v3.26.1
Business Combination
 12 Months Ended
May 02, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Business Combination Business Combination
Hyperlume
On September 29, 2025, the Company acquired 100% of the equity interest of Hyperlume, Inc. (Hyperlume), a developer of miniature light-emitting diode (microLED)-based optical interconnect technology for chip-to-chip communication, for a total purchase consideration of $92.0 million. Total purchase consideration is attributable to cash consideration of $88.7 million and cash settlement of vested share-based payment awards of $3.3 million by Hyperlume. This acquisition was primarily intended to expand the Company’s comprehensive portfolio of end-to-end system-level connectivity solutions with Hyperlume’s cutting-edge microLED technology to address the future of artificial intelligence-driven data infrastructure deployments.
The factors contributing to the recognition of goodwill were based upon the Company’s conclusion that there are strategic and synergistic benefits that are expected to be realized from the acquisition. Goodwill recorded for the Hyperlume acquisition is not expected to be deductible for tax purposes. The Company has one reportable segment and accordingly, there is no goodwill assignment based on reporting units.
The following table summarizes the total purchase consideration (in thousands):
Cash consideration$88,698 
Cash settlement of Hyperlume share-based payment awards3,319 
Total purchase consideration
92,017 
Less: Cash and cash equivalents acquired
(9,453)
Net cash payment for acquisition
$82,564 
IPR&D is initially capitalized at fair value as an intangible asset with an indefinite life and assessed for impairment thereafter. When an IPR&D project is completed, the IPR&D is reclassified as an amortizable intangible asset and amortized over the asset’s estimated useful life. The functional currency of the acquired business is Canadian dollars, and the assets and liabilities are translated into U.S. dollars at each fiscal quarter-end period. The differences for goodwill and intangible asset between purchase price allocation and balance sheet result from currency translation rate changes.
The purchase price allocation is as follows (in thousands):
Cash and other assets$11,084 
Goodwill69,134 
Intangible asset
17,200 
Deferred tax liabilities
(4,558)
Other current liabilities and non-current operating lease liabilities
(843)
$92,017 
Comira
On February 25, 2026, the Company acquired 100% of the equity interest of CoMira Solutions, Inc. (Comira), a high-speed connectivity IP innovator, for a total cash consideration of $35.1 million. This acquisition was primarily intended to bring specialized link layer, error correction and security semiconductor IP to support the development of new and advanced system-level solutions for scale-up and scale-out AI architectures.
The factors contributing to the recognition of goodwill were based upon the Company’s conclusion that there are strategic and synergistic benefits that are expected to be realized from the acquisition. Goodwill recorded for the Comira acquisition is not expected to be deductible for tax purposes.
The following table summarizes the total purchase consideration (in thousands):
Cash consideration$35,073 
Less: Cash and cash equivalents acquired
(4,729)
Net cash payment for acquisition
$30,344 
The purchase price allocation is as follows (in thousands):
Cash and other assets$5,167 
Goodwill21,789 
Intangible asset
12,000 
Deferred tax liabilities
(2,714)
Other current liabilities and non-current operating lease liabilities
(1,169)
$35,073 
Acquisition-related costs are expensed in the periods such costs are incurred and were not material for the periods presented for Hyperlume and Comira acquisitions. Pro forma results of operations for both
acquisitions have not been presented because the effect of the acquisitions was not material to the Company’s financial results.