Investments

12 Months Ended

Apr. 30, 2026

Investments

2. Investments

Investments consist of the following:


		April 30,
		2026			2025

Short-term investments:		(In thousands)
Available-for-sale securities:
U.S. government securities			137,759			—
Corporate securities			117,213			—
Total short-term investments		$	254,972		$	—
Long-term investments:
Available-for-sale securities:
U.S. government securities			14,106			—
Corporate securities			6,953			—
Investments at cost			8,000			—
Equity securities and warrants			—			1,204
Total long-term available-for-sale securities investments		$	29,059		$	1,204
Equity method investments
Investments in limited partnership funds			52,069			30,423
Total equity method investments			52,069			30,423
Total long-term investments		$	81,128		$	31,627

Available-For-Sale Securities

As of April 30, 2026, the balance of available-for-sale securities consisted of U.S. government securities and high-grade corporate bonds. Interest earned from these investments is recorded in interest expense, net. Realized gains on sales of these investments on the basis of specific identification are recorded in interest expense, net. As of April 30, 2025, the company held no available-for-sale securities.

The following table is a summary of the activity related to the available-for-sale investments recorded in short-term and long-term investments as of April 30, 2026 (in thousands):


		April 30, 2026
					Gross			Gross
		Amortized			Unrealized			Unrealized			Fair
		Cost			Gains			Losses			Value
Corporate securities		$	124,306			1			(142)		$	124,165
U.S. government securities			151,940		$	1		$	(75)			151,866
Total available-for-sale securities		$	276,246		$	2		$	(217)		$	276,031

Equity Securities

On September 12, 2022, the Company invested $5,000,000 and acquired 500,000 shares and 500,000 privately placed, redeemable warrants of Amprius Technologies, Inc. On April 16, 2026, the Company sold 500,000 shares for $9,350,000, net of commission and fee, and on April 22, 2026, the Company exercised its right to redeem the warrants for 500,000 shares at an exercise of $12.50 for $6,250,000 and sold the received 500,000 shares on April 29, 2026 for $9,824,000.

Equity securities and warrants are measured at fair value with net unrealized gains (losses) from changes in the fair value recognized in other income (expense), net.


		Year Ended April 30,
		2026			2025			2024
Net gain (loss) recognized during the period on equity securities		$	11,720		$	177		$	(3,945)
Less: Net gain recognized during the period on equity securities sold during the period			11,720			—			—
Unrealized gain (loss) recognized during the period on equity securities still held at the reporting date		$	—		$	177		$	(3,945)

Investments Measured at Cost

On December 22, 2025, the Company invested $3,000,000 in a privately-held technology company through Simple Agreement for Future Equity (“SAFE”) arrangement. The SAFE provides the Company with the right to receive equity in the issuing company upon the occurrence of certain future events, including a qualifying equity financing or a liquidity event. The Company measures the investment at cost, less any impairment and are recorded in long-term investments and included in Equity securities and warrants line in the investments table above.

On April 13, 2026, the Company invested $5,000,000 in a privately-held technology company through a convertible promissory note. The note bears interest at 4.03% annually, matures in 3 years, automatically converts into preferred equity upon a qualified financing event subject to a conversion discount, optional conversion into preferred equity upon a non-qualified financing event subject to a conversion discount, or optional conversion into preferred equity absent subsequent financing without a conversion discount.