v3.26.1
Income Taxes (Tables)
 12 Months Ended
May 02, 2026
Income Tax Disclosure [Abstract]  
Schedule 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 2, 2026May 3, 2025April 27, 2024
United States$36,047 $13,795 $8,611 
International439,388 41,075 (31,356)
$475,435 $54,870 $(22,745)
Schedule of Components of Income Tax Expenses
The components of income tax expense (benefit) are summarized as follows (in thousands):
Year Ended
May 2, 2026May 3, 2025April 27, 2024
Current
Federal$— $— $2 
State32 12 3 
International6,224 2,253 1,484 
Total current tax expense 6,256 2,265 1,489 
Deferred
Federal(2,562)— 3,092 
State(152)— 359 
International(386)422 684 
Total deferred tax expense (benefit) (3,100)422 4,135 
Total tax expense$3,156 $2,687 $5,624 
Schedule of Reconciliation of Statutory Rate and Effective Tax Rate A reconciliation of the U.S. 21% rate to the effective tax rate pursuant to the disclosure requirements of ASU 2023-09 for the year ended May 2, 2026, was as follows (in thousands):
Year Ended
May 2, 2026
Statutory federal tax expense$99,841 21 %
State tax, net of federal benefit
(2,980)(1)%
Nontaxable or nondeductible items:
Share-based compensation(73,448)(15)%
Section 162(m) limitation
9,378 2 %
Other
1,011 — %
Research tax credit
(32,047)(7)%
Change in valuation allowance
78,617 17 %
Foreign rate differential:
Cayman Islands(86,088)(18)%
Withholding taxes148 — %
Other foreign jurisdictions(635)— %
Change in unrecognized tax benefits9,362 2 %
Other
(3)— %
Effective tax rate$3,156 1 %
For purposes of the reconciliation, prior to adoption of ASU 2023-09, Income Taxes (Topic 740): improvements to Income Tax Disclosures, between the provision (benefit) for income taxes at the
statutory rate and the effective tax rate, a notional U.S. 21% rate is applied to pretax income (loss) as a result of the following for the periods indicated, respectively:
Year Ended
May 2, 2026May 3, 2025April 27, 2024
Statutory federal tax expense rate21 %21 %21 %
State tax, net of federal benefit— %— %(2)%
Research tax credits(5)%(24)%20 %
Share-based compensation(14)%(53)%24 %
Other1 %— %(1)%
Foreign rate differential(19)%(12)%(34)%
Change in valuation allowance17 %72 %(49)%
Withholding taxes— %1 %(4)%
Effective tax rate1 %5 %(25)%
Schedule of Cash Flow, Supplemental Disclosures
Pursuant to the disclosure requirements of ASU 2023-09, the following table presents income taxes paid, net of refunds received, for the year ended May 2, 2026 (in thousands):
Year Ended
May 2, 2026
Federal$— 
State11 
Foreign:
Hong Kong1,992 
Taiwan243 
China125 
Cayman Islands101 
Total income taxes paid$2,472 
Schedule 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 2, 2026May 3, 2025
Deferred tax assets
Accrued expense$2,851 $1,904 
Net operating losses78,363 28,557 
Research and development credits72,874 35,641 
Share-based compensation10,560 3,667 
Lease liability4,968 3,063 
Intangibles— 141 
Others870 11 
Total deferred tax assets170,486 72,984 
Deferred tax liabilities
Property and equipment basis(1,954)(1,963)
Right of use assets(4,780)(2,890)
Intangibles(6,499)— 
Total deferred tax liabilities(13,233)(4,853)
Valuation allowance(162,892)(69,456)
Net deferred taxes $(5,639)$(1,325)
Schedule of Valuation Allowance
A summary activity of the valuation allowance is as follows (in thousands):
May 2, 2026May 3, 2025
April 27, 2024
Beginning valuation allowance
$69,456 $23,258 $9,306 
Additions
93,436 46,197 13,952 
Ending valuation allowance
$162,892 $69,456 $23,258 
Schedule 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 2, 2026May 3, 2025
Beginning gross unrecognized tax benefits $9,440 $4,574 
Additions for tax positions taken in the current year10,9105,196 
Subtractions for tax positions taken in the prior year(747)(278)
Lapses in statute of limitations(42)(52)
Ending gross unrecognized tax benefits $19,561 $9,440