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Revenue Recognition
 6 Months Ended
Nov. 02, 2024
Revenue Recognition and Deferred Revenue [Abstract]  
Revenue Recognition Revenue Recognition
The following table summarizes revenue disaggregated by primary geographical market based on destination of shipment and location of contracting entity, which may differ from the customer’s principal offices (in thousands):
Three Months EndedSix Months Ended
November 2, 2024October 28, 2023November 2, 2024October 28, 2023
Hong Kong$30,086 $18,612 $59,358 $20,491 
United States21,856 7,837 32,655 14,252 
Mainland China13,524 5,425 23,273 21,617 
Rest of World6,568 12,161 16,462 22,770 
$72,034 $44,035 $131,748 $79,130 
Contract Balances
The contract assets are primarily related to the Company’s fixed fee IP licensing arrangements and rights to consideration for performance obligations delivered but not billed as of November 2, 2024 and April 27, 2024.
During the six months ended November 2, 2024, the Company recognized $2.6 million of revenue that was included in the deferred revenue balance as of April 27, 2024. During the six months ended October 28, 2023, the Company recognized $2.6 million of revenue that was included in the deferred revenue balance as of April 29, 2023.
During the six months ended November 2, 2024, the decrease in contract assets of $2.3 million was primarily driven by billings for certain milestones that had been met.
Remaining Performance Obligations
Revenue allocated to remaining performance obligations represents the transaction price allocated to the performance obligations that are unsatisfied, or partially unsatisfied, which includes unearned revenue and amounts that will be invoiced and recognized as revenue in future periods. The contracted but unsatisfied performance obligation was approximately $4.4 million and the satisfied but unrecognized performance obligation was approximately $1.1 million as of November 2, 2024 which the Company expects to recognize over the next 12 months. The Company applied a performance constraint on the satisfied but unrecognized performance obligation due to uncertainty around the collectability of milestone payments.
Customer Warrant
During fiscal year 2022, the Company issued a warrant to Amazon.com NV Investment Holdings LLC (Holder) to purchase an aggregate of up to 4,080 thousand of the Company’s ordinary shares at an exercise price of $10.74 per share (the Customer Warrant). The exercise period of the Customer Warrant is through the seventh anniversary of the issue date. Upon issuance of the Customer Warrant, 40 thousand of the shares issuable upon exercise of the Customer Warrant vested immediately and the remainder of the shares issuable will vest in tranches over the contract term based on the amount of global payments by Holder and its affiliates to us, up to $201 million in aggregate payments. A total of 2,080 thousand and 1,080 thousand of the shares issuable upon exercise of the Customer Warrant were vested as of November 2, 2024 and April 27, 2024, respectively.
Using a grant date fair value of $4.65, the Company recognized $2.6 million and $5.8 million for the three and six months ended November 2, 2024, respectively, and $0.4 million and $0.8 million for the three and six months ended October 28, 2023, respectively, as contra revenue within product sales revenue on the condensed consolidated statements of operations.