Segment and Geographic Information
As discussed in “Note 2. Significant Accounting Policies,” the Company operates in one reportable segment. The CODM uses net income or loss for the purposes of making operating decisions, allocating resources and evaluating financial performance. The measure of segment assets is reported on the consolidated balance sheet as total assets, although the CODM does not evaluate asset information for
purposes of allocating resources or evaluating performance. The table below provides information about the Company’s revenue, significant segment expenses and other segment expenses (in thousands):
| | | | | | | | | | | | | | | | | |
| Year Ended |
| May 3, 2025 | | April 27, 2024 | | April 29, 2023 |
| Revenue | $ | 436,775 | | | $ | 192,970 | | | $ | 184,193 | |
| Less: | | | | | |
| Cost of revenue | 153,866 | | | 73,538 | | | 78,000 | |
| Personnel related expenses | 95,269 | | | 69,630 | | | 59,089 | |
| Share-based compensation | 76,160 | | | 37,890 | | | 22,883 | |
| Other segment items* | 59,297 | | | 40,281 | | | 40,768 | |
| Net income (loss) | $ | 52,183 | | | $ | (28,369) | | | $ | (16,547) | |
*Other segment items primarily include lease expenses, external professional services expenses, depreciation and amortization, interest income and tax provision (benefit).
The following table summarizes revenue disaggregated by primary geographical market based on destination of shipment for products, and location of contracting entity for IP and engineering services, which may differ from the end customer’s principal offices (in thousands):
| | | | | | | | | | | | | | | | | |
| Year Ended |
| May 3, 2025 | | April 27, 2024 | | April 29, 2023 |
| Hong Kong | $ | 243,727 | | | $ | 70,162 | | | $ | 9,646 | |
| United States | 65,097 | | | 49,569 | | | 44,253 | |
| Mainland China | 80,055 | | | 28,264 | | | 96,935 | |
| Taiwan | 3,624 | | | 21,286 | | | 5,363 | |
| Rest of World | 44,272 | | | 23,689 | | | 27,997 | |
| $ | 436,775 | | | $ | 192,970 | | | $ | 184,194 | |
The following table presents long-lived assets information based on the physical location of the assets by geographic region (in thousands):
| | | | | | | | | | | |
| May 3, 2025 | | April 27, 2024 |
| Property and equipment, net: | | | |
| Taiwan | $ | 38,501 | | | $ | 24,874 | |
| United States | 12,793 | | | 11,150 | |
| Hong Kong | 8,047 | | | 5,208 | |
| Mainland China | 4,290 | | | 2,433 | |
| $ | 63,631 | | | $ | 43,665 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.