Net Income (Loss) Per Share

6 Months Ended

Nov. 01, 2025

The Company reports both basic net income (loss) per share, which is based on the weighted-average number of ordinary shares outstanding during the period, and diluted net income (loss) per share, which is based on the weighted-average number of ordinary shares outstanding and potentially dilutive shares outstanding during the period. Net income (loss) per share for the three and six months ended November 1, 2025 and November 2, 2024, respectively, was determined as follows (in thousands, except per share amounts):


	Three Months Ended				Six Months Ended
	November 1, 2025		November 2, 2024		November 1, 2025		November 2, 2024
Numerator:
Net income (loss)	$	82,636	$	(4,225)	$	146,035	$	(13,765)

Denominator:
Weighted-average shares outstanding used in basic calculation	175,307		166,487		173,623		165,789
Effect of dilutive shares
Share-based compensation awards	10,431		—		10,137		—
Customer Warrant	1,921		—		1,705		—
Weighted-average shares outstanding used in dilution calculation	187,659		166,487		185,465		165,789

Net income (loss) per share:
Basic	$	0.47	$	(0.03)	$	0.84	$	(0.08)
Diluted	$	0.44	$	(0.03)	$	0.79	$	(0.08)

Potential dilutive securities include dilutive ordinary shares from the Customer Warrant, share-based awards attributable to the assumed exercise of share options, restricted stock units and employee stock purchase plan shares using the treasury stock method. Under the treasury stock method, potential ordinary shares outstanding are not

included in the computation of diluted net income (loss) per share if their effect is anti-dilutive. The following potentially dilutive securities outstanding (in thousands) have been excluded from the computations of diluted weighted-average shares outstanding for the three and six months ended November 1, 2025 and November 2, 2024:


	Three and Six Months Ended
	November 1, 2025	November 2, 2024
Share-based compensation awards	824	14,038
Customer Warrant	—	4,080
	824	18,118