Cover
Cover - shares | 3 Months Ended | |
Jul. 30, 2022 | Aug. 25, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jul. 30, 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 $0.00005 per share | |
Trading Symbol | CRDO | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 145,682,010 | |
Entity Central Index Key | 0001807794 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --04-29 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2023 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jul. 30, 2022 | Apr. 30, 2022 |
Current Assets: | ||
Cash and cash equivalents | $ 243,783 | $ 259,322 |
Accounts receivable | 54,769 | 29,524 |
Inventories | 37,031 | 27,337 |
Contract assets | 6,027 | 10,071 |
Prepaid expenses and other current assets | 4,383 | 5,923 |
Total current assets | 345,993 | 332,177 |
Property and equipment, net | 38,209 | 21,844 |
Right of use assets | 16,226 | 16,954 |
Other non-current assets | 5,222 | 4,714 |
Total assets | 405,650 | 375,689 |
Current Liabilities: | ||
Accounts payable | 21,186 | 8,487 |
Accrued compensation and benefits | 2,928 | 4,713 |
Accrued expenses and other current liabilities | 15,489 | 12,063 |
Deferred revenue | 3,004 | 1,234 |
Total current liabilities | 42,607 | 26,497 |
Non-current operating lease liabilities | 14,290 | 14,809 |
Other non-current liabilities | 6,848 | 220 |
Total liabilities | 63,745 | 41,526 |
Commitments and contingencies (Note 7) | ||
Shareholders' equity: | ||
Ordinary shares, $0.00005 par value; 1,000,000 shares authorized; 145,344 shares issued and outstanding at July 30, 2022; and 1,000,000 shares authorized; 144,755 shares issued and outstanding at April 30, 2022 | 7 | 7 |
Additional paid in capital | 432,473 | 424,562 |
Accumulated other comprehensive income (loss) | (73) | 23 |
Accumulated deficit | (90,502) | (90,429) |
Total shareholders' equity | 341,905 | 334,163 |
Total liabilities and shareholders' equity | $ 405,650 | $ 375,689 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jul. 30, 2022 | Apr. 30, 2022 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in US dollars per share) | $ 0.00005 | $ 0.00005 |
Common stock authorized (in shares) | 1,000,000,000 | 1,000,000,000 |
Common stock issued (in shares) | 145,344,000 | 144,755,000 |
Common stock outstanding (in shares) | 145,344,000 | 144,755,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Jul. 30, 2022 | Jul. 31, 2021 | |
Revenue: | ||
Total revenue | $ 46,467 | $ 10,724 |
Cost of revenue: | ||
Cost of revenue | 18,804 | 5,544 |
Gross profit | 27,663 | 5,180 |
Operating expenses: | ||
Research and development | 16,683 | 9,693 |
Selling, general and administrative | 11,198 | 7,117 |
Total operating expenses | 27,881 | 16,810 |
Operating loss | (218) | (11,630) |
Other income (expense), net | (220) | (45) |
Loss before income taxes | (438) | (11,675) |
Provision (benefit) for income taxes | (365) | 902 |
Net loss | $ (73) | $ (12,577) |
Net loss per share: | ||
Net loss per share, basic (in US dollars per share) | $ 0 | $ (0.18) |
Weighted-average shares: | ||
Weighted-average shares used in computing net loss per share, basic (in shares) | 145,077 | 68,409 |
Weighted-average shares used in computing net loss per share, diluted (in shares) | 145,077 | 68,409 |
Net loss per share, diluted (in US dollars per share) | $ 0 | $ (0.18) |
Product sales | ||
Revenue: | ||
Total revenue | $ 35,263 | $ 7,263 |
Cost of revenue: | ||
Cost of revenue | 17,525 | 4,357 |
Product engineering services | ||
Revenue: | ||
Total revenue | 824 | 1,319 |
Cost of revenue: | ||
Cost of revenue | 100 | 865 |
IP license | ||
Revenue: | ||
Total revenue | 10,380 | 1,030 |
IP license engineering services | ||
Revenue: | ||
Total revenue | 0 | 1,112 |
Cost of revenue: | ||
Cost of revenue | 0 | 322 |
IP License | ||
Cost of revenue: | ||
Cost of revenue | $ 1,179 | $ 0 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 30, 2022 | Jul. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (73) | $ (12,577) |
Other comprehensive loss: | ||
Foreign currency translation loss | (96) | (5) |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ (169) | $ (12,582) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Convertible Preferred Shares and Shareholders' Equity (Deficit) - USD ($) $ in Thousands | Total | Series D+ | Ordinary Shares | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit |
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 | |||||
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 equity incentive plans | 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, 2022 | 0 | |||||
Beginning balance at Apr. 30, 2022 | $ 0 | |||||
Ending balance (in shares) at Jul. 30, 2022 | 0 | |||||
Ending balance at Jul. 30, 2022 | $ 0 | |||||
Beginning balance (in shares) at Apr. 30, 2022 | 144,755,000 | 144,755,000 | ||||
Beginning balance at Apr. 30, 2022 | $ 334,163 | $ 7 | 424,562 | 23 | (90,429) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Ordinary shares issued under employee share plan (in shares) | 589,000 | |||||
Ordinary shares issued under equity incentive plans | 1,977 | 1,977 | ||||
Share-based compensation | 5,546 | 5,546 | ||||
Total comprehensive loss | (169) | (96) | (73) | |||
Warrant contra revenue | $ 388 | 388 | ||||
Ending balance (in shares) at Jul. 30, 2022 | 145,344,000 | 145,344,000 | ||||
Ending balance at Jul. 30, 2022 | $ 341,905 | $ 7 | $ 432,473 | $ (73) | $ (90,502) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 30, 2022 | Jul. 31, 2021 | |
Cash flows from operating activities: | ||
Net loss | $ (73) | $ (12,577) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 1,636 | 867 |
Share-based compensation | 5,546 | 1,075 |
Warrant contra revenue | 388 | 0 |
Write-downs for excess and obsolete inventory | 911 | 363 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (25,245) | 8,247 |
Inventories | (10,605) | (6,607) |
Contract assets | 4,040 | (803) |
Prepaid and other current assets | 1,540 | (496) |
Other non-current assets | (560) | (268) |
Accounts payable | 9,714 | 2,036 |
Accrued expenses, compensation and other liabilities | (1,281) | 847 |
Deferred revenue | 1,770 | (1,633) |
Net cash used in operating activities | (12,219) | (8,949) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (5,258) | (1,339) |
Net cash used in investing activities | (5,258) | (1,339) |
Cash flows from financing activities: | ||
Payments for IPO offering costs | 0 | (948) |
Proceeds from employee share incentive plans | 1,977 | 461 |
Proceeds from issuance of convertible preferred shares, net of issuance costs | 0 | 7,245 |
Net cash provided by financing activities | 1,977 | 6,758 |
Effect of exchange rate changes on cash | (39) | (6) |
Net decrease in cash and cash equivalents | (15,539) | (3,536) |
Cash and cash equivalents at beginning of the period | 259,322 | 103,757 |
Cash and cash equivalents at end of the period | 243,783 | 100,221 |
Supplemental cash flow information: | ||
Purchase of property and equipment included in accounts payable, accrued expenses and other liabilities | $ 12,744 | $ 82 |
Description of Business and Bas
Description of Business and Basis of Presentation | 3 Months Ended |
Jul. 30, 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. 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 Company’s fiscal year 2022 audited financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended April 30, 2022. 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. Effective May 1, 2022, the Company changed its fiscal year to a 52- or 53-week period ending on the Saturday closest to April 30. Our fiscal year ending April 29, 2023 (“fiscal year 2023”) is a 52-week fiscal year. The first quarter of our fiscal year 2023 ended on July 30, 2022, the second quarter ends on October 29, 2022 and the third quarter ends on January 28, 2023. |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Jul. 30, 2022 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies The 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 three months ended July 30, 2022 to the items disclosed in Note 2, “Significant Accounting Policies,” included in the Company’s Annual Report on Form 10-K for the fiscal year ended April 30, 2022. Use of Estimates The preparation of these condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the Company’s condensed consolidated financial statements and accompanying notes. The Company bases its estimates and judgments on historical experience, knowledge of current conditions and beliefs of what could occur in the future, given the available information. Estimates are used for, but not limited to, write-down for excess and obsolete inventories, the standalone selling price for each distinct performance obligation included in customer contracts with multiple performance obligations, variable consideration from revenue contracts, determination of the fair value of share-based awards and customer warrant, valuation of ordinary shares prior to the completion of initial public offering (“IPO”), the realization of tax assets and estimates of tax reserves, 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. 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. Accounting Pronouncement Recently Adopted In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes , which simplifies the accounting for income taxes by eliminating some exceptions to the general approach in Topic 740 in order to reduce cost and complexity of its application. This new guidance is effective for the Company for its fiscal year beginning May 1, 2022. The Company adopted this guidance on May 1, 2022 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 April 30, 2023 and interim periods within its fiscal year beginning April 28, 2024. The Company is currently evaluating the impact of the adoption of this guidance on its consolidated financial statements. |
Concentrations
Concentrations | 3 Months Ended |
Jul. 30, 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 placed 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: Accounts Receivable July 30, 2022 April 30, 2022 Customer A * 14 % Customer B 21 % 52 % Customer C 21 % * Customer D 37 % * Three months ended Revenue July 30, 2022 July 31, 2021 Customer A * 32 % Customer C 19 % * Customer D 42 % * Customer E * 17 % * Less than 10% of total accounts receivable or total revenue. |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Jul. 30, 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 July 30, 2022 July 31, 2021 Mainland China $ 22,757 $ 81 United States 12,072 4,294 Hong Kong 4,765 1,322 Mexico 1,525 2,552 Taiwan 67 1,630 Rest of World 5,281 845 $ 46,467 $ 10,724 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 July 30, 2022 and April 30, 2022. During the three months ended July 30, 2022, the Company recognized $0.7 million of revenue that was included in the deferred revenue balance as of April 30, 2022. During the three months ended July 31, 2021, the Company recognized $2.0 million of revenue that was included in the deferred revenue balance as of April 30, 2021. During three months ended July 30, 2022, the decrease in contract assets of $4.0 million and the increase in deferred revenue of $1.8 million was primarily due to IP licensing and engineering services arrangements where certain billing milestones had been reached. 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 $22.5 million and the satisfied but unrecognized performance obligations was approximately $20.2 million as of July 30, 2022, which the Company expects to recognize over the next two 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 July 30, 2022, we had billed $22.2 million and recognized revenue amounting to $20.6 million upon delivery of certain milestones of the contract. We have applied constraints on certain remaining milestones due to significant uncertainty relating to the delivery of those milestones as of July 30, 2022 associated with dependency on actions by the customer. The constraints will be re-evaluated at each future reporting period. Customer Warrant On December 28, 2021, the Company 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 seventh anniversary of the issue date. Upon issuance of the Warrant, 40,000 of the shares issuable upon exercise of the Warrant vested immediately and the remainder of the shares issuable will vest in tranches over the contract term based on the amount of global payments by Holder and its affiliates to us, up to $201 million in aggregate payments. No other tranches were vested as of July 30, 2022. 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 | 3 Months Ended |
Jul. 30, 2022 | |
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 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 | 3 Months Ended |
Jul. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Supplemental Financial Information | Supplemental Financial Information Inventories Inventories consisted of the following (in thousands): July 30, 2022 April 30, 2022 Raw materials $ 11,921 $ 11,610 Work in process 13,352 10,352 Finished goods 11,758 5,375 $ 37,031 $ 27,337 Property and Equipment, Net Property and equipment consisted of the following (in thousands): July 30, 2022 April 30, 2022 Computer equipment and software $ 13,725 $ 1,736 Laboratory equipment 9,977 9,521 Production equipment 16,644 15,502 Leasehold improvements 1,613 1,465 Others 537 524 Construction in progress 6,433 2,932 48,929 31,680 Less: accumulated depreciation and amortization (10,720) (9,836) $ 38,209 $ 21,844 Depreciation and amortization expense for the three months ended July 30, 2022 and July 31, 2021 was $1.6 million and $0.9 million, respectively. Computer equipment and software primarily includes electronic design automation software relating to the Company’s R&D design of future products and intellectual properties. 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. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following (in thousands): July 30, 2022 April 30, 2022 Accrued expenses $ 9,490 $ 8,372 Current payables relating to purchases of property and equipment 3,268 — Current portion of operating lease liabilities 2,436 2,379 Income tax payable 295 1,312 $ 15,489 $ 12,063 Other non-current Liabilities Other non-current liabilities consisted of the following (in thousands): July 30, 2022 April 30, 2022 Non-current payables relating to purchases of property and equipment $ 6,490 $ — Deferred tax liabilities 358 220 $ 6,848 $ 220 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Jul. 30, 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 July 30, 2022, the total value of open purchase orders payable within the next one year, that were committed with the Company’s third party subcontractors was approximately $18.3 million. Warranty Obligations 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 has made certain 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 July 30, 2022 and April 30, 2022. 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 unaudited condensed consolidated financial statements, the Company was not |
Convertible Preferred Shares
Convertible Preferred Shares | 3 Months Ended |
Jul. 30, 2022 | |
Temporary Equity Disclosure [Abstract] | |
Convertible Preferred Shares | Convertible Preferred Shares The Company had 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 Shares”). Immediately prior to the completion of the IPO during fiscal 2022, all of the then outstanding 52,059,826 shares of the Company’s convertible Preferred Shares 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. A summary of the preferred shares prior to the conversion into ordinary shares consisted of the following: Series Shares Authorized Shares Issued and Outstanding Per Share Liquidation Preference Aggregate Liquidation Preference (in thousands) Series A 8,313 8,313 $ 1.00 $ 8,313 Series B 8,593 8,593 2.10 18,000 Series C 5,245 5,245 4.29 22,500 Series D 20,028 20,028 4.99 100,000 Series D+ 9,881 9,881 5.81 57,361 52,060 52,060 $ 206,174 The rights, privileges, and preferences of the Series A, Series B, Series C, Series D, and Series D+ convertible preferred shares were as follows: Conversion Rights - Each preferred share was convertible, at the option of the holder, at any time, and without the payment of any additional consideration, into such number of fully paid ordinary share as was determined by dividing the applicable original issue price for each such series of preferred shares by the applicable conversion price in effect at the time of the conversion. The conversion price per share for each series of preferred share shall initially be equal to the original issue price of such series, which means $1.00 per share for Series A, $2.10 per share for Series B, $4.29 per share for Series C, $4.99 per share for Series D and $5.81 per share for Series D+. The conversion price shall be subject to adjustment in order to adjust the number of ordinary shares into which the preferred shares are convertible. Each share of Series A, B, C, D and D+ convertible preferred share automatically converted into the number of ordinary shares at the conversion rate at the time in effect upon the closing of a public offering of ordinary shares which results in at least $25.0 million of proceeds to the Company at a per share price not less than $9.99 or with the vote or written consent of the holders of a majority of the then outstanding preferred shares, voting as a separate class, to convert their preferred shares at the then effective Conversion Price. Dividends - The holders of preferred shares were entitled to receive noncumulative dividends when and if declared by the Company’s board of directors. The holders of preferred shares were entitled to receive dividends prior and in preference to any payment of any dividend on ordinary shares in an amount equal to 8% of the original issue price per share of such preferred share. After payment of such dividends, any additional dividends shall be distributed among all holders of ordinary shares and preferred shares in proportion to the number of ordinary shares that would be held by each such holder if all preferred shares were converted to ordinary shares at the then effective conversion rate. no dividends had been declared by the board of directors from inception through the date of conversion into ordinary shares. Liquidation Rights - In the event of any sale, lease, conveyance or other disposition of all or substantially all of the assets of the Company or the exclusive license of all or substantially all of the Company’s intellectual property used in generating all or substantially all of the Company’s revenues, reorganization, consolidation, acquisition, merger, liquidation, dissolution or winding up of the Company, either voluntary or involuntary, the holders of preferred shares shall be entitled to receive in preference to the holders of ordinary shares, an amount per share equal to the liquidation preference, plus any declared but unpaid dividends. After payment of the liquidation preference to holders of preferred shares, the remaining assets of the Company were available for distribution on a pro rata basis to the holders of ordinary shares. Voting Rights - The holders of the convertible preferred shares were entitled to the number of votes equal to the number of ordinary shares into which such convertible preferred shares could be converted on the record date. |
Leases
Leases | 3 Months Ended |
Jul. 30, 2022 | |
Leases [Abstract] | |
Leases | Leases The Company leases office space, domestically and internationally, under operating leases. The Company’s leases have remaining lease terms generally between one year and nine years. Operating leases are included in right of use assets, accrued expenses and other current liabilities, and non-current operating lease liabilities on the Company’s unaudited condensed consolidated balance sheets. The Company does not have any finance leases. Lease expense and supplemental cash flow information are as follows (in thousands): Three Months Ended July 30, 2022 July 31, 2021 Operating lease expenses $ 889 $ 679 Cash paid for amounts included in the measurement of operating lease liabilities $ 766 $ 647 Right-of-use assets obtained in exchange for lease obligation $ — $ 259 The aggregate future lease payments for operating leases as of July 30, 2022 are as follows (in thousands): Fiscal Year Operating leases Remainder of 2023 $ 2,547 2024 3,144 2025 2,657 2026 2,245 2027 2,222 Thereafter 7,796 Total lease payments 20,611 Less: Interest 3,885 Present value of lease liabilities $ 16,726 As of July 30, 2022, the weighted average remaining lease term for the Company's operating leases is 7.43 years and the weighted average discount rate used to determine the present value of the Company's operating leases is 6%. |
Share Incentive Plan
Share Incentive Plan | 3 Months Ended |
Jul. 30, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Share Incentive Plan | Share Incentive Plan Share Issuances Subject to Repurchase The Company has issued ordinary shares to certain employees that are subject to vesting periods pursuant to the respective share purchase agreements (“Restricted Share Awards” or “RSAs”). In addition, the Company allows early exercise for unvested ordinary share options granted under its 2015 Stock Plan. In regard to the ordinary shares purchased, but not vested, the Company has the right to repurchase shares at the original issue price in the event of termination of services. As of July 30, 2022, 248,478 shares from share option early exercises remained subject to the Company’s repurchase rights. As of April 30, 2022, 442,787 such ordinary shares, consisting of 16,667 shares from RSAs and 426,120 from share option early exercises, remained subject to the Company’s repurchase rights. These shares are excluded from ordinary shares outstanding. Restricted Stock Unit (“RSU”) Awards A summary of information related to RSU activity during the three months ended July 30, 2022 is as follows: RSUs Outstanding Number of shares Weighted-Average Grant Date Fair Value Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value (in thousands) Balances as of April 30, 2022 4,133,751 $10.26 Granted 300,000 $11.37 Vested (6,313) $10.00 Canceled/ forfeited (218,750) $10.56 Balances and expected to vest as of July 30, 2022 4,208,688 $10.32 1.43 $ 67,549 Share Option Awards A summary of information related to share option activity during the three months ended July 30, 2022 is as follows: Options Outstanding Outstanding Share Options Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value (in thousands) Balance as of April 30, 2022 11,360,745 $1.94 Options exercised and vested (411,687) $1.57 Options canceled/ forfeited (148,107) $3.14 Balance and expected to vest as of July 30, 2022 10,800,951 $1.94 6.86 $ 152,427 Exercisable as of July 30, 2022 10,552,473 $1.94 6.86 $ 148,907 Employee Stock Purchase Plan (“ESPP”) During the three months ended July 30, 2022, 154,053 shares were issued under the ESPP. Summary of Share-Based Compensation Expense The following table summarizes share-based compensation expense included in the unaudited condensed consolidated statements of operations (in thousands): Three Months Ended July 30, 2022 July 31, 2021 Cost of revenue $ 304 $ 87 Research and development 2,862 482 Selling, general and administrative 2,380 506 $ 5,546 $ 1,075 |
Income Taxes
Income Taxes | 3 Months Ended |
Jul. 30, 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 months ended July 30, 2022 and July 31, 2021 were as follows (in thousands except percentages): Three Months Ended July 30, 2022 Effective Tax Rate Three Months Ended July 31, 2021 Effective Tax Rate Provision (benefit) for income taxes $ (365) 138.96 % $ 902 (7.72) % Our effective tax rate for the three months ended July 30, 2022 differs from the same period in the prior year primarily due to the decrease in the company loss before tax, a partial release of the US valuation allowance on research and development credits and a reduction in foreign withholding taxes. |
Net Loss Per Share
Net Loss Per Share | 3 Months Ended |
Jul. 30, 2022 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | Net Loss Per Share The Company reports both basic net loss per share, which is based on the weighted-average number of common stock outstanding during the period, and diluted net loss per share, which is based on the weighted-average number of common stock outstanding and potentially dilutive shares outstanding during the period. Net loss per share was determined as follows (in thousands, except per share amounts): Three months ended July 30, 2022 July 31, 2021 Numerator: Net loss $ (73) $ (12,577) Denominator: Weighted-average shares outstanding used in basic and diluted calculation 145,077 68,409 Basic and diluted net loss per share $ — $ (0.18) The following potentially dilutive securities outstanding (in thousands) have been excluded from the computations of diluted weighted average shares outstanding for the three months ended July 30, 2022 and July 31, 2021 because such securities have an anti-dilutive impact due to losses reported: Three months ended July 30, 2022 July 31, 2021 Options and RSAs 10,552 9,150 RSUs 4,175 — ESPP 25 Customer warrants 4,080 — Convertible preferred shares — 51,992 18,833 61,142 |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 3 Months Ended |
Jul. 30, 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 Company’s fiscal year 2022 audited financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended April 30, 2022. 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, 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, valuation of ordinary shares prior to the completion of initial public offering (“IPO”), the realization of tax assets and estimates of tax reserves, 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. 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 | ReclassificationsCertain 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. |
Accounting Pronouncement Recently Adopted and Recent Accounting Pronouncements Not Yet Adopted | Accounting Pronouncement Recently Adopted In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes , which simplifies the accounting for income taxes by eliminating some exceptions to the general approach in Topic 740 in order to reduce cost and complexity of its application. This new guidance is effective for the Company for its fiscal year beginning May 1, 2022. The Company adopted this guidance on May 1, 2022 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 April 30, 2023 and interim periods within its fiscal year beginning April 28, 2024. The Company is currently evaluating the impact of the adoption of this guidance on its consolidated financial statements. |
Concentrations (Tables)
Concentrations (Tables) | 3 Months Ended |
Jul. 30, 2022 | |
Risks and Uncertainties [Abstract] | |
Summary of Significant Customers' Accounts Receivable and Revenue | Accounts Receivable July 30, 2022 April 30, 2022 Customer A * 14 % Customer B 21 % 52 % Customer C 21 % * Customer D 37 % * Three months ended Revenue July 30, 2022 July 31, 2021 Customer A * 32 % Customer C 19 % * Customer D 42 % * Customer E * 17 % * Less than 10% of total accounts receivable or total revenue. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Jul. 30, 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 July 30, 2022 July 31, 2021 Mainland China $ 22,757 $ 81 United States 12,072 4,294 Hong Kong 4,765 1,322 Mexico 1,525 2,552 Taiwan 67 1,630 Rest of World 5,281 845 $ 46,467 $ 10,724 |
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) | 3 Months Ended |
Jul. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Inventory | Inventories consisted of the following (in thousands): July 30, 2022 April 30, 2022 Raw materials $ 11,921 $ 11,610 Work in process 13,352 10,352 Finished goods 11,758 5,375 $ 37,031 $ 27,337 |
Schedule of Property and Equipment, Net | Property and equipment consisted of the following (in thousands): July 30, 2022 April 30, 2022 Computer equipment and software $ 13,725 $ 1,736 Laboratory equipment 9,977 9,521 Production equipment 16,644 15,502 Leasehold improvements 1,613 1,465 Others 537 524 Construction in progress 6,433 2,932 48,929 31,680 Less: accumulated depreciation and amortization (10,720) (9,836) $ 38,209 $ 21,844 |
Schedule of Accrued Expenses | Accrued expenses and other current liabilities consisted of the following (in thousands): July 30, 2022 April 30, 2022 Accrued expenses $ 9,490 $ 8,372 Current payables relating to purchases of property and equipment 3,268 — Current portion of operating lease liabilities 2,436 2,379 Income tax payable 295 1,312 $ 15,489 $ 12,063 |
Schedule of Other Current Liabilities | Accrued expenses and other current liabilities consisted of the following (in thousands): July 30, 2022 April 30, 2022 Accrued expenses $ 9,490 $ 8,372 Current payables relating to purchases of property and equipment 3,268 — Current portion of operating lease liabilities 2,436 2,379 Income tax payable 295 1,312 $ 15,489 $ 12,063 |
Schedule of Other Noncurrent Liabilities | Other non-current liabilities consisted of the following (in thousands): July 30, 2022 April 30, 2022 Non-current payables relating to purchases of property and equipment $ 6,490 $ — Deferred tax liabilities 358 220 $ 6,848 $ 220 |
Convertible Preferred Shares (T
Convertible Preferred Shares (Tables) | 3 Months Ended |
Jul. 30, 2022 | |
Temporary Equity Disclosure [Abstract] | |
Summary of Preferred Shares Prior to Conversion | A summary of the preferred shares prior to the conversion into ordinary shares consisted of the following: Series Shares Authorized Shares Issued and Outstanding Per Share Liquidation Preference Aggregate Liquidation Preference (in thousands) Series A 8,313 8,313 $ 1.00 $ 8,313 Series B 8,593 8,593 2.10 18,000 Series C 5,245 5,245 4.29 22,500 Series D 20,028 20,028 4.99 100,000 Series D+ 9,881 9,881 5.81 57,361 52,060 52,060 $ 206,174 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Jul. 30, 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 July 30, 2022 July 31, 2021 Operating lease expenses $ 889 $ 679 Cash paid for amounts included in the measurement of operating lease liabilities $ 766 $ 647 Right-of-use assets obtained in exchange for lease obligation $ — $ 259 |
Aggregate Future Lease Payments, ASC 842 | The aggregate future lease payments for operating leases as of July 30, 2022 are as follows (in thousands): Fiscal Year Operating leases Remainder of 2023 $ 2,547 2024 3,144 2025 2,657 2026 2,245 2027 2,222 Thereafter 7,796 Total lease payments 20,611 Less: Interest 3,885 Present value of lease liabilities $ 16,726 |
Share Incentive Plan (Tables)
Share Incentive Plan (Tables) | 3 Months Ended |
Jul. 30, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Information Related to RSU Activity | A summary of information related to RSU activity during the three months ended July 30, 2022 is as follows: RSUs Outstanding Number of shares Weighted-Average Grant Date Fair Value Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value (in thousands) Balances as of April 30, 2022 4,133,751 $10.26 Granted 300,000 $11.37 Vested (6,313) $10.00 Canceled/ forfeited (218,750) $10.56 Balances and expected to vest as of July 30, 2022 4,208,688 $10.32 1.43 $ 67,549 |
Summary of Information Related to Share Option Activity | A summary of information related to share option activity during the three months ended July 30, 2022 is as follows: Options Outstanding Outstanding Share Options Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value (in thousands) Balance as of April 30, 2022 11,360,745 $1.94 Options exercised and vested (411,687) $1.57 Options canceled/ forfeited (148,107) $3.14 Balance and expected to vest as of July 30, 2022 10,800,951 $1.94 6.86 $ 152,427 Exercisable as of July 30, 2022 10,552,473 $1.94 6.86 $ 148,907 |
Summary of Share-based Compensation Expense | The following table summarizes share-based compensation expense included in the unaudited condensed consolidated statements of operations (in thousands): Three Months Ended July 30, 2022 July 31, 2021 Cost of revenue $ 304 $ 87 Research and development 2,862 482 Selling, general and administrative 2,380 506 $ 5,546 $ 1,075 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Jul. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of Provisions for Income Taxes | Provisions for income taxes for the three months ended July 30, 2022 and July 31, 2021 were as follows (in thousands except percentages): Three Months Ended July 30, 2022 Effective Tax Rate Three Months Ended July 31, 2021 Effective Tax Rate Provision (benefit) for income taxes $ (365) 138.96 % $ 902 (7.72) % |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 3 Months Ended |
Jul. 30, 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 July 30, 2022 July 31, 2021 Numerator: Net loss $ (73) $ (12,577) Denominator: Weighted-average shares outstanding used in basic and diluted calculation 145,077 68,409 Basic and diluted net loss per share $ — $ (0.18) |
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 months ended July 30, 2022 and July 31, 2021 because such securities have an anti-dilutive impact due to losses reported: Three months ended July 30, 2022 July 31, 2021 Options and RSAs 10,552 9,150 RSUs 4,175 — ESPP 25 Customer warrants 4,080 — Convertible preferred shares — 51,992 18,833 61,142 |
Concentrations (Details)
Concentrations (Details) - Customer Concentration Risk | 3 Months Ended | |
Jul. 30, 2022 | Jul. 31, 2021 | |
Accounts Receivable | Customer A | ||
Concentration Risk [Line Items] | ||
Concentration risk percentage | 14% | |
Accounts Receivable | Customer B | ||
Concentration Risk [Line Items] | ||
Concentration risk percentage | 21% | 52% |
Accounts Receivable | Customer C | ||
Concentration Risk [Line Items] | ||
Concentration risk percentage | 21% | |
Accounts Receivable | Customer D | ||
Concentration Risk [Line Items] | ||
Concentration risk percentage | 37% | |
Revenue | Customer A | ||
Concentration Risk [Line Items] | ||
Concentration risk percentage | 32% | |
Revenue | Customer C | ||
Concentration Risk [Line Items] | ||
Concentration risk percentage | 19% | |
Revenue | Customer D | ||
Concentration Risk [Line Items] | ||
Concentration risk percentage | 42% | |
Revenue | Customer E | ||
Concentration Risk [Line Items] | ||
Concentration risk percentage | 17% |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 30, 2022 | Jul. 31, 2021 | |
Disaggregation of Revenue [Line Items] | ||
Total revenue | $ 46,467 | $ 10,724 |
Mainland China | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 22,757 | 81 |
United States | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 12,072 | 4,294 |
Hong Kong | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 4,765 | 1,322 |
Mexico | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 1,525 | 2,552 |
Taiwan | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 67 | 1,630 |
Rest of World | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | $ 5,281 | $ 845 |
Revenue Recognition - Narrative
Revenue Recognition - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |||
Dec. 28, 2021 | Jul. 30, 2022 | Jul. 31, 2021 | Sep. 30, 2021 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Previously deferred revenue recognized | $ 700 | $ 2,000 | ||
Unsatisfied performance obligation, amount | 22,500 | |||
Decrease in contract assets | 4,040 | (803) | ||
Increase in deferred revenue | 1,800 | |||
Previously satisfied performance obligation, amount | 20,200 | |||
Total revenue | 46,467 | 10,724 | ||
Number of shares called by warrant (in shares) | 4,080,000 | |||
Exercise of warrants, price per share (in US dollars per share) | $ 10.74 | |||
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 | 388 | $ 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 | 22,200 | |||
Total revenue | $ 20,600 | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-10-01 | IP Licensing and Development Contract Customer | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Revenue, remaining performance obligation, period | 3 years | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-31 | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Revenue, remaining performance obligation, period | 2 years |
Revenue Recognition - Schedule
Revenue Recognition - Schedule of Weighted-Average Assumptions used in Black-Scholes Option Pricing Model (Details) | Dec. 28, 2021 yr $ / 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 | Jul. 30, 2022 | Apr. 30, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Raw materials | $ 11,921 | $ 11,610 |
Work in process | 13,352 | 10,352 |
Finished goods | 11,758 | 5,375 |
Inventories | $ 37,031 | $ 27,337 |
Supplemental Financial Inform_4
Supplemental Financial Information - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands | Jul. 30, 2022 | Apr. 30, 2022 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 48,929 | $ 31,680 |
Less: accumulated depreciation and amortization | (10,720) | (9,836) |
Property and equipment, net | 38,209 | 21,844 |
Computer equipment and software | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 13,725 | 1,736 |
Laboratory equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 9,977 | 9,521 |
Production equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 16,644 | 15,502 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 1,613 | 1,465 |
Others | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 537 | 524 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 6,433 | $ 2,932 |
Supplemental Financial Inform_5
Supplemental Financial Information - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 30, 2022 | Jul. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Depreciation and amortization | $ 1,636 | $ 867 |
Supplemental Financial Inform_6
Supplemental Financial Information - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Jul. 30, 2022 | Apr. 30, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accrued expenses | $ 9,490 | $ 8,372 |
Current payables relating to purchases of property and equipment | 3,268 | 0 |
Current portion of operating lease liabilities | $ 2,436 | $ 2,379 |
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 | $ 295 | $ 1,312 |
Accrued expenses and other current liabilities | $ 15,489 | $ 12,063 |
Supplemental Financial Inform_7
Supplemental Financial Information - Schedule of Other Noncurrent Liabilities (Details) - USD ($) $ in Thousands | Jul. 30, 2022 | Apr. 30, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Non-current payables relating to purchases of property and equipment | $ 6,490 | $ 0 |
Deferred tax liabilities | 358 | 220 |
Other non-current liabilities | $ 6,848 | $ 220 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | Jul. 30, 2022 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Total value of open purchase orders committed to third party subcontractors | $ 18.3 |
Convertible Preferred Shares (D
Convertible Preferred Shares (Details) - USD ($) $ / shares in Units, $ in Millions | Jan. 31, 2022 | Jul. 30, 2022 | Apr. 30, 2022 | Jan. 30, 2022 | Jul. 31, 2021 | Apr. 30, 2021 |
Temporary Equity Disclosure [Abstract] | ||||||
Convertible preferred shares, shares outstanding (in shares) | 0 | 0 | 52,059,826 | 52,060,000 | 50,809,000 | |
Conversion of convertible preferred shares to ordinary shares (in shares) | 52,059,826 | |||||
Convertible preferred shares, basis | 1 | |||||
Proceeds from conversion of preferred shares | $ 25 | |||||
Conversion price (in USD per share) | $ 9.99 | |||||
Convertible dividend rate | 8% |
Convertible Preferred Shares -
Convertible Preferred Shares - Summary of Preferred Shares Prior to Conversion (Details) - USD ($) $ / shares in Units, $ in Thousands | Jul. 30, 2022 | Apr. 30, 2022 | Jan. 30, 2022 | Jul. 31, 2021 | Apr. 30, 2021 |
Class of Stock [Line Items] | |||||
Convertible preferred shares, shares authorized (in shares) | 52,060,000 | ||||
Convertible preferred shares, shares issued (in shares) | 52,060,000 | ||||
Convertible preferred shares, shares outstanding (in shares) | 0 | 0 | 52,059,826 | 52,060,000 | 50,809,000 |
Convertible preferred shares, liquidation preference | $ 206,174 | ||||
Series A | |||||
Class of Stock [Line Items] | |||||
Convertible preferred shares, shares authorized (in shares) | 8,313,000 | ||||
Convertible preferred shares, shares issued (in shares) | 8,313,000 | ||||
Convertible preferred shares, shares outstanding (in shares) | 8,313,000 | ||||
Per share liquidation preference (in dollars per share) | $ 1 | ||||
Convertible preferred shares, liquidation preference | $ 8,313 | ||||
Series B | |||||
Class of Stock [Line Items] | |||||
Convertible preferred shares, shares authorized (in shares) | 8,593,000 | ||||
Convertible preferred shares, shares issued (in shares) | 8,593,000 | ||||
Convertible preferred shares, shares outstanding (in shares) | 8,593,000 | ||||
Per share liquidation preference (in dollars per share) | $ 2.10 | ||||
Convertible preferred shares, liquidation preference | $ 18,000 | ||||
Series C | |||||
Class of Stock [Line Items] | |||||
Convertible preferred shares, shares authorized (in shares) | 5,245,000 | ||||
Convertible preferred shares, shares issued (in shares) | 5,245,000 | ||||
Convertible preferred shares, shares outstanding (in shares) | 5,245,000 | ||||
Per share liquidation preference (in dollars per share) | $ 4.29 | ||||
Convertible preferred shares, liquidation preference | $ 22,500 | ||||
Series D | |||||
Class of Stock [Line Items] | |||||
Convertible preferred shares, shares authorized (in shares) | 20,028,000 | ||||
Convertible preferred shares, shares issued (in shares) | 20,028,000 | ||||
Convertible preferred shares, shares outstanding (in shares) | 20,028,000 | ||||
Per share liquidation preference (in dollars per share) | $ 4.99 | ||||
Convertible preferred shares, liquidation preference | $ 100,000 | ||||
Series D+ | |||||
Class of Stock [Line Items] | |||||
Convertible preferred shares, shares authorized (in shares) | 9,881,000 | ||||
Convertible preferred shares, shares issued (in shares) | 9,881,000 | ||||
Convertible preferred shares, shares outstanding (in shares) | 9,881,000 | ||||
Per share liquidation preference (in dollars per share) | $ 5.81 | ||||
Convertible preferred shares, liquidation preference | $ 57,361 |
Leases - Narrative (Details)
Leases - Narrative (Details) | Jul. 30, 2022 |
Lessee, Lease, Description [Line Items] | |
Weighted average remaining lease term | 7 years 5 months 4 days |
Weighted average discount rate used for operating leases | 6% |
Minimum | |
Leases [Abstract] | |
Remaining lease term | 1 year |
Lessee, Lease, Description [Line Items] | |
Remaining lease term | 1 year |
Maximum | |
Leases [Abstract] | |
Remaining lease term | 9 years |
Lessee, Lease, Description [Line Items] | |
Remaining lease term | 9 years |
Leases - Lease Expense and Supp
Leases - Lease Expense and Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 30, 2022 | Jul. 31, 2021 | |
Leases [Abstract] | ||
Operating lease expenses | $ 889 | $ 679 |
Cash paid for amounts included in the measurement of operating lease liabilities | 766 | 647 |
Right-of-use assets obtained in exchange for lease obligation | $ 0 | $ 259 |
Leases - Aggregate Future Lease
Leases - Aggregate Future Lease Payments, ASC 842 (Details) $ in Thousands | Jul. 30, 2022 USD ($) |
Leases [Abstract] | |
Remainder of 2023 | $ 2,547 |
2024 | 3,144 |
2025 | 2,657 |
2026 | 2,245 |
2027 | 2,222 |
Thereafter | 7,796 |
Total lease payments | 20,611 |
Less: Interest | 3,885 |
Present value of lease liabilities | $ 16,726 |
Share Incentive Plan - Narrativ
Share Incentive Plan - Narrative (Details) - shares | 3 Months Ended | |
Jul. 30, 2022 | Apr. 30, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share repurchase program, remaining authorized amount (in shares) | 248,478 | 442,787 |
Restricted Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share repurchase program, remaining authorized amount (in shares) | 16,667 | |
Early Option Exercise | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share repurchase program, remaining authorized amount (in shares) | 426,120 | |
ESPP | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares issued during period (in shares) | 154,053 |
Share Incentive Plan - Summary
Share Incentive Plan - Summary of Information Related to RSU Activity (Details) - RSUs $ / shares in Units, $ in Thousands | 3 Months Ended |
Jul. 30, 2022 USD ($) $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Beginning balance (in shares) | shares | 4,133,751 |
Beginning balance (in US dollars per share) | $ / shares | $ 10.26 |
Grants in period (in shares) | shares | 300,000 |
Grant date fair value of warrant (in US dollars per share) | $ / shares | $ 11.37 |
Vested (in shares) | shares | (6,313) |
Vested (in US dollars per share) | $ / shares | $ 10 |
Canceled/ forfeited (in shares) | shares | (218,750) |
Canceled/ forfeited (in US dollars per share) | $ / shares | $ 10.56 |
Ending balance (in shares) | shares | 4,208,688 |
Ending balance (in US dollars per share) | $ / shares | $ 10.32 |
Weighted-Average Remaining Contractual Term | 1 year 5 months 4 days |
Aggregate intrinsic value, options outstanding | $ | $ 67,549 |
Share Incentive Plan - Summar_2
Share Incentive Plan - Summary of Information Related to Share Option Activity (Details) $ / shares in Units, $ in Thousands | 3 Months Ended |
Jul. 30, 2022 USD ($) $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Beginning balance (in shares) | shares | 11,360,745 |
Options exercised and vested (in shares) | shares | (411,687) |
Options canceled/forfeited (in shares) | shares | (148,107) |
Ending balance (in shares) | shares | 10,800,951 |
Options exercisable (in shares) | shares | 10,552,473 |
Weighted-Average Exercise Price | |
Beginning balance (in US dollars per share) | $ / shares | $ 1.94 |
Options exercised and vested (in US dollars per share) | $ / shares | 1.57 |
Options canceled/forfeited (in US dollars per share) | $ / shares | 3.14 |
Ending balance (in US dollars per share) | $ / shares | 1.94 |
Options exercisable (in US dollars per share) | $ / shares | $ 1.94 |
Weighted-Average Remaining Contractual Term and Aggregate Intrinsic Value | |
Weighted-average remaining contractual term, options outstanding | 6 years 10 months 9 days |
Weighted-average remaining contractual term, options exercisable | 6 years 10 months 9 days |
Aggregate intrinsic value, options outstanding, ending balance | $ | $ 152,427 |
Aggregate intrinsic value, options exercisable | $ | $ 148,907 |
Share Incentive Plan - Summar_3
Share Incentive Plan - Summary of Share-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 30, 2022 | Jul. 31, 2021 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Share-based compensation expense | $ 5,546 | $ 1,075 |
Cost of revenue | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Share-based compensation expense | 304 | 87 |
Research and development | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Share-based compensation expense | 2,862 | 482 |
Selling, general and administrative | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Share-based compensation expense | $ 2,380 | $ 506 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 30, 2022 | Jul. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
Provision (benefit) for income taxes | $ (365) | $ 902 |
Effective Tax Rate | 138.96% | (7.72%) |
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 | |
Jul. 30, 2022 | Jul. 31, 2021 | |
Numerator: | ||
Net loss | $ (73) | $ (12,577) |
Denominator: | ||
Weighted-average shares outstanding used in basic calculation (in shares) | 145,077 | 68,409 |
Weighted-average shares outstanding used in diluted calculation (in shares) | 145,077 | 68,409 |
Net loss per share: | ||
Net loss per share, basic (in US dollars per share) | $ 0 | $ (0.18) |
Net loss per share, diluted (in US dollars per share) | $ 0 | $ (0.18) |
Net Loss Per Share - Schedule_2
Net Loss Per Share - Schedule of Potentially Dilutive Securities Outstanding (Details) - shares shares in Thousands | 3 Months Ended | |
Jul. 30, 2022 | Jul. 31, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 18,833 | 61,142 |
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) | 10,552 | 9,150 |
RSUs | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 4,175 | 0 |
ESPP | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 25 | |
Customer warrants | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 4,080 | 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 | 51,992 |