Description of Company and Basis of Presentation (Tables)

6 Months Ended

Oct. 31, 2023

Accounting Policies [Abstract]

Schedule of balance sheet

	As of October 31, 2023
Consolidated Balance Sheet	(as reported)			(adjustments)			(as restated)
ASSETS
Current assets:
Cash and cash equivalents	$	31,424		$	–		$	31,424
Accounts receivable, net		13,379			–			13,379
Contract assets		10,847			–			10,847
Inventory		38,583			–			38,583
Prepaid expenses and other current assets		9,972			–			9,972
Total current assets		104,205			–			104,205
Property and equipment, net		187,174			700			187,874
Operating lease right-of-use assets		41,973			–			41,973
Deferred tax assets		116,617			143			116,760
Other assets		4,673			–			4,673
Total assets	$	454,642		$	843		$	455,485
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	22,784		$	–		$	22,784
Accrued compensation and benefits		4,244			–			4,244
Contract liabilities		46,437			–			46,437
Convertible senior notes, net		–			141,154			141,154
Current portion of operating lease liabilities		1,263			–			1,263
Other current liabilities		2,209			1,185			3,394
Total current liabilities		76,937			142,339			219,276
Convertible senior notes, net		141,154			(141,154	)		–
Operating lease liabilities, less current portion		45,036			–			45,036
Finance lease liabilities, less current portion		7,840			–			7,840
Total liabilities		270,967			1,185			272,152
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.001 par value; 5,000 shares authorized; no shares issued and outstanding at respective dates		–			–			–
Common stock, $0.001 par value; 150,000 shares authorized; 63,234 and 62,692 shares issued and outstanding at respective dates		63			–			63
Additional paid-in capital		626,031			–			626,031
Accumulated deficit		(442,419	)		(342	)		(442,761	)
Total stockholders’ equity		183,675			(342	)		183,333
Total liabilities and stockholders’ equity	$	454,642		$	843		$	455,485

Schedule of statement of loss and comprehensive loss

	Three Months Ended October 31, 2023
Consolidated Statement of Loss and Comprehensive Loss	(as reported)			(adjustments)			(as restated)
Revenues	$	25,395		$	–		$	25,395
Cost of revenues		30,060			–			30,060
Gross loss		(4,665	)		–			(4,665	)
Operating expenses:
Selling, general and administrative		6,557			–			6,557
Total operating expenses		6,557			–			6,557
Operating loss		(11,222	)		–			(11,222	)
Interest expense		(805	)		(22	)		(827	)
Other income, net		140			–			140
Net loss before income taxes		(11,887	)		(22	)		(11,909	)
Income tax benefit		(2,378	)		(10	)		(2,388	)
Net loss	$	(9,509	)	$	(12	)	$	(9,521	)
Comprehensive loss	$	(9,509	)	$	(12	)	$	(9,521	)
Net loss per share:
Basic	$	(0.15	)		–		$	(0.15	)
Diluted	$	(0.15	)		–		$	(0.15	)
Weighted average common shares outstanding:
Basic		63,149			–			63,149
Diluted		63,149			–			63,149

	Six Months Ended October 31, 2023
Consolidated Statement of Loss and Comprehensive Loss	(as reported)			(adjustments)			(as restated)
Revenues	$	63,121		$	–		$	63,121
Cost of revenues		63,686			–			63,686
Gross loss		(565	)		–			(565	)
Operating expenses:
Selling, general and administrative		12,820			–			12,820
Total operating expenses		12,820			–			12,820
Operating loss		(13,385	)		–			(13,385	)
Interest expense		(1,580	)		(72	)		(1,652	)
Other income, net		398			–			398
Net Loss before income taxes		(14,567	)		(72	)		(14,639	)
Income tax benefit		(2,965	)		(31	)		(2,996	)
Net loss	$	(11,602	)	$	(41	)	$	(11,643	)
Comprehensive loss	$	(11,602	)	$	(41	)	$	(11,643	)
Net loss per share:
Basic	$	(0.18	)		–		$	(0.18	)
Diluted	$	(0.18	)		–		$	(0.18	)
Weighted average common shares outstanding:
Basic		62,994			–			62,994
Diluted		62,994			–			62,994

Schedule of statement of stockholder equity

	Three Months Ended October 31, 2023
		Accumulated Deficit			Total Stockholders’ Equity						Accumulated Deficit			Total Stockholders’ Equity
Condensed Consolidated Statement of Stockholders’ Equity		(as reported)			(as reported)			(adjustments)			(as restated)			(as restated)
Balances at July 31, 2023	$	(432,910	)	$	190,598		$	(330	)	$	(433,240	)	$	190,268
Common stock issued under equity compensation plans		–			120			–			–			120
Stock-based compensation expense		–			2,466			–			–			2,466
Net loss		(9,509	)		(9,509	)		(12	)		(9,521	)		(9,521	)
Balances at October 31, 2023	$	(442,419	)	$	183,675		$	(342	)	$	(442,761	)	$	183,333

	Six Months Ended October 31, 2023
		Accumulated Deficit			Total Stockholders’ Equity						Accumulated Deficit			Total Stockholders’ Equity
Condensed Consolidated Statement of Stockholders’ Equity		(as reported)			(as reported)			(adjustments)			(as restated)			(as restated)
Balances at April 30, 2023	$	(430,817	)	$	189,470		$	(301	)	$	(431,118	)	$	189,169
Common stock issued under equity compensation plans		–			998			–			–			998
Stock-based compensation expense		–			4,809			–			–			4,809
Net loss		(11,602	)		(11,602	)		(41	)		(11,643	)		(11,643	)
Balances at October 31, 2023	$	(442,419	)	$	183,675		$	(342	)	$	(442,761	)	$	183,333

Schedule of statement of cash flows

	Six Months Ended October 31 2023
Consolidated Statement of Cash Flows		(as reported)			(adjustments)			(as restated)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	(11,602	)	$	(41	)	$	(11,643	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization		5,433			–			5,433
Stock-based compensation		4,809			–			4,809
Amortization of debt issuance costs		639			–			639
Deferred income taxes		(2,978	)		(31	)		(3,009	)
Loss on disposal of property and equipment		46			–			46
Changes in operating assets and liabilities:
Accounts receivable, net		4,919			–			4,919
Contract assets		(1,238	)		–			(1,238	)
Inventory		5,325			–			5,325
Prepaid expenses and other assets		(7,909	)		–			(7,909	)
Accounts payable		4,344			–			4,344
Accrued compensation and benefits		(4,536	)		–			(4,536	)
Contract liabilities		8,808			–			8,808
Other accrued expenses and liabilities		(239	)		259			20
Net cash provided by operating activities		5,821			187			6,008
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment		(21,437	)		(187	)		(21,624	)
Net cash used in investing activities		(21,437	)		(187	)		(21,624	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock under equity compensation plans		998			–			998
Proceeds from finance lease		7,412			–			7,412
Principal payments on finance lease		(262	)		–			(262	)
Net cash provided by financing activities		8,148			–			8,148
Net decrease in cash, cash equivalents and restricted cash		(7,468	)		–			(7,468	)
Cash, cash equivalents and restricted cash, beginning of period		38,892			–			38,892
Cash, cash equivalents and restricted cash, end of period	$	31,424			–		$	31,424
Supplemental disclosures of cash flow information:
Cash paid for interest	$	882		$	(289	)	$	593
Cash paid for income taxes	$	14		$	–		$	14
Supplemental disclosures of non-cash activities:
Unpaid purchases of property and equipment	$	7,972		$	112		$	8,084