Debt |
12 Months Ended |
|---|---|
Apr. 30, 2026 | |
| Debt Disclosure [Abstract] | |
| Debt | Debt On August 24, 2020, we entered into a financing arrangement consisting of a $50.0 million revolving line of credit secured by substantially all our assets, maturing five years from the closing date, with available borrowings determined by a borrowing base calculation. The revolving line included an option to increase the credit commitment by an additional $15 million. On March 25, 2022, we amended our secured loan and security agreement, or the First Amended Loan and Security Agreement, increasing the revolving line of credit to $75 million, secured by substantially all our assets, maturing in March 2027, with available borrowings determined by a borrowing base calculation. The amendment also includes an option to increase the credit commitment by an additional $15 million. The amended revolving line bears interest at a fluctuating rate equal to the Base Rate or Secured Overnight Financing Rate, or SOFR, as applicable, plus the applicable margin. The applicable margin can range from a minimum of 0.25% to a maximum of 1.75% based on certain conditions as defined in the Amended Loan and Security Agreement. The financing arrangement contains covenants relating to minimum debt service coverage. On March 10, 2026, we amended our secured loan and security agreement, or the Third Amended Loan and Security Agreement, secured by substantially all our assets. The Third Amended Loan Agreement extended of the maturity date to March 2031, increases to the limits on permitted acquisitions, and a reduction of the covenant trigger threshold. Borrowing availability under the facility is subject to a borrowing base calculation. The financing arrangement also contains financial covenants, including a minimum debt service coverage ratio. We were in compliance with all financial covenants as of April 30, 2026. We recorded $258,000 of deferred financing costs, included in other assets on the consolidated balance sheet related to this amendment and are amortized over the term of the credit facility. As of April 30, 2026, we had no borrowings outstanding on the revolving line of credit. Had there been borrowings outstanding under the revolving credit facility as of April 30, 2026, the applicable interest rate would have been 5.16%, equal to SOFR plus the applicable margin. As of April 30, 2025, we had no borrowings outstanding on the revolving line of credit. During the year ended April 30, 2026, we borrowed $9.1 million on our revolving line of credit for general business purposes. Also, during the year ended April 30, 2026, we paid, in full, the $9.1 million of borrowings utilizing cash on hand. As of April 30, 2026 and 2025, we had executed irrevocable standby letters of credit totaling $7.8 and $1.7 million, respectively, to collateralize duty drawback and customs bonds. During the fiscal years ended April 30, 2026 and 2025, no amounts have been drawn on the letter of credit.
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