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Income Taxes (Tables)
 12 Months Ended
Apr. 27, 2024
Income Tax Disclosure [Abstract]  
Summary of Income (Loss) Before Provision for Income Taxes
Income (loss) before provision (benefit) for income taxes consists of the following (in thousands):
Year Ended
April 27, 2024April 29, 2023April 30, 2022
United States$8,611 $4,469 $2,512 
International(31,356)(22,383)(24,725)
$(22,745)$(17,914)$(22,213)
Summary of Components of Income Tax Expenses
The components of income tax expense (benefit) are summarized as follows (in thousands):
Year Ended
April 27, 2024April 29, 2023April 30, 2022
Current
Federal$2 $(24)$224 
State3 2 (25)
International1,484 762 1,292 
Total current tax expense 1,489 740 1,491 
Deferred
Federal3,092 (2,005)(1,163)
State359 (218)(142)
International684 116 (223)
Total deferred tax expense (benefit) 4,135 (2,107)(1,528)
Total tax expense (benefit)$5,624 $(1,367)$(37)
Summary of Significant Items Comprising the Company's Deferred Taxes
The tax effects of significant items comprising the Company’s deferred taxes are as follows (in thousands):
April 27, 2024April 29, 2023
Deferred tax assets:
Accrued expense$1,063 $941 
Net operating losses4,443 1,284 
Research and development credits15,990 9,401 
Share compensation2,310 1,907 
Lease liability3,154 3,487 
Intangibles157 — 
Others— 5 
Total deferred tax assets27,117 17,025 
Deferred tax liabilities
Property and equipment basis(1,774)(1,132)
Right of use assets(2,980)(3,353)
Others(8)— 
Total deferred tax liabilities(4,762)(4,485)
Valuation allowance(23,258)(9,306)
Net deferred taxes $(903)$3,234 
Summary of Valuation Allowance
A summary activity of the valuation allowance is as follows (in thousands):
April 27, 2024April 29, 2023
April 30, 2022
Beginning valuation allowance
$9,306 $5,170 $3,706 
Additions
13,9524,136 1,464 
Ending valuation allowance
$23,258 $9,306 $5,170 
Summary of Reconciliation of Statutory Rate and Effective Tax Rate For purposes of the reconciliation between the provision for income taxes at the statutory rate and the effective tax rate, a U.S. statutory tax rate of 21% for the years ended April 27, 2024, April 29, 2023 and April 30, 2022 is applied as follows:
Year Ended
April 27, 2024April 29, 2023April 30, 2022
Statutory federal tax expense rate21 %21 %21 %
State tax, net of federal benefit(2)%1 %1 %
Research tax credits20 %14 %4 %
Share compensation24 %18 %7 %
Other(1)%1 %1 %
Foreign rate differential(34)%(32)%(26)%
Change in valuation allowance(49)%(15)%(4)%
Withholding taxes(4)%(1)%(4)%
Effective tax rate(25)%8 %— %
Summary of Reconciliation of Beginning and Ending Amounts of Unrecognized Tax Benefits
A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows (in thousands):
April 27, 2024April 29, 2023
Beginning gross unrecognized tax benefits $2,865 $1,844 
Additions for tax positions taken in the current year1,9881,081 
Subtractions for tax positions taken in the prior year(210)(60)
Lapses in statute of limitations(69)— 
Ending gross unrecognized tax benefits $4,574 $2,865