Credo Technology Group Holding (CRDO) 10-Q 10 Mar 22 2022 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Jan. 31, 2022	Mar. 04, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jan. 31, 2022
Document Transition Report	false
Entity File Number	001-41249
Entity Registrant Name	Credo Technology Group Holding Ltd
Entity Incorporation, State or Country Code	E9
Entity Address, Address Line One	Maples Corporate Services, Limited
Entity Address, Address Line Two	PO Box 309, Ugland House
Entity Address, City or Town	Grand Cayman
Entity Address, Postal Zip Code	KY1-1104
Entity Address, Country	KY
City Area Code	408
Local Phone Number	664-9329
Title of 12(b) Security	Ordinary shares, par value $0.00005 per share
Trading Symbol	CRDO
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		144,803,600
Entity Central Index Key	0001807794
Amendment Flag	false
Current Fiscal Year End Date	--04-30
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2022

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jan. 31, 2022	Apr. 30, 2021
Current Assets:
Cash and cash equivalents	$ 240,529	$ 103,757
Accounts receivable	21,693	13,645
Inventories	26,122	7,104
Contract assets	9,801	4,562
Prepaid expenses and other current assets	3,648	8,731
Total current assets	301,793	137,799
Property and equipment, net	23,630	14,231
Right of use assets	3,618	0
Other non-current assets	5,185	3,460
Total assets	334,226	155,490
Current Liabilities:
Accounts payable	7,017	3,590
Accrued compensation and benefits	2,317	1,549
Accrued expenses and other current liabilities	10,322	3,277
Deferred revenue	6,184	4,116
Total current liabilities	25,840	12,532
Non-current operating lease liabilities	2,274	0
Other non-current liabilities	423	424
Total liabilities	28,537	12,956
Commitments and contingencies (Note 7)
Convertible preferred shares, $0.00005 par value; 50,000 shares authorized; no shares issued and outstanding at January 31, 2022; and 50,809 shares authorized; 50,809 shares issued and outstanding at April 30, 2021 (Liquidation preference of $198,912 as of April 30, 2021)	0	197,965
Shareholders' equity (deficit):
Ordinary shares, $0.00005 par value; 1,000,000 shares authorized; 141,020 shares issued and outstanding at January 31, 2022; and 136,658 shares authorized; 68,282 shares issued and outstanding at April 30, 2021	7	3
Additional paid in capital	390,734	12,592
Accumulated other comprehensive income	22	227
Accumulated deficit	(85,074)	(68,253)
Total shareholders' equity (deficit)	305,689	(55,431)
Total liabilities, convertible preferred shares and shareholders' equity (deficit)	$ 334,226	$ 155,490

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jan. 31, 2022	Apr. 30, 2021
Statement of Financial Position [Abstract]
Convertible preferred shares, par value (in US dollars per share)	$ 0.00005	$ 0.00005
Convertible preferred shares, shares authorized (in shares)	50,000,000	50,809,000
Convertible preferred shares, shares issued (in shares)	0	50,809,000
Convertible preferred shares, shares outstanding (in shares)	0	50,809,000
Convertible preferred shares, liquidation preference		$ 198,912
Common stock, par value (in US dollars per share)	$ 0.00005	$ 0.00005
Common stock authorized (in shares)	1,000,000,000	136,658,000
Common stock issued (in shares)	141,020,000	68,282,000
Common stock outstanding (in shares)	141,020,000	68,282,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2022	Jan. 31, 2021	Jan. 31, 2022	Jan. 31, 2021
Revenue:
Total revenue	$ 31,800	$ 13,458	$ 68,951	$ 38,947
Cost of revenue:
Cost of revenue	12,688	5,387	28,705	14,033
Gross profit	19,112	8,071	40,246	24,914
Operating expenses:
Research and development	10,995	6,993	32,488	26,636
Selling, general and administrative	8,568	5,872	23,393	21,602
Total operating expenses	19,563	12,865	55,881	48,238
Operating loss	(451)	(4,794)	(15,635)	(23,324)
Other income (expense), net	(80)	49	(70)	(40)
Loss before income taxes	(531)	(4,745)	(15,705)	(23,364)
Provision (benefit) for income taxes	(387)	372	1,116	1,061
Net loss	$ (144)	$ (5,117)	$ (16,821)	$ (24,425)
Net loss per share:
Net loss per share, basic (in US dollars per share)	$ 0	$ (0.08)	$ (0.24)	$ (0.35)
Net loss per share, diluted (in US dollars per share)	$ 0	$ (0.08)	$ (0.24)	$ (0.35)
Weighted-average shares used in computing net loss per share:
Weighted-average shares used in computing net loss per share, basic (in shares)	73,815	67,429	70,439	69,418
Weighted-average shares used in computing net loss per share, diluted (in shares)	73,815	67,429	70,439	69,418
Product sales
Revenue:
Total revenue	$ 22,706	$ 6,178	$ 48,423	$ 18,730
Cost of revenue:
Cost of revenue	12,230	4,094	26,436	10,936
Product engineering services
Revenue:
Total revenue	3,954	3,010	6,628	5,349
Cost of revenue:
Cost of revenue	410	1,023	1,807	2,294
IP license
Revenue:
Total revenue	5,022	3,154	12,194	11,551
IP license engineering services
Revenue:
Total revenue	118	1,116	1,706	3,317
Cost of revenue:
Cost of revenue	$ 48	$ 270	$ 462	$ 803

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2022	Jan. 31, 2021	Jan. 31, 2022	Jan. 31, 2021
Statement of Comprehensive Income [Abstract]
Net loss	$ (144)	$ (5,117)	$ (16,821)	$ (24,425)
Other comprehensive income (loss):
Foreign currency translation gain (loss)	(232)	143	(205)	413
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$ (376)	$ (4,974)	$ (17,026)	$ (24,012)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Convertible Preferred Shares and Shareholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Ordinary Shares	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Beginning balance (in shares) at Apr. 30, 2020	32,245,000
Beginning balance at Apr. 30, 2020	$ 98,617
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of Series D+ convertible preferred shares, net of issuance costs (in shares)	9,934,000
Issuance of Series D+ convertible preferred shares, net of issuance costs	$ 49,481
Ending balance (in shares) at Jul. 31, 2020	42,179,000
Ending balance at Jul. 31, 2020	$ 148,098
Beginning balance (in shares) at Apr. 30, 2020		72,545,000
Beginning balance at Apr. 30, 2020	(9,408)	$ 4	$ 9,506	$ (151)	$ (18,767)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Ordinary shares issued under employee share plan (in shares)		352,000
Ordinary shares issued under employee share plan	237		237
Share-based compensation	391		391
Total comprehensive loss	(4,766)			74	(4,840)
Ending balance (in shares) at Jul. 31, 2020		72,898,000
Ending balance at Jul. 31, 2020	$ (13,546)	$ 4	10,134	(77)	(23,607)
Beginning balance (in shares) at Apr. 30, 2020	32,245,000
Beginning balance at Apr. 30, 2020	$ 98,617
Ending balance (in shares) at Jan. 31, 2021	50,809,000
Ending balance at Jan. 31, 2021	$ 198,053
Beginning balance (in shares) at Apr. 30, 2020		72,545,000
Beginning balance at Apr. 30, 2020	(9,408)	$ 4	9,506	(151)	(18,767)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total comprehensive loss	(24,012)
Ending balance (in shares) at Jan. 31, 2021		67,864,000
Ending balance at Jan. 31, 2021	$ (53,528)	$ 3	11,372	262	(65,165)
Beginning balance (in shares) at Jul. 31, 2020	42,179,000
Beginning balance at Jul. 31, 2020	$ 148,098
Ending balance (in shares) at Oct. 31, 2020	42,179,000
Ending balance at Oct. 31, 2020	$ 148,098
Beginning balance (in shares) at Jul. 31, 2020		72,898,000
Beginning balance at Jul. 31, 2020	(13,546)	$ 4	10,134	(77)	(23,607)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Ordinary shares issued under employee share plan (in shares)		1,164,000
Ordinary shares issued under employee share plan	558		558
Share purchase (in shares)		(6,876,000)
Share repurchase	(22,908)	$ (1)	(934)		(21,973)
Share-based compensation	414		414
Total comprehensive loss	(14,272)			196	(14,468)
Ending balance (in shares) at Oct. 31, 2020		67,186,000
Ending balance at Oct. 31, 2020	$ (49,754)	$ 3	10,172	119	(60,048)
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of Series D+ convertible preferred shares, net of issuance costs (in shares)	8,630,000
Issuance of Series D+ convertible preferred shares, net of issuance costs	$ 49,955
Ending balance (in shares) at Jan. 31, 2021	50,809,000
Ending balance at Jan. 31, 2021	$ 198,053
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Ordinary shares issued under employee share plan (in shares)		678,000
Ordinary shares issued under employee share plan	353		353
Share-based compensation	847		847
Total comprehensive loss	(4,974)			143	(5,117)
Ending balance (in shares) at Jan. 31, 2021		67,864,000
Ending balance at Jan. 31, 2021	$ (53,528)	$ 3	11,372	262	(65,165)
Beginning balance (in shares) at Apr. 30, 2021	50,809,000
Beginning balance at Apr. 30, 2021	$ 197,965
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of Series D+ convertible preferred shares, net of issuance costs (in shares)	1,251,000
Issuance of Series D+ convertible preferred shares, net of issuance costs	$ 7,245
Ending balance (in shares) at Jul. 31, 2021	52,060,000
Ending balance at Jul. 31, 2021	$ 205,210
Beginning balance (in shares) at Apr. 30, 2021	68,282,000	68,282,000
Beginning balance at Apr. 30, 2021	$ (55,431)	$ 3	12,592	227	(68,253)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Ordinary shares issued under employee share plan (in shares)		554,000
Ordinary shares issued under employee share plan	461		461
Share-based compensation	1,075		1,075
Total comprehensive loss	(12,582)			(5)	(12,577)
Ending balance (in shares) at Jul. 31, 2021		68,836,000
Ending balance at Jul. 31, 2021	$ (66,477)	$ 3	14,128	222	(80,830)
Beginning balance (in shares) at Apr. 30, 2021	50,809,000
Beginning balance at Apr. 30, 2021	$ 197,965
Ending balance (in shares) at Jan. 31, 2022	0
Ending balance at Jan. 31, 2022	$ 0
Beginning balance (in shares) at Apr. 30, 2021	68,282,000	68,282,000
Beginning balance at Apr. 30, 2021	$ (55,431)	$ 3	12,592	227	(68,253)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total comprehensive loss	$ (17,026)
Ending balance (in shares) at Jan. 31, 2022	141,020,000	141,020,000
Ending balance at Jan. 31, 2022	$ 305,689	$ 7	390,734	22	(85,074)
Beginning balance (in shares) at Jul. 31, 2021	52,060,000
Beginning balance at Jul. 31, 2021	$ 205,210
Ending balance (in shares) at Oct. 31, 2021	52,060,000
Ending balance at Oct. 31, 2021	$ 205,210
Beginning balance (in shares) at Jul. 31, 2021		68,836,000
Beginning balance at Jul. 31, 2021	(66,477)	$ 3	14,128	222	(80,830)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Ordinary shares issued under employee share plan (in shares)		667,000
Ordinary shares issued under employee share plan	587		587
Share-based compensation	1,307		1,307
Total comprehensive loss	(4,068)			32	(4,100)
Ending balance (in shares) at Oct. 31, 2021		69,503,000
Ending balance at Oct. 31, 2021	$ (68,651)	$ 3	16,022	254	(84,930)
Increase (Decrease) in Temporary Equity [Roll Forward]
Conversion of preferred shares into ordinary shares (in shares)	(52,060,000)
Conversion of preferred shares into ordinary shares	$ (205,210)
Ending balance (in shares) at Jan. 31, 2022	0
Ending balance at Jan. 31, 2022	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Ordinary shares issued under employee share plan (in shares)		1,073,000
Ordinary shares issued under employee share plan	1,067		1,067
Share-based compensation	1,438		1,438
Total comprehensive loss	(376)			(232)	(144)
Conversion of convertible preferred shares to ordinary shares (in shares)		52,060,000
Conversion of preferred shares into ordinary shares	205,210	$ 3	205,207
Issuance of common stock in connection with initial public offering, net of offering costs, underwriting discounts and commissions (in shares)		18,384,000
Issuance of common stock in connection with initial public offering, net of offering costs, underwriting discounts and commissions	166,594	$ 1	166,593
Warrant contra revenue	$ 407		407
Ending balance (in shares) at Jan. 31, 2022	141,020,000	141,020,000
Ending balance at Jan. 31, 2022	$ 305,689	$ 7	390,734	22	(85,074)
Beginning balance (in shares) at Jan. 30, 2022	52,059,826
Ending balance (in shares) at Jan. 31, 2022	0
Ending balance at Jan. 31, 2022	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of convertible preferred shares to ordinary shares (in shares)	52,059,826
Ending balance (in shares) at Jan. 31, 2022	141,020,000	141,020,000
Ending balance at Jan. 31, 2022	$ 305,689	$ 7	$ 390,734	$ 22	$ (85,074)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Jan. 31, 2022	Jan. 31, 2021
Cash flows from operating activities:
Net loss	$ (16,821)	$ (24,425)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	3,262	1,546
Share-based compensation	3,820	1,652
Warrant contra revenue	407	0
Write-downs for excess and obsolete inventory	1,256	1,028
Changes in operating assets and liabilities:
Accounts receivable	(8,049)	5,167
Inventories	(20,274)	(4,348)
Prepaid and other current assets	(585)	(807)
Other non-current assets	(2,164)	(434)
Accounts payable	3,245	911
Accrued expenses, compensation and other liabilities	5,890	(7,932)
Deferred revenue, net of contract assets	(3,179)	(3,207)
Net cash used in operating activities	(33,192)	(30,849)
Cash flows from investing activities:
Purchases of property and equipment	(7,932)	(6,532)
Net cash used in investing activities	(7,932)	(6,532)
Cash flows from financing activities:
Proceeds from issuance of ordinary shares upon initial public offering, net of underwriter discounts	171,889	0
Payments for deferred offering costs	(3,056)	0
Proceeds from employee stock options exercises	1,936	1,146
Proceeds from issuance of convertible preferred shares, net of issuance costs	7,245	99,436
Payments for repurchase of ordinary shares	0	(22,908)
Net cash provided by financing activities	178,014	77,674
Effect of exchange rate changes on cash	(118)	405
Net increase in cash and cash equivalents	136,772	40,698
Cash and cash equivalents at beginning of the period	103,757	73,908
Cash and cash equivalents at end of the period	240,529	114,606
Supplemental cash flow information:
Property and equipment received and accrued in accounts payable	200	134
Conversion of convertible preferred share into ordinary share upon initial public offering	205,210	0
Deferred offering costs included in accounts payable and accrued expenses	$ 2,239	$ 0

Description of Business and Bas

Description of Business and Basis of Presentation	9 Months Ended
	Jan. 31, 2022
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 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 is an innovator in providing secure, high-speed connectivity solutions that deliver improved power and cost efficiency. The Company’s connectivity solutions are optimized for optical and electrical Ethernet applications, including the emerging 100G, 200G, 400G and 800G 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. The ongoing COVID-19 pandemic has significantly impacted global economic activity and caused business disruption worldwide. The extent and nature of the impact of the COVID-19 pandemic on the Company’s business and financial performance will be influenced by a variety of factors, including the duration and spread of the pandemic, as well as future spikes of COVID-19 infections or the emergence of additional COVID-19 variants that may result in additional preventative and mitigative measures. These factors may affect the timing and magnitude of demand from customers and the availability of portions of the supply chain, logistical services and component supply and may have a material net negative impact on the Company’s business and financial results. Basis of Presentation The accompanying unaudited condensed consolidated financial statements are presented in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) have been condensed or omitted as permitted by the SEC. These unaudited condensed consolidated financial statements and related notes should be read in conjunction with the audited consolidated financial statements and related notes as of and for the years ended April 30, 2021 and 2020 included in the Company’s final prospectus dated January 26, 2022 (the “Prospectus”) as filed with the SEC on January 27, 2022 pursuant to Rule 424(b) under the Securities Act of 1933, as amended (the “Securities Act”). The unaudited condensed consolidated financial statements include all adjustments, including normal recurring adjustments and other adjustments, that are considered necessary for fair presentation of the Company’s financial position and results of operations. All inter-company accounts and transactions have been eliminated. Operating results for the periods presented herein are not necessarily indicative of the results that may be expected for the entire year. Initial Public Offering On January 31, 2022, the Company completed an initial public offering (the “IPO”) of 20,000,000 of its ordinary shares, par value $0.00005 per share (the “Shares”), at a public offering price of $10.00 per share. The Company sold 18,383,800 Shares and certain existing shareholders sold an aggregate of 1,616,200 Shares. The Company received net proceeds of $171.9 million after deducting underwriting discounts and commissions. Immediately prior to the Closing, all of the Company’s outstanding Series A convertible preferred shares, Series B convertible preferred shares, Series C convertible preferred shares, Series D convertible preferred shares and Series D+ convertible preferred shares (collectively, the “Preferred Shares”) automatically converted into ordinary shares on a one-for-one basis, and such Preferred Shares were cancelled, retired and eliminated from the shares that the Company is authorized to issue and shall not be reissued by the Company. In connection with the IPO, the underwriters were granted a 30-day option to purchase from the Company up to an additional 3,000,000 of the Company’s ordinary shares at the public offering price, less underwriting discounts and commissions. On February 7, 2022, the underwriters exercised the option to purchase additional shares in full, which purchase closed on February 10, 2022. The Company received net proceeds of $28.1 million after deducting underwriting discounts and commissions.

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Jan. 31, 2022
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting PoliciesThe Company believes that other than the adoption of new accounting pronouncements and the accounting policies as described below, there have been no significant changes during the nine months ended January 31, 2022 and 2021 to the items disclosed in Note 2, “Significant Accounting Policies,” included in the audited consolidated financial statements for the years ended April 30, 2021 and 2020 in the Prospectus. Use of Estimates The preparation of these condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the Company’s condensed consolidated financial statements and accompanying notes. The Company bases its estimates and judgments on historical experience, knowledge of current conditions and beliefs of what could occur in the future, given the available information. Estimates are used for, but not limited to, write-down for excess and obsolete inventories, asset lives for property and equipment, accrued liabilities, allowance for doubtful accounts, the standalone selling price for each distinct performance obligation included in customer contracts with multiple performance obligations, variable consideration from revenue contracts, incremental borrowing rate used in the Company’s operating lease calculations, determination of the fair value of share-based awards, valuation of ordinary shares, and the realization of tax assets and estimates of tax reserves. Actual results may differ from those estimates and such differences may be material to the financial statements. In the current macroeconomic environment affected by COVID-19, these estimates require increased judgment and carry a higher degree of variability and volatility. As events continue to evolve and additional information becomes available, these estimates may change materially in future periods. Reclassifications Certain prior period balances were reclassified to conform to the current period’s presentation. None of these reclassifications had an impact on reported net income or cash flows for any of the periods presented. Deferred Offering Costs The Company capitalized certain legal, accounting and other third-party fees that were directly associated with in-process equity financings as deferred offering costs until such financings were consummated. Upon completion of the IPO, $5.3 million of such costs were recorded as a reduction of the proceeds generated from the offering which were recognized in additional paid-in capital. As of January 31, 2022, there were no deferred offering costs. As of April 30, 2021, the deferred offering costs recorded as other long-term assets on the condensed consolidated balance sheet were not material. Amazon 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. Accounting Pronouncement Recently Adopted In February 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842) , which requires lessees to record most leases on their balance sheets and to disclose key information about lease arrangements. In July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases . The ASU makes 16 technical corrections to the new lease standard and other accounting topics, alleviating unintended consequences from applying the new standard. It does not make any substantive changes to the core provisions or principles of the new standard. In July 2018, the FASB also issued ASU 2018-11, Leases (Topic 842): Targeted Improvements . The ASU provides (1) an optional transition method that entities can use when adopting the standard and (2) a practical expedient that permits lessors to not separate non-lease components from the associated lease component if certain conditions are met. In March 2019, the FASB also issued ASU 2019-01, Leases (Topic 842): Codification Improvements , which impacts transition disclosures related to the new guidance. The Company adopted the new lease accounting standard on May 1, 2021, using the modified retrospective approach by applying the new standard to leases existing at the date of initial application and not restating comparative periods. See “Note 9 - Leases” for additional information. In August 2018, the FASB issued ASU 2018-15, Intangibles—Goodwill and Other—Internal-Use Software , which aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The new guidance is effective for the Company for its fiscal year beginning May 1, 2021 and interim periods within its fiscal year beginning May 1, 2022. The Company adopted this guidance on May 1, 2021 prospectively, and the impact on its consolidated financial statements was not material. Recent Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which requires a financial asset measured at amortized cost basis to be presented at the net amount expected to be collected, with further clarifications made more recently. For trade receivables, loans and other financial instruments, the Company will be required to use a forward-looking expected loss model rather than the incurred loss model for recognizing credit losses which reflects losses that are probable. Credit losses relating to available-for-sale debt securities are required to be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. This guidance is effective for the Company for its fiscal year beginning May 1, 2023 and interim periods within its fiscal year beginning May 1, 2024. The Company is currently evaluating the impact of the adoption of this guidance on its consolidated financial statements. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes

Concentrations

Concentrations	9 Months Ended
	Jan. 31, 2022
Risks and Uncertainties [Abstract]
Concentrations	Concentrations Financial instruments that subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, and accounts receivable. Cash is deposited in major financial institutions around the world. The Company’s cash deposits exceed insured limits. 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: As of Accounts Receivable January 31, 2022 April 30, 2021 Customer A * 35 % Customer B 63 % * Customer C * 11 % Customer D * 15 % Customer E * 11 % Customer F 11 % * Three Months Ended Revenue January 31, 2022 January 31, 2021 Customer A 22 % 30 % Customer B 40 % * Customer C * 15 % Customer G * 17 % Nine Months Ended Revenue January 31, 2022 January 31, 2021 Customer A 18 % 31 % Customer B 33 % * Customer F 13 % * Customer H * 16 % Customer I * 14 % * Less than 10% of total accounts receivable or total revenue.

Revenue Recognition

Revenue Recognition	9 Months Ended
	Jan. 31, 2022
Revenue Recognition and Deferred Revenue [Abstract]
Revenue Recognition	Revenue Recognition The following table summarizes revenue disaggregated by primary geographical market based on destination of shipment and location of contracting entity, which may differ from the customer’s principal offices (in thousands): Three Months Ended January 31, 2022 January 31, 2021 United States $ 5,924 $ 7,008 Mexico 2,401 2,500 Malaysia 1,134 1,483 Hong Kong 3,277 1,459 China 14,729 32 Singapore 2,380 — Rest of the World 1,955 976 $ 31,800 $ 13,458 Nine Months Ended January 31, 2022 January 31, 2021 United States $ 18,999 $ 23,088 Mexico 6,282 5,930 Malaysia 2,257 4,867 Hong Kong 6,257 2,682 China 24,065 351 Singapore 7,342 12 Rest of the World 3,749 2,017 $ 68,951 $ 38,947 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 January 31, 2022 and April 30, 2021. During the three months ended January 31, 2022, the Company recognized $0.3 million of revenue that was included in the deferred revenue balance as of October 31, 2021. During the three months ended January 31, 2021, the Company recognized $1.4 million of revenue that was included in the deferred revenue balance as of October 31, 2020. During the nine months ended January 31, 2022, the Company recognized $4.0 million of revenue that was included in the deferred revenue balance as of April 30, 2021. During the nine months ended January 31, 2021, the Company recognized $4.5 million of revenue that was included in the deferred revenue balance as of April 30, 2020. 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 $65.6 million and the satisfied but unrecognized obligation was approximately $17.1 million as of January 31, 2022, which the Company expects to recognize over the next three years. The amounts stated above include amounts relating to an IP licensing and development contract we entered into with a customer in September 2021, for total cash consideration of $43.5 million, which is receivable over an estimated period of three years upon meeting certain contractual milestones. As of January 31, 2022, we had billed $10.9 million and recognized revenue amounting to $5.7 million upon delivery of the first deliverable which was consistent with the meeting of the first milestone. We have applied constraints on the remaining milestones due to significant uncertainty relating to the delivery of those milestones as of January 31, 2022 associated with dependency on actions by the customer. The constraints will be re-evaluated at each future reporting period. Amazon Warrant On December 28, 2021, we issued a warrant to Amazon.com NV Investment Holdings LLC (Holder) to purchase an aggregate of up to 4,080,000 of our ordinary shares at an exercise price of $10.74 per share (the Warrant). The exercise period of the Warrant is through the seven 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: At Grant Date Expected volatility 40.00% Weighted-average expected term (in years) 7.00 Risk-free interest rate 1.41% Dividend yield —% Fair value per ordinary share $10.74

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Jan. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value MeasurementsThe carrying amount of the Company’s financial instruments, including cash equivalents, accounts receivable, and accounts payable, approximate their respective fair values because of their short maturities.

Supplemental Financial Informat

Supplemental Financial Information	9 Months Ended
	Jan. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Supplemental Financial Information	Supplemental Financial Information Inventories Inventories consisted of the following (in thousands): January 31, 2022 April 30, 2021 Raw materials $ 13,572 $ 2,177 Work in process 6,233 1,844 Finished goods 6,317 3,083 $ 26,122 $ 7,104 Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following (in thousands): January 31, 2022 April 30, 2021 Prepaid expenses $ 2,032 $ 1,313 Advances to suppliers $ 140 6,276 Other current assets $ 1,476 1,142 $ 3,648 $ 8,731 Property and Equipment, Net Property and equipment consisted of the following (in thousands): January 31, 2022 April 30, 2021 Computer equipment and software $ 1,751 $ 1,606 Furniture and fixtures 242 215 Laboratory equipment 9,255 6,603 Production equipment 11,791 5,680 Transportation equipment 222 224 Leasehold improvements 1,437 1,349 Construction in progress 7,910 4,698 32,608 20,375 Less: accumulated depreciation and amortization (8,978) (6,144) $ 23,630 $ 14,231 Depreciation and amortization expense for the three months ended January 31, 2022 and 2021 was $1.3 million and $0.6 million, respectively. Depreciation and amortization expense for the nine months ended January 31, 2022 and 2021 was $3.3 million and $1.5 million, respectively. Construction in progress and production equipment primarily includes mask set costs capitalized relating to the Company’s new products already introduced or to be introduced. Other Non-current Assets Other non-current assets consisted of the following (in thousands): January 31, 2022 April 30, 2021 Non-current contract assets $ 1,877 $ 1,819 Other non-current assets 3,308 1,641 $ 5,185 $ 3,460 Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following (in thousands): January 31, 2022 April 30, 2021 Accrued expenses $ 8,031 $ 2,652 Current portion of operating lease liabilities 1,065 — Income tax payable 1,226 625 $ 10,322 $ 3,277

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Jan. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Non-cancelable Purchase Obligations The Company depends upon third party subcontractors to manufacture wafers and other inventory parts. The Company’s subcontractor relationships typically allow for the cancellation of outstanding purchase orders, but require payment of all expenses incurred through the date of cancellation. As of January 31, 2022, the total value of open purchase orders that were committed with the Company’s third party subcontractors was approximately $10.7 million. 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 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 January 31, 2022 and April 30, 2021. 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 condensed 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.

Convertible Preferred Shares

Convertible Preferred Shares	9 Months Ended
	Jan. 31, 2022
Temporary Equity Disclosure [Abstract]
Convertible Preferred Shares	Convertible Preferred Shares The Company has previously issued Series A convertible preferred shares, Series B convertible preferred shares, Series C convertible preferred shares, Series D convertible preferred shares and Series D+ convertible preferred shares (collectively, the “Preferred Share”). Immediately prior to the completion of the IPO, all of the then outstanding 52,059,826 shares of the Company’s convertible Preferred Share were automatically converted into an aggregate 52,059,826 shares of ordinary share on a one-for-one basis, and such Preferred Shares were cancelled, retired and eliminated from the shares that the Company is authorized to issue and shall not be reissued by the Company.

Ordinary Shares

Ordinary Shares	9 Months Ended
	Jan. 31, 2022
Equity [Abstract]
Ordinary Shares	Ordinary Shares The Company’s Articles of Association, as amended in March 2021, authorized the Company to issue 136,657,627 ordinary shares, par value $0.00005 per share. In connection with the consummation of the IPO, the Company filed the Amended and Restated Memorandum of Association with Cayman Islands, which authorized 1,000,000,000 ordinary shares and 50,000,000 convertible 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. Share Repurchase Transaction

Leases

Leases	9 Months Ended
	Jan. 31, 2022
Leases [Abstract]
Leases	Leases Effective May 1, 2021, the Company adopted the new lease accounting standard using the modified retrospective approach. The Company elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allows the Company to carry forward the historical lease classification. The Company elected to apply the short-term lease measurement and recognition exemption in which right-of-use assets (“ROU”) and lease liabilities are not recognized for short-term leases. Adoption of this standard resulted in the recording of operating lease ROU assets of $4.0 million and corresponding operating lease liabilities of $4.0 million. The standard did not materially affect the condensed consolidated statements of operations and had no impact on cash flows. The Company determines if an arrangement is a lease at inception. Operating lease ROU assets and liabilities are recognized at commencement date 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 rate implicit in each lease is not readily determinable, 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. The Company's leases include office space located in the United States and other international locations, which are all classified as operating leases. During the nine months ended January 31, 2022, the Company entered into a sublease agreement whereby the Company will lease an office space located in San Jose, California (the “HQ Lease”). The office space will serve as the Company’s corporate headquarters and include engineering, marketing and administrative functions. The HQ Lease has a term of 103 months from the commencement date in April 2022. Total future minimum lease payments under the lease is approximately $19.2 million. The HQ Lease is excluded from the Company’s right of use assets and operating lease liabilities as of January 31, 2022 as the commencement date does not start until the fourth quarter of fiscal 2022. Lease expense and supplemental cash flow information are as follows (in thousands): Three Months Ended Nine Months Ended January 31, 2022 Operating lease expenses $ 709 $ 2,064 Cash paid for amounts included in the measurement of operating lease liabilities $ 697 $ 2,068 Right-of-use assets obtained in exchange for lease obligation $ 1,154 $ 1,413 The aggregate future lease payments for operating leases, excluding the HQ Lease, as of January 31, 2022 are as follows (in thousands): Fiscal Year Operating leases Remainder of 2022 $ 340 2023 1,290 2024 1,202 2025 652 2026 268 Total lease payments 3,752 Less: Interest 413 Present value of lease liabilities $ 3,339 The aggregate future lease payments for operating leases as of April 30, 2021 are as follows (in thousands): Fiscal Year Operating leases 2022 $ 2,421 2023 866 2024 846 2025 397 Total lease payments $ 4,530 As of January 31, 2022, the weighted average remaining lease term for the Company's operating leases is 2.04 years and the weighted average discount rate used to determine the present value of the Company's operating leases is 6.0%.

Share Incentive Plan

Share Incentive Plan	9 Months Ended
	Jan. 31, 2022
Share-based Payment Arrangement [Abstract]
Share Incentive Plan	Share Incentive Plan 2021 Long-Term Incentive Plan In January 2022, the Company adopted the 2021 long-term incentive plan (the “2021 Plan”). The 2021 Plan had 19,907,421 ordinary shares reserved for issuance thereunder as of January 31, 2022. Awards granted under the 2021 Plan may include, but are not limited to, options and restricted stock units (“RSU”). Options granted under the 2021 Plan generally have a term of 10 years and generally must be issued at prices equal to the fair market value of the share on the date of grant. RSU awards are denominated in shares of ordinary share, but may be settled in cash or shares upon vesting, as determined by the Company at the time of grant. Awards under the 2021 Plan generally vest over 4 years. Restricted Stock Unit Awards During the three and nine months ended January 31, 2022, 3,427,500 RSUs were granted under the 2021 Plan with a weighted average grant date fair value of $10.00. The aggregate intrinsic value of RSUs expected to vest as of January 31, 2022 was $41.4 million. As of January 31, 2022, unamortized compensation expense related to RSUs was $39.2 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 3.58 years. Employee Stock Purchase Plan In January 2022, the Company adopted the Employee Stock Purchase Plan (the “ESPP”). Under the ESPP, participants can purchase the Company’s ordinary shares using payroll deductions, which may not exceed 15% of their total cash compensation. 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 or (ii) the end of six-month purchase period. Under the ESPP, no shares were issued as of January 31, 2022. As of January 31, 2022, 3,800,508 shares remained available for future issuance under the ESPP. Stock Option Awards A summary of information related to share option activity during the nine months ended January 31, 2022 is as follows: Options Outstanding Shares available for grant Outstanding Share Options Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value (in thousands) Balance as of April 30, 2021 3,329,614 14,120,179 $1.57 7.87 $ 62,613 Options granted (721,500) 721,500 $6.01 Options exercised and vested (2,232,096) $0.93 Options canceled/ forfeited 439,482 (439,482) $2.85 Balance as of January 31, 2022 3,047,596 12,170,101 $1.90 7.34 $ 124,356 Vested as of January 31, 2022 6,342,760 $1.05 6.16 $ 70,230 Exercisable as of January 31, 2022 11,589,567 $1.91 7.32 $ 118,280 During the nine months ended January 31, 2022 and 2021, the total intrinsic value of options exercised, including options early exercised, was $25.0 million and $8.0 million, respectively. As of January 31, 2022, the total unrecognized compensation cost was $11.1 million related to share options, which are expected to be recognized over a weighted-average period of 2.44 years. The Company estimated the fair value of share options using the Black-Scholes option-pricing model. The fair value of employee share options is being amortized on a straight-line basis over the requisite service period of the awards. The fair values of the employee share options granted in the nine months January 31, 2022 and 2021 were estimated using the following weighted-average assumptions: Nine Months Ended January 31, 2022 2021 Expected volatility 41.29% - 42.31% 40.12% - 42.62% Weighted-average expected term (in years) 5.96 5.95 Risk-free interest rate 0.69% - 1.23% 0.32% - 0.52% Dividend yield —% —% Weighted-average grant date fair value per share $6.26 $1.60 Summary of Share-Based Compensation Expense The following table summarizes share-based compensation expense included in the condensed consolidated statements of operations (in thousands): Three Months Ended Nine Months Ended January 31, 2022 January 31, 2021 January 31, 2022 January 31, 2021 Cost of revenue $ 46 $ 46 $ 180 $ 137 Research and development 711 381 1,872 7,291 Selling, general and administrative 681 420 1,768 5,560 $ 1,438 $ 847 $ 3,820 $ 12,988

Income Taxes

Income Taxes	9 Months Ended
	Jan. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesThe Company’s tax provision for interim periods is determined using an estimate of its annual effective tax rate, adjusted for discrete items, if any, that arise during the period. Each quarter, the Company updates its estimate of the annual effective tax rate, and if the estimated annual effective tax rate changes, the Company makes a cumulative adjustment in such period. The Company’s quarterly tax provision, and estimate of its annual effective tax rate, is subject to variation due to several factors, including variability in accurately predicting our pre-tax income or loss and the mix of jurisdictions to which they relate, intercompany transactions, changes in tax laws, the applicability of special tax regimes, changes in how we do business, and discrete items. Provisions for income taxes for the three and nine months ended January 31, 2022 and 2021 were as follows (in thousands except percentages): Three Months Ended January 31, 2022 Effective Tax Rate Three Months Ended January 31, 2021 Effective Tax Rate Provision (benefit) for income taxes $ (387) 72.90 % $ 372 (7.84) % Nine Months Ended January 31, 2022 Effective Tax Rate Nine Months Ended January 31, 2021 Effective Tax Rate Provision for income taxes $ 1,116 (7.11) % $ 1,061 (4.54) %

Net Loss Per Share

Net Loss Per Share	9 Months Ended
	Jan. 31, 2022
Earnings Per Share [Abstract]
Net Loss Per Share	Net Loss Per Share Net loss per share was determined as follows (in thousands, except per share amounts): Three Months Ended Nine Months Ended January 31, 2022 January 31, 2021 January 31, 2022 January 31, 2021 Numerator: Net loss $ (144) $ (5,117) $ (16,821) $ (24,425) Denominator: Weighted-average shares outstanding used in basic and diluted calculation 73,815 67,429 70,439 69,418 Net loss per share Basic and diluted $ — $ (0.08) $ (0.24) $ (0.35) The following potentially dilutive securities outstanding (in thousands) have been excluded from the computations of diluted weighted average shares outstanding for the three and nine months ended January 31, 2022 and 2021 because such securities have an anti-dilutive impact due to losses reported: Three Months Ended Nine Months Ended January 31, 2022 January 31, 2021 January 31, 2022 January 31, 2021 Options and RSAs 9,081 6,236 8,078 5,437 RSUs 35 — 12 — Customer warrant 2 — 1 — Underwriters’ option to purchase additional ordinary shares 39 — 13 — Convertible preferred shares — 46,025 — 42,866 9,157 52,261 8,103 48,303

Subsequent Events

Subsequent Events	9 Months Ended
	Jan. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Issuance of additional ordinary shares On February 10, 2022, the Company issued an additional 3,000,000 of the Company’s ordinary shares in connection with the IPO and received net proceeds of $28.1 million after deducting underwriting discounts and commissions. Refer to Note 1, “Description of Business and Basis of Presentation”, for further details.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	9 Months Ended
	Jan. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of PresentationThe accompanying unaudited condensed consolidated financial statements are presented in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) have been condensed or omitted as permitted by the SEC. These unaudited condensed consolidated financial statements and related notes should be read in conjunction with the audited consolidated financial statements and related notes as of and for the years ended April 30, 2021 and 2020 included in the Company’s final prospectus dated January 26, 2022 (the “Prospectus”) as filed with the SEC on January 27, 2022 pursuant to Rule 424(b) under the Securities Act of 1933, as amended (the “Securities Act”). The unaudited condensed consolidated financial statements include all adjustments, including normal recurring adjustments and other adjustments, that are considered necessary for fair presentation of the Company’s financial position and results of operations. All inter-company accounts and transactions have been eliminated. Operating results for the periods presented herein are not necessarily indicative of the results that may be expected for the entire year.
Use of Estimates	Use of Estimates The preparation of these condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the Company’s condensed consolidated financial statements and accompanying notes. The Company bases its estimates and judgments on historical experience, knowledge of current conditions and beliefs of what could occur in the future, given the available information. Estimates are used for, but not limited to, write-down for excess and obsolete inventories, asset lives for property and equipment, accrued liabilities, allowance for doubtful accounts, the standalone selling price for each distinct performance obligation included in customer contracts with multiple performance obligations, variable consideration from revenue contracts, incremental borrowing rate used in the Company’s operating lease calculations, determination of the fair value of share-based awards, valuation of ordinary shares, and the realization of tax assets and estimates of tax reserves. Actual results may differ from those estimates and such differences may be material to the financial statements. In the current macroeconomic environment affected by COVID-19, these estimates require increased judgment and carry a higher degree of variability and volatility. As events continue to evolve and additional information becomes available, these estimates may change materially in future periods.
Reclassifications	Reclassifications Certain prior period balances were reclassified to conform to the current period’s presentation. None of these reclassifications had an impact on reported net income or cash flows for any of the periods presented.
Deferred Offering Costs	Deferred Offering Costs The Company capitalized certain legal, accounting and other third-party fees that were directly associated with in-process equity financings as deferred offering costs until such financings were consummated. Upon completion of the IPO, $5.3 million of such costs were recorded as a reduction of the proceeds generated from the offering which were recognized in additional paid-in capital. As of January 31, 2022, there were no deferred offering costs. As of April 30, 2021, the deferred offering costs recorded as other long-term assets on the condensed consolidated balance sheet were not material.
Amazon Warrant	Amazon 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.
Accounting Pronouncement Recently Adopted and Recent Accounting Pronouncements Not Yet Adopted	Accounting Pronouncement Recently Adopted In February 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842) , which requires lessees to record most leases on their balance sheets and to disclose key information about lease arrangements. In July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases . The ASU makes 16 technical corrections to the new lease standard and other accounting topics, alleviating unintended consequences from applying the new standard. It does not make any substantive changes to the core provisions or principles of the new standard. In July 2018, the FASB also issued ASU 2018-11, Leases (Topic 842): Targeted Improvements . The ASU provides (1) an optional transition method that entities can use when adopting the standard and (2) a practical expedient that permits lessors to not separate non-lease components from the associated lease component if certain conditions are met. In March 2019, the FASB also issued ASU 2019-01, Leases (Topic 842): Codification Improvements , which impacts transition disclosures related to the new guidance. The Company adopted the new lease accounting standard on May 1, 2021, using the modified retrospective approach by applying the new standard to leases existing at the date of initial application and not restating comparative periods. See “Note 9 - Leases” for additional information. In August 2018, the FASB issued ASU 2018-15, Intangibles—Goodwill and Other—Internal-Use Software , which aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The new guidance is effective for the Company for its fiscal year beginning May 1, 2021 and interim periods within its fiscal year beginning May 1, 2022. The Company adopted this guidance on May 1, 2021 prospectively, and the impact on its consolidated financial statements was not material. Recent Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which requires a financial asset measured at amortized cost basis to be presented at the net amount expected to be collected, with further clarifications made more recently. For trade receivables, loans and other financial instruments, the Company will be required to use a forward-looking expected loss model rather than the incurred loss model for recognizing credit losses which reflects losses that are probable. Credit losses relating to available-for-sale debt securities are required to be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. This guidance is effective for the Company for its fiscal year beginning May 1, 2023 and interim periods within its fiscal year beginning May 1, 2024. The Company is currently evaluating the impact of the adoption of this guidance on its consolidated financial statements. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes

Concentrations (Tables)

Concentrations (Tables)	9 Months Ended
	Jan. 31, 2022
Risks and Uncertainties [Abstract]
Summary 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: As of Accounts Receivable January 31, 2022 April 30, 2021 Customer A * 35 % Customer B 63 % * Customer C * 11 % Customer D * 15 % Customer E * 11 % Customer F 11 % * Three Months Ended Revenue January 31, 2022 January 31, 2021 Customer A 22 % 30 % Customer B 40 % * Customer C * 15 % Customer G * 17 % Nine Months Ended Revenue January 31, 2022 January 31, 2021 Customer A 18 % 31 % Customer B 33 % * Customer F 13 % * Customer H * 16 % Customer I * 14 % * Less than 10% of total accounts receivable or total revenue.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Jan. 31, 2022
Revenue Recognition and Deferred Revenue [Abstract]
Revenue Disaggregated by Primary Geographical Market	The following table summarizes revenue disaggregated by primary geographical market based on destination of shipment and location of contracting entity, which may differ from the customer’s principal offices (in thousands): Three Months Ended January 31, 2022 January 31, 2021 United States $ 5,924 $ 7,008 Mexico 2,401 2,500 Malaysia 1,134 1,483 Hong Kong 3,277 1,459 China 14,729 32 Singapore 2,380 — Rest of the World 1,955 976 $ 31,800 $ 13,458 Nine Months Ended January 31, 2022 January 31, 2021 United States $ 18,999 $ 23,088 Mexico 6,282 5,930 Malaysia 2,257 4,867 Hong Kong 6,257 2,682 China 24,065 351 Singapore 7,342 12 Rest of the World 3,749 2,017 $ 68,951 $ 38,947
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: At Grant Date Expected volatility 40.00% Weighted-average expected term (in years) 7.00 Risk-free interest rate 1.41% Dividend yield —% Fair value per ordinary share $10.74

Supplemental Financial Inform_2

Supplemental Financial Information (Tables)	9 Months Ended
	Jan. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Inventory	Inventories consisted of the following (in thousands): January 31, 2022 April 30, 2021 Raw materials $ 13,572 $ 2,177 Work in process 6,233 1,844 Finished goods 6,317 3,083 $ 26,122 $ 7,104
Schedule of Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets consisted of the following (in thousands): January 31, 2022 April 30, 2021 Prepaid expenses $ 2,032 $ 1,313 Advances to suppliers $ 140 6,276 Other current assets $ 1,476 1,142 $ 3,648 $ 8,731
Schedule of Property and Equipment, Net	Property and equipment consisted of the following (in thousands): January 31, 2022 April 30, 2021 Computer equipment and software $ 1,751 $ 1,606 Furniture and fixtures 242 215 Laboratory equipment 9,255 6,603 Production equipment 11,791 5,680 Transportation equipment 222 224 Leasehold improvements 1,437 1,349 Construction in progress 7,910 4,698 32,608 20,375 Less: accumulated depreciation and amortization (8,978) (6,144) $ 23,630 $ 14,231
Schedule of Other Non-current Assets	Other non-current assets consisted of the following (in thousands): January 31, 2022 April 30, 2021 Non-current contract assets $ 1,877 $ 1,819 Other non-current assets 3,308 1,641 $ 5,185 $ 3,460
Schedule of Accrued Expenses	Accrued expenses and other current liabilities consisted of the following (in thousands): January 31, 2022 April 30, 2021 Accrued expenses $ 8,031 $ 2,652 Current portion of operating lease liabilities 1,065 — Income tax payable 1,226 625 $ 10,322 $ 3,277
Schedule of Other Current Liabilities	Accrued expenses and other current liabilities consisted of the following (in thousands): January 31, 2022 April 30, 2021 Accrued expenses $ 8,031 $ 2,652 Current portion of operating lease liabilities 1,065 — Income tax payable 1,226 625 $ 10,322 $ 3,277

Leases (Tables)

Leases (Tables)	9 Months Ended
	Jan. 31, 2022
Leases [Abstract]
Lease Expense and Supplemental Cash Flow Information	Lease expense and supplemental cash flow information are as follows (in thousands): Three Months Ended Nine Months Ended January 31, 2022 Operating lease expenses $ 709 $ 2,064 Cash paid for amounts included in the measurement of operating lease liabilities $ 697 $ 2,068 Right-of-use assets obtained in exchange for lease obligation $ 1,154 $ 1,413
Aggregate Future Lease Payments, ASC 842	The aggregate future lease payments for operating leases, excluding the HQ Lease, as of January 31, 2022 are as follows (in thousands): Fiscal Year Operating leases Remainder of 2022 $ 340 2023 1,290 2024 1,202 2025 652 2026 268 Total lease payments 3,752 Less: Interest 413 Present value of lease liabilities $ 3,339
Aggregate Future Lease Payments, ASC 840	The aggregate future lease payments for operating leases as of April 30, 2021 are as follows (in thousands): Fiscal Year Operating leases 2022 $ 2,421 2023 866 2024 846 2025 397 Total lease payments $ 4,530

Share Incentive Plan (Tables)

Share Incentive Plan (Tables)	9 Months Ended
	Jan. 31, 2022
Share-based Payment Arrangement [Abstract]
Summary of Information Related to Share Option Activity	A summary of information related to share option activity during the nine months ended January 31, 2022 is as follows: Options Outstanding Shares available for grant Outstanding Share Options Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value (in thousands) Balance as of April 30, 2021 3,329,614 14,120,179 $1.57 7.87 $ 62,613 Options granted (721,500) 721,500 $6.01 Options exercised and vested (2,232,096) $0.93 Options canceled/ forfeited 439,482 (439,482) $2.85 Balance as of January 31, 2022 3,047,596 12,170,101 $1.90 7.34 $ 124,356 Vested as of January 31, 2022 6,342,760 $1.05 6.16 $ 70,230 Exercisable as of January 31, 2022 11,589,567 $1.91 7.32 $ 118,280
Schedule of Weighted Average Assumptions used in Black-Scholes Model	The fair values of the employee share options granted in the nine months January 31, 2022 and 2021 were estimated using the following weighted-average assumptions: Nine Months Ended January 31, 2022 2021 Expected volatility 41.29% - 42.31% 40.12% - 42.62% Weighted-average expected term (in years) 5.96 5.95 Risk-free interest rate 0.69% - 1.23% 0.32% - 0.52% Dividend yield —% —% Weighted-average grant date fair value per share $6.26 $1.60
Summary of Share-based Compensation Expense	The following table summarizes share-based compensation expense included in the condensed consolidated statements of operations (in thousands): Three Months Ended Nine Months Ended January 31, 2022 January 31, 2021 January 31, 2022 January 31, 2021 Cost of revenue $ 46 $ 46 $ 180 $ 137 Research and development 711 381 1,872 7,291 Selling, general and administrative 681 420 1,768 5,560 $ 1,438 $ 847 $ 3,820 $ 12,988

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Jan. 31, 2022
Income Tax Disclosure [Abstract]
Schedule of Provisions for Income Taxes	Provisions for income taxes for the three and nine months ended January 31, 2022 and 2021 were as follows (in thousands except percentages): Three Months Ended January 31, 2022 Effective Tax Rate Three Months Ended January 31, 2021 Effective Tax Rate Provision (benefit) for income taxes $ (387) 72.90 % $ 372 (7.84) % Nine Months Ended January 31, 2022 Effective Tax Rate Nine Months Ended January 31, 2021 Effective Tax Rate Provision for income taxes $ 1,116 (7.11) % $ 1,061 (4.54) %

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	9 Months Ended
	Jan. 31, 2022
Earnings Per Share [Abstract]
Schedule of Net Loss Per Share, Basic and Diluted	Net loss per share was determined as follows (in thousands, except per share amounts): Three Months Ended Nine Months Ended January 31, 2022 January 31, 2021 January 31, 2022 January 31, 2021 Numerator: Net loss $ (144) $ (5,117) $ (16,821) $ (24,425) Denominator: Weighted-average shares outstanding used in basic and diluted calculation 73,815 67,429 70,439 69,418 Net loss per share Basic and diluted $ — $ (0.08) $ (0.24) $ (0.35)
Schedule of Potentially Dilutive Securities Outstanding	The following potentially dilutive securities outstanding (in thousands) have been excluded from the computations of diluted weighted average shares outstanding for the three and nine months ended January 31, 2022 and 2021 because such securities have an anti-dilutive impact due to losses reported: Three Months Ended Nine Months Ended January 31, 2022 January 31, 2021 January 31, 2022 January 31, 2021 Options and RSAs 9,081 6,236 8,078 5,437 RSUs 35 — 12 — Customer warrant 2 — 1 — Underwriters’ option to purchase additional ordinary shares 39 — 13 — Convertible preferred shares — 46,025 — 42,866 9,157 52,261 8,103 48,303

Description of Business and B_2

Description of Business and Basis of Presentation (Details) - USD ($) $ / shares in Units, $ in Millions	Feb. 10, 2022	Jan. 31, 2022	Apr. 30, 2021	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Common stock, par value (in US dollars per share)		$ 0.00005	$ 0.00005	$ 0.00005
IPO
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Sale of stock, number of shares issued in transaction (in shares)		20,000,000
Sale of stock, price per share (in US dollars per share)		$ 10
Proceeds from sale of stock		$ 171.9
IPO, Sold by Company
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Sale of stock, number of shares issued in transaction (in shares)		18,383,800
IPO, Sold by Existing Shareholders
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Sale of stock, number of shares issued in transaction (in shares)		1,616,200
Over-Allotment Option | Subsequent Event
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	3,000,000
Proceeds from sale of stock	$ 28.1

Significant Accounting Polici_3

Significant Accounting Policies (Details) $ in Millions	Jan. 31, 2022USD ($)
Accounting Policies [Abstract]
Issuance costs	$ 5.3

Concentrations (Details)

Concentrations (Details) - Customer Concentration Risk	3 Months Ended		9 Months Ended		12 Months Ended
	Jan. 31, 2022	Jan. 31, 2021	Jan. 31, 2022	Jan. 31, 2021	Apr. 30, 2021
Accounts Receivable | Customer A
Concentration Risk [Line Items]
Concentration risk percentage					35.00%
Accounts Receivable | Customer B
Concentration Risk [Line Items]
Concentration risk percentage			63.00%
Accounts Receivable | Customer C
Concentration Risk [Line Items]
Concentration risk percentage					11.00%
Accounts Receivable | Customer D
Concentration Risk [Line Items]
Concentration risk percentage					15.00%
Accounts Receivable | Customer E
Concentration Risk [Line Items]
Concentration risk percentage					11.00%
Accounts Receivable | Customer F
Concentration Risk [Line Items]
Concentration risk percentage			11.00%
Revenue | Customer A
Concentration Risk [Line Items]
Concentration risk percentage	22.00%	30.00%	18.00%	31.00%
Revenue | Customer B
Concentration Risk [Line Items]
Concentration risk percentage	40.00%		33.00%
Revenue | Customer C
Concentration Risk [Line Items]
Concentration risk percentage		15.00%
Revenue | Customer F
Concentration Risk [Line Items]
Concentration risk percentage			13.00%
Revenue | Customer G
Concentration Risk [Line Items]
Concentration risk percentage		17.00%
Revenue | Customer H
Concentration Risk [Line Items]
Concentration risk percentage				16.00%
Revenue | Customer I
Concentration Risk [Line Items]
Concentration risk percentage				14.00%

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2022	Jan. 31, 2021	Jan. 31, 2022	Jan. 31, 2021
Disaggregation of Revenue [Line Items]
Total revenue	$ 31,800	$ 13,458	$ 68,951	$ 38,947
United States
Disaggregation of Revenue [Line Items]
Total revenue	5,924	7,008	18,999	23,088
Mexico
Disaggregation of Revenue [Line Items]
Total revenue	2,401	2,500	6,282	5,930
Malaysia
Disaggregation of Revenue [Line Items]
Total revenue	1,134	1,483	2,257	4,867
Hong Kong
Disaggregation of Revenue [Line Items]
Total revenue	3,277	1,459	6,257	2,682
China
Disaggregation of Revenue [Line Items]
Total revenue	14,729	32	24,065	351
Singapore
Disaggregation of Revenue [Line Items]
Total revenue	2,380	0	7,342	12
Rest of the World
Disaggregation of Revenue [Line Items]
Total revenue	$ 1,955	$ 976	$ 3,749	$ 2,017

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 28, 2021	Jan. 31, 2022	Jan. 31, 2021	Jan. 31, 2022	Jan. 31, 2022	Jan. 31, 2021	Sep. 30, 2021
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Previously deferred revenue recognized		$ 300	$ 1,400		$ 4,000	$ 4,500
Unsatisfied performance obligation, amount		65,600		$ 65,600	65,600
Previously satisfied performance obligation, amount					17,100
Total revenue		31,800	$ 13,458		68,951	38,947
Number of shares called by warrant (in shares)	4,080,000
Exercise of warrants, price per share (in US dollars per share)	$ 10.74
Exercise period of warrant (in years)	7 years
Number of shares vested upon warrant exercise (in shares)	40,000
Maximum aggregate payments over contract term	$ 201,000
Grant date fair value of warrant (in US dollars per share)	$ 4.65
Warrant contra revenue		400			407	$ 0
IP Licensing and Development Contract Customer
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount							$ 43,500
Billed revenue from contract with customer		$ 10,900		10,900	$ 10,900
Total revenue				$ 5,700
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-02-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period		3 years		3 years	3 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01 | IP Licensing and Development Contract Customer
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period							3 years

Revenue Recognition - Schedule

Revenue Recognition - Schedule of Weighted-Average Assumptions used in Black-Scholes Option Pricing Model (Details)	Dec. 28, 2021yr$ / shares
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value per ordinary share (in US dollars per share) | $ / shares	$ 10.74
Expected volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants outstanding, measurement input	0.4000
Weighted-average expected term (in years)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants outstanding, measurement input | yr	7
Risk-free interest rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants outstanding, measurement input	0.0141
Dividend yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants outstanding, measurement input	0

Supplemental Financial Inform_3

Supplemental Financial Information - Schedule of Inventory (Details) - USD ($) $ in Thousands	Jan. 31, 2022	Apr. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Raw materials	$ 13,572	$ 2,177
Work in process	6,233	1,844
Finished goods	6,317	3,083
Inventories	$ 26,122	$ 7,104

Supplemental Financial Inform_4

Supplemental Financial Information - Schedule of Prepaid Expense and Other Current Assets (Details) - USD ($) $ in Thousands	Jan. 31, 2022	Apr. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid expenses	$ 2,032	$ 1,313
Advances to suppliers	140	6,276
Other current assets	1,476	1,142
Prepaid expenses and other current assets	$ 3,648	$ 8,731

Supplemental Financial Inform_5

Supplemental Financial Information - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Jan. 31, 2022	Apr. 30, 2021
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 32,608	$ 20,375
Less: accumulated depreciation and amortization	(8,978)	(6,144)
Property and equipment, net	23,630	14,231
Computer equipment and software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,751	1,606
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	242	215
Laboratory equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	9,255	6,603
Production equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	11,791	5,680
Transportation equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	222	224
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,437	1,349
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 7,910	$ 4,698

Supplemental Financial Inform_6

Supplemental Financial Information - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2022	Jan. 31, 2021	Jan. 31, 2022	Jan. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Depreciation and amortization	$ 1,300	$ 600	$ 3,262	$ 1,546

Supplemental Financial Inform_7

Supplemental Financial Information - Schedule of Other Non-current Assets (Details) - USD ($) $ in Thousands	Jan. 31, 2022	Apr. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Non-current contract assets	$ 1,877	$ 1,819
Other non-current assets	3,308	1,641
Other non-current assets	$ 5,185	$ 3,460

Supplemental Financial Inform_8

Supplemental Financial Information - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jan. 31, 2022	Apr. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued expenses	$ 8,031	$ 2,652
Current portion of operating lease liabilities	$ 1,065	$ 0
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued expenses and other current liabilities	Accrued expenses and other current liabilities
Income tax payable	$ 1,226	$ 625
Accrued expenses and other current liabilities	$ 10,322	$ 3,277

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Jan. 31, 2022USD ($)
Commitments and Contingencies Disclosure [Abstract]
Total value of open purchase orders committed to third party subcontractors	$ 10.7

Convertible Preferred Shares (D

Convertible Preferred Shares (Details) - shares	Jan. 31, 2022	Jan. 30, 2022	Oct. 31, 2021	Jul. 31, 2021	Apr. 30, 2021	Jan. 31, 2021	Oct. 31, 2020	Jul. 31, 2020	Apr. 30, 2020
Temporary Equity Disclosure [Abstract]
Convertible preferred shares, shares outstanding (in shares)	0	52,059,826	52,060,000	52,060,000	50,809,000	50,809,000	42,179,000	42,179,000	32,245,000
Conversion of convertible preferred shares to ordinary shares (in shares)	52,059,826

Ordinary Shares (Details)

Ordinary Shares (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		3 Months Ended	9 Months Ended
	Jul. 31, 2021	Aug. 31, 2020	Oct. 31, 2020	Jan. 31, 2021	Jan. 31, 2022	Apr. 30, 2021	Mar. 31, 2021	Jul. 31, 2020
Subsidiary, Sale of Stock [Line Items]
Common stock authorized (in shares)					1,000,000,000	136,658,000	136,657,627
Common stock, par value (in US dollars per share)					$ 0.00005	$ 0.00005	$ 0.00005
Convertible preferred shares, shares authorized (in shares)					50,000,000	50,809,000
Share repurchase program, authorized amount (in shares)								8,032,128
Share repurchase program, authorized price per share (in US dollars per share)	$ 4.98
Share repurchase program, number of shares repurchased (in shares)		6,875,822
Payments for repurchase of ordinary shares and options		$ 34,200
Excess of repurchase price over fair value recorded as share-based compensation expense				$ 11,300
Share repurchase			$ 22,908
Additional Paid-in Capital
Subsidiary, Sale of Stock [Line Items]
Share repurchase		900	934
Accumulated Deficit
Subsidiary, Sale of Stock [Line Items]
Share repurchase		$ 22,000	$ 21,973
IPO
Subsidiary, Sale of Stock [Line Items]
Common stock authorized (in shares)					1,000,000,000
Convertible preferred shares, shares authorized (in shares)					50,000,000

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Thousands	Jan. 31, 2022	May 01, 2021	Apr. 30, 2021
Leases [Abstract]
Right of use assets	$ 3,618	$ 4,000	$ 0
Operating lease liabilities	$ 3,339	$ 4,000
Lease term for lease not yet commenced	103 months
Future minimum operating lease payments for lease not yet commenced	$ 19,200
Weighted average remaining lease term	2 years 14 days
Weighted average discount rate used for operating leases	6.00%

Leases - Lease Expense and Supp

Leases - Lease Expense and Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Jan. 31, 2022	Jan. 31, 2022
Leases [Abstract]
Operating lease expenses	$ 709	$ 2,064
Cash paid for amounts included in the measurement of operating lease liabilities	697	2,068
Right-of-use assets obtained in exchange for lease obligation	$ 1,154	$ 1,413

Leases - Aggregate Future Lease

Leases - Aggregate Future Lease Payments, ASC 842 (Details) - USD ($) $ in Thousands	Jan. 31, 2022	May 01, 2021
Leases [Abstract]
Remainder of 2022	$ 340
2023	1,290
2024	1,202
2025	652
2026	268
Total lease payments	3,752
Less: Interest	413
Present value of lease liabilities	$ 3,339	$ 4,000

Leases - Aggregate Future Lea_2

Leases - Aggregate Future Lease Payments, ASC 840 (Details) $ in Thousands	Apr. 30, 2021USD ($)
Leases [Abstract]
2022	$ 2,421
2023	866
2024	846
2025	397
Total lease payments	$ 4,530

Share Incentive Plan - Narrativ

Share Incentive Plan - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended	9 Months Ended
	Jan. 31, 2022	Jan. 31, 2022	Jan. 31, 2022	Jan. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Ordinary shares reserved for issuance	19,907,421	19,907,421	19,907,421
Awards vesting term	4 years
Total intrinsic value of options exercised during period			$ 25	$ 8
Unrecognized compensation expense, options	$ 11.1	$ 11.1	$ 11.1
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option term	10 years
Compensation expense, amortization period (in years)			2 years 5 months 8 days
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)		3,427,500	3,427,500
Grant date fair value of warrant (in US dollars per share)		$ 10	$ 10
Aggregate intrinsic value of RSUs expected to vest	$ 41.4	$ 41.4	$ 41.4
Unrecognized compensation expense	$ 39.2	$ 39.2	$ 39.2
Compensation expense, amortization period (in years)			3 years 6 months 29 days
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Ordinary shares reserved for issuance	3,800,508	3,800,508	3,800,508
Contribution rate not to exceed	15.00%	15.00%	15.00%
Percent of fair market value on purchase date			85.00%
Purchase period (in months)			6 months
Shares issued during period (in shares)			0

Share Incentive Plan - Summary

Share Incentive Plan - Summary of Information Related to Share Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Jan. 31, 2022	Apr. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Options available for grant, beginning balance (in shares)	3,329,614
Beginning balance (in shares)	14,120,179
Options granted (in shares)	721,500
Options exercised and vested (in shares)	(2,232,096)
Options canceled/forfeited (in shares)	(439,482)
Options available for grant, ending balance (in shares)	3,047,596	3,329,614
Ending balance (in shares)	12,170,101	14,120,179
Options vested (in shares)	6,342,760
Options exercisable (in shares)	11,589,567
Weighted-Average Exercise Price
Beginning balance (in US dollars per share)	$ 1.57
Options granted (in US dollars per share)	6.01
Options exercised and vested (in US dollars per share)	0.93
Options canceled/forfeited (in US dollars per share)	2.85
Ending balance (in US dollars per share)	1.90	$ 1.57
Options vested (in US dollars per share)	1.05
Options exercisable (in US dollars per share)	$ 1.91
Weighted-Average Remaining Contractual Term and Aggregate Intrinsic Value
Weighted-average remaining contractual term, options outstanding	7 years 4 months 2 days	7 years 10 months 13 days
Weighted-average remaining contractual term, options vested	6 years 1 month 28 days
Weighted-average remaining contractual term, options exercisable	7 years 3 months 25 days
Aggregate intrinsic value, options outstanding, beginning balance	$ 62,613
Aggregate intrinsic value, options outstanding, ending balance	124,356	$ 62,613
Aggregate intrinsic value, options vested	70,230
Aggregate intrinsic value, options exercisable	$ 118,280

Share Incentive Plan - Schedule

Share Incentive Plan - Schedule of Weighted-Average Assumptions (Details) - $ / shares	Dec. 28, 2021	Jan. 31, 2022	Jan. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility, minimum		41.29%	40.12%
Expected volatility, maximum		42.31%	42.62%
Risk-free interest rate, minimum		0.69%	0.32%
Risk-free interest rate, maximum		1.23%	0.52%
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average expected term (in years)		5 years 11 months 15 days	5 years 11 months 12 days
Dividend yield	0.00%	0.00%
Weighted-average grant date fair value per share (in US dollars per share)		$ 6.26	$ 1.60

Share Incentive Plan - Summar_2

Share Incentive Plan - Summary of Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2022	Jan. 31, 2021	Jan. 31, 2022	Jan. 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	$ 1,438	$ 847	$ 3,820	$ 12,988
Cost of revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	46	46	180	137
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	711	381	1,872	7,291
Selling, general and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	$ 681	$ 420	$ 1,768	$ 5,560

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2022	Jan. 31, 2021	Jan. 31, 2022	Jan. 31, 2021
Income Tax Disclosure [Abstract]
Provision (benefit) for income taxes	$ (387)	$ 372	$ 1,116	$ 1,061
Effective Tax Rate	72.90%	(7.84%)	(7.11%)	(4.54%)

Net Loss Per Share - Schedule o

Net Loss Per Share - Schedule of Net Loss Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2022	Jan. 31, 2021	Jan. 31, 2022	Jan. 31, 2021
Numerator:
Net loss	$ (144)	$ (5,117)	$ (16,821)	$ (24,425)
Denominator:
Weighted-average shares outstanding used in basic calculation (in shares)	73,815	67,429	70,439	69,418
Weighted-average shares outstanding used in diluted calculation (in shares)	73,815	67,429	70,439	69,418
Net loss per share:
Net loss per share, basic (in US dollars per share)	$ 0	$ (0.08)	$ (0.24)	$ (0.35)
Net loss per share, diluted (in US dollars per share)	$ 0	$ (0.08)	$ (0.24)	$ (0.35)

Net Loss Per Share - Schedule_2

Net Loss Per Share - Schedule of Potentially Dilutive Securities Outstanding (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2022	Jan. 31, 2021	Jan. 31, 2022	Jan. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	9,157	52,261	8,103	48,303
Options and RSAs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	9,081	6,236	8,078	5,437
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	35	0	12	0
Customer warrant
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	2	0	1	0
Underwriters’ option to purchase additional ordinary shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	39	0	13	0
Convertible preferred shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	0	46,025	0	42,866

Subsequent Events (Details)

Subsequent Events (Details) - Over-Allotment Option - Subsequent Event $ in Millions	Feb. 10, 2022USD ($)shares
Subsidiary, Sale of Stock [Line Items]
Sale of stock, number of shares issued in transaction (in shares) | shares	3,000,000
Proceeds from sale of stock | $	$ 28.1