Credo Technology Group Holding (CRDO) 10-Q 1 Dec 22 2023 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Oct. 29, 2022	Nov. 22, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Oct. 29, 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		146,761,687
Entity Central Index Key	0001807794
Amendment Flag	false
Current Fiscal Year End Date	--04-29
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2023

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Oct. 29, 2022	Apr. 30, 2022
Current Assets:
Cash and cash equivalents	$ 190,542	$ 259,322
Short-term investments	50,000	0
Accounts receivable	51,768	29,524
Inventories	47,829	27,337
Contract assets	6,434	10,071
Prepaid expenses and other current assets	3,234	5,923
Total current assets	349,807	332,177
Property and equipment, net	40,664	21,844
Right of use assets	16,132	16,954
Other non-current assets	7,429	4,714
Total assets	414,032	375,689
Current Liabilities:
Accounts payable	23,273	8,487
Accrued compensation and benefits	5,373	4,713
Accrued expenses and other current liabilities	19,447	12,063
Deferred revenue	1,389	1,234
Total current liabilities	49,482	26,497
Non-current operating lease liabilities	14,081	14,809
Other non-current liabilities	6,365	220
Total liabilities	69,928	41,526
Commitments and contingencies (Note 7)
Shareholders' equity:
Ordinary shares, $0.00005 par value; 1,000,000 shares authorized; 146,486 shares issued and outstanding at October 29, 2022; and 1,000,000 shares authorized; 144,755 shares issued and outstanding at April 30, 2022	7	7
Additional paid in capital	438,352	424,562
Accumulated other comprehensive income (loss)	(393)	23
Accumulated deficit	(93,862)	(90,429)
Total shareholders' equity	344,104	334,163
Total liabilities and shareholders' equity	$ 414,032	$ 375,689

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Oct. 29, 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)	146,486,000	144,755,000
Common stock outstanding (in shares)	146,486,000	144,755,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 29, 2022	Oct. 31, 2021	Oct. 29, 2022	Oct. 31, 2021
Revenue:
Total revenue	$ 51,369	$ 26,427	$ 97,836	$ 37,151
Cost of revenue:
Cost of revenue	23,410	10,473	42,214	16,017
Gross profit	27,959	15,954	55,622	21,134
Operating expenses:
Research and development	18,158	11,800	34,841	21,493
Selling, general and administrative	11,540	7,708	22,738	14,825
Total operating expenses	29,698	19,508	57,579	36,318
Operating loss	(1,739)	(3,554)	(1,957)	(15,184)
Other income (expense), net	(692)	55	(912)	10
Loss before income taxes	(2,431)	(3,499)	(2,869)	(15,174)
Provision for income taxes	929	601	564	1,503
Net loss	$ (3,360)	$ (4,100)	$ (3,433)	$ (16,677)
Net loss per share:
Net loss per share, basic (in US dollars per share)	$ (0.02)	$ (0.06)	$ (0.02)	$ (0.24)
Net loss per share, diluted (in US dollars per share)	$ (0.02)	$ (0.06)	$ (0.02)	$ (0.24)
Weighted-average shares:
Weighted-average shares, basic (in shares)	146,012	69,094	145,545	68,751
Weighted-average shares, diluted (in shares)	146,012	69,094	145,545	68,751
Product sales
Revenue:
Total revenue	$ 44,349	$ 18,454	$ 79,612	$ 25,717
Cost of revenue:
Cost of revenue	22,658	9,849	40,183	14,206
Product engineering services
Revenue:
Total revenue	3,750	1,355	4,574	2,674
Cost of revenue:
Cost of revenue	418	532	518	1,397
IP license
Revenue:
Total revenue	2,084	6,142	12,464	7,172
IP license engineering services
Revenue:
Total revenue	1,186	476	1,186	1,588
Cost of revenue:
Cost of revenue	334	92	334	414
IP License
Cost of revenue:
Cost of revenue	$ 0	$ 0	$ 1,179	$ 0

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 29, 2022	Oct. 31, 2021	Oct. 29, 2022	Oct. 31, 2021
Statement of Comprehensive Income [Abstract]
Net loss	$ (3,360)	$ (4,100)	$ (3,433)	$ (16,677)
Other comprehensive gain (loss):
Foreign currency translation gain (loss)	(320)	32	(416)	27
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$ (3,680)	$ (4,068)	$ (3,849)	$ (16,650)

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 equity incentive plans (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, 2021	50,809,000
Beginning balance at Apr. 30, 2021	$ 197,965
Ending balance (in shares) at Oct. 31, 2021	52,060,000
Ending balance at Oct. 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]
Total comprehensive loss	(16,650)
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)
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 equity incentive plans (in shares)			667,000
Ordinary shares issued under equity incentive plans	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)
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 equity incentive plans (in shares)			589,000
Ordinary shares issued under equity incentive plans	1,977			1,977
Share-based compensation	5,546			5,546
Warrant contra revenue	388			388
Total comprehensive loss	(169)				(96)	(73)
Ending balance (in shares) at Jul. 30, 2022			145,344,000
Ending balance at Jul. 30, 2022	$ 341,905		$ 7	432,473	(73)	(90,502)
Beginning balance (in shares) at Apr. 30, 2022	0
Beginning balance at Apr. 30, 2022	$ 0
Ending balance (in shares) at Oct. 29, 2022	0
Ending balance at Oct. 29, 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]
Total comprehensive loss	$ (3,849)
Ending balance (in shares) at Oct. 29, 2022	146,486,000		146,486,000
Ending balance at Oct. 29, 2022	$ 344,104		$ 7	438,352	(393)	(93,862)
Beginning balance (in shares) at Jul. 30, 2022	0
Beginning balance at Jul. 30, 2022	$ 0
Ending balance (in shares) at Oct. 29, 2022	0
Ending balance at Oct. 29, 2022	$ 0
Beginning balance (in shares) at Jul. 30, 2022			145,344,000
Beginning balance at Jul. 30, 2022	341,905		$ 7	432,473	(73)	(90,502)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Ordinary shares issued under equity incentive plans (in shares)			1,142,000
Ordinary shares issued under equity incentive plans	741			741
Share-based compensation	4,891			4,891
Warrant contra revenue	247			247
Total comprehensive loss	$ (3,680)				(320)	(3,360)
Ending balance (in shares) at Oct. 29, 2022	146,486,000		146,486,000
Ending balance at Oct. 29, 2022	$ 344,104		$ 7	$ 438,352	$ (393)	$ (93,862)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Oct. 29, 2022	Oct. 31, 2021
Cash flows from operating activities:
Net loss	$ (3,433)	$ (16,677)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	4,260	2,000
Share-based compensation	10,437	2,382
Warrant contra revenue	635	0
Write-downs for excess and obsolete inventory	1,102	696
Changes in operating assets and liabilities:
Accounts receivable	(22,244)	(15,335)
Inventories	(21,594)	(14,879)
Contract assets	3,629	(900)
Prepaid and other current assets	2,689	(124)
Other non-current assets	(998)	(1,691)
Accounts payable	10,073	3,135
Accrued expenses, compensation and other liabilities	4,827	5,015
Deferred revenue	155	1,459
Net cash used in operating activities	(10,462)	(34,919)
Cash flows from investing activities:
Purchases of property and equipment	(10,925)	(4,985)
Purchases of short-term investments	(50,000)	0
Net cash used in investing activities	(60,925)	(4,985)
Cash flows from financing activities:
Payments for IPO offering costs	0	(948)
Proceeds from employee share incentive plans	2,723	869
Proceeds from issuance of convertible preferred shares, net of issuance costs	0	7,245
Net cash provided by financing activities	2,723	7,166
Effect of exchange rate changes on cash	(116)	28
Net decrease in cash and cash equivalents	(68,780)	(32,710)
Cash and cash equivalents at beginning of the period	259,322	103,757
Cash and cash equivalents at end of the period	190,542	71,047
Supplemental cash flow information:
Purchase of property and equipment included in accounts payable, accrued expenses and other liabilities	$ 14,513	$ 183

Description of Business and Bas

Description of Business and Basis of Presentation	6 Months Ended
	Oct. 29, 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 ended on October 29, 2022 and the third quarter ends on January 28, 2023.

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Oct. 29, 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 and six months ended October 29, 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, ordinary shares and a customer warrant, 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. Cash, Cash Equivalents and Short-term Investments Cash and cash equivalents are highly liquid investments with insignificant interest rate risk and maturities of three months or less at the time of acquisition. Cash and cash equivalents consist primarily of cash balances in the Company’s bank checking and savings accounts, and government and institutional money market funds. Investments not considered cash equivalents, and with maturities of one year or less from the consolidated balance sheet date, are classified as short-term investments. Short-term investments consist of a certificate of deposit with original maturity date between three and twelve months. The classification of our investments in marketable debt securities is determined at the time of purchase, and such determination is reevaluated at each balance sheet date. Marketable debt securities are classified as available-for-sale. These investments are considered impaired when a decline in fair value is judged to be other-than-temporary. We consult with our investment managers and consider available quantitative and qualitative evidence in evaluating potential impairment of our investments on a quarterly basis. If the cost of an individual investment exceeds its fair value, we evaluate, among other factors, general market conditions, the duration and extent to which the fair value is less than cost, and our intent and ability to hold the investment. Once a decline in fair value is determined to be other-than-temporary, an impairment charge is recorded and a new cost basis in the investment is established. 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	6 Months Ended
	Oct. 29, 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, short term investments and accounts receivable. Cash is placed in major financial institutions around the world. The Company’s cash deposits exceed insured limits. Short-term investments are subject to counterparty risk up to the amount presented on the balance sheet. Historically, a relatively small number of customers have accounted for a significant portion of the Company’s revenue. The particular customers which account for revenue concentration have varied from period-to-period as a result of the addition of new contracts, completion of existing contracts, and the volumes and prices at which the customers have recently bought the Company’s products. These variations are expected to continue in the foreseeable future. The following table summarizes the significant customers’ accounts receivable and revenue as a percentage of total accounts receivable and total revenue, respectively: Accounts Receivable October 29, 2022 April 30, 2022 Customer A 44 % * Customer B 21 % * Customer C 14 % 52 % Customer D 11 % 14 % Three months ended Six months ended Revenue October 29, 2022 October 31, 2021 October 29, 2022 October 31, 2021 Customer A 44 % * 43 % * Customer B * 22 % * 15 % Customer C 16 % 33 % 11 % 24 % Customer D 19 % * 13 % 15 % Customer E * 19 % * 19 % * Less than 10% of total accounts receivable or total revenue.

Revenue Recognition

Revenue Recognition	6 Months Ended
	Oct. 29, 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 Six Months Ended October 29, 2022 October 31, 2021 October 29, 2022 October 31, 2021 Mainland China $ 31,423 $ 9,255 $ 54,179 $ 9,336 United States 6,422 8,782 18,488 13,075 Hong Kong 2,281 1,658 7,053 2,980 Mexico 2,611 1,329 4,135 3,881 Taiwan 2,934 94 3,001 1,725 Singapore 1,079 4,941 4,150 4,962 Rest of World 4,619 368 6,830 1,192 $ 51,369 $ 26,427 $ 97,836 $ 37,151 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 October 29, 2022 and April 30, 2022. During the three months ended October 29, 2022, the Company recognized $1.8 million of revenue that was included in the deferred revenue balance as of July 30, 2022. During the three months ended October 31, 2021, the Company recognized $2.1 million of revenue that was included in the deferred revenue balance as of July 31, 2021. During the six months ended October 29, 2022, the Company recognized $1.0 million of revenue that was included in the deferred revenue balance as of April 30, 2022. During the six months ended October 31, 2021, the Company recognized $3.9 million of revenue that was included in the deferred revenue balance as of April 30, 2021. During six months ended October 29, 2022, the decrease in contract assets of $3.6 million was primarily due to IP licensing and engineering services arrangements where certain billing milestones had been reached. During six months ended October 29, 2022, the change to deferred revenue balance was not material. 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 $11.4 million and the satisfied but unrecognized performance obligations was approximately $20.2 million as of October 29, 2022, which the Company expects to recognize over the next year. 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 October 29, 2022, we had billed $22.2 million and recognized revenue amounting to $21.8 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 October 29, 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 October 29, 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	6 Months Ended
	Oct. 29, 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 Company measures the fair value of money market funds using Level 1 inputs. The Company’s certificates of deposit are classified as a held-to-maturity security as the Company intends to hold until their maturity dates. The certificates of deposit are valued using Level 2 inputs. Pricing sources may include industry standard data providers, security master files from large financial institutions, and other third -party sources used to determine a daily market value. The following table present the fair value of the financial instruments measured on a recurring basis as of October 29, 2022 (in thousands). October 29, 2022 Level 1 Level 2 Level 3 Total Cash equivalents: Certificates of deposit $ — $ 9,226 $ — $ 9,226 Money market funds 150,000 — — 150,000 Short-term investments: Certificate of deposit — 50,000 — 50,000 Total cash equivalents and short-term investments $ 150,000 $ 59,226 $ — $ 209,226

Supplemental Financial Informat

Supplemental Financial Information	6 Months Ended
	Oct. 29, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Supplemental Financial Information	Supplemental Financial Information Inventories Inventories consisted of the following (in thousands): October 29, 2022 April 30, 2022 Raw materials $ 20,739 $ 11,610 Work in process 11,913 10,352 Finished goods 15,177 5,375 $ 47,829 $ 27,337 Property and Equipment, Net Property and equipment consisted of the following (in thousands): October 29, 2022 April 30, 2022 Computer equipment and software $ 13,832 $ 1,736 Laboratory equipment 11,123 9,521 Production equipment 17,314 15,502 Leasehold improvements 1,559 1,465 Others 512 524 Construction in progress 9,313 2,932 53,653 31,680 Less: accumulated depreciation and amortization (12,989) (9,836) $ 40,664 $ 21,844 Depreciation and amortization expense for the three months ended October 29, 2022 and October 31, 2021 was $2.6 million and $1.1 million, respectively. Depreciation and amortization expense for the six months ended October 29, 2022 and October 31, 2021 was $4.3 million and $2.0 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): October 29, 2022 April 30, 2022 Accrued expenses $ 12,098 $ 8,372 Current payables relating to purchases of property and equipment 3,615 — Current portion of operating lease liabilities 2,542 2,379 Income tax payable 1,192 1,312 $ 19,447 $ 12,063 Other non-current Liabilities Other non-current liabilities consisted of the following (in thousands): October 29, 2022 April 30, 2022 Non-current payables relating to purchases of property and equipment $ 6,017 $ — Deferred tax liabilities 348 220 $ 6,365 $ 220

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Oct. 29, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Non-cancelable Purchase Obligations Total future non-cancelable purchase obligations as of October 29, 2022 are as follows (in thousands): Fiscal Year Purchase Commitments to Manufacturing Vendors Technology License Fees Remainder of 2023 $ 6,200 $ 2,202 2024 4,039 5,177 2025 6,763 5,432 2026 8,131 350 2027 9,282 350 Thereafter 7,319 700 Total unconditional purchase commitments $ 41,734 $ 14,211 Technology license fees include the liabilities under agreements for technology licenses between the Company and various vendors. Under the Company’s manufacturing relationships with its foundry partners, cancellation of outstanding purchase orders is allowed but requires payment of all costs and expenses incurred through the date of cancellation. As of October 29, 2022, the total value of non-cancelable purchase orders payable within the next one year, that were committed with the Company’s third party subcontractors was approximately $6.2 million. Such purchase commitments are included in the preceding table. The Company entered into a manufacturing supply capacity reservation agreement with an assembly subcontractor during the current fiscal year due to the current global supply shortage environment. Under this arrangement, the Company agreed to pay refundable deposits to the supplier in exchange for reserved manufacturing production capacity over the term of the agreement, which approximates five years. In addition, the Company committed to certain purchase levels that were in line with the capacity reserved. If the Company does not meet the purchase level commitment, the agreement requires the Company to pay a fee equal to the difference between the actual purchase and the purchase commitment, up to the value of refundable deposits made. The Company currently estimates that it has made purchase level commitments of at least $35.5 million for the remainder of fiscal 2023 through fiscal 2028 under the capacity reservation agreement. Such purchase commitments are included in the preceding table. In addition, refundable deposits payable under this arrangement are $5.4 million during the remainder of fiscal 2023 and $3.4 million in fiscal 2024. 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 October 29, 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 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	6 Months Ended
	Oct. 29, 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	6 Months Ended
	Oct. 29, 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 Six Months Ended October 29, 2022 October 31, 2021 October 29, 2022 October 31, 2021 Operating lease expenses $ 891 $ 676 $ 1,780 $ 1,355 Cash paid for amounts included in the measurement of operating lease liabilities $ 779 $ 724 $ 1,545 $ 1,371 Right-of-use assets obtained in exchange for lease obligation $ 649 $ — $ 649 $ 259 The aggregate future lease payments for operating leases as of October 29, 2022 are as follows (in thousands): Fiscal Year Operating leases Remainder of 2023 $ 1,606 2024 3,298 2025 2,862 2026 2,344 2027 2,216 Thereafter 7,796 Total lease payments 20,122 Less: Interest 3,499 Present value of lease liabilities $ 16,623 As of October 29, 2022, the weighted average remaining lease term for the Company's operating leases is 7.15 years and the weighted average discount rate used to determine the present value of the Company's operating leases is 5.81%.

Share Incentive Plan

Share Incentive Plan	6 Months Ended
	Oct. 29, 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 October 29, 2022, 168,390 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 six months ended October 29, 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 716,600 $13.69 Vested (716,375) $10.01 Canceled/ forfeited (260,938) $10.47 Balances and expected to vest as of October 29, 2022 3,873,038 $10.92 1.53 $ 53,138 Share Option Awards A summary of information related to share option activity during the six months ended October 29, 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 (843,921) $1.68 Options canceled/ forfeited (168,586) $3.03 Balance and expected to vest as of October 29, 2022 10,348,238 $1.95 6.66 $ 121,814 Exercisable as of October 29, 2022 10,179,848 $1.95 6.66 $ 119,833 Employee Stock Purchase Plan (“ESPP”) During the six months ended October 29, 2022, 154,053 shares were issued under the ESPP. No shares were issued during the three months ended October 29, 2022 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 Six Months Ended October 29, 2022 October 31, 2021 October 29, 2022 October 31, 2021 Cost of revenue $ 149 $ 47 $ 452 $ 134 Research and development 2,756 678 5,619 1,160 Selling, general and administrative 1,986 582 4,366 1,088 $ 4,891 $ 1,307 $ 10,437 $ 2,382

Income Taxes

Income Taxes	6 Months Ended
	Oct. 29, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s tax provision for interim periods is determined using an estimate of its annual effective tax rate, 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 six months ended October 29, 2022 and October 31, 2021 were as follows (in thousands except percentages): Three Months Ended Six Months Ended October 29, 2022 October 31, 2021 % Change October 29, 2022 October 31, 2021 % Change Provision for income taxes $ 929 $ 601 54.6 % $ 564 $ 1,503 (62.5) % Effective tax rate (38) % (17) % (20) % (10) % Our effective tax rate for the three months ended October 29, 2022 differs from the same period in the prior year primarily due to an increase in estimated annual tax provision based on the estimated annual effective tax rate, offset by an increase in stock based compensation deductions. Our effective tax rate for the six months ended October 29, 2022 differs from the same period in the prior year primarily due to an increase in stock based compensation deductions.

Net Loss Per Share

Net Loss Per Share	6 Months Ended
	Oct. 29, 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 Six Months Ended October 29, 2022 October 31, 2021 October 29, 2022 October 31, 2021 Numerator: Net loss $ (3,360) $ (4,100) $ (3,433) $ (16,677) Denominator: Weighted-average shares outstanding used in basic and diluted calculation 146,012 69,094 145,545 68,751 Basic and diluted net loss per share $ (0.02) $ (0.06) $ (0.02) $ (0.24) The following potentially dilutive securities outstanding (in thousands) have been excluded from the computations of diluted weighted average shares outstanding for the three and six months ended October 29, 2022 and October 31, 2021 because such securities have an anti-dilutive impact due to losses reported: Three Months Ended Six Months Ended October 29, 2022 October 31, 2021 October 29, 2022 October 31, 2021 Options and RSAs 10,492 9,828 10,675 8,696 RSUs 3,753 — 3,981 — ESPP 76 — 76 — Customer warrants 4,080 — 4,080 — Convertible preferred shares — 52,026 — 52,026 18,401 61,854 18,812 60,722

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	6 Months Ended
	Oct. 29, 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, ordinary shares and a customer warrant, 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.
Cash, Cash Equivalents	Cash and cash equivalents are highly liquid investments with insignificant interest rate risk and maturities of three months or less at the time of acquisition. Cash and cash equivalents consist primarily of cash balances in the Company’s bank checking and savings accounts, and government and institutional money market funds.
Short-term Investments	Investments not considered cash equivalents, and with maturities of one year or less from the consolidated balance sheet date, are classified as short-term investments. Short-term investments consist of a certificate of deposit with original maturity date between three and twelve months. The classification of our investments in marketable debt securities is determined at the time of purchase, and such determination is reevaluated at each balance sheet date. Marketable debt securities are classified as available-for-sale. These investments are considered impaired when a decline in fair value is judged to be other-than-temporary. We consult with our investment managers and consider available quantitative and qualitative evidence in evaluating potential impairment of our investments on a quarterly basis. If the cost of an individual investment exceeds its fair value, we evaluate, among other factors, general market conditions, the duration and extent to which the fair value is less than cost, and our intent and ability to hold the investment. Once a decline in fair value is determined to be other-than-temporary, an impairment charge is recorded and a new cost basis in the investment is established.
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)	6 Months Ended
	Oct. 29, 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: Accounts Receivable October 29, 2022 April 30, 2022 Customer A 44 % * Customer B 21 % * Customer C 14 % 52 % Customer D 11 % 14 % Three months ended Six months ended Revenue October 29, 2022 October 31, 2021 October 29, 2022 October 31, 2021 Customer A 44 % * 43 % * Customer B * 22 % * 15 % Customer C 16 % 33 % 11 % 24 % Customer D 19 % * 13 % 15 % Customer E * 19 % * 19 % * Less than 10% of total accounts receivable or total revenue.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Oct. 29, 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 Six Months Ended October 29, 2022 October 31, 2021 October 29, 2022 October 31, 2021 Mainland China $ 31,423 $ 9,255 $ 54,179 $ 9,336 United States 6,422 8,782 18,488 13,075 Hong Kong 2,281 1,658 7,053 2,980 Mexico 2,611 1,329 4,135 3,881 Taiwan 2,934 94 3,001 1,725 Singapore 1,079 4,941 4,150 4,962 Rest of World 4,619 368 6,830 1,192 $ 51,369 $ 26,427 $ 97,836 $ 37,151
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

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Oct. 29, 2022
Fair Value Disclosures [Abstract]
Schedule of Fair Value Measurements, Recurring	The following table present the fair value of the financial instruments measured on a recurring basis as of October 29, 2022 (in thousands). October 29, 2022 Level 1 Level 2 Level 3 Total Cash equivalents: Certificates of deposit $ — $ 9,226 $ — $ 9,226 Money market funds 150,000 — — 150,000 Short-term investments: Certificate of deposit — 50,000 — 50,000 Total cash equivalents and short-term investments $ 150,000 $ 59,226 $ — $ 209,226

Supplemental Financial Inform_2

Supplemental Financial Information (Tables)	6 Months Ended
	Oct. 29, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Inventory	Inventories consisted of the following (in thousands): October 29, 2022 April 30, 2022 Raw materials $ 20,739 $ 11,610 Work in process 11,913 10,352 Finished goods 15,177 5,375 $ 47,829 $ 27,337
Schedule of Property and Equipment, Net	Property and equipment consisted of the following (in thousands): October 29, 2022 April 30, 2022 Computer equipment and software $ 13,832 $ 1,736 Laboratory equipment 11,123 9,521 Production equipment 17,314 15,502 Leasehold improvements 1,559 1,465 Others 512 524 Construction in progress 9,313 2,932 53,653 31,680 Less: accumulated depreciation and amortization (12,989) (9,836) $ 40,664 $ 21,844
Schedule of Accrued Expenses	Accrued expenses and other current liabilities consisted of the following (in thousands): October 29, 2022 April 30, 2022 Accrued expenses $ 12,098 $ 8,372 Current payables relating to purchases of property and equipment 3,615 — Current portion of operating lease liabilities 2,542 2,379 Income tax payable 1,192 1,312 $ 19,447 $ 12,063
Schedule of Other Current Liabilities	Accrued expenses and other current liabilities consisted of the following (in thousands): October 29, 2022 April 30, 2022 Accrued expenses $ 12,098 $ 8,372 Current payables relating to purchases of property and equipment 3,615 — Current portion of operating lease liabilities 2,542 2,379 Income tax payable 1,192 1,312 $ 19,447 $ 12,063
Schedule of Other Noncurrent Liabilities	Other non-current liabilities consisted of the following (in thousands): October 29, 2022 April 30, 2022 Non-current payables relating to purchases of property and equipment $ 6,017 $ — Deferred tax liabilities 348 220 $ 6,365 $ 220

Commitment and Contingencies (T

Commitment and Contingencies (Tables)	6 Months Ended
	Oct. 29, 2022
Commitments and Contingencies Disclosure [Abstract]
Schedule of Non-Cancelable Purchase Obligations	Total future non-cancelable purchase obligations as of October 29, 2022 are as follows (in thousands): Fiscal Year Purchase Commitments to Manufacturing Vendors Technology License Fees Remainder of 2023 $ 6,200 $ 2,202 2024 4,039 5,177 2025 6,763 5,432 2026 8,131 350 2027 9,282 350 Thereafter 7,319 700 Total unconditional purchase commitments $ 41,734 $ 14,211

Convertible Preferred Shares (T

Convertible Preferred Shares (Tables)	6 Months Ended
	Oct. 29, 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)	6 Months Ended
	Oct. 29, 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 Six Months Ended October 29, 2022 October 31, 2021 October 29, 2022 October 31, 2021 Operating lease expenses $ 891 $ 676 $ 1,780 $ 1,355 Cash paid for amounts included in the measurement of operating lease liabilities $ 779 $ 724 $ 1,545 $ 1,371 Right-of-use assets obtained in exchange for lease obligation $ 649 $ — $ 649 $ 259
Aggregate Future Lease Payments, ASC 842	The aggregate future lease payments for operating leases as of October 29, 2022 are as follows (in thousands): Fiscal Year Operating leases Remainder of 2023 $ 1,606 2024 3,298 2025 2,862 2026 2,344 2027 2,216 Thereafter 7,796 Total lease payments 20,122 Less: Interest 3,499 Present value of lease liabilities $ 16,623

Share Incentive Plan (Tables)

Share Incentive Plan (Tables)	6 Months Ended
	Oct. 29, 2022
Share-based Payment Arrangement [Abstract]
Summary of Information Related to RSU Activity	A summary of information related to RSU activity during the six months ended October 29, 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 716,600 $13.69 Vested (716,375) $10.01 Canceled/ forfeited (260,938) $10.47 Balances and expected to vest as of October 29, 2022 3,873,038 $10.92 1.53 $ 53,138
Summary of Information Related to Share Option Activity	A summary of information related to share option activity during the six months ended October 29, 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 (843,921) $1.68 Options canceled/ forfeited (168,586) $3.03 Balance and expected to vest as of October 29, 2022 10,348,238 $1.95 6.66 $ 121,814 Exercisable as of October 29, 2022 10,179,848 $1.95 6.66 $ 119,833
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 Six Months Ended October 29, 2022 October 31, 2021 October 29, 2022 October 31, 2021 Cost of revenue $ 149 $ 47 $ 452 $ 134 Research and development 2,756 678 5,619 1,160 Selling, general and administrative 1,986 582 4,366 1,088 $ 4,891 $ 1,307 $ 10,437 $ 2,382

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Oct. 29, 2022
Income Tax Disclosure [Abstract]
Schedule of Provisions for Income Taxes	Provisions for income taxes for the three and six months ended October 29, 2022 and October 31, 2021 were as follows (in thousands except percentages): Three Months Ended Six Months Ended October 29, 2022 October 31, 2021 % Change October 29, 2022 October 31, 2021 % Change Provision for income taxes $ 929 $ 601 54.6 % $ 564 $ 1,503 (62.5) % Effective tax rate (38) % (17) % (20) % (10) %

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	6 Months Ended
	Oct. 29, 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 Six Months Ended October 29, 2022 October 31, 2021 October 29, 2022 October 31, 2021 Numerator: Net loss $ (3,360) $ (4,100) $ (3,433) $ (16,677) Denominator: Weighted-average shares outstanding used in basic and diluted calculation 146,012 69,094 145,545 68,751 Basic and diluted net loss per share $ (0.02) $ (0.06) $ (0.02) $ (0.24)
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 six months ended October 29, 2022 and October 31, 2021 because such securities have an anti-dilutive impact due to losses reported: Three Months Ended Six Months Ended October 29, 2022 October 31, 2021 October 29, 2022 October 31, 2021 Options and RSAs 10,492 9,828 10,675 8,696 RSUs 3,753 — 3,981 — ESPP 76 — 76 — Customer warrants 4,080 — 4,080 — Convertible preferred shares — 52,026 — 52,026 18,401 61,854 18,812 60,722

Concentrations (Details)

Concentrations (Details) - Customer Concentration Risk	3 Months Ended		6 Months Ended		12 Months Ended
	Oct. 29, 2022	Oct. 31, 2021	Oct. 29, 2022	Oct. 31, 2021	Apr. 30, 2022
Accounts Receivable | Customer A
Concentration Risk [Line Items]
Concentration risk percentage			44%
Accounts Receivable | Customer B
Concentration Risk [Line Items]
Concentration risk percentage			21%
Accounts Receivable | Customer C
Concentration Risk [Line Items]
Concentration risk percentage			14%		52%
Accounts Receivable | Customer D
Concentration Risk [Line Items]
Concentration risk percentage			11%		14%
Revenue | Customer A
Concentration Risk [Line Items]
Concentration risk percentage	44%		43%
Revenue | Customer B
Concentration Risk [Line Items]
Concentration risk percentage		22%		15%
Revenue | Customer C
Concentration Risk [Line Items]
Concentration risk percentage	16%	33%	11%	24%
Revenue | Customer D
Concentration Risk [Line Items]
Concentration risk percentage	19%		13%	15%
Revenue | Customer E
Concentration Risk [Line Items]
Concentration risk percentage		19%		19%

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 29, 2022	Oct. 31, 2021	Oct. 29, 2022	Oct. 31, 2021
Disaggregation of Revenue [Line Items]
Total revenue	$ 51,369	$ 26,427	$ 97,836	$ 37,151
Mainland China
Disaggregation of Revenue [Line Items]
Total revenue	31,423	9,255	54,179	9,336
United States
Disaggregation of Revenue [Line Items]
Total revenue	6,422	8,782	18,488	13,075
Hong Kong
Disaggregation of Revenue [Line Items]
Total revenue	2,281	1,658	7,053	2,980
Mexico
Disaggregation of Revenue [Line Items]
Total revenue	2,611	1,329	4,135	3,881
Taiwan
Disaggregation of Revenue [Line Items]
Total revenue	2,934	94	3,001	1,725
Singapore
Disaggregation of Revenue [Line Items]
Total revenue	1,079	4,941	4,150	4,962
Rest of World
Disaggregation of Revenue [Line Items]
Total revenue	$ 4,619	$ 368	$ 6,830	$ 1,192

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended
	Dec. 28, 2021	Oct. 29, 2022	Oct. 31, 2021	Oct. 29, 2022	Oct. 31, 2021	Sep. 30, 2021
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Previously deferred revenue recognized		$ 1,800	$ 2,100	$ 1,000	$ 3,900
Decrease in contract assets				3,629	(900)
Unsatisfied performance obligation, amount		11,400		11,400
Previously satisfied performance obligation, amount				20,200
Total revenue		51,369	$ 26,427	97,836	37,151
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		200		635	$ 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		22,200
Total revenue				$ 21,800
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 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

Fair Value Measures - Recurring

Fair Value Measures - Recurring Basis (Details) - Fair Value, Recurring $ in Thousands	Oct. 29, 2022 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents and short-term investments	$ 209,226
Certificate of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Certificate of deposit	50,000
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents and short-term investments	150,000
Certificate of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents and short-term investments	9,226
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents and short-term investments	150,000
Level 1 | Certificate of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Certificate of deposit	0
Level 1 | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents and short-term investments	150,000
Level 1 | Certificate of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents and short-term investments	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents and short-term investments	59,226
Level 2 | Certificate of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Certificate of deposit	50,000
Level 2 | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents and short-term investments	0
Level 2 | Certificate of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents and short-term investments	9,226
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents and short-term investments	0
Level 3 | Certificate of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Certificate of deposit	0
Level 3 | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents and short-term investments	0
Level 3 | Certificate of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents and short-term investments	$ 0

Supplemental Financial Inform_3

Supplemental Financial Information - Schedule of Inventory (Details) - USD ($) $ in Thousands	Oct. 29, 2022	Apr. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Raw materials	$ 20,739	$ 11,610
Work in process	11,913	10,352
Finished goods	15,177	5,375
Inventories	$ 47,829	$ 27,337

Supplemental Financial Inform_4

Supplemental Financial Information - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Oct. 29, 2022	Apr. 30, 2022
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 53,653	$ 31,680
Less: accumulated depreciation and amortization	(12,989)	(9,836)
Property and equipment, net	40,664	21,844
Computer equipment and software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	13,832	1,736
Laboratory equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	11,123	9,521
Production equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	17,314	15,502
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,559	1,465
Others
Property, Plant and Equipment [Line Items]
Property and equipment, gross	512	524
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 9,313	$ 2,932

Supplemental Financial Inform_5

Supplemental Financial Information - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 29, 2022	Oct. 31, 2021	Oct. 29, 2022	Oct. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Depreciation and amortization	$ 2,600	$ 1,100	$ 4,260	$ 2,000

Supplemental Financial Inform_6

Supplemental Financial Information - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Oct. 29, 2022	Apr. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued expenses	$ 12,098	$ 8,372
Current payables relating to purchases of property and equipment	3,615	0
Current portion of operating lease liabilities	$ 2,542	$ 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	$ 1,192	$ 1,312
Accrued expenses and other current liabilities	$ 19,447	$ 12,063

Supplemental Financial Inform_7

Supplemental Financial Information - Schedule of Other Noncurrent Liabilities (Details) - USD ($) $ in Thousands	Oct. 29, 2022	Apr. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Non-current payables relating to purchases of property and equipment	$ 6,017	$ 0
Deferred tax liabilities	348	220
Other non-current liabilities	$ 6,365	$ 220

Commitment and Contingencies -

Commitment and Contingencies - Schedule of Non-Cancelable Purchase Obligations (Details) $ in Thousands	Oct. 29, 2022 USD ($)
Manufacturing Vendors
Long-term Purchase Commitment [Line Items]
Purchase obligations, Remainder of 2023	$ 6,200
Purchase obligations, Due 2024	4,039
Purchase obligations, Due 2025	6,763
Purchase obligations, Due 2026	8,131
Purchase obligations, Due 2027	9,282
Purchase obligations, Due Thereafter	7,319
Total unconditional purchase commitments	41,734
Technology License Fees
Long-term Purchase Commitment [Line Items]
Purchase obligations, Remainder of 2023	2,202
Purchase obligations, Due 2024	5,177
Purchase obligations, Due 2025	5,432
Purchase obligations, Due 2026	350
Purchase obligations, Due 2027	350
Purchase obligations, Due Thereafter	700
Total unconditional purchase commitments	$ 14,211

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) $ in Thousands	6 Months Ended
	Oct. 29, 2022 USD ($)
Long-term Purchase Commitment [Line Items]
Product warranty	1 year
Manufacturing Vendors
Long-term Purchase Commitment [Line Items]
Purchase obligations, Remainder of 2023	$ 6,200
Purchase commitments to be paid, remainder of fiscal year 2023 through 2028	35,500
Refundable deposits payable, remainder of fiscal year	5,400
Refundable deposits payable, next fiscal year	$ 3,400

Convertible Preferred Shares (D

Convertible Preferred Shares (Details) - USD ($) $ / shares in Units, $ in Millions	Jan. 31, 2022	Oct. 29, 2022	Jul. 30, 2022	Apr. 30, 2022	Jan. 30, 2022	Oct. 31, 2021	Jul. 31, 2021	Apr. 30, 2021
Temporary Equity Disclosure [Abstract]
Convertible preferred shares, shares outstanding (in shares)		0	0	0	52,059,826	52,060,000	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	Oct. 29, 2022	Jul. 30, 2022	Apr. 30, 2022	Jan. 30, 2022	Oct. 31, 2021	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	0	52,059,826	52,060,000	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)	Oct. 29, 2022
Lessee, Lease, Description [Line Items]
Weighted average remaining lease term	7 years 1 month 24 days
Weighted average discount rate used for operating leases	5.81%
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease term	1 year
Maximum
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		6 Months Ended
	Oct. 29, 2022	Oct. 31, 2021	Oct. 29, 2022	Oct. 31, 2021
Leases [Abstract]
Operating lease expenses	$ 891	$ 676	$ 1,780	$ 1,355
Cash paid for amounts included in the measurement of operating lease liabilities	779	724	1,545	1,371
Right-of-use assets obtained in exchange for lease obligation	$ 649	$ 0	$ 649	$ 259

Leases - Aggregate Future Lease

Leases - Aggregate Future Lease Payments, ASC 842 (Details) $ in Thousands	Oct. 29, 2022 USD ($)
Leases [Abstract]
Remainder of 2023	$ 1,606
2024	3,298
2025	2,862
2026	2,344
2027	2,216
Thereafter	7,796
Total lease payments	20,122
Less: Interest	3,499
Present value of lease liabilities	$ 16,623

Share Incentive Plan - Narrativ

Share Incentive Plan - Narrative (Details) - shares	3 Months Ended	6 Months Ended
	Oct. 29, 2022	Oct. 29, 2022	Apr. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share repurchase program, remaining authorized amount (in shares)	168,390	168,390	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)	0	154,053

Share Incentive Plan - Summary

Share Incentive Plan - Summary of Information Related to RSU Activity (Details) - RSUs $ / shares in Units, $ in Thousands	6 Months Ended
	Oct. 29, 2022 USD ($) $ / shares shares
Number of shares
Beginning balance (in shares) | shares	4,133,751
Granted (in shares) | shares	716,600
Vested (in shares) | shares	(716,375)
Canceled/ forfeited (in shares) | shares	(260,938)
Ending balance (in shares) | shares	3,873,038
Weighted-Average Grant Date Fair Value
Beginning balance (in US dollars per share) | $ / shares	$ 10.26
Granted (in US dollars per share) | $ / shares	13.69
Vested (in US dollars per share) | $ / shares	10.01
Canceled/ forfeited (in US dollars per share) | $ / shares	10.47
Ending balance (in US dollars per share) | $ / shares	$ 10.92
Weighted-Average Remaining Contractual Term
Weighted-Average Remaining Contractual Term	1 year 6 months 10 days
Aggregate Intrinsic Value
Aggregate intrinsic value, options outstanding | $	$ 53,138

Share Incentive Plan - Summar_2

Share Incentive Plan - Summary of Information Related to Share Option Activity (Details) $ / shares in Units, $ in Thousands	6 Months Ended
	Oct. 29, 2022 USD ($) $ / shares shares
Outstanding Share Options
Beginning balance (in shares) | shares	11,360,745
Options exercised and vested (in shares) | shares	(843,921)
Options canceled/forfeited (in shares) | shares	(168,586)
Ending balance (in shares) | shares	10,348,238
Options exercisable (in shares) | shares	10,179,848
Weighted-Average Exercise Price
Beginning balance (in US dollars per share) | $ / shares	$ 1.94
Options exercised and vested (in US dollars per share) | $ / shares	1.68
Options canceled/forfeited (in US dollars per share) | $ / shares	3.03
Ending balance (in US dollars per share) | $ / shares	1.95
Options exercisable (in US dollars per share) | $ / shares	$ 1.95
Weighted-Average Remaining Contractual Term
Weighted-average remaining contractual term, options outstanding	6 years 7 months 28 days
Weighted-average remaining contractual term, options exercisable	6 years 7 months 28 days
Aggregate intrinsic value, options outstanding | $	$ 121,814
Aggregate intrinsic value, options exercisable | $	$ 119,833

Share Incentive Plan - Summar_3

Share Incentive Plan - Summary of Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 29, 2022	Oct. 31, 2021	Oct. 29, 2022	Oct. 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	$ 4,891	$ 1,307	$ 10,437	$ 2,382
Cost of revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	149	47	452	134
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	2,756	678	5,619	1,160
Selling, general and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	$ 1,986	$ 582	$ 4,366	$ 1,088

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 29, 2022	Oct. 31, 2021	Oct. 29, 2022	Oct. 31, 2021
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 929	$ 601	$ 564	$ 1,503
Effective income tax rate reconciliation, change in enacted tax rate, percent	54.60%		(62.50%)
Effective tax rate	(38.00%)	(17.00%)	(20.00%)	(10.00%)

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		6 Months Ended
	Oct. 29, 2022	Oct. 31, 2021	Oct. 29, 2022	Oct. 31, 2021
Numerator:
Net loss	$ (3,360)	$ (4,100)	$ (3,433)	$ (16,677)
Denominator:
Weighted-average shares outstanding used in basic calculation (in shares)	146,012	69,094	145,545	68,751
Weighted-average shares outstanding used in diluted calculation (in shares)	146,012	69,094	145,545	68,751
Net loss per share:
Net loss per share, basic (in US dollars per share)	$ (0.02)	$ (0.06)	$ (0.02)	$ (0.24)
Net loss per share, diluted (in US dollars per share)	$ (0.02)	$ (0.06)	$ (0.02)	$ (0.24)

Net Loss Per Share - Schedule_2

Net Loss Per Share - Schedule of Potentially Dilutive Securities Outstanding (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Oct. 29, 2022	Oct. 31, 2021	Oct. 29, 2022	Oct. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	18,401	61,854	18,812	60,722
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)	10,492	9,828	10,675	8,696
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	3,753	0	3,981	0
ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	76	0	76	0
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	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	52,026	0	52,026