CREDO TECHNOLOGY GROUP HOLDING LTD, 10-Q filed on 3/3/2026
Quarterly Report
v3.25.4
Cover - shares
 9 Months Ended
Jan. 31, 2026
Feb. 23, 2026
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jan. 31, 2026  
Document Transition Report false  
Entity File Number 001-41249  
Entity Registrant Name Credo Technology Group Holding Ltd  
Entity Incorporation, State or Country Code E9  
Entity Address, Address Line One Maples Corporate Services, Limited  
Entity Address, Address Line Two PO Box 309, Ugland House  
Entity Address, City or Town Grand Cayman  
Entity Address, Postal Zip Code KY1-1104  
Entity Address, Country KY  
City Area Code 408  
Local Phone Number 664-9329  
Title of 12(b) Security Ordinary shares, par value $0.00005 per share  
Trading Symbol CRDO  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   184,449,940
Entity Central Index Key 0001807794  
Amendment Flag false  
Current Fiscal Year End Date --05-02  
Document Fiscal Period Focus Q3  
Document Fiscal Year Focus 2026  
v3.25.4
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jan. 31, 2026
May 03, 2025
Current assets:    
Cash and cash equivalents $ 1,220,464 $ 236,328
Short-term investments 81,000 195,010
Accounts receivable 243,213 162,144
Inventories 207,958 90,029
Other current assets 33,958 30,023
Total current assets 1,786,593 713,534
Property and equipment, net 105,989 63,631
Right-of-use assets 15,517 15,234
Goodwill 70,859 0
Intangible asset 17,624 0
Other non-current assets 40,757 16,858
Total assets 2,037,339 809,257
Current liabilities:    
Accounts payable 93,822 56,158
Accrued compensation and benefits 14,419 16,097
Other current liabilities 56,951 35,456
Total current liabilities 165,192 107,711
Non-current operating lease liabilities 12,616 12,693
Other non-current liabilities 10,645 7,271
Total liabilities 188,453 127,675
Commitments and contingencies (Note 8)
Shareholders' equity:    
Ordinary shares, $0.00005 par value; 1,000,000 shares authorized; 184,224 and 171,169 shares issued and outstanding at January 31, 2026 and May 3, 2025, respectively 9 8
Additional paid in capital 1,626,787 765,173
Accumulated other comprehensive income (loss) 2,075 (437)
Retained earnings (accumulated deficit) 220,015 (83,162)
Total shareholders' equity 1,848,886 681,582
Total liabilities and shareholders' equity $ 2,037,339 $ 809,257
v3.25.4
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
Jan. 31, 2026
May 03, 2025
Statement of Financial Position [Abstract]    
Common stock, par value (in US dollars per share) $ 0.00005 $ 0.00005
Common stock authorized (in shares) 1,000,000,000 1,000,000,000
Common stock issued (in shares) 184,224,000 171,169,000
Common stock outstanding (in shares) 184,224,000 171,169,000
v3.25.4
Condensed Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Jan. 31, 2026
Feb. 01, 2025
Jan. 31, 2026
Feb. 01, 2025
Income Statement [Abstract]        
Revenue $ 407,012 $ 135,002 $ 898,113 $ 266,750
Cost of revenue 128,144 49,076 287,831 98,029
Gross profit 278,868 85,926 610,282 168,721
Operating expenses:        
Research and development 78,483 36,261 188,847 98,412
Selling, general and administrative 50,763 23,471 132,275 66,973
Total operating expenses 129,246 59,732 321,122 165,385
Operating income 149,622 26,194 289,160 3,336
Other income, net 9,459 3,918 18,294 13,925
Income before income taxes 159,081 30,112 307,454 17,261
Provision for income taxes 1,939 752 4,277 1,666
Net income $ 157,142 $ 29,360 $ 303,177 $ 15,595
Net income per share:        
Basic (in US dollars per share) $ 0.86 $ 0.17 $ 1.72 $ 0.09
Diluted (in US dollars per share) $ 0.82 $ 0.16 $ 1.62 $ 0.09
Weighted-average shares:        
Basic (in shares) 182,222 168,167 176,490 166,562
Diluted (in shares) 192,023 182,464 186,598 180,495
v3.25.4
Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Jan. 31, 2026
Feb. 01, 2025
Jan. 31, 2026
Feb. 01, 2025
Statement of Comprehensive Income [Abstract]        
Net income $ 157,142 $ 29,360 $ 303,177 $ 15,595
Other comprehensive gain (loss):        
Foreign currency translation gain (loss) 2,707 (93) 2,512 116
Total comprehensive income $ 159,849 $ 29,267 $ 305,689 $ 15,711
v3.25.4
Condensed Consolidated Statements of Shareholders' Equity - USD ($)
$ in Thousands
Total
Ordinary Shares
Additional Paid-in Capital
Accumulated Other Comprehensive Gain (Loss)
Retained Earnings (Accumulated Deficit)
Beginning balance (in shares) at Apr. 27, 2024   164,305,000      
Beginning balance at Apr. 27, 2024 $ 540,198 $ 8 $ 676,054 $ (519) $ (135,345)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Ordinary shares issued under equity incentive plans (in shares)   1,697,000      
Ordinary shares issued under equity incentive plans 3,513   3,513    
Tax withheld related to RSU settlement (in shares)   (37,000)      
Tax withheld related to RSU settlement (1,071)   (1,071)    
Share-based compensation 16,640   16,640    
Warrant contra revenue 3,218   3,218    
Total comprehensive income (loss) (9,396)     144 (9,540)
Ending balance (in shares) at Aug. 03, 2024   165,965,000      
Ending balance at Aug. 03, 2024 553,102 $ 8 698,354 (375) (144,885)
Beginning balance (in shares) at Apr. 27, 2024   164,305,000      
Beginning balance at Apr. 27, 2024 540,198 $ 8 676,054 (519) (135,345)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Total comprehensive income (loss) 15,711        
Ending balance (in shares) at Feb. 01, 2025   169,699,000      
Ending balance at Feb. 01, 2025 618,226 $ 8 738,371 (403) (119,750)
Beginning balance (in shares) at Aug. 03, 2024   165,965,000      
Beginning balance at Aug. 03, 2024 553,102 $ 8 698,354 (375) (144,885)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Ordinary shares issued under equity incentive plans (in shares)   1,228,000      
Ordinary shares issued under equity incentive plans 871   871    
Tax withheld related to RSU settlement (in shares)   (36,000)      
Tax withheld related to RSU settlement (1,179)   (1,179)    
Share-based compensation 16,663   16,663    
Warrant contra revenue 2,610   2,610    
Total comprehensive income (loss) (4,160)     65 (4,225)
Ending balance (in shares) at Nov. 02, 2024   167,157,000      
Ending balance at Nov. 02, 2024 567,907 $ 8 717,319 (310) (149,110)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Ordinary shares issued under equity incentive plans (in shares)   2,618,000      
Ordinary shares issued under equity incentive plans 2,413   2,413    
Tax withheld related to RSU settlement (in shares)   (76,000)      
Tax withheld related to RSU settlement (4,909)   (4,909)    
Share-based compensation 16,190   16,190    
Warrant contra revenue 7,358   7,358    
Total comprehensive income (loss) 29,267     (93) 29,360
Ending balance (in shares) at Feb. 01, 2025   169,699,000      
Ending balance at Feb. 01, 2025 $ 618,226 $ 8 738,371 (403) (119,750)
Beginning balance (in shares) at May. 03, 2025 171,169,000 171,169,000      
Beginning balance at May. 03, 2025 $ 681,582 $ 8 765,173 (437) (83,162)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Ordinary shares issued under equity incentive plans (in shares)   1,774,000      
Ordinary shares issued under equity incentive plans 4,648 $ 1 4,647    
Tax withheld related to RSU settlement (in shares)   (48,000)      
Tax withheld related to RSU settlement (3,712)   (3,712)    
Share-based compensation 35,455   35,455    
Total comprehensive income (loss) 63,408     9 63,399
Ending balance (in shares) at Aug. 02, 2025   172,895,000      
Ending balance at Aug. 02, 2025 $ 781,381 $ 9 801,563 (428) (19,763)
Beginning balance (in shares) at May. 03, 2025 171,169,000 171,169,000      
Beginning balance at May. 03, 2025 $ 681,582 $ 8 765,173 (437) (83,162)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Ordinary shares issued upon exercise of Customer Warrant (in shares) 3,800,000        
Total comprehensive income (loss) $ 305,689        
Ending balance (in shares) at Jan. 31, 2026 184,224,000 184,224,000      
Ending balance at Jan. 31, 2026 $ 1,848,886 $ 9 1,626,787 2,075 220,015
Beginning balance (in shares) at Aug. 02, 2025   172,895,000      
Beginning balance at Aug. 02, 2025 781,381 $ 9 801,563 (428) (19,763)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Ordinary shares issued under At-The-Market Offering, net of issuance costs (in shares)   2,673,000      
Ordinary shares issued under At-The-Market Offering, net of issuance costs 382,756   382,756    
Ordinary shares issued upon exercise of Customer Warrant (in shares)   1,851,000      
Ordinary shares issued under equity incentive plans (in shares)   1,146,000      
Ordinary shares issued under equity incentive plans 529   529    
Tax withheld related to RSU settlement (in shares)   (48,000)      
Tax withheld related to RSU settlement (6,349)   (6,349)    
Share-based compensation 45,324   45,324    
Total comprehensive income (loss) 82,432     (204) 82,636
Ending balance (in shares) at Nov. 01, 2025   178,517,000      
Ending balance at Nov. 01, 2025 1,286,073 $ 9 1,223,823 (632) 62,873
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Ordinary shares issued under At-The-Market Offering, net of issuance costs (in shares)   2,147,000      
Ordinary shares issued under At-The-Market Offering, net of issuance costs 353,571   353,571    
Ordinary shares issued upon exercise of Customer Warrant (in shares)   1,910,000      
Ordinary shares issued under equity incentive plans (in shares)   1,680,000      
Ordinary shares issued under equity incentive plans 1,422   1,422    
Tax withheld related to RSU settlement (in shares)   (30,000)      
Tax withheld related to RSU settlement (4,189)   (4,189)    
Share-based compensation 52,160   52,160    
Total comprehensive income (loss) $ 159,849     2,707 157,142
Ending balance (in shares) at Jan. 31, 2026 184,224,000 184,224,000      
Ending balance at Jan. 31, 2026 $ 1,848,886 $ 9 $ 1,626,787 $ 2,075 $ 220,015
v3.25.4
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Jan. 31, 2026
Feb. 01, 2025
Cash flows from operating activities:    
Net income $ 303,177 $ 15,595
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 18,783 14,281
Share-based compensation 132,939 49,493
Warrant contra revenue 0 13,186
Write-downs for excess and obsolete inventory 11,831 4,353
Changes in operating assets and liabilities:    
Accounts receivable (81,069) (97,471)
Inventories (127,879) (31,677)
Other current assets (3,687) 5,115
Other non-current assets (20,830) 1,628
Accounts payable 36,303 22,343
Accrued compensation and benefits, other current liabilities and other non-current liabilities 12,482 10,415
Net cash provided by operating activities 282,050 7,261
Cash flows from investing activities:    
Purchases of property and equipment (52,523) (32,406)
Maturities of short-term investments 229,010 376,777
Purchases of short-term investments (115,000) (113,716)
Business acquisition, net of cash acquired (82,564) 0
Net cash (used in) provided by investing activities (21,077) 230,655
Cash flows from financing activities:    
Payments on technology license obligations (5,718) (5,394)
Proceeds from ordinary shares issued under At-The-Market Offering, net of issuance costs 736,327 0
Proceeds from employee share incentive plans 6,599 6,797
Tax withheld related to RSU settlement (14,250) (7,159)
Net cash provided by (used in) financing activities 722,958 (5,756)
Effect of exchange rate changes on cash 205 106
Net increase in cash and cash equivalents 984,136 232,266
Cash and cash equivalents at beginning of the period 236,328 66,942
Cash and cash equivalents at end of the period 1,220,464 299,208
Supplemental cash flow information:    
Purchases of property and equipment included in accounts payable, other current liabilities and other non-current liabilities $ 7,029 $ 8,841
v3.25.4
Description of Business and Basis of Presentation
 9 Months Ended
Jan. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of Business and Basis of Presentation Description of Business and Basis of Presentation
Credo Technology Group Holding Ltd was formed as an exempted company under the laws of the Cayman Islands in September 2014. Credo Technology Group Holding Ltd directly owns Credo Technology Group Ltd., which owns, directly and indirectly, all of the shares of its subsidiaries in mainland China, Hong Kong, Singapore, Canada and the United States (U.S.). References to the “Company” in these notes refer to Credo Technology Group Holding Ltd and its subsidiaries on a consolidated basis, unless otherwise specified.
The Company’s mission is to transform connectivity at scale through fast, reliable and energy-efficient system solutions. The Company’s high-speed copper and optical interconnect products deliver industry-leading power and performance at up to 1.6T to meet the ever-expanding data infrastructure demands of AI. The Company’s product portfolio includes ZeroFlap (ZF) Active Electrical Cables (AECs) and ZF optical transceivers, OmniConnect memory solutions and a suite of retimers and DSPs for optical and copper Ethernet and PCIe, all leveraging the Company’s PILOT diagnostic and analytics software platform. The Company’s innovations enable our customers to connect the systems that connect the world.
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements are presented in accordance with generally accepted accounting principles in the United States (US GAAP) applicable to interim periods, under the rules and regulations of the U.S. Securities and Exchange Commission (the SEC). Certain information and footnote disclosures normally included in financial statements prepared in accordance with US GAAP have been condensed or omitted as permitted by the SEC. These unaudited condensed consolidated financial statements and related notes should be read in conjunction with the Company’s fiscal year 2025 audited financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended May 3, 2025. The unaudited condensed consolidated financial statements include all adjustments, including normal recurring adjustments and other adjustments, that are considered necessary for fair presentation of the Company’s financial position and results of operations. All inter-company accounts and transactions have been eliminated. Operating results for the periods presented herein are not necessarily indicative of the results that may be expected for the entire year.
The Company’s fiscal year is a 52- or 53-week period ending on the Saturday closest to April 30. Its fiscal year ending May 2, 2026 (fiscal year 2026) is a 52-week fiscal year. The Company’s fiscal year ended May 3, 2025 (fiscal year 2025) was a 53-week fiscal year, with the first fiscal quarter containing 14 weeks.
At-The-Market (ATM) Offering
In October 2025, the Company entered into an equity distribution agreement with Goldman Sachs & Co. LLC related to the sale from time to time of the Company’s ordinary shares for an aggregate offering price of up to $750 million.
During the nine months ended January 31, 2026, the Company completed the ATM offering and received $736.3 million in net proceeds through an issuance of 4.8 million ordinary shares. The total issuance costs were $13.7 million.
v3.25.4
Significant Accounting Policies
 9 Months Ended
Jan. 31, 2026
Accounting Policies [Abstract]  
Significant Accounting Policies Significant Accounting Policies
The Company believes that other than the accounting policies as described below, there have been no significant changes to the items disclosed in Note 2, “Significant Accounting Policies,” included in the Company’s Annual Report on Form 10-K for the fiscal year ended May 3, 2025.
Business Combinations
The Company allocates the fair value of the purchase consideration of its business acquisitions to the tangible assets, liabilities and intangible assets acquired, including in-process research and development (IPR&D), based on their estimated fair values under the acquisition method of accounting. The excess of the fair value of purchase consideration over the fair values of these identifiable assets and liabilities is recorded as goodwill. IPR&D is initially capitalized at fair value as an intangible asset with an indefinite life and assessed for impairment thereafter. When an IPR&D project is completed, the IPR&D is reclassified as an amortizable intangible asset and amortized over the asset’s estimated useful life. Acquisition-related expenses are recognized separately from the business combination and are expensed as incurred.
Use of Estimates
The preparation of these condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the Company’s condensed consolidated financial statements and accompanying notes.
The Company bases its estimates and judgments on historical experience, knowledge of current conditions and beliefs of what could occur in the future, given the available information. Estimates are used for, but not limited to, write-down for excess and obsolete inventories, the standalone selling price for each distinct performance obligation included in customer contracts with multiple performance obligations, variable consideration from revenue contracts, the realization of tax assets and estimates of tax reserves and impairment of long-lived assets. Actual results may differ from those estimates and such differences may be material to the financial statements. In the current macroeconomic environment, these estimates require increased judgment and carry a higher degree of variability and volatility. As events continue to evolve and additional information becomes available, these estimates may change materially in future periods.
Reclassifications
Certain prior period balances were reclassified to conform to the current period’s presentation. None of these reclassifications had an impact on reported net income or cash flows for any of the periods presented.
Recent Accounting Pronouncements Not Yet Adopted
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which requires disclosure of disaggregated income taxes paid, prescribes standard categories for the components of the effective tax rate reconciliation and modifies other income tax-related disclosures. This standard is effective for fiscal years beginning after December 15, 2024 and may be applied on a retrospective or prospective basis. The Company is currently evaluating the impact of adopting this guidance on its consolidated financial statements and disclosures.
In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income— Expense Disaggregation Disclosures, which requires disclosure of, in interim and annual reporting periods, additional information about certain expenses in the financial statements. This standard is effective for fiscal years beginning after December 15, 2026 and interim periods beginning after December 15, 2027 and may be applied on a retrospective or prospective basis. The Company is currently evaluating the impact of adopting this guidance on its consolidated financial statements and disclosures.
In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326) Measurement of Credit Losses for Accounts Receivable and Contract Assets, providing all entities with a practical expedient when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under Topic 606. This ASU is effective for annual reporting periods beginning after December 15, 2025. The Company is currently evaluating the impact of electing the practical expedient and the impact it may have on its consolidated financial statements and disclosures.
v3.25.4
Concentrations
 9 Months Ended
Jan. 31, 2026
Risks and Uncertainties [Abstract]  
Concentrations Concentrations
Financial instruments that subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, short-term investments and accounts receivable. Cash is placed in major financial institutions around the world. The Company’s cash deposits exceed insured limits. Short-term investments are subject to counterparty risk up to the amount presented on the balance sheet.
Historically, a relatively small number of customers have accounted for a significant portion of the Company’s revenue. The particular customers which account for revenue concentration have varied from period-to-period as a result of the volumes and prices at which the customers have recently bought the Company’s products. These variations are expected to continue in the foreseeable future.
The following tables summarize the accounts receivable and revenue as a percentage of total accounts receivable and total revenue, respectively, for the Company’s most significant customers. In the tables below, customers are defined as the contracting entities who place purchase orders or enter into revenue contracts with the Company:
Accounts ReceivableJanuary 31, 2026May 3, 2025
Customer A57 %86 %
Customer B22 %*
Customer C
11 %*
Three Months EndedNine Months Ended
RevenueJanuary 31, 2026
February 1, 2025
January 31, 2026
February 1, 2025
Customer A48 %84 %53 %66 %
Customer B39 %*31 %*
* Less than 10% of total accounts receivable or total revenue.
v3.25.4
Revenue Recognition
 9 Months Ended
Jan. 31, 2026
Revenue Recognition and Deferred Revenue [Abstract]  
Revenue Recognition Revenue Recognition
The following table summarizes revenue disaggregated by primary geographical market based on destination of shipment for revenue, which may differ from the customer’s principal offices (in thousands):
Three Months Ended
Nine Months Ended
January 31, 2026
February 1, 2025
January 31, 2026
February 1, 2025
United States
267,400 
7,626 
453,928 
40,281 
Hong Kong
$
104,367 
$
93,337 
$
292,639 
$
152,695 
Mainland China
3,708 
25,263 
79,121 
48,535 
Rest of World
31,537 
8,776 
72,425 
25,239 
$
407,012 
$
135,002 
$
898,113 
$
266,750 
Remaining Performance Obligations
Revenue allocated to remaining performance obligations represents the transaction price allocated to the performance obligations that are unsatisfied, or partially unsatisfied, which includes unearned revenue and amounts that will be invoiced and recognized as revenue in future periods. The contracted but unsatisfied performance obligations as of January 31, 2026 were approximately $31.8 million which the Company expects to recognize over the next 12 months.
Customer Warrant
As of January 31, 2026, Amazon.com NV Investment Holdings LLC (Holder) has exercised all Customer Warrant shares, resulting in a net issuance of 3.8 million shares and the Customer Warrant is no longer outstanding.
v3.25.4
Business Combination
 9 Months Ended
Jan. 31, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Business Combination Business Combination
On September 29, 2025, the Company acquired 100% of the equity interest of Hyperlume, Inc. (Hyperlume), a developer of miniature light-emitting diode (microLED)-based optical interconnect technology for chip-to-chip communication, for a total purchase consideration of $92.0 million. Total purchase consideration is attributable to cash consideration of $88.7 million and cash settlement of vested share-based payment awards of $3.3 million by Hyperlume. This acquisition was primarily intended to expand the Company’s comprehensive portfolio of end-to-end system-level connectivity solutions with Hyperlume’s cutting-edge microLED technology to address the future of artificial intelligence-driven data infrastructure deployments.
The factors contributing to the recognition of goodwill were based upon the Company’s conclusion that there are strategic and synergistic benefits that are expected to be realized from the acquisition. Goodwill recorded for the
Hyperlume acquisition is not expected to be deductible for tax purposes. The Company has one reportable segment and accordingly, there is no goodwill assignment based on reporting units.
The following table summarizes the total purchase consideration (in thousands):
Cash consideration$88,698 
Cash settlement of Hyperlume share-based payment awards3,319 
Total purchase consideration
92,017 
Less: Cash and cash equivalents acquired
(9,453)
Net cash payment for acquisition
$82,564 
In accordance with U.S. GAAP requirements for business combinations, the Company allocated the fair value of the purchase consideration to the tangible assets, liabilities and IPR&D, generally based on their estimated fair values. The excess purchase price over those fair values is recorded as goodwill. IPR&D is initially capitalized at fair value as an intangible asset with an indefinite life and assessed for impairment thereafter. When an IPR&D project is completed, the IPR&D is reclassified as an amortizable intangible asset and amortized over the asset’s estimated useful life. The Company’s valuation assumptions of acquired assets and assumed liabilities require significant estimates, especially with respect to IPR&D intangible assets. The functional currency of the acquired business is Canadian dollars, and the assets and liabilities are translated into U.S. dollars at each fiscal quarter-end period. The differences for goodwill and intangible asset between purchase price allocation and balance sheet result from currency translation rate changes.
Acquisition-related costs are expensed in the periods such costs are incurred and were not material for the periods presented.
The purchase price allocation is as follows (in thousands):
Cash
$9,453 
Other current assets, property and equipment and right-of-use assets
1,631 
Goodwill69,134 
Intangible asset
17,200 
Deferred tax liabilities
(4,558)
Other current liabilities and non-current operating lease liabilities
(843)
$92,017 
Pro forma results of operations have not been presented because the effect of the acquisition was not material to the Company’s financial results.
v3.25.4
Fair Value Measurements
 9 Months Ended
Jan. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Fair value is an exit price representing the amount that would be received in the sale of an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier value hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value:
Level 1 - Observable inputs that reflect quoted prices for identical assets or liabilities in active markets.
Level 2 - Other inputs that are directly or indirectly observable in the marketplace.
Level 3 - Unobservable inputs that are supported by little or no market activity.
The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.
The Company measures the fair value of money market funds using Level 1 inputs. The Company’s certificates of deposit are classified as held-to-maturity securities as the Company intends to hold until their maturity dates. The certificates of deposit are valued using Level 2 inputs. Pricing sources may include industry standard data providers,
security master files from large financial institutions and other third-party sources used to determine a daily market value.
The following tables present the fair value of the financial instruments measured on a recurring basis, or measured at amortized cost which approximates fair value, as of January 31, 2026 and May 3, 2025 (in thousands).
January 31, 2026
Level 1Level 2Level 3Total
Cash equivalents:
Money market funds
$1,103,790 $— $— $1,103,790 
Certificates of deposit
— 85,249 — 85,249 
Short-term investments:
Certificates of deposit
— 81,000 — 81,000 
Total cash equivalents and short-term investments$1,103,790 $166,249 $— $1,270,039 
May 3, 2025
Level 1Level 2Level 3Total
Cash equivalents:
Money market funds$148,036 $— $— $148,036 
Certificates of deposit
— 65,137 — 65,137 
Short-term investments:
Certificates of deposit
— 195,010 — 195,010 
Total cash equivalents and short-term investments$148,036 $260,147 $— $408,183 
The carrying amount of the Company’s financial instruments, including cash equivalents, short-term investments, accounts receivable and accounts payable, approximate their respective fair values because of their short maturities. As of January 31, 2026 and May 3, 2025, there were no unrealized losses or gains associated with the Company’s financial instruments.
v3.25.4
Supplemental Financial Information
 9 Months Ended
Jan. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Supplemental Financial Information Supplemental Financial Information
Inventories
Inventories consisted of the following (in thousands):
January 31, 2026May 3, 2025
Raw materials$15,319 $12,734 
Work in process23,588 24,583 
Finished goods169,051 52,712 

$207,958 $90,029 
Property and Equipment, Net
Property and equipment consisted of the following (in thousands):
January 31, 2026May 3, 2025
Production equipment$46,962 $44,789 
Computer equipment and software41,526 27,901 
Laboratory equipment32,134 21,944 
Leasehold improvements3,942 3,513 
Construction in progress44,203 9,687 
168,767 107,834 
Less: Accumulated depreciation and amortization(62,778)(44,203)
$105,989 $63,631 
Depreciation and amortization expense was $6.7 million and $18.8 million for the three and nine months ended January 31, 2026, respectively and $5.1 million and $14.3 million for the three and nine months ended February 1, 2025, respectively. Computer equipment and software primarily includes technology licenses for computer-aided design tools relating to the Company’s R&D design of future products and intellectual properties. Production equipment and construction in progress primarily include mask set costs capitalized relating to the Company’s products already introduced or to be introduced.
Other Current Liabilities
Other current liabilities consisted of the following (in thousands):
January 31, 2026May 3, 2025
Accruals relating to inventory purchases$13,033 $10,164 
Current payables relating to purchases of property and equipment11,673 8,420 
Current portion of operating lease liabilities3,661 3,342 
Others28,584 13,530 

$56,951 $35,456 
v3.25.4
Commitments and Contingencies
 9 Months Ended
Jan. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Non-cancelable Purchase Obligations
Total future non-cancelable purchase obligations as of January 31, 2026 are as follows (in thousands):
Fiscal Year Purchase Commitments under Manufacturing Supply Capacity Reservation Agreements Technology License Fees Total
Remainder of 2026$6,091 $1,995 $8,086 
2027147,267 10,987 158,254 
20284,123 4,210 8,333 
2029— 350 350 
Total unconditional purchase commitments$157,481 $17,542 $175,023 
Technology license fees include the liabilities under agreements for technology licenses between the Company and various vendors. Under the Company’s manufacturing relationships with its foundry partners, cancellation of outstanding purchase orders is allowed but requires payment of all costs and expenses incurred through the date of cancellation.
As of January 31, 2026, the total value of non-cancelable purchase orders payable within the next one year that were committed with the Company’s foundry partners and third-party subcontractors was approximately $114.5 million. Such purchase commitments are not included in the preceding table.
The Company has two manufacturing supply capacity reservation agreements with the assembly subcontractors as of January 31, 2026. Under these arrangements, the Company has paid refundable deposits to the suppliers in exchange for reserved manufacturing production capacity over the term of the agreement, which approximates two to five years. In addition, the Company committed to certain purchase levels that were in line with the capacity reserved. If the Company does not meet the purchase level commitment, the agreement requires the Company to pay a fee equal to the difference between the actual purchase and the purchase commitment, up to the value of refundable deposits made.
The Company currently estimates that it has made purchase level commitments of at least $157.5 million for the remainder of fiscal year 2026 through fiscal year 2028 under the capacity reservation agreement. Such purchase commitments are included in the preceding table.
As of January 31, 2026, the Company has refundable deposits of $28.8 million of which $2.7 million was recorded in other current assets and $26.1 million was recorded in other non-current assets on the unaudited condensed consolidated balance sheet.
Warranty Obligations
The Company’s products generally carry a standard one-year warranty. The Company’s warranty expense was not material in the periods presented.
Indemnifications
In the ordinary course of business, the Company has entered into agreements that contain certain indemnification obligations of varying scope and terms to customers, vendors, lessors, investors, directors, officers, employees and other parties with respect to certain matters, including, but not limited to, certain losses arising out of the Company’s breach of such agreements, services to be provided by the Company or from intellectual property infringement claims made by third parties. These indemnification obligations may survive termination of the underlying agreement and the maximum potential amount of future payments the Company could be required to make under these indemnification provisions may not be subject to maximum loss limitations. The Company has not incurred material costs to defend lawsuits or settle claims related to these indemnification obligations. Accordingly, the Company had no liabilities recorded for these agreements as of January 31, 2026 and May 3, 2025.
Legal Proceedings
From time to time, the Company may be a party to various litigation claims in the ordinary course of business. Legal fees and other costs associated with such actions are expensed as incurred. The Company assesses, in conjunction with legal counsel, the need to record a liability for litigation and contingencies. Accrual estimates are recorded when and if it is determined that such a liability for litigation and contingencies are both probable and reasonably estimable. As of the date of issuance of these unaudited condensed consolidated financial statements, the Company was not subject to any material litigation. No accruals for loss contingencies or recognition of actual losses have been recorded in any of the periods presented.
v3.25.4
Leases
 9 Months Ended
Jan. 31, 2026
Leases [Abstract]  
Leases Leases
The Company leases office space, in the United States and internationally, under operating leases. The Company’s leases have remaining lease terms generally between one and five years. Operating leases are included in right of use assets, other current liabilities and non-current operating lease liabilities on the Company’s unaudited condensed consolidated balance sheets. The Company does not have any finance leases.
Lease expense and supplemental cash flow information are as follows (in thousands):
Three Months EndedNine Months Ended
January 31, 2026February 1, 2025January 31, 2026February 1, 2025
Operating lease expenses$1,288 $1,047 $3,584 $3,084 
Cash paid for amounts included in the measurement of operating lease liabilities$1,200 $946 $3,408 $2,862 
Right-of-use assets obtained in exchange for lease obligation
$684 $947 $2,683 $4,478 
The aggregate future lease payments for operating leases as of January 31, 2026 are as follows (in thousands):
Fiscal Year
Operating Leases
2026$1,103 
20274,343 
20284,357 
20294,156 
20303,249 
Thereafter1,252 
Total lease payments18,460 
Less: Interest (2,183)
Present value of lease liabilities$16,277 
As of January 31, 2026, the weighted-average remaining lease term for the Company's operating leases was 4.3 years and the weighted-average discount rate used to determine the present value of the Company's operating leases was 6.4%.
In December 2025, the Company entered into multiple leasing agreements for additional office spaces to expand the corporate headquarter buildings in the United States. The leases have an initial lease term ranging between 6 to 7 years and an annual base rent of approximately $1.6 million. The lease arrangements further extend headquarter office spaces through calendar year 2036.
v3.25.4
Share Incentive Plan
 9 Months Ended
Jan. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Share Incentive Plan Share Incentive Plan
Restricted Stock Unit (RSU) Awards
A summary of information related to RSU activity during the nine months ended January 31, 2026 is as follows:
RSUs Outstanding
Number of Shares (in millions)Weighted-Average Grant Date Fair ValueWeighted-Average Remaining Contractual Term
Aggregate Intrinsic Value (in millions)
Balance as of May 3, 20259.5$33.881.39$458.1 
Granted2.0$112.91
Vested(3.2)$29.21
Canceled/ forfeited(0.2)$30.87
Balance and expected to vest as of January 31, 20268.1$53.591.26$1,016.6 
Performance-based Restricted Stock Unit (PSU) Awards
A summary of information related to PSU activity during the nine months ended January 31, 2026 is as follows:
PSUs Outstanding
Number of Shares (in millions)Weighted-Average Grant Date Fair ValueWeighted-Average Remaining Contractual Term
Aggregate Intrinsic Value (in millions)
Balance as of May 3, 20250.2$43.702.53$10.1 
Granted1.3$92.57
Balance and expected to vest as of January 31, 20261.5$85.332.39$184.9 
Share Option Awards
A summary of information related to share option activity during the nine months ended January 31, 2026 is as follows:
Options Outstanding
Outstanding Share Options (in millions)Weighted-Average Exercise PriceWeighted-Average Remaining Contractual Term
Aggregate Intrinsic Value (in millions)
Balance as of May 3, 20253.5$2.234.79$162.8 
Options vested and exercised(1.2)$2.26
Balance expected to vest and exercisable as of January 31, 20262.3$2.224.21$288.5 
Summary of Share-based Compensation Expense
The following table summarizes share-based compensation expense included in the unaudited condensed consolidated statements of operations (in thousands):
Three Months EndedNine Months Ended
January 31, 2026February 1, 2025January 31, 2026February 1, 2025
Cost of revenue$354 $226 $1,064 $838 
Research and development30,350 8,511 74,457 26,073 
Selling, general and administrative21,456 7,453 57,418 22,582 
$52,160 $16,190 $132,939 $49,493 
In connection with the Hyperlume acquisition, the Company issued 87 thousand RSUs under its 2021 long-term incentive plan in replacement for the unvested options under Hyperlume’s equity incentive plan. The RSUs retain the same vesting conditions as the unvested options that they replaced. The Company also issued 132 thousand restricted shares of the Company to one of the founders of Hyperlume and 132 thousand restricted shares of a newly formed subsidiary of the Company that are exchangeable into restricted shares of the Company to the other founder of Hyperlume. The restricted shares were issued in exchange for the founders’ outstanding equity interests in Hyperlume and vest on a quarterly basis, subject to continued employment with the Company over the next 4 years.
Both RSUs and restricted shares were measured at the acquisition date’s fair value of $146.01 per share and the fair value of those shares represent post-acquisition share-based compensation expense that will be recognized as these employees provide service over the remaining vesting periods of up to 4 years.
v3.25.4
Income Taxes
 9 Months Ended
Jan. 31, 2026
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company’s tax provision for interim periods is determined using an estimate of its annual effective tax rate, excluding zero rate jurisdictions and adjusted for discrete items, if any, that arise during the period. Each quarter, the Company updates its estimate of the annual effective tax rate, and if the estimated annual effective tax rate changes, the Company makes a cumulative adjustment in such period. The Company’s quarterly tax provision and estimate of its annual effective tax rate, is subject to variation due to several factors, including variability in accurately predicting its pre-tax income or loss and the mix of jurisdictions to which they relate, intercompany transactions, changes in tax laws, the applicability of special tax regimes, changes in how we do business and discrete items.
Provision for income taxes for the three and nine months ended January 31, 2026 and February 1, 2025 was as follows (in thousands except percentages):
Three Months Ended
Nine Months Ended
January 31, 2026February 1, 2025% ChangeJanuary 31, 2026February 1, 2025% Change
Provision for income taxes
$1,939 $752 157.8 %$4,277 $1,666 256.7 %
Effective tax rate1.2 %2.5 %1.4 %9.7 %
The Company’s effective tax rate for the three and nine months ended January 31, 2026 differs from the same period in the prior year primarily because the percentage increase in consolidated pre-tax income exceeded the percentage increase in pre-tax income generated in tax-paying jurisdictions, which resulted in higher income tax expenses and a lower effective tax rate for the current periods compared to the prior-year periods.
During the three and nine months ended January 31, 2026, there were no material changes to the total amount of unrecognized tax benefits and the Company does not expect any significant changes in the next 12 months.
On July 4, 2025, the United States enacted the One Big Beautiful Bill Act (OBBBA), which changes or makes permanent certain tax laws for corporations. Currently, the Company does not expect the provisions of the OBBBA to have a material impact on its effective tax rate or total provision for income taxes.
In connection with the Hyperlume acquisition, the Company recognized a deferred tax liability of $4.6 million in September 2025 related to the acquired IPR&D intangible asset, which is not deductible for income tax purposes.
v3.25.4
Net Income Per Share
 9 Months Ended
Jan. 31, 2026
Earnings Per Share [Abstract]  
Net Income Per Share Net Income Per Share
The Company reports both basic net income per share, which is based on the weighted-average number of ordinary shares outstanding during the period and diluted net income per share, which is based on the weighted-average number of ordinary shares outstanding and potentially dilutive shares outstanding during the period. Net income per share for the three and nine months ended January 31, 2026 and February 1, 2025, respectively, was determined as follows (in thousands, except per share amounts):
Three Months Ended
Nine Months Ended
January 31, 2026
February 1, 2025
January 31, 2026
February 1, 2025
Numerator:
Net income
$157,142 $29,360 $303,177 $15,595 
Denominator:
Weighted-average shares outstanding used in basic calculation
182,222 168,167 176,490 166,562 
Effect of dilutive shares
Share-based compensation awards9,801 10,919 10,108 10,966 
Customer Warrant— 3,378 — 2,968 
Weighted-average shares outstanding used in dilution calculation
192,023 182,464 186,598 180,495 
Net income per share:
Basic$0.86 $0.17 $1.72 $0.09 
Diluted$0.82 $0.16 $1.62 $0.09 
Potential dilutive securities include dilutive ordinary shares from the Customer Warrant, share-based awards attributable to the assumed exercise of share options, restricted stock units, performance-based restricted stock units and employee stock purchase plan shares using the treasury stock method. Under the treasury stock method, potential ordinary shares outstanding are not included in the computation of diluted net income per share if their effect is anti-dilutive. The following potentially dilutive securities outstanding (in thousands) have been excluded from the computations of diluted weighted-average shares outstanding for the three and nine months ended January 31, 2026 and February 1, 2025:
Three Months Ended
Nine Months Ended
January 31, 2026February 1, 2025
January 31, 2026
February 1, 2025
Share-based compensation awards252 175 880 242 
v3.25.4
Segment Information
 9 Months Ended
Jan. 31, 2026
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company’s Chief Operating Decision Maker (CODM) manages the Company’s business activities as a single reportable segment at the consolidated level. Accordingly, the CODM uses net income or loss for the purposes of making operating decisions, allocating resources and evaluating financial performance. The measure of segment assets is reported on the condensed consolidated balance sheet as total assets, although the CODM does not
evaluate asset information of purposes of allocating resources or evaluating performance. The table below provides information about the Company’s revenue, significant segment expenses and other segment expenses (in thousands):
Three Months EndedNine Months Ended
January 31, 2026February 1, 2025January 31, 2026February 1, 2025
Revenue
$407,012 $135,002 $898,113 $266,750 
Less:
Cost of revenue128,144 49,076 287,831 98,029 
Personnel related expenses
36,305 24,708 93,766 66,470 
Share-based compensation
51,806 15,964 131,877 48,655 
Other segment items*
33,615 15,894 81,462 38,001 
Net income
$157,142 $29,360 $303,177 $15,595 
*Other segment items primarily include lease expense, external professional service expenses, depreciation and amortization, interest income and tax provision.
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Jan. 31, 2026
shares
Trading Arrangements, by Individual  
Non-Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Terminated false
Yat Tung (Job) Lam [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On December 15, 2025, Yat Tung (Job) Lam, our Chief Operating Officer and a member of our board of directors, adopted a Rule 10b5-1 Trading Plan, intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) of the Exchange Act, pursuant to which a maximum amount of: (i) 200,000 of our ordinary shares held by Zhan (BVI) Co Ltd may be sold between March 16, 2026 and September 30, 2026, (ii) 156,059 of our ordinary shares held directly by Mr. Lam may be sold between March 16, 2026 and September 30, 2026 and (iii) 30,000 of our ordinary shares held by the Evelyn Job and April Foundation may be sold between March 16, 2026 and September 30, 2026. The plan terminates on the earlier of: (i) September 30, 2026, (ii) the first date on which all trades set forth in the plan have been executed or (iii) such date as the plan is otherwise terminated according to its terms. Mr. Lam and his spouse share voting and investment power over the shares held by each of Zhan (BVI) Co Ltd and the Evelyn Job and April Foundation, which is a tax-exempt 501(c)(3) charitable institution.
Name Yat Tung (Job) Lam
Title Chief Operating Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date December 15, 2025
Expiration Date September 30, 2026
Daniel Fleming [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On January 12, 2026, Daniel Fleming, our Chief Financial Officer, terminated the Rule 10b5-1 Trading Plan Mr. Fleming adopted on June 19, 2025 and adopted a Rule 10b5-1 Trading Plan, intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) of the Exchange Act, pursuant to which a maximum amount of 130,000 of our ordinary shares held directly by Mr. Fleming may be sold between April 13, 2026 and March 31, 2027. The plan terminates on the earlier of: (i) March 31, 2027, (ii) the first date on which all trades set forth in the plan have been executed or (iii) such date as the plan is otherwise terminated according to its terms.
Name Daniel Fleming
Title Chief Financial Officer
Rule 10b5-1 Arrangement Terminated true
Termination Date January 12, 2026
Aggregate Available 130,000
Yat Tung (Job) Lam Trading Arrangement, Ordinary Shares Held By Zhan (BVI) Co Ltd [Member] | Yat Tung (Job) Lam [Member]  
Trading Arrangements, by Individual  
Arrangement Duration 198 days
Aggregate Available 200,000
Yat Tung (Job) Lam Trading Arrangement, Ordinary Shares Held By Mr. Lam [Member] | Yat Tung (Job) Lam [Member]  
Trading Arrangements, by Individual  
Arrangement Duration 198 days
Aggregate Available 156,059
Yat Tung (Job) Lam Trading Arrangement, Ordinary Shares Held By The Evelyn Job And April Foundation [Member] | Yat Tung (Job) Lam [Member]  
Trading Arrangements, by Individual  
Arrangement Duration 198 days
Aggregate Available 30,000
v3.25.4
Significant Accounting Policies (Policies)
 9 Months Ended
Jan. 31, 2026
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements are presented in accordance with generally accepted accounting principles in the United States (US GAAP) applicable to interim periods, under the rules and regulations of the U.S. Securities and Exchange Commission (the SEC). Certain information and footnote disclosures normally included in financial statements prepared in accordance with US GAAP have been condensed or omitted as permitted by the SEC. These unaudited condensed consolidated financial statements and related notes should be read in conjunction with the Company’s fiscal year 2025 audited financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended May 3, 2025. The unaudited condensed consolidated financial statements include all adjustments, including normal recurring adjustments and other adjustments, that are considered necessary for fair presentation of the Company’s financial position and results of operations. All inter-company accounts and transactions have been eliminated. Operating results for the periods presented herein are not necessarily indicative of the results that may be expected for the entire year.
Business Combinations
Business Combinations
The Company allocates the fair value of the purchase consideration of its business acquisitions to the tangible assets, liabilities and intangible assets acquired, including in-process research and development (IPR&D), based on their estimated fair values under the acquisition method of accounting. The excess of the fair value of purchase consideration over the fair values of these identifiable assets and liabilities is recorded as goodwill. IPR&D is initially capitalized at fair value as an intangible asset with an indefinite life and assessed for impairment thereafter. When an IPR&D project is completed, the IPR&D is reclassified as an amortizable intangible asset and amortized over the asset’s estimated useful life. Acquisition-related expenses are recognized separately from the business combination and are expensed as incurred.
Use of Estimates
Use of Estimates
The preparation of these condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the Company’s condensed consolidated financial statements and accompanying notes.
The Company bases its estimates and judgments on historical experience, knowledge of current conditions and beliefs of what could occur in the future, given the available information. Estimates are used for, but not limited to, write-down for excess and obsolete inventories, the standalone selling price for each distinct performance obligation included in customer contracts with multiple performance obligations, variable consideration from revenue contracts, the realization of tax assets and estimates of tax reserves and impairment of long-lived assets. Actual results may differ from those estimates and such differences may be material to the financial statements. In the current macroeconomic environment, these estimates require increased judgment and carry a higher degree of variability and volatility. As events continue to evolve and additional information becomes available, these estimates may change materially in future periods.
Reclassifications
Reclassifications
Certain prior period balances were reclassified to conform to the current period’s presentation. None of these reclassifications had an impact on reported net income or cash flows for any of the periods presented.
Recent Accounting Pronouncements Not Yet Adopted
Recent Accounting Pronouncements Not Yet Adopted
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which requires disclosure of disaggregated income taxes paid, prescribes standard categories for the components of the effective tax rate reconciliation and modifies other income tax-related disclosures. This standard is effective for fiscal years beginning after December 15, 2024 and may be applied on a retrospective or prospective basis. The Company is currently evaluating the impact of adopting this guidance on its consolidated financial statements and disclosures.
In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income— Expense Disaggregation Disclosures, which requires disclosure of, in interim and annual reporting periods, additional information about certain expenses in the financial statements. This standard is effective for fiscal years beginning after December 15, 2026 and interim periods beginning after December 15, 2027 and may be applied on a retrospective or prospective basis. The Company is currently evaluating the impact of adopting this guidance on its consolidated financial statements and disclosures.
In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326) Measurement of Credit Losses for Accounts Receivable and Contract Assets, providing all entities with a practical expedient when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under Topic 606. This ASU is effective for annual reporting periods beginning after December 15, 2025. The Company is currently evaluating the impact of electing the practical expedient and the impact it may have on its consolidated financial statements and disclosures.
v3.25.4
Concentrations (Tables)
 9 Months Ended
Jan. 31, 2026
Risks and Uncertainties [Abstract]  
Schedule of Significant Customers' Accounts Receivable and Revenue
The following tables summarize the accounts receivable and revenue as a percentage of total accounts receivable and total revenue, respectively, for the Company’s most significant customers. In the tables below, customers are defined as the contracting entities who place purchase orders or enter into revenue contracts with the Company:
Accounts ReceivableJanuary 31, 2026May 3, 2025
Customer A57 %86 %
Customer B22 %*
Customer C
11 %*
Three Months EndedNine Months Ended
RevenueJanuary 31, 2026
February 1, 2025
January 31, 2026
February 1, 2025
Customer A48 %84 %53 %66 %
Customer B39 %*31 %*
* Less than 10% of total accounts receivable or total revenue.
v3.25.4
Revenue Recognition (Tables)
 9 Months Ended
Jan. 31, 2026
Revenue Recognition and Deferred Revenue [Abstract]  
Schedule of Revenue Disaggregated by Primary Geographical Market
The following table summarizes revenue disaggregated by primary geographical market based on destination of shipment for revenue, which may differ from the customer’s principal offices (in thousands):
Three Months Ended
Nine Months Ended
January 31, 2026
February 1, 2025
January 31, 2026
February 1, 2025
United States
267,400 
7,626 
453,928 
40,281 
Hong Kong
$
104,367 
$
93,337 
$
292,639 
$
152,695 
Mainland China
3,708 
25,263 
79,121 
48,535 
Rest of World
31,537 
8,776 
72,425 
25,239 
$
407,012 
$
135,002 
$
898,113 
$
266,750 
v3.25.4
Business Combination (Tables)
 9 Months Ended
Jan. 31, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Schedule of Total Purchase Consideration
The following table summarizes the total purchase consideration (in thousands):
Cash consideration$88,698 
Cash settlement of Hyperlume share-based payment awards3,319 
Total purchase consideration
92,017 
Less: Cash and cash equivalents acquired
(9,453)
Net cash payment for acquisition
$82,564 
Schedule of Purchase Price Allocation
The purchase price allocation is as follows (in thousands):
Cash
$9,453 
Other current assets, property and equipment and right-of-use assets
1,631 
Goodwill69,134 
Intangible asset
17,200 
Deferred tax liabilities
(4,558)
Other current liabilities and non-current operating lease liabilities
(843)
$92,017 
v3.25.4
Fair Value Measurements (Tables)
 9 Months Ended
Jan. 31, 2026
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Measurements, Recurring
The following tables present the fair value of the financial instruments measured on a recurring basis, or measured at amortized cost which approximates fair value, as of January 31, 2026 and May 3, 2025 (in thousands).
January 31, 2026
Level 1Level 2Level 3Total
Cash equivalents:
Money market funds
$1,103,790 $— $— $1,103,790 
Certificates of deposit
— 85,249 — 85,249 
Short-term investments:
Certificates of deposit
— 81,000 — 81,000 
Total cash equivalents and short-term investments$1,103,790 $166,249 $— $1,270,039 
May 3, 2025
Level 1Level 2Level 3Total
Cash equivalents:
Money market funds$148,036 $— $— $148,036 
Certificates of deposit
— 65,137 — 65,137 
Short-term investments:
Certificates of deposit
— 195,010 — 195,010 
Total cash equivalents and short-term investments$148,036 $260,147 $— $408,183 
v3.25.4
Supplemental Financial Information (Tables)
 9 Months Ended
Jan. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Inventories
Inventories consisted of the following (in thousands):
January 31, 2026May 3, 2025
Raw materials$15,319 $12,734 
Work in process23,588 24,583 
Finished goods169,051 52,712 

$207,958 $90,029 
Schedule of Property and Equipment
Property and equipment consisted of the following (in thousands):
January 31, 2026May 3, 2025
Production equipment$46,962 $44,789 
Computer equipment and software41,526 27,901 
Laboratory equipment32,134 21,944 
Leasehold improvements3,942 3,513 
Construction in progress44,203 9,687 
168,767 107,834 
Less: Accumulated depreciation and amortization(62,778)(44,203)
$105,989 $63,631 
Schedule of Other Current Liabilities
Other current liabilities consisted of the following (in thousands):
January 31, 2026May 3, 2025
Accruals relating to inventory purchases$13,033 $10,164 
Current payables relating to purchases of property and equipment11,673 8,420 
Current portion of operating lease liabilities3,661 3,342 
Others28,584 13,530 

$56,951 $35,456 
v3.25.4
Commitment and Contingencies (Tables)
 9 Months Ended
Jan. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Non-Cancelable Purchase Obligations
Total future non-cancelable purchase obligations as of January 31, 2026 are as follows (in thousands):
Fiscal Year Purchase Commitments under Manufacturing Supply Capacity Reservation Agreements Technology License Fees Total
Remainder of 2026$6,091 $1,995 $8,086 
2027147,267 10,987 158,254 
20284,123 4,210 8,333 
2029— 350 350 
Total unconditional purchase commitments$157,481 $17,542 $175,023 
v3.25.4
Leases (Tables)
 9 Months Ended
Jan. 31, 2026
Leases [Abstract]  
Schedule of Lease Expense and Supplemental Cash Flow Information
Lease expense and supplemental cash flow information are as follows (in thousands):
Three Months EndedNine Months Ended
January 31, 2026February 1, 2025January 31, 2026February 1, 2025
Operating lease expenses$1,288 $1,047 $3,584 $3,084 
Cash paid for amounts included in the measurement of operating lease liabilities$1,200 $946 $3,408 $2,862 
Right-of-use assets obtained in exchange for lease obligation
$684 $947 $2,683 $4,478 
Schedule of Aggregate Future Lease Payments
The aggregate future lease payments for operating leases as of January 31, 2026 are as follows (in thousands):
Fiscal Year
Operating Leases
2026$1,103 
20274,343 
20284,357 
20294,156 
20303,249 
Thereafter1,252 
Total lease payments18,460 
Less: Interest (2,183)
Present value of lease liabilities$16,277 
v3.25.4
Share Incentive Plan (Tables)
 9 Months Ended
Jan. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Information Related to RSU And PSU Activity
A summary of information related to RSU activity during the nine months ended January 31, 2026 is as follows:
RSUs Outstanding
Number of Shares (in millions)Weighted-Average Grant Date Fair ValueWeighted-Average Remaining Contractual Term
Aggregate Intrinsic Value (in millions)
Balance as of May 3, 20259.5$33.881.39$458.1 
Granted2.0$112.91
Vested(3.2)$29.21
Canceled/ forfeited(0.2)$30.87
Balance and expected to vest as of January 31, 20268.1$53.591.26$1,016.6 
A summary of information related to PSU activity during the nine months ended January 31, 2026 is as follows:
PSUs Outstanding
Number of Shares (in millions)Weighted-Average Grant Date Fair ValueWeighted-Average Remaining Contractual Term
Aggregate Intrinsic Value (in millions)
Balance as of May 3, 20250.2$43.702.53$10.1 
Granted1.3$92.57
Balance and expected to vest as of January 31, 20261.5$85.332.39$184.9 
Schedule of Information Related to Share Option Activity
A summary of information related to share option activity during the nine months ended January 31, 2026 is as follows:
Options Outstanding
Outstanding Share Options (in millions)Weighted-Average Exercise PriceWeighted-Average Remaining Contractual Term
Aggregate Intrinsic Value (in millions)
Balance as of May 3, 20253.5$2.234.79$162.8 
Options vested and exercised(1.2)$2.26
Balance expected to vest and exercisable as of January 31, 20262.3$2.224.21$288.5 
Schedule of Share-based Compensation Expense
The following table summarizes share-based compensation expense included in the unaudited condensed consolidated statements of operations (in thousands):
Three Months EndedNine Months Ended
January 31, 2026February 1, 2025January 31, 2026February 1, 2025
Cost of revenue$354 $226 $1,064 $838 
Research and development30,350 8,511 74,457 26,073 
Selling, general and administrative21,456 7,453 57,418 22,582 
$52,160 $16,190 $132,939 $49,493 
v3.25.4
Income Taxes (Tables)
 9 Months Ended
Jan. 31, 2026
Income Tax Disclosure [Abstract]  
Schedule of Provisions for Income Taxes
Provision for income taxes for the three and nine months ended January 31, 2026 and February 1, 2025 was as follows (in thousands except percentages):
Three Months Ended
Nine Months Ended
January 31, 2026February 1, 2025% ChangeJanuary 31, 2026February 1, 2025% Change
Provision for income taxes
$1,939 $752 157.8 %$4,277 $1,666 256.7 %
Effective tax rate1.2 %2.5 %1.4 %9.7 %
v3.25.4
Net Income Per Share (Tables)
 9 Months Ended
Jan. 31, 2026
Earnings Per Share [Abstract]  
Schedule of Net Income (Loss) Per Share, Basic and Diluted Net income per share for the three and nine months ended January 31, 2026 and February 1, 2025, respectively, was determined as follows (in thousands, except per share amounts):
Three Months Ended
Nine Months Ended
January 31, 2026
February 1, 2025
January 31, 2026
February 1, 2025
Numerator:
Net income
$157,142 $29,360 $303,177 $15,595 
Denominator:
Weighted-average shares outstanding used in basic calculation
182,222 168,167 176,490 166,562 
Effect of dilutive shares
Share-based compensation awards9,801 10,919 10,108 10,966 
Customer Warrant— 3,378 — 2,968 
Weighted-average shares outstanding used in dilution calculation
192,023 182,464 186,598 180,495 
Net income per share:
Basic$0.86 $0.17 $1.72 $0.09 
Diluted$0.82 $0.16 $1.62 $0.09 
Schedule of Potentially Dilutive Securities Outstanding The following potentially dilutive securities outstanding (in thousands) have been excluded from the computations of diluted weighted-average shares outstanding for the three and nine months ended January 31, 2026 and February 1, 2025:
Three Months Ended
Nine Months Ended
January 31, 2026February 1, 2025
January 31, 2026
February 1, 2025
Share-based compensation awards252 175 880 242 
v3.25.4
Segment Information (Tables)
 9 Months Ended
Jan. 31, 2026
Segment Reporting [Abstract]  
Schedule of Segment Expenses and Other Segment Expenses The table below provides information about the Company’s revenue, significant segment expenses and other segment expenses (in thousands):
Three Months EndedNine Months Ended
January 31, 2026February 1, 2025January 31, 2026February 1, 2025
Revenue
$407,012 $135,002 $898,113 $266,750 
Less:
Cost of revenue128,144 49,076 287,831 98,029 
Personnel related expenses
36,305 24,708 93,766 66,470 
Share-based compensation
51,806 15,964 131,877 48,655 
Other segment items*
33,615 15,894 81,462 38,001 
Net income
$157,142 $29,360 $303,177 $15,595 
*Other segment items primarily include lease expense, external professional service expenses, depreciation and amortization, interest income and tax provision.
v3.25.4
Description of Business and Basis of Presentation (Details) - USD ($)
shares in Millions, $ in Millions
 1 Months Ended 9 Months Ended
Oct. 31, 2025
Jan. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Sale of stock, authorized amount $ 750.0  
Proceeds from sale of stock   $ 736.3
Sale of stock, number of shares issued in transaction (in shares)   4.8
Stock issuance costs, total   $ 13.7
v3.25.4
Concentrations (Details) - Customer Concentration Risk
 3 Months Ended 9 Months Ended 12 Months Ended
Jan. 31, 2026
Feb. 01, 2025
Jan. 31, 2026
Feb. 01, 2025
May 03, 2025
Accounts Receivable | Customer A          
Concentration Risk [Line Items]          
Concentration risk percentage     57.00%   86.00%
Accounts Receivable | Customer B          
Concentration Risk [Line Items]          
Concentration risk percentage     22.00%    
Accounts Receivable | Customer C          
Concentration Risk [Line Items]          
Concentration risk percentage     11.00%    
Revenue | Customer A          
Concentration Risk [Line Items]          
Concentration risk percentage 48.00% 84.00% 53.00% 66.00%  
Revenue | Customer B          
Concentration Risk [Line Items]          
Concentration risk percentage 39.00%   31.00%    
v3.25.4
Revenue Recognition - Disaggregated of Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Jan. 31, 2026
Feb. 01, 2025
Jan. 31, 2026
Feb. 01, 2025
Disaggregation of Revenue [Line Items]        
Revenue $ 407,012 $ 135,002 $ 898,113 $ 266,750
United States        
Disaggregation of Revenue [Line Items]        
Revenue 267,400 7,626 453,928 40,281
Hong Kong        
Disaggregation of Revenue [Line Items]        
Revenue 104,367 93,337 292,639 152,695
Mainland China        
Disaggregation of Revenue [Line Items]        
Revenue 3,708 25,263 79,121 48,535
Rest of World        
Disaggregation of Revenue [Line Items]        
Revenue $ 31,537 $ 8,776 $ 72,425 $ 25,239
v3.25.4
Revenue Recognition - Narrative (Details)
shares in Millions, $ in Millions
 9 Months Ended
Jan. 31, 2026
USD ($)
shares
Revenue Recognition and Deferred Revenue [Abstract]  
Unsatisfied performance obligation, amount | $ $ 31.8
Ordinary shares issued upon exercise of Customer Warrant (in shares) | shares 3.8
v3.25.4
Business Combination - Narrative (Details)
$ in Thousands
 9 Months Ended
Sep. 29, 2025
USD ($)
Jan. 31, 2026
segment
Business Combination [Line Items]    
Number of reportable segments | segment   1
Hyperlume, Inc.    
Business Combination [Line Items]    
Equity interest acquired 100.00%  
Total purchase consideration $ 92,017  
Cash consideration 88,698  
Cash settlement of Hyperlume share-based payment awards $ 3,319  
v3.25.4
Business Combination - Schedule of Total Purchase Consideration (Details) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 29, 2025
Jan. 31, 2026
Feb. 01, 2025
Business Combination [Line Items]      
Net cash payment for acquisition   $ 82,564 $ 0
Hyperlume, Inc.      
Business Combination [Line Items]      
Cash consideration $ 88,698    
Cash settlement of Hyperlume share-based payment awards 3,319    
Total purchase consideration 92,017    
Less: Cash and cash equivalents acquired (9,453)    
Net cash payment for acquisition $ 82,564    
v3.25.4
Business Combination - Schedule of Purchase Price Allocation (Details) - USD ($)
$ in Thousands
Jan. 31, 2026
Sep. 30, 2025
Sep. 29, 2025
May 03, 2025
Business Combination [Line Items]        
Goodwill $ 70,859     $ 0
Hyperlume, Inc.        
Business Combination [Line Items]        
Cash     $ 9,453  
Other current assets, property and equipment and right-of-use assets     1,631  
Goodwill     69,134  
Intangible asset     17,200  
Deferred tax liabilities   $ (4,600) (4,558)  
Other current liabilities and non-current operating lease liabilities     (843)  
Total     $ 92,017  
v3.25.4
Fair Value Measurements (Details) - Fair Value, Recurring - USD ($)
$ in Thousands
Jan. 31, 2026
May 03, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total cash equivalents and short-term investments $ 1,270,039 $ 408,183
Certificates of deposit    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term investments: 81,000 195,010
Money market funds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents: 1,103,790 148,036
Certificates of deposit    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents: 85,249 65,137
Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total cash equivalents and short-term investments 1,103,790 148,036
Level 1 | Certificates of deposit    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term investments: 0 0
Level 1 | Money market funds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents: 1,103,790 148,036
Level 1 | Certificates of deposit    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents: 0 0
Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total cash equivalents and short-term investments 166,249 260,147
Level 2 | Certificates of deposit    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term investments: 81,000 195,010
Level 2 | Money market funds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents: 0 0
Level 2 | Certificates of deposit    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents: 85,249 65,137
Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total cash equivalents and short-term investments 0 0
Level 3 | Certificates of deposit    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term investments: 0 0
Level 3 | Money market funds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents: 0 0
Level 3 | Certificates of deposit    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents: $ 0 $ 0
v3.25.4
Supplemental Financial Information - Schedule of Inventories (Details) - USD ($)
$ in Thousands
Jan. 31, 2026
May 03, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Raw materials $ 15,319 $ 12,734
Work in process 23,588 24,583
Finished goods 169,051 52,712
Inventories $ 207,958 $ 90,029
v3.25.4
Supplemental Financial Information - Schedule of Property and Equipment (Details) - USD ($)
$ in Thousands
Jan. 31, 2026
May 03, 2025
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 168,767 $ 107,834
Less: Accumulated depreciation and amortization (62,778) (44,203)
Property and equipment, net 105,989 63,631
Production equipment    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 46,962 44,789
Computer equipment and software    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 41,526 27,901
Laboratory equipment    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 32,134 21,944
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 3,942 3,513
Construction in progress    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 44,203 $ 9,687
v3.25.4
Supplemental Financial Information - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Jan. 31, 2026
Feb. 01, 2025
Jan. 31, 2026
Feb. 01, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]        
Depreciation and amortization $ 6,700 $ 5,100 $ 18,783 $ 14,281
v3.25.4
Supplemental Financial Information - Schedule of Other Current Liabilities (Details) - USD ($)
$ in Thousands
Jan. 31, 2026
May 03, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Accruals relating to inventory purchases $ 13,033 $ 10,164
Current payables relating to purchases of property and equipment $ 11,673 $ 8,420
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Other Liabilities, Current Other Liabilities, Current
Current portion of operating lease liabilities $ 3,661 $ 3,342
Others 28,584 13,530
Other Liabilities, Current $ 56,951 $ 35,456
v3.25.4
Commitment and Contingencies - Schedule of Non-Cancelable Purchase Obligations (Details)
$ in Thousands
Jan. 31, 2026
USD ($)
Long-term Purchase Commitment [Line Items]  
Remainder of 2026 $ 8,086
2027 158,254
2028 8,333
2029 350
Total unconditional purchase commitments 175,023
Purchase Commitments under Manufacturing Supply Capacity Reservation Agreements  
Long-term Purchase Commitment [Line Items]  
Remainder of 2026 6,091
2027 147,267
2028 4,123
2029 0
Total unconditional purchase commitments 157,481
Technology License Fees  
Long-term Purchase Commitment [Line Items]  
Remainder of 2026 1,995
2027 10,987
2028 4,210
2029 350
Total unconditional purchase commitments $ 17,542
v3.25.4
Commitments and Contingencies - Narrative (Details)
$ in Millions
 9 Months Ended
Jan. 31, 2026
USD ($)
agreement
Long-term Purchase Commitment [Line Items]  
Number of manufacturing supply capacity reservation agreements | agreement 2
Standard product warranty (in years) 1 year
Minimum  
Long-term Purchase Commitment [Line Items]  
Term of purchase commitment 2 years
Maximum  
Long-term Purchase Commitment [Line Items]  
Term of purchase commitment 5 years
Inventories  
Long-term Purchase Commitment [Line Items]  
Purchase obligations within the next one year $ 114.5
Purchase Commitments under Manufacturing Supply Capacity Reservation Agreements  
Long-term Purchase Commitment [Line Items]  
Purchase commitments to be paid, remainder of fiscal year 2026 through 2028 157.5
Refundable deposits 28.8
Refundable deposits, current 2.7
Refundable deposits, noncurrent $ 26.1
v3.25.4
Leases - Narrative (Details) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended 9 Months Ended
Dec. 31, 2025
Jan. 31, 2026
Feb. 01, 2025
Jan. 31, 2026
Feb. 01, 2025
Lessee, Lease, Description [Line Items]          
Weighted average remaining lease term (in years)   4 years 3 months 18 days   4 years 3 months 18 days  
Weighted average discount rate used for operating leases (as a percent)   6.40%   6.40%  
Operating lease expenses   $ 1,288 $ 1,047 $ 3,584 $ 3,084
Office Space          
Lessee, Lease, Description [Line Items]          
Operating lease expenses $ 1,600        
Minimum          
Lessee, Lease, Description [Line Items]          
Lease term   1 year   1 year  
Minimum | Office Space          
Lessee, Lease, Description [Line Items]          
Lease term 6 years        
Maximum          
Lessee, Lease, Description [Line Items]          
Lease term   5 years   5 years  
Maximum | Office Space          
Lessee, Lease, Description [Line Items]          
Lease term 7 years        
v3.25.4
Leases - Lease Expense and Supplemental Cash Flow Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Jan. 31, 2026
Feb. 01, 2025
Jan. 31, 2026
Feb. 01, 2025
Leases [Abstract]        
Operating lease expenses $ 1,288 $ 1,047 $ 3,584 $ 3,084
Cash paid for amounts included in the measurement of operating lease liabilities 1,200 946 3,408 2,862
Right-of-use assets obtained in exchange for lease obligation $ 684 $ 947 $ 2,683 $ 4,478
v3.25.4
Leases - Aggregate Future Lease Payments (Details)
$ in Thousands
Jan. 31, 2026
USD ($)
Leases [Abstract]  
2026 $ 1,103
2027 4,343
2028 4,357
2029 4,156
2030 3,249
Thereafter 1,252
Total lease payments 18,460
Less: Interest (2,183)
Present value of lease liabilities $ 16,277
v3.25.4
Share Incentive Plan - Schedule of Information Related to RSU And PSU Activity (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 9 Months Ended 12 Months Ended
Jan. 31, 2026
May 03, 2025
Restricted Stock Units (RSUs)    
Number of Shares (in millions)    
Beginning balance (in shares) 9.5  
Granted (in shares) 2.0  
Vested (in shares) (3.2)  
Canceled/ forfeited (in shares) (0.2)  
Ending balance (in shares) 8.1 9.5
Weighted-Average Grant Date Fair Value    
Beginning balance (in US dollars per share) $ 33.88  
Granted (in US dollars per share) 112.91  
Vested (in US dollars per share) 29.21  
Canceled/ forfeited (in US dollars per share) 30.87  
Ending balance (in US dollars per share) $ 53.59 $ 33.88
Weighted-Average Remaining Contractual Term    
Weighted-Average Remaining Contractual Term 1 year 3 months 3 days 1 year 4 months 20 days
Aggregate Intrinsic Value    
Aggregate intrinsic value, options outstanding $ 1,016.6 $ 458.1
Performance Shares    
Number of Shares (in millions)    
Beginning balance (in shares) 0.2  
Granted (in shares) 1.3  
Ending balance (in shares) 1.5 0.2
Weighted-Average Grant Date Fair Value    
Beginning balance (in US dollars per share) $ 43.70  
Granted (in US dollars per share) 92.57  
Ending balance (in US dollars per share) $ 85.33 $ 43.70
Weighted-Average Remaining Contractual Term    
Weighted-Average Remaining Contractual Term 2 years 4 months 20 days 2 years 6 months 10 days
Aggregate Intrinsic Value    
Aggregate intrinsic value, options outstanding $ 184.9 $ 10.1
v3.25.4
Share Incentive Plan - Schedule of Information Related to Share Option Activity (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 9 Months Ended 12 Months Ended
Jan. 31, 2026
May 03, 2025
Outstanding Share Options (in millions)    
Beginning balance (in shares) 3.5  
Options vested and exercised (in shares) (1.2)  
Ending balance (in shares) 2.3 3.5
Weighted-Average Exercise Price    
Beginning balance (in US dollars per share) $ 2.23  
Options vested and exercised (in US dollars per share) 2.26  
Ending balance (in US dollars per share) $ 2.22 $ 2.23
Weighted-Average Remaining Contractual Term    
Weighted-average remaining contractual term, options outstanding 4 years 2 months 15 days 4 years 9 months 14 days
Aggregate intrinsic value, options outstanding $ 288.5 $ 162.8
v3.25.4
Share Incentive Plan - Schedule of Share-Based Compensation Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Jan. 31, 2026
Feb. 01, 2025
Jan. 31, 2026
Feb. 01, 2025
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Share-based compensation $ 52,160 $ 16,190 $ 132,939 $ 49,493
Cost of revenue        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Share-based compensation 354 226 1,064 838
Research and development        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Share-based compensation 30,350 8,511 74,457 26,073
Selling, general and administrative        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Share-based compensation $ 21,456 $ 7,453 $ 57,418 $ 22,582
v3.25.4
Share Incentive Plan - Narrative (Details) - Hyperlume, Inc. - $ / shares
shares in Thousands
 9 Months Ended
Sep. 29, 2025
Jan. 31, 2026
Restricted Stock Units and Restricted Stock    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Awards vesting term 4 years  
Shares issued, price per share (in dollars per share) $ 146.01  
Restricted Stock Units (RSUs)    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Shares issued during period (in shares)   87
Restricted Stock    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Shares issued during period (in shares)   132
Awards vesting term   4 years
Restricted Stock | Newly Formed Subsidiary    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Shares issued during period (in shares)   132
v3.25.4
Income Taxes - Schedule of Provisions for Income Taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Jan. 31, 2026
Feb. 01, 2025
Jan. 31, 2026
Feb. 01, 2025
Income Tax Disclosure [Abstract]        
Provision for income taxes $ 1,939 $ 752 $ 4,277 $ 1,666
Percent change in provision for income taxes 157.80%   256.70%  
Effective tax rate 1.20% 2.50% 1.40% 9.70%
v3.25.4
Income Taxes - Narrative (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Sep. 29, 2025
Hyperlume, Inc.    
Valuation Allowance [Line Items]    
Deferred tax liabilities $ 4,600 $ 4,558
v3.25.4
Net Income Per Share - Schedule of Net Income Per Share, Basic and Diluted (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Jan. 31, 2026
Feb. 01, 2025
Jan. 31, 2026
Feb. 01, 2025
Numerator:        
Net income $ 157,142 $ 29,360 $ 303,177 $ 15,595
Denominator:        
Weighted-average shares outstanding used in basic calculation - basic (in shares) 182,222 168,167 176,490 166,562
Effect of dilutive shares        
Share-based compensation awards (in shares) 9,801 10,919 10,108 10,966
Customer Warrant ( in shares) 0 3,378 0 2,968
Weighted-average shares outstanding used in dilution calculation (in shares) 192,023 182,464 186,598 180,495
Net income per share:        
Basic (in US dollars per share) $ 0.86 $ 0.17 $ 1.72 $ 0.09
Diluted (in US dollars per share) $ 0.82 $ 0.16 $ 1.62 $ 0.09
v3.25.4
Net Income Per Share - Schedule of Potentially Dilutive Securities Outstanding (Details) - shares
shares in Thousands
 3 Months Ended 9 Months Ended
Jan. 31, 2026
Feb. 01, 2025
Jan. 31, 2026
Feb. 01, 2025
Share-based compensation awards        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities excluded from computation of earnings per share (in shares) 252 175 880 242
v3.25.4
Segment Information (Details)
$ in Thousands
 3 Months Ended 9 Months Ended
Jan. 31, 2026
USD ($)
Feb. 01, 2025
USD ($)
Jan. 31, 2026
USD ($)
segment
Feb. 01, 2025
USD ($)
Segment Reporting [Abstract]        
Number of reportable segments | segment     1  
Revenue, Major Customer [Line Items]        
Revenue $ 407,012 $ 135,002 $ 898,113 $ 266,750
Cost of revenue 128,144 49,076 287,831 98,029
Share-based compensation 52,160 16,190 132,939 49,493
Net income 157,142 29,360 303,177 15,595
Reportable Segment        
Revenue, Major Customer [Line Items]        
Revenue 407,012 135,002 898,113 266,750
Cost of revenue 128,144 49,076 287,831 98,029
Personnel related expenses 36,305 24,708 93,766 66,470
Share-based compensation 51,806 15,964 131,877 48,655
Other segment items 33,615 15,894 81,462 38,001
Net income $ 157,142 $ 29,360 $ 303,177 $ 15,595