many factors when evaluating and estimating our tax positions and tax benefits, which may require periodic adjustments based on new assessments and changes in estimates and which may not accurately forecast actual outcomes. Our policy is to recognize interest and penalties related to the underpayment of income taxes as a component of income tax expense. The tax years 2005 through the present remain open to examination by the major U.S. taxing jurisdictions to which we are subject. Refer to Note 5 for further discussions. Recently Issued Accounting Standards On November 4, 2024 the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures. The ASU requires entities to disclose in the notes to the financial statements specified information about certain costs and expenses. The ASU applies to the Company’s annual reporting period beginning in fiscal year 2028 and interim reporting periods beginning in fiscal year 2029. The Company does not anticipate early adoption of the new disclosure standard. On December 14, 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU requires entities to disclose more detailed information relating to their reconciliation of statutory tax rate to effective tax rate, income taxes paid by jurisdiction, pretax income (or loss) from continuing operations, and income tax expense (or benefit). The ASU applies to the Company’s annual reporting period beginning in fiscal year 2026. The Company does not anticipate early adoption of the new disclosure standards. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (ASU 2023-07), which requires public entities to disclose information about their reportable segments' oversight and significant expenses on an interim and annual basis. The ASU is effective for the annual reporting period beginning in fiscal year 2025 and for interim periods beginning in fiscal year 2026. Early adoption is permitted. The Company is currently evaluating the guidance and its impact to the financial statements. In September 2022, the FASB issued ASU No. 2022-04, Liabilities—Supplier Finance Programs (Subtopic 405-50). This standard requires disclosure of the key terms of outstanding supplier finance programs and a roll forward of the related obligations. The new standard does not affect the recognition, measurement or financial statement presentation of supplier finance program obligations. The ASU became effective for the Company July 2, 2023, except for the roll forward requirement, which becomes effective June 30, 2024. This ASU, except for the roll forward requirement, was adopted retrospectively as of July 2, 2023 and did not have a material impact on our consolidated financial statements.

Inventories

Inventories	3 Months Ended
	Sep. 28, 2024
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories as of September 28, 2024 are $95.8 million compared to $105.1 million as of June 29, 2024. The components of inventories consist of the following (in thousands): September 28, 2024 June 29, 2024 (in thousands) Raw materials and supplies 71,286 80,570 Work-in-process 24,559 24,529 Inventories $ 95,845 $ 105,099

Long-Term Debt

Long-Term Debt	3 Months Ended
	Sep. 28, 2024
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt Maturity Date Interest Rate September 28, 2024 June 29, 2024 (in thousands) Asset-based senior secured revolving credit facility (1) December 3, 2025 9.0% $ 101,477 $ 107,149 Foreign line of credit (2) December 11, 2026 13.8% 5,059 5,403 Domestic term loans - Balboa (3) September 19, 2030 6% to 8% 4,332 4,535 Foreign term loan - Banorte (4) April 24, 2026 5.5% 1,900 2,200 Domestic term loan - Bank of America (5) August 14, 2025 4.9% 1,010 1,277 Total debt 113,778 120,564 Less: current portion of debt (3,057) (3,123) Less: unamortized financing costs (1,046) (1,059) Long-term debt, net $ 109,675 $ 116,382 (1) On August 14, 2020, the Company entered into a loan agreement with Bank of America (“Loan Agreement”). The Loan Agreement replaced the Company’s prior amended and restated credit agreement, as amended, with Wells Fargo Bank. The Loan Agreement provides for an asset-based senior secured revolving credit facility with an original availability of up to $93 million. On September 3, 2021, the Company entered into an amendment to the Loan Agreement, which increased the availability under the credit facility to $120 million, subject to the Company’s borrowing base, and set the maturity date to September 3, 2026. On August 26, 2022, the Company entered into a third amendment to the Loan Agreement, which removed the cash flow leverage ratio covenant and increased the interest rate by 25 basis points. On May 7, 2024, the Company entered into a fourth amendment to the Loan Agreement, effective as of March 29, 2024, which amendment modified debt covenant provisions to reduce the minimum requirement for the fixed charge coverage ratio from 1.25:1.00 to 1.00:1.00 as of March 30, 2024 and allow for the add back of severance expenses incurred during the quarter ended March 30, 2024. The minimum requirement for the fixed charge coverage ratio will increase as follows: 1.05:1.00 on July 27, 2024, 1.15:1.00 on October 26, 2024, 1.20:1.00 on January 25, 2025, and 1.25:1.00 on and after March 29, 2025. In addition, the amendment increased the interest rate by 100 basis points beginning on March 29, 2024 and moved forward the maturity date by one year to September 3, 2025. On September 27, 2024, the Company entered into a fifth amendment to the Loan Agreement, which extended the maturity date by three months to December 3, 2025. On October 9, 2024, the Company entered into a sixth amendment to the Loan Agreement, The Amendment waived existing events of default relating to non-compliance with (a) prescribed fixed charge coverage ratios for the periods ending June 29, 2024 and July 27, 2024 and (b) delivering audited financial statements within 90 days of the Company's fiscal year-end. The Amendment increased the interest rate by 50 basis points beginning on October 9, 2024 so that the applicable margin on base rate loans is 3.50% and term SOFR loans is 4.50%. In addition, the Amendment increased the availability block, which reduces the calculated borrowing base under the Loan Agreement, from $8 million to $10 million, with further increases to $11 million and $12 million to be effective on December 31, 2024 and March 31, 2025, respectively. As of September 28, 2024, the Company had an outstanding balance under the asset-based revolving credit facility of $101.5 million, $0.4 million in outstanding letters of credit and $18.5 million available for future borrowings. As of June 29, 2024, the Company had an outstanding balance under the asset-based credit facility of $107.1 million, $0.3 million in outstanding letters of credit and $12.9 million available for future borrowings. Generally, the interest rate applicable to loans under the Bank of America loan agreement will be, at the Company’s option: (i) the base rate which is the highest of (a) the Prime Rate for such day, (b) the Federal Funds Rate for such day plus 0.50%, and (c) Term SOFR for a one month interest period as of such day, plus 1.00% (provided that in no event shall the base rate be less than zero), plus the applicable interest margin for base rate loans; or (ii) SOFR rate for an applicable interest period, plus the applicable interest margin for SOFR rate loans. As modified by the sixth amendment to the Loan Agreement, the applicable interest margin on: (x) base rate loans is 3.50% and (y) SOFR rate loans is 4.50% , resetting on a quarterly basis. If there is an event of default that is not waived under the Loan Agreement, all loans and other obligations will bear interest at a rate of an additional 2.00% on the otherwise applicable interest rates. In addition to interest charges, the Company is required to pay a fee of 0.25% per annum on the unused portion of the Credit Facility, monthly in arrears. As of September 28, 2024, the interest rate on the asset-based revolving credit facility with Bank of America was 8.97%. (2) On December 11, 2023, the Company entered into a loan agreement in Mexican peso with Banorte Financial Group. The agreement provides for a three-year secured line of credit up to MXN100 million, subject to the Company’s borrowing base, maturing on December 11, 2026. The credit facility bears interest at Iterbancario de Equilibrio Interest Rate plus 2.75%, and as of September 28, 2024, was 13.8%. As of September 28, 2024, the Company had an outstanding balance under the revolving credit facility of MXN99 million ($5.06 million USD) and MXN1 million ($0.03 million USD) available for future borrowings. (3) On September 19, 2023, the Company entered into a $1.1 million equipment financing agreement with Ameris Bank dba Balboa Capital ("Balboa Capital"). Combining with other equipment financing agreements entered in the third quarter of fiscal year 2023, a total of $5.5 million relates to the Company’s existing manufacturing equipment that bears an interest rate range of 6% - 8% and matures in the first quarter of fiscal 2030. Under these loan agreements, equal monthly payments of $94,000 commenced in the fourth quarter of fiscal year 2024 and will continue through the maturity of the equipment financing facility in the first quarter of fiscal 2030. The Company had an outstanding balance $4.3 million as of September 28, 2024. (4) On November 24, 2020, the Company entered into a $6.0 million equipment financing facility related to the Company’s existing manufacturing equipment that bears interest at 5.52% and matures on April 24, 2026. Under this loan agreement, equal monthly payments of $100,000 commenced on May 24, 2021 and will continue through the maturity of the equipment financing facility on April 24, 2026. As of September 28, 2024, the Company had an outstanding balance of $1.9 million. As of June 29, 2024, the Company had an outstanding balance of $2.2 million. (5) On August 14, 2020, the Company entered into a $5.0 million equipment financing facility with Bank of America relating to the Company’s existing U.S. manufacturing equipment that bears interest at 4.85% and matures on August 14, 2025. Under this loan agreement, equal monthly payments of approximately $94,000 commenced on September 14, 2020 and will continue through the maturity of the equipment financing facility on August 14, 2025. As of September 28, 2024, the Company had an outstanding balance of $1.0 million. As of June 29, 2024, the Company had an outstanding balance of $1.3 million. Debt maturities as of September 28, 2024 for the next five years are as follows (in thousands): Fiscal Years Ending Amount 2025 (1) $ 2,353 2026 103,557 2027 6,020 2028 1,032 2029 - Thereafter 816 Total debt $ 113,778 Unamortized debt issuance costs $ (1,046) Long-term debt, net of debt issuance costs $ 112,732 (1) Represents scheduled payments for the remaining nine-month period ending June 28, 2025. The Company must comply with certain financial covenants, including a fixed charge coverage ratio. The credit agreement requires the Company to grant certain inspection rights to Bank of America, limit or restrict the Company’s cash management; limit or restrict the ability of the Company to incur additional liens, make acquisitions or investments, incur additional indebtedness, engage in mergers, consolidations, liquidations, dissolutions, or dispositions, pay dividends or other restricted payments, prepay certain indebtedness, engage in transactions with affiliates, and use proceeds. As of September 28, 2024, the Company was in compliance with all financial covenants.

Income Taxes

Income Taxes	3 Months Ended
	Sep. 28, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company expects to repatriate a portion of its foreign earnings based on increased net sales growth driving additional capital requirements domestically, cash requirements for potential acquisitions and to implement certain tax strategies. The Company currently expects to repatriate approximately $8.2 million of foreign earnings in the future. All other unremitted foreign earnings are expected to remain permanently reinvested for planned fixed assets purchases and improvements in foreign locations. Repatriations of cash will generally be tax-free in the U.S. However, withholding taxes in China may still apply to any such future repatriations. Management has not changed its indefinite investment assertions with regard to the portion of accumulated earnings and profits in China that may be repatriated in the future. Accordingly, management estimates that future repatriations of cash from China may result in approximately $0.8 million of withholding tax. We do not anticipate there would be any offsetting foreign tax credits in the U.S. and as such, this potential liability is a direct cost associated with actual repatriations. Withholding taxes would not apply to future repatriations from Mexico or Vietnam. The Company has available approximately $10.6 million of gross federal research and development tax credits as of September 28, 2024. ASC 740 requires the Company to recognize in its financial statements uncertainties in tax positions taken that may not be sustained upon examination by the taxing authorities. Accordingly, as of September 28, 2024, the Company has recorded $2.8 million of unrecognized tax benefits associated with these federal tax credits, resulting in a net deferred tax benefit of approximately $7.8 million. The Company evaluated tax law changes and regulatory guidance issued through the prior fiscal year. Such changes and regulations include guidance relating to foreign tax credits and consolidated NOL carryback claims. The Company evaluated the ongoing impact of these law and regulatory changes, and determined that they did not have a material impact on its provision for income taxes. On August 16, 2022, the Inflation Reduction Act of 2022 was signed into law. The Inflation Reduction Act of 2022 includes a new book minimum tax on certain large corporations and an excise tax on corporate stock buybacks, among other provisions. The Company has evaluated the impacts of this Act, and at this time the Company does not believe they will have a material impact on our consolidated financial position, results of operations, or cash flows.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Sep. 28, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The following table presents a reconciliation of the denominator in the basic and diluted EPS calculation and the number of antidilutive common share awards that were not included in the diluted earnings per share calculation. These antidilutive securities occur when equity awards outstanding have an option price greater than the average market price for the period. Three Months Ended (in thousands, except per share information) September 28, 2024 September 30, 2023 Net income $ 1,124 $ 335 Weighted average shares outstanding—basic 10,762 10,762 Effect of dilutive common stock awards — 241 Weighted average shares outstanding—diluted 10,762 11,003 Net income per share—basic $ 0.10 $ 0.03 Net income per share—diluted $ 0.10 $ 0.03 Antidilutive shares not included in diluted earnings per share 136 270

Stock-Based Compensation and Be

Stock-Based Compensation and Benefit Plans	3 Months Ended
	Sep. 28, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation and Benefit Plans	Stock-Based Compensation and Benefit Plans The Company’s 2010 Incentive Plan provides for equity and liability awards to employees and non-employee directors with service and performance vesting conditions in the form of stock options, stock appreciation rights (SARs), restricted stock, restricted stock units, stock awards, stock units, performance shares, performance units, and other stock-based or cash-based awards. At September 28, 2024, 1,018,265 shares were available for grant. Compensation cost is recognized on a straight-line basis over the requisite employee service period, which is generally the vesting period, and is recorded as employee compensation expense in cost of goods sold, research, development and engineering, and selling, general and administrative expenses. Share-based compensation is recognized only for those awards that are expected to vest. For SARs awards forfeitures are estimated at the date of grant based on historical experience and future expectations. Due to a lack of historical experience and a different grant pool than SARs, forfeitures for restricted stock units are accounted for prospectively as they occur. Stock Appreciation Rights In addition to service conditions, SARs contain a performance condition. The additional performance condition is based upon the achievement of Return on Invested Capital (ROIC) goals relative to a peer group. All awards with performance conditions are evaluated quarterly to determine the likelihood that performance metrics will be achieved during the performance period. These awards are charged to compensation expense over the requisite service period based on the number of shares expected to vest. If the performance and service conditions are attained, then the SARs cliff vest after the completion of the three-year period from date of grant and expire five years from date of grant. SARs Aggregate Weighted Weighted Balance, July 1, 2023 626,250 — $ 6.41 2.2 SARs granted — SARs forfeited (137,500) 6.94 SARs expired (101,250) 8.17 Balance, September 30, 2023 387,500 $ — $ 5.78 1.8 Balance, June 29, 2024 387,500 — $ 5.78 1.8 SARs granted — SARs forfeited (136,250) 7.17 SARs expired (115,000) 4.93 Balance, September 28, 2024 136,250 $ — $ 5.10 2.8 Exercisable at September 28, 2024 — — — — The Black-Scholes option valuation model is used by the Company for estimating the fair value of SARs. Option valuation models require the input of highly subjective assumptions, particularly for the expected term and expected stock price volatility. Changes in these assumptions can materially affect the fair value estimates. There were no SARs granted during the three months ended September 28, 2024 and September 30, 2023. Share-based compensation expense is recognized only for those awards that are expected to vest, with forfeitures estimated at the date of grant based on the Company’s historical experience and future expectations. This forfeiture rate will be revised, if necessary, in subsequent periods if actual forfeitures differ from the amount estimated. Total SARs expense recognized during the three months ended September 28, 2024 and September 30, 2023 was approximately $19,000 and $59,000, respectively. There were no SARs exercised during the three months ended September 28, 2024 or September 30, 2023. As of September 28, 2024, total unrecognized compensation expense for SARs awards was approximately $0.1 million, which is expected to be recognized over a weighted average period of approximately 0.8 years. Restricted Stock Units The Company grants restricted stock units that have a performance condition and/or a service condition. Restricted stock units with only a service condition generally vest in equal annual installments over a maximum of three years. Certain restricted stock units are granted with a performance condition. The final number of shares issued will be determined annually based on the achievement of annual financial targets. Forfeitures for restricted stock units are accounted for prospectively as they occur. The fair value of restricted stock units is the market close price on the date of grant. During the three months ended September 28, 2024, the Company granted 324,819 restricted stock units at a weighted average grant date fair value of $4.51 per share. Total restricted stock unit expense recognized during the three months ended September 28, 2024 was approximately $48,000.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Sep. 28, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation and Other Matters The Company is party to certain lawsuits or claims in the ordinary course of business. The Company does not believe that these proceedings, individually or in the aggregate, will have a material adverse effect on the financial position, results of operations or cash flow of the Company. Warranties The Company provides warranties on certain product sales. Allowances for estimated warranty costs are recorded during the period of sale. The determination of such allowances requires the Company to make estimates of product return rates and expected costs to repair or to replace the products under warranty. If actual return rates and/or repair and replacement costs differ significantly from management’s estimates, adjustments to recognize additional cost of sales may be required in future periods. The Company’s warranty reserve was approximately $26,000 as of September 28, 2024 and $164,000 as of June 29, 2024. Gain from Insurance Recoveries, Net of Losses Gain from insurance recoveries, net of losses, relate to losses incurred from storm damage to the Company’s Arkansas facility on July 29, 2022, as the result of a lightning strike and were recorded throughout fiscal year 2024 and fiscal year 2023. The Company recorded no gain during the three months ended September 28, 2024 and $0.4 million during the three months ended September 30, 2023.

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Sep. 28, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments As of September 28, 2024, the Company had outstanding foreign currency forward contracts with a total notional amount of $22.0 million through the end of the fourth quarter of fiscal year 2025. During the three months ended September 28, 2024, the Company entered into $16.1 million of foreign currency forward contracts and settled $6.6 million of contracts. During the same period of the previous year, the Company did not enter into or settle any foreign currency forward contracts. Changes in the fair value of the forward contracts are recognized as a component of OCI and will be recognized in cost of sales when the hedged item affects earnings. The amount of net losses expected to be reclassified into earnings in the next 12 months is $1.4 million. On November 6, 2019, the Company entered into an interest rate swap contract with an effective date of November 6, 2019 and a termination date of November 1, 2023, related to the borrowings outstanding under the line of credit with Wells Fargo Bank. This interest rate swap contract was terminated on August 14, 2020 when the Company entered into the Loan Agreement with Bank of America. On the date of termination this interest rate swap was in a liability position of $776,500, which has been amortized to interest expense over the original term of the swap. The following table summarizes the fair value of the derivative instruments in the Consolidated Balance Sheets as of September 28, 2024 and September 30, 2023 (in thousands): Fair Value Derivatives designated as hedging instruments under Subtopic 815-20 Balance Sheet Location September 28, 2024 June 29, 2024 Foreign currency forward contracts Other current liabilities $ 1,360 $ 277 The following tables summarize the gain (loss) on derivative instruments, net of tax, on the Consolidated Statements of Operations for the three months ended September 28, 2024 and September 30, 2023, respectively (in thousands): Derivatives Designated as Hedging Instruments Classification of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) AOCI Balance Effective Effective Portion AOCI Balance Forward contracts Cost of sales $ 215 $ 540 $ 298 $ 1,053 Total $ 215 $ 540 $ 298 $ 1,053 Derivatives Designated as Hedging Instruments Classification of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) AOCI Balance Effective Effective Portion AOCI Balance Interest rate swap Interest expense (97) — 58 (39) Total $ (97) $ — $ 58 $ (39) As of September 28, 2024, the Company does not have any foreign exchange contracts with credit-risk-related contingent features. The Company is subject to the risk of fluctuating interest rates from our line of credit and foreign currency risk resulting from our China operations. The Company does not currently manage these risk exposures by using derivative instruments.

Revenue

Revenue	3 Months Ended
	Sep. 28, 2024
Revenue from Contract with Customer [Abstract]
Revenue	Revenue Revenue Recognition The Company specializes in services ranging from product manufacturing to engineering and tooling services. The first step in its process for revenue recognition is to identify the contract with a customer. A contract is defined as an agreement between two or more parties that creates enforceable rights and obligations. A contract can be written, oral, or implied. The Company generally enters into manufacturing service agreements (“MSA”) with its customers that outline the terms of the business relationship between the customer and the Company. This includes matters such as warranty, indemnification, transfer of title and risk of loss, liability for excess and obsolete inventory, pricing, payment terms, etc. The Company will also bid on a program-by-program basis for customers in which an executed MSA may not be in place. In these instances, as well as when we have an MSA in place, we receive customer purchase orders for specific quantities and timing of products. As a result, the Company considers its contract with a customer to be the combination of the MSA and the purchase order. The transaction price is fixed and set forth in each purchase order. In the Company's normal course of business, there are no variable pricing components, or material amounts refunded to customers in the form of refunds or rebates. The Company assesses whether control of the product or services promised under the contract is transferred to the customer at a point in time (shipment) or over time (as we manufacture the product). The Company is first required to evaluate whether its contracts meet the criteria for 'over-time' or 'point-in-time' recognition. The Company has determined that for the majority of its contracts the Company is manufacturing products for which there is no alternative use due to the unique nature of the customer-specific product, IP and other contract restrictions. The Company has an enforceable right to payment including a reasonable profit for performance completed to date with respect to these contracts. As a result, revenue is recognized under these contracts 'over-time' based on the input cost-to-cost method as it better depicts the transfer of control. This input method is based on the ratio of costs incurred to date as compared to the total estimated costs at completion of the performance obligation. For all other contracts that do not meet these criteria, such as manufacturing contracts for which the terms do not provide an enforceable right to payment for performance completed to date, the Company recognizes revenue when it has transferred control of the related manufactured products which generally occurs upon shipment to the customer. Revenue from engineering services is recognized over time as costs related to the services are incurred, which approximates proportional performance of the services. This method is used because management considers it to be the best available measure of progress on the contracts. Revenue from scrap and excess inventory sales is recognized at the point-in-time of scrap at the customers direction, or, if applicable, shipment of the material to the customer. The Company’s sales arrangements do not contain any significant financing component for its customers. The Company generally provides a warranty for workmanship on its manufacturing contracts. Although we offer warranties on our products, our warranties are considered to be assurance-type in nature and do not cover anything beyond ensuring that the product is functioning as intended. Based on the guidance in ASC 606, assurance-type warranties do not represent separate performance obligations; therefore, the primary performance obligation in the majority of our contracts is the delivery of a specific good through the purchase order submitted by our customer. The Company elected not to disclose information about remaining performance obligations as they are part of contracts that have expected durations of one year or less. The Company has elected to expense costs to obtain contracts as incurred as these costs are immaterial to the financial statements. During the first three months of fiscal year 2025, no revenues were recognized from performance obligations satisfied or partially satisfied in previous periods. Contract Balances A contract asset is recognized when the Company has recognized revenue, but has not issued an invoice for payment. Contract assets are classified separately on the condensed consolidated balance sheet and transferred to receivables when the right to payment becomes unconditional. The following table summarizes the activity in the Company’s contract assets during the three months ended September 28, 2024 (in thousands): Contract Assets Beginning balance, June 29, 2024 $ 21,250 Revenue recognized 122,582 Amounts collected or invoiced (120,206) Ending balance, September 28, 2024 $ 23,626 Disaggregation of Revenue The following table presents the Company’s revenue disaggregated for the three months ended September 28, 2024 and September 30, 2023 (in thousands): Revenue Recognition Three Months Ended September 28, 2024 September 30, 2023 Over-Time $ 122,582 $ 132,329 Point-in-Time 8,976 17,783 Total $ 131,558 $ 150,112

Leases

Leases	3 Months Ended
	Sep. 28, 2024
Leases [Abstract]
Leases	Leases The Company has several commitments under operating and financing leases for warehouses, manufacturing facilities, office buildings, and equipment with initial terms that expire at various dates during the next 1 year to 7 years. The Company has some leases that include an extension clause. Management has considered the likelihood of exercising each extension option included and estimated the duration of the extension option, for those leases management determined to be reasonably certain, in calculating the lease term for measurement of the right of use asset and liability. For operating leases, management assumed a discount rate of 4.00%. The weighted average discount rate is disclosed in the tables below. The components of lease cost for the three months ended September 28, 2024 and September 30, 2023 were (in thousands): Three Months Ended September 28, 2024 September 30, 2023 Lease cost Classification Operating lease cost Cost of sales $ 1,339 $ 1,126 Operating lease cost Selling, general and administrative expenses $ 184 $ 184 Financing lease cost Cost of sales $ 1,306 $ 1,279 Financing lease cost Selling, general and administrative expenses $ 54 $ 55 Total lease cost $ 2,883 $ 2,644 Fixed lease cost $ 2,574 $ 1,547 Short-term lease cost 309 1,097 Total lease cost $ 2,883 $ 2,644 Amounts reported in the Consolidated Balance Sheet as of September 28, 2024 and June 29, 2024 were (in thousands, except weighted average lease term and discount rate): September 28, 2024 June 29, 2024 Operating Leases: Operating lease right of use assets $ 14,612 $ 15,416 Operating lease liabilities (1) $ 14,612 $ 15,416 Weighted-average remaining lease term (in years) Operating leases 3.80 3.97 Weighted-average discount rate Operating leases 4.00% 4.00% Financing Leases (2) : Financing lease right of use assets $ 2,831 $ 3,569 Financing lease liabilities $ 1,883 $ 2,128 Weighted-average remaining lease term (in years) Financing leases 1.10 1.06 Weighted-average discount rate Financing leases 11.53% 11.18% (1) The current portion of the total operating lease liabilities of $5.0 million is classified under Other Current Liabilities resulting in $9.6 million classified under Operating Lease Liabilities in the Long-term Liabilities section of the condensed consolidated balance sheet. (2) The total finance lease right of use assets of $2.8 million is classified under Other Long-term Assets. The current portion of the total finance lease liabilities of $1.8 million is classified under Current portion of debt, net resulting in $0.1 million classified in Other Long-term Liabilities section of the condensed consolidated balance sheet. Future lease payments under non-cancellable leases as of September 28, 2024 are as follows (in thousands): Fiscal Years Ending Operating Leases Finance Leases 2025 (1) $ 3,832 $ 1,572 2026 4,288 563 2027 3,404 — 2028 2,324 — 2029 1,051 — Thereafter 822 — Total undiscounted lease payments $ 15,721 $ 2,135 Less: present value discount (1,109) (252) Total lease liabilities $ 14,612 $ 1,883
Leases	Leases The Company has several commitments under operating and financing leases for warehouses, manufacturing facilities, office buildings, and equipment with initial terms that expire at various dates during the next 1 year to 7 years. The Company has some leases that include an extension clause. Management has considered the likelihood of exercising each extension option included and estimated the duration of the extension option, for those leases management determined to be reasonably certain, in calculating the lease term for measurement of the right of use asset and liability. For operating leases, management assumed a discount rate of 4.00%. The weighted average discount rate is disclosed in the tables below. The components of lease cost for the three months ended September 28, 2024 and September 30, 2023 were (in thousands): Three Months Ended September 28, 2024 September 30, 2023 Lease cost Classification Operating lease cost Cost of sales $ 1,339 $ 1,126 Operating lease cost Selling, general and administrative expenses $ 184 $ 184 Financing lease cost Cost of sales $ 1,306 $ 1,279 Financing lease cost Selling, general and administrative expenses $ 54 $ 55 Total lease cost $ 2,883 $ 2,644 Fixed lease cost $ 2,574 $ 1,547 Short-term lease cost 309 1,097 Total lease cost $ 2,883 $ 2,644 Amounts reported in the Consolidated Balance Sheet as of September 28, 2024 and June 29, 2024 were (in thousands, except weighted average lease term and discount rate): September 28, 2024 June 29, 2024 Operating Leases: Operating lease right of use assets $ 14,612 $ 15,416 Operating lease liabilities (1) $ 14,612 $ 15,416 Weighted-average remaining lease term (in years) Operating leases 3.80 3.97 Weighted-average discount rate Operating leases 4.00% 4.00% Financing Leases (2) : Financing lease right of use assets $ 2,831 $ 3,569 Financing lease liabilities $ 1,883 $ 2,128 Weighted-average remaining lease term (in years) Financing leases 1.10 1.06 Weighted-average discount rate Financing leases 11.53% 11.18% (1) The current portion of the total operating lease liabilities of $5.0 million is classified under Other Current Liabilities resulting in $9.6 million classified under Operating Lease Liabilities in the Long-term Liabilities section of the condensed consolidated balance sheet. (2) The total finance lease right of use assets of $2.8 million is classified under Other Long-term Assets. The current portion of the total finance lease liabilities of $1.8 million is classified under Current portion of debt, net resulting in $0.1 million classified in Other Long-term Liabilities section of the condensed consolidated balance sheet. Future lease payments under non-cancellable leases as of September 28, 2024 are as follows (in thousands): Fiscal Years Ending Operating Leases Finance Leases 2025 (1) $ 3,832 $ 1,572 2026 4,288 563 2027 3,404 — 2028 2,324 — 2029 1,051 — Thereafter 822 — Total undiscounted lease payments $ 15,721 $ 2,135 Less: present value discount (1,109) (252) Total lease liabilities $ 14,612 $ 1,883

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Sep. 28, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income	$ 1,124	$ 335

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 28, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
	Sep. 28, 2024
Accounting Policies [Abstract]
Fiscal Year	The Company’s reporting period is a 52/53 week fiscal year ending on the Saturday closest to June 30. The three month periods ended September 28, 2024 and September 30, 2023, were both 13 week periods. Fiscal year 2025 will end on June 28, 2025, which is a 52 week year. Fiscal year 2024 which ended on June 29, 2024, was also a 52 week year.
Reclassifications	Reclassifications
Allowance for Credit Losses	Allowance for Credit Losses The Company evaluates the collectability of accounts receivable and records an allowance for credit losses, which reduces the receivables to an amount that management reasonably estimates will be collected. A specific allowance is recorded against receivables considered to be impaired based on the Company’s knowledge of the financial condition of the customer, and a general allowance is calculated and applied to remaining receivables based on the Company's historical collection experience. In determining the amount of the allowance, the Company considers several factors including the aging of the receivables, the current business environment and historical experience. After all attempts to collect a receivable have failed, the receivable is written off against the allowance.
Leases	Leases Lease assets and liabilities are initially recognized based on the present value of lease payments over the lease term calculated using the Company’s incremental borrowing rate, unless the implicit rate is readily determinable. Our incremental borrowing rate represents the rate of interest that we would have to pay to borrow on a collateralized basis over a similar term in a similar economic environment. Lease assets also include any lease prepayments. Lease terms include options to extend or terminate the lease when it is reasonably certain that those options will be exercised. Leases are classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the consolidated statements of income. For further information, please refer to Footnote “Leases” of the “Notes to Consolidated Financial Statements.”
Revenue Recognition	Revenue Recognition The first step in its process for revenue recognition is to identify the contract with a customer. A contract is defined as an agreement between two or more parties that creates enforceable rights and obligations. A contract can be written, oral, or implied. The Company generally enters into manufacturing service agreements (“MSA”) with its customers that outlines the terms of the business relationship between the customer and the Company. This includes matters such as warranty, indemnification, transfer of title and risk of loss, liability for excess and obsolete inventory, pricing, payment terms, etc. The Company will also bid on a program-by-program basis for customers in which an executed MSA may not be in place. In these instances, as well as when we have an MSA in place, we receive customer purchase orders for specific quantities and timing of products. As a result, the Company considers its contract with a customer to be the combination of the MSA and the purchase order. The transaction price is fixed and set forth in each purchase order. In the Company's normal course of business, there are no variable pricing components, or material amounts refunded to customers in the form of refunds or rebates. The Company assesses whether control of the product or services promised under the contract is transferred to the customer at a point in time (shipment) or over time (as we manufacture the product). The Company is first required to evaluate whether its contracts meet the criteria for 'over-time' or 'point-in-time' recognition. The Company has determined that for the majority of its contracts the Company is manufacturing products for which there is no alternative use due to the unique nature of the customer-specific product, IP and other contract restrictions. The Company has an enforceable right to payment including a reasonable profit for performance completed to date with respect to these contracts. As a result, revenue is recognized under these contracts 'over-time' based on the input cost-to-cost method as it better depicts the transfer of control. This input method is based on the ratio of costs incurred to date as compared to the total estimated costs at completion of the performance obligation. For all other contracts that do not meet these criteria, such as manufacturing contracts for which the terms do not provide an enforceable right to payment for performance completed to date, the Company recognizes revenue when it has transferred control of the related manufactured products which generally occurs upon shipment to the customer. Revenue from engineering services is recognized over time as costs related to the services are incurred, which approximates proportional performance of the service. This method is used because management considers it to be the best available measure of progress on the contracts. Revenue from scrap and excess inventory sales is recognized at the point-in-time of scrap at the customers direction, or, if applicable, shipment of the material to the customer.
Earnings Per Common Share	Earnings Per Common Share Basic earnings per common share (EPS) is computed by dividing net income (loss) by the weighted average number of common shares outstanding during the period. Diluted EPS is computed by dividing net income (loss) by the combination of other potentially dilutive weighted average common shares and the weighted average number of common shares outstanding during the period using the treasury stock method. The computation assumes the proceeds from the exercise of equity awards were used to repurchase common shares at the average market price during the period. The computation of diluted EPS does not assume conversion, exercise, or contingent issuance of common stock equivalent shares that would have an anti-dilutive effect on EPS.
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities The Company has entered into foreign currency forward contracts which are accounted for as cash flow hedges in accordance with ASC 815, Derivatives and Hedging. The effective portion of the gain or loss on the derivative is reported as a component of accumulated other comprehensive income (AOCI) and is reclassified into earnings in the same period in which the underlying hedged transaction affects earnings. The derivative’s effectiveness represents the change in fair value of the hedge that offsets the change in fair value of the hedged item. The Company uses derivatives to manage the variability of foreign currency fluctuations of expenses in our Mexico facilities. The foreign currency forward contracts have terms that are matched to the underlying transactions being hedged. As a result, these transactions fully offset the hedged risk and no ineffectiveness has been recorded. The Company’s foreign currency forward contracts potentially expose the Company to credit risk to the extent the counterparty may be unable to meet the terms of the agreement. The Company minimizes such risk by utilizing a counterparty with a strong credit rating. The Company’s counterparty to the foreign currency forward contracts is a major banking institution. This institution does not require collateral for the contracts, and the Company believes that the risk of the counterparty failing to meet their contractual obligations is remote. The Company does not enter into derivative instruments for trading or speculative purposes.
Income Taxes	Income Taxes We compute our interim income tax provision through the use of an ETR applied to year-to-date operating results and specific events that are discretely recognized as they occur. In determining the estimated annual ETR, we analyze various factors, including projections of our annual earnings, taxing jurisdictions in which the earnings will be generated, the impact of state and local income taxes, our ability to use tax credits and available tax planning alternatives. Discrete items, including the effect of changes in tax laws, tax rates, and certain circumstances with respect to valuation allowances or other unusual or non-recurring tax adjustments, are reflected in the period in which they occur as an addition to, or reduction from, the income tax provision, rather than included in the estimated annual ETR. Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences and benefits attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, as well as tax credit and net operating loss carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which temporary differences and carryforwards are expected to be recovered or settled. The effect on deferred tax assets and liabilities for a change in tax rates is recognized in the period that includes the enactment date. Valuation allowances are established when necessary to reduce deferred tax assets to the amount that is more likely than not to be realized. We utilize a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount which is more than 50% likely of being realized upon ultimate settlement. We consider many factors when evaluating and estimating our tax positions and tax benefits, which may require periodic adjustments based on new assessments and changes in estimates and which may not accurately forecast actual outcomes. Our policy is to recognize interest and penalties related to the underpayment of income taxes as a component of income tax expense. The tax years 2005 through the present remain open to examination by the major U.S. taxing jurisdictions to which we are subject. Refer to Note 5 for further discussions.
Recently Issued Accounting Standards	Recently Issued Accounting Standards On November 4, 2024 the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures. The ASU requires entities to disclose in the notes to the financial statements specified information about certain costs and expenses. The ASU applies to the Company’s annual reporting period beginning in fiscal year 2028 and interim reporting periods beginning in fiscal year 2029. The Company does not anticipate early adoption of the new disclosure standard. On December 14, 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU requires entities to disclose more detailed information relating to their reconciliation of statutory tax rate to effective tax rate, income taxes paid by jurisdiction, pretax income (or loss) from continuing operations, and income tax expense (or benefit). The ASU applies to the Company’s annual reporting period beginning in fiscal year 2026. The Company does not anticipate early adoption of the new disclosure standards. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (ASU 2023-07), which requires public entities to disclose information about their reportable segments' oversight and significant expenses on an interim and annual basis. The ASU is effective for the annual reporting period beginning in fiscal year 2025 and for interim periods beginning in fiscal year 2026. Early adoption is permitted. The Company is currently evaluating the guidance and its impact to the financial statements. In September 2022, the FASB issued ASU No. 2022-04, Liabilities—Supplier Finance Programs (Subtopic 405-50). This standard requires disclosure of the key terms of outstanding supplier finance programs and a roll forward of the related obligations. The new standard does not affect the recognition, measurement or financial statement presentation of supplier finance program obligations. The ASU became effective for the Company July 2, 2023, except for the roll forward requirement, which becomes effective June 30, 2024. This ASU, except for the roll forward requirement, was adopted retrospectively as of July 2, 2023 and did not have a material impact on our consolidated financial statements.

Inventories - (Tables)

Inventories - (Tables)	3 Months Ended
	Sep. 28, 2024
Inventory Disclosure [Abstract]
Schedule of Components of Inventories	The components of inventories consist of the following (in thousands): September 28, 2024 June 29, 2024 (in thousands) Raw materials and supplies 71,286 80,570 Work-in-process 24,559 24,529 Inventories $ 95,845 $ 105,099

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Sep. 28, 2024
Debt Disclosure [Abstract]
Schedule of Debt	Maturity Date Interest Rate September 28, 2024 June 29, 2024 (in thousands) Asset-based senior secured revolving credit facility (1) December 3, 2025 9.0% $ 101,477 $ 107,149 Foreign line of credit (2) December 11, 2026 13.8% 5,059 5,403 Domestic term loans - Balboa (3) September 19, 2030 6% to 8% 4,332 4,535 Foreign term loan - Banorte (4) April 24, 2026 5.5% 1,900 2,200 Domestic term loan - Bank of America (5) August 14, 2025 4.9% 1,010 1,277 Total debt 113,778 120,564 Less: current portion of debt (3,057) (3,123) Less: unamortized financing costs (1,046) (1,059) Long-term debt, net $ 109,675 $ 116,382 (1) On August 14, 2020, the Company entered into a loan agreement with Bank of America (“Loan Agreement”). The Loan Agreement replaced the Company’s prior amended and restated credit agreement, as amended, with Wells Fargo Bank. The Loan Agreement provides for an asset-based senior secured revolving credit facility with an original availability of up to $93 million. On September 3, 2021, the Company entered into an amendment to the Loan Agreement, which increased the availability under the credit facility to $120 million, subject to the Company’s borrowing base, and set the maturity date to September 3, 2026. On August 26, 2022, the Company entered into a third amendment to the Loan Agreement, which removed the cash flow leverage ratio covenant and increased the interest rate by 25 basis points. On May 7, 2024, the Company entered into a fourth amendment to the Loan Agreement, effective as of March 29, 2024, which amendment modified debt covenant provisions to reduce the minimum requirement for the fixed charge coverage ratio from 1.25:1.00 to 1.00:1.00 as of March 30, 2024 and allow for the add back of severance expenses incurred during the quarter ended March 30, 2024. The minimum requirement for the fixed charge coverage ratio will increase as follows: 1.05:1.00 on July 27, 2024, 1.15:1.00 on October 26, 2024, 1.20:1.00 on January 25, 2025, and 1.25:1.00 on and after March 29, 2025. In addition, the amendment increased the interest rate by 100 basis points beginning on March 29, 2024 and moved forward the maturity date by one year to September 3, 2025. On September 27, 2024, the Company entered into a fifth amendment to the Loan Agreement, which extended the maturity date by three months to December 3, 2025. On October 9, 2024, the Company entered into a sixth amendment to the Loan Agreement, The Amendment waived existing events of default relating to non-compliance with (a) prescribed fixed charge coverage ratios for the periods ending June 29, 2024 and July 27, 2024 and (b) delivering audited financial statements within 90 days of the Company's fiscal year-end. The Amendment increased the interest rate by 50 basis points beginning on October 9, 2024 so that the applicable margin on base rate loans is 3.50% and term SOFR loans is 4.50%. In addition, the Amendment increased the availability block, which reduces the calculated borrowing base under the Loan Agreement, from $8 million to $10 million, with further increases to $11 million and $12 million to be effective on December 31, 2024 and March 31, 2025, respectively. As of September 28, 2024, the Company had an outstanding balance under the asset-based revolving credit facility of $101.5 million, $0.4 million in outstanding letters of credit and $18.5 million available for future borrowings. As of June 29, 2024, the Company had an outstanding balance under the asset-based credit facility of $107.1 million, $0.3 million in outstanding letters of credit and $12.9 million available for future borrowings. Generally, the interest rate applicable to loans under the Bank of America loan agreement will be, at the Company’s option: (i) the base rate which is the highest of (a) the Prime Rate for such day, (b) the Federal Funds Rate for such day plus 0.50%, and (c) Term SOFR for a one month interest period as of such day, plus 1.00% (provided that in no event shall the base rate be less than zero), plus the applicable interest margin for base rate loans; or (ii) SOFR rate for an applicable interest period, plus the applicable interest margin for SOFR rate loans. As modified by the sixth amendment to the Loan Agreement, the applicable interest margin on: (x) base rate loans is 3.50% and (y) SOFR rate loans is 4.50% , resetting on a quarterly basis. If there is an event of default that is not waived under the Loan Agreement, all loans and other obligations will bear interest at a rate of an additional 2.00% on the otherwise applicable interest rates. In addition to interest charges, the Company is required to pay a fee of 0.25% per annum on the unused portion of the Credit Facility, monthly in arrears. As of September 28, 2024, the interest rate on the asset-based revolving credit facility with Bank of America was 8.97%. (2) On December 11, 2023, the Company entered into a loan agreement in Mexican peso with Banorte Financial Group. The agreement provides for a three-year secured line of credit up to MXN100 million, subject to the Company’s borrowing base, maturing on December 11, 2026. The credit facility bears interest at Iterbancario de Equilibrio Interest Rate plus 2.75%, and as of September 28, 2024, was 13.8%. As of September 28, 2024, the Company had an outstanding balance under the revolving credit facility of MXN99 million ($5.06 million USD) and MXN1 million ($0.03 million USD) available for future borrowings. (3) On September 19, 2023, the Company entered into a $1.1 million equipment financing agreement with Ameris Bank dba Balboa Capital ("Balboa Capital"). Combining with other equipment financing agreements entered in the third quarter of fiscal year 2023, a total of $5.5 million relates to the Company’s existing manufacturing equipment that bears an interest rate range of 6% - 8% and matures in the first quarter of fiscal 2030. Under these loan agreements, equal monthly payments of $94,000 commenced in the fourth quarter of fiscal year 2024 and will continue through the maturity of the equipment financing facility in the first quarter of fiscal 2030. The Company had an outstanding balance $4.3 million as of September 28, 2024. (4) On November 24, 2020, the Company entered into a $6.0 million equipment financing facility related to the Company’s existing manufacturing equipment that bears interest at 5.52% and matures on April 24, 2026. Under this loan agreement, equal monthly payments of $100,000 commenced on May 24, 2021 and will continue through the maturity of the equipment financing facility on April 24, 2026. As of September 28, 2024, the Company had an outstanding balance of $1.9 million. As of June 29, 2024, the Company had an outstanding balance of $2.2 million.
Schedule of Maturities of Long-term Debt	Debt maturities as of September 28, 2024 for the next five years are as follows (in thousands): Fiscal Years Ending Amount 2025 (1) $ 2,353 2026 103,557 2027 6,020 2028 1,032 2029 - Thereafter 816 Total debt $ 113,778 Unamortized debt issuance costs $ (1,046) Long-term debt, net of debt issuance costs $ 112,732 (1) Represents scheduled payments for the remaining nine-month period ending June 28, 2025.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Sep. 28, 2024
Earnings Per Share [Abstract]
Schedule of Antidilutive Securities and Outstanding Equity Awards	These antidilutive securities occur when equity awards outstanding have an option price greater than the average market price for the period. Three Months Ended (in thousands, except per share information) September 28, 2024 September 30, 2023 Net income $ 1,124 $ 335 Weighted average shares outstanding—basic 10,762 10,762 Effect of dilutive common stock awards — 241 Weighted average shares outstanding—diluted 10,762 11,003 Net income per share—basic $ 0.10 $ 0.03 Net income per share—diluted $ 0.10 $ 0.03 Antidilutive shares not included in diluted earnings per share 136 270

Stock-Based Compensation and _2

Stock-Based Compensation and Benefit Plans (Tables)	3 Months Ended
	Sep. 28, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of SARs Activity	Stock Appreciation Rights In addition to service conditions, SARs contain a performance condition. The additional performance condition is based upon the achievement of Return on Invested Capital (ROIC) goals relative to a peer group. All awards with performance conditions are evaluated quarterly to determine the likelihood that performance metrics will be achieved during the performance period. These awards are charged to compensation expense over the requisite service period based on the number of shares expected to vest. If the performance and service conditions are attained, then the SARs cliff vest after the completion of the three-year period from date of grant and expire five years from date of grant. SARs Aggregate Weighted Weighted Balance, July 1, 2023 626,250 — $ 6.41 2.2 SARs granted — SARs forfeited (137,500) 6.94 SARs expired (101,250) 8.17 Balance, September 30, 2023 387,500 $ — $ 5.78 1.8 Balance, June 29, 2024 387,500 — $ 5.78 1.8 SARs granted — SARs forfeited (136,250) 7.17 SARs expired (115,000) 4.93 Balance, September 28, 2024 136,250 $ — $ 5.10 2.8 Exercisable at September 28, 2024 — — — —

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	3 Months Ended
	Sep. 28, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Fair Value of Derivative Instruments in Consolidated Balance Sheets	The following table summarizes the fair value of the derivative instruments in the Consolidated Balance Sheets as of September 28, 2024 and September 30, 2023 (in thousands): Fair Value Derivatives designated as hedging instruments under Subtopic 815-20 Balance Sheet Location September 28, 2024 June 29, 2024 Foreign currency forward contracts Other current liabilities $ 1,360 $ 277
Schedule of Gain (Loss) of Derivative Instruments in Statement of Operations	The following tables summarize the gain (loss) on derivative instruments, net of tax, on the Consolidated Statements of Operations for the three months ended September 28, 2024 and September 30, 2023, respectively (in thousands): Derivatives Designated as Hedging Instruments Classification of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) AOCI Balance Effective Effective Portion AOCI Balance Forward contracts Cost of sales $ 215 $ 540 $ 298 $ 1,053 Total $ 215 $ 540 $ 298 $ 1,053 Derivatives Designated as Hedging Instruments Classification of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) AOCI Balance Effective Effective Portion AOCI Balance Interest rate swap Interest expense (97) — 58 (39) Total $ (97) $ — $ 58 $ (39)

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Sep. 28, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Contract Assets	The following table summarizes the activity in the Company’s contract assets during the three months ended September 28, 2024 (in thousands): Contract Assets Beginning balance, June 29, 2024 $ 21,250 Revenue recognized 122,582 Amounts collected or invoiced (120,206) Ending balance, September 28, 2024 $ 23,626
Schedule of Disaggregation of Revenue	The following table presents the Company’s revenue disaggregated for the three months ended September 28, 2024 and September 30, 2023 (in thousands): Revenue Recognition Three Months Ended September 28, 2024 September 30, 2023 Over-Time $ 122,582 $ 132,329 Point-in-Time 8,976 17,783 Total $ 131,558 $ 150,112

Leases (Tables)

Leases (Tables)	3 Months Ended
	Sep. 28, 2024
Leases [Abstract]
Schedule of Lease Cost	The components of lease cost for the three months ended September 28, 2024 and September 30, 2023 were (in thousands): Three Months Ended September 28, 2024 September 30, 2023 Lease cost Classification Operating lease cost Cost of sales $ 1,339 $ 1,126 Operating lease cost Selling, general and administrative expenses $ 184 $ 184 Financing lease cost Cost of sales $ 1,306 $ 1,279 Financing lease cost Selling, general and administrative expenses $ 54 $ 55 Total lease cost $ 2,883 $ 2,644 Fixed lease cost $ 2,574 $ 1,547 Short-term lease cost 309 1,097 Total lease cost $ 2,883 $ 2,644
Schedule of Lease Assets and Liabilities	Amounts reported in the Consolidated Balance Sheet as of September 28, 2024 and June 29, 2024 were (in thousands, except weighted average lease term and discount rate): September 28, 2024 June 29, 2024 Operating Leases: Operating lease right of use assets $ 14,612 $ 15,416 Operating lease liabilities (1) $ 14,612 $ 15,416 Weighted-average remaining lease term (in years) Operating leases 3.80 3.97 Weighted-average discount rate Operating leases 4.00% 4.00% Financing Leases (2) : Financing lease right of use assets $ 2,831 $ 3,569 Financing lease liabilities $ 1,883 $ 2,128 Weighted-average remaining lease term (in years) Financing leases 1.10 1.06 Weighted-average discount rate Financing leases 11.53% 11.18% (1) The current portion of the total operating lease liabilities of $5.0 million is classified under Other Current Liabilities resulting in $9.6 million classified under Operating Lease Liabilities in the Long-term Liabilities section of the condensed consolidated balance sheet. (2) The total finance lease right of use assets of $2.8 million is classified under Other Long-term Assets. The current portion of the total finance lease liabilities of $1.8 million is classified under Current portion of debt, net resulting in $0.1 million classified in Other Long-term Liabilities section of the condensed consolidated balance sheet.
Schedule of Maturities of Operating Leases Liability	Future lease payments under non-cancellable leases as of September 28, 2024 are as follows (in thousands): Fiscal Years Ending Operating Leases Finance Leases 2025 (1) $ 3,832 $ 1,572 2026 4,288 563 2027 3,404 — 2028 2,324 — 2029 1,051 — Thereafter 822 — Total undiscounted lease payments $ 15,721 $ 2,135 Less: present value discount (1,109) (252) Total lease liabilities $ 14,612 $ 1,883
Schedule of Maturities of Finance Leases Liability	Future lease payments under non-cancellable leases as of September 28, 2024 are as follows (in thousands): Fiscal Years Ending Operating Leases Finance Leases 2025 (1) $ 3,832 $ 1,572 2026 4,288 563 2027 3,404 — 2028 2,324 — 2029 1,051 — Thereafter 822 — Total undiscounted lease payments $ 15,721 $ 2,135 Less: present value discount (1,109) (252) Total lease liabilities $ 14,612 $ 1,883

Basis of Presentation (Details)

Basis of Presentation (Details) $ in Thousands, $ in Millions	3 Months Ended
	Sep. 28, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 28, 2024 MXN ($)	Jun. 29, 2024 USD ($)
Debt Instrument [Line Items]
Operating income	$ 4,444	$ 3,268
Net income	1,124	$ 335
Working capital	176,100
Line of credit available under asset-based revolving credit facility	18,500			$ 12,900
Cash and cash equivalents	6,555			$ 4,752
Bank Of America
Debt Instrument [Line Items]
Line of credit available under asset-based revolving credit facility	18,500
Banorte Financial Group
Debt Instrument [Line Items]
Line of credit available under asset-based revolving credit facility	30		$ 1
Banorte Financial Group | Bank Of America
Debt Instrument [Line Items]
Line of credit available under asset-based revolving credit facility	$ 40		$ 1

Inventories - Schedule of Compo

Inventories - Schedule of Components of Inventories (Details) - USD ($) $ in Thousands	Sep. 28, 2024	Jun. 29, 2024
Inventory Disclosure [Abstract]
Raw materials and supplies	$ 71,286	$ 80,570
Work-in-process	24,559	24,529
Inventories	$ 95,845	$ 105,099

Long-Term Debt - Schedule of De

Long-Term Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Sep. 28, 2024	Jun. 29, 2024
Debt Instrument [Line Items]
Total debt	$ 113,778	$ 120,564
Less: current portion of debt	(3,057)	(3,123)
Less: unamortized financing costs	(1,046)	(1,059)
Long-term debt, net	109,675	116,382
Equipment Term Loan | Domestic Term Loan - Balboa
Debt Instrument [Line Items]
Total debt	$ 4,332	4,535
Equipment Term Loan | Domestic Term Loan - Balboa | Minimum
Debt Instrument [Line Items]
Interest Rate	6%
Equipment Term Loan | Domestic Term Loan - Balboa | Maximum
Debt Instrument [Line Items]
Interest Rate	8%
Equipment Term Loan | Foreign Term Loan - Banorte
Debt Instrument [Line Items]
Interest Rate	5.50%
Total debt	$ 1,900	2,200
Equipment Term Loan | Domestic term loan - Bank of America
Debt Instrument [Line Items]
Interest Rate	4.90%
Total debt	$ 1,010	1,277
ABL Senior Secured Revolving Facility | Revolving credit facility
Debt Instrument [Line Items]
Interest Rate	9%
Total debt	$ 101,477	107,149
Foreign Line of Credit | Line of Credit
Debt Instrument [Line Items]
Interest Rate	13.80%
Total debt	$ 5,059	$ 5,403

Long-Term Debt - Schedule of _2

Long-Term Debt - Schedule of Debt Narrative (Details) $ in Millions

3 Months Ended

Mar. 31, 2025 USD ($)

Dec. 31, 2024 USD ($)

Oct. 09, 2024 USD ($)

Aug. 26, 2022

May 24, 2021 USD ($)

Sep. 28, 2024 USD ($)

Mar. 29, 2025

Jan. 25, 2025

Oct. 26, 2024

Oct. 08, 2024 USD ($)

Sep. 28, 2024 MXN ($)

Jul. 27, 2024

Jun. 29, 2024 USD ($)

May 07, 2024

Mar. 30, 2024

Dec. 11, 2023 MXN ($)

Sep. 19, 2023 USD ($)

Sep. 03, 2021 USD ($)

Nov. 24, 2020 USD ($)

Aug. 14, 2020 USD ($)

Debt Instrument [Line Items]

Revolving credit facility outstanding amount

$ 101,500,000

$ 107,100,000

Increase in revolving line of credit

$ 120,000,000

Additional availability of line of credit

18,500,000

12,900,000

Letters of credit outstanding amount

400,000

300,000

Long-term debt

112,732,000

Total debt

113,778,000

120,564,000

Interest rate on outstanding debt

5.52%

4.85%

Banorte Financial Group

Debt Instrument [Line Items]

Revolving credit facility outstanding amount

5,060,000

$ 99

$ 100

Additional availability of line of credit

30,000

$ 1

Long-term debt, term

3 years

Americ Bank Equipment Financing Arrangement

Debt Instrument [Line Items]

Debt instrument, face amount

$ 5,500,000

Periodic payment of principal amount

$ 94,000

Americ Bank Equipment Financing Arrangement | Minimum

Debt Instrument [Line Items]

Interest rate (as percent)

6%

Americ Bank Equipment Financing Arrangement | Maximum

Debt Instrument [Line Items]

Interest rate (as percent)

8%

Line of Credit | Banorte Financial Group

Debt Instrument [Line Items]

Variable rate on line of credit facility (percent)

2.75%

Equipment Term Loan

Debt Instrument [Line Items]

Long-term debt

$ 1,100,000

$ 5,000,000

Periodic payment of principal amount

$ 94,000

Equipment Term Loan | Domestic Term Loan - Balboa

Debt Instrument [Line Items]

Long-term debt

4,300,000

Total debt

$ 4,332,000

4,535,000

Equipment Term Loan | Domestic Term Loan - Balboa | Minimum

Debt Instrument [Line Items]

Interest rate (as percent)

6%

6%

Equipment Term Loan | Domestic Term Loan - Balboa | Maximum

Debt Instrument [Line Items]

Interest rate (as percent)

8%

8%

Equipment Term Loan | Foreign Term Loan - Banorte

Debt Instrument [Line Items]

Interest rate (as percent)

5.50%

5.50%

Long-term debt

1,900,000

Debt instrument, face amount

$ 6,000,000

Periodic payment of principal amount

$ 100,000

Total debt

$ 1,900,000

2,200,000

Equipment Term Loan | Domestic term loan - Bank of America

Debt Instrument [Line Items]

Interest rate (as percent)

4.90%

4.90%

Total debt

$ 1,010,000

1,277,000

SOFR | Line of Credit

Debt Instrument [Line Items]

Variable rate on line of credit facility (percent)

1%

Wells Fargo Bank

Debt Instrument [Line Items]

Revolving credit facility outstanding amount

$ 93,000,000

Bank Of America

Debt Instrument [Line Items]

Increase in interest rate

0.25%

1%

Debt covenant ratio

1.05

1.25

1

Decrease in maturity period

1 year

Additional availability of line of credit

$ 18,500,000

Bank Of America | Banorte Financial Group

Debt Instrument [Line Items]

Additional availability of line of credit

$ 40,000

$ 1

Bank Of America | Line of Credit

Debt Instrument [Line Items]

Percentage of additional interest rate on default

2%

Percentage of unused portion of credit

0.25%

Bank Of America | Base Rate | Line of Credit

Debt Instrument [Line Items]

Variable rate on line of credit facility (percent)

3.50%

Bank Of America | SOFR | Line of Credit

Debt Instrument [Line Items]

Interest rate (as percent)

4.50%

4.50%

Bank Of America | Forecast

Debt Instrument [Line Items]

Debt covenant ratio

1.25

1.20

1.15

ABL Senior Secured Revolving Facility | Revolving credit facility

Debt Instrument [Line Items]

Interest rate (as percent)

9%

9%

Effective interest rate

8.97%

8.97%

Total debt

$ 101,477,000

107,149,000

ABL Senior Secured Revolving Facility | Forecast

Debt Instrument [Line Items]

Line of credit facility, increase (decrease), net

$ 12,000,000

$ 11,000,000

ABL Senior Secured Revolving Facility | Subsequent Event

Debt Instrument [Line Items]

Increase in interest rate

0.50%

Additional availability of line of credit

$ 10,000,000

$ 8,000,000

ABL Senior Secured Revolving Facility | Subsequent Event | Base Rate

Debt Instrument [Line Items]

Variable rate on line of credit facility (percent)

3.50%

ABL Senior Secured Revolving Facility | Subsequent Event | SOFR

Debt Instrument [Line Items]

Interest rate (as percent)

4.50%

Revolving credit facility | Fed Funds Effective Rate Overnight Index Swap Rate | Line of Credit

Debt Instrument [Line Items]

Variable rate on line of credit facility (percent)

0.50%

Foreign Line of Credit | Line of Credit

Debt Instrument [Line Items]

Interest rate (as percent)

13.80%

13.80%

Total debt

$ 5,059,000

$ 5,403,000

Long-Term Debt - Schedule of Ma

Long-Term Debt - Schedule of Maturities of Long-term Debt (Details) - USD ($) $ in Thousands	Sep. 28, 2024	Jun. 29, 2024
Debt Disclosure [Abstract]
2024	$ 2,353
2026	103,557
2027	6,020
2028	1,032
2029 - Thereafter	816
Total debt	113,778	$ 120,564
Unamortized debt issuance costs	(1,046)
Long-term debt, net of debt issuance costs	$ 112,732

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) $ in Millions	3 Months Ended
	Sep. 28, 2024 USD ($)
Income Tax Disclosure [Abstract]
Foreign tax credits related to future repatriations of earnings	$ 8.2
Estimated federal and state income taxes and potential withholding taxes	0.8
Gross potential research and development (R&D) tax credit	10.6
Unrecognized tax benefits associated with federal tax credits	2.8
Deferred tax benefit	$ 7.8

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Antidilutive Securities and Outstanding Equity Awards (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Sep. 28, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Net income	$ 1,124	$ 335
Weighted average shares outstanding — basic (in shares)	10,762	10,762
Effect of dilutive common stock awards (in shares)	0	241
Weighted average shares outstanding—diluted (in shares)	10,762	11,003
Net income per share—basic (in USD per share)	$ 0.10	$ 0.03
Net income per share—diluted (in USD per share)	$ 0.10	$ 0.03
Antidilutive shares not included in diluted earnings per share (in shares)	136	270

Stock-Based Compensation and _3

Stock-Based Compensation and Benefit Plans - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Sep. 28, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation, grant shares	1,018,265
Vesting period	3 years
Expiration period	5 years
Share based expense recognition - weighted-average period	2 years 7 months 6 days
Stock Appreciation Rights (SARs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 19	$ 59
Unrecognized share based compensation expense	$ 100
Share based expense recognition - weighted-average period	9 months 18 days
Restricted Stock Units (RSU)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Unrecognized share based compensation expense	$ 1,400
RSUs granted (in shares)	324,819
Grant date fair value (in dollars per share)	$ 4.51
Total restricted stock unit expense recognized	$ 48

Stock-Based Compensation and _4

Stock-Based Compensation and Benefit Plans - Schedule of SARs Activity (Details) - Stock Appreciation Rights (SARs) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Jun. 29, 2024	Jul. 01, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]
Beginning balance (in shares)	387,500	626,250	626,250
SARs granted (in shares)	0	0
SARs forfeited (in shares)	(136,250)	(137,500)
SARs expired (in shares)	(115,000)	(101,250)
Ending balance (in shares)	136,250	387,500	387,500	626,250
Aggregate Intrinsic Value (in thousands)	$ 0	$ 0	$ 0	$ 0
Aggregate Intrinsic Value, Exercisable	$ 0
Outstanding Weighted Average Exercise Price, Beginning balance (in dollars per share)	$ 5.78	$ 6.41	$ 6.41
SARs granted, Weighted Average Exercise Price (in dollars per share)
SARs forfeited, Weighted Average Exercise Price (in dollars per share)	7.17	6.94
SARs expired, Weighted Average Exercise Price (in dollars per share)	4.93	8.17
Outstanding Weighted Average Exercise Price, Ending balance (in dollars per share)	5.10	$ 5.78	$ 5.78	$ 6.41
Weighted Average Exercise Price, Exercisable (in dollars per share)	$ 0
Weighted Average Remaining Contractual Life (in years), Outstanding	2 years 9 months 18 days	1 year 9 months 18 days	1 year 9 months 18 days	2 years 2 months 12 days
Exercisable at September 28, 2024 (in shares)	0

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - USD ($)	3 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Jun. 29, 2024
Commitments and Contingencies Disclosure [Abstract]
Amount of warranty reserve	$ 26,000		$ 164,000
Gain on insurance proceeds, net of losses	$ 0	$ (431,000)

Derivative Financial Instrume_3

Derivative Financial Instruments - Narrative (Details) - USD ($)	3 Months Ended
	Sep. 28, 2024	Aug. 14, 2020
Derivative [Line Items]
Derivative, Notional Amount		$ 776,500
Net losses expected to reclassified earnings	$ 1,400,000
Foreign currency forward contracts
Derivative [Line Items]
Derivative, Notional Amount	22,000,000
Foreign currency forward contracts entered	16,100,000
Foreign currency forward contracts settled	$ 6,600,000

Derivative Financial Instrume_4

Derivative Financial Instruments - Schedule of Derivative Instruments (Details) - USD ($) $ in Thousands	Sep. 28, 2024	Jun. 29, 2024
Other current liabilities | Foreign currency forward contracts | Derivatives designated as hedging instruments under Subtopic 815-20
Derivative [Line Items]
Derivative liability	$ 1,360	$ 277

Derivative Financial Instrume_5

Derivative Financial Instruments - Schedule of Gain (Loss) of Derivative Instruments in Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 28, 2024	Sep. 30, 2023
Derivatives used in Net Investment Hedge, Net of Tax [Roll Forward]
Accumulated Other Comprehensive Income, Beginning balance	$ (215)
Accumulated Other Comprehensive Income, Ending balance	(1,053)
Designated As Hedging Instrument
Derivatives used in Net Investment Hedge, Net of Tax [Roll Forward]
Accumulated Other Comprehensive Income, Beginning balance	215	$ (97)
Effective Portion Recorded In AOCI	540	0
Effective Portion Reclassified From AOCI Into Income	298	58
Accumulated Other Comprehensive Income, Ending balance	1,053	(39)
Forward contracts | Designated As Hedging Instrument
Derivatives used in Net Investment Hedge, Net of Tax [Roll Forward]
Accumulated Other Comprehensive Income, Beginning balance	215
Effective Portion Recorded In AOCI	540
Effective Portion Reclassified From AOCI Into Income	298
Accumulated Other Comprehensive Income, Ending balance	$ 1,053
Interest rate swap | Designated As Hedging Instrument
Derivatives used in Net Investment Hedge, Net of Tax [Roll Forward]
Accumulated Other Comprehensive Income, Beginning balance		(97)
Effective Portion Recorded In AOCI		0
Effective Portion Reclassified From AOCI Into Income		58
Accumulated Other Comprehensive Income, Ending balance		$ (39)

Revenue - Schedule of Contract

Revenue - Schedule of Contract Assets (Details) $ in Thousands	3 Months Ended
	Sep. 28, 2024 USD ($)
Contract with Customer, Asset, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 21,250
Revenue recognized	122,582
Amounts collected or invoiced	(120,206)
Ending balance	$ 23,626

Revenue - Schedule of Disaggreg

Revenue - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 28, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Net sales	$ 131,558	$ 150,112
Over-Time
Disaggregation of Revenue [Line Items]
Net sales	122,582	132,329
Point-in-Time
Disaggregation of Revenue [Line Items]
Net sales	$ 8,976	$ 17,783

Leases - Narrative (Details)

Leases - Narrative (Details)	Sep. 28, 2024	Jun. 29, 2024
Lessee, Lease, Description [Line Items]
Operating lease, discount rate (as percent)	4%	4%
Minimum
Lessee, Lease, Description [Line Items]
Operating lease, term (in years)	1 year
Maximum
Lessee, Lease, Description [Line Items]
Operating lease, term (in years)	7 years

Leases - Schedule of Lease Cost

Leases - Schedule of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 28, 2024	Sep. 30, 2023
Lessee, Lease, Description [Line Items]
Total lease cost	$ 2,883	$ 2,644
Fixed lease cost	2,574	1,547
Short-term lease cost	309	1,097
Cost of sales
Lessee, Lease, Description [Line Items]
Operating lease cost	1,339	1,126
Financing lease cost	1,306	1,279
Selling, general and administrative expenses
Lessee, Lease, Description [Line Items]
Operating lease cost	184	184
Financing lease cost	$ 54	$ 55

Leases - Schedule of Lease Asse

Leases - Schedule of Lease Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 28, 2024	Jun. 29, 2024
Operating Leases:
Operating lease right-of-use assets, net	$ 14,612	$ 15,416
Operating lease liabilities	$ 14,612	$ 15,416
Weighted-average remaining lease term (in years)
Operating leases	3 years 9 months 18 days	3 years 11 months 19 days
Weighted-average discount rate
Operating leases (as percent)	4%	4%
Financing Leases:
Financing lease right of use assets	$ 2,831	$ 3,569
Financing lease liabilities	$ 1,883	$ 2,128
Weighted-average remaining lease term (in years)
Financing leases	1 year 1 month 6 days	1 year 21 days
Weighted-average discount rate
Financing leases (as percent)	11.53%	11.18%
Operating lease liability, current	$ 5,000
Operating lease liabilities	$ 9,573	$ 10,312
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Operating lease liabilities
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Current portion of long-term debt
Noncurrent finance liability	$ 100
Current portion of Debt
Weighted-average discount rate
Current finance lease liability	$ 1,800

Leases - Schedule of Maturities

Leases - Schedule of Maturities of Future Lease Payment (Details) - USD ($) $ in Thousands	Sep. 28, 2024	Jun. 29, 2024
Operating Leases
2025	$ 3,832
2026	4,288
2027	3,404
2028	2,324
2029	1,051
Thereafter	822
Total undiscounted lease payments	15,721
Less: present value discount	(1,109)
Total operating lease liabilities	14,612	$ 15,416
Finance Leases
2025	1,572
2026	563
2027	0
2028	0
2029	0
Thereafter	0
Total undiscounted lease payments	2,135
Less: present value discount	(252)
Financing lease liabilities	$ 1,883	$ 2,128