Avid Bioservices (CDMO) 10-Q/A24 Apr 242024 Q1 Quarterly report (amended)Financial data

Company Profile

Cover

Cover - shares	3 Months Ended
Cover - shares	Jul. 31, 2023	Aug. 18, 2023
Cover [Abstract]
Document Type	10-Q/A
Amendment Flag	true
Amendment Description	restated financials
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jul. 31, 2023
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--04-30
Entity File Number	001-32839
Entity Registrant Name	AVID BIOSERVICES, INC.
Entity Central Index Key	0000704562
Entity Tax Identification Number	95-3698422
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	14191 Myford Road
Entity Address, City or Town	Tustin
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92780
City Area Code	(714)
Local Phone Number	508-6100
Title of 12(b) Security	Common Stock, $0.001 par value per share
Trading Symbol	CDMO
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		63,112,934

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jul. 31, 2023	Apr. 30, 2023	Jul. 31, 2022	Apr. 30, 2022
Current assets:
Cash and cash equivalents	$ 24,898	$ 38,542	$ 115,137	$ 126,166
Accounts receivable, net	16,209	18,298
Contract assets	14,454	9,609
Inventory	40,866	43,908
Prepaid expenses and other current assets	1,892	2,094
Total current assets	98,319	112,451
Property and equipment, net	182,835	177,770
Operating lease right-of-use assets	42,374	42,772
Deferred tax assets	114,371	113,751
Other assets	4,757	4,473
Restricted cash	350	350	350	350
Total assets	443,006	451,567
Current liabilities:
Accounts payable	22,813	24,593
Accrued compensation and benefits	4,667	8,780
Contract liabilities	33,019	37,352
Convertible senior notes, net	140,888	140,623
Current portion of operating lease liabilities	1,262	1,358
Other current liabilities	3,295	2,440
Total current liabilities	205,944	215,146
Operating lease liabilities, less current portion	45,370	45,690
Finance lease liabilities, less current portion	1,424	1,562
Total liabilities	252,738	262,398
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.001 par value; 5,000 shares authorized; no shares issued and outstanding at respective dates	0	0
Common stock, $0.001 par value; 150,000 shares authorized; 63,111 and 62,692 shares issued and outstanding at respective dates	63	63
Additional paid-in capital	623,445	620,224
Accumulated deficit	(433,240)	(431,118)
Total stockholders’ equity	190,268	189,169	$ 178,796	$ 174,526
Total liabilities and stockholders’ equity	$ 443,006	$ 451,567

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares shares in Thousands	Jul. 31, 2023	Apr. 30, 2023
Statement of Financial Position [Abstract]
Preferred stock par value (in Dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000	5,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock par value (in Dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	150,000	150,000
Common stock, shares issued	63,111	62,692
Common stock, shares outstanding	63,111	62,692

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jul. 31, 2023	Jul. 31, 2022
Income Statement [Abstract]
Revenues	$ 37,726	$ 36,692
Cost of revenues	33,626	27,575
Gross profit	4,100	9,117
Operating expenses:
Selling, general and administrative	6,263	6,382
Total operating expenses	6,263	6,382
Operating income (loss)	(2,163)	2,735
Interest expense	(825)	(841)
Other income (expense), net	258	50
Net income (loss) before income taxes	(2,730)	1,944
Income tax expense (benefit)	(608)	583
Net income (loss)	(2,122)	1,361
Comprehensive income (loss)	$ (2,122)	$ 1,361
Net income (loss) per share:
Basic	$ (0.03)	$ 0.02
Diluted	$ (0.03)	$ 0.02
Weighted average common shares outstanding:
Basic	62,838	61,905
Diluted	62,838	63,333

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Beginning balance, value at Apr. 30, 2022	$ 62	$ 605,841	$ (431,377)	$ 174,526
Beginning balance, shares at Apr. 30, 2022	61,807
Common stock issued under equity compensation plans		1,012		1,012
Common stock issued under equity compensation plans, shares	358
Stock-based compensation expense		1,897		1,897
Net income (as corrected)			1,361	1,361
Balance at July 31, 2022 (as corrected) at Jul. 31, 2022	$ 62	608,750	(430,016)	178,796
Ending balance, shares at Jul. 31, 2022	62,165
Beginning balance, value at Apr. 30, 2023	$ 63	620,224	(431,118)	189,169
Beginning balance, shares at Apr. 30, 2023	62,692
Common stock issued under equity compensation plans		878		878
Common stock issued under equity compensation plans, shares	419
Stock-based compensation expense		2,343		2,343
Net income (as corrected)			(2,122)	(2,122)
Balance at July 31, 2022 (as corrected) at Jul. 31, 2023	$ 63	$ 623,445	$ (433,240)	$ 190,268
Ending balance, shares at Jul. 31, 2023	63,111

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2023	Jul. 31, 2022
Cash flows from operating activities:
Net income (loss)	$ (2,122)	$ 1,361
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Stock-based compensation	2,343	1,897
Depreciation and amortization	2,649	1,590
Amortization of debt issuance costs	339	260
Deferred income taxes	(620)	562
Loss on disposal of property and equipment	46	34
Changes in operating assets and liabilities:
Accounts receivable, net	2,089	(5,398)
Contract assets	(4,845)	(1,709)
Inventory	3,042	(4,292)
Prepaid expenses and other assets	(131)	(355)
Accounts payable	4,684	4,242
Accrued compensation and benefits	(4,113)	(3,118)
Contract liabilities	(4,333)	(1,023)
Other accrued expenses and liabilities	736	860
Net cash used in operating activities	(236)	(5,089)
Cash flows from investing activities:
Purchase of property and equipment	(14,156)	(6,869)
Net cash used in investing activities	(14,156)	(6,869)
Cash flows from financing activities:
Proceeds from issuance of common stock under equity compensation plans	878	1,012
Principal payments on finance lease	(130)	(83)
Net cash provided by financing activities	748	929
Net decrease in cash, cash equivalents and restricted cash	(13,644)	(11,029)
Cash, cash equivalents and restricted cash, beginning of period	38,892	126,516
Cash, cash equivalents and restricted cash, end of period	25,248	115,487
Supplemental disclosures of cash flow information:
Cash paid for interest	27	23
Cash paid for income taxes	12	40
Supplemental disclosures of non-cash activities:
Unpaid purchases of property and equipment	$ 7,729	$ 16,674

Description of Company and Basi

Description of Company and Basis of Presentation	3 Months Ended
Description of Company and Basis of Presentation	Jul. 31, 2023
Accounting Policies [Abstract]
Description of Company and Basis of Presentation	Note 1 – Description of Company and Basis of Presentation We are a dedicated contract development and manufacturing organization (“CDMO”) that provides a comprehensive range of services from process development to Current Good Manufacturing Practices (“CGMP”) clinical and commercial manufacturing of biologics for the biotechnology and biopharmaceutical industries. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) related to quarterly reports on Form 10-Q, and accordingly, they do not include all the information and disclosures required by U.S. GAAP for annual financial statements. These unaudited condensed consolidated financial statements and notes thereto should be read in conjunction with the audited consolidated financial statements and notes thereto included in Amendment No. 1 to our Annual Report on Form 10-K/A for the fiscal year ended April 30, 2023, as filed with the SEC on April 24, 2024 (the “Amended Form 10-K”). The unaudited financial information for the interim periods presented herein reflects all adjustments which, in the opinion of management, are necessary for a fair presentation of the financial condition and results of operations for the periods presented, with such adjustments consisting only of normal recurring adjustments. Results of operations for interim periods covered by this Quarterly Report on Form 10-Q may not necessarily be indicative of results of operations for the full fiscal year or any other interim period. The unaudited condensed consolidated financial statements include the accounts of Avid Bioservices, Inc. and its subsidiary. All intercompany accounts and transactions among the consolidated entities have been eliminated in the unaudited condensed consolidated financial statements. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts, as well as disclosures of commitments and contingencies in the financial statements and accompanying notes. Actual results could differ materially from those estimates and assumptions. Restatement of Previously Issued Consolidated Financial Statements On February 29, 2024, we received an acceleration notice (the “Acceleration Notice”) from a holder of our 1.250% Exchangeable Senior Notes due 2026 (the “2026 Notes”). The Acceleration Notice stipulated, among other things, that (i) we did not remove the restrictive legend on the 2026 Notes by March 17, 2022 as required under the indenture governing the 2026 Notes (the “2026 Notes Indenture”), (ii) due to such failure, additional interest had accrued thereafter at a rate of 0.50% per annum (the “Additional Interest”), (iii) such Additional Interest had not been paid by us as of the date of the Acceleration Notice, which constitutes an event of default under the 2026 Notes Indenture (the “Event of Default”), and (iv) such holder was the beneficial owner of at least 25% in aggregate principal amount of the outstanding 2026 Notes and therefore had the right to accelerate all of the 2026 Notes. such holder declared 100% of the principal amount of, and accrued and unpaid interest on, the 2026 Notes to be due and payable immediately. Following the receipt of the Acceleration Notice and a re-evaluation of the accounting for its 2026 Notes, we determined that the 2026 Notes should have been classified as a current liability beginning on October 15, 2022, resulting in an understatement of current liabilities on our consolidated balance sheet. The re-classification of the 2026 Notes to a current liability resulted in negative working capital and created a substantial doubt regarding our ability to continue as a going concern. However, this substantial doubt has been resolved through the subsequent issuance of the 2029 Notes, as further described in Note 9, Subsequent Events The impact on the line items within our unaudited condensed consolidated financial statements as of and for the three months ended July 31, 2023 previously filed in our Quarterly Report on Form 10-Q for the three months ended July 31, 2023 are as follows (in thousands, except par value and per share information): Schedule of balance sheet As of July 31, 2023 Consolidated Balance Sheet (as reported) (adjustments) (as restated) ASSETS Current assets: Cash and cash equivalents $ 24,898 $ – $ 24,898 Accounts receivable, net 16,209 – 16,209 Contract assets 14,454 – 14,454 Inventory 40,866 – 40,866 Prepaid expenses and other current assets 1,892 – 1,892 Total current assets 98,319 – 98,319 Property and equipment, net 182,299 536 182,835 Operating lease right-of-use assets 42,374 – 42,374 Deferred tax assets 114,238 133 114,371 Other assets 4,757 – 4,757 Restricted cash 350 – 350 Total assets $ 442,337 $ 669 $ 443,006 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 22,813 $ – $ 22,813 Accrued compensation and benefits 4,667 – 4,667 Contract liabilities 33,019 – 33,019 Convertible senior notes, net – 140,888 140,888 Current portion of operating lease liabilities 1,262 – 1,262 Other current liabilities 2,296 999 3,295 Total current liabilities 64,057 141,887 205,944 Convertible senior notes, net 140,888 (140,888 ) – Operating lease liabilities, less current portion 45,370 – 45,370 Finance lease liabilities, less current portion 1,424 – 1,424 Total liabilities 251,739 999 252,738 Commitments and contingencies – – – Stockholders’ equity: Preferred stock, $0.001 par value; 5,000 shares authorized; no shares issued and outstanding at respective dates – – – Common stock, $0.001 par value; 150,000 shares authorized; 63,111 and 62,692 shares issued and outstanding at respective dates 63 – 63 Additional paid-in capital 623,445 – 623,445 Accumulated deficit (432,910 ) (330 ) (433,240 ) Total stockholders’ equity 190,598 (330 ) 190,268 Total liabilities and stockholders’ equity $ 442,337 $ 669 $ 443,006 Schedule of statement of loss and comprehensive loss Three Months Ended July 31, 2023 Consolidated Statement of Loss and Comprehensive Loss (as reported) (adjustments) (as restated) Revenues $ 37,726 $ – $ 37,726 Cost of revenues 33,626 – 33,626 Gross profit 4,100 – 4,100 Operating expenses: Selling, general and administrative 6,263 – 6,263 Total operating expenses 6,263 – 6,263 Operating loss (2,163 ) – (2,163 ) Interest expense (775 ) (50 ) (825 ) Other income, net 258 – 258 Net loss before income taxes (2,680 ) (50 ) (2,730 ) Income tax benefit (587 ) (21 ) (608 ) Net loss $ (2,093 ) $ (29 ) $ (2,122 ) Comprehensive loss $ (2,093 ) $ (29 ) $ (2,122 ) Net loss per share: Basic $ (0.03 ) – $ (0.03 ) Diluted $ (0.03 ) – $ (0.03 ) Weighted average common shares outstanding: Basic 62,838 – 62,838 Diluted 62,838 – 62,838 Schedule of statement of stockholder equity Three Months Ended July 31, 2023 Accumulated Deficit Total Stockholders’ Equity Accumulated Deficit Total Stockholders’ Equity Condensed Consolidated Statement of Stockholders’ Equity (as reported) (as reported) (adjustments) (as restated) (as restated) Balances at April 30, 2023 $ (430,817 ) $ 189,470 $ (301 ) $ (431,118 ) $ 189,169 Common stock issued under equity compensation plans – 878 – – 878 Stock-based compensation expense – 2,343 – – 2,343 Net loss (2,093 ) (2,093 ) (29 ) (2,122 ) (2,122 ) Balances at July 31, 2023 $ (432,910 ) $ 190,598 $ (330 ) $ (433,240 ) $ 190,268 Schedule of statement of cash flows Three Months Ended July 31 2023 Consolidated Statement of Cash Flows (as reported) (adjustments) (as restated) CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (2,093 ) $ (29 ) $ (2,122 ) Adjustments to reconcile net loss to net cash used in operating activities: Stock-based compensation 2,343 – 2,343 Depreciation and amortization 2,649 – 2,649 Amortization of debt issuance costs 339 – 339 Deferred income taxes (599 ) (21 ) (620 ) Loss on disposal of property and equipment 46 – 46 Changes in operating assets and liabilities: Accounts receivable, net 2,089 – 2,089 Contract assets (4,845 ) – (4,845 ) Inventory 3,042 – 3,042 Prepaid expenses and other assets (131 ) – (131 ) Accounts payable 4,684 – 4,684 Accrued compensation and benefits (4,113 ) – (4,113 ) Contract liabilities (4,333 ) – (4,333 ) Other accrued expenses and liabilities 644 92 736 Net cash used in operating activities (278 ) 42 (236 ) CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment (14,114 ) (42 ) (14,156 ) Net cash used in investing activities (14,114 ) (42 ) (14,156 ) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from issuance of common stock under equity compensation plans 878 – 878 Principal payments on finance leases (130 ) – (130 ) Net cash provided by financing activities 748 – 748 Net decrease in cash, cash equivalents and restricted cash (13,644 ) – (13,644 ) Cash, cash equivalents and restricted cash, beginning of period 38,892 – 38,892 Cash, cash equivalents and restricted cash, end of period $ 25,248 – $ 25,248 Supplemental disclosures of cash flow information: Cash paid for interest $ 27 $ – $ 27 Cash paid for income taxes $ 12 $ – $ 12 Supplemental disclosures of non-cash activities: Unpaid purchases of property and equipment in accounts payable $ 7,636 $ 93 $ 7,729

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Jul. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2 – Summary of Significant Accounting Policies Information regarding our significant accounting policies is contained in Note 2, “Summary of Significant Accounting Policies,” of the consolidated financial statements in the Amended Form 10-K, as filed with the SEC on April 24, 2024. Revenue Recognition Revenue recognized from services provided under our customer contracts is disaggregated into manufacturing and process development revenue streams. Manufacturing revenue Manufacturing revenue generally represents revenue from the manufacturing of customer products recognized over time utilizing an input method that compares the cost of cumulative work-in-process to date to the most current estimates for the entire cost of the performance obligation. Under a manufacturing contract, a quantity of manufacturing runs are ordered at a specified scale with prescribed dates, where the product is manufactured according to the customer’s specifications and typically includes only one performance obligation. Each manufacturing run represents a distinct service that is sold separately and has stand-alone value to the customer. The products are manufactured exclusively for a specific customer and have no alternative use. The customer retains control of its product during the entire manufacturing process and can make changes to the process or specifications at its request. Under these agreements, we are entitled to consideration for progress to date that includes an element of profit margin. Process development revenue Process development revenue generally represents revenue from services associated with the custom development of a manufacturing process and analytical methods for a customer’s product. Process development revenue is recognized over time utilizing an input method that compares the cost of cumulative work-in-process to date to the most current estimates for the entire cost of the performance obligation. Under a process development contract, the customer owns the product details and process, which has no alternative use. These process development projects are customized to each customer to meet its specifications and typically includes only one performance obligation. Each process represents a distinct service that is sold separately and has stand-alone value to the customer. The customer also retains control of its product as the product is being created or enhanced by our services and can make changes to its process or specifications upon request. Under these agreements, we are entitled to consideration for progress to date that includes an element of profit margin. The following table summarizes our revenue streams (in thousands): Schedule of revenues Three Months Ended July 31, 2023 2022 Manufacturing revenues $ 33,420 $ 31,481 Process development revenues 4,306 5,211 Total revenues $ 37,726 $ 36,692 The timing of revenue recognition, billings and cash collections results in billed accounts receivable, contract assets (unbilled receivables), and contract liabilities (customer deposits and deferred revenue). Contract assets are recorded when our right to consideration is conditioned on something other than the passage of time. Contract assets are reclassified to accounts receivable on the consolidated balance sheet when our rights become unconditional. Contract liabilities represent customer deposits and deferred revenue billed and/or received in advance of our fulfillment of performance obligations. Contract liabilities convert to revenue as we perform our obligations under the contract. During the three months ended July 31, 2023 and 2022, we recognized revenue of $ 16.8 million 18.6 million The transaction price for services provided under our customer contracts reflects our best estimates of the amount of consideration to which we are entitled in exchange for providing goods and services to our customers. For contracts with multiple performance obligations, we allocate transaction price to each performance obligation identified in a contract on a relative standalone selling price basis. We generally determine relative standalone selling prices based on the price observed in the customer contract for each distinct performance obligation. If observable standalone selling prices are not available, we may estimate the applicable standalone selling price based on the pricing of other comparable services or on a price that we believe the market is willing to pay for the applicable service. In determining the transaction price, we also considered the different sources of variable consideration including, but not limited to, discounts, credits, refunds, price concessions or other similar items. We have included in the transaction price some or all of an amount of variable consideration, utilizing the most likely method, only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. The actual amount of consideration ultimately received may differ. In addition, our customer contracts generally include provisions entitling us to a cancellation or postponement fee when a customer cancels or postpones its commitments prior to our initiation of services, therefore not utilizing their reserved capacity. The determination of such cancellation and postponement fees are based on the terms stated in the related customer contract but are generally considered substantive for accounting purposes and create an enforceable right and obligation due to us when the cancellation or postponement occurs. Accordingly, we recognize such fees, subject to variable consideration, as revenue upon the cancellation or postponement date utilizing the most likely method. Management may be required to exercise judgement in estimating revenue to be recognized. Judgement is required in identifying performance obligations, estimating the transaction price, estimating the stand-alone selling prices of identified performance obligations, estimating variable consideration, and estimating the progress towards the satisfaction of performance obligations. If actual results in the future vary from our estimates, the estimates will be adjusted, which will affect revenues in the period that such variances become known. During the three months ended July 31, 2023, changes in estimates for variable consideration resulted in a decrease in revenues of $ 1.4 million We apply the practical expedient available under ASC 606 that permits us not to disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less. As of July 31, 2023, we do not have any unsatisfied performance obligations for contracts greater than one year. Costs incurred to obtain a contract are not material. These costs are generally employee sales commissions, which are expensed as incurred and included in selling, general and administrative expense in the unaudited condensed consolidated statements of income (loss) and comprehensive income (loss). Restricted Cash Under the terms of an operating lease related to one of our facilities (Note 4), we are required to maintain a letter of credit as collateral. Accordingly, at July 31, 2023 and April 30, 2023, restricted cash of $ 0.4 million The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the unaudited condensed consolidated balance sheets that sum to the total of the same amounts shown in the unaudited condensed consolidated statements of cash flows (in thousands): Schedule of cash July 31, 2023 April 30, 2023 July 31, 2022 April 30, 2022 Cash and cash equivalents $ 24,898 $ 38,542 $ 115,137 $ 126,166 Restricted cash 350 350 350 350 Total cash, cash equivalents and restricted cash $ 25,248 $ 38,892 $ 115,487 $ 126,516 Accounts Receivable, Net Accounts receivable is primarily comprised of amounts owed to us for services provided under our customer contracts and are recorded at the invoiced amount net of an allowance for doubtful accounts, if necessary. We apply judgement in assessing the ultimate realization of our receivables, that includes an assessment of expected credit losses, and we estimate our allowance for doubtful accounts based on various factors, including our historical collection experience, aging of our customer receivable balances, current and future economic market conditions, and the financial condition of our customers. Based on our analysis of our accounts receivable balance as of July 31, 2023 and April 30, 2023, we determined an allowance for doubtful accounts of $ 2.2 million 0.5 million Inventory Inventory consists of raw materials inventory and is valued at the lower of cost, determined by the first-in, first-out method, or net realizable value. We periodically review raw materials inventory for potential impairment and adjust inventory to its net realizable value based on the estimate of future use and reduce the carrying value of inventory as deemed necessary. Property and Equipment Property and equipment is recorded at cost, less accumulated depreciation and amortization. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the related asset, which are generally as follows: Schedule of estimated useful lives of property Description Estimated Useful Life Leasehold improvements Shorter of estimated useful life or lease term Laboratory and manufacturing equipment 5 – 15 years Computer equipment and software 3 – 5 years Furniture, fixtures and office equipment 5 – 10 years Costs for property and equipment not yet placed into service have been capitalized as construction-in-progress. These costs are primarily related to equipment and leasehold improvements associated with our manufacturing facilities and will be depreciated in accordance with the above guidelines once placed into service. Interest costs incurred during construction of major capital projects are capitalized as construction-in-progress until the underlying asset is ready for its intended use, at which point the interest costs are amortized as depreciation expense over the life of the underlying asset. Interest capitalized as construction-in-progress was $ 0.1 million Schedule of property and equipment July 31, 2023 April 30, 2023 (as restated) (as restated) Leasehold improvements $ 101,572 $ 97,514 Laboratory and manufacturing equipment 42,369 35,501 Computer equipment and software 5,045 5,028 Furniture, fixtures and office equipment 1,894 1,681 Construction-in-progress 64,847 68,414 Total property and equipment, gross 215,727 208,138 Less: accumulated depreciation and amortization (32,892 ) (30,368 ) Total property and equipment, net $ 182,835 $ 177,770 Depreciation and amortization expense for the three months ended July 31, 2023 and 2022 was $ 2.6 million 1.6 million Leases We determine if an arrangement is or contains a lease at inception. Our operating leases with a term greater than one year are included in operating lease right-of-use (“ROU”) assets, operating lease liabilities and operating lease liabilities, less current portion in our consolidated balance sheets. ROU assets represent our right to use an underlying asset during the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the lease commencement date, based on the present value of lease payments over the lease term. In determining the net present value of lease payments, we use our incremental borrowing rate which represents an estimated rate of interest that we would have to pay to borrow equivalent funds on a collateralized basis at the lease commencement date. Our operating leases may include options to extend the lease which are included in the lease term when it is reasonably certain that we will exercise a renewal option. Operating lease expense is recognized on a straight-line basis over the expected lease term. Our finance lease with a term greater than one year is included as an asset within property and equipment, net and a lease liability equal to the present value of the minimum lease payments is included in other current liabilities and finance lease liabilities, less current portion in our consolidated balance sheets. The present value of the finance lease payments is calculated using the implicit interest rate in the lease. Finance lease ROU assets are amortized on a straight-line basis over the expected useful life of the asset and the carrying amount of the lease liability is adjusted to reflect interest, which is recorded as interest expense. Leases with an initial term of 12 months or less are not recorded on our consolidated balance sheets and lease expense for these short-term leases is recognized on a straight-line basis over the lease term. We have also elected the practical expedient to not separate lease components from non-lease components. Impairment Long-lived assets are reviewed for impairment in accordance with authoritative guidance for impairment or disposal of long-lived assets. Long-lived assets are reviewed for events or changes in circumstances that indicate that their carrying value may not be recoverable. If such events or changes in circumstances arise, we compare the carrying amount of the long-lived assets to the estimated future undiscounted cash flows expected to be generated by the long-lived assets. If the long-lived assets are determined to be impaired, any excess of the carrying value of the long-lived assets over its estimated fair value is recognized as an impairment loss. For the three months ended July 31, 2023 and 2022, there were no Stock-Based Compensation We account for stock options, restricted stock units, performance stock units and other stock-based awards granted under our equity compensation plans in accordance with the authoritative guidance of ASC 718, Compensation – Stock Compensation Debt Issuance Costs Debt issuance costs related to convertible senior notes are recorded as a deduction that is netted against the principal value of the debt and are amortized to interest expense using the effective interest method over the contractual term of the debt (Note 3). Debt issuance costs related to the revolving credit facility are included in prepaid expenses and other current assets in the consolidated balance sheet and are amortized to interest expense over the contractual term of the revolving credit facility (Note 3). Comprehensive Income (Loss) Comprehensive income (loss) is the change in equity during a period from transactions and other events and circumstances from non-owner sources. Comprehensive income (loss) is equal to our net income (loss) for all periods presented. Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The guidance prioritizes the inputs used in measuring fair value into the following hierarchy: · Level 1 – Observable inputs, such as unadjusted quoted prices in active markets for identical assets or liabilities. · Level 2 – Observable inputs other than quoted prices included in Level 1, such as assets or liabilities whose values are based on quoted market prices in markets where trading occurs infrequently or whose values are based on quoted prices of instruments with similar attributes in active markets. · Level 3 – Unobservable inputs that are supported by little or no market activity and significant to the overall fair value measurement of the assets or liabilities; therefore, requiring the company to develop its own valuation techniques and assumptions. As of July 31, 2023 and April 30, 2023, we did not have any Level 2 or Level 3 financial assets and our cash equivalents of $ 15.6 million 28.7 million Recently Adopted Accounting Standard In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses of Financial Instruments

Debt (as restated)

Debt (as restated)	3 Months Ended
Debt (as restated)	Jul. 31, 2023
Debt Disclosure [Abstract]
Debt (as restated)	Note 3 – Debt (as restated) Convertible Senior Notes Due 2026 In March 2021, we issued $ 143.8 million 138.5 million 5.3 million The 2026 Notes are senior unsecured obligations and accrue interest at a rate of 1.25 March 15, 2026 The initial conversion rate for the 2026 Notes is approximately 47.1403 shares of our common stock per $1,000 principal amount, which represents an initial conversion price of approximately $21.21 per share of our common stock. The conversion rate is subject to adjustments upon the occurrence of certain events in accordance with the terms of the 2026 Notes Indenture. In addition, following certain corporate events that occur prior to the maturity date, we will, in certain circumstances, increase the conversion rate for a holder who elects to convert their 2026 Notes in connection with such a fundamental change, as defined in the 2026 Notes Indenture. Holders of the 2026 Notes may convert their 2026 Notes at their option at any time prior to the close of business on the business day immediately preceding September 15, 2025, only under the following circumstances: (1) during any fiscal quarter commencing after the fiscal quarter ending July 31, 2021, if the last reported sale price of our common stock for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding fiscal quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (2) during the five business day period after any five consecutive trading day period (the “measurement period”) in which the trading price (as defined in the Indenture) per $1,000 principal amount of the 2026 Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of our common stock and the exchange rate on each such trading day; (3) if we call any or all of the 2026 Notes for redemption, at any time prior to the close of business on the second scheduled trading day immediately preceding the redemption date; and (4) upon the occurrence of specified corporate events as described in the Indenture. On or after September 15, 2025, until the close of business on the second scheduled trading day immediately preceding the maturity date, holders at their option may convert their 2026 Notes at any time, regardless of the foregoing circumstances. We may not redeem the 2026 Notes prior to March 20, 2024. On or after March 20, 2024, the 2026 Notes are redeemable for cash, whole or in part, at our option, if the last reported sale price of our common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which we provide notice of redemption at a redemption price equal to 100% of the principal amount to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. If we undergo a fundamental change (as defined in the 2026 Notes Indenture), holders may require us to repurchase for cash all or any portion of their 2026 Notes at a fundamental change repurchase price equal to 100% of the principal amount of the 2026 Notes to be repurchased, plus accrued and unpaid interest to, but excluding the redemption date. The 2026 Notes Indenture contains customary terms and covenants, including that upon certain events of default occurring and continuing, the trustee or the holders of at least 25% in aggregate principal amount of the outstanding 2026 Notes may declare the entire principal of all the 2026 Notes plus accrued and unpaid interest to be immediately due and payable. As described in Note 1, on February 29, 2024, as a result of the Event of Default, a holder of at least 25% aggregate principal amount of 2026 Notes declared 100% of the principal amount of, and accrued and unpaid interest on, the 2026 Notes to be due and payable immediately. Refer also to Note 9, Subsequent Events The net carrying amount of the 2026 Notes is as follows (in thousands): Schedule of net carrying amount of the debt component July 31, 2023 April 30, 2023 Principal $ 143,750 $ 143,750 Unamortized issuance costs (2,862 ) (3,127 ) Net carrying amount $ 140,888 $ 140,623 As of July 31, 2023, the estimated fair value of the 2026 Notes was approximately $ 133.5 million The effective annual interest rate of the 2026 Notes for the three months ended July 31, 2023 and 2022 was 2.31%. The following table summarizes the interest expense recognized related to the 2026 Notes for the three months ended July 31, 2023 and 2022 (in thousands). Schedule of interest expenses Three Months Ended Three Months Ended (as restated) (as corrected) Contractual interest expense $ 458 $ 547 Amortization of issuance costs 265 260 Total interest expense associated with 2026 Notes $ 723 $ 807 Capped Call Transactions In connection with the issuance of the 2026 Notes, we entered into privately negotiated capped call transactions (the “Capped Calls”) with certain financial institution counterparties (the “Option Counterparties”). We used $ 12.8 million We evaluated the Capped Calls under ASC 815-10 and determined that they should be accounted for as a separate transaction from the 2026 Notes and that the Capped Calls met the criteria for equity classification. Therefore, the cost of $12.8 million to purchase the Capped Calls was recorded as a reduction to additional paid-in capital. The Capped Calls will not be subsequently remeasured as long as the conditions for equity classification continue to be met. As of July 31, 2023 and April 30, 2023, there were no conversions of our 2026 Notes, and therefore, there was no activity with respect to the Capped Calls. We believe the conditions for equity classification continue to be met as of July 31, 2023 and April 30, 2023. As described in Note 9, Subsequent Events Revolving Credit Facility On March 14, 2023, we entered into a credit agreement with Bank of America, N.A., as administrative agent and letter of credit issuer , which was subsequently amended on October 27, 2023 (as amended, the “Credit Agreement”). The Credit Agreement provides for a revolving credit facility (the “Revolving Credit Facility”) in an amount equal to the lesser of (i) $50 million, and (ii) a borrowing base calculated as the sum of (a) 80% of the value of certain of our eligible accounts receivable, plus (b) up to 100% of the value of eligible cash collateral. The Revolving Credit Facility will mature on October 25, 2024 and is secured by substantially all of our assets. As of July 31, 2023, there were no As a result of the Acceleration Event associated with the 2026 Notes (Note 1), such occurrence resulted in a cross-default under our Credit Agreement. On March 12, 2024, we entered into Amendment No. 2 to the Credit Agreement which, among other things, (i) waives the events of default under the Credit Agreement as a result of the acceleration of our 2026 Notes, (ii) permits the issuance of our 2029 Notes and the repayment of our 2026 Notes (Note 9) and (iii) adjusts the financial covenant in the Credit Agreement. Loans under the Revolving Credit Facility will bear interest at either a term Secured Overnight Financing Rate (“SOFR”) rate for a specified interest period plus a SOFR adjustment (equal to 0.10%) plus a margin of 1.60% or base rate plus a margin of 0.60% at our option. Interest on any outstanding loans is due and payable monthly and the principal balance is due at maturity. In addition, we pay a quarterly unused revolving line facility fee of 0.25 The Credit Agreement includes certain customary affirmative and negative covenants, including limitations on mergers, consolidations and sales of assets, limitations on liens, limitations on certain restricted payments and investments, limitations on transactions with affiliates and limitations on incurring additional indebtedness. In addition, the Credit Agreement requires maintenance of a minimum consolidated EBITDA, as defined in the Credit Agreement, of $ 15 The Credit Agreement, as amended, also provides for certain customary events of defaults, including, among others, failure to make payments, breach of representations and warranties, and default of covenants.

Leases

Leases	3 Months Ended
Leases	Jul. 31, 2023
Leases [Abstract]
Leases	Note 4 – Leases We currently lease certain office, manufacturing, laboratory and warehouse space located in Orange County, California under operating lease agreements. Our leased facilities have original lease terms ranging from 7 to 12 years, contain multi-year renewal options, and scheduled rent increases of 3% on either an annual or biennial basis. Multi-year renewal options were included in determining the right-of-use asset and lease liability for three of our leases as we considered it reasonably certain that we would exercise such renewal options. In addition, certain of our leases provide for periods of free rent, lessor improvements and tenant improvement allowances, of which certain of these improvements have been classified as leasehold improvements and/or are being amortized over the shorter of the estimated useful life of the improvements or the remaining life of the lease. Certain of our operating facility leases require us to pay property taxes, insurance and common area maintenance. While these payments are not included as part of our lease liabilities, they are recognized as variable lease cost in the period they are incurred. We also lease certain manufacturing equipment under a 5-year finance lease that commenced in the second quarter of fiscal year 2022. The components of our lease costs for the three months ended July 31, 2023 and 2022 were as follows (in thousands): Schedule of lease costs Three Months Ended July 31, 2023 2022 Operating lease cost $ 1,140 $ 1,083 Variable lease cost 351 389 Short-term lease cost 36 130 Finance lease costs: Amortization of right-of-use assets 54 54 Interest on lease liabilities 27 33 Total lease costs $ 1,608 $ 1,689 Supplemental consolidated balance sheet and other information related to our leases as of July 31, 2023 and April 30, 2023 were as follows (in thousands, expect weighted average data): Schedule of balance sheet classification of leases Leases Classification July 31, 2023 April 30, 2023 Assets Operating Operating lease right-of-use assets $ 42,374 $ 42,772 Finance Property and equipment, net 2,460 2,529 Total leased assets $ 44,834 $ 45,301 Liabilities Current: Operating Current portion of operating lease liabilities $ 1,262 $ 1,358 Finance Other current liabilities 539 531 Non-current: Operating Operating lease liabilities, less current portion 45,370 45,690 Finance Finance lease liabilities, less current portion 1,424 1,562 Total lease liabilities $ 48,595 $ 49,141 Schedule of operating and finance leases Weighted average remaining lease term (years): Operating leases   16.4 16.6 Finance lease 3.4 3.7 Weighted average discount rate: Operating leases 6.0 6.0 Finance lease 5.3 5.3 Supplemental cash flow information related to our leases for the three months ended July 31, 2023 and 2022 were as follows (in thousands): Schedule of supplemental cash flow information related to leases Three Months Ended July 31, 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 1,119 $ 963 Operating cash flows from finance lease 27 22 Financing cash flows from finance lease 130 83 Non-cash transaction: Unpaid finance lease obligation $ – $ 41 As of July 31, 2023, the maturities of our lease liabilities, which includes those derived from lease renewal options that we considered it reasonably certain that we would exercise, were as follows (in thousands): Schedule of maturities of lease liabilities Fiscal Year Ending April 30, Operating Leases Finance Lease Total 2024 (remaining period) $ 3,021 $ 472 $ 3,493 2025 4,060 629 4,689 2026 4,167 629 4,796 2027 4,199 419 4,618 2028 4,036 – 4,036 Thereafter 56,418 – 56,418 Total lease payments $ 75,901 $ 2,149 $ 78,050 Less: imputed interest (29,269 ) (186 ) (29,455 ) Total lease liabilities $ 46,632 $ 1,963 $ 48,595

Equity Compensation Plans

Equity Compensation Plans	3 Months Ended
Equity Compensation Plans	Jul. 31, 2023
Share-Based Payment Arrangement [Abstract]
Equity Compensation Plans	Note 5 – Equity Compensation Plans Stock Incentive Plans As of July 31, 2023, we had an aggregate of 7,806,772 4,642,661 3,164,111 Stock Options The following summarizes our stock option transaction activity for the three months ended July 31, 2023: Schedule of stock option activity Stock Options Grant Date Weighted Average Exercise Price (in thousands) Outstanding at May 1, 2023 2,079 $ 6.76 Granted – $ – Exercised (41 ) $ 8.46 Canceled or expired (8 ) $ 13.15 Outstanding at July 31, 2023 2,030 $ 6.70 Restricted Stock Units The following summarizes our RSUs transaction activity for the three months ended July 31, 2023: Schedule of RSU activity Shares Weighted Average Grant Date Fair Value (in thousands) Outstanding at May 1, 2023 1,006 $ 16.83 Granted 661 $ 14.05 Vested (170 ) $ 11.29 Forfeited (19 ) $ 17.89 Outstanding at July 31, 2023 1,478 $ 16.21 Performance Stock Units The Compensation Committee of the Board of Directors grants PSUs to our executives. The PSUs are subject to annual vesting over three consecutive fiscal year performance periods with the first one-third vesting on April 30 of the year following the grant date, and each successive one-third vesting on April 30 of the following two years respectively (each a “Performance Period”). Each PSU that vests represent the right to receive one share of our common stock. The number of shares that will vest for each Performance Period, if any, is based upon the attainment of certain predetermined financial metrics for each such Performance Period. Depending on the actual financial metrics achieved relative to the target financial metrics for such Performance Periods, the number of PSUs issued could range from 0% to 200% of the target amount. The number of granted shares included in the table below is based on a maximum 200% achievement of each financial metric during each Performance Period (the “Maximum Performance Target”). If a financial metric is achieved at a rate below the Maximum Performance Target, or is not achieved, the corresponding portions of the PSUs that do not vest are forfeited. The following summarizes our PSUs transaction activity for the three months ended July 31, 2023: Schedule of PSU activity Shares Weighted Average Grant Date Fair Value (in thousands) Outstanding at May 1, 2023 522 $ 19.70 Granted 613 $ 13.92 Vested – $ – Forfeited – $ – Outstanding at July 31, 2023 1,135 $ 16.58 Employee Stock Purchase Plan The Avid Bioservices, Inc. 2010 Employee Stock Purchase Plan (the “ESPP”) is a stockholder-approved plan under which employees can purchase shares of our common stock, based on a percentage of their compensation, subject to certain limits. The purchase price per share is equal to the lower of 85% of the fair market value of our common stock on the first trading day of the six-month offering period or on the last trading day of the six-month offering period. During the three months ended July 31, 2023, a total of 46,224 11.46 917,092 Stock-Based Compensation Stock-based compensation expense included in our unaudited condensed consolidated statements of income (loss) and comprehensive income (loss) for the three months ended July 31, 2023 and 2022 was comprised of the following (in thousands): Schedule of share-based compensation expense Three Months Ended July 31, 2023 2022 Cost of revenues $ 954 $ 687 Selling, general and administrative 1,389 1,210 Total $ 2,343 $ 1,897 As of July 31, 2023, the total estimated unrecognized compensation cost related to non-vested stock options and RSUs was $ 0.9 million 22.6 million 0.91 3.12 10.6 million 1.47

Income Taxes

Income Taxes	3 Months Ended
Income Taxes	Jul. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Note 6 – Income Taxes We are subject to taxation in the United States and various states jurisdictions in which we conduct our business. Our tax provision for interim periods is determined using an estimate of our annual effective tax rate, adjusted for discrete items arising in that quarter. On a quarterly basis, we update our estimate of the annual effective tax rate, and if the estimated annual tax rate changes, we make a cumulative adjustment in that quarter. For the three months ended July 31, 2023 and 2022, we recorded an income tax benefit of $0.6 million (600,000) 0.6 million 22.2 30 The provision for income taxes recorded for the three months ended July 31, 2023 and 2022 differs from the U.S. federal statutory tax rate of 21% due primarily to the tax impact of stock-based compensation, non-deductible officers’ compensation, and transportation fringe benefits. We have no no

Net Income (Loss) Per Common Sh

Net Income (Loss) Per Common Share	3 Months Ended
Net Income (Loss) Per Common Share	Jul. 31, 2023
Net income (loss) per share:
Net Income (Loss) Per Common Share	Note 7 – Net Income (Loss) Per Common Share Basic net income (loss) per common share is computed by dividing our net income (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted net income (loss) per common share is computed by dividing our net income (loss) by the sum of the weighted average number of shares of common stock outstanding during the period plus the potential dilutive effects of stock options, unvested RSUs, unvested PSUs, shares of common stock expected to be issued under our ESPP, and 2026 Notes. The potential dilutive effect of stock options, unvested RSUs, unvested PSUs, and shares of common stock expected to be issued under our ESPP during the period are calculated in accordance with the treasury stock method but are excluded if their effect is anti-dilutive. The potential dilutive effect of our 2026 Notes is calculated using the if-converted method assuming the conversion of our 2026 Notes as of the earliest period reported or at the date of issuance, if later, but are excluded if their effect is anti-dilutive. A reconciliation of the numerators and the denominators of the basic and dilutive net income (loss) per common share computations are as follows (in thousands, except per share amounts): Schedule of earnings per share, basic and diluted Three Months Ended July 31, 2023 2022 Numerator: (as restated) (as corrected) Net income (loss) $ (2,122 ) $ 1,361 Denominator: Weighted average basic common shares outstanding 62,838 61,905 Effect of dilutive securities: Stock options – 1,195 RSUs and ESPP – 233 Weighted average dilutive common shares outstanding 62,838 63,333 Net income (loss) per share: Basic $ (0.03 ) $ 0.02 Diluted $ (0.03 ) $ 0.02 The following table presents the potential dilutive securities excluded from the calculation of diluted net income (loss) per share for the periods presented as the effect of their inclusion would have been anti-dilutive (in thousands): Schedule of antidilutive shares Three Months Ended July 31, 2023 2022 Stock options 1,138 55 RSUs, PSUs and ESPP 907 466 2026 Notes 6,776 6,776 Total 8,821 7,297

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Jul. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 8 – Commitments and Contingencies In the ordinary course of business, we are at times subject to various legal proceedings and disputes. We make provisions for liabilities when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Such provisions, if any, are reviewed at least quarterly and adjusted to reflect the impact of any settlement negotiations, judicial and administrative rulings, advice of legal counsel, and other information and events pertaining to a particular case. We currently are not a party to any legal proceedings, the adverse outcome of which, in management’s opinion, individually or in the aggregate, would have a material adverse effect on our consolidated financial condition or results of operations.

Subsequent Events

Subsequent Events	3 Months Ended
Subsequent Events	Jul. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Note 9 – Subsequent Events Acceleration of Convertible Senior Notes Due 2026 As described in Note 1, on February 29, 2024, as a result of the Event of Default, a holder of at least 25% aggregate principal amount of 2026 Notes declared 100% of the principal amount of, and accrued and unpaid interest on, the 2026 Notes to be due and payable immediately. Sale and Issuance of Convertible Senior Notes Due 2029 On March 12, 2024, we completed a private offering (the “Offering”) of $160.0 million aggregate principal amount of 7.00% convertible senior notes due 2029 (the “2029 Notes”) to qualified institutional buyers pursuant to Section 4(a)(2) of the Securities Act. We received net proceeds from the Offering of approximately $153.5 million, after deducting placement agent’s commissions and other debt issuance related expenses of approximately $6.5 million. Subsequent to the closing of the Offering, during March 2024, we used approximately $146.1 million of the net proceeds to (i) repurchase for cash, $141.0 million aggregate principal amount of the 2026 Notes (Note 3) in privately negotiated transactions with certain holders of the 2026 Notes plus accrued and unpaid interest of $2.3 million, and (ii) repay in full, the remaining outstanding 2026 Notes balance by depositing the required payoff amount of $2.8 million, representing principal and accrued and unpaid interest, with the trustee under the 2026 Notes Indenture, following which no 2026 Notes remained outstanding. The 2029 Notes are senior unsecured obligations and accrue interest at a rate of 7.00% per annum, payable semi-annually in arrears on March 1 and September 1 of each year, beginning on September 1, 2024. The 2029 Notes mature on March 1, 2029, unless earlier repurchased by us or converted at the option of the holders. The 2029 Notes are convertible into cash, shares of our common stock or a combination of cash and shares of our common stock, at our election in the manner and subject to the terms and conditions provided in the indenture (the “2029 Notes Indenture”) governing the 2029 Notes. The initial conversion rate for the 2029 Notes is approximately 101.1250 shares of our common stock per $1,000 principal amount, which represents an initial conversion price of approximately $9.89 per share of our common stock. The conversion rate is subject to adjustments upon the occurrence of certain events in accordance with the terms of the 2029 Notes Indenture. In addition, following certain corporate events that occur prior to the maturity date, we will, in certain circumstances, increase the conversion rate for a holder who elects to convert their 2029 Notes in connection with such a fundamental change, as defined in the 2029 Notes Indenture. Holders of the 2029 Notes may convert their 2029 Notes at their option at any time prior to the close of business on the business day immediately preceding September 1, 2028, only under the following circumstances: (1) during any fiscal quarter commencing after the fiscal quarter ending July 31, 2024 (and only during such fiscal quarter), if the last reported sale price of our common stock for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding fiscal quarter is greater than or equal to 130% of the conversion price for the 2029 Notes on each applicable trading day; (2) during the five business day period after any five consecutive trading day period (the “measurement period”) in which the trading price (as defined in the 2029 Notes Indenture) per $1,000 principal amount of the 2029 Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of our common stock and the conversion rate on each such trading day; or (3) upon the occurrence of specified corporate events as described in the 2029 Notes Indenture. On or after September 1, 2028 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders at their option may convert all or any portion of their 2029 Notes at any time, regardless of the foregoing circumstances. We may not redeem the 2029 Notes prior to the March 1, 2029 maturity date. If we undergo a fundamental change (as defined in the 2029 Notes Indenture), holders may require us to repurchase for cash all or any portion of their 2029 Notes at a fundamental change repurchase price equal to 100% of the principal amount of the 2029 Notes to be repurchased, plus accrued and unpaid interest to, but excluding the fundamental change repurchase date. The 2029 Notes Indenture includes customary terms and covenants, including that upon certain events of default occurring and continuing, if we fail to comply with any of our other agreements contained in the 2029 Notes or the 2029 Notes Indenture for 60 days after receipt of written notice of such failure from the trustee or the holders of at least 25% in aggregate principal amount of the outstanding 2029 Notes may declare the entire principal of all the 2029 Notes plus accrued and unpaid interest to be immediately due and payable. Capped Call Transactions During March 2024, in connection with our repurchase and payoff of the remaining balance of the 2026 Notes, as further described above, we entered into transactions to unwind all of our Capped Calls (Note 3). As a result, we received $1.3 million in net proceeds from the unwinding of the Capped Calls. Revolving Credit Facility On March 12, 2024, we entered into Amendment No. 2 to the Credit Agreement (Note 3) which, among other things, (i) waives the events of default under the Credit Agreement as a result of the acceleration of the 2026 Notes, (ii) permits the issuance of the 2029 Notes and the repayment of the 2026 Notes and (iii) adjusts certain financial covenant in the Credit Agreement.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Jul. 31, 2023
Accounting Policies [Abstract]
Revenue Recognition	Revenue Recognition Revenue recognized from services provided under our customer contracts is disaggregated into manufacturing and process development revenue streams. Manufacturing revenue Manufacturing revenue generally represents revenue from the manufacturing of customer products recognized over time utilizing an input method that compares the cost of cumulative work-in-process to date to the most current estimates for the entire cost of the performance obligation. Under a manufacturing contract, a quantity of manufacturing runs are ordered at a specified scale with prescribed dates, where the product is manufactured according to the customer’s specifications and typically includes only one performance obligation. Each manufacturing run represents a distinct service that is sold separately and has stand-alone value to the customer. The products are manufactured exclusively for a specific customer and have no alternative use. The customer retains control of its product during the entire manufacturing process and can make changes to the process or specifications at its request. Under these agreements, we are entitled to consideration for progress to date that includes an element of profit margin. Process development revenue Process development revenue generally represents revenue from services associated with the custom development of a manufacturing process and analytical methods for a customer’s product. Process development revenue is recognized over time utilizing an input method that compares the cost of cumulative work-in-process to date to the most current estimates for the entire cost of the performance obligation. Under a process development contract, the customer owns the product details and process, which has no alternative use. These process development projects are customized to each customer to meet its specifications and typically includes only one performance obligation. Each process represents a distinct service that is sold separately and has stand-alone value to the customer. The customer also retains control of its product as the product is being created or enhanced by our services and can make changes to its process or specifications upon request. Under these agreements, we are entitled to consideration for progress to date that includes an element of profit margin. The following table summarizes our revenue streams (in thousands): Schedule of revenues Three Months Ended July 31, 2023 2022 Manufacturing revenues $ 33,420 $ 31,481 Process development revenues 4,306 5,211 Total revenues $ 37,726 $ 36,692 The timing of revenue recognition, billings and cash collections results in billed accounts receivable, contract assets (unbilled receivables), and contract liabilities (customer deposits and deferred revenue). Contract assets are recorded when our right to consideration is conditioned on something other than the passage of time. Contract assets are reclassified to accounts receivable on the consolidated balance sheet when our rights become unconditional. Contract liabilities represent customer deposits and deferred revenue billed and/or received in advance of our fulfillment of performance obligations. Contract liabilities convert to revenue as we perform our obligations under the contract. During the three months ended July 31, 2023 and 2022, we recognized revenue of $ 16.8 million 18.6 million The transaction price for services provided under our customer contracts reflects our best estimates of the amount of consideration to which we are entitled in exchange for providing goods and services to our customers. For contracts with multiple performance obligations, we allocate transaction price to each performance obligation identified in a contract on a relative standalone selling price basis. We generally determine relative standalone selling prices based on the price observed in the customer contract for each distinct performance obligation. If observable standalone selling prices are not available, we may estimate the applicable standalone selling price based on the pricing of other comparable services or on a price that we believe the market is willing to pay for the applicable service. In determining the transaction price, we also considered the different sources of variable consideration including, but not limited to, discounts, credits, refunds, price concessions or other similar items. We have included in the transaction price some or all of an amount of variable consideration, utilizing the most likely method, only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. The actual amount of consideration ultimately received may differ. In addition, our customer contracts generally include provisions entitling us to a cancellation or postponement fee when a customer cancels or postpones its commitments prior to our initiation of services, therefore not utilizing their reserved capacity. The determination of such cancellation and postponement fees are based on the terms stated in the related customer contract but are generally considered substantive for accounting purposes and create an enforceable right and obligation due to us when the cancellation or postponement occurs. Accordingly, we recognize such fees, subject to variable consideration, as revenue upon the cancellation or postponement date utilizing the most likely method. Management may be required to exercise judgement in estimating revenue to be recognized. Judgement is required in identifying performance obligations, estimating the transaction price, estimating the stand-alone selling prices of identified performance obligations, estimating variable consideration, and estimating the progress towards the satisfaction of performance obligations. If actual results in the future vary from our estimates, the estimates will be adjusted, which will affect revenues in the period that such variances become known. During the three months ended July 31, 2023, changes in estimates for variable consideration resulted in a decrease in revenues of $ 1.4 million We apply the practical expedient available under ASC 606 that permits us not to disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less. As of July 31, 2023, we do not have any unsatisfied performance obligations for contracts greater than one year. Costs incurred to obtain a contract are not material. These costs are generally employee sales commissions, which are expensed as incurred and included in selling, general and administrative expense in the unaudited condensed consolidated statements of income (loss) and comprehensive income (loss).
Restricted Cash	Restricted Cash Under the terms of an operating lease related to one of our facilities (Note 4), we are required to maintain a letter of credit as collateral. Accordingly, at July 31, 2023 and April 30, 2023, restricted cash of $ 0.4 million The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the unaudited condensed consolidated balance sheets that sum to the total of the same amounts shown in the unaudited condensed consolidated statements of cash flows (in thousands): Schedule of cash July 31, 2023 April 30, 2023 July 31, 2022 April 30, 2022 Cash and cash equivalents $ 24,898 $ 38,542 $ 115,137 $ 126,166 Restricted cash 350 350 350 350 Total cash, cash equivalents and restricted cash $ 25,248 $ 38,892 $ 115,487 $ 126,516
Accounts Receivable, Net	Accounts Receivable, Net Accounts receivable is primarily comprised of amounts owed to us for services provided under our customer contracts and are recorded at the invoiced amount net of an allowance for doubtful accounts, if necessary. We apply judgement in assessing the ultimate realization of our receivables, that includes an assessment of expected credit losses, and we estimate our allowance for doubtful accounts based on various factors, including our historical collection experience, aging of our customer receivable balances, current and future economic market conditions, and the financial condition of our customers. Based on our analysis of our accounts receivable balance as of July 31, 2023 and April 30, 2023, we determined an allowance for doubtful accounts of $ 2.2 million 0.5 million
Inventory	Inventory Inventory consists of raw materials inventory and is valued at the lower of cost, determined by the first-in, first-out method, or net realizable value. We periodically review raw materials inventory for potential impairment and adjust inventory to its net realizable value based on the estimate of future use and reduce the carrying value of inventory as deemed necessary.
Property and Equipment	Property and Equipment Property and equipment is recorded at cost, less accumulated depreciation and amortization. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the related asset, which are generally as follows: Schedule of estimated useful lives of property Description Estimated Useful Life Leasehold improvements Shorter of estimated useful life or lease term Laboratory and manufacturing equipment 5 – 15 years Computer equipment and software 3 – 5 years Furniture, fixtures and office equipment 5 – 10 years Costs for property and equipment not yet placed into service have been capitalized as construction-in-progress. These costs are primarily related to equipment and leasehold improvements associated with our manufacturing facilities and will be depreciated in accordance with the above guidelines once placed into service. Interest costs incurred during construction of major capital projects are capitalized as construction-in-progress until the underlying asset is ready for its intended use, at which point the interest costs are amortized as depreciation expense over the life of the underlying asset. Interest capitalized as construction-in-progress was $ 0.1 million Schedule of property and equipment July 31, 2023 April 30, 2023 (as restated) (as restated) Leasehold improvements $ 101,572 $ 97,514 Laboratory and manufacturing equipment 42,369 35,501 Computer equipment and software 5,045 5,028 Furniture, fixtures and office equipment 1,894 1,681 Construction-in-progress 64,847 68,414 Total property and equipment, gross 215,727 208,138 Less: accumulated depreciation and amortization (32,892 ) (30,368 ) Total property and equipment, net $ 182,835 $ 177,770 Depreciation and amortization expense for the three months ended July 31, 2023 and 2022 was $ 2.6 million 1.6 million
Leases	Leases We determine if an arrangement is or contains a lease at inception. Our operating leases with a term greater than one year are included in operating lease right-of-use (“ROU”) assets, operating lease liabilities and operating lease liabilities, less current portion in our consolidated balance sheets. ROU assets represent our right to use an underlying asset during the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the lease commencement date, based on the present value of lease payments over the lease term. In determining the net present value of lease payments, we use our incremental borrowing rate which represents an estimated rate of interest that we would have to pay to borrow equivalent funds on a collateralized basis at the lease commencement date. Our operating leases may include options to extend the lease which are included in the lease term when it is reasonably certain that we will exercise a renewal option. Operating lease expense is recognized on a straight-line basis over the expected lease term. Our finance lease with a term greater than one year is included as an asset within property and equipment, net and a lease liability equal to the present value of the minimum lease payments is included in other current liabilities and finance lease liabilities, less current portion in our consolidated balance sheets. The present value of the finance lease payments is calculated using the implicit interest rate in the lease. Finance lease ROU assets are amortized on a straight-line basis over the expected useful life of the asset and the carrying amount of the lease liability is adjusted to reflect interest, which is recorded as interest expense. Leases with an initial term of 12 months or less are not recorded on our consolidated balance sheets and lease expense for these short-term leases is recognized on a straight-line basis over the lease term. We have also elected the practical expedient to not separate lease components from non-lease components.
Impairment	Impairment Long-lived assets are reviewed for impairment in accordance with authoritative guidance for impairment or disposal of long-lived assets. Long-lived assets are reviewed for events or changes in circumstances that indicate that their carrying value may not be recoverable. If such events or changes in circumstances arise, we compare the carrying amount of the long-lived assets to the estimated future undiscounted cash flows expected to be generated by the long-lived assets. If the long-lived assets are determined to be impaired, any excess of the carrying value of the long-lived assets over its estimated fair value is recognized as an impairment loss. For the three months ended July 31, 2023 and 2022, there were no
Stock-Based Compensation	Stock-Based Compensation We account for stock options, restricted stock units, performance stock units and other stock-based awards granted under our equity compensation plans in accordance with the authoritative guidance of ASC 718, Compensation – Stock Compensation
Debt Issuance Costs	Debt Issuance Costs Debt issuance costs related to convertible senior notes are recorded as a deduction that is netted against the principal value of the debt and are amortized to interest expense using the effective interest method over the contractual term of the debt (Note 3). Debt issuance costs related to the revolving credit facility are included in prepaid expenses and other current assets in the consolidated balance sheet and are amortized to interest expense over the contractual term of the revolving credit facility (Note 3).
Comprehensive Income (Loss)	Comprehensive Income (Loss) Comprehensive income (loss) is the change in equity during a period from transactions and other events and circumstances from non-owner sources. Comprehensive income (loss) is equal to our net income (loss) for all periods presented.
Fair Value Measurements	Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The guidance prioritizes the inputs used in measuring fair value into the following hierarchy: · Level 1 – Observable inputs, such as unadjusted quoted prices in active markets for identical assets or liabilities. · Level 2 – Observable inputs other than quoted prices included in Level 1, such as assets or liabilities whose values are based on quoted market prices in markets where trading occurs infrequently or whose values are based on quoted prices of instruments with similar attributes in active markets. · Level 3 – Unobservable inputs that are supported by little or no market activity and significant to the overall fair value measurement of the assets or liabilities; therefore, requiring the company to develop its own valuation techniques and assumptions. As of July 31, 2023 and April 30, 2023, we did not have any Level 2 or Level 3 financial assets and our cash equivalents of $ 15.6 million 28.7 million
Recently Adopted Accounting Standard	Recently Adopted Accounting Standard In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses of Financial Instruments

Description of Company and Ba_2

Description of Company and Basis of Presentation (Tables)	3 Months Ended
Description of Company and Basis of Presentation (Tables)	Jul. 31, 2023
Accounting Policies [Abstract]
Schedule of balance sheet	Schedule of balance sheet As of July 31, 2023 Consolidated Balance Sheet (as reported) (adjustments) (as restated) ASSETS Current assets: Cash and cash equivalents $ 24,898 $ – $ 24,898 Accounts receivable, net 16,209 – 16,209 Contract assets 14,454 – 14,454 Inventory 40,866 – 40,866 Prepaid expenses and other current assets 1,892 – 1,892 Total current assets 98,319 – 98,319 Property and equipment, net 182,299 536 182,835 Operating lease right-of-use assets 42,374 – 42,374 Deferred tax assets 114,238 133 114,371 Other assets 4,757 – 4,757 Restricted cash 350 – 350 Total assets $ 442,337 $ 669 $ 443,006 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 22,813 $ – $ 22,813 Accrued compensation and benefits 4,667 – 4,667 Contract liabilities 33,019 – 33,019 Convertible senior notes, net – 140,888 140,888 Current portion of operating lease liabilities 1,262 – 1,262 Other current liabilities 2,296 999 3,295 Total current liabilities 64,057 141,887 205,944 Convertible senior notes, net 140,888 (140,888 ) – Operating lease liabilities, less current portion 45,370 – 45,370 Finance lease liabilities, less current portion 1,424 – 1,424 Total liabilities 251,739 999 252,738 Commitments and contingencies – – – Stockholders’ equity: Preferred stock, $0.001 par value; 5,000 shares authorized; no shares issued and outstanding at respective dates – – – Common stock, $0.001 par value; 150,000 shares authorized; 63,111 and 62,692 shares issued and outstanding at respective dates 63 – 63 Additional paid-in capital 623,445 – 623,445 Accumulated deficit (432,910 ) (330 ) (433,240 ) Total stockholders’ equity 190,598 (330 ) 190,268 Total liabilities and stockholders’ equity $ 442,337 $ 669 $ 443,006
Schedule of statement of loss and comprehensive loss	Schedule of statement of loss and comprehensive loss Three Months Ended July 31, 2023 Consolidated Statement of Loss and Comprehensive Loss (as reported) (adjustments) (as restated) Revenues $ 37,726 $ – $ 37,726 Cost of revenues 33,626 – 33,626 Gross profit 4,100 – 4,100 Operating expenses: Selling, general and administrative 6,263 – 6,263 Total operating expenses 6,263 – 6,263 Operating loss (2,163 ) – (2,163 ) Interest expense (775 ) (50 ) (825 ) Other income, net 258 – 258 Net loss before income taxes (2,680 ) (50 ) (2,730 ) Income tax benefit (587 ) (21 ) (608 ) Net loss $ (2,093 ) $ (29 ) $ (2,122 ) Comprehensive loss $ (2,093 ) $ (29 ) $ (2,122 ) Net loss per share: Basic $ (0.03 ) – $ (0.03 ) Diluted $ (0.03 ) – $ (0.03 ) Weighted average common shares outstanding: Basic 62,838 – 62,838 Diluted 62,838 – 62,838
Schedule of statement of stockholder equity	Schedule of statement of stockholder equity Three Months Ended July 31, 2023 Accumulated Deficit Total Stockholders’ Equity Accumulated Deficit Total Stockholders’ Equity Condensed Consolidated Statement of Stockholders’ Equity (as reported) (as reported) (adjustments) (as restated) (as restated) Balances at April 30, 2023 $ (430,817 ) $ 189,470 $ (301 ) $ (431,118 ) $ 189,169 Common stock issued under equity compensation plans – 878 – – 878 Stock-based compensation expense – 2,343 – – 2,343 Net loss (2,093 ) (2,093 ) (29 ) (2,122 ) (2,122 ) Balances at July 31, 2023 $ (432,910 ) $ 190,598 $ (330 ) $ (433,240 ) $ 190,268
Schedule of statement of cash flows	Schedule of statement of cash flows Three Months Ended July 31 2023 Consolidated Statement of Cash Flows (as reported) (adjustments) (as restated) CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (2,093 ) $ (29 ) $ (2,122 ) Adjustments to reconcile net loss to net cash used in operating activities: Stock-based compensation 2,343 – 2,343 Depreciation and amortization 2,649 – 2,649 Amortization of debt issuance costs 339 – 339 Deferred income taxes (599 ) (21 ) (620 ) Loss on disposal of property and equipment 46 – 46 Changes in operating assets and liabilities: Accounts receivable, net 2,089 – 2,089 Contract assets (4,845 ) – (4,845 ) Inventory 3,042 – 3,042 Prepaid expenses and other assets (131 ) – (131 ) Accounts payable 4,684 – 4,684 Accrued compensation and benefits (4,113 ) – (4,113 ) Contract liabilities (4,333 ) – (4,333 ) Other accrued expenses and liabilities 644 92 736 Net cash used in operating activities (278 ) 42 (236 ) CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment (14,114 ) (42 ) (14,156 ) Net cash used in investing activities (14,114 ) (42 ) (14,156 ) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from issuance of common stock under equity compensation plans 878 – 878 Principal payments on finance leases (130 ) – (130 ) Net cash provided by financing activities 748 – 748 Net decrease in cash, cash equivalents and restricted cash (13,644 ) – (13,644 ) Cash, cash equivalents and restricted cash, beginning of period 38,892 – 38,892 Cash, cash equivalents and restricted cash, end of period $ 25,248 – $ 25,248 Supplemental disclosures of cash flow information: Cash paid for interest $ 27 $ – $ 27 Cash paid for income taxes $ 12 $ – $ 12 Supplemental disclosures of non-cash activities: Unpaid purchases of property and equipment in accounts payable $ 7,636 $ 93 $ 7,729

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
Summary of Significant Accounting Policies (Tables)	Jul. 31, 2023
Accounting Policies [Abstract]
Schedule of revenues	Schedule of revenues Three Months Ended July 31, 2023 2022 Manufacturing revenues $ 33,420 $ 31,481 Process development revenues 4,306 5,211 Total revenues $ 37,726 $ 36,692
Schedule of cash	Schedule of cash July 31, 2023 April 30, 2023 July 31, 2022 April 30, 2022 Cash and cash equivalents $ 24,898 $ 38,542 $ 115,137 $ 126,166 Restricted cash 350 350 350 350 Total cash, cash equivalents and restricted cash $ 25,248 $ 38,892 $ 115,487 $ 126,516
Schedule of estimated useful lives of property	Schedule of estimated useful lives of property Description Estimated Useful Life Leasehold improvements Shorter of estimated useful life or lease term Laboratory and manufacturing equipment 5 – 15 years Computer equipment and software 3 – 5 years Furniture, fixtures and office equipment 5 – 10 years
Schedule of property and equipment	Schedule of property and equipment July 31, 2023 April 30, 2023 (as restated) (as restated) Leasehold improvements $ 101,572 $ 97,514 Laboratory and manufacturing equipment 42,369 35,501 Computer equipment and software 5,045 5,028 Furniture, fixtures and office equipment 1,894 1,681 Construction-in-progress 64,847 68,414 Total property and equipment, gross 215,727 208,138 Less: accumulated depreciation and amortization (32,892 ) (30,368 ) Total property and equipment, net $ 182,835 $ 177,770

Debt (as restated) (Tables)

Debt (as restated) (Tables)	3 Months Ended
Debt (as restated) (Tables)	Jul. 31, 2023
Debt Disclosure [Abstract]
Schedule of net carrying amount of the debt component	Schedule of net carrying amount of the debt component July 31, 2023 April 30, 2023 Principal $ 143,750 $ 143,750 Unamortized issuance costs (2,862 ) (3,127 ) Net carrying amount $ 140,888 $ 140,623
Schedule of interest expenses	Schedule of interest expenses Three Months Ended Three Months Ended (as restated) (as corrected) Contractual interest expense $ 458 $ 547 Amortization of issuance costs 265 260 Total interest expense associated with 2026 Notes $ 723 $ 807

Leases (Tables)

Leases (Tables)	3 Months Ended
Leases (Tables)	Jul. 31, 2023
Leases [Abstract]
Schedule of lease costs	Schedule of lease costs Three Months Ended July 31, 2023 2022 Operating lease cost $ 1,140 $ 1,083 Variable lease cost 351 389 Short-term lease cost 36 130 Finance lease costs: Amortization of right-of-use assets 54 54 Interest on lease liabilities 27 33 Total lease costs $ 1,608 $ 1,689
Schedule of balance sheet classification of leases	Schedule of balance sheet classification of leases Leases Classification July 31, 2023 April 30, 2023 Assets Operating Operating lease right-of-use assets $ 42,374 $ 42,772 Finance Property and equipment, net 2,460 2,529 Total leased assets $ 44,834 $ 45,301 Liabilities Current: Operating Current portion of operating lease liabilities $ 1,262 $ 1,358 Finance Other current liabilities 539 531 Non-current: Operating Operating lease liabilities, less current portion 45,370 45,690 Finance Finance lease liabilities, less current portion 1,424 1,562 Total lease liabilities $ 48,595 $ 49,141
Schedule of operating and finance leases	Schedule of operating and finance leases Weighted average remaining lease term (years): Operating leases   16.4 16.6 Finance lease 3.4 3.7 Weighted average discount rate: Operating leases 6.0 6.0 Finance lease 5.3 5.3
Schedule of supplemental cash flow information related to leases	Schedule of supplemental cash flow information related to leases Three Months Ended July 31, 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 1,119 $ 963 Operating cash flows from finance lease 27 22 Financing cash flows from finance lease 130 83 Non-cash transaction: Unpaid finance lease obligation $ – $ 41
Schedule of maturities of lease liabilities	Schedule of maturities of lease liabilities Fiscal Year Ending April 30, Operating Leases Finance Lease Total 2024 (remaining period) $ 3,021 $ 472 $ 3,493 2025 4,060 629 4,689 2026 4,167 629 4,796 2027 4,199 419 4,618 2028 4,036 – 4,036 Thereafter 56,418 – 56,418 Total lease payments $ 75,901 $ 2,149 $ 78,050 Less: imputed interest (29,269 ) (186 ) (29,455 ) Total lease liabilities $ 46,632 $ 1,963 $ 48,595

Equity Compensation Plans (Tabl

Equity Compensation Plans (Tables)	3 Months Ended
Equity Compensation Plans (Tables)	Jul. 31, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of stock option activity	Schedule of stock option activity Stock Options Grant Date Weighted Average Exercise Price (in thousands) Outstanding at May 1, 2023 2,079 $ 6.76 Granted – $ – Exercised (41 ) $ 8.46 Canceled or expired (8 ) $ 13.15 Outstanding at July 31, 2023 2,030 $ 6.70
Schedule of RSU activity	Schedule of RSU activity Shares Weighted Average Grant Date Fair Value (in thousands) Outstanding at May 1, 2023 1,006 $ 16.83 Granted 661 $ 14.05 Vested (170 ) $ 11.29 Forfeited (19 ) $ 17.89 Outstanding at July 31, 2023 1,478 $ 16.21
Schedule of PSU activity	Schedule of PSU activity Shares Weighted Average Grant Date Fair Value (in thousands) Outstanding at May 1, 2023 522 $ 19.70 Granted 613 $ 13.92 Vested – $ – Forfeited – $ – Outstanding at July 31, 2023 1,135 $ 16.58
Schedule of share-based compensation expense	Schedule of share-based compensation expense Three Months Ended July 31, 2023 2022 Cost of revenues $ 954 $ 687 Selling, general and administrative 1,389 1,210 Total $ 2,343 $ 1,897

Net Income (Loss) Per Common _2

Net Income (Loss) Per Common Share (Tables)	3 Months Ended
Net Income (Loss) Per Common Share (Tables)	Jul. 31, 2023
Net income (loss) per share:
Schedule of earnings per share, basic and diluted	Schedule of earnings per share, basic and diluted Three Months Ended July 31, 2023 2022 Numerator: (as restated) (as corrected) Net income (loss) $ (2,122 ) $ 1,361 Denominator: Weighted average basic common shares outstanding 62,838 61,905 Effect of dilutive securities: Stock options – 1,195 RSUs and ESPP – 233 Weighted average dilutive common shares outstanding 62,838 63,333 Net income (loss) per share: Basic $ (0.03 ) $ 0.02 Diluted $ (0.03 ) $ 0.02
Schedule of antidilutive shares	Schedule of antidilutive shares Three Months Ended July 31, 2023 2022 Stock options 1,138 55 RSUs, PSUs and ESPP 907 466 2026 Notes 6,776 6,776 Total 8,821 7,297

Description of Company and Ba_3

Description of Company and Basis of Presentation (Details - Consolidated balance sheet) - USD ($) $ in Thousands	Jul. 31, 2023	Apr. 30, 2023	Jul. 31, 2022	Apr. 30, 2022
Current assets:
Cash and cash equivalents	$ 24,898	$ 38,542	$ 115,137	$ 126,166
Accounts receivable, net	16,209	18,298
Contract assets	14,454	9,609
Inventory	40,866	43,908
Prepaid expenses and other current assets	1,892	2,094
Total current assets	98,319	112,451
Property and equipment, net	182,835	177,770
Operating lease right-of-use assets	42,374	42,772
Deferred tax assets	114,371	113,751
Other assets	4,757	4,473
Restricted cash	350	350	350	350
Total assets	443,006	451,567
Current liabilities:
Accounts payable	22,813	24,593
Accrued compensation and benefits	4,667	8,780
Contract liabilities	33,019	37,352
Convertible senior notes, net	140,888	140,623
Current portion of operating lease liabilities	1,262	1,358
Other current liabilities	3,295	2,440
Total current liabilities	205,944	215,146
Convertible senior notes, net	0
Operating lease liabilities, less current portion	45,370	45,690
Finance lease liabilities, less current portion	1,424	1,562
Total liabilities	252,738	262,398
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.001 par value; 5,000 shares authorized; no shares issued and outstanding at respective dates	0	0
Common stock, $0.001 par value; 150,000 shares authorized; 63,111 and 62,692 shares issued and outstanding at respective dates	63	63
Additional paid-in capital	623,445	620,224
Accumulated deficit	(433,240)	(431,118)
Total stockholders’ equity	190,268	189,169	$ 178,796	$ 174,526
Total liabilities and stockholders’ equity	443,006	451,567
Previously Reported [Member]
Current assets:
Cash and cash equivalents	24,898
Accounts receivable, net	16,209
Contract assets	14,454
Inventory	40,866
Prepaid expenses and other current assets	1,892
Total current assets	98,319
Property and equipment, net	182,299
Operating lease right-of-use assets	42,374
Deferred tax assets	114,238
Other assets	4,757
Restricted cash	350
Total assets	442,337
Current liabilities:
Accounts payable	22,813
Accrued compensation and benefits	4,667
Contract liabilities	33,019
Convertible senior notes, net	0
Current portion of operating lease liabilities	1,262
Other current liabilities	2,296
Total current liabilities	64,057
Convertible senior notes, net	140,888
Operating lease liabilities, less current portion	45,370
Finance lease liabilities, less current portion	1,424
Total liabilities	251,739
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.001 par value; 5,000 shares authorized; no shares issued and outstanding at respective dates	0
Common stock, $0.001 par value; 150,000 shares authorized; 63,111 and 62,692 shares issued and outstanding at respective dates	63
Additional paid-in capital	623,445
Accumulated deficit	(432,910)
Total stockholders’ equity	190,598	189,470
Total liabilities and stockholders’ equity	442,337
Revision of Prior Period, Adjustment [Member]
Current assets:
Cash and cash equivalents	0
Accounts receivable, net	0
Contract assets	0
Inventory	0
Prepaid expenses and other current assets	0
Total current assets	0
Property and equipment, net	536
Operating lease right-of-use assets	0
Deferred tax assets	133
Other assets	0
Restricted cash	0
Total assets	669
Current liabilities:
Accounts payable	0
Accrued compensation and benefits	0
Contract liabilities	0
Convertible senior notes, net	140,888
Current portion of operating lease liabilities	0
Other current liabilities	999
Total current liabilities	141,887
Convertible senior notes, net	(140,888)
Operating lease liabilities, less current portion	0
Finance lease liabilities, less current portion	0
Total liabilities	999
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.001 par value; 5,000 shares authorized; no shares issued and outstanding at respective dates	0
Common stock, $0.001 par value; 150,000 shares authorized; 63,111 and 62,692 shares issued and outstanding at respective dates	0
Additional paid-in capital	0
Accumulated deficit	(330)
Total stockholders’ equity	(330)	$ (301)
Total liabilities and stockholders’ equity	$ 669

Description of Company and Ba_4

Description of Company and Basis of Presentation (Details - Statement of loss and comprehensive loss) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Jul. 31, 2023	Jul. 31, 2022
Revenues	$ 37,726	$ 36,692
Cost of revenues	33,626	27,575
Gross profit	4,100	9,117
Operating expenses:
Selling, general and administrative	6,263	6,382
Total operating expenses	6,263
Operating loss	(2,163)	2,735
Interest expense	(825)	(841)
Other income, net	258
Net loss before income taxes	(2,730)	1,944
Income tax benefit	608	(583)
Net loss	(2,122)	1,361
Comprehensive loss	$ (2,122)	$ 1,361
Net loss per share:
Basic	$ (0.03)	$ 0.02
Diluted	$ (0.03)	$ 0.02
Weighted average common shares outstanding:
Basic	62,838	61,905
Diluted	62,838	63,333
Previously Reported [Member]
Revenues	$ 37,726
Cost of revenues	33,626
Gross profit	4,100
Operating expenses:
Selling, general and administrative	6,263
Total operating expenses	6,263
Operating loss	(2,163)
Interest expense	(775)
Other income, net	258
Net loss before income taxes	(2,680)
Income tax benefit	587
Net loss	(2,093)
Comprehensive loss	$ (2,093)
Net loss per share:
Basic	$ (0.03)
Diluted	$ (0.03)
Weighted average common shares outstanding:
Basic	62,838
Diluted	62,838
Revision of Prior Period, Adjustment [Member]
Revenues	$ 0
Cost of revenues	0
Gross profit	0
Operating expenses:
Selling, general and administrative	0
Total operating expenses	0
Operating loss	0
Interest expense	(50)
Other income, net	0
Net loss before income taxes	(50)
Income tax benefit	21
Net loss	(29)
Comprehensive loss	$ (29)
Net loss per share:
Basic	$ 0
Diluted	$ 0
Weighted average common shares outstanding:
Basic	0
Diluted	0

Description of Company and Ba_5

Description of Company and Basis of Presentation (Details - Statement of stockholder equity) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2023	Jul. 31, 2022
Beginning balance, value	$ 189,169	$ 174,526
Common stock issued under equity compensation plans	878	1,012
Stock-based compensation expense	2,343	1,897
Net loss	(2,122)	1,361
Balance at July 31, 2022 (as corrected)	190,268	178,796
Previously Reported [Member]
Beginning balance, value	189,470
Common stock issued under equity compensation plans	878
Stock-based compensation expense	2,343
Net loss	(2,093)
Balance at July 31, 2022 (as corrected)	190,598
Revision of Prior Period, Adjustment [Member]
Beginning balance, value	(301)
Common stock issued under equity compensation plans
Stock-based compensation expense
Net loss	(29)
Balance at July 31, 2022 (as corrected)	(330)
Retained Earnings [Member]
Beginning balance, value	(431,118)	(431,377)
Common stock issued under equity compensation plans
Stock-based compensation expense
Net loss	(2,122)	1,361
Balance at July 31, 2022 (as corrected)	(433,240)	$ (430,016)
Retained Earnings [Member] \| Previously Reported [Member]
Beginning balance, value	(430,817)
Common stock issued under equity compensation plans
Stock-based compensation expense
Net loss	(2,093)
Balance at July 31, 2022 (as corrected)	$ (432,910)

Description of Company and Ba_6

Description of Company and Basis of Presentation (Details - Statement of cash flows) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2023	Jul. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (2,122)	$ 1,361
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	2,343	1,897
Depreciation and amortization	2,649	1,590
Amortization of debt issuance costs	339
Deferred income taxes	(620)	562
Loss on disposal of property and equipment	46	34
Changes in operating assets and liabilities:
Accounts receivable, net	2,089	(5,398)
Contract assets	(4,845)	(1,709)
Inventory	3,042	(4,292)
Prepaid expenses and other assets	(131)	(355)
Accounts payable	4,684	4,242
Accrued compensation and benefits	(4,113)	(3,118)
Contract liabilities	(4,333)	(1,023)
Other accrued expenses and liabilities	736	860
Net cash used in operating activities	(236)	(5,089)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(14,156)	(6,869)
Net cash used in investing activities	(14,156)	(6,869)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock under equity compensation plans	878	1,012
Principal payments on finance leases	(130)	(83)
Net cash provided by financing activities	748	929
Net decrease in cash, cash equivalents and restricted cash	(13,644)	(11,029)
Cash, cash equivalents and restricted cash, beginning of period	38,892	126,516
Cash, cash equivalents and restricted cash, end of period	25,248	115,487
Supplemental disclosures of cash flow information:
Cash paid for interest	27
Cash paid for income taxes	12	40
Supplemental disclosures of non-cash activities:
Unpaid purchases of property and equipment in accounts payable	7,729	$ 16,674
Previously Reported [Member]
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	(2,093)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	2,343
Depreciation and amortization	2,649
Amortization of debt issuance costs	339
Deferred income taxes	(599)
Loss on disposal of property and equipment	46
Changes in operating assets and liabilities:
Accounts receivable, net	2,089
Contract assets	(4,845)
Inventory	3,042
Prepaid expenses and other assets	(131)
Accounts payable	4,684
Accrued compensation and benefits	(4,113)
Contract liabilities	(4,333)
Other accrued expenses and liabilities	644
Net cash used in operating activities	(278)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(14,114)
Net cash used in investing activities	(14,114)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock under equity compensation plans	878
Principal payments on finance leases	(130)
Net cash provided by financing activities	748
Net decrease in cash, cash equivalents and restricted cash	(13,644)
Cash, cash equivalents and restricted cash, beginning of period	38,892
Cash, cash equivalents and restricted cash, end of period	25,248
Supplemental disclosures of cash flow information:
Cash paid for interest	27
Cash paid for income taxes	12
Supplemental disclosures of non-cash activities:
Unpaid purchases of property and equipment in accounts payable	7,636
Revision of Prior Period, Adjustment [Member]
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	(29)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	0
Depreciation and amortization	0
Amortization of debt issuance costs	0
Deferred income taxes	(21)
Loss on disposal of property and equipment	0
Changes in operating assets and liabilities:
Accounts receivable, net	0
Contract assets	0
Inventory	0
Prepaid expenses and other assets	0
Accounts payable	0
Accrued compensation and benefits	0
Contract liabilities	0
Other accrued expenses and liabilities	92
Net cash used in operating activities	42
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(42)
Net cash used in investing activities	(42)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock under equity compensation plans	0
Principal payments on finance leases	0
Net cash provided by financing activities	0
Net decrease in cash, cash equivalents and restricted cash	0
Cash, cash equivalents and restricted cash, beginning of period	0
Cash, cash equivalents and restricted cash, end of period	0
Supplemental disclosures of cash flow information:
Cash paid for interest	0
Cash paid for income taxes	0
Supplemental disclosures of non-cash activities:
Unpaid purchases of property and equipment in accounts payable	$ 93

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details - Revenue) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2023	Jul. 31, 2022
Product Information [Line Items]
Revenues	$ 37,726	$ 36,692
Manufacturing Revenue [Member]
Product Information [Line Items]
Revenues	33,420	31,481
Process Development Revenue [Member]
Product Information [Line Items]
Revenues	$ 4,306	$ 5,211

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Details - Cash) - USD ($) $ in Thousands	Jul. 31, 2023	Apr. 30, 2023	Jul. 31, 2022	Apr. 30, 2022
Accounting Policies [Abstract]
Cash and cash equivalents	$ 24,898	$ 38,542	$ 115,137	$ 126,166
Restricted cash	350	350	350	350
Total cash, cash equivalents and restricted cash	$ 25,248	$ 38,892	$ 115,487	$ 126,516

Summary of Significant Accoun_6

Summary of Significant Accounting Policies (Details - Useful life)	3 Months Ended
	Jul. 31, 2023
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Useful lives of property and equipment	Shorter of estimated useful life or lease term
Other Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Useful lives of property and equipment	5 – 15 years
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Useful lives of property and equipment	3 – 5 years
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Useful lives of property and equipment	5 – 10 years

Summary of Significant Accoun_7

Summary of Significant Accounting Policies (Details - Property and Equipment) - USD ($) $ in Thousands	Jul. 31, 2023	Apr. 30, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 215,727	$ 208,138
Less: Accumulated depreciation and amortization	(32,892)	(30,368)
Total property and equipment, net	182,835	177,770
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	101,572	97,514
Manufactured Product, Other [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	42,369	35,501
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	5,045	5,028
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,894	1,681
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 64,847	$ 68,414

Summary of Significant Accoun_8

Summary of Significant Accounting Policies (Details Narrative) - USD ($)	3 Months Ended
	Jul. 31, 2023	Jul. 31, 2022	Apr. 30, 2023
Accounting Policies [Abstract]
Revenue recognized	$ 16,800,000	$ 18,600,000
Change in revenue due to change in estimate	1,400,000
Restricted cash	400,000		$ 400,000
Allowance for doubtful accounts	2,200,000		500,000
Capitalized Interest Costs, Including Allowance for Funds Used During Construction	100,000	100,000
Depreciation and amortization	2,600,000	1,600,000
Impairment of long-lived assets	0	$ 0
Cash equivalents	$ 15,600,000		$ 28,700,000

Debt (Details - Debt component)

Debt (Details - Debt component) - Convertible Debt Carrying Amount [Member] - USD ($) $ in Thousands	Jul. 31, 2023	Apr. 30, 2023
Debt Instrument [Line Items]
Principal	$ 143,750	$ 143,750
Unamortized issuance costs	(2,862)	(3,127)
Net carrying amount	$ 140,888	$ 140,623

Debt (Details - Interest expens

Debt (Details - Interest expense) - USD ($) $ in Thousands	3 Months Ended
Debt (Details - Interest expense) - USD ($) $ in Thousands	Jul. 31, 2023	Jul. 31, 2022
Short-Term Debt [Line Items]
Amortization of issuance costs	$ 339	$ 260
Total interest expense associated with 2026 Notes	825	841
Convertible Notes [Member]
Short-Term Debt [Line Items]
Contractual interest expense	458	547
Amortization of issuance costs	265	260
Total interest expense associated with 2026 Notes	$ 723	$ 807

Debt (as restated) (Details Nar

Debt (as restated) (Details Narrative) - USD ($)		1 Months Ended	3 Months Ended
Debt (as restated) (Details Narrative) - USD ($)	Mar. 14, 2023	Mar. 31, 2021	Jul. 31, 2023
Debt Instrument [Line Items]
Payment of capped calls			$ 12,800,000
Revolving Credit Facility [Member] \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Debt Instrument [Line Items]
Revolving line facility fee	0.25%
Revolving Credit Facility [Member] \| Credit Agreement [Member]
Debt Instrument [Line Items]
Outstanding loans			0
Line of credit	$ 15,000,000
Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Aggregate principal amount		$ 143,800,000
Proceeds from Convertible Debt		138,500,000
Debt issuance costs		$ 5,300,000
Interest rate		1.25%
Maturity date		Mar. 15, 2026
Convertible Notes [Member]
Debt Instrument [Line Items]
Fair value of the Convertible Notes			$ 133,500,000

Leases (Details - Components of

Leases (Details - Components of lease) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2023	Jul. 31, 2022
Leases [Abstract]
Operating lease cost	$ 1,140	$ 1,083
Variable lease cost	351	389
Short-term lease cost	36	130
Finance lease costs:
Amortization of right-of-use assets	54	54
Interest on lease liabilities	27	33
Total lease costs	$ 1,608	$ 1,689

Leases (Details - Operating lea

Leases (Details - Operating leases assets and liabilities) - USD ($) $ in Thousands	Jul. 31, 2023	Apr. 30, 2023
Leases [Abstract]
Operating lease right-of-use assets	$ 42,374	$ 42,772
Finance Property and equipment, net	2,460	2,529
Total leased assets	44,834	45,301
Current portion of operating lease liabilities	1,262	1,358
Finance other current liabilities	539	531
Operating lease liabilities, less current portion	45,370	45,690
Finance lease liabilities, less current portion	1,424	1,562
Total lease liabilities	$ 48,595	$ 49,141

Leases (Details - Operating and

Leases (Details - Operating and finance leases)	Jul. 31, 2023	Apr. 30, 2023
Leases [Abstract]
Weighted average lease term, operating leases	16 years 4 months 24 days	16 years 7 months 6 days
Weighted average lease term, finance lease	3 years 4 months 24 days	3 years 8 months 12 days
Weighted average discount rate, operating leases	6%	6%
Weighted average discount rate, finance lease	5.30%	5.30%

Leases (Details - Supplemental

Leases (Details - Supplemental cash flow information) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2023	Jul. 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 1,119	$ 963
Operating cash flows from finance lease	27	22
Financing cash flows from finance lease	130	83
Non-cash transaction:
Unpaid finance lease obligation	$ 0	$ 41

Leases (Details - Maturities of

Leases (Details - Maturities of Operating Lease Liabilities) $ in Thousands	Jul. 31, 2023 USD ($)
2024 (remaining period)	$ 3,493
2025	4,689
2026	4,796
2027	4,618
2028	4,036
Thereafter	56,418
Total lease payments	78,050
Less: imputed interest	(29,455)
Total lease liabilities	48,595
Finance Lease [Member]
2024 (remaining period)	472
2025	629
2026	629
2027	419
2028	0
Thereafter	0
Total lease payments	2,149
Less: imputed interest	(186)
Total lease liabilities	1,963
Operating Lease [Member]
2024 (remaining period)	3,021
2025	4,060
2026	4,167
2027	4,199
2028	4,036
Thereafter	56,418
Total lease payments	75,901
Less: imputed interest	(29,269)
Total lease liabilities	$ 46,632

Equity Compensation Plans (Deta

Equity Compensation Plans (Details - Option activity) - Equity Option [Member] shares in Thousands	3 Months Ended
	Jul. 31, 2023 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of options outstanding, beginning \| shares	2,079
Weighted average exercise price outstanding, beginning \| $ / shares	$ 6.76
Number of options, granted \| shares	0
Weighted average exercise price, granted \| $ / shares	$ 0
Number of options, exercised \| shares	(41)
Weighted average exercise price, exercised \| $ / shares	$ 8.46
Number of options, cancelled or expired \| shares	(8)
Weighted average exercise price, canceled or expired \| $ / shares	$ 13.15
Number of options outstanding,ending \| shares	2,030
Weighted average exercise price outstanding, ending \| $ / shares	$ 6.70

Equity Compensation Plans (De_2

Equity Compensation Plans (Details - RSU Activity) - Restricted Stock Units (RSUs) [Member] shares in Thousands	3 Months Ended
	Jul. 31, 2023 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Outstanding, beginning balance \| shares	1,006
Weighted average grant date fair value, beginning \| $ / shares	$ 16.83
RSUs, granted \| shares	661
RSUs weighted average grant date fair value, granted \| $ / shares	$ 14.05
RSUs, vested \| shares	(170)
RSUs weighted average grant date fair value, vested \| $ / shares	$ 11.29
RSUs, forfeited \| shares	(19)
RSUs weighted average grant date fair value, forfeited \| $ / shares	$ 17.89
Outstanding, ending balance \| shares	1,478
Weighted average grant date fair value, ending \| $ / shares	$ 16.21

Equity Compensation Plans (De_3

Equity Compensation Plans (Details - PSU Activity) - Performance Stock Units [Member] shares in Thousands	3 Months Ended
	Jul. 31, 2023 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Outstanding, beginning balance \| shares	522
Weighted average grant date fair value, beginning \| $ / shares	$ 19.70
PSUs, granted \| shares	613
PSUs weighted average grant date fair value, granted \| $ / shares	$ 13.92
PSUs, vested \| shares	0
PSUs weighted average grant date fair value, vested \| $ / shares	$ 0
PSUs, forfeited \| shares	0
PSUs weighted average grant date fair value, forfeited \| $ / shares	$ 0
Outstanding, ending balance \| shares	1,135
Weighted average grant date fair value, ending \| $ / shares	$ 16.58

Equity Compensation Plans (De_4

Equity Compensation Plans (Details - Share based compensation) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2023	Jul. 31, 2022
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share based compensation	$ 2,343	$ 1,897
Cost of Sales [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share based compensation	954	687
Selling, General and Administrative Expenses [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share based compensation	$ 1,389	$ 1,210

Equity Compensation Plans (De_5

Equity Compensation Plans (Details Narrative)	3 Months Ended
Equity Compensation Plans (Details Narrative)	Jul. 31, 2023 USD ($) $ / shares shares
Performance Stock Units [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation costs \| $	$ 10,600,000
Unrecognized compensation cost weighted average vesting period	1 year 5 months 19 days
Equity Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation costs \| $	$ 900,000
Unrecognized compensation cost weighted average vesting period	10 months 28 days
Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation costs \| $	$ 22,600,000
Unrecognized compensation cost weighted average vesting period	3 years 1 month 13 days
Stock Incentive Plans [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock reserved for issuance	7,806,772
Stock Incentive Plans [Member] \| Options And Restricted Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock reserved for issuance	4,642,661
Stock Incentive Plans [Member] \| Performance Stock Units [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock reserved for issuance	3,164,111
Employee Stock Purchase Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock reserved for issuance	917,092
Stock issued during period, ESPP	46,224
ESPP weighted average purchase price \| $ / shares	$ 11.46

Income Taxes (Details Narrative

Income Taxes (Details Narrative) - USD ($)	3 Months Ended
Income Taxes (Details Narrative) - USD ($)	Jul. 31, 2023	Jul. 31, 2022	Apr. 30, 2023
Income Tax Disclosure [Abstract]
Income Tax Expense Benefit	$ (600,000)
Income Tax Expense Benefit		$ 600,000
Effective Income Tax Rate Reconciliation, Percent	22.20%	30%
Uncertain tax positions	$ 0		$ 0
Income Tax Examination, Penalties and Interest Accrued	$ 0		$ 0

Net Income (Loss) Per Common _3

Net Income (Loss) Per Common Share (Details - Reconciliation of per share) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Jul. 31, 2023	Jul. 31, 2022
Numerator:
Net income (loss)	$ (2,122)	$ 1,361
Denominator:
Weighted average basic common shares outstanding	62,838	61,905
Effect of dilutive securities:
Stock options	0	1,195
RSUs and ESPP	0	233
Weighted average dilutive common shares outstanding	62,838	63,333
Net income (loss) per share:
Basic	$ (0.03)	$ 0.02
Diluted	$ (0.03)	$ 0.02

Net Income (Loss) Per Common _4

Net Income (Loss) Per Common Share (Details - Antidilutive shares) - shares shares in Thousands	3 Months Ended
	Jul. 31, 2023	Jul. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive effect of shares on diluted shares outstanding	8,821	7,297
Equity Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive effect of shares on diluted shares outstanding	1,138	55
R S Us P S Us And E S P P [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive effect of shares on diluted shares outstanding	907	466
Convertible Notes [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive effect of shares on diluted shares outstanding	6,776	6,776