Organization and Significant Accounting Policies (Tables)

9 Months Ended

Jan. 31, 2026

Organization and Significant Accounting Policies

Schedule of revenue by category

The following tables present the Company’s revenue disaggregated by operating group, contract type, customer category and geographic location (in thousands).

	Three Months Ended				Nine Months Ended
	January 31,		January 25,		January 31,		January 25,
Revenue by operating group	2026		2025		2026		2025
Uncrewed Aircraft Systems	$	89,842	$	59,766	$	243,099	$	249,041
Precision Strike and Defense Systems		158,165		84,795		515,020		214,483
Other		30,737		23,075		107,523		82,053
Space and Directed Energy		53,198		—		199,872		—
Cyber and Mission Services		76,103		—		269,715		—
Total revenue	$	408,045	$	167,636	$	1,335,229	$	545,577

	Three Months Ended				Nine Months Ended
	January 31,		January 25,		January 31,		January 25,
Revenue by contract type	2026		2025		2026		2025
FFP	$	280,369	$	148,768	$	880,854	$	489,388
Cost Plus		95,802		17,372		346,080		52,413
T&M		31,874		1,496		108,295		3,776
Total revenue	$	408,045	$	167,636	$	1,335,229	$	545,577

	Three Months Ended				Nine Months Ended
	January 31,		January 25,		January 31,		January 25,
Revenue by customer category	2026		2025		2026		2025
U.S. government	$	365,816	$	129,029	$	1,158,722	$	418,345
Non-U.S. government		42,229		38,607		176,507		127,232
Total revenue	$	408,045	$	167,636	$	1,335,229	$	545,577
	Three Months Ended				Nine Months Ended
	January 31,		January 25,		January 31,		January 25,
Revenue by geographic location	2026		2025		2026		2025
Domestic	$	226,110	$	104,097	$	933,848	$	258,053
International		181,935		63,539		401,381		287,524
Total revenue	$	408,045	$	167,636	$	1,335,229	$	545,577

Schedule of revenue percentage by recognition method

	Three Months Ended				Nine Months Ended
	January 31,		January 25,		January 31,		January 25,
Revenue percentage by recognition method	2026		2025		2026		2025
Over time		72%		66%		73%		55%
Point in time		28%		34%		27%		45%
Total revenue		100%		100%		100%		100%

Schedule of reconciliation of basic to diluted shares

The reconciliation of basic to diluted shares is as follows (in thousands except share data):

		Three Months Ended				Nine Months Ended
	January 31, 2026		January 25, 2025		January 31, 2026		January 25, 2025
Net (loss) income	$	(243,823)	$	(1,754)	$	(328,296)	$	26,955
Denominator for basic (loss) earnings per share:
Weighted average common shares		49,741,441		28,031,901		48,761,481		28,001,089
Dilutive effect of employee stock options, restricted stock and restricted stock units		—		—		—		170,000
Denominator for diluted (loss) earnings per share		49,741,441		28,031,901		48,761,481		28,171,089