Preliminary proxy statement not related to a contested matter or merger/acquisition

Pay vs Performance Disclosure

v3.25.4
Pay vs Performance Disclosure - USD ($)
 12 Months Ended
Oct. 04, 2025
Sep. 28, 2024
Sep. 30, 2023
Pay vs Performance Disclosure      
Pay vs Performance Disclosure, Table
PAY VERSUS PERFORMANCE
As required by Section 953(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and Item 402(v) of Regulation
S-K,
we are providing the following information about the relationship between executive compensation actually paid and the financial performance of our Company. The following table sets forth the compensation for our CEO (referred to as “PEO”) and the average compensation for our other NEOs. For further information concerning our compensation philosophy and how we align executive compensation with our performance, refer to “Compensation Discussion and Analysis.”
 
                                                   
Value of Initial $100
Investment Based on
              
Year
  
Summary
Compensation
Table Total
for PEO
(McDonell)
(1)
    
Compensation
Actually Paid
to PEO
(McDonell)
(4)
    
Summary
Compensation
Table Total
for PEO
(Strain)
(1)
    
Compensation
Actually Paid
to PEO
(Strain)
(4)
    
Summary
Compensation
Table Total
for PEO
(Egeck)
(1)
    
Compensation
Actually Paid
to PEO
(Egeck)
(4)
    
Average
Summary
Compensation
Table Total
for
Non-PEO

NEOs
    
Average
Compensation
Actually Paid
to
Non-PEO

NEOs
(4)(5)
    
Total
Shareholder
Return
    
Peer Group
Total
Shareholder
Return
(6)
    
Net
Income
(Loss)
(in
thousands)
    
Adjusted
EBITDA
(7)
(in
thousands)
  
2025
  
$
 2,195,209
 
  
$
 1,563,700
 
  
$
-
 
  
$
-
 
  
$
-
 
  
$
-
 
  
$
922,363
 
  
$
 500,678
 
  
$
 94.65
 
  
$
 120.51
 
  
$
 (236,970
) 
  
$
61,356
 
2024
  
$
 
1,579,596
 
  
$
 
1,563,735
 
  
$
 
318,028
 
  
$
 
245,217
 
  
$
 
3,292,618
 
  
$
(2,794,641
) 
  
$
965,357
 
  
$
452,540
 
  
$
13.18
 
  
$
71.20
 
  
$
(23,379
) 
  
$
 108,744
 
2023
  
$
-
 
  
$
-
 
  
$
-
 
  
$
-
 
  
$
4,041,971
 
  
$
 (3,796,598
) 
  
$
 1,162,345
 
  
$
55,905
 
  
$
26.08
 
  
$
59.20
 
  
$
27,242
 
  
$
168,149
 
 
(1)
Reflects the total compensation of our current CEO, Jason McDonell, who is our PEO, Mike Egeck, our former PEO, and John Strain, who served as interim PEO until Mr. McDonell commenced employment and are therefore included in this table as an additional PEO’s in accordance with SEC rules. Amounts shown are as calculated in the Summary Compensation Table (SCT) for each of the years shown.
(2)
Amounts shown for compensation actually paid (“CAP”) are computed in accordance with Item 402(v) of Regulation
S-K
under the Exchange Act and do not reflect the actual amount of compensation earned by or paid to the NEOs during the applicable year. These amounts reflect total compensation as reported in the SCT with certain adjustments as required by item 402(v) of Regulation
S-K
as described in footnote (3) below. The non-PEO NEOs for each applicable year are as follows: (i) for fiscal year 2025 Messrs. Bowman and Iskander and LaBode, and Ms. Cramer, (ii) for fiscal year 2024, Messrs. Bowman, Caspers, and LaBode and Ms. Cramer, and (iii) for fiscal year 2023, Messrs. Bowman, Weddell, Gazaway, and LaBode and Ms. Baker.
(4)
CAP reflects the exclusions and inclusions of equity awards for the PEOs and the other NEOs as set forth below and calculated in accordance with FASB ASC Topic 718, Compensation—Stock Compensation. The valuation methodologies and assumptions used to calculate CAP are based on the grant date fair value of these awards as disclosed in the Company’s consolidated audited financial statements filed with the SEC on Form
10-K
for the years reflected in the tables below:
Summary Compensation Table Total to Compensation Actually Paid Reconciliation for the PEOs and
non-PEOs:
 
Calculation
(a)
of Compensation Actually Paid
   
2025
(McDonell)
  
Summary Compensation Table Total
   
 
2,195,209
 
Less: Grant date fair value of stock and option awards granted during year
   
 
(1,149,972
) 
Add: Fair value of awards granted during year that remain unvested as of
year-end
   
 
115,940
 
Add: Fair value of awards granted during year that vested during year
   
 
-
 
Add: Change in fair value from prior
year-end
to current
year-end
of awards granted prior to the year that were outstanding and unvested as of year end
   
 
-
 
Add: Change in fair value from prior
year-end
to vesting date for awards granted prior to the year that vested during year
   
 
(777,456
) 
Less: Fair value of awards granted prior to the year that were forfeited during year
   
 
249,683
 
Compensation Actually Paid
   
 
1,563,700
 
 
Calculation
(a)
of Compensation Actually Paid
   
2025
  
Average Summary Compensation Table Total
   
 
922,363
 
Less: Average grant date fair value of stock and option awards granted during this year
   
 
(184,166
) 
Add: Average Fair value of awards granted during the year that remain unvested as of
year-end
   
 
34,270
 
Add: Average Fair value of awards granted during the year that vested during the year
   
 
-
 
Add: Average Change in fair value from prior
year-end
to current
year-end
of awards granted prior to the year that were outstanding and unvested as of year end
   
 
(52,470
) 
Add: Average Change in fair value from prior
year-end
to vesting date for awards granted prior to the year that vested during year
   
 
(45,843
) 
Less: Average Fair value of awards granted prior to the year that were forfeited during the year
   
 
(173,477
) 
Compensation Actually Paid
   
 
500,678
 
 
 
(a)
As shown in these tables, the CAP totals represent the SCT totals for the applicable year, but
adjusted
as required by SEC rules.
 
(5)
TSR shown in this table utilizes the S&P
Small-Cap
600 Index (“Index”) which we use in the stock performance graph required by Item 201(e) of Regulation
S-K
included in the Company’s consolidated audited financial statements filed with the SEC on Form
10-K
for the years reflected in the table above. The comparison assumes $100 was invested for the period from September 30, 2022, our first trading day subsequent to our initial public offering, through the last day of the applicable fiscal year in each of the Company’s Common Stock and the Index. All dollar values assume reinvestment of the
pre-tax
value of dividends paid by companies included in the Index. The historical stock price performance of our Common Stock shown is not necessarily indicative of future stock price performance.
(6)
Pursuant to Item 402(v) of Regulation
S-K,
we determined Adjusted EBITDA to be the most important financial performance measure used to link company performance to CAP to our PEOs and other NEOs in 2025. This performance measure may not have been the most important financial performance measure for prior years and we may determine a different financial performance measure to be the most important such measure in future years. Adjusted EBITDA is defined on page 37 on our Annual Report on Form
10-K
for fiscal year 2025 and is a
non-GAAP
financial measure.
   
Company Selected Measure Name Adjusted EBITDA    
Named Executive Officers, Footnote
(2)
Amounts shown for compensation actually paid (“CAP”) are computed in accordance with Item 402(v) of Regulation
S-K
under the Exchange Act and do not reflect the actual amount of compensation earned by or paid to the NEOs during the applicable year. These amounts reflect total compensation as reported in the SCT with certain adjustments as required by item 402(v) of Regulation
S-K
as described in footnote (3) below. The non-PEO NEOs for each applicable year are as follows: (i) for fiscal year 2025 Messrs. Bowman and Iskander and LaBode, and Ms. Cramer, (ii) for fiscal year 2024, Messrs. Bowman, Caspers, and LaBode and Ms. Cramer, and (iii) for fiscal year 2023, Messrs. Bowman, Weddell, Gazaway, and LaBode and Ms. Baker.
   
Peer Group Issuers, Footnote
(5)
TSR shown in this table utilizes the S&P
Small-Cap
600 Index (“Index”) which we use in the stock performance graph required by Item 201(e) of Regulation
S-K
included in the Company’s consolidated audited financial statements filed with the SEC on Form
10-K
for the years reflected in the table above. The comparison assumes $100 was invested for the period from September 30, 2022, our first trading day subsequent to our initial public offering, through the last day of the applicable fiscal year in each of the Company’s Common Stock and the Index. All dollar values assume reinvestment of the
pre-tax
value of dividends paid by companies included in the Index. The historical stock price performance of our Common Stock shown is not necessarily indicative of future stock price performance.
   
Adjustment To PEO Compensation, Footnote
Summary Compensation Table Total to Compensation Actually Paid Reconciliation for the PEOs and
non-PEOs:
 
Calculation
(a)
of Compensation Actually Paid
   
2025
(McDonell)
  
Summary Compensation Table Total
   
 
2,195,209
 
Less: Grant date fair value of stock and option awards granted during year
   
 
(1,149,972
) 
Add: Fair value of awards granted during year that remain unvested as of
year-end
   
 
115,940
 
Add: Fair value of awards granted during year that vested during year
   
 
-
 
Add: Change in fair value from prior
year-end
to current
year-end
of awards granted prior to the year that were outstanding and unvested as of year end
   
 
-
 
Add: Change in fair value from prior
year-end
to vesting date for awards granted prior to the year that vested during year
   
 
(777,456
) 
Less: Fair value of awards granted prior to the year that were forfeited during year
   
 
249,683
 
Compensation Actually Paid
   
 
1,563,700
 
   
Non-PEO NEO Average Total Compensation Amount $ 922,363 $ 965,357 $ 1,162,345
Non-PEO NEO Average Compensation Actually Paid Amount $ 500,678 452,540 55,905
Adjustment to Non-PEO NEO Compensation Footnote
Summary Compensation Table Total to Compensation Actually Paid Reconciliation for the PEOs and
non-PEOs:
 
Calculation
(a)
of Compensation Actually Paid
   
2025
  
Average Summary Compensation Table Total
   
 
922,363
 
Less: Average grant date fair value of stock and option awards granted during this year
   
 
(184,166
) 
Add: Average Fair value of awards granted during the year that remain unvested as of
year-end
   
 
34,270
 
Add: Average Fair value of awards granted during the year that vested during the year
   
 
-
 
Add: Average Change in fair value from prior
year-end
to current
year-end
of awards granted prior to the year that were outstanding and unvested as of year end
   
 
(52,470
) 
Add: Average Change in fair value from prior
year-end
to vesting date for awards granted prior to the year that vested during year
   
 
(45,843
) 
Less: Average Fair value of awards granted prior to the year that were forfeited during the year
   
 
(173,477
) 
Compensation Actually Paid
   
 
500,678
 
 
(a)
As shown in these tables, the CAP totals represent the SCT totals for the applicable year, but
adjusted
as required by SEC rules.
 
    
Compensation Actually Paid vs. Total Shareholder Return LOGO    
Compensation Actually Paid vs. Net Income LOGO    
Compensation Actually Paid vs. Company Selected Measure LOGO    
Total Shareholder Return Vs Peer Group LOGO    
Tabular List, Table
Financial Performance Measures
As required, we disclose below the most important measures used by the Company to link com
pen
sation actually paid to our NEOs for 2025 to Company performance. For further information regarding these performance metrics and their function in our executive compensation program, please see the discussion within CD&A beginning on page 35.
 
 
•
  
Adjusted EBITDA
 
 
•
  
Adjusted Net Income
 
 
•
  
Revenue
   
Total Shareholder Return Amount $ 94.65 13.18 26.08
Peer Group Total Shareholder Return Amount 120.51 71.2 59.2
Net Income (Loss) $ (236,970,000) $ (23,379,000) $ 27,242,000
Company Selected Measure Amount 61,356,000 108,744,000 168,149,000
Measure:: 1      
Pay vs Performance Disclosure      
Name Adjusted EBITDA    
Non-GAAP Measure Description This performance measure may not have been the most important financial performance measure for prior years and we may determine a different financial performance measure to be the most important such measure in future years. Adjusted EBITDA is defined on page 37 on our Annual Report on Form
10-K
for fiscal year 2025 and is a
non-GAAP
financial measure. 		   
Measure:: 2      
Pay vs Performance Disclosure      
Name Adjusted Net Income    
Measure:: 3      
Pay vs Performance Disclosure      
Name Revenue    
Jason McDonell [Member]      
Pay vs Performance Disclosure      
PEO Total Compensation Amount $ 2,195,209 $ 1,579,596  
PEO Actually Paid Compensation Amount $ 1,563,700 1,563,735  
PEO Name Jason McDonell    
John Strain [Member]      
Pay vs Performance Disclosure      
PEO Total Compensation Amount   318,028  
PEO Actually Paid Compensation Amount   245,217  
PEO Name John Strain    
Michael Egeck [Member]      
Pay vs Performance Disclosure      
PEO Total Compensation Amount   3,292,618 $ 4,041,971
PEO Actually Paid Compensation Amount   $ (2,794,641) $ (3,796,598)
PEO Name Mike Egeck    
PEO | Jason McDonell [Member] | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount $ (1,149,972)    
PEO | Jason McDonell [Member] | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 115,940    
PEO | Jason McDonell [Member] | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount (777,456)    
PEO | Jason McDonell [Member] | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 249,683    
Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount (184,166)    
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 34,270    
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount (52,470)    
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount (45,843)    
Non-PEO NEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount $ (173,477)