Cover - USD ($) $ in Billions |
12 Months Ended | ||
|---|---|---|---|
May 03, 2025 |
Jun. 13, 2025 |
Nov. 02, 2024 |
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| Cover [Abstract] | |||
| Document Type | 10-K | ||
| Document Annual Report | true | ||
| Document Period End Date | May 03, 2025 | ||
| Current Fiscal Year End Date | --05-03 | ||
| 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 Well-known Seasoned Issuer | Yes | ||
| Entity Voluntary Filers | No | ||
| 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 | ||
| ICFR Auditor Attestation Flag | true | ||
| Document Financial Statement Error Correction [Flag] | false | ||
| Entity Shell Company | false | ||
| Entity Public Float | $ 5.8 | ||
| Entity Common Stock, Shares Outstanding | 171,641,835 | ||
| Documents Incorporated by Reference | Portions of Part III of this Form 10-K are incorporated by reference from the registrant’s definitive proxy statement for its 2025 annual meeting of shareholders, which will be filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year covered by this Form 10-K. Except with respect to information specifically incorporated by reference in this Form 10-K, the proxy statement is not deemed to be filed as part of this Form 10-K.
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| Entity Central Index Key | 0001807794 | ||
| Amendment Flag | false | ||
| Document Fiscal Period Focus | FY | ||
| Document Fiscal Year Focus | 2025 |
Audit Information |
12 Months Ended |
|---|---|
May 03, 2025 | |
| Audit Information [Abstract] | |
| Auditor Firm ID | 42 |
| Auditor Name | Ernst & Young LLP |
| Auditor Location | San Jose, California |
Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands |
May 03, 2025 |
Apr. 27, 2024 |
|---|---|---|
| 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 | 1,000,000 |
| Common stock issued (in shares) | 171,169 | 164,305 |
| Common stock outstanding (in shares) | 171,169 | 164,305 |
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
May 03, 2025 |
Apr. 27, 2024 |
Apr. 29, 2023 |
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| Statement of Comprehensive Income [Abstract] | |||
| Net income (loss) | $ 52,183 | $ (28,369) | $ (16,547) |
| Other comprehensive income (loss): | |||
| Foreign currency translation income (loss) | 82 | (328) | (214) |
| Total comprehensive income (loss) | $ 52,265 | $ (28,697) | $ (16,761) |
Description of Business and Basis of Presentation |
12 Months Ended |
|---|---|
May 03, 2025 | |
| 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, 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 redefine high-speed connectivity by delivering breakthrough solutions that enable the next generation of AI-driven applications. The Company is committed to enabling faster, more reliable, more energy-efficient, and scalable solutions that support the ever-expanding demands of AI, cloud computing, and hyperscale networks. The Company’s connectivity solutions are optimized for optical and electrical Ethernet applications, including the 100G, 200G, 400G, 800G and emerging 1.6T markets. The Company’s products are based on its Serializer/Deserializer (SerDes) and Digital Signal Processor (DSP) technologies. The Company’s product families include integrated circuits (ICs), Active Electrical Cables (AECs) and SerDes Chiplets. The Company’s intellectual property (IP) solutions consist primarily of SerDes IP licensing. Basis of Presentation These consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (GAAP). The consolidated financial statements include the results of Credo Technology Group Holding Ltd and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The Company’s fiscal year is a 52- or 53-week period ending on the Saturday closest to April 30. The additional week in a 53-week year is added to the first quarter, making such quarter consist of 14 weeks. Accordingly, every fifth or sixth fiscal year will have a 53-week period. The fiscal years ended April 27, 2024 (fiscal year 2024) and April 29, 2023 (fiscal year 2023) were both 52-week fiscal years. The fiscal year ended May 3, 2025 (fiscal year 2025) was a 53-week fiscal year. 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 loss or cash flows for any of the periods presented.
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Significant Accounting Policies |
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| Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||
| Significant Accounting Policies | Significant Accounting Policies Use of Estimates The preparation of these consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the Company’s 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, determination of the fair value of share-based awards and customer warrant, the realizability of tax assets and estimates of tax reserves, impairment of long-lived assets, and incremental borrowing rate used in the Company’s operating lease calculations. Actual results may differ from those estimates and such differences may be material to the financial statements. As new events continue to evolve and additional information becomes available, any changes to these estimates and assumptions will be recognized in the consolidated financial statements as soon as they become known. Foreign Currency All of the Company’s subsidiaries use U.S. dollars as their functional currency, except for its entities located in Taiwan and mainland China. The functional currencies of these entities are their respective local currency. Foreign currency assets and liabilities are remeasured into the functional currencies at the end-of-period exchange rates except for non-monetary assets and liabilities, which are remeasured at historical exchange rates. Revenue and expenses are remeasured at the exchange rates in effect during the period the transactions occurred, except for those expenses related to balance sheet amounts, which are remeasured at historical exchange rates. Gains or losses from foreign currency transactions are included in the consolidated statements of operations as part of ‘other income (expense), net’. Translation gains and losses are recorded in accumulated other comprehensive income as a component of shareholders' equity. Cash, Cash Equivalents and Short-term Investments Cash and cash equivalents are highly liquid investments with insignificant interest rate risk and maturities of three months or less at the time of acquisition. Cash and cash equivalents consist primarily of cash balances in the Company’s bank checking and savings accounts, and government and institutional money market funds. Investments not considered cash equivalents and with maturities of one year or less from the consolidated balance sheet date are classified as short-term investments. Short-term investments consist of certificates of deposit with original maturity dates between three and twelve months. The classification of our short-term investments is determined at the time of purchase, and such determination is reevaluated at each balance sheet date. Our short-term investments include certificates of deposit, which are classified as held-to-maturity. These investments are recorded at amortized cost basis. If the cost of an individual investment exceeds its fair value, we evaluate, among other factors, general market conditions, the duration and extent to which the fair value is less than cost, and our intent and ability to hold the investment. Once a decline in fair value is determined to be other-than-temporary, an impairment charge is recorded and a new cost basis in the investment is established. Accounts Receivable Accounts receivable are recorded at the invoiced amount, net of allowance for credit losses. The Company performs periodic credit evaluations of its customers’ financial condition and does not require collateral from them. The Company assesses the collectability by reviewing accounts receivable on a customer-by-customer basis. To manage credit risk, management performs ongoing credit evaluations of the customers’ financial condition, monitors payment performance, and assesses current economic conditions, as well as reasonable and supportable forecasts of future economic conditions, that may affect collectability of the outstanding receivables. Management does not believe that an allowance for credit losses is needed as of May 3, 2025 or April 27, 2024 based on review of credit worthiness of the customers and their payment histories. Inventory The Company values its inventory, which includes raw materials, assembly and test, and other manufacturing costs, at the lower of cost and net realizable value. Cost is computed using standard cost, which approximates actual cost, on a first-in, first-out basis. Net realizable value is the estimated selling price of the Company’s products in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. The Company regularly reviews inventory quantities on hand and records write-downs for excess and obsolete inventory based primarily on the shipment history and its estimated forecast of product demand. These factors are impacted by market and economic conditions, technology changes, new product introductions and changes in strategic direction. If the future demand for the Company’s services and products is less favorable than the Company’s forecasts, the value of the inventories may be required to be reduced, which could result in additional expense to the Company and affect its results of operations. Once inventory is written down, its new value is maintained until it is sold, scrapped, or written down for further valuation losses. Property and Equipment, Net Property and equipment are stated at cost, net of accumulated depreciation and amortization. Additions, improvements and major renewals are capitalized, and maintenance, repairs and minor renewals are expensed as incurred. Assets are held in construction in progress until placed in service, upon which date, the Company begins to depreciate these assets. When assets are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is reflected in the consolidated statements of income in the period realized. Depreciation and amortization is computed using the straight-line method over the estimated useful lives of the assets. Useful lives by asset category are as follows:
Leases The Company determines if an arrangement is a lease at inception. Operating lease right-of-use (ROU) assets and liabilities are recognized at the commencement date of the lease based on the present value of lease payments over the lease term. Operating lease ROU assets also include any initial direct costs and prepayments less lease incentives. Lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise such options. As the Company's leases do not provide an implicit rate, the Company uses its collateralized incremental borrowing rate based on the information available at the lease commencement date, including lease term, in determining the present value of lease payments. Lease expense for these leases is recognized on a straight line basis over the lease term. Impairment of Long-lived Assets The Company assesses the impairment of long-lived assets, which consist primarily of property and equipment, whenever events or changes in circumstances indicate that such assets might be impaired and the carrying value may not be recoverable. Events or changes in circumstances that may indicate that an asset is impaired include significant decreases in the market value of an asset, significant underperformance relative to expected historical or projected future results of operations, a change in the extent or manner in which an asset is utilized, significant declines in the estimated fair value of the overall Company for a sustained period, shifts in technology, loss of key management or personnel, changes in the Company’s operating model or strategy and competitive forces. If events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable and the expected undiscounted future cash flows attributable to the asset are less than the carrying amount of the asset, an impairment loss equal to the excess of the asset’s carrying value over its fair value is recorded. Fair value is determined based on the present value of estimated expected future cash flows using a discount rate commensurate with the risk involved, quoted market prices or appraised values, depending on the nature of the asset. Revenue Recognition The Company’s revenues consist of sales of its products, licensing of its IP and providing product and IP license engineering services. Product sales consist of shipments of its ICs and AEC products. IP license revenue includes fees from licensing of the Company’s SerDes IP and related support and royalties. Product and IP license engineering services revenue consists of engineering fees associated with integration of the Company’s technology solutions into its customers’ products and IP, respectively. The Company’s customers are primarily original equipment manufacturers who design and manufacture end market devices for the communications and enterprise networks markets. The Company’s revenue is driven by various trends in these markets. The Company’s revenue is also impacted by changes in the number and average selling prices of its IC products. The Company recognizes revenue upon transfer of control of promised goods and services in an amount that reflects the consideration it expects to receive in exchange for those goods and services. The Company also considers the constraint on estimates of variable consideration when estimating the total transaction price. The Company’s policy is to record revenue net of any applicable sales, use or excise taxes. Changes in the Company’s contract assets and contract liabilities primarily result from the timing difference between the Company’s performance and the customer’s payment. The Company fulfills its obligations under a contract with a customer by transferring products or services in exchange for consideration from the customer. The Company recognizes a contract asset when it transfers products or services to a customer and the right to consideration is conditional on something other than the passage of time. Accounts receivable are recorded when the customer has been billed or the right to consideration is unconditional other than the passage of time. The Company recognizes deferred revenue when it has received consideration or an amount of consideration is due from the customer and it has a future obligation to transfer products or services. Product Sales - The Company transacts with customers primarily pursuant to standard purchase orders for delivery of products and generally allows customers to cancel or change purchase orders within limited notice periods prior to the scheduled shipment date. The Company offers standard performance warranties of twelve months after product delivery and offers limited product return rights to certain distributors. The Company recognizes product sales when it transfers control of promised goods in an amount that reflects the consideration to which it expects to be entitled to in exchange for those goods, net of accruals for estimated sales returns and rebates. As of May 3, 2025 and April 27, 2024, the sales returns and rebate reserves were not material. Product Engineering Services Revenue - Some product revenue contracts include non-recurring engineering services deliverables. The Company recognizes revenue from these agreements over time as services are provided or at point in time upon completion and acceptance by the customer of contract deliverables, depending on the terms of the arrangement. Revenue is deferred for any amounts billed or received prior to delivery of services. The Company believes the input method, based on time spent by its engineers, best depicts the efforts expended to transfer services to the customers. IP License Revenue - The Company’s IP license revenue consists of perpetual licenses, support and maintenance, engineering services and royalties. The Company enters into perpetual semiconductor IP license agreements, that have a fixed fee, whereby licensees pay a fixed fee for the right to incorporate the Company’s IP technologies into the licensee’s products. The IP license agreements do not typically grant the customer the right to terminate for convenience. Where such rights exist, termination is prospective, with no refund of fees already paid by the customer. IP revenue recognition is dependent on the nature and terms of each agreement. The Company recognizes license revenue at the point of time of the delivery of the IP. In connection with the license arrangements, the Company offers support to assist customers in qualifying their final product. Revenue from customer support is deferred and recognized ratably over the support period, which is typically one year. Some IP license revenue contracts also include non-recurring engineering services deliverables, which were not material for any of the periods presented. The Company recognizes revenue from these agreements similar to the method described under the caption “Product Engineering Services Revenue” above. In certain cases, the Company also charges licensees royalties related to the distribution or sale of products that use its technologies. Such royalties are reported to us on a quarterly basis. The Company estimates the sales-based royalties earned each quarter primarily based on its customers’ reporting of sales activity incurred in that quarter. The Company recognizes the estimated royalty revenue when it is probable that reversal of such amounts will not occur. Any differences between actual royalties owed by a customer and the quarterly estimates are recognized when updated information becomes available. Customer Warrant The Company accounts for the warrant issued to Amazon.com NV Investment Holdings LLC as an equity instrument, based on the specific terms of the warrant agreement. When management determines that it is probable that a tranche of the warrant will vest and we recognize the related revenue, the grant date fair value of the associated tranche will be recognized in shareholders’ equity and the underlying expense will be amortized as a reduction of revenue in proportion to the amount of related revenue recognized. Cost of Revenue Cost of revenue includes cost of materials, including wafers processed by third-party foundries, cost associated with packaging and assembly, testing and shipping, cost of personnel, including share-based compensation, depreciation of equipment associated with manufacturing support, logistics and quality assurance, warranty cost, amortization of intellectual property purchased from third-parties, write-down of inventories, and amortization and impairment of production equipment no longer in use. Cost of revenue includes cost of product sales revenue, cost of product engineering services revenue and cost of IP license revenue. Shipping and Handling Costs Shipping and handling costs incurred for delivery to customers are expensed as incurred and are included in selling, general and administrative expenses in the Company’s Consolidated Statements of Operations. Research and Development Research and development expenses consist of costs incurred in performing research and development activities and includes salaries, share-based compensation, employee benefits, occupancy costs, pre-production engineering mask costs, and prototype wafer, packaging and test costs. Research and development costs are expensed as incurred. Share-Based Compensation The Company records compensation expense in connection with share-based awards granted to employees and non-employees in accordance with guidance related to share-based payments. This guidance requires that all share-based compensation be recognized as an expense in the consolidated financial statements and that such cost be measured at the fair value of the award. The Company generally amortizes share-based compensation expense under the straight-line attribution method over the vesting period of the share-based award. For performance-based awards, the Company amortizes share-based compensation expense under the graded vesting method over the vesting period of the award. The Company has elected to use the Black-Scholes option pricing model to determine the fair value of ordinary share options on the dates of grant. Calculating the fair value of share options using the Black-Scholes model requires inputs and assumptions, including the fair value of the Company’s ordinary shares, the expected term of share options and share price volatility. The Company estimates the expected life of options granted based on the simplified method. The Company estimates the volatility of its ordinary shares on the date of grant based on the Company’s historical stock price volatility. The Company has not paid and has no current plans to pay dividends. The Company accounts for forfeitures as they occur. The fair value of each restricted share unit is estimated based on the market price of the Company’s ordinary share on the date of grant. The fair value of each share issued under the Company’s employee share purchase plan is estimated based on the Black-Scholes option pricing model. Income Taxes The Company is subject to income taxes in the United States and certain foreign jurisdictions. Significant judgment is required in determining the Company’s provision for income taxes and income tax assets and liabilities, including evaluating uncertainties in the application of accounting principles and complex tax laws. The Company uses the asset and liability method to account for income taxes. Current income tax expense or benefit represents the amount of income taxes expected to be payable or refundable for the current year. Under this method, deferred income tax assets and liabilities are determined based on differences between the financial statement reporting and tax bases of assets and liabilities and net operating loss and credit carryforward. Deferred tax assets and liabilities are measured using enacted tax rates applied to taxable income in the years in which those temporary differences are expected to be recovered or settled. A valuation allowance is established when necessary to reduce deferred tax assets to the amount expected to be realized. The Company accounts for uncertain tax positions in accordance with ASC 740‑10, Accounting for Uncertainty in Income Taxes. The Company recognizes the tax effects of an uncertain tax position only if such position is more likely than not to be sustained based solely on its technical merits as of the reporting date and only in an amount more likely than not to be sustained upon review by the tax authorities. Interest and penalties related to uncertain tax positions are classified in the consolidated financial statements as income tax expense. Net Income (Loss) Per Share Basic net income (loss) per share is computed using the weighted average number of ordinary shares outstanding during the period. Diluted net income (loss) per share is computed using the weighted average number of ordinary and potentially dilutive shares outstanding during the period using the treasury stock method. Under the treasury stock method, the effect of equity awards outstanding is not included in the computation of diluted net income (loss) per share for periods when their effect is anti-dilutive. Segment Information Operating segments are identified as components of an enterprise about which discrete financial information is available for evaluation by the chief operating decision-maker (CODM) in deciding resource allocation and assessing performance. The Company’s Chief Executive Officer is its CODM. The Company’s CODM reviews financial information presented on a consolidated basis for the purposes of making operating decisions, allocating resources and evaluating financial performance. Consequently, the Company has determined it operates and manages its business in one operating and one reportable segment. See “Note 13. Segment and Geographic Information” for the Company’s revenue by country and location of long-lived assets. Accounting Pronouncement Recently Adopted In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures, which requires disclosure of incremental segment information on an annual and interim basis. This standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and requires retrospective application to all prior periods presented in the financial statements. The Company adopted this guidance in the fourth quarter of fiscal year 2025 on a retrospective basis. The adoption did not have a material impact to the Company’s consolidated financial statements. Refer to ‘Note 13. Segment and Geographic Information’ for further details. 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.
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Concentrations |
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| 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 addition of new contracts, completion of existing contracts, and 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 table summarizes the significant customers’ accounts receivable and revenue as a percentage of total accounts receivable and total revenue, respectively:
* Less than 10% of total accounts receivable or total revenue. The Company believes that the concentration of credit risk in its trade receivables is substantially mitigated by the high level of credit worthiness of its customers and the relatively short collection terms. The Company performs ongoing credit evaluations of its customers’ financial conditions and limits the amount of credit extended when deemed necessary based upon payment history and the customer’s current credit worthiness, but generally require no collateral. The Company currently outsources all of its integrated circuit manufacturing to Taiwan Semiconductor Manufacturing Company Limited with the remaining assembly and testing processes outsourced to other subcontractors primarily in Asia. Any disruption of or interference with the Company’s access to the goods or services from these subcontractors would impact the Company’s operations.
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Revenue Recognition |
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| Revenue Recognition | Revenue Recognition Contract Balances The contract assets are primarily related to the Company’s fixed-fee IP licensing arrangements and rights to consideration for performance obligations delivered but not billed as of May 3, 2025 and April 27, 2024. Contract assets are presented within the “Other current assets” caption on the Consolidated Balance Sheet. The Company had a contract asset balance of $9.9 million as of May 3, 2025, compared to $22.3 million as of April 27, 2024. The decrease in contract assets of $12.4 million was primarily driven by IP licensing and engineering services arrangements where certain billing milestones were reached during fiscal 2025 while the criteria for recognition of revenue had previously been met. Deferred revenue is presented within the “Other current liabilities” and “Other non-current liabilities” captions on the Consolidated Balance Sheet. The Company had a deferred revenue balance of $1.5 million as of May 3, 2025, compared to $4.0 million as of April 27, 2024. The decrease in deferred revenue of $2.5 million was primarily due to revenue recognized from a customer advance. During the year ended May 3, 2025, the Company recognized $3.9 million of revenue that was included in the deferred revenue balance as of April 27, 2024. During the year ended April 27, 2024, the Company recognized $4.1 million of revenue that was included in the deferred revenue balance as of April 29, 2023. During the year ended April 29, 2023, the Company recognized $1.2 million of revenue that was included in the deferred revenue balance as of April 30, 2022. 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 obligation was approximately $4.8 million and the satisfied but unrecognized performance obligations was approximately $1.1 million as of May 3, 2025, which the Company expects to recognize over the next fiscal year. The Company applied constraints on the satisfied but unrecognized performance obligations due to uncertainty around the collectability of milestone payments. Customer Warrant During fiscal year 2022, the Company issued a warrant to Amazon.com NV Investment Holdings LLC (Holder) to purchase an aggregate of up to 4.1 million of our ordinary shares at an exercise price of $10.74 per share (the “Customer Warrant”). The exercise period of the Warrant is through the th anniversary of the issue date. The shares issuable vest in tranches over the contract term based on the amount of global payments by Holder and its affiliates to the Company, up to $201.0 million in aggregate payments. A total of 4.1 million and 1.1 million Warrant shares were vested as of May 3, 2025 and April 27, 2024, respectively. The grant date fair value of the Warrant share was determined at $4.65 per share using the Black-Scholes option pricing model. The grant date fair value of the Warrant share was estimated using the following assumptions:
During the fiscal years ended May 3, 2025, April 27, 2024 and April 29, 2023, the Company recognized $13.2 million, $3.9 million and $1.2 million, respectively, as contra revenue within the product sales revenue on the consolidated statements of operations. The contra revenue impact associated with the Warrant has been fully amortized as of May 3, 2025.
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Fair Value Measurements |
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| 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 May 3, 2025 and April 27, 2024 (in thousands).
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 May 3, 2025 and April 27, 2024, there were no unrealized loss or gains associated with the Company’s financial instruments. The interest income recognized during the years ended May 3, 2025, April 27, 2024 and April 29, 2023 was $18.8 million, $15.3 million and $4.7 million, respectively.
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Supplemental Financial Information |
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| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Supplemental Financial Information | Supplemental Financial Information Inventories Inventories consisted of the following (in thousands):
Property and Equipment, Net Property and equipment consisted of the following (in thousands):
Depreciation and amortization expense, excluding the asset impairment charges, for the years ended May 3, 2025, April 27, 2024 and April 29, 2023, was $21.9 million, $13.8 million, and $9.5 million, respectively. Construction in progress and production equipment primarily includes mask set costs capitalized relating to the Company’s products. During the years ended May 3, 2025, April 27, 2024 and April 29, 2023, the Company recorded impairment charges of $0.9 million, $0.8 million and $2.4 million, respectively. Generally, the impairment charges were related to impairment of property and equipment or third-party IP licenses for future products that did not reach production qualification. Other Current Liabilities Accrued expenses and other current liabilities consisted of the following (in thousands):
Other Non-current Liabilities Other non-current liabilities consisted of the following (in thousands):
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Commitments and Contingencies |
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| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies | Commitments and Contingencies Non-Cancelable Purchase Obligations Total future non-cancelable purchase obligations as of May 3, 2025 were as follows (in thousands):
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 May 3, 2025, the total value of non-cancelable inventory purchase orders payable within the next one year that were committed with the Company’s third-party subcontractors was approximately $30.3 million. Such purchase commitments are included in the preceding table. The Company has a manufacturing supply capacity reservation agreement with an assembly subcontractor as of May 3, 2025. Under this arrangement, the Company has paid refundable deposits to the supplier in exchange for reserved manufacturing production capacity over the remaining term of the agreement, which approximates 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 $13.2 million for the fiscal year 2026 through fiscal year 2028 under the capacity reservation agreement. Such purchase commitments are included in the preceding table. In addition, the Company had refundable deposits of $8.1 million as of May 3, 2025, of which $2.2 million was recorded in other current assets and $5.9 million was recorded in other non-current assets on the consolidated balance sheets. Warranty Obligations The Company has contractual commitments to various customers, which could require the Company to incur costs to repair an epidemic defect with respect to its products outside of the normal warranty period if such defect were to occur. The Company’s products generally carry a standard one-year warranty. The Company’s warranty expense has not been material in the periods presented. Indemnifications In the ordinary course of business, the Company may provide indemnifications 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, 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 indemnifications 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 clauses. The Company has not incurred material costs to defend lawsuits or settle claims related to these indemnifications. Accordingly, the Company has no liabilities recorded for these agreements as of May 3, 2025 and April 27, 2024. Legal Proceedings From time to time, the Company may be a party to various litigation claims in the normal 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 the consolidated financial statements, the Company was not subject to any litigation. No accruals for loss contingencies or recognition of actual losses have been recorded in any of the periods presented.
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Ordinary Shares |
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May 03, 2025 | |
| Equity [Abstract] | |
| Ordinary Shares | Ordinary Shares The Company filed the Amended and Restated Memorandum of Association with Cayman Islands, which authorized 1,000 million ordinary shares, par value $0.00005 per share and 50 million preferred shares. Each ordinary share is entitled to one vote per share. The holders of ordinary shares are also entitled to receive dividends whenever funds are legally available and when declared by the Company’s board of directors, subject to the prior rights of holders of all other classes of shares outstanding.
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Share Incentive Plan |
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| Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share Incentive Plan | Share Incentive Plan 2015 Stock Plan The Company adopted the 2015 Stock Plan (the 2015 Plan) in February 2015. The 2015 Plan was an equity incentive program under which employees of the Company or its subsidiary corporations (including officers), non-employee members of the Company’s board of directors, and consultants to the Company or its subsidiary corporations were offered an opportunity to acquire the Company’s ordinary shares. The 2015 Plan provided both for the direct award or sale of ordinary shares (RSAs) and for the grant of options to purchase ordinary shares. Options granted under the 2015 Plan were Incentive Stock Options (ISOs) intended to qualify under Title 26 U.S. Code Section 422 or Non-qualified Stock Options (NSOs) which were not intended to so qualify. Only employees, outside directors and consultants of either the Company or a subsidiary of the Company, were eligible for the grant of NSO or the direct award or sale of ordinary shares. Only employees of either the Company or of a subsidiary of the Company, were eligible for the grant of ISOs. As of January 27, 2022, the 2015 Plan has ceased to be available for grants of new awards. Prior to the aforementioned cessation of the 2015 Plan for new grants and as of April 30, 2022, 26.0 million ordinary shares were authorized for issuance under the 2015 Plan. Options under the 2015 Plan may be granted for periods of up to ten years and at prices no less than 100% of the estimated fair value of the shares on the date of grant as determined by the Company’s Board of Directors. Both RSAs and options granted generally vest over four years and vest at a rate of 25% upon the first anniversary of the issuance date and 1/48th per month thereafter. A summary of information related to share option activity, excluding options early exercised, is as follows:
During the years ended May 3, 2025, April 27, 2024 and April 29, 2023, the total intrinsic value of options exercised was $130.5 million, $36.2 million and $22.2 million, respectively. The weighted-average grant date fair value of options vested was $1.64, $1.52 and $1.41 per share for the years ended May 3, 2025, April 27, 2024 and April 29, 2023, respectively. The total grant date fair value of share options that vested was $6.8 million, $13.3 million and $15.6 million as of May 3, 2025,April 27, 2024 and April 29, 2023, respectively. As of May 3, 2025, the total unrecognized compensation cost was $0.1 million related to share options, which are expected to be recognized over a weighted-average period of 0.21 years. 2021 Long-Term Incentive Plan In December 2021, the Company adopted the 2021 long-term incentive plan (the 2021 Plan). Upon the adoption, the 2021 Plan had 19.9 million ordinary shares reserved for issuance. Awards granted under the 2021 Plan may include, but are not limited to, options, time-based restricted share units (RSUs) and performance-based restricted share units (PSUs). RSU and PSU awards are denominated in ordinary shares, but may be settled in cash or shares upon vesting, as determined by the Company at the time of grant. None of the awards granted under the 2021 Plan as of May 3, 2025 allowed cash settlement. Awards under the 2021 Plan generally vest over 4 years. As of May 3, 2025, 18.9 million shares remained available for future issuance under the 2021 Plan. A summary of time-based RSU activity is as follows:
As of May 3, 2025, unamortized compensation expense related to RSUs was $318.6 million. The unamortized compensation expense for RSUs will be amortized on a straight-line basis and is expected to be recognized over a weighted-average period of 2.66 years. During fiscal year 2025, the Company granted 0.2 million PSUs to certain named executive officers which will be eligible to become earned between 0% and 200% of target levels based on the Company’s achievement of specified revenue goals for the fiscal year ending May 2, 2026. At the end of such fiscal year, the Compensation Committee will measure the achievement of such goals and determine the number of Refresh PSUs that have become earned based on performance (the Achievement PSUs). The Achievement PSUs will then be subject to a service-based vesting requirement over an additional three-year period, with 25% on the number of Achievement PSUs vesting on each of June 10, 2026, June 10, 2027, June 10, 2028 and June 10, 2029. In the event of a termination of service due to an executive’s death or disability, any unvested PSUs will vest in full as of the date of termination with respect to the number of Achievement PSUs (or target PSUs, if the number of Achievement PSUs has not yet been determined). As of May 3, 2025, the PSUs remain unvested and there were no cancellations/forfeitures. The weighted-average grant date fair value of the PSUs was $43.70 with a weighted-average remaining contractual term of 2.5 years and aggregate intrinsic value of $10.1 million As of May 3, 2025, unamortized compensation expense related to PSUs was $17.1 million. Employee Stock Purchase Plan In January 2022, the Company adopted the Employee Stock Purchase Plan (ESPP). Under the ESPP, a total of 3.8 million shares have been authorized for the grant of shares and participants can purchase the Company’s ordinary shares using payroll deductions, which may not exceed 15% of their total cash compensation. Pursuant to the terms of the ESPP, the “look-back” period for the share purchase price is 24 months. Offering and purchase periods begin on January 1 and July 1 of each year. Participants will be granted the right to purchase ordinary shares at a price per share that is 85% of the lesser of the fair market value of the shares at (i) the participant’s entry date into the two-year offering period or (ii) the end of each six-month purchase period within the offering period. During the years ended May 3, 2025, April 27, 2024 and April 29, 2023, 0.2 million, 0.3 million and 0.2 million shares were issued under the ESPP, respectively. As of May 3, 2025, 6.0 million shares remained available for future issuance under the ESPP. The following weighted-average assumptions to calculate the fair value of ordinary shares to be issued under the ESPP on the date of grant using the Black-Scholes option pricing model in the periods presented:
Summary of Share-based Compensation Expense The following table summarizes share-based compensation cost included in the consolidated statements of operations (in thousands).
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Leases |
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| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases | Leases The Company's leases include office space located in the United States and other international locations, which are all classified as operating leases. The Company’s leases have remaining lease terms generally between 1 year and 6 years. Operating leases are included in right of use assets, other current liabilities, and non-current operating lease liabilities on the Company’s consolidated balance sheets. The Company does not have any finance leases. Lease expense and supplemental cash flow information are as follows (in thousands):
The aggregate future lease payments for operating leases as of May 3, 2025 are as follows (in thousands):
As of May 3, 2025, the weighted average remaining lease term for the Company's operating leases was 4.97 years and the weighted average discount rate used to determine the present value of the Company's operating leases was approximately 6.34%.
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Income Taxes |
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| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Taxes | Income Taxes Income (loss) before provision (benefit) for income taxes consists of the following (in thousands):
The components of income tax expense (benefit) are summarized as follows (in thousands):
The tax effects of significant items comprising the Company’s deferred taxes are as follows (in thousands):
A valuation allowance is established when the Company believes that it is more likely than not that some portion of its deferred tax assets will not be realized. As of May 3, 2025, the Company recorded $69.5 million of valuation allowance. In fiscal year 2025, the valuation allowance increased by $46.2 million. The Company continues to maintain a full valuation allowance on its U.S. net deferred tax assets. The Company will continue to assess the future realization of its deferred tax assets in each applicable jurisdiction and adjust the valuation allowance accordingly. As of May 3, 2025, the Company had U.S. federal and state net operating loss carryforwards of approximately $130.7 million and $15.4 million, respectively. The U.S. federal net operating loss carryforwards can be carried forward indefinitely. The state net operating loss carryforwards will begin to expire in fiscal 2043. As of May 3, 2025, the Company had U.S. federal and state research credits of $29.2 million and $19.0 million, respectively. The federal research credits will begin to expire in 2039. The state research credits have no expiration date. As of May 3, 2025, the Company had no foreign tax credit carryover. Internal Revenue Code Section 382 limits the use of net operating loss and tax credit carryforwards in certain situations where changes occur in the stock ownership of a company. In the event that we had a change of ownership, utilization of the net operating loss and tax credit carryforwards may be restricted. A summary activity of the valuation allowance is as follows (in thousands):
Foreign earnings may be subject to withholding taxes in local jurisdictions if they are distributed. The amount of cumulative undistributed earnings that are permanently reinvested that could be subject to withholding taxes were $47.1 million as of May 3, 2025. The Company intends to reinvest these earnings indefinitely. The Company consists of a Cayman Islands parent holding company with various international and U.S. subsidiaries. The applicable statutory rate in Cayman Islands is zero for the Company for the years ended May 3, 2025, April 27, 2024 and April 29, 2023. For purposes of the reconciliation between the provision for income taxes at the statutory rate and the effective tax rate, a U.S. statutory tax rate of 21% for the years ended May 3, 2025, April 27, 2024 and April 29, 2023 is applied as follows:
A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows (in thousands):
The Company recognizes the tax effects of an uncertain tax position only if it is more likely than not to be sustained based solely on such position’s technical merits as of the reporting date and only in an amount more likely than not to be sustained upon review by the tax authorities. Included in the balance of unrecognized tax benefits as of May 3, 2025 and April 29, 2024 were potential benefits of $9.4 million and $4.6 million, respectively, which if recognized, would potentially affect the effective tax rate. If the unrecognized tax benefits were recognized, it would result in additional deferred tax assets, which are expected to require a full valuation allowance based on the Company’s current valuation allowance position. Unrecognized tax benefits are not expected to significantly increase or decrease within the next 12 months. The Company’s policy is to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. For the years ended May 3, 2025, April 29, 2024 and April 29, 2023, the Company’s current tax provision was not impacted by interest and penalties. The Company files U.S. federal and state and non-U.S. income tax returns with varying statutes of limitations. The Company’s tax returns continue to remain subject to examination by U.S. federal authorities for the years ended April 30, 2022 through 2024 and by state authorities for the years ended April 30, 2021 through 2024. For the Company’s international subsidiaries, the tax years that remain open to examination vary based on the year that each entity began operating.
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Net Income (Loss) Per Share |
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| Net Income (Loss) Per Share | Net Income (Loss) Per Share Net income (loss) per share was determined as follows for the years presented (in thousands, except per share amounts):
Potential dilutive securities include dilutive ordinary shares from share-based awards attributable to the assumed exercise of share options, restricted share 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 loss per share if their effect is anti-dilutive. The following potentially dilutive securities outstanding have been excluded from the computations of diluted weighted average shares outstanding for the years ended May 3, 2025, April 27, 2024 and April 29, 2023:
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Segment and Geographic Information |
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment and Geographic Information | Segment and Geographic Information As discussed in “Note 2. Significant Accounting Policies,” the Company operates in one reportable segment. 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 consolidated balance sheet as total assets, although the CODM does not evaluate asset information for 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):
*Other segment items primarily include lease expenses, external professional services expenses, depreciation and amortization, interest income and tax provision (benefit). The following table summarizes revenue disaggregated by primary geographical market based on destination of shipment for products, and location of contracting entity for IP and engineering services, which may differ from the end customer’s principal offices (in thousands):
The following table presents long-lived assets information based on the physical location of the assets by geographic region (in thousands):
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Pay vs Performance Disclosure - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
May 03, 2025 |
Apr. 27, 2024 |
Apr. 29, 2023 |
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| Pay vs Performance Disclosure | |||
| Net income (loss) | $ 52,183 | $ (28,369) | $ (16,547) |
Insider Trading Arrangements |
3 Months Ended |
|---|---|
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May 03, 2025
shares
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| Trading Arrangements, by Individual | |
| Non-Rule 10b5-1 Arrangement Adopted | false |
| Non-Rule 10b5-1 Arrangement Terminated | false |
| David Zinsner [Member] | |
| Trading Arrangements, by Individual | |
| Material Terms of Trading Arrangement | On March 19, 2025, David Zinsner, a member of the board of directors of the Company, resigned from the board and terminated the Rule 10b5-1 Trading Plan Mr. Zinsner adopted on December 26, 2024.
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| Name | David Zinsner |
| Title | member of the board of directors |
| Rule 10b5-1 Arrangement Terminated | true |
| Termination Date | March 19, 2025 |
| Yat Tung (Job) Lam [Member] | |
| Trading Arrangements, by Individual | |
| Material Terms of Trading Arrangement | On April 4, 2025, Yat Tung (Job) Lam, Chief Operating Officer and a member of the board of directors of the Company terminated the Rule 10b5-1 Trading Plan Mr. Lam adopted on July 2, 2024.
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| Name | Yat Tung (Job) Lam |
| Title | Chief Operating Officer |
| Rule 10b5-1 Arrangement Terminated | true |
| Termination Date | April 4, 2025 |
| William J. Brennan [Member] | |
| Trading Arrangements, by Individual | |
| Material Terms of Trading Arrangement | On March 10, 2025, we reported in our Quarterly Report on Form 10-Q for the quarterly period ended February 1, 2025 that Mr. Brennan adopted a Rule 10b5-1 Trading Plan on January 10, 2025. However, such Rule 10b5-1 Trading Plan was not processed by the plan administrator and thus not actually entered into. On April 15, 2025, William J. Brennan, our Chief Executive Officer and a member of our board of directors, adopted a Rule 10b5-1 Trading Plan (the 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) 144,128 of our ordinary shares held directly by Mr. Brennan may be sold between August 1, 2025 and June 30, 2026 and (ii) 500,000 of our ordinary shares held by The Brennan Family Trust, DTD 09/06/2002 may be sold between August 1, 2025 and June 30, 2026. The plan terminates on the earlier of: (i) June 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. Brennan is a joint trustee with shared voting and investment power over the shares held by The Brennan Family Trust, DTD 09/06/2002. |
| Name | William J. Brennan |
| Title | Chief Executive Officer |
| Rule 10b5-1 Arrangement Adopted | true |
| Adoption Date | April 15, 2025 |
| Expiration Date | June 30, 2026 |
| Arrangement Duration | 333 days |
| William J. Brennan Trading Arrangement, Shares Held Directly By Mr. Brennan [Member] | William J. Brennan [Member] | |
| Trading Arrangements, by Individual | |
| Aggregate Available | 144,128 |
| William J Brennan Trading Arrangement, Shares Held By The Brennan Family Trust [Member] | William J. Brennan [Member] | |
| Trading Arrangements, by Individual | |
| Aggregate Available | 500,000 |
Insider Trading Policies and Procedures |
12 Months Ended |
|---|---|
May 03, 2025 | |
| Insider Trading Policies and Procedures [Line Items] | |
| Insider Trading Policies and Procedures Adopted | true |
Cybersecurity Risk Management and Strategy Disclosure |
12 Months Ended |
|---|---|
May 03, 2025 | |
| Cybersecurity Risk Management, Strategy, and Governance [Line Items] | |
| Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block] | We have established policies and processes for assessing, identifying and managing material risk from cybersecurity threats. These policies and processes are intended to protect the confidentiality, integrity and availability of our critical information systems and our critical data, including intellectual property and confidential information that is proprietary, strategic or competitive in nature. We conduct periodic risk assessments to identify cybersecurity threats. These risk assessments include identifying reasonably foreseeable potential internal and external risks, the likelihood of occurrence and any potential damage that could result from such risks, and the sufficiency of existing policies, procedures, systems, controls and other safeguards in place to manage such risks. We also use third-party service providers from time to time in connection with our risk assessment processes. As part of our overall risk management program, we provide training to employees at all levels on cybersecurity awareness and the protection of confidential information. In addition, we have established a cybersecurity incident response process that includes procedures for detecting and responding to cybersecurity incidents. The Company also participates in a cybersecurity risk insurance policy. As of the date of this Annual Report on Form 10-K, we are not aware of any risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, that have materially affected or are reasonably likely to materially affect us, including our business strategy, results of operations or financial condition. See Item 1A, “Risk Factors,” in this annual report on Form 10-K , including the risk factors entitled “Cybersecurity breaches, cyberattacks and other disruptions to information technology systems could disrupt our operations, compromise the confidentiality of our data or our intellectual property, and adversely affect our business, reputation, operations and financial results” and “Our business may be impacted by information technology system failures or network disruptions and lack of redundancy” in this Annual Report on Form 10-K for additional information about our cybersecurity-related risks.
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| Cybersecurity Risk Management Processes Integrated [Flag] | true |
| Cybersecurity Risk Management Processes Integrated [Text Block] | We have established policies and processes for assessing, identifying and managing material risk from cybersecurity threats. These policies and processes are intended to protect the confidentiality, integrity and availability of our critical information systems and our critical data, including intellectual property and confidential information that is proprietary, strategic or competitive in nature.
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| Cybersecurity Risk Management Third Party Engaged [Flag] | true |
| Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] | true |
| Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] | false |
| Cybersecurity Risk Board of Directors Oversight [Text Block] | Our Board considers cybersecurity risk as part of its overall risk oversight function and has delegated to the Nominating and Corporate Governance Committee of the Board (the NCG Committee) overall oversight of cybersecurity matters and other policies and internal controls regarding cybersecurity risks. The Audit Committee of the Board (the Audit Committee) is responsible for oversight of disclosure controls with respect to potential cybersecurity incidents as well as the Company’s compliance with SEC rules applicable to cybersecurity risk management. In fiscal 2025 the Audit Committee and the NCG Committee received reports on our cybersecurity risk management initiatives. In addition, our management team updates the Board with respect to the Company’s overall cybersecurity risk posture and initiatives in order to improve our cybersecurity risk controls. As necessary, the Audit Committee will oversee management’s responses to any significant cybersecurity incidents including any disclosures required by law. The full Board also receives a briefing from management on our cyber risk management program at least annually.
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| Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] | The Audit Committee of the Board (the Audit Committee) is responsible for oversight of disclosure controls with respect to potential cybersecurity incidents as well as the Company’s compliance with SEC rules applicable to cybersecurity risk management. |
| Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] | In fiscal 2025 the Audit Committee and the NCG Committee received reports on our cybersecurity risk management initiatives. |
| Cybersecurity Risk Role of Management [Text Block] | Our management team, which includes our IT management team, is responsible for day-to-day implementation, management and evaluation of our cybersecurity risk assessment and management processes. The IT management team has primary responsibility for our overall cybersecurity risk management program, including monitoring the prevention, detection, mitigation and remediation of cybersecurity incidents, and works in partnership with our other business leaders, including our Chief Legal Officer, Chief of Staff and internal audit function, as needed. Our IT management team supervises both our internal cybersecurity personnel and any retained external cybersecurity consultants. Our Director of IT has served in various roles in information technology and information security for over 15 years.
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| Cybersecurity Risk Management Positions or Committees Responsible [Flag] | true |
| Cybersecurity Risk Management Positions or Committees Responsible [Text Block] | The IT management team has primary responsibility for our overall cybersecurity risk management program, including monitoring the prevention, detection, mitigation and remediation of cybersecurity incidents, and works in partnership with our other business leaders, including our Chief Legal Officer, Chief of Staff and internal audit function, as needed. Our IT management team supervises both our internal cybersecurity personnel and any retained external cybersecurity consultants. |
| Cybersecurity Risk Management Expertise of Management Responsible [Text Block] | Our Director of IT has served in various roles in information technology and information security for over 15 years. |
| Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] | Our cybersecurity incident response process is designed to escalate significant cybersecurity incidents to a team of business leaders, including, but not limited to, our Chief of Staff, Chief Legal Officer and Chief Financial Officer. In the case of a cybersecurity incident, this team of business leaders will work with our incident response team to help determine the severity of the impact of a cybersecurity incident, as well as to help mitigate and remediate cybersecurity incidents of which they are notified. The incident response team will also work under the oversight of legal counsel and the Audit Committee to determine whether an incident is material for disclosure purposes under applicable law. |
| Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] | true |
Significant Accounting Policies (Policies) |
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May 03, 2025 | |||||||||||||||||||||||||||||||||||||
| Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||
| Basis of Presentation | Basis of Presentation These consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (GAAP). The consolidated financial statements include the results of Credo Technology Group Holding Ltd and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The Company’s fiscal year is a 52- or 53-week period ending on the Saturday closest to April 30. The additional week in a 53-week year is added to the first quarter, making such quarter consist of 14 weeks. Accordingly, every fifth or sixth fiscal year will have a 53-week period. The fiscal years ended April 27, 2024 (fiscal year 2024) and April 29, 2023 (fiscal year 2023) were both 52-week fiscal years. The fiscal year ended May 3, 2025 (fiscal year 2025) was a 53-week fiscal year.
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| 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 loss or cash flows for any of the periods presented.
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| Use of Estimates | Use of Estimates The preparation of these consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the Company’s 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, determination of the fair value of share-based awards and customer warrant, the realizability of tax assets and estimates of tax reserves, impairment of long-lived assets, and incremental borrowing rate used in the Company’s operating lease calculations. Actual results may differ from those estimates and such differences may be material to the financial statements. As new events continue to evolve and additional information becomes available, any changes to these estimates and assumptions will be recognized in the consolidated financial statements as soon as they become known.
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| Foreign Currency | Foreign Currency All of the Company’s subsidiaries use U.S. dollars as their functional currency, except for its entities located in Taiwan and mainland China. The functional currencies of these entities are their respective local currency. Foreign currency assets and liabilities are remeasured into the functional currencies at the end-of-period exchange rates except for non-monetary assets and liabilities, which are remeasured at historical exchange rates. Revenue and expenses are remeasured at the exchange rates in effect during the period the transactions occurred, except for those expenses related to balance sheet amounts, which are remeasured at historical exchange rates. Gains or losses from foreign currency transactions are included in the consolidated statements of operations as part of ‘other income (expense), net’. Translation gains and losses are recorded in accumulated other comprehensive income as a component of shareholders' equity.
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| Cash, Cash Equivalents and Short-term Investments | Cash, Cash Equivalents and Short-term Investments Cash and cash equivalents are highly liquid investments with insignificant interest rate risk and maturities of three months or less at the time of acquisition. Cash and cash equivalents consist primarily of cash balances in the Company’s bank checking and savings accounts, and government and institutional money market funds. Investments not considered cash equivalents and with maturities of one year or less from the consolidated balance sheet date are classified as short-term investments. Short-term investments consist of certificates of deposit with original maturity dates between three and twelve months. The classification of our short-term investments is determined at the time of purchase, and such determination is reevaluated at each balance sheet date. Our short-term investments include certificates of deposit, which are classified as held-to-maturity. These investments are recorded at amortized cost basis. If the cost of an individual investment exceeds its fair value, we evaluate, among other factors, general market conditions, the duration and extent to which the fair value is less than cost, and our intent and ability to hold the investment. Once a decline in fair value is determined to be other-than-temporary, an impairment charge is recorded and a new cost basis in the investment is established.
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| Accounts Receivable | Accounts Receivable Accounts receivable are recorded at the invoiced amount, net of allowance for credit losses. The Company performs periodic credit evaluations of its customers’ financial condition and does not require collateral from them. The Company assesses the collectability by reviewing accounts receivable on a customer-by-customer basis. To manage credit risk, management performs ongoing credit evaluations of the customers’ financial condition, monitors payment performance, and assesses current economic conditions, as well as reasonable and supportable forecasts of future economic conditions, that may affect collectability of the outstanding receivables. Management does not believe that an allowance for credit losses is needed as of May 3, 2025 or April 27, 2024 based on review of credit worthiness of the customers and their payment histories.
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| Inventory | Inventory The Company values its inventory, which includes raw materials, assembly and test, and other manufacturing costs, at the lower of cost and net realizable value. Cost is computed using standard cost, which approximates actual cost, on a first-in, first-out basis. Net realizable value is the estimated selling price of the Company’s products in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. The Company regularly reviews inventory quantities on hand and records write-downs for excess and obsolete inventory based primarily on the shipment history and its estimated forecast of product demand. These factors are impacted by market and economic conditions, technology changes, new product introductions and changes in strategic direction. If the future demand for the Company’s services and products is less favorable than the Company’s forecasts, the value of the inventories may be required to be reduced, which could result in additional expense to the Company and affect its results of operations. Once inventory is written down, its new value is maintained until it is sold, scrapped, or written down for further valuation losses.
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| Property and Equipment, Net | Property and Equipment, Net Property and equipment are stated at cost, net of accumulated depreciation and amortization. Additions, improvements and major renewals are capitalized, and maintenance, repairs and minor renewals are expensed as incurred. Assets are held in construction in progress until placed in service, upon which date, the Company begins to depreciate these assets. When assets are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is reflected in the consolidated statements of income in the period realized. Depreciation and amortization is computed using the straight-line method over the estimated useful lives of the assets. Useful lives by asset category are as follows:
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| Leases | Leases The Company determines if an arrangement is a lease at inception. Operating lease right-of-use (ROU) assets and liabilities are recognized at the commencement date of the lease based on the present value of lease payments over the lease term. Operating lease ROU assets also include any initial direct costs and prepayments less lease incentives. Lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise such options. As the Company's leases do not provide an implicit rate, the Company uses its collateralized incremental borrowing rate based on the information available at the lease commencement date, including lease term, in determining the present value of lease payments. Lease expense for these leases is recognized on a straight line basis over the lease term.
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| Impairment of Long-lived Assets | Impairment of Long-lived Assets The Company assesses the impairment of long-lived assets, which consist primarily of property and equipment, whenever events or changes in circumstances indicate that such assets might be impaired and the carrying value may not be recoverable. Events or changes in circumstances that may indicate that an asset is impaired include significant decreases in the market value of an asset, significant underperformance relative to expected historical or projected future results of operations, a change in the extent or manner in which an asset is utilized, significant declines in the estimated fair value of the overall Company for a sustained period, shifts in technology, loss of key management or personnel, changes in the Company’s operating model or strategy and competitive forces. If events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable and the expected undiscounted future cash flows attributable to the asset are less than the carrying amount of the asset, an impairment loss equal to the excess of the asset’s carrying value over its fair value is recorded. Fair value is determined based on the present value of estimated expected future cash flows using a discount rate commensurate with the risk involved, quoted market prices or appraised values, depending on the nature of the asset.
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| Revenue Recognition | Revenue Recognition The Company’s revenues consist of sales of its products, licensing of its IP and providing product and IP license engineering services. Product sales consist of shipments of its ICs and AEC products. IP license revenue includes fees from licensing of the Company’s SerDes IP and related support and royalties. Product and IP license engineering services revenue consists of engineering fees associated with integration of the Company’s technology solutions into its customers’ products and IP, respectively. The Company’s customers are primarily original equipment manufacturers who design and manufacture end market devices for the communications and enterprise networks markets. The Company’s revenue is driven by various trends in these markets. The Company’s revenue is also impacted by changes in the number and average selling prices of its IC products. The Company recognizes revenue upon transfer of control of promised goods and services in an amount that reflects the consideration it expects to receive in exchange for those goods and services. The Company also considers the constraint on estimates of variable consideration when estimating the total transaction price. The Company’s policy is to record revenue net of any applicable sales, use or excise taxes. Changes in the Company’s contract assets and contract liabilities primarily result from the timing difference between the Company’s performance and the customer’s payment. The Company fulfills its obligations under a contract with a customer by transferring products or services in exchange for consideration from the customer. The Company recognizes a contract asset when it transfers products or services to a customer and the right to consideration is conditional on something other than the passage of time. Accounts receivable are recorded when the customer has been billed or the right to consideration is unconditional other than the passage of time. The Company recognizes deferred revenue when it has received consideration or an amount of consideration is due from the customer and it has a future obligation to transfer products or services. Product Sales - The Company transacts with customers primarily pursuant to standard purchase orders for delivery of products and generally allows customers to cancel or change purchase orders within limited notice periods prior to the scheduled shipment date. The Company offers standard performance warranties of twelve months after product delivery and offers limited product return rights to certain distributors. The Company recognizes product sales when it transfers control of promised goods in an amount that reflects the consideration to which it expects to be entitled to in exchange for those goods, net of accruals for estimated sales returns and rebates. As of May 3, 2025 and April 27, 2024, the sales returns and rebate reserves were not material. Product Engineering Services Revenue - Some product revenue contracts include non-recurring engineering services deliverables. The Company recognizes revenue from these agreements over time as services are provided or at point in time upon completion and acceptance by the customer of contract deliverables, depending on the terms of the arrangement. Revenue is deferred for any amounts billed or received prior to delivery of services. The Company believes the input method, based on time spent by its engineers, best depicts the efforts expended to transfer services to the customers. IP License Revenue - The Company’s IP license revenue consists of perpetual licenses, support and maintenance, engineering services and royalties. The Company enters into perpetual semiconductor IP license agreements, that have a fixed fee, whereby licensees pay a fixed fee for the right to incorporate the Company’s IP technologies into the licensee’s products. The IP license agreements do not typically grant the customer the right to terminate for convenience. Where such rights exist, termination is prospective, with no refund of fees already paid by the customer. IP revenue recognition is dependent on the nature and terms of each agreement. The Company recognizes license revenue at the point of time of the delivery of the IP. In connection with the license arrangements, the Company offers support to assist customers in qualifying their final product. Revenue from customer support is deferred and recognized ratably over the support period, which is typically one year. Some IP license revenue contracts also include non-recurring engineering services deliverables, which were not material for any of the periods presented. The Company recognizes revenue from these agreements similar to the method described under the caption “Product Engineering Services Revenue” above. In certain cases, the Company also charges licensees royalties related to the distribution or sale of products that use its technologies. Such royalties are reported to us on a quarterly basis. The Company estimates the sales-based royalties earned each quarter primarily based on its customers’ reporting of sales activity incurred in that quarter. The Company recognizes the estimated royalty revenue when it is probable that reversal of such amounts will not occur. Any differences between actual royalties owed by a customer and the quarterly estimates are recognized when updated information becomes available.
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| Customer Warrant | Customer Warrant The Company accounts for the warrant issued to Amazon.com NV Investment Holdings LLC as an equity instrument, based on the specific terms of the warrant agreement. When management determines that it is probable that a tranche of the warrant will vest and we recognize the related revenue, the grant date fair value of the associated tranche will be recognized in shareholders’ equity and the underlying expense will be amortized as a reduction of revenue in proportion to the amount of related revenue recognized.
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| Cost of Revenue | Cost of Revenue Cost of revenue includes cost of materials, including wafers processed by third-party foundries, cost associated with packaging and assembly, testing and shipping, cost of personnel, including share-based compensation, depreciation of equipment associated with manufacturing support, logistics and quality assurance, warranty cost, amortization of intellectual property purchased from third-parties, write-down of inventories, and amortization and impairment of production equipment no longer in use. Cost of revenue includes cost of product sales revenue, cost of product engineering services revenue and cost of IP license revenue.
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| Shipping and Handling Costs | Shipping and Handling Costs Shipping and handling costs incurred for delivery to customers are expensed as incurred and are included in selling, general and administrative expenses in the Company’s Consolidated Statements of Operations.
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| Research and Development | Research and Development Research and development expenses consist of costs incurred in performing research and development activities and includes salaries, share-based compensation, employee benefits, occupancy costs, pre-production engineering mask costs, and prototype wafer, packaging and test costs. Research and development costs are expensed as incurred.
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| Share-Based Compensation | Share-Based Compensation The Company records compensation expense in connection with share-based awards granted to employees and non-employees in accordance with guidance related to share-based payments. This guidance requires that all share-based compensation be recognized as an expense in the consolidated financial statements and that such cost be measured at the fair value of the award. The Company generally amortizes share-based compensation expense under the straight-line attribution method over the vesting period of the share-based award. For performance-based awards, the Company amortizes share-based compensation expense under the graded vesting method over the vesting period of the award. The Company has elected to use the Black-Scholes option pricing model to determine the fair value of ordinary share options on the dates of grant. Calculating the fair value of share options using the Black-Scholes model requires inputs and assumptions, including the fair value of the Company’s ordinary shares, the expected term of share options and share price volatility. The Company estimates the expected life of options granted based on the simplified method. The Company estimates the volatility of its ordinary shares on the date of grant based on the Company’s historical stock price volatility. The Company has not paid and has no current plans to pay dividends. The Company accounts for forfeitures as they occur. The fair value of each restricted share unit is estimated based on the market price of the Company’s ordinary share on the date of grant. The fair value of each share issued under the Company’s employee share purchase plan is estimated based on the Black-Scholes option pricing model.
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| Income Taxes | Income Taxes The Company is subject to income taxes in the United States and certain foreign jurisdictions. Significant judgment is required in determining the Company’s provision for income taxes and income tax assets and liabilities, including evaluating uncertainties in the application of accounting principles and complex tax laws. The Company uses the asset and liability method to account for income taxes. Current income tax expense or benefit represents the amount of income taxes expected to be payable or refundable for the current year. Under this method, deferred income tax assets and liabilities are determined based on differences between the financial statement reporting and tax bases of assets and liabilities and net operating loss and credit carryforward. Deferred tax assets and liabilities are measured using enacted tax rates applied to taxable income in the years in which those temporary differences are expected to be recovered or settled. A valuation allowance is established when necessary to reduce deferred tax assets to the amount expected to be realized. The Company accounts for uncertain tax positions in accordance with ASC 740‑10, Accounting for Uncertainty in Income Taxes. The Company recognizes the tax effects of an uncertain tax position only if such position is more likely than not to be sustained based solely on its technical merits as of the reporting date and only in an amount more likely than not to be sustained upon review by the tax authorities. Interest and penalties related to uncertain tax positions are classified in the consolidated financial statements as income tax expense.
|
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| Net Income (Loss) Per Share | Net Income (Loss) Per Share Basic net income (loss) per share is computed using the weighted average number of ordinary shares outstanding during the period. Diluted net income (loss) per share is computed using the weighted average number of ordinary and potentially dilutive shares outstanding during the period using the treasury stock method. Under the treasury stock method, the effect of equity awards outstanding is not included in the computation of diluted net income (loss) per share for periods when their effect is anti-dilutive.
|
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| Segment Information | Segment Information Operating segments are identified as components of an enterprise about which discrete financial information is available for evaluation by the chief operating decision-maker (CODM) in deciding resource allocation and assessing performance. The Company’s Chief Executive Officer is its CODM. The Company’s CODM reviews financial information presented on a consolidated basis for the purposes of making operating decisions, allocating resources and evaluating financial performance. Consequently, the Company has determined it operates and manages its business in one operating and one reportable segment.
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| Accounting Pronouncement Recently Adopted and Recent Accounting Pronouncements Not Yet Adopted | Accounting Pronouncement Recently Adopted In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures, which requires disclosure of incremental segment information on an annual and interim basis. This standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and requires retrospective application to all prior periods presented in the financial statements. The Company adopted this guidance in the fourth quarter of fiscal year 2025 on a retrospective basis. The adoption did not have a material impact to the Company’s consolidated financial statements. Refer to ‘Note 13. Segment and Geographic Information’ for further details. 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.
|
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Significant Accounting Policies (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
May 03, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Estimated Useful Lives by Asset Category | Useful lives by asset category are as follows:
Property and equipment consisted of the following (in thousands):
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Concentrations (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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May 03, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Risks and Uncertainties [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Significant Customers' Accounts Receivable and Revenue | The following table summarizes the significant customers’ accounts receivable and revenue as a percentage of total accounts receivable and total revenue, respectively:
* Less than 10% of total accounts receivable or total revenue.
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Revenue Recognition (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
May 03, 2025 | |||||||||||||||||||||||||||||||||||||||||||
| Revenue Recognition and Deferred Revenue [Abstract] | |||||||||||||||||||||||||||||||||||||||||||
| Schedule of Weighted-Average Assumptions used in Black-Scholes Option Pricing Model | The grant date fair value of the Warrant share was estimated using the following assumptions:
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Fair Value Measurements (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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May 03, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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 May 3, 2025 and April 27, 2024 (in thousands).
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Supplemental Financial Information (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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May 03, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Inventories | Inventories consisted of the following (in thousands):
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| Schedule of Property, Plant and Equipment | Useful lives by asset category are as follows:
Property and equipment consisted of the following (in thousands):
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| Schedule of Accrued Expenses | Accrued expenses and other current liabilities consisted of the following (in thousands):
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| Schedule of Other Current Liabilities | Accrued expenses and other current liabilities consisted of the following (in thousands):
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| Schedule of Other Noncurrent Liabilities | Other non-current liabilities consisted of the following (in thousands):
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Commitments and Contingencies (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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May 03, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Non-Cancelable Purchase Obligations | Total future non-cancelable purchase obligations as of May 3, 2025 were as follows (in thousands):
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Share Incentive Plan (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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May 03, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Information Related to Share Option Activity | A summary of information related to share option activity, excluding options early exercised, is as follows:
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| Summary of Weighted Average Assumptions used in Black-Scholes Model | The following weighted-average assumptions to calculate the fair value of ordinary shares to be issued under the ESPP on the date of grant using the Black-Scholes option pricing model in the periods presented:
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| Summary of RSU Activity | A summary of time-based RSU activity is as follows:
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| Summary of Share-based Compensation Expense | The following table summarizes share-based compensation cost included in the consolidated statements of operations (in thousands).
|
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Leases (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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May 03, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Lease Expense and Supplemental Cash Flow Information | Lease expense and supplemental cash flow information are as follows (in thousands):
|
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| Summary of Aggregate Future Lease Payments | The aggregate future lease payments for operating leases as of May 3, 2025 are as follows (in thousands):
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Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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May 03, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Income (Loss) Before Provision for Income Taxes | Income (loss) before provision (benefit) for income taxes consists of the following (in thousands):
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| Summary of Components of Income Tax Expenses | The components of income tax expense (benefit) are summarized as follows (in thousands):
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| Summary of Significant Items Comprising the Company's Deferred Taxes | The tax effects of significant items comprising the Company’s deferred taxes are as follows (in thousands):
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| Summary of Valuation Allowance | A summary activity of the valuation allowance is as follows (in thousands):
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| Summary of Reconciliation of Statutory Rate and Effective Tax Rate | For purposes of the reconciliation between the provision for income taxes at the statutory rate and the effective tax rate, a U.S. statutory tax rate of 21% for the years ended May 3, 2025, April 27, 2024 and April 29, 2023 is applied as follows:
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| Summary of Reconciliation of Beginning and Ending Amounts of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows (in thousands):
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Net Income (Loss) Per Share (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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May 03, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Net Income (Loss) Per Share, Basic and Diluted | Net income (loss) per share was determined as follows for the years presented (in thousands, except per share amounts):
|
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| Summary of Potentially Dilutive Securities Outstanding | The following potentially dilutive securities outstanding have been excluded from the computations of diluted weighted average shares outstanding for the years ended May 3, 2025, April 27, 2024 and April 29, 2023:
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Segment and Geographic Information (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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May 03, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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):
|
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| Summary of Revenue Disaggregated by Primary Geographical Market | The following table summarizes revenue disaggregated by primary geographical market based on destination of shipment for products, and location of contracting entity for IP and engineering services, which may differ from the end customer’s principal offices (in thousands):
|
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| Summary of Long-Lived Assets Disaggregated by Physical Location | The following table presents long-lived assets information based on the physical location of the assets by geographic region (in thousands):
|
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Significant Accounting Policies - Schedule of Estimated Useful Lives by Asset Category (Details) |
May 03, 2025 |
|---|---|
| Computer equipment and software | |
| Property, Plant and Equipment [Line Items] | |
| Useful Life (in years) | 3 years |
| Laboratory equipment | |
| Property, Plant and Equipment [Line Items] | |
| Useful Life (in years) | 5 years |
| Production equipment | Minimum | |
| Property, Plant and Equipment [Line Items] | |
| Useful Life (in years) | 2 years |
| Production equipment | Maximum | |
| Property, Plant and Equipment [Line Items] | |
| Useful Life (in years) | 7 years |
| Leasehold improvements | |
| Property, Plant and Equipment [Line Items] | |
| Useful Life (in years) | 5 years |
Significant Accounting Policies - Narratives (Details) |
12 Months Ended |
|---|---|
|
May 03, 2025
segment
| |
| Accounting Policies [Abstract] | |
| Operating segments | 1 |
| Reportable segments | 1 |
Concentrations (Details) - Customer Concentration Risk |
12 Months Ended | ||
|---|---|---|---|
May 03, 2025 |
Apr. 27, 2024 |
Apr. 29, 2023 |
|
| Accounts Receivable | Customer A | |||
| Concentration Risk [Line Items] | |||
| Concentration risk (as a percent) | 86.00% | 53.00% | |
| Accounts Receivable | Customer B | |||
| Concentration Risk [Line Items] | |||
| Concentration risk (as a percent) | 23.00% | ||
| Revenue | Customer A | |||
| Concentration Risk [Line Items] | |||
| Concentration risk (as a percent) | 67.00% | 39.00% | 46.00% |
| Revenue | Customer B | |||
| Concentration Risk [Line Items] | |||
| Concentration risk (as a percent) | 15.00% | ||
| Revenue | Customer C | |||
| Concentration Risk [Line Items] | |||
| Concentration risk (as a percent) | 13.00% | ||
| Revenue | Customer D | |||
| Concentration Risk [Line Items] | |||
| Concentration risk (as a percent) | 12.00% | ||
Revenue Recognition - Schedule of Weighted-Average Assumptions used in Black-Scholes Option Pricing Model (Details) |
May 03, 2025
yr
$ / shares
|
Apr. 30, 2022
$ / shares
|
|---|---|---|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Fair value per ordinary share (in US dollars per share) | $ / shares | $ 10.74 | $ 10.74 |
| Expected volatility | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Warrants outstanding, measurement input (as a percent) | 0.4000 | |
| Weighted-average expected term (in years) | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Warrants outstanding, measurement input (as a percent) | yr | 7 | |
| Risk-free interest rate | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Warrants outstanding, measurement input (as a percent) | 0.0141 | |
| Dividend yield | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Warrants outstanding, measurement input (as a percent) | 0 |
Supplemental Financial Information - Schedule of Inventories (Details) - USD ($) $ in Thousands |
May 03, 2025 |
Apr. 27, 2024 |
|---|---|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
| Raw materials | $ 12,734 | $ 9,415 |
| Work in process | 24,583 | 7,470 |
| Finished goods | 52,712 | 9,022 |
| Inventories | $ 90,029 | $ 25,907 |
Supplemental Financial Information - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands |
May 03, 2025 |
Apr. 27, 2024 |
|---|---|---|
| Property, Plant and Equipment [Line Items] | ||
| Property and equipment, gross | $ 107,834 | $ 72,394 |
| Less: accumulated depreciation and amortization | (44,203) | (28,729) |
| Property and equipment, net | 63,631 | 43,665 |
| Production equipment | ||
| Property, Plant and Equipment [Line Items] | ||
| Property and equipment, gross | 44,789 | 27,608 |
| Computer equipment and software | ||
| Property, Plant and Equipment [Line Items] | ||
| Property and equipment, gross | 27,901 | 18,271 |
| Laboratory equipment | ||
| Property, Plant and Equipment [Line Items] | ||
| Property and equipment, gross | 21,944 | 19,840 |
| Leasehold improvements | ||
| Property, Plant and Equipment [Line Items] | ||
| Property and equipment, gross | 3,222 | 2,525 |
| Others | ||
| Property, Plant and Equipment [Line Items] | ||
| Property and equipment, gross | 291 | 534 |
| Construction in progress | ||
| Property, Plant and Equipment [Line Items] | ||
| Property and equipment, gross | $ 9,687 | $ 3,616 |
Supplemental Financial Information - Narrative (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
May 03, 2025 |
Apr. 27, 2024 |
Apr. 29, 2023 |
|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
| Depreciation and amortization | $ 21,938 | $ 13,771 | $ 9,514 |
| Total asset impairment charges | $ 873 | $ 765 | $ 2,407 |
Supplemental Financial Information - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands |
May 03, 2025 |
Apr. 27, 2024 |
|---|---|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
| Accrued expenses | $ 12,202 | $ 8,832 |
| Accruals relating to inventory purchases | 10,164 | 778 |
| Current payables relating to purchases of property and equipment | $ 8,420 | $ 5,950 |
| Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other current liabilities | Other current liabilities |
| Current portion of operating lease liabilities | $ 3,342 | $ 2,741 |
| Other | 1,328 | 3,902 |
| Other current liabilities | $ 35,456 | $ 22,203 |
Supplemental Financial Information - Schedule of Other Noncurrent Liabilities (Details) - USD ($) $ in Thousands |
May 03, 2025 |
Apr. 27, 2024 |
|---|---|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
| Non-current payables relating to purchases of property and equipment | $ 5,762 | $ 4,950 |
| Other non-current liabilities | 1,509 | 1,031 |
| Other non-current liabilities | $ 7,271 | $ 5,981 |
Commitment and Contingencies - Schedule of Non-Cancelable Purchase Obligations (Details) $ in Thousands |
May 03, 2025
USD ($)
|
|---|---|
| Long-Term Purchase Commitment [Line Items] | |
| 2026 | $ 46,470 |
| 2027 | 13,241 |
| 2028 | 4,150 |
| 2029 | 350 |
| Total unconditional purchase commitments | 64,211 |
| Purchase Commitments to Manufacturing Vendors | |
| Long-Term Purchase Commitment [Line Items] | |
| 2026 | 34,675 |
| 2027 | 5,013 |
| 2028 | 3,800 |
| 2029 | 0 |
| Total unconditional purchase commitments | 43,488 |
| Technology License Fees | |
| Long-Term Purchase Commitment [Line Items] | |
| 2026 | 11,795 |
| 2027 | 8,228 |
| 2028 | 350 |
| 2029 | 350 |
| Total unconditional purchase commitments | $ 20,723 |
Commitments and Contingencies - Narrative (Details) $ in Millions |
12 Months Ended |
|---|---|
|
May 03, 2025
USD ($)
| |
| Long-Term Purchase Commitment [Line Items] | |
| Term of purchase commitment | 5 years |
| Standard product warranty (in years) | 1 year |
| Inventories | |
| Long-Term Purchase Commitment [Line Items] | |
| Purchase obligations within the next one year | $ 30.3 |
| Purchase Commitments to Manufacturing Vendors | |
| Long-Term Purchase Commitment [Line Items] | |
| Purchase commitments, next five years | 13.2 |
| Refundable deposits | 8.1 |
| Refundable deposits recorded in prepaid expenses and other current assets | 2.2 |
| Refundable deposits recorded in other non-current assets | $ 5.9 |
Ordinary Shares (Details) shares in Thousands |
May 03, 2025
vote
$ / shares
shares
|
Apr. 27, 2024
$ / shares
shares
|
|---|---|---|
| Equity [Abstract] | ||
| Common stock authorized (in shares) | 1,000,000 | 1,000,000 |
| Common stock, par value (in US dollars per share) | $ / shares | $ 0.00005 | $ 0.00005 |
| Convertible preferred shares, shares authorized (in shares) | 50,000 | |
| Common stock, number of votes per share | vote | 1 |
Share Incentive Plan - Summary of Weighted-Average Assumptions of ESPP (Details) - Employee Stock - $ / shares |
12 Months Ended | ||
|---|---|---|---|
May 03, 2025 |
Apr. 27, 2024 |
Apr. 29, 2023 |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Grant date fair value | $ 10.51 | $ 6.04 | $ 4.27 |
| Expected volatility | 74.99% | 56.13% | 34.00% |
| Expected term (in years) | 1 year 2 months 4 days | 1 year 3 months 29 days | 11 months 4 days |
| Risk-free interest rate | 4.74% | 3.40% | 1.54% |
| Expected dividend yield | 0.00% | 0.00% | 0.00% |
Share Incentive Plan - Summary of Share-Based Compensation Expense (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
May 03, 2025 |
Apr. 27, 2024 |
Apr. 29, 2023 |
|
| Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
| Share-based compensation | $ 77,355 | $ 39,022 | $ 23,516 |
| Cost of revenue | |||
| Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
| Share-based compensation | 1,194 | 1,131 | 634 |
| Research and development | |||
| Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
| Share-based compensation | 41,930 | 21,359 | 13,326 |
| Selling, general and administrative | |||
| Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
| Share-based compensation | $ 34,231 | $ 16,532 | $ 9,556 |
Leases - Narrative (Details) |
May 03, 2025 |
|---|---|
| Lessee, Lease, Description [Line Items] | |
| Weighted average remaining lease term (in years) | 4 years 11 months 19 days |
| Weighted average discount rate used for operating leases (as a percent) | 6.34% |
| Minimum | |
| Lessee, Lease, Description [Line Items] | |
| Lease term | 1 year |
| Maximum | |
| Lessee, Lease, Description [Line Items] | |
| Lease term | 6 years |
Leases - Lease Expense and Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
May 03, 2025 |
Apr. 27, 2024 |
|
| Leases [Abstract] | ||
| Operating lease expenses | $ 4,186 | $ 3,855 |
| Cash paid for amounts included in the measurement of operating lease liabilities | 3,961 | 3,495 |
| Right-of-use assets obtained in exchange for lease obligation | $ 5,178 | $ 978 |
Leases - Aggregate Future Lease Payments (Details) $ in Thousands |
May 03, 2025
USD ($)
|
|---|---|
| Leases [Abstract] | |
| 2026 | $ 4,092 |
| 2027 | 3,515 |
| 2028 | 3,496 |
| 2029 | 3,425 |
| 2030 | 2,824 |
| Thereafter | 1,199 |
| Total lease payments | 18,551 |
| Less: Interest | 2,516 |
| Present value of lease liabilities | $ 16,035 |
Income Taxes - Schedule of Income (Loss) Before Provision for Income Taxes (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
May 03, 2025 |
Apr. 27, 2024 |
Apr. 29, 2023 |
|
| Income Tax Disclosure [Abstract] | |||
| United States | $ 13,795 | $ 8,611 | $ 4,469 |
| International | 41,075 | (31,356) | (22,383) |
| Income (loss) before income taxes | $ 54,870 | $ (22,745) | $ (17,914) |
Income Taxes - Schedule of Components of Income Tax Expenses (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
May 03, 2025 |
Apr. 27, 2024 |
Apr. 29, 2023 |
|
| Current | |||
| Federal | $ 0 | $ 2 | $ (24) |
| State | 12 | 3 | 2 |
| International | 2,253 | 1,484 | 762 |
| Total current tax expense | 2,265 | 1,489 | 740 |
| Deferred | |||
| Federal | 0 | 3,092 | (2,005) |
| State | 0 | 359 | (218) |
| International | 423 | 684 | 116 |
| Total deferred tax expense (benefit) | 423 | 4,135 | (2,107) |
| Total tax expense (benefit) | $ 2,687 | $ 5,624 | $ (1,367) |
Income Taxes - Schedule of Significant Items Comprising the Company's Deferred Taxes (Details) - USD ($) $ in Thousands |
May 03, 2025 |
Apr. 27, 2024 |
Apr. 29, 2023 |
Apr. 30, 2022 |
|---|---|---|---|---|
| Deferred tax assets: | ||||
| Accrued expense | $ 1,904 | $ 1,063 | ||
| Net operating losses | 28,557 | 4,443 | ||
| Research and development credits | 35,641 | 15,990 | ||
| Share compensation | 3,667 | 2,310 | ||
| Lease liability | 3,063 | 3,154 | ||
| Intangibles | 141 | 157 | ||
| Others | 11 | 0 | ||
| Total deferred tax assets | 72,984 | 27,117 | ||
| Deferred tax liabilities | ||||
| Property and equipment basis | (1,963) | (1,774) | ||
| Right of use assets | (2,890) | (2,980) | ||
| Others | 0 | (8) | ||
| Total deferred tax liabilities | (4,853) | (4,762) | ||
| Valuation allowance | (69,456) | (23,258) | $ (9,306) | $ (5,170) |
| Net deferred taxes | $ (1,325) | $ (903) |
Income Taxes - Narrative (Details) - USD ($) |
12 Months Ended | |||
|---|---|---|---|---|
May 03, 2025 |
Apr. 27, 2024 |
Apr. 29, 2023 |
Apr. 30, 2022 |
|
| Income Tax Contingency [Line Items] | ||||
| Valuation allowance | $ 69,456,000 | $ 23,258,000 | $ 9,306,000 | $ 5,170,000 |
| Increase in valuation allowance | 46,197,000 | 13,952,000 | $ 4,136,000 | |
| Research and development credits | 35,641,000 | 15,990,000 | ||
| Foreign tax credit carryover | 0 | |||
| Undistributed foreign earnings | 47,100,000 | |||
| Potential benefits | 9,400,000 | $ 4,600,000 | ||
| Domestic Tax Jurisdiction | ||||
| Income Tax Contingency [Line Items] | ||||
| NOL carryforwards | 130,700,000 | |||
| Research and development credits | 29,200,000 | |||
| State and Local Jurisdiction | ||||
| Income Tax Contingency [Line Items] | ||||
| NOL carryforwards | 15,400,000 | |||
| Research and development credits | $ 19,000,000 | |||
Income Taxes - Summary of Valuation Allowance (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
May 03, 2025 |
Apr. 27, 2024 |
Apr. 29, 2023 |
|
| Deferred Tax Assets, Valuation Allowance [Roll Forward] | |||
| Valuation allowance, beginning balance | $ 23,258 | $ 9,306 | $ 5,170 |
| Additions | 46,197 | 13,952 | 4,136 |
| Valuation allowance, ending balance | $ 69,456 | $ 23,258 | $ 9,306 |
Income Taxes - Reconciliation of Statutory Rate and Effective Tax Rate (Details) |
12 Months Ended | ||
|---|---|---|---|
May 03, 2025 |
Apr. 27, 2024 |
Apr. 29, 2023 |
|
| Income Tax Disclosure [Abstract] | |||
| Statutory federal tax expense rate | 21.00% | 21.00% | 21.00% |
| State tax, net of federal benefit | 0.00% | (2.00%) | 1.00% |
| Research tax credits | (24.00%) | 20.00% | 14.00% |
| Share compensation | (53.00%) | 24.00% | 18.00% |
| Other | 0.00% | (1.00%) | 1.00% |
| Foreign rate differential | (12.00%) | (34.00%) | (32.00%) |
| Change in valuation allowance | 72.00% | (49.00%) | (15.00%) |
| Withholding taxes | 1.00% | (4.00%) | (1.00%) |
| Effective tax rate | 5.00% | (25.00%) | 8.00% |
Income Taxes - Reconciliation of Beginning and Ending Amounts of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
May 03, 2025 |
Apr. 27, 2024 |
|
| Unrecognized Tax Benefits [Roll Forward] | ||
| Beginning gross unrecognized tax benefits | $ 4,574 | $ 2,865 |
| Additions for tax positions taken in the current year | 5,196 | 1,988 |
| Subtractions for tax positions taken in the prior year | (278) | (210) |
| Lapses in statute of limitations | (52) | (69) |
| Ending gross unrecognized tax benefits | $ 9,440 | $ 4,574 |
Net Income (Loss) Per Share - Schedule of Net Loss Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
May 03, 2025 |
Apr. 27, 2024 |
Apr. 29, 2023 |
|
| Numerator: | |||
| Net income (loss) | $ 52,183 | $ (28,369) | $ (16,547) |
| Denominator: | |||
| Weighted-average shares outstanding used in basic calculation (in shares) | 167,505 | 155,091 | 146,556 |
| Effect of dilutive shares | |||
| Share-based compensation awards | 10,611 | 0 | 0 |
| Customer Warrant | 3,042 | 0 | 0 |
| Weighted-average shares outstanding used in diluted calculation - diluted (in shares) | 181,158 | 155,091 | 146,556 |
| Net income (loss) per share attributable to ordinary shareholders | |||
| Basic (in US dollars per share) | $ 0.31 | $ (0.18) | $ (0.11) |
| Diluted (in US dollars per share) | $ 0.29 | $ (0.18) | $ (0.11) |
Net Income (Loss) Per Share - Schedule of Potentially Dilutive Securities Outstanding (Details) - shares shares in Thousands |
12 Months Ended | ||
|---|---|---|---|
May 03, 2025 |
Apr. 27, 2024 |
Apr. 29, 2023 |
|
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
| Antidilutive securities excluded from computation of earnings per share (in shares) | 3,349 | 20,857 | 19,274 |
| 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) | 3,349 | 16,777 | 15,194 |
| Customer Warrant | |||
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
| Antidilutive securities excluded from computation of earnings per share (in shares) | 0 | 4,080 | 4,080 |
Segment and Geographic Information - Schedule of Segment Expenses and Other Segment Expenses (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
May 03, 2025 |
Apr. 27, 2024 |
Apr. 29, 2023 |
|
| Segment Reporting Information [Line Items] | |||
| Revenue | $ 436,775 | $ 192,970 | $ 184,194 |
| Less: | |||
| Cost of revenue | 153,866 | 73,539 | 78,000 |
| Share-based compensation | 77,355 | 39,022 | 23,516 |
| Net income (loss) | 52,183 | (28,369) | (16,547) |
| Reportable Segment | |||
| Segment Reporting Information [Line Items] | |||
| Revenue | 436,775 | 192,970 | 184,193 |
| Less: | |||
| Cost of revenue | 153,866 | 73,538 | 78,000 |
| Personnel related expenses | 95,269 | 69,630 | 59,089 |
| Share-based compensation | 76,160 | 37,890 | 22,883 |
| Other segment items | 59,297 | 40,281 | 40,768 |
| Net income (loss) | $ 52,183 | $ (28,369) | $ (16,547) |
Segment and Geographic Information - Narrative (Details) |
12 Months Ended |
|---|---|
|
May 03, 2025
segment
| |
| Segment Reporting [Abstract] | |
| Reportable segments | 1 |
Segment and Geographic Information - Disaggregation of Revenue (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
May 03, 2025 |
Apr. 27, 2024 |
Apr. 29, 2023 |
|
| Disaggregation of Revenue [Line Items] | |||
| Total revenue | $ 436,775 | $ 192,970 | $ 184,194 |
| Hong Kong | |||
| Disaggregation of Revenue [Line Items] | |||
| Total revenue | 243,727 | 70,162 | 9,646 |
| United States | |||
| Disaggregation of Revenue [Line Items] | |||
| Total revenue | 65,097 | 49,569 | 44,253 |
| Mainland China | |||
| Disaggregation of Revenue [Line Items] | |||
| Total revenue | 80,055 | 28,264 | 96,935 |
| Taiwan | |||
| Disaggregation of Revenue [Line Items] | |||
| Total revenue | 3,624 | 21,286 | 5,363 |
| Rest of World | |||
| Disaggregation of Revenue [Line Items] | |||
| Total revenue | $ 44,272 | $ 23,689 | $ 27,997 |
Segment and Geographic Information - Long-Lived Assets Disaggregated by Physical Location (Details) - USD ($) $ in Thousands |
May 03, 2025 |
Apr. 27, 2024 |
|---|---|---|
| Segment Reporting Information [Line Items] | ||
| Property and equipment, net | $ 63,631 | $ 43,665 |
| Taiwan | ||
| Segment Reporting Information [Line Items] | ||
| Property and equipment, net | 38,501 | 24,874 |
| United States | ||
| Segment Reporting Information [Line Items] | ||
| Property and equipment, net | 12,793 | 11,150 |
| Hong Kong | ||
| Segment Reporting Information [Line Items] | ||
| Property and equipment, net | 8,047 | 5,208 |
| Mainland China | ||
| Segment Reporting Information [Line Items] | ||
| Property and equipment, net | $ 4,290 | $ 2,433 |