16. Subsequent Events

On May 12, 2026, the Company terminated a development project with a customer. Pursuant to the terms of the termination agreement, the Company agreed to refund $4.5 million of the $13.5 million deposit previously received from the customer. The remaining $9.0 million of the deposit is expected to be recognized as a reduction of research and development expense in the second quarter ending July 31, 2026.

On May 27, 2026, the Company's Board of Directors authorized a new share repurchase program for a total of $50.0 million commencing July 1, 2026 through June 30, 2027. The new repurchase program replaces the existing program that expires on June 30, 2026 and does not obligate the Company to acquire any particular amount of ordinary shares, and it may be suspended at any time at the Company’s discretion. Repurchases may be made from time-to-time through open market purchases, 10b5-1 plans or privately negotiated transactions subject to market conditions, applicable legal requirements and other relevant factors. The repurchase program is funded using the Company’s working capital and any repurchased shares are recorded as authorized but unissued shares.