Credo Technology Group Holding (CRDO) 10-Q 30 Nov 23 2024 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Oct. 28, 2023	Nov. 21, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Oct. 28, 2023
Document Transition Report	false
Entity File Number	001-41249
Entity Registrant Name	Credo Technology Group Holding Ltd
Entity Incorporation, State or Country Code	E9
Entity Address, Address Line One	Maples Corporate Services, Limited
Entity Address, Address Line Two	PO Box 309, Ugland House
Entity Address, City or Town	Grand Cayman
Entity Address, Postal Zip Code	KY1-1104
Entity Address, Country	KY
City Area Code	408
Local Phone Number	664-9329
Title of 12(b) Security	Ordinary shares, par value $0.00005 per share
Trading Symbol	CRDO
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		150,659,346
Entity Central Index Key	0001807794
Amendment Flag	false
Current Fiscal Year End Date	--04-27
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2024

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Oct. 28, 2023	Apr. 29, 2023
Current assets:
Cash and cash equivalents	$ 128,986	$ 108,583
Short-term investments	111,526	109,228
Accounts receivable	32,723	49,541
Inventories	35,761	46,023
Contract assets	12,042	9,445
Prepaid expenses and other current assets	7,278	5,412
Total current assets	328,316	328,232
Property and equipment, net	44,971	40,222
Right of use assets	13,544	14,860
Other non-current assets	18,974	13,975
Total assets	405,805	397,289
Current liabilities:
Accounts payable	10,926	6,067
Accrued compensation and benefits	4,898	6,471
Accrued expenses and other current liabilities	16,579	14,454
Deferred revenue	4,832	4,040
Total current liabilities	37,235	31,032
Non-current operating lease liabilities	11,610	12,869
Other non-current liabilities	7,412	5,753
Total liabilities	56,257	49,654
Commitments and contingencies (Note 7)
Shareholders' equity:
Ordinary shares, $0.00005 par value; 1,000,000 shares authorized; 150,546 and 148,651 shares issued and outstanding at October 28, 2023 and April 29, 2023, respectively	8	7
Additional paid in capital	475,412	454,795
Accumulated other comprehensive loss	(576)	(191)
Accumulated deficit	(125,296)	(106,976)
Total shareholders' equity	349,548	347,635
Total liabilities and shareholders' equity	$ 405,805	$ 397,289

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Oct. 28, 2023	Apr. 29, 2023
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)	150,546,000	148,651,000
Common stock outstanding (in shares)	150,546,000	148,651,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 28, 2023	Oct. 29, 2022	Oct. 28, 2023	Oct. 29, 2022
Revenue:
Total revenue	$ 44,035	$ 51,369	$ 79,130	$ 97,836
Cost of revenue:
Cost of revenue	17,918	23,410	32,223	42,214
Gross profit	26,117	27,959	46,907	55,622
Operating expenses:
Research and development	21,736	18,158	44,374	34,841
Selling, general and administrative	13,256	11,540	25,799	22,738
Total operating expenses	34,992	29,698	70,173	57,579
Operating loss	(8,875)	(1,739)	(23,266)	(1,957)
Other income (expense), net	2,702	(692)	4,859	(912)
Loss before income taxes	(6,173)	(2,431)	(18,407)	(2,869)
Provision (benefit) for income taxes	450	929	(87)	564
Net loss	$ (6,623)	$ (3,360)	$ (18,320)	$ (3,433)
Net loss per share:
Basic (in US dollars per share)	$ (0.04)	$ (0.02)	$ (0.12)	$ (0.02)
Diluted (in US dollars per share)	$ (0.04)	$ (0.02)	$ (0.12)	$ (0.02)
Weighted-average shares:
Basic (in shares)	150,232,000	146,012,000	149,755,000	145,545,000
Diluted (in shares)	150,232,000	146,012,000	149,755,000	145,545,000
Product sales
Revenue:
Total revenue	$ 34,247	$ 44,349	$ 64,275	$ 79,612
Cost of revenue:
Cost of revenue	17,346	22,658	31,214	40,183
Product engineering services
Revenue:
Total revenue	2,434	3,750	4,727	4,574
Cost of revenue:
Cost of revenue	171	418	464	518
IP license
Revenue:
Total revenue	7,354	3,270	10,128	13,650
Cost of revenue:
Cost of revenue	$ 401	$ 334	$ 545	$ 1,513

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 28, 2023	Oct. 29, 2022	Oct. 28, 2023	Oct. 29, 2022
Statement of Comprehensive Income [Abstract]
Net loss	$ (6,623)	$ (3,360)	$ (18,320)	$ (3,433)
Other comprehensive loss:
Foreign currency translation loss	(223)	(320)	(385)	(416)
Total comprehensive loss	$ (6,846)	$ (3,680)	$ (18,705)	$ (3,849)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Total	Ordinary Shares	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Beginning balance (in shares) at Apr. 30, 2022		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, net of RSU settlement (in shares)		589,000
Ordinary shares issued under equity incentive plans, net of tax withholding related to vesting of RSUs	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		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
Ending balance at Oct. 29, 2022	344,104	$ 7	438,352	(393)	(93,862)
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, net of RSU settlement (in shares)		1,142,000
Ordinary shares issued under equity incentive plans, net of tax withholding related to vesting of RSUs	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
Ending balance at Oct. 29, 2022	$ 344,104	$ 7	438,352	(393)	(93,862)
Beginning balance (in shares) at Apr. 29, 2023	148,651,000	148,651,000
Beginning balance at Apr. 29, 2023	$ 347,635	$ 7	454,795	(191)	(106,976)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Ordinary shares issued under equity incentive plans, net of RSU settlement (in shares)		1,203,000
Ordinary shares issued under equity incentive plans, net of tax withholding related to vesting of RSUs	3,260		3,260
Share-based compensation	7,968		7,968
Warrant contra revenue	436		436
Total comprehensive loss	(11,859)			(162)	(11,697)
Ending balance (in shares) at Jul. 29, 2023		149,854,000
Ending balance at Jul. 29, 2023	$ 347,440	$ 7	466,459	(353)	(118,673)
Beginning balance (in shares) at Apr. 29, 2023	148,651,000	148,651,000
Beginning balance at Apr. 29, 2023	$ 347,635	$ 7	454,795	(191)	(106,976)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total comprehensive loss	$ (18,705)
Ending balance (in shares) at Oct. 28, 2023	150,546,000	150,546,000
Ending balance at Oct. 28, 2023	$ 349,548	$ 8	475,412	(576)	(125,296)
Beginning balance (in shares) at Jul. 29, 2023		149,854,000
Beginning balance at Jul. 29, 2023	347,440	$ 7	466,459	(353)	(118,673)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Ordinary shares issued under equity incentive plans, net of RSU settlement (in shares)		692,000
Ordinary shares issued under equity incentive plans, net of tax withholding related to vesting of RSUs	456	$ 1	455
Share-based compensation	8,144		8,144
Warrant contra revenue	354		354
Total comprehensive loss	$ (6,846)			(223)	(6,623)
Ending balance (in shares) at Oct. 28, 2023	150,546,000	150,546,000
Ending balance at Oct. 28, 2023	$ 349,548	$ 8	$ 475,412	$ (576)	$ (125,296)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Oct. 28, 2023	Oct. 29, 2022
Cash flows from operating activities:
Net loss	$ (18,320)	$ (3,433)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	6,648	4,260
Share-based compensation	16,112	10,437
Warrant contra revenue	790	635
Write-downs for excess and obsolete inventory	710	1,102
Changes in operating assets and liabilities:
Accounts receivable	16,818	(22,244)
Inventories	9,552	(21,594)
Contract assets	(2,597)	3,629
Prepaid and other current assets	(1,866)	2,689
Other non-current assets	(4,606)	(998)
Accounts payable	5,561	10,073
Accrued expenses, compensation and other liabilities	110	4,827
Deferred revenue	704	155
Net cash provided by (used in) operating activities	29,616	(10,462)
Cash flows from investing activities:
Purchases of property and equipment	(7,357)	(10,925)
Maturities of short-term investments	109,228	0
Purchases of short-term investments	(111,526)	(50,000)
Net cash used in investing activities	(9,655)	(60,925)
Cash flows from financing activities:
Payments on technology license obligations	(3,052)	0
Proceeds from employee share incentive plans, net of tax withholding related to vesting of RSUs	3,716	2,723
Net cash provided by financing activities	664	2,723
Effect of exchange rate changes on cash	(222)	(116)
Net increase (decrease) in cash and cash equivalents	20,403	(68,780)
Cash and cash equivalents at beginning of the period	108,583	259,322
Cash and cash equivalents at end of the period	128,986	190,542
Supplemental cash flow information:
Purchases of property and equipment included in accounts payable, accrued expenses and other liabilities	$ 9,784	$ 14,513

Description of Business and Bas

Description of Business and Basis of Presentation	6 Months Ended
	Oct. 28, 2023
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 as data rates and corresponding bandwidth requirements increase exponentially throughout the data infrastructure market. The Company’s innovations ease system bandwidth bottlenecks while simultaneously improving on power, security and reliability. The Company’s connectivity solutions are optimized for optical and electrical Ethernet applications, including the 100G (or Gigabits per second), 200G, 400G, 800G and emerging 1.6T (or Terabits per second) port markets. The Company’s products are based on its proprietary 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. Our 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 (“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 2023 audited financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended April 29, 2023. The unaudited condensed consolidated financial statements include all adjustments, including normal recurring adjustments and other adjustments, that are considered necessary for fair presentation of the Company’s financial position and results of operations. All inter-company accounts and transactions have been eliminated. Operating results for the periods presented herein are not necessarily indicative of the results that may be expected for the entire year. The Company’s fiscal year is a 52- or 53-week period ending on the Saturday closest to April 30. Its fiscal year ending April 27, 2024 (“fiscal year 2024”) is a 52-week fiscal year. The first quarter of fiscal year 2024 ended on July 29, 2023, the second quarter ended on October 28, 2023 and the third quarter ends on January 27, 2024.

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Oct. 28, 2023
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies The Company believes that other than the accounting policies as described below, there have been no significant changes to the items disclosed in Note 2, “Significant Accounting Policies,” included in the Company’s Annual Report on Form 10-K for the fiscal year ended April 29, 2023. Use of Estimates The preparation of these condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the Company’s condensed consolidated financial statements and accompanying notes. The Company bases its estimates and judgments on historical experience, knowledge of current conditions and beliefs of what could occur in the future, given the available information. Estimates are used for, but not limited to, write-down for excess and obsolete inventories, the standalone selling price for each distinct performance obligation included in customer contracts with multiple performance obligations, variable consideration from revenue contracts, the realization of tax assets and estimates of tax reserves, impairment of long-lived assets, and incremental borrowing rate used in the Company’s operating lease calculations. Actual results may differ from those estimates and such differences may be material to the financial statements. In the current macroeconomic environment, these estimates require increased judgment and carry a higher degree of variability and volatility. As events continue to evolve and additional information becomes available, these estimates may change materially in future periods. Reclassifications Certain prior period balances were reclassified to conform to the current period’s presentation. None of these reclassifications had an impact on reported net income or cash flows for any of the periods presented. Revenue Recognition The Company’s revenues consist of sales of its products, licensing of its IP and providing engineering services. Product sales consists of shipment of its ICs and AEC products. IP license revenue includes fees from licensing of the Company’s SerDes IP and related engineering services, support and royalties. Product engineering services revenue consists of engineering fees associated with integration of the Company’s technology solutions into its customers’ products. The Company’s customers are primarily original equipment manufacturers who design and manufacture end market devices for the communications and enterprise networks markets. The Company’s revenue is driven by various trends in these markets. The Company’s revenue is also impacted by changes in the number and average selling prices of its IC products. The Company recognizes revenue upon transfer of control of promised goods and services in an amount that reflects the consideration it expects to receive in exchange for those goods and services. Where an arrangement includes multiple performance obligations, the transaction price is allocated to these on a relative standalone selling price (“SSP”) basis. The Company determines the SSP based on an observable standalone selling price when it is available, as well as other factors, including the price charged to customers and the Company’s overall pricing objectives, while maximizing observable inputs. The determination of the SPP for certain of the Company’s IPs requires fair value estimate under the income approach, involving the estimation of future cash flow expected to be generated from the IPs. The Company’s policy is to record revenue net of any applicable sales, use or excise taxes. Changes in the Company’s contract assets and contract liabilities primarily result from the timing difference between the Company’s performance and the customer’s payment. The Company fulfills its obligations under a contract with a customer by transferring products or services in exchange for consideration from the customer. The Company recognizes a contract asset when it transfers products or services to a customer and the right to consideration is conditional on something other than the passage of time. Accounts receivable are recorded when the customer has been billed or the right to consideration is unconditional. The Company recognizes deferred revenue when it has received consideration or an amount of consideration is due from the customer and it has a future obligation to transfer products or services. Product Sales - The Company transacts with customers primarily pursuant to standard purchase orders for delivery of products and generally allows customers to cancel or change purchase orders within limited notice periods prior to the scheduled shipment date. The Company offers standard performance warranties of twelve months after product delivery and offers limited product return rights to certain distributors. The Company recognizes product sales when it transfers control of promised goods in an amount that reflects the consideration to which it expects to be entitled to in exchange for those goods, net of accruals for estimated sales returns and rebates. Product Engineering Services Revenue - Some product revenue contracts include non-recurring engineering services deliverables. The Company recognizes revenue from these agreements over time as services are provided or at point in time upon completion and acceptance by the customer of contract deliverables, depending on the terms of the arrangement. Revenue is deferred for any amounts billed or received prior to delivery of services. The Company believes the input method, based on time spent by its engineers, best depicts the efforts expended to transfer services to the customers. IP License Revenue - The Company’s IP license revenue consists of perpetual licenses, support and maintenance, engineering services and royalties. The Company enters into perpetual semiconductor IP license agreements that have a fixed fee, whereby licensees pay a fixed fee for the right to incorporate the Company’s IP technologies into the licensee’s products. The IP license agreements do not typically grant the customer the right to terminate for convenience. Where such rights exist, termination is prospective, with no refund of fees already paid by the customer. IP revenue recognition is dependent on the nature and terms of each agreement. The Company recognizes license revenue at the point of time of the delivery of the IP. In connection with the license arrangements, the Company offers support to assist customers in qualifying their final product. Revenue from customer support is deferred and recognized ratably over the support period, which is typically one year. Some IP license revenue contracts also include non-recurring engineering services deliverables, which were not material for any of the periods presented. The Company recognizes revenue from these agreements similar to the method described under the caption “Product Engineering Services Revenue” above. In certain cases, the Company also charges licensees royalties related to the distribution or sale of products that use its technologies. Such royalties are reported to us on a quarterly basis. The Company estimates the sales-based royalties earned each quarter primarily based on its customers’ reporting of sales activity incurred in that quarter. The Company recognizes the estimated royalty revenue when it is probable that reversal of such amounts will not occur. Any differences between actual royalties owed by a customer and the quarterly estimates are recognized when updated information becomes available.

Concentrations

Concentrations	6 Months Ended
	Oct. 28, 2023
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 tables summarize the accounts receivable and revenue as a percentage of total accounts receivable and total revenue, respectively, for the Company’s most significant customers. In the tables below, customers are defined as the contracting entities who place purchase orders or enter into revenue contracts with the Company: Accounts Receivable October 28, 2023 April 29, 2023 Customer A 44 % 54 % Customer B 16 % * Customer C 11 % * Customer D * 22 % Three Months Ended Six Months Ended Revenue October 28, 2023 October 29, 2022 October 28, 2023 October 29, 2022 Customer A 29 % 44 % 34 % 43 % Customer E 15 % 19 % 15 % 13 % Customer F * 16 % * 11 % * Less than 10% of total accounts receivable or total revenue.

Revenue Recognition

Revenue Recognition	6 Months Ended
	Oct. 28, 2023
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 28, 2023 October 29, 2022 October 28, 2023 October 29, 2022 Mainland China $ 5,425 $ 31,423 $ 21,617 $ 54,179 United States 7,837 6,422 14,252 18,488 Hong Kong 18,612 2,281 20,491 7,053 Taiwan 4,901 2,934 10,247 3,001 Rest of World 7,260 8,309 12,523 15,115 $ 44,035 $ 51,369 $ 79,130 $ 97,836 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 28, 2023 and April 29, 2023. During the six months ended October 28, 2023, the Company recognized $2.6 million of revenue that was included in the deferred revenue balance as of April 29, 2023. 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 28, 2023, the increase in contract assets of $2.6 million was primarily driven by an IP licensing arrangement and various product engineering services arrangements where certain billing milestones have not been reached prior to the timing of revenue recognition. During the six months ended October 28, 2023, the increase in deferred revenue of $0.7 million was primarily due to certain billing milestones being met prior to the timing of revenue recognition. 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 $26.0 million and the satisfied but unrecognized performance obligations was approximately $10.1 million as of October 28, 2023, 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 28, 2023, we had billed $33.4 million and recognized revenue amounting to $33.8 million upon delivery of certain milestones of the contract. We have applied constraints on a remaining milestone due to significant uncertainty relating to the delivery of the milestone as of October 28, 2023 associated with dependency on actions by the customer. The constraint will be re-evaluated at each future reporting period. Customer Warrant During fiscal year 2022, the Company issued a warrant to Amazon.com NV Investment Holdings LLC (“Holder”) to purchase an aggregate of up to 4,080,000 of the Company’s ordinary shares at an exercise price of $10.74 per share (the “Customer Warrant”). The exercise period of the Customer Warrant is through the seventh anniversary of the issue date. Upon issuance of the Customer 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. A total of 80,000 of the shares issuable upon exercise of the Customer Warrant were vested as of October 28, 2023 and April 29, 2023, respectively. Using a grant date fair value of $4.65, the Company recognized $0.4 million and $0.8 million for the three and six months ended October 28, 2023, respectively, and $0.2 million and $0.6 million for the three and six months ended

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Oct. 28, 2023
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 tables present the fair value of the financial instruments measured on a recurring basis as of October 28, 2023 and April 29, 2023 (in thousands). October 28, 2023 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 122,433 $ — $ — $ 122,433 Certificate of deposit — 908 — 908 Short-term investments: Certificate of deposit — 111,526 — 111,526 Total cash equivalents and short-term investments $ 122,433 $ 112,434 $ — $ 234,867 April 29, 2023 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 99,119 $ — $ — $ 99,119 Short-term investments: Certificate of deposit — 109,228 — 109,228 Total cash equivalents and short-term investments $ 99,119 $ 109,228 $ — $ 208,347 The carrying amount of the Company’s financial instruments, including cash equivalents, short-term investments, accounts receivable and accounts payable, approximate their respective fair values because of their short maturities. As of October 28, 2023 and April 29, 2023, the unrealized loss or gain associated with the Company’s financial instruments was not material. Interest income recognized for the three and six months ended October 28, 2023 was $2.9 million and $5.5 million, respectively. Interest income recognized for the three and six months ended October 29, 2022 was not material.

Supplemental Financial Informat

Supplemental Financial Information	6 Months Ended
	Oct. 28, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Supplemental Financial Information	Supplemental Financial Information Inventories Inventories consisted of the following (in thousands): October 28, 2023 April 29, 2023 Raw materials $ 13,826 $ 17,456 Work in process 9,330 7,200 Finished goods 12,605 21,367 $ 35,761 $ 46,023 Property and Equipment, Net Property and equipment consisted of the following (in thousands): October 28, 2023 April 29, 2023 Computer equipment and software $ 18,152 $ 13,942 Laboratory equipment 17,122 15,577 Production equipment 23,716 19,783 Leasehold improvements 1,948 2,005 Others 635 632 Construction in progress 5,822 6,300 67,395 58,239 Less: accumulated depreciation and amortization (22,424) (18,017) $ 44,971 $ 40,222 Depreciation and amortization expense was $3.7 million and $6.6 million for the three and six months ended October 28, 2023, respectively, and $2.6 million and $4.3 million for the three and six months ended October 29, 2022, respectively. Computer equipment and software primarily includes technology licenses for computer-aided design tools relating to the Company’s R&D design of future products and intellectual properties. 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 28, 2023 April 29, 2023 Accrued expenses $ 8,770 $ 7,555 Current payables relating to purchases of property and equipment 5,185 4,269 Current portion of operating lease liabilities 2,624 2,630 $ 16,579 $ 14,454 Other Non-current Liabilities Other non-current liabilities consisted of the following (in thousands): October 28, 2023 April 29, 2023 Non-current payables relating to purchases of property and equipment $ 6,206 $ 5,049 Non-current deferred revenue 248 380 Other non-current liabilities 958 324 $ 7,412 $ 5,753

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Oct. 28, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Non-cancelable Purchase Obligations Total future non-cancelable purchase obligations as of October 28, 2023 are as follows (in thousands): Fiscal Year Purchase Commitments to Manufacturing Vendors Technology License Fees Remainder of 2024 $ 9,141 $ 1,319 2025 5,079 3,601 2026 8,627 3,974 2027 7,691 1,805 2028 2,153 350 Thereafter — 350 Total unconditional purchase commitments $ 32,691 $ 11,399 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 28, 2023, 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 $7.4 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 fiscal year ended April 29, 2023. 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. During the three months ended October 28, 2023, the Company amended the arrangement to reduce the commitment level for the remainder of fiscal year 2024 and fiscal year 2025. The Company currently estimates that it has made purchase level commitments of at least $25.3 million for the remainder of fiscal year 2024 through fiscal year 2028 under the capacity reservation agreement. Such purchase commitments are included in the preceding table. In addition, the total refundable deposits of $8.8 million were paid as of October 28, 2023. 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 28, 2023 and April 29, 2023. 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 these 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.

Leases

Leases	6 Months Ended
	Oct. 28, 2023
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 seven 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 28, 2023 October 29, 2022 October 28, 2023 October 29, 2022 Operating lease expenses $ 909 $ 891 $ 1,830 $ 1,780 Cash paid for amounts included in the measurement of operating lease liabilities $ 857 $ 779 $ 1,693 $ 1,545 Right-of-use assets obtained in exchange for lease obligation $ — $ 649 $ — $ 649 The aggregate future lease payments for operating leases as of October 28, 2023 are as follows (in thousands): Fiscal Year Operating Leases Remainder of 2024 $ 1,858 2025 2,810 2026 2,338 2027 2,210 2028 2,194 Thereafter 5,785 Total lease payments 17,195 Less: Interest 2,961 Present value of lease liabilities $ 14,234 As of October 28, 2023, the weighted-average remaining lease term for the Company's operating leases is 6.41 years and the weighted-average discount rate used to determine the present value of the Company's operating leases is 5.79%.

Share Incentive Plan

Share Incentive Plan	6 Months Ended
	Oct. 28, 2023
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 28, 2023 and April 29, 2023, 55,594 shares and 98,631 shares, respectively, 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 28, 2023 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 29, 2023 7,798,349 $11.66 Granted 860,619 $13.65 Vested (667,853) $11.57 Canceled/ forfeited (261,313) $11.46 Balances and expected to vest as of October 28, 2023 7,729,802 $11.90 1.35 $ 107,522 Share Option Awards A summary of information related to share option activity during the six months ended October 28, 2023 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 29, 2023 8,869,655 $2.02 Options exercised and vested (978,737) $2.25 Options canceled/ forfeited (140,244) $4.93 Balance and expected to vest as of October 28, 2023 7,750,674 $1.94 5.71 $ 92,768 Exercisable as of October 28, 2023 7,695,080 $1.94 5.71 $ 92,102 Employee Stock Purchase Plan (“ESPP”) The Company issued 204,761 and 154,053 shares during the six months ended October 28, 2023 and October 29, 2022, under the ESPP, respectively. 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 28, 2023 October 29, 2022 October 28, 2023 October 29, 2022 Cost of revenue $ 250 $ 149 $ 439 $ 452 Research and development 4,664 2,756 9,396 5,619 Selling, general and administrative 3,230 1,986 6,277 4,366 $ 8,144 $ 4,891 $ 16,112 $ 10,437

Income Taxes

Income Taxes	6 Months Ended
	Oct. 28, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s tax provision for interim periods is determined using an estimate of its annual effective tax rate, excluding zero rate jurisdictions, and adjusted for discrete items, if any, that arise during the period. Each quarter, the Company updates its estimate of the annual effective tax rate, and if the estimated annual effective tax rate changes, the Company makes a cumulative adjustment in such period. The Company’s quarterly tax provision, and estimate of its annual effective tax rate, is subject to variation due to several factors, including variability in accurately predicting its pre-tax income or loss and the mix of jurisdictions to which they relate, intercompany transactions, changes in tax laws, the applicability of special tax regimes, changes in how we do business, and discrete items. Provision (benefit) for income taxes for the three and six months ended October 28, 2023 and October 29, 2022 was as follows (in thousands except percentages): Three Months Ended Six Months Ended October 28, 2023 October 29, 2022 % Change October 28, 2023 October 29, 2022 % Change Provision (benefit) for income taxes $ 450 $ 929 (51.6) % $ (87) $ 564 (115.4) % Effective tax rate (7) % (38) % 0 % (20) % The Company’s effective tax rate for the three months ended October 28, 2023 differs from the same period in the prior fiscal year primarily due to excluding zero rate jurisdictions from its annual effective tax rate calculation and a decrease in tax benefit of share-based compensation. The Company’s effective tax rate for the six months ended October 28, 2023 differs from the same period in the prior fiscal year primarily due to excluding zero rate jurisdictions from its annual effective tax rate calculation and an increase in tax benefit of share-based compensation.

Net Loss Per Share

Net Loss Per Share	6 Months Ended
	Oct. 28, 2023
Earnings Per Share [Abstract]
Net Loss Per Share	Net Loss Per Share The Company reports both basic net income (loss) per share, which is based on the weighted-average number of ordinary shares outstanding during the period, and diluted net income (loss) per share, which is based on the weighted-average number of ordinary shares 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 28, 2023 October 29, 2022 October 28, 2023 October 29, 2022 Numerator: Net loss $ (6,623) $ (3,360) $ (18,320) $ (3,433) Denominator: Weighted-average shares - basic and diluted 150,232 146,012 149,755 145,545 Net loss per share: Basic and diluted $ (0.04) $ (0.02) $ (0.12) $ (0.02) Potential dilutive securities include dilutive ordinary shares from share-based awards attributable to the assumed exercise of share options, RSUs and ESPP shares using the treasury stock method. Under the treasury stock method, potential ordinary shares outstanding are not included in the computation of diluted net income per share if their effect is anti-dilutive. The following potentially dilutive securities outstanding (in thousands) have been excluded from the computations of diluted weighted-average shares outstanding for the three and six months ended October 28, 2023 and October 29, 2022: Three Months Ended Six Months Ended October 28, 2023 October 29, 2022 October 28, 2023 October 29, 2022 Share-based compensation awards 15,538 14,321 15,538 14,732 Customer Warrant 4,080 4,080 4,080 4,080 19,618 18,401 19,618 18,812

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 28, 2023	Oct. 29, 2022	Oct. 28, 2023	Oct. 29, 2022
Pay vs Performance Disclosure
Net loss	$ (6,623)	$ (3,360)	$ (18,320)	$ (3,433)

Insider Trading Arrangements

Insider Trading Arrangements - shares	3 Months Ended		6 Months Ended
	Oct. 28, 2023	Jul. 29, 2023	Oct. 28, 2023
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Daniel Fleming [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement			On June 26, 2023, Daniel Fleming, our Chief Financial Officer, adopted a Rule 10b5-1 Trading Plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) of the Exchange Act, pursuant to which a maximum amount of 90,000 of our ordinary shares held directly by Mr. Fleming may be sold between September 25, 2023 and September 20, 2024. The plan terminates on the earlier of: (i) September 20, 2024, (ii) the first date on which all trades set forth in the plan have been executed or (iii) such date as the plan is otherwise terminated according to its terms.
Name		Daniel Fleming
Title		Chief Financial Officer
Rule 10b5-1 Arrangement Adopted		true
Adoption Date		June 26, 2023
Arrangement Duration		361 days
Aggregate Available		90,000
Chi Fung (Lawrence) Cheng [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement			On September 7, 2023, Chi Fung (Lawrence) Cheng, our Chief Technology Officer and a member of our board of directors, adopted a Rule 10b5-1 Trading Plan, intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) of the Exchange Act, pursuant to which a maximum amount of 2,000,000 of our ordinary shares held by the Cheng Huang Family Trust may be sold between January 2, 2024 and December 31, 2024. The plan terminates on the earlier of: (i) December 31, 2024, (ii) the first date on which all trades set forth in the plan have been executed or (iii) such date as the plan is otherwise terminated according to its terms. Mr. Cheng is a joint trustee with shared voting and investment power over the shares held by the Cheng Huang Family Trust.
Name	Chi Fung (Lawrence) Cheng
Title	Chief Technology Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	September 7, 2023
Arrangement Duration	364 days
Aggregate Available	2,000,000		2,000,000

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	6 Months Ended
	Oct. 28, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation
Use of Estimates	Use of Estimates The preparation of these condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the Company’s condensed consolidated financial statements and accompanying notes. The Company bases its estimates and judgments on historical experience, knowledge of current conditions and beliefs of what could occur in the future, given the available information. Estimates are used for, but not limited to, write-down for excess and obsolete inventories, the standalone selling price for each distinct performance obligation included in customer contracts with multiple performance obligations, variable consideration from revenue contracts, the realization of tax assets and estimates of tax reserves, impairment of long-lived assets, and incremental borrowing rate used in the Company’s operating lease calculations. Actual results may differ from those estimates and such differences may be material to the financial statements. In the current macroeconomic environment, these estimates require increased judgment and carry a higher degree of variability and volatility. As events continue to evolve and additional information becomes available, these estimates may change materially in future periods.
Reclassifications	Reclassifications Certain prior period balances were reclassified to conform to the current period’s presentation. None of these reclassifications had an impact on reported net income or cash flows for any of the periods presented.
Revenue Recognition	Revenue Recognition The Company’s revenues consist of sales of its products, licensing of its IP and providing engineering services. Product sales consists of shipment of its ICs and AEC products. IP license revenue includes fees from licensing of the Company’s SerDes IP and related engineering services, support and royalties. Product engineering services revenue consists of engineering fees associated with integration of the Company’s technology solutions into its customers’ products. The Company’s customers are primarily original equipment manufacturers who design and manufacture end market devices for the communications and enterprise networks markets. The Company’s revenue is driven by various trends in these markets. The Company’s revenue is also impacted by changes in the number and average selling prices of its IC products. The Company recognizes revenue upon transfer of control of promised goods and services in an amount that reflects the consideration it expects to receive in exchange for those goods and services. Where an arrangement includes multiple performance obligations, the transaction price is allocated to these on a relative standalone selling price (“SSP”) basis. The Company determines the SSP based on an observable standalone selling price when it is available, as well as other factors, including the price charged to customers and the Company’s overall pricing objectives, while maximizing observable inputs. The determination of the SPP for certain of the Company’s IPs requires fair value estimate under the income approach, involving the estimation of future cash flow expected to be generated from the IPs. The Company’s policy is to record revenue net of any applicable sales, use or excise taxes. Changes in the Company’s contract assets and contract liabilities primarily result from the timing difference between the Company’s performance and the customer’s payment. The Company fulfills its obligations under a contract with a customer by transferring products or services in exchange for consideration from the customer. The Company recognizes a contract asset when it transfers products or services to a customer and the right to consideration is conditional on something other than the passage of time. Accounts receivable are recorded when the customer has been billed or the right to consideration is unconditional. The Company recognizes deferred revenue when it has received consideration or an amount of consideration is due from the customer and it has a future obligation to transfer products or services. Product Sales - The Company transacts with customers primarily pursuant to standard purchase orders for delivery of products and generally allows customers to cancel or change purchase orders within limited notice periods prior to the scheduled shipment date. The Company offers standard performance warranties of twelve months after product delivery and offers limited product return rights to certain distributors. The Company recognizes product sales when it transfers control of promised goods in an amount that reflects the consideration to which it expects to be entitled to in exchange for those goods, net of accruals for estimated sales returns and rebates. Product Engineering Services Revenue - Some product revenue contracts include non-recurring engineering services deliverables. The Company recognizes revenue from these agreements over time as services are provided or at point in time upon completion and acceptance by the customer of contract deliverables, depending on the terms of the arrangement. Revenue is deferred for any amounts billed or received prior to delivery of services. The Company believes the input method, based on time spent by its engineers, best depicts the efforts expended to transfer services to the customers. IP License Revenue - The Company’s IP license revenue consists of perpetual licenses, support and maintenance, engineering services and royalties. The Company enters into perpetual semiconductor IP license agreements that have a fixed fee, whereby licensees pay a fixed fee for the right to incorporate the Company’s IP technologies into the licensee’s products. The IP license agreements do not typically grant the customer the right to terminate for convenience. Where such rights exist, termination is prospective, with no refund of fees already paid by the customer. IP revenue recognition is dependent on the nature and terms of each agreement. The Company recognizes license revenue at the point of time of the delivery of the IP. In connection with the license arrangements, the Company offers support to assist customers in qualifying their final product. Revenue from customer support is deferred and recognized ratably over the support period, which is typically one year. Some IP license revenue contracts also include non-recurring engineering services deliverables, which were not material for any of the periods presented. The Company recognizes revenue from these agreements similar to the method described under the caption “Product Engineering Services Revenue” above. In certain cases, the Company also charges licensees royalties related to the distribution or sale of products that use its technologies. Such royalties are reported to us on a quarterly basis. The Company estimates the sales-based royalties earned each quarter primarily based on its customers’ reporting of sales activity incurred in that quarter. The Company recognizes the estimated royalty revenue when it is probable that reversal of such amounts will not occur. Any differences between actual royalties owed by a customer and the quarterly estimates are recognized when updated information becomes available.

Concentrations (Tables)

Concentrations (Tables)	6 Months Ended
	Oct. 28, 2023
Risks and Uncertainties [Abstract]
Summary of Significant Customers' Accounts Receivable and Revenue	The following tables summarize the accounts receivable and revenue as a percentage of total accounts receivable and total revenue, respectively, for the Company’s most significant customers. In the tables below, customers are defined as the contracting entities who place purchase orders or enter into revenue contracts with the Company: Accounts Receivable October 28, 2023 April 29, 2023 Customer A 44 % 54 % Customer B 16 % * Customer C 11 % * Customer D * 22 % Three Months Ended Six Months Ended Revenue October 28, 2023 October 29, 2022 October 28, 2023 October 29, 2022 Customer A 29 % 44 % 34 % 43 % Customer E 15 % 19 % 15 % 13 % Customer F * 16 % * 11 % * Less than 10% of total accounts receivable or total revenue.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Oct. 28, 2023
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 28, 2023 October 29, 2022 October 28, 2023 October 29, 2022 Mainland China $ 5,425 $ 31,423 $ 21,617 $ 54,179 United States 7,837 6,422 14,252 18,488 Hong Kong 18,612 2,281 20,491 7,053 Taiwan 4,901 2,934 10,247 3,001 Rest of World 7,260 8,309 12,523 15,115 $ 44,035 $ 51,369 $ 79,130 $ 97,836

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Oct. 28, 2023
Fair Value Disclosures [Abstract]
Schedule of Fair Value Measurements, Recurring	The following tables present the fair value of the financial instruments measured on a recurring basis as of October 28, 2023 and April 29, 2023 (in thousands). October 28, 2023 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 122,433 $ — $ — $ 122,433 Certificate of deposit — 908 — 908 Short-term investments: Certificate of deposit — 111,526 — 111,526 Total cash equivalents and short-term investments $ 122,433 $ 112,434 $ — $ 234,867 April 29, 2023 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 99,119 $ — $ — $ 99,119 Short-term investments: Certificate of deposit — 109,228 — 109,228 Total cash equivalents and short-term investments $ 99,119 $ 109,228 $ — $ 208,347

Supplemental Financial Inform_2

Supplemental Financial Information (Tables)	6 Months Ended
	Oct. 28, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Inventory	Inventories consisted of the following (in thousands): October 28, 2023 April 29, 2023 Raw materials $ 13,826 $ 17,456 Work in process 9,330 7,200 Finished goods 12,605 21,367 $ 35,761 $ 46,023
Schedule of Property and Equipment, Net	Property and equipment consisted of the following (in thousands): October 28, 2023 April 29, 2023 Computer equipment and software $ 18,152 $ 13,942 Laboratory equipment 17,122 15,577 Production equipment 23,716 19,783 Leasehold improvements 1,948 2,005 Others 635 632 Construction in progress 5,822 6,300 67,395 58,239 Less: accumulated depreciation and amortization (22,424) (18,017) $ 44,971 $ 40,222
Schedule of Accrued Expenses	Accrued expenses and other current liabilities consisted of the following (in thousands): October 28, 2023 April 29, 2023 Accrued expenses $ 8,770 $ 7,555 Current payables relating to purchases of property and equipment 5,185 4,269 Current portion of operating lease liabilities 2,624 2,630 $ 16,579 $ 14,454
Schedule of Other Current Liabilities	Accrued expenses and other current liabilities consisted of the following (in thousands): October 28, 2023 April 29, 2023 Accrued expenses $ 8,770 $ 7,555 Current payables relating to purchases of property and equipment 5,185 4,269 Current portion of operating lease liabilities 2,624 2,630 $ 16,579 $ 14,454
Schedule of Other Noncurrent Liabilities	Other non-current liabilities consisted of the following (in thousands): October 28, 2023 April 29, 2023 Non-current payables relating to purchases of property and equipment $ 6,206 $ 5,049 Non-current deferred revenue 248 380 Other non-current liabilities 958 324 $ 7,412 $ 5,753

Commitment and Contingencies (T

Commitment and Contingencies (Tables)	6 Months Ended
	Oct. 28, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Non-Cancelable Purchase Obligations	Total future non-cancelable purchase obligations as of October 28, 2023 are as follows (in thousands): Fiscal Year Purchase Commitments to Manufacturing Vendors Technology License Fees Remainder of 2024 $ 9,141 $ 1,319 2025 5,079 3,601 2026 8,627 3,974 2027 7,691 1,805 2028 2,153 350 Thereafter — 350 Total unconditional purchase commitments $ 32,691 $ 11,399

Leases (Tables)

Leases (Tables)	6 Months Ended
	Oct. 28, 2023
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 28, 2023 October 29, 2022 October 28, 2023 October 29, 2022 Operating lease expenses $ 909 $ 891 $ 1,830 $ 1,780 Cash paid for amounts included in the measurement of operating lease liabilities $ 857 $ 779 $ 1,693 $ 1,545 Right-of-use assets obtained in exchange for lease obligation $ — $ 649 $ — $ 649
Aggregate Future Lease Payments, ASC 842	The aggregate future lease payments for operating leases as of October 28, 2023 are as follows (in thousands): Fiscal Year Operating Leases Remainder of 2024 $ 1,858 2025 2,810 2026 2,338 2027 2,210 2028 2,194 Thereafter 5,785 Total lease payments 17,195 Less: Interest 2,961 Present value of lease liabilities $ 14,234

Share Incentive Plan (Tables)

Share Incentive Plan (Tables)	6 Months Ended
	Oct. 28, 2023
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 28, 2023 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 29, 2023 7,798,349 $11.66 Granted 860,619 $13.65 Vested (667,853) $11.57 Canceled/ forfeited (261,313) $11.46 Balances and expected to vest as of October 28, 2023 7,729,802 $11.90 1.35 $ 107,522
Summary of Information Related to Share Option Activity	A summary of information related to share option activity during the six months ended October 28, 2023 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 29, 2023 8,869,655 $2.02 Options exercised and vested (978,737) $2.25 Options canceled/ forfeited (140,244) $4.93 Balance and expected to vest as of October 28, 2023 7,750,674 $1.94 5.71 $ 92,768 Exercisable as of October 28, 2023 7,695,080 $1.94 5.71 $ 92,102
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 28, 2023 October 29, 2022 October 28, 2023 October 29, 2022 Cost of revenue $ 250 $ 149 $ 439 $ 452 Research and development 4,664 2,756 9,396 5,619 Selling, general and administrative 3,230 1,986 6,277 4,366 $ 8,144 $ 4,891 $ 16,112 $ 10,437

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Oct. 28, 2023
Income Tax Disclosure [Abstract]
Schedule of Provisions for Income Taxes	Provision (benefit) for income taxes for the three and six months ended October 28, 2023 and October 29, 2022 was as follows (in thousands except percentages): Three Months Ended Six Months Ended October 28, 2023 October 29, 2022 % Change October 28, 2023 October 29, 2022 % Change Provision (benefit) for income taxes $ 450 $ 929 (51.6) % $ (87) $ 564 (115.4) % Effective tax rate (7) % (38) % 0 % (20) %

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	6 Months Ended
	Oct. 28, 2023
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 28, 2023 October 29, 2022 October 28, 2023 October 29, 2022 Numerator: Net loss $ (6,623) $ (3,360) $ (18,320) $ (3,433) Denominator: Weighted-average shares - basic and diluted 150,232 146,012 149,755 145,545 Net loss per share: Basic and diluted $ (0.04) $ (0.02) $ (0.12) $ (0.02)
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 28, 2023 and October 29, 2022: Three Months Ended Six Months Ended October 28, 2023 October 29, 2022 October 28, 2023 October 29, 2022 Share-based compensation awards 15,538 14,321 15,538 14,732 Customer Warrant 4,080 4,080 4,080 4,080 19,618 18,401 19,618 18,812

Concentrations (Details)

Concentrations (Details) - Customer Concentration Risk	3 Months Ended		6 Months Ended		12 Months Ended
	Oct. 28, 2023	Oct. 29, 2022	Oct. 28, 2023	Oct. 29, 2022	Apr. 29, 2023
Accounts Receivable | Customer A
Concentration Risk [Line Items]
Concentration risk percentage			44%		54%
Accounts Receivable | Customer B
Concentration Risk [Line Items]
Concentration risk percentage			16%
Accounts Receivable | Customer C
Concentration Risk [Line Items]
Concentration risk percentage			11%
Accounts Receivable | Customer D
Concentration Risk [Line Items]
Concentration risk percentage					22%
Revenue | Customer A
Concentration Risk [Line Items]
Concentration risk percentage	29%	44%	34%	43%
Revenue | Customer E
Concentration Risk [Line Items]
Concentration risk percentage	15%	19%	15%	13%
Revenue | Customer F
Concentration Risk [Line Items]
Concentration risk percentage		16%		11%

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 28, 2023	Oct. 29, 2022	Oct. 28, 2023	Oct. 29, 2022
Disaggregation of Revenue [Line Items]
Total revenue	$ 44,035	$ 51,369	$ 79,130	$ 97,836
Mainland China
Disaggregation of Revenue [Line Items]
Total revenue	5,425	31,423	21,617	54,179
United States
Disaggregation of Revenue [Line Items]
Total revenue	7,837	6,422	14,252	18,488
Hong Kong
Disaggregation of Revenue [Line Items]
Total revenue	18,612	2,281	20,491	7,053
Taiwan
Disaggregation of Revenue [Line Items]
Total revenue	4,901	2,934	10,247	3,001
Rest of World
Disaggregation of Revenue [Line Items]
Total revenue	$ 7,260	$ 8,309	$ 12,523	$ 15,115

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Oct. 28, 2023	Oct. 29, 2022	Oct. 28, 2023	Oct. 29, 2022	Apr. 29, 2023	Apr. 30, 2022	Sep. 30, 2021
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Previously deferred revenue recognized			$ 2,600	$ 1,000
Increase in contract assets			2,597	(3,629)
Increase in deferred revenue			700
Unsatisfied performance obligation, amount	$ 26,000		26,000
Previously satisfied performance obligation, amount			10,100
Total revenue	44,035	$ 51,369	79,130	97,836
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
Warrant contra revenue	$ 400	$ 200	$ 790	$ 635
Grant date fair value of warrant (in US dollars per share)	$ 4.65	$ 4.65	$ 4.65	$ 4.65
Customer Warrant
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Vested in period (in shares)			80,000		80,000
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	$ 33,400		$ 33,400
Total revenue			$ 33,800
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

Fair Value Measurements - Recur

Fair Value Measurements - Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Oct. 28, 2023	Apr. 29, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents and short-term investments	$ 234,867	$ 208,347
Certificate of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Certificate of deposit	111,526	109,228
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents and short-term investments	122,433	99,119
Certificate of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents and short-term investments	908
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents and short-term investments	122,433	99,119
Level 1 | Certificate of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Certificate of deposit	0	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	122,433	99,119
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	112,434	109,228
Level 2 | Certificate of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Certificate of deposit	111,526	109,228
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	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	908
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents and short-term investments	0	0
Level 3 | Certificate of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Certificate of deposit	0	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	$ 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

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Oct. 28, 2023	Oct. 29, 2022	Oct. 28, 2023	Oct. 29, 2022
Fair Value Disclosures [Abstract]
Interest income	$ 2.9	$ 0	$ 5.5	$ 0

Supplemental Financial Inform_3

Supplemental Financial Information - Schedule of Inventory (Details) - USD ($) $ in Thousands	Oct. 28, 2023	Apr. 29, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Raw materials	$ 13,826	$ 17,456
Work in process	9,330	7,200
Finished goods	12,605	21,367
Inventories	$ 35,761	$ 46,023

Supplemental Financial Inform_4

Supplemental Financial Information - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Oct. 28, 2023	Apr. 29, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 67,395	$ 58,239
Less: accumulated depreciation and amortization	(22,424)	(18,017)
Property and equipment, net	44,971	40,222
Computer equipment and software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	18,152	13,942
Laboratory equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	17,122	15,577
Production equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	23,716	19,783
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,948	2,005
Others
Property, Plant and Equipment [Line Items]
Property and equipment, gross	635	632
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 5,822	$ 6,300

Supplemental Financial Inform_5

Supplemental Financial Information - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 28, 2023	Oct. 29, 2022	Oct. 28, 2023	Oct. 29, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Depreciation and amortization	$ 3,700	$ 2,600	$ 6,648	$ 4,260

Supplemental Financial Inform_6

Supplemental Financial Information - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Oct. 28, 2023	Apr. 29, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued expenses	$ 8,770	$ 7,555
Current payables relating to purchases of property and equipment	5,185	4,269
Current portion of operating lease liabilities	$ 2,624	$ 2,630
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued expenses and other current liabilities	Accrued expenses and other current liabilities
Accrued expenses and other current liabilities	$ 16,579	$ 14,454

Supplemental Financial Inform_7

Supplemental Financial Information - Schedule of Other Noncurrent Liabilities (Details) - USD ($) $ in Thousands	Oct. 28, 2023	Apr. 29, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Non-current payables relating to purchases of property and equipment	$ 6,206	$ 5,049
Non-current deferred revenue	248	380
Other non-current liabilities	958	324
Other non-current liabilities	$ 7,412	$ 5,753

Commitment and Contingencies -

Commitment and Contingencies - Schedule of Non-Cancelable Purchase Obligations (Details) $ in Thousands	Oct. 28, 2023 USD ($)
Manufacturing Vendors
Long-term Purchase Commitment [Line Items]
Remainder of 2024	$ 9,141
2025	5,079
2026	8,627
2027	7,691
2028	2,153
Thereafter	0
Total unconditional purchase commitments	32,691
Technology License Fees
Long-term Purchase Commitment [Line Items]
Remainder of 2024	1,319
2025	3,601
2026	3,974
2027	1,805
2028	350
Thereafter	350
Total unconditional purchase commitments	$ 11,399

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Oct. 28, 2023	Apr. 29, 2023
Long-term Purchase Commitment [Line Items]
Purchase obligations, term		5 years
Product warranty	1 year
Manufacturing Vendors
Long-term Purchase Commitment [Line Items]
Purchase obligations within the next one year	$ 7.4
Purchase commitments to be paid, remainder of fiscal year 2024 through 2028	25.3
Refundable deposits paid	$ 8.8

Leases - Narrative (Details)

Leases - Narrative (Details)	Oct. 28, 2023
Lessee, Lease, Description [Line Items]
Weighted average remaining lease term	6 years 4 months 28 days
Weighted average discount rate used for operating leases	5.79%
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term	7 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. 28, 2023	Oct. 29, 2022	Oct. 28, 2023	Oct. 29, 2022
Leases [Abstract]
Operating lease expenses	$ 909	$ 891	$ 1,830	$ 1,780
Cash paid for amounts included in the measurement of operating lease liabilities	857	779	1,693	1,545
Right-of-use assets obtained in exchange for lease obligation	$ 0	$ 649	$ 0	$ 649

Leases - Aggregate Future Lease

Leases - Aggregate Future Lease Payments (Details) $ in Thousands	Oct. 28, 2023 USD ($)
Leases [Abstract]
Remainder of 2024	$ 1,858
2025	2,810
2026	2,338
2027	2,210
2028	2,194
Thereafter	5,785
Total lease payments	17,195
Less: Interest	2,961
Present value of lease liabilities	$ 14,234

Share Incentive Plan - Narrativ

Share Incentive Plan - Narrative (Details) - shares	6 Months Ended
	Oct. 28, 2023	Oct. 29, 2022	Apr. 29, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share repurchase program, remaining authorized amount (in shares)	55,594		98,631
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued during period (in shares)	204,761	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. 28, 2023 USD ($) $ / shares shares
Number of Shares
Beginning balance (in shares) | shares	7,798,349
Granted (in shares) | shares	860,619
Vested (in shares) | shares	(667,853)
Canceled/ forfeited (in shares) | shares	(261,313)
Ending balance (in shares) | shares	7,729,802
Weighted-Average Grant Date Fair Value
Beginning balance (in US dollars per share) | $ / shares	$ 11.66
Granted (in US dollars per share) | $ / shares	13.65
Vested (in US dollars per share) | $ / shares	11.57
Canceled/ forfeited (in US dollars per share) | $ / shares	11.46
Ending balance (in US dollars per share) | $ / shares	$ 11.90
Weighted-Average Remaining Contractual Term
Weighted-Average Remaining Contractual Term	1 year 4 months 6 days
Aggregate Intrinsic Value
Aggregate intrinsic value, options outstanding | $	$ 107,522

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. 28, 2023 USD ($) $ / shares shares
Outstanding Share Options
Beginning balance (in shares) | shares	8,869,655
Options exercised and vested (in shares) | shares	(978,737)
Options canceled/forfeited (in shares) | shares	(140,244)
Ending balance (in shares) | shares	7,750,674
Options exercisable (in shares) | shares	7,695,080
Weighted-Average Exercise Price
Beginning balance (in US dollars per share) | $ / shares	$ 2.02
Options exercised and vested (in US dollars per share) | $ / shares	2.25
Options canceled/forfeited (in US dollars per share) | $ / shares	4.93
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
Weighted-average remaining contractual term, options outstanding	5 years 8 months 15 days
Weighted-average remaining contractual term, options exercisable	5 years 8 months 15 days
Aggregate intrinsic value, options outstanding | $	$ 92,768
Aggregate intrinsic value, options exercisable | $	$ 92,102

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. 28, 2023	Oct. 29, 2022	Oct. 28, 2023	Oct. 29, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	$ 8,144	$ 4,891	$ 16,112	$ 10,437
Cost of revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	250	149	439	452
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	4,664	2,756	9,396	5,619
Selling, general and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	$ 3,230	$ 1,986	$ 6,277	$ 4,366

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 28, 2023	Oct. 29, 2022	Oct. 28, 2023	Oct. 29, 2022
Income Tax Disclosure [Abstract]
Provision (benefit) for income taxes	$ 450	$ 929	$ (87)	$ 564
Share-based compensation expense	$ 8,144	$ 4,891	$ 16,112	$ 10,437
Effective tax rate	(7.00%)	(38.00%)	0%	(20.00%)
Effective income tax rate reconciliation, change in enacted tax rate, percent	(51.60%)		(115.40%)

Net Loss Per Share - Schedule o

Net Loss Per Share - Schedule of Net Loss Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 28, 2023	Oct. 29, 2022	Oct. 28, 2023	Oct. 29, 2022
Numerator:
Net loss	$ (6,623)	$ (3,360)	$ (18,320)	$ (3,433)
Denominator:
Weighted-average shares - basic (in shares)	150,232,000	146,012,000	149,755,000	145,545,000
Weighted-average shares - diluted (in shares)	150,232,000	146,012,000	149,755,000	145,545,000
Net loss per share:
Basic (in US dollars per share)	$ (0.04)	$ (0.02)	$ (0.12)	$ (0.02)
Diluted (in US dollars per share)	$ (0.04)	$ (0.02)	$ (0.12)	$ (0.02)

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. 28, 2023	Oct. 29, 2022	Oct. 28, 2023	Oct. 29, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	19,618	18,401	19,618	18,812
Share-based compensation awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	15,538	14,321	15,538	14,732
Customer Warrant
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	4,080	4,080	4,080	4,080