Income Taxes

6 Months Ended

Nov. 01, 2025

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The Company’s tax provision for interim periods is determined using an estimate of its annual effective tax rate, excluding zero rate jurisdictions, and adjusted for discrete items, if any, that arise during the period. Each quarter, the Company updates its estimate of the annual effective tax rate, and if the estimated annual effective tax rate changes, the Company makes a cumulative adjustment in such period. The Company’s quarterly tax provision, and estimate of its annual effective tax rate, is subject to variation due to several factors, including variability in accurately predicting its

pre-tax income or loss and the mix of jurisdictions to which they relate, intercompany transactions, changes in tax laws, the applicability of special tax regimes, changes in how we do business, and discrete items.

Provision for income taxes for the three and six months ended November 1, 2025 and November 2, 2024 was as follows (in thousands except percentages):

	Three Months Ended								Six Months Ended
	November 1, 2025			November 2, 2024			% Change		November 1, 2025			November 2, 2024			% Change
Provision for income taxes	$	1,049		$	292		259.2	%	$	2,338		$	914		255.8	%
Effective tax rate	1		%	(7)		%			2		%	(7)		%

The Company’s effective tax rate for the three and six months ended November 1, 2025 differs from the same period in the prior year primarily due to the Company generating consolidated net income in the current year as compared to a consolidated net loss in the prior year.

During the three and six months ended November 1, 2025, there were no material changes to the total amount of unrecognized tax benefits and the Company does not expect any significant changes in the next 12 months.

On July 4, 2025, the United States enacted the One Big Beautiful Bill Act (OBBBA), which changes or makes permanent certain tax laws for corporations. During the three and six months ended November 1, 2025, the Company did not record any material adjustments to its income tax provision as a result of OBBBA. The Company does not expect the provisions of the OBBBA to have a material impact on its effective tax rate or total provision for income taxes.

In connection with Hyperlume acquisition, the Company recognized a deferred tax liability of $4.6 million related to the acquired IPR&D intangible asset, which is not deductible for income tax purposes.