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Income Taxes (Tables)
 12 Months Ended
May 03, 2025
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
May 3, 2025April 27, 2024April 29, 2023
United States$13,795 $8,611 $4,469 
International41,075 (31,356)(22,383)
$54,870 $(22,745)$(17,914)
Summary of Components of Income Tax Expenses
The components of income tax expense (benefit) are summarized as follows (in thousands):
Year Ended
May 3, 2025April 27, 2024April 29, 2023
Current
Federal$— $2 $(24)
State12 3 2 
International2,253 1,484 762 
Total current tax expense 2,265 1,489 740 
Deferred
Federal— 3,092 (2,005)
State— 359 (218)
International423 684 116 
Total deferred tax expense (benefit) 423 4,135 (2,107)
Total tax expense (benefit)$2,687 $5,624 $(1,367)
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):
May 3, 2025April 27, 2024
Deferred tax assets:
Accrued expense$1,904 $1,063 
Net operating losses28,557 4,443 
Research and development credits35,641 15,990 
Share compensation3,667 2,310 
Lease liability3,063 3,154 
Intangibles141 157 
Others11 — 
Total deferred tax assets72,984 27,117 
Deferred tax liabilities
Property and equipment basis(1,963)(1,774)
Right of use assets(2,890)(2,980)
Others— (8)
Total deferred tax liabilities(4,853)(4,762)
Valuation allowance(69,456)(23,258)
Net deferred taxes $(1,325)$(903)
Summary of Valuation Allowance
A summary activity of the valuation allowance is as follows (in thousands):
May 3, 2025April 27, 2024
April 29, 2023
Beginning valuation allowance
$23,258 $9,306 $5,170 
Additions
46,197 13,952 4,136 
Ending valuation allowance
$69,456 $23,258 $9,306 
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 May 3, 2025, April 27, 2024 and April 29, 2023 is applied as follows:
Year Ended
May 3, 2025April 27, 2024April 29, 2023
Statutory federal tax expense rate21 %21 %21 %
State tax, net of federal benefit— %(2)%1 %
Research tax credits(24)%20 %14 %
Share compensation(53)%24 %18 %
Other— %(1)%1 %
Foreign rate differential(12)%(34)%(32)%
Change in valuation allowance72 %(49)%(15)%
Withholding taxes1 %(4)%(1)%
Effective tax rate5 %(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):
May 3, 2025April 27, 2024
Beginning gross unrecognized tax benefits $4,574 $2,865 
Additions for tax positions taken in the current year5,1961,988 
Subtractions for tax positions taken in the prior year(278)(210)
Lapses in statute of limitations(52)(69)
Ending gross unrecognized tax benefits $9,440 $4,574