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Pension - Projected benefit obligation and projected fair value (Details) - item	Aug. 01, 2026	Apr. 30, 2026
Pension
Number of pension commitments	3
Pension Plan
Pension
Discount rate	4.10%	4.10%
In-payment benefits	2.50%	2.50%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Organization and Significant Accounting Policies - Loss Per Share (Details) - USD ($) $ in Thousands	3 Months Ended
	Aug. 01, 2026	Aug. 02, 2025
Numerator for basic earnings per share:
Net loss	$ (5,066)	$ (67,370)
Denominator for basic earnings per share:
Weighted average common shares	49,822,595	46,882,350
Denominator for diluted (loss) earnings per share	49,822,595	46,882,350
Number of anti-dilutive due to loss	0	0
Number of anti-dilutive shares	330,957	168,254

- Definition

Amount after tax of income (loss) from continuing operations attributable to the parent.

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+ Details

Organization and Significant Accounting Policies

3 Months Ended

Aug. 01, 2026

Organization and Significant Accounting Policies

Organization and Significant Accounting Policies

1. Organization and Significant Accounting Policies

Organization

AeroVironment, Inc., a Delaware corporation (together with its fully-owned subsidiaries, collectively referred to herein as the “Company”), is engaged in the design, development, production, delivery and support of autonomous systems, precision strike systems, Counter-Uncrewed Aircraft Systems (“C-UAS”) technologies, space-based platforms, directed energy systems, and cyber and electronic warfare capabilities. The Company provides these products and services primarily to organizations within or supplying the U.S. Department of Defense (“DoD”), other federal agencies and to international allied governments.

The Company’s reportable segments are as follows:

Autonomous Systems (“AxS”)— The AxS segment focuses on the design, development, production, delivery, and support of intelligent, multi-domain robotic systems, including uncrewed aircraft systems (“UAS”), uncrewed underwater vehicles and ground robot systems. The segment includes the Company’s former Uncrewed Systems (“UxS”), Loitering Munitions Systems (“LMS”), and MacCready Works (“MW”) segments as well as Integrated Air and Missile Defense (“IAMD”), Electronic Warfare Systems (“EW”) and Uncrewed Maritime (“UUV”) products and services from the BlueHalo acquisition. This segment encompasses the Company’s core autonomous platforms, such as drones and robotic systems, tailored for mission-critical applications across air, land and sea domains.

Space, Cyber, and Directed Energy (“SCDE”)— The SCDE segment focuses on advanced technologies in the space domain providing space-based and ground-based platforms, cyber capabilities, and directed energy systems. This segment positions the Company in high-growth areas of next-generation defense technology, addressing emerging threats and mission requirements in space, cyber warfare, and directed energy applications (e.g., high-energy lasers).

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and with the instructions of Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments, consisting only of normal recurring adjustments necessary for a fair presentation with respect to the interim financial statements have been included. The results of operations for the three months ended August 1, 2026 are not necessarily indicative of the results for the full year ending April 30, 2027. For further information, refer to the consolidated financial statements and footnotes thereto for the year ended April 30, 2026, included in the Company’s Annual Report on Form 10-K.

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions, including estimates of anticipated contract costs and revenue utilized in the revenue recognition process, that affect the reported amounts in the unaudited condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates.

The Company’s unaudited condensed consolidated financial statements include the assets, liabilities and operating results of wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated.

Recent Acquisitions

On May 1, 2025, the Company closed its acquisition of BlueHalo, a Delaware limited liability company, pursuant to the Agreement and Plan of Merger, dated as of November 18, 2024 by and among AV, Archangel Merger Sub LLC, a

Delaware limited liability company, BlueHalo, and BlueHalo Holdings Parent, LLC, a Delaware limited liability company and sole member of BlueHalo. Refer to Note 15—Business Acquisitions for further details.

On March 16, 2026, the Company closed its acquisition of Empirical Systems Aerospace, Inc. (“ESAero”), a leading producer of UAS and advanced air mobility platforms. ESAero is incorporated into AeroVironment’s AxS segment. Refer to Note 15—Business Acquisitions for further details.

Recently Adopted Accounting Standards

The Company did not adopt any accounting standards during the three months ended August 1, 2026.

Reclassifications

Certain prior year amounts have been reclassified to conform to the current year presentation. Specifically, the Company’s prior year disaggregated revenue disclosures and segment information have been reclassified to conform to the current year presentation.

Revenue Recognition

The Company’s revenue is generated pursuant to written contractual arrangements to design, develop, manufacture and/or modify complex products and to provide related engineering, technical and other services according to the specifications of its customers. These contracts may be firm fixed price (“FFP”), cost plus fixed fee, cost plus award fee, and cost plus incentive fee (collectively “Cost Plus”), or time and materials (“T&M”). The Company considers all such contracts to be within the scope of Accounting Standards Codification Topic 606, Revenue from Contracts with Customers (“ASC 606”).

Performance Obligations

On August 1, 2026, the Company had approximately $1,457,822,000 of remaining performance obligations under fully funded contracts with its customers, which the Company also refers to as funded backlog. The Company currently expects to recognize approximately 78% of the remaining performance obligations as revenue in fiscal 2027 and the remaining 22% in fiscal 2028 or beyond.

Revenue by Category

The following tables present the Company’s revenue disaggregated by operating group, contract type, customer category and geographic location (in thousands).


		Three Months Ended
		August 1,			August 2,
Revenue by operating group		2026			2025
Uncrewed Aircraft Systems		$	120,206		$	70,243
Precision Strike and Defense Systems			197,132			182,438
Other			28,631			32,643
Space and Directed Energy			51,509			70,966
Cyber and Mission Solutions			83,012			98,386
Total revenue		$	480,490		$	454,676


		Three Months Ended
		August 1,			August 2,
Revenue by contract type		2026			2025
FFP		$	349,350		$	298,977
Cost Plus			103,234			118,928
T&M			27,906			36,771
Total revenue		$	480,490		$	454,676

Each of these contract types presents advantages and disadvantages. Typically, the Company assumes more risk with FFP contracts. However, these types of contracts generally offer additional profits when the Company completes the work for less than originally estimated. Cost Plus contracts generally subject the Company to lower risk. Accordingly, the associated base fees are usually lower than fees on FFP contracts. Under T&M contracts, the Company’s profit may vary if actual labor hour rates vary significantly from the negotiated rates.


		Three Months Ended
		August 1,			August 2,
Revenue by customer category		2026			2025
U.S. government		$	386,805		$	395,337
Non-U.S. government			93,685			59,339
Total revenue		$	480,490		$	454,676

		Three Months Ended
		August 1,			August 2,
Revenue by geographic location		2026			2025
Domestic		$	373,630		$	347,139
International			106,860			107,537
Total revenue		$	480,490		$	454,676


	Three Months Ended
	August 1,			August 2,
Revenue percentage by recognition method	2026			2025
Over time		67%			75%
Point in time		33%			25%
Total revenue		100%			100%

Customer-Funded Research & Development

Customer-funded R&D costs are incurred pursuant to contracts (revenue arrangements) to perform R&D activities according to customer specifications. These costs are direct contract costs and are expensed to cost of sales as costs are incurred. Revenue from customer-funded R&D contracts is recognized in accordance with ASC 606 over time as costs are incurred. Revenue from customer-funded R&D was approximately $84,982,000 for the three months ended August 1, 2026. Revenue from customer-funded R&D was approximately $60,847,000 for the three months ended August 2, 2025

Contract Balances

Changes in the contract asset and liability balances during the three month period ended August 1, 2026 were not materially impacted by factors other than billings, cash collections, and timing of revenue recognition. For the Company’s contracts, there are no significant gaps between the receipt of payment and the transfer of the associated goods and services to the customer for material amounts of consideration.

Revenue recognized for the three month period ended August 1, 2026 that was included in customer advances balances as of April 30, 2026 was $23,665,000. Revenue recognized for the three month period ended August 2, 2025 that was included in customer advances balances as of April 30, 2025 was $11,358,000.

Investments

Certain of the Company’s investments are accounted for as available-for-sale and are reported at fair value. Unrealized gains and losses for debt securities are excluded from earnings and reported as a separate component of stockholders’ equity, net of deferred income taxes for available-for-sale investments. Gains and losses realized on the disposition of investment securities are determined on the specific identification basis and credited or charged to income. Investments in equity securities and warrants are measured at fair value with net unrealized gains and losses from changes in the fair value recognized in other income (expense), net. Management determines the appropriate classification of securities at the time of purchase and reevaluates such designation as of each balance sheet date. Equity securities without a readily determinable fair value are measured at cost minus impairment, if any.

Fair Values of Financial Instruments

Fair values of cash and cash equivalents, accounts receivable, unbilled receivables and retentions, and accounts payable approximate cost due to the short period of time to maturity.

Accounts Receivable

The Company is party to a receivables sales agreement with Citibank, N.A. with an aggregate capacity of $100,000,000. The receivables sold under the factoring facilities are without recourse and result in a true sale. Receivables are de-recognized in their entirety when sold. As of August 1, 2026, no receivables have been sold, proceeds collected, or purchase discount fees incurred under the agreement.

Government Contracts

Payments to the Company on government Cost Plus or T&M contracts are based on provisional, or estimated indirect rates, which are subject to an annual audit by the Defense Contract Audit Agency (“DCAA”). The cost audits result in the negotiation and determination of the final indirect cost rates that the Company may use for the period(s) audited. The final rates, if different from the provisional rates, may create an additional receivable or liability for the Company for Cost Plus and T&M contracts.

For example, during the course of its audits, the DCAA may question the Company’s incurred costs, and if the DCAA believes the Company has accounted for such costs in a manner inconsistent with the requirements under Federal Acquisition Regulations, the DCAA auditor may recommend to the Company’s administrative contracting officer to disallow such costs. Historically, the Company has not experienced material disallowed costs as a result of government

audits. However, the Company can provide no assurance that the DCAA or other government audits will not result in material disallowances for incurred costs in the future. The Company’s revenue recognition policy calls for revenue recognized on all cost reimbursable government contracts to be recorded at estimated full year rates unless collectability is not reasonably assured. As of August 1, 2026, the company had a reserve for incurred cost claims of $956,000. As of April 30, 2026, the Company had no reserve for incurred cost claim audits.

Loss Per Share

Basic loss per share is computed using the weighted-average number of common shares outstanding, excluding shares of unvested restricted stock.

The reconciliation of basic to diluted shares is as follows (in thousands except share data):


			Three Months Ended
		August 1, 2026			August 2, 2025
Net loss		$	(5,066)		$	(67,370)
Denominator for basic loss per share:
Weighted average common shares			49,822,595			46,882,350
Dilutive effect of employee stock options, restricted stock and restricted stock units			—			—
Denominator for diluted loss per share			49,822,595			46,882,350

Due to the net loss for the three months ended August 1, 2026 and August 2, 2025, no shares reserved for issuance upon exercise of stock options or shares of unvested restricted stock were included in the computation of diluted loss per share as their inclusion would have been anti-dilutive. Potentially dilutive shares not included in the computation of diluted weighted-average common shares because their effect would have been anti-dilutive were 330,957 for the three months ended August 1, 2026. Potentially dilutive shares not included in the computation of diluted weighted-average common shares because their effect would have been anti-dilutive were 168,254 for the three months ended August 2, 2025.

Recently Issued Accounting Standards

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income— Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). ASU 2024-03 requires disclosure in the notes to financial statements of specified information about certain costs and expenses included in each expense caption on the face of the income statement at interim and annual reporting periods. The new standard is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, and should be applied either prospectively to financial statements issued for reporting periods after the effective date of this ASU or retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the potential impact of this adoption on its consolidated financial statements.

In September 2025, the FASB issued ASU 2025-06, Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”), which better aligns the accounting guidance to how software is developed by eliminating project stages from capitalization criteria. The new standard is effective for annual reporting periods beginning after December 15, 2027 and interim periods within those annual reporting periods. The standard allows for prospective, modified, or retrospective transition. Early adoption is permitted. The Company is currently evaluating the impact of adopting this new pronouncement.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (“ASU 2025-11”), which is intended to improve the navigability of required interim disclosures and clarify when that guidance is applicable, and also to provide additional guidance on what disclosures should be provided in interim reporting periods. The new standard is effective for annual reporting periods beginning after December 15, 2027 and interim periods within those annual reporting periods. The standard allows for prospective or retrospective transition. Early adoption is permitted. The Company is currently evaluating the impact of adopting this new pronouncement.

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Aug. 01, 2026	Aug. 02, 2025	Apr. 30, 2026
Operating activities
Net loss	$ (5,066)	$ (67,370)
Adjustments to reconcile net loss to cash provided by (used in) operating activities:
Depreciation and amortization	56,033	90,254
Gain from equity method investments	(1,867)	(1,787)
Amortization of debt issuance costs	1,089	7,829
Provision for credit losses	4,590	173
Reserve for inventory excess and obsolescence	2,199	1,178
Other non-cash expense, net	1,623	616
Non-cash lease expense	7,664	6,850
Loss on foreign currency transactions	23	161
Gain on sale of equity securities, net		(2,702)
Stock-based compensation	4,927	11,429
Loss on disposal of property and equipment		48
Amortization of debt securities	(47)
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable	128,346	(15,693)
Unbilled receivables and retentions	(68,041)	(74,510)
Inventories	(100,310)	(12,704)
Income taxes receivable	712	(16,390)
Prepaid expenses and other assets	(13,389)	(1,749)
Accounts payable	12,820	(29,625)
Other liabilities	(17,810)	(19,734)
Net cash provided by (used in) operating activities	13,496	(123,726)
Investing activities
Acquisition of property and equipment	(44,033)	(22,728)
Acquisition of capitalized software to be sold	(5,417)	(9,340)
Purchase of available-for-sale investments	(114,578)
Redemption of available-for-sale investments	55,792
Business acquisitions, net of cash acquired		(844,580)
Net cash used in investing activities	(108,236)	(876,648)
Financing activities
Proceeds from revolving credit facility		233,939
Principal payments of term loan		(700,000)
Proceeds from term loan		693,202
Principal payments of revolver		(265,000)
Proceeds from shares issued, net of underwriter costs		968,515
Proceeds from convertible debt, net of underwriter costs		726,944
Payment of debt issuance costs		(2,445)
Payment of equity issuance costs		(1,388)
Tax withholding payment related to net settlement of equity awards	(9,563)	(10,786)
Employee stock purchase plan contributions	5,475	2,467
Other	(1)	(5)
Net cash (used in) provided by financing activities	(4,089)	1,645,443
Effects of currency translation on cash and cash equivalents	(106)	(128)
Net (decrease) increase in cash and cash equivalents	(98,935)	644,941
Cash and cash equivalents at beginning of period	377,325	40,862	$ 40,862
Cash and cash equivalents at end of period	278,390	685,803	$ 377,325
Cash (received) paid, net during the period for:
Income taxes	(272)	(223)
Interest	321	11,854
Non-cash activities
Issuance of common stock for business acquisition		2,640,365
Unrealized loss on available-for-sale investments	(186)
Change in foreign currency translation adjustments	68	639
Acquisitions of property and equipment included in accounts payable	$ 5,880	$ 1,951

Leases - Components of lease costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Aug. 01, 2026	Aug. 02, 2025
Components of lease costs
Operating lease cost	$ 7,664	$ 6,850
Short term lease cost	638	993
Variable lease cost	714	899
Total lease costs, net	$ 9,016	$ 8,742

Business Acquisitions - ESAero Acquisition (Details) - USD ($)			3 Months Ended		12 Months Ended
	Mar. 16, 2026	May 01, 2025	Aug. 01, 2026	Aug. 02, 2025	Apr. 30, 2026
Fair value of assets acquired:
Goodwill			$ 2,493,886,000		$ 2,493,678,000
Supplemental Pro Forma Information (unaudited)
Amortization expense			43,357,000	$ 58,161,000
Acquisition-related costs			2,142,000	23,729,000
ESAero Acquisition
Business Acquisitions
Ownership interest acquired	100.00%
Fair value of consideration transferred	$ 177,909,000
Shares issued for business acquisition	671,078
Equity consideration transferred	$ 142,188,000
Business acquisition, net of cash acquired	26,922,000
cash acquired	2,386,000
Original amount of Holdback	$ 8,800,000		4,000,000
Payment of holdback amount during the period			3,593,000
Share price	$ 211.88
Fair value of assets acquired:
Accounts receivable	$ 7,545,000
Unbilled receivables and retentions	24,387,000
Inventories, net	44,000
Prepaid expenses and other current assets	2,715,000
Property and equipment	1,606,000
Operating lease right-of-use assets	10,923,000
Intangibles	55,300,000
Goodwill	110,386,000
Total identifiable assets	212,906,000
Fair value of liabilities assumed:
Accounts payable	5,776,000
Wages and related accruals	2,435,000
Customer advances	702,000
Current operating lease liabilities	1,964,000
Other current liabilities	816,000
Non-current operating lease liabilities	8,960,000
Income taxes payable (non-current)	2,874,000
Deferred income taxes	11,878,000
Total liabilities assumed	35,405,000
Total identifiable net assets	$ 177,501,000
Supplemental Pro Forma Information (unaudited)
Revenue since acquisition date, actual					20,038,000
Loss from operations since acquisition date, actual					5,951,000
Amortization expense					1,116,000
Revenue				477,343,000
Net income				(65,791,000)
Acquisition-related costs					2,504,000
BlueHalo
Business Acquisitions
Fair value of consideration transferred		$ 3,484,945,000
Shares issued for business acquisition		17,425,849
Equity consideration transferred		$ 2,640,365,000
cash acquired		$ 43,841,000
Share price		$ 151.52
Fair value of assets acquired:
Accounts receivable		$ 79,665,000
Unbilled receivables and retentions		96,414,000
Inventories, net		87,794,000
Prepaid expenses and other current assets		13,628,000
Property and equipment		87,841,000
Operating lease right-of-use assets		70,879,000
Goodwill		2,367,428,000
Fair value of liabilities assumed:
Accounts payable		56,930,000
Wages and related accruals		43,031,000
Customer advances		42,700,000
Current operating lease liabilities		6,707,000
Other current liabilities		11,971,000
Non-current operating lease liabilities		64,720,000
Deferred income taxes		127,187,000
Total liabilities assumed		353,682,000
Total identifiable net assets		$ 3,484,945,000
Supplemental Pro Forma Information (unaudited)
Revenue since acquisition date, actual			919,414,000
Loss from operations since acquisition date, actual			(365,818,000)
Amortization expense			$ 208,482,000
Revenue				454,675,000
Net income				$ (36,110,000)
Acquisition-related costs					$ 64,194,000

Segments (Details) $ in Thousands	3 Months Ended
Segments (Details) $ in Thousands	Aug. 01, 2026 USD ($) segment	Aug. 02, 2025 USD ($)
Segments
Number of reportable segments \| segment	2
Revenue	$ 480,490	$ 454,676
Cost of sales less intangible amortization and other purchase accounting adjustments	337,339	322,179
Intangible amortization included in cost of sales	18,552	37,379
SG&A less intangible amortization	86,624	88,973
Intangible amortization included in SG&A	24,884	42,303
Research and development	23,962	33,114
Other expense (income)	595	(2,361)
Depreciation	12,597	10,572
Amortization	43,436	79,682
Acquisition-related expenses	2,142	23,729
Amortization of cloud computing arrangement implementation	(1,753)	(756)
Equity securities investments activity, net		(2,701)
Stock-based compensation	4,927	11,429
Segment adjusted EBITDA	53,389	56,556
Product sales
Segments
Revenue	329,058	313,533
Contract services
Segments
Revenue	151,432	141,143
AxS
Segments
Revenue	345,969	285,324
Cost of sales less intangible amortization and other purchase accounting adjustments	213,574	175,047
Intangible amortization included in cost of sales	8,592	21,982
SG&A less intangible amortization	62,892	59,742
Intangible amortization included in SG&A	7,167	11,125
Research and development	22,181	29,763
Other expense (income)	600	(837)
Depreciation	8,632	7,771
Amortization	15,759	33,107
Acquisition-related expenses	1,176	15,553
Amortization of cloud computing arrangement implementation	(1,753)	(747)
Equity securities investments activity, net		(1,695)
Stock-based compensation	4,002	8,775
Segment adjusted EBITDA	62,285	52,760
AxS \| Product sales
Segments
Revenue	273,865	240,744
AxS \| Contract services
Segments
Revenue	72,104	44,580
SCDE
Segments
Revenue	134,521	169,352
Cost of sales less intangible amortization and other purchase accounting adjustments	123,765	147,132
Intangible amortization included in cost of sales	9,960	15,397
SG&A less intangible amortization	23,732	29,231
Intangible amortization included in SG&A	17,717	31,178
Research and development	1,781	3,351
Other expense (income)	(5)	(1,524)
Depreciation	3,965	2,801
Amortization	27,677	46,575
Acquisition-related expenses	966	8,176
Amortization of cloud computing arrangement implementation		(9)
Equity securities investments activity, net		(1,006)
Stock-based compensation	925	2,654
Segment adjusted EBITDA	(8,896)	3,796
SCDE \| Product sales
Segments
Revenue	55,193	72,789
SCDE \| Contract services
Segments
Revenue	$ 79,328	$ 96,563

Investments (Details) - USD ($)	Aug. 01, 2026	Apr. 30, 2026	Apr. 13, 2026	Dec. 22, 2025
Short-term investments:
Total short-term investments	$ 301,837,000	$ 254,972,000
Long-term investments:
Total long-term investments	$ 94,777,000	$ 81,128,000
Investment, Type [Extensible Enumeration]	Available-for-sale securities	Available-for-sale securities
Investments at cost	$ 8,000,000	$ 8,000,000	$ 5,000,000	$ 3,000,000
U.S. government securities
Short-term investments:
Total short-term investments	161,879,000	137,759,000
Long-term investments:
Total long-term investments	20,879,000	14,106,000
Corporate securities
Short-term investments:
Total short-term investments	139,958,000	117,213,000
Long-term investments:
Total long-term investments	11,962,000	6,953,000
Investment in limited partnership funds
Long-term investments:
Equity method investments	53,936,000	52,069,000
Available-for-sale securities
Long-term investments:
Total long-term investments	40,841,000	29,059,000
Equity method investments
Long-term investments:
Total long-term investments	$ 53,936,000	$ 52,069,000

Warranty Reserves

3 Months Ended

Aug. 01, 2026

Warranty Reserves

Warranty Reserves

6. Warranty Reserves

The Company accrues an estimate of its exposure to warranty claims based upon both current and historical product sales data and warranty costs incurred. The warranty reserve is included in other current liabilities on the unaudited condensed consolidated balance sheet. The related expense is included in cost of sales. Warranty reserve activity is summarized as follows for the three months ended August 1, 2026 and August 2, 2025, respectively (in thousands):


		Three Months Ended
		August 1,			August 2,
		2026			2025
Beginning balance		$	8,734		$	4,189
Balance acquired from acquisition			—			2,274
Warranty expense			5,914			141
Warranty costs settled			(2,178)			(321)
Ending balance		$	12,470		$	6,283

Segments

3 Months Ended

Aug. 01, 2026

Segments

Segments

17. Segments

Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources and in assessing performance. The Company’s CODM, who is the Chief Executive Officer, makes operating decisions, assesses performance and makes resource allocation decisions, including the focus of R&D and other significant expenses, leading to decisions related to resource allocations in relation to profit and loss. Accordingly, the Company identifies two reportable segments.

The Company’s reportable segments are AxS and SCDE. The accounting policies of the segments are the same as those described in Note 1, “Organization and Significant Accounting Policies.” The operating segments sales to each other are eliminated. Effective May 1, 2025, segment adjusted EBITDA is the measure of profitability used by the CODM for purposes of making decisions about allocating resources to the segments and assessing performance. Segment adjusted EBITDA is defined as segment (loss) income from operations before depreciation and amortization, adjusted for the impact of certain other non-cash items, including amortization of implementation of cloud computing arrangements, stock-based compensation, and acquisition related expenses. Prior period segment information has been revised to align with the new segment presentation.


		Three Months Ended August 1, 2026
		AxS			SCDE		Total
Revenue:
Product sales		$	273,865		$	55,193	$	329,058
Contract services			72,104			79,328		151,432
			345,969			134,521		480,490
Less:
Cost of sales less intangible amortization and other purchase accounting adjustments			213,574			123,765		337,339
Intangible amortization included in cost of sales			8,592			9,960		18,552
SG&A less intangible amortization			62,892			23,732		86,624
Intangible amortization included in SG&A			7,167			17,717		24,884
Research and development			22,181			1,781		23,962
Other expense (income)			600			(5)		595
Add:
Depreciation			8,632			3,965		12,597
Amortization			15,759			27,677		43,436
Acquisition-related expenses			1,176			966		2,142
Amortization of cloud computing arrangement implementation			1,753			—		1,753
Equity securities investments activity, net			—			—		—
Stock-based compensation			4,002			925		4,927
Segment adjusted EBITDA		$	62,285		$	(8,896)	$	53,389


		Three Months Ended August 2, 2025
		AxS			SCDE		Total
Revenue:
Product sales		$	240,744		$	72,789	$	313,533
Contract services			44,580			96,563		141,143
			285,324			169,352		454,676
Less:
Cost of sales less intangible amortization and other purchase accounting adjustments			175,047			147,132		322,179
Intangible amortization included in cost of sales			21,982			15,397		37,379
SG&A less intangible amortization			59,742			29,231		88,973
Intangible amortization included in SG&A			11,125			31,178		42,303
Research and development			29,763			3,351		33,114
Other expense (income)			(837)			(1,524)		(2,361)
Add:
Depreciation			7,771			2,801		10,572
Amortization			33,107			46,575		79,682
Acquisition-related expenses			15,553			8,176		23,729
Amortization of cloud computing arrangement implementation			747			9		756
Equity securities investments activity, net			(1,695)			(1,006)		(2,701)
Stock-based compensation			8,775			2,654		11,429
Segment adjusted EBITDA		$	52,760		$	3,796	$	56,556

The following table (in thousands) provides a reconciliation from segment adjusted EBITDA to income before income taxes:


	Three Months Ended
	August 1,			August 2,
	2026			2025
Segment adjusted EBITDA	$	53,389		$	56,556
Depreciation and amortization		(56,033)			(90,254)
Acquisition-related expenses		(2,142)			(23,729)
Amortization of cloud computing arrangement implementation		(1,753)			(756)
Stock-based compensation		(4,927)			(11,429)
Equity securities investments activity, net		—			2,701
Interest expense, net		4,136			(17,415)
(Loss) income before income taxes	$	(7,330)		$	(84,326)

Identifiable segment assets are summarized in the table below. Corporate assets primarily consist of cash and cash equivalents, prepaid expenses and other current assets, long-term investments, property and equipment, net, operating lease right-of-use assets, deferred income taxes and other assets managed centrally on behalf of the business segments.


		AxS			SCDE			Corporate		Total
As of August 1, 2026		$	2,590,495		$	2,021,599		$	1,118,599	$	5,730,693
As of April 30, 2026		$	2,604,511		$	2,032,663		$	1,079,568	$	5,716,742

Capital expenditures are summarized in the table below (in thousands):


		AxS			SCDE			Corporate		Total
Three Months Ended August 1, 2026		$	40,204		$	7,966		$	1,280	$	49,450
Three Months Ended August 2, 2025		$	15,178		$	16,437		$	453	$	32,068

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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-Topic 280
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-Name Accounting Standards Codification
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+ Details

Investments (Tables)

3 Months Ended

Aug. 01, 2026

Investments

Schedule of investments

Investments consist of the following (in thousands):


		August 1,			April 30,
		2026			2026
Short-term investments:
Available-for-sale securities:
U.S. government securities			161,879			137,759
Corporate securities			139,958			117,213
Total short-term investments			301,837			254,972
Long-term investments:
Available-for-sale securities:
U.S. government securities			20,879			14,106
Corporate securities			11,962			6,953
Investments at cost			8,000			8,000
Total long-term available-for-sale securities investments			40,841			29,059
Equity method investments
Investments in limited partnership funds			53,936			52,069
Total equity method investments			53,936			52,069
Total long-term investments		$	94,777		$	81,128

Schedule of activity related to the available-for-sale investments recorded in short-term and long-term investments

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 August 1, 2026 (in thousands):


		August 1, 2026
					Gross		Gross
		Amortized			Unrealized		Unrealized		Fair
		Cost			Gains		Losses		Value
Corporate securities		$	152,094		$	—	$	(175)	$	151,919
U.S. government securities			182,985			—		(226)		182,759
Total available-for-sale securities		$	335,079		$	—	$	(401)	$	334,678

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

Schedule of unrealized gain (loss) recorded

Unrealized gain (loss) recorded (in thousands):


	Three months ended
		August 1, 2026			August 2, 2025
Net gain (loss) recognized during the period on equity securities		$	—		$	2,701
Less: Net gain recognized during the period on equity securities sold during the period			—			—
Unrealized gain (loss) recognized during the period on equity securities still held at the reporting date		$	—		$	2,701

Organization and Significant Accounting Policies - Revenue by Category (Details) - USD ($)	3 Months Ended
	Aug. 01, 2026	Aug. 02, 2025
Disaggregation of revenue
Revenue from customer funded research and development	$ 84,982,000	$ 60,847,000
Revenue	480,490,000	454,676,000
Contract Liability
Disaggregation of revenue
Revenue	23,665,000	11,358,000
Domestic
Disaggregation of revenue
Revenue	373,630,000	347,139,000
International
Disaggregation of revenue
Revenue	106,860,000	107,537,000
U.S. government
Disaggregation of revenue
Revenue	386,805,000	395,337,000
Non-U.S. government
Disaggregation of revenue
Revenue	93,685,000	59,339,000
FFP
Disaggregation of revenue
Revenue	349,350,000	298,977,000
Cost Plus
Disaggregation of revenue
Revenue	103,234,000	118,928,000
T&M
Disaggregation of revenue
Revenue	27,906,000	36,771,000
Uncrewed Aircraft Systems
Disaggregation of revenue
Revenue	120,206,000	70,243,000
Precision Strike and Defense Systems
Disaggregation of revenue
Revenue	197,132,000	182,438,000
Other
Disaggregation of revenue
Revenue	28,631,000	32,643,000
Space and Directed Energy
Disaggregation of revenue
Revenue	51,509,000	70,966,000
Cyber and Mission Solutions
Disaggregation of revenue
Revenue	$ 83,012,000	$ 98,386,000

Goodwill (Tables)

3 Months Ended

Aug. 01, 2026

Goodwill.

Schedule of the changes in goodwill balances

The following table presents the changes in the Company’s goodwill balance by segment (in thousands):


	AxS		SCDE		Total
Goodwill	$	1,458,822	$	1,449,940	$	2,908,762
Accumulated impairment losses		(174,376)		(240,708)		(415,084)
Balance at April 30, 2026		1,284,446		1,209,232		2,493,678

Additions to goodwill		208		—		208

Goodwill		1,459,030		1,449,940		2,908,970
Accumulated impairment losses		(174,376)		(240,708)		(415,084)
Balance at August 1, 2026	$	1,284,654	$	1,209,232	$	2,493,886

Pension (Tables)

3 Months Ended

Aug. 01, 2026

Pension

Schedule of projected benefit obligation and fair value of plan assets

The table below includes the projected benefit obligation and fair value of plan assets as of April 30, 2026. The net fair value of plan assets (in thousands) is recorded in other assets on the unaudited condensed consolidated balance sheet.


	April 30,
	2026
	(In thousands)
Projected benefit obligation	$	(3,249)
Fair value of plan assets		3,862
Funded status of the plan	$	613

Schedule of expected benefits payments

Expected benefit payments as of April 30, 2026 (in thousands):


2026	$	211
2027		218
2028		220
2029		222
2030		224
2031-2035		1,124
Total expected benefit payments	$	2,219

Schedule net periodic benefit cost (in thousands) is recorded in interest (expense) income, net

Net periodic benefit cost (in thousands) is recorded in interest expense, net.


	Three Months Ended
	August 1,		August 2,
	2026		2025
Expected return on plan assets	$	—	$	—
Interest cost		31		31
Actuarial gain		—		—
Net periodic benefit cost	$	31	$	31

Leases (Tables)

3 Months Ended

Aug. 01, 2026

Leases

Schedule of components of lease costs

The components of lease costs recorded in cost of sales and selling, general and administrative (“SG&A”) expense were as follows (in thousands):


		Three Months Ended		Three Months Ended
		August 1,		August 2,
		2026		2025
Operating lease cost		$	7,664	$	6,850
Short term lease cost			638		993
Variable lease cost			714		899
Sublease income			—		—
Total lease costs, net		$	9,016	$	8,742

Schedule of supplemental lease information

Supplemental lease information was as follows:


		Three Months Ended		Three Months Ended
		August 1,		August 2,
		2026		2025
		(In thousands)		(In thousands)
Cash paid for amounts included in the measurement of operating lease liabilities		$	6,010	$	4,780
Right-of-use assets obtained in exchange for new lease liabilities		$	19,250	$	2,326

Weighted average remaining lease term			79 months		80 months
Weighted average discount rate			6.7%		6.8%

Schedule of maturities of operating lease liabilities

Maturities of operating lease liabilities as of August 1, 2026 were as follows (in thousands):


Fiscal Year
2027	$	19,045
2028		28,764
2029		26,041
2030		22,564
2031		15,143
Thereafter		48,542
Total lease payments	$	160,099
Less: imputed interest		(39,333)
Total present value of operating lease liabilities	$	120,766

Debt (Tables)

3 Months Ended

Aug. 01, 2026

Debt

Schedule of long-term debt and the current period interest rates


	August 1,			April 30,
	2026			2026
	(In thousands)			(In thousands)
Convertible notes		747,500			747,500
Total long-term debt		747,500			747,500
Less unamortized debt issuance costs–convertible notes		17,443			18,533
Total long-term debt, net of unamortized debt issuance costs–convertible notes	$	730,057		$	728,967
Unamortized debt issuance costs–revolving credit facility	$	1,617		$	1,745
Current period interest rate		—			—

Schedule of future long-term debt principle payments


Fiscal Year	(In thousands)
2027	$	—
2028		—
2029		—
2030		—
2031		747,500
	$	747,500

Segments - Assets (Details) - USD ($) $ in Thousands	3 Months Ended
Segments - Assets (Details) - USD ($) $ in Thousands	Aug. 01, 2026	Aug. 02, 2025	Apr. 30, 2026
Segments
Total assets	$ 5,730,693		$ 5,716,742
Capital expenditures	49,450	$ 32,068
AxS
Segments
Total assets	2,590,495		2,604,511
Capital expenditures	40,204	15,178
SCDE
Segments
Total assets	2,021,599		2,032,663
Capital expenditures	7,966	16,437
Corporate
Segments
Total assets	1,118,599		$ 1,079,568
Capital expenditures	$ 1,280	$ 453

- Definition

Amount of asset recognized for present right to economic benefit.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Investments

3 Months Ended

Aug. 01, 2026

Investments

Investments

2. Investments

Investments consist of the following (in thousands):


		August 1,			April 30,
		2026			2026
Short-term investments:
Available-for-sale securities:
U.S. government securities			161,879			137,759
Corporate securities			139,958			117,213
Total short-term investments			301,837			254,972
Long-term investments:
Available-for-sale securities:
U.S. government securities			20,879			14,106
Corporate securities			11,962			6,953
Investments at cost			8,000			8,000
Total long-term available-for-sale securities investments			40,841			29,059
Equity method investments
Investments in limited partnership funds			53,936			52,069
Total equity method investments			53,936			52,069
Total long-term investments		$	94,777		$	81,128

Available-For-Sale Securities

As of August 1, 2026, the balance of available-for-sale securities consisted of U.S. government securities, money market funds, treasury bills, and high-grade corporate bonds. Interest earned from these investments is recorded in interest income (expense), net. Realized gains on sales of these investments on the basis of specific identification are recorded in interest income (expense), net.

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 August 1, 2026 (in thousands):


		August 1, 2026
					Gross		Gross
		Amortized			Unrealized		Unrealized		Fair
		Cost			Gains		Losses		Value
Corporate securities		$	152,094		$	—	$	(175)	$	151,919
U.S. government securities			182,985			—		(226)		182,759
Total available-for-sale securities		$	335,079		$	—	$	(401)	$	334,678

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

Certain equity securities and warrants are measured at fair value with net unrealized gains and losses from changes in the fair value recognized in other income (expense), net. Unrealized gain (loss) recorded (in thousands):


	Three months ended
		August 1, 2026			August 2, 2025
Net gain (loss) recognized during the period on equity securities		$	—		$	2,701
Less: Net gain recognized during the period on equity securities sold during the period			—			—
Unrealized gain (loss) recognized during the period on equity securities still held at the reporting date		$	—		$	2,701

Investments Measured at Cost

On December 22, 2025, the Company invested $3,000,000 in a privately-held technology company through a Simple Agreement for Future Equity (“SAFE”). 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 received 254,634 preferred shares of the Company effective May 2026. The Company measures the investment at cost, less any impairment and is recorded in long-term investments.

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.

Inventories, net (Tables)

3 Months Ended

Aug. 01, 2026

Inventories, net

Schedule of inventories, net

Inventories consist of the following (in thousands):


		August 1,			April 30,
		2026			2026


Raw materials		$	242,069		$	156,200
Work in process			34,823			73,289
Finished goods			173,132			119,957
Inventories, gross			450,024			349,446
Reserve for inventory excess and obsolescence			(39,251)			(36,590)
Inventories, net		$	410,773		$	312,856

Segments (Tables)

3 Months Ended

Aug. 01, 2026

Segments

Schedule of segment results

Prior period segment information has been revised to align with the new segment presentation.


		Three Months Ended August 1, 2026
		AxS			SCDE		Total
Revenue:
Product sales		$	273,865		$	55,193	$	329,058
Contract services			72,104			79,328		151,432
			345,969			134,521		480,490
Less:
Cost of sales less intangible amortization and other purchase accounting adjustments			213,574			123,765		337,339
Intangible amortization included in cost of sales			8,592			9,960		18,552
SG&A less intangible amortization			62,892			23,732		86,624
Intangible amortization included in SG&A			7,167			17,717		24,884
Research and development			22,181			1,781		23,962
Other expense (income)			600			(5)		595
Add:
Depreciation			8,632			3,965		12,597
Amortization			15,759			27,677		43,436
Acquisition-related expenses			1,176			966		2,142
Amortization of cloud computing arrangement implementation			1,753			—		1,753
Equity securities investments activity, net			—			—		—
Stock-based compensation			4,002			925		4,927
Segment adjusted EBITDA		$	62,285		$	(8,896)	$	53,389


		Three Months Ended August 2, 2025
		AxS			SCDE		Total
Revenue:
Product sales		$	240,744		$	72,789	$	313,533
Contract services			44,580			96,563		141,143
			285,324			169,352		454,676
Less:
Cost of sales less intangible amortization and other purchase accounting adjustments			175,047			147,132		322,179
Intangible amortization included in cost of sales			21,982			15,397		37,379
SG&A less intangible amortization			59,742			29,231		88,973
Intangible amortization included in SG&A			11,125			31,178		42,303
Research and development			29,763			3,351		33,114
Other expense (income)			(837)			(1,524)		(2,361)
Add:
Depreciation			7,771			2,801		10,572
Amortization			33,107			46,575		79,682
Acquisition-related expenses			15,553			8,176		23,729
Amortization of cloud computing arrangement implementation			747			9		756
Equity securities investments activity, net			(1,695)			(1,006)		(2,701)
Stock-based compensation			8,775			2,654		11,429
Segment adjusted EBITDA		$	52,760		$	3,796	$	56,556

Schedule of reconciliation from segment adjusted income from operations to income (loss) before taxes

The following table (in thousands) provides a reconciliation from segment adjusted EBITDA to income before income taxes:


	Three Months Ended
	August 1,			August 2,
	2026			2025
Segment adjusted EBITDA	$	53,389		$	56,556
Depreciation and amortization		(56,033)			(90,254)
Acquisition-related expenses		(2,142)			(23,729)
Amortization of cloud computing arrangement implementation		(1,753)			(756)
Stock-based compensation		(4,927)			(11,429)
Equity securities investments activity, net		—			2,701
Interest expense, net		4,136			(17,415)
(Loss) income before income taxes	$	(7,330)		$	(84,326)

Schedule of segment assets and capital expenditures by segment


		AxS			SCDE			Corporate		Total
As of August 1, 2026		$	2,590,495		$	2,021,599		$	1,118,599	$	5,730,693
As of April 30, 2026		$	2,604,511		$	2,032,663		$	1,079,568	$	5,716,742

Capital expenditures are summarized in the table below (in thousands):


		AxS			SCDE			Corporate		Total
Three Months Ended August 1, 2026		$	40,204		$	7,966		$	1,280	$	49,450
Three Months Ended August 2, 2025		$	15,178		$	16,437		$	453	$	32,068

Organization and Significant Accounting Policies - Government Contracts (Details) - USD ($) $ in Thousands	Aug. 01, 2026	Apr. 30, 2026
Organization and Significant Accounting Policies
Reserves for incurred cost claim audits	$ 956,000	$ 0

Organization and Significant Accounting Policies (Tables)

3 Months Ended

Aug. 01, 2026

Organization and Significant Accounting Policies

Schedule of revenue by category

The following tables present the Company’s revenue disaggregated by operating group, contract type, customer category and geographic location (in thousands).


		Three Months Ended
		August 1,			August 2,
Revenue by operating group		2026			2025
Uncrewed Aircraft Systems		$	120,206		$	70,243
Precision Strike and Defense Systems			197,132			182,438
Other			28,631			32,643
Space and Directed Energy			51,509			70,966
Cyber and Mission Solutions			83,012			98,386
Total revenue		$	480,490		$	454,676


		Three Months Ended
		August 1,			August 2,
Revenue by contract type		2026			2025
FFP		$	349,350		$	298,977
Cost Plus			103,234			118,928
T&M			27,906			36,771
Total revenue		$	480,490		$	454,676


		Three Months Ended
		August 1,			August 2,
Revenue by customer category		2026			2025
U.S. government		$	386,805		$	395,337
Non-U.S. government			93,685			59,339
Total revenue		$	480,490		$	454,676

		Three Months Ended
		August 1,			August 2,
Revenue by geographic location		2026			2025
Domestic		$	373,630		$	347,139
International			106,860			107,537
Total revenue		$	480,490		$	454,676

Schedule of revenue percentage by recognition method


	Three Months Ended
	August 1,			August 2,
Revenue percentage by recognition method	2026			2025
Over time		67%			75%
Point in time		33%			25%
Total revenue		100%			100%

Schedule of reconciliation of basic to diluted shares

The reconciliation of basic to diluted shares is as follows (in thousands except share data):


			Three Months Ended
		August 1, 2026			August 2, 2025
Net loss		$	(5,066)		$	(67,370)
Denominator for basic loss per share:
Weighted average common shares			49,822,595			46,882,350
Dilutive effect of employee stock options, restricted stock and restricted stock units			—			—
Denominator for diluted loss per share			49,822,595			46,882,350

Debt - Future principle payments (Details) $ in Thousands	Aug. 01, 2026 USD ($)
Future principle payments
2031	$ 747,500
Total	$ 747,500

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

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+ Details

Accumulated Other Comprehensive Loss and Reclassifications Adjustments (Details) - USD ($) $ in Thousands	3 Months Ended
	Aug. 01, 2026	Aug. 02, 2025
Accumulated Other Comprehensive Loss and Reclassifications Adjustments
Beginning Balance	$ 4,400,400	$ 886,507
Unrealized loss on investments	(186)
Change in foreign currency translation adjustments	68	639
Ending Balance	4,396,055	4,427,079
Accumulated Other Comprehensive Loss and Reclassifications Adjustments
Accumulated Other Comprehensive Loss and Reclassifications Adjustments
Beginning Balance	(5,635)	(6,514)
Unrealized loss on investments	(186)
Change in foreign currency translation adjustments	68	639
Ending Balance	$ (5,753)	$ (5,875)

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

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+ Details

Pension

3 Months Ended

Aug. 01, 2026

Pension

Pension

16. Pension

As part of the Telerob acquisition, the Company acquired a small foreign-based defined benefit pension plan. The Rheinmetall-Zusatzversorgung service plan covers three former employees based on individual contracts issued to the employees. No other employees are eligible to participate. The Company has reinsurance policies that were taken out for participating former employees, which were pledged to the employees. The measurement date for the Company’s pension plan was April 30, 2026.


	April 30,
	2026
	(In thousands)
Projected benefit obligation	$	(3,249)
Fair value of plan assets		3,862
Funded status of the plan	$	613

The projected benefit obligation includes assumptions of a discount rate of 4.1% and pension increase for in-payment benefits of 2.5% for both August 1, 2026 and April 30, 2026. The accumulated benefit obligation is approximately equal to the Company’s projected benefit obligation. The plan assets consist of reinsurance policies for each of the three pension commitments. The reinsurance policies are fixed-income investments considered a level 2 fair value hierarchy based on observable inputs of the policy. The Company does not expect to make any contributions to the plan in the fiscal year ending April 30, 2027.

Expected benefit payments as of April 30, 2026 (in thousands):


2026	$	211
2027		218
2028		220
2029		222
2030		224
2031-2035		1,124
Total expected benefit payments	$	2,219

Net periodic benefit cost (in thousands) is recorded in interest expense, net.


	Three Months Ended
	August 1,		August 2,
	2026		2025
Expected return on plan assets	$	—	$	—
Interest cost		31		31
Actuarial gain		—		—
Net periodic benefit cost	$	31	$	31

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/715/tableOfContent

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

Business Acquisitions (Tables)

3 Months Ended

Aug. 01, 2026

ESAero Acquisition

Summary of the provisional allocation of the purchase price over the estimated fair value of the assets and liabilities assumed in the acquisition

The following table summarizes the preliminary allocation of the fair value of the acquisition consideration transferred to assets acquired and liabilities assumed as of the acquisition date. The allocation of the purchase price is preliminary and subject to change as the Company continues to evaluate the fair values of certain assets and liabilities acquired. Open items in the purchase price allocation include the valuation of assets acquired and liabilities assumed including, but not limited to customer relationships, backlog developed technology, non-compete agreements, and tradename intangibles;

leases; details surrounding tax matters; and assumptions underlying certain existing or potential reserves, such as those for inventory and legal matters (in thousands):


	March 16,
	2026
Fair value of assets acquired:
Accounts receivable	$	7,545
Unbilled receivables and retentions		24,387
Inventories, net		44
Prepaid expenses and other current assets		2,715
Property and equipment		1,606
Operating lease right-of-use assets		10,923
Intangibles		55,300
Goodwill		110,386
Total identifiable assets	$	212,906

Fair value of liabilities assumed:
Accounts payable	$	5,776
Wages and related accruals		2,435
Customer advances		702
Current operating lease liabilities		1,964
Other current liabilities		816
Non-current operating lease liabilities		8,960
Income taxes payable (non-current)		2,874
Deferred income taxes		11,878
Total liabilities assumed		35,405
Total identifiable net assets	$	177,501

Summary of unaudited pro forma summary presents condensed consolidated information of the Company as if the business combination had occurred

The following unaudited pro forma summary presents condensed consolidated information of the Company as if the business acquisition had occurred on May 1, 2024 (in thousands):


	Three Months Ended
	August 2,
	2025
Revenue	$	477,343
Net loss	$	(65,791)

BlueHalo

Summary of the provisional allocation of the purchase price over the estimated fair value of the assets and liabilities assumed in the acquisition

The following table summarizes the preliminary allocation of the fair value of the merger consideration transferred to assets acquired and liabilities assumed as of the acquisition date (in thousands):


	May 1,
	2025
Fair value of assets acquired:
Accounts receivable, net of allowance for credit losses of $420 at May 1, 2025	$	79,665
Unbilled receivables and retentions		96,414
Inventories, net		87,794
Income taxes receivable		3,941
Prepaid expenses and other current assets		13,628
Long-term investments		151
Property and equipment		87,841
Operating lease right-of-use assets		70,879
Intangibles		1,029,800
Goodwill		2,367,428
Other assets		1,086
Total identifiable assets	$	3,838,627

Fair value of liabilities assumed:
Accounts payable		56,930
Wages and related accruals		43,031
Customer advances		42,700
Current operating lease liabilities		6,707
Other current liabilities		11,971
Non-current operating lease liabilities		64,720
Liability for uncertain tax positions		436
Deferred income taxes		127,187
Total liabilities assumed		353,682
Total identifiable net assets	$	3,484,945

Summary of unaudited pro forma summary presents condensed consolidated information of the Company as if the business combination had occurred

The pro forma results are not necessarily indicative of the Company’s results of operations that would have been obtained had the acquisition of BlueHalo been completed for the period presented, or which may be realized in the future (in thousands):


	Three Months Ended
	August 2,
	2025
Revenue	$	454,675
Net loss	$	(36,110)

Summary of purchase consideration


(in thousands)		Amount
Equity consideration transferred	$	2,640,365
Settlement of BlueHalo’s transaction expenses		25,214
Settlement of BlueHalo’s debt		863,207
Merger consideration	$	3,528,786
Less cash acquired		(43,841)
Fair value of consideration transferred	$	3,484,945

Summary of acquired finite lived intangible assets

The following table summarizes the valuation of the fair value of intangible assets acquired (in thousands):


		Fair Value	Estimated Useful Life
			Years
Fair value of intangible assets acquired:
Backlog	$	49,900	1-2
Customer relationships		499,500	4-9
Developed technology		480,400	4-10
Intangible assets acquired	$	1,029,800

- Definition

Tabular disclosure of business combination. Includes, but is not limited to, recognized asset and liability.

+ References + Details

Leases - Supplemental lease information (Details) - USD ($) $ in Thousands	3 Months Ended
	Aug. 01, 2026	Aug. 02, 2025
Leases
Cash paid for amounts included in the measurement of operating lease liabilities	$ 6,010	$ 4,780
Right-of-use assets obtained in exchange for new lease liabilities	$ 19,250	$ 2,326
Weighted average remaining lease term	79 months	80 months
Weighted average discount rate	6.70%	6.80%

Investments - Equity Securities (Details) $ in Thousands	3 Months Ended
Investments - Equity Securities (Details) $ in Thousands	Aug. 02, 2025 USD ($)
Investments
Net gain (loss) recognized during the period on equity securities	$ 2,701
Unrealized gain (loss) recognized during the period on equity securities still held at the reporting date	$ 2,701

Debt

3 Months Ended

Aug. 01, 2026

Debt

Debt

9. Debt

Credit Facilities

In connection with the consummation of the Arcturus Acquisition on February 19, 2021, the Company, as borrower, and Arcturus, as guarantor, entered into a Credit Agreement with certain lenders, letter of credit issuers, Bank of America, N.A. (“BofA NA”), as the administrative agent and the swingline lender, and BofA Securities, Inc., JPMorgan Chase Bank, N.A. (“JPM”), and U.S. Bank National Association (“U.S. Bank”), as joint lead arrangers and joint bookrunners (the “Credit Agreement”).

The Credit Agreement and its associated Security and Pledge Agreement set forth the terms and conditions for (i) a five-year $100,000,000 revolving credit facility, which included a $10,000,000 sublimit for the issuance of standby and commercial letters of credit (the “Revolving Facility”), and (ii) a five-year amortized $200,000,000 term A loan drawn in full upon execution (the “Term Loan Facility”, and together with the Revolving Facility, the “Credit Facilities”).

On February 4, 2022, the Company entered into a First Amendment to Credit Agreement and Waiver relating to its existing Credit Agreement. On June 6, 2023, the Company entered into a Second Amendment to Credit Agreement relating to its existing credit Agreement which increased the sublimit from $10,000,000 to $25,000,000. On October 4, 2024, the Company entered into a Third Amendment to Credit Agreement with the existing lenders, BofA NA, the

administrative agent and the swingline lender, JPM, and U.S. Bank, and Citibank, N.A. (“Citibank”) (the “Third Amendment to Credit Agreement”). The Third Amendment to Credit Agreement provided for an aggregate $200,000,000 revolving credit facility, including a $25,000,000 sublimit for the issuance of standby and commercial letters of credit, and a $10,000,000 sublimit for swingline loans, secured by all assets of the Company and the Guarantors, and extends the maturity date for obligations pursuant to the Credit Agreement to October 4, 2029. Upon effectiveness of the Third Amendment to Credit Agreement, the Company drew $15,000,000 from the amended Revolving Facility and repaid in full all outstanding amounts owed pursuant to the $200,000,000 Term Loan Facility. The Third Amendment to Credit Agreement reflects the removal of the Term Loan Facility. The unamortized debt issuance costs allocated to the Term Loan Facility of $590,000 were expensed upon repayment of the Term Loan Facility and recorded in interest expense.

On May 1, 2025, in connection with the consummation of the BlueHalo Acquisition, the Company entered into a Fourth Amendment to Credit Agreement with the lenders, BofA NA, the administrative agent and the swingline lender, JPM, and U.S. Bank, and Citibank (the “Fourth Amendment to Credit Agreement” and the existing Credit Agreement as amended by the First Amendment to Credit Agreement, the Second Amendment to Credit Agreement, Third Amendment to Credit Agreement and Fourth Amendment to Credit Agreement, the “Amended Credit Agreement”). The Amended Credit Agreement now provides for an aggregate $700,000,000 term loan (the “Fourth Amendment Term Loan Facility”) and an aggregate $350,000,000 revolving credit facility, including a $25,000,000 sublimit for the issuance of standby and commercial letters of credit, and a $10,000,000 sublimit for swingline loans, secured by all assets of the Company and the Guarantors. Upon effectiveness of the Amended Credit Agreement, the Company drew $225,000,000 from the amended Revolving Facility and the full $700,000,000 of the Fourth Amendment Term Loan Facility. In June 2025, the Company drew an additional $10,000,000 under the Revolving Facility.

In July 2025, the Company used approximately $965,303,000 of the net proceeds from the Convertible Notes Offering (as defined below) and Common Stock Offering (as defined below) to repay indebtedness under the Fourth Amendment Term Loan Facility and outstanding borrowings under the Revolving Facility. Refer to Note 9—Debt and Note 14—Share Issuances, respectively, for further details. The unamortized debt issuance costs allocated to the Fourth Amendment Term Loan Facility of $6,668,000 were expensed upon repayment of the Fourth Amendment Term Loan Facility and recorded as interest expense in the consolidated statements of operations. The Revolver Facility remains open and available to the Company.

The Company’s ability to borrow under the Revolving Facility is reduced by outstanding letters of credit, which as of August 1, 2026 and April 30, 2026 was $13,019,000 and $13,152,000, respectively. As of August 1, 2026 and April 30, 2026, approximately $336,981,000 and $336,848,000 was available under the Revolving Facility, respectively. The $700,000,000 Fourth Amendment Term Loan Facility has been repaid in full and closed; although new term loans can be renegotiated and issued under the Credit Facility. Borrowings under the Revolving Facility may be used for working capital and other general corporate purposes, including acquisitions that meet certain parameters. As of August 1, 2026, the Company was in compliance with all amended covenants.

Convertible Notes

In July 2025, the Company entered into an underwriting agreement (the “Note Underwriting Agreement”) with certain underwriters (the “Note Underwriters”) agreeing, subject to customary conditions, to issue and sell $650,000,000 aggregate principal amount of the Company’s 0% Convertible Senior Notes due 2030 (the “Notes”) to the Note Underwriters as well as an option, exercisable within 30 days after entering the Note Underwriting Agreement, to purchase up to an additional $97,500,000 aggregate principal amount of Notes solely to cover over-allotments (the “Convertible Notes Offering”). The Note Underwriters exercised such option to purchase an additional $97,500,000 aggregate principal amount of Notes. The issuance of $747,500,000 aggregate principal amount of Notes was completed in July 2025. The estimated fair value (Level 2) of the zero-coupon convertible note maturing on July 15, 2030 was $680,973,000 and $760,656,000 as of August 1, 2026 and April 30, 2026, respectively.

The Notes were issued pursuant to, and are governed by, an indenture (the “Base Indenture”), dated as of July 3, 2025, between the Company and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”), as supplemented

by a first supplemental indenture (the “Supplemental Indenture,” and the Base Indenture, as supplemented by the Supplemental Indenture, the “Indenture”), dated as of July 3, 2025, between the Company and the Trustee.

The Notes are the Company’s senior, unsecured obligations and are (i) equal in right of payment with the Company’s existing and future senior, unsecured indebtedness; (ii) senior in right of payment to the Company’s existing and future indebtedness that is expressly subordinated to the Notes; (iii) effectively subordinated to the Company’s existing and future secured indebtedness, to the extent of the value of the collateral securing that indebtedness, including any borrowings under the Company’s Revolving Credit Facility; and (iv) structurally subordinated to all existing and future indebtedness and other liabilities, including trade payables, and (to the extent the Company is not a holder thereof) preferred equity, if any, of the Company’s subsidiaries.

The Notes do not bear regular interest, and the principal amount of the Notes will not accrete. Special interest will accrue on the Notes upon the occurrence of certain events relating to the Company's failure to file certain SEC reports as provided in the Indenture. The Notes will mature on July 15, 2030, unless earlier repurchased, redeemed or converted. Before April 15, 2030, noteholders have the right to convert their Notes only upon the occurrence of certain events. From and after April 15, 2030, noteholders may convert their Notes at any time at their election until the close of business on the second scheduled trading day immediately before the maturity date. The Company will have the right to elect to settle conversions either entirely in cash or in a combination of cash and shares of its common stock. Upon conversion of any Note, the consideration due upon conversion, which will be determined over an “Observation Period” (as defined in the Indenture) consisting of 60 consecutive trading days, will be paid in cash up to at least the principal amount of the Notes being converted and the Company will pay or deliver, as the case may be, cash, shares of the Company’s common stock or a combination of cash and shares of the Company’s common stock, at the Company’s election, in respect of the remainder, if any, of the Company’s conversion obligation in excess of the principal amount of the Notes being converted. The initial conversion rate is 3.1017 shares of the Company's common stock per $1,000 principal amount of Notes, which represents an initial conversion price of approximately $322.40 per share of the Company's common stock. The conversion rate and conversion price will be subject to customary adjustments upon the occurrence of certain events. In addition, if certain corporate events that constitute a “Make-Whole Fundamental Change” (as defined in the Indenture) occur, then the conversion rate will, in certain circumstances, be increased for a specified period of time.

The Notes will be redeemable, in whole or in part (subject to certain limitations described below), at the Company’s option at any time, and from time to time, on or after July 21, 2028 and on or before the 61st scheduled trading day immediately before the maturity date, at a cash redemption price equal to the principal amount of the Notes to be redeemed, plus accrued and unpaid special interest, if any, to, but excluding, the redemption date, but only if the last reported sale price per share of the Company’s common stock exceeds 130% of the conversion price on (i) each of at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the trading day immediately before the date the Company sends the related redemption notice; and (ii) the trading day immediately before the date the Company sends such notice. However, the Company may not redeem less than all of the outstanding Notes unless at least $100.0 million aggregate principal amount of Notes are outstanding and not called for redemption as of the time the Company sends the related redemption notice. In addition, calling any Note for redemption will constitute a Make-Whole Fundamental Change with respect to that Note, in which case the conversion rate applicable to the conversion of that Note will be increased in certain circumstances if it is converted after it is called for redemption.

If certain events that constitute a “Fundamental Change” (as defined in the Indenture) occur, then, subject to a limited exception for certain cash mergers as provided in the Indenture, noteholders may require the Company to repurchase their Notes at a cash repurchase price equal to the principal amount of the Notes to be repurchased, plus accrued and unpaid special interest, if any, to, but excluding, the fundamental change repurchase date. The definition in the Indenture of Fundamental Change includes certain business combination transactions involving the Company and certain de-listing events with respect to the Company’s common stock.

The Notes have customary provisions relating to the occurrence of “Events of Default” (as defined in the Indenture), which include the following: (i) certain payment defaults on the Notes (which, in the case of a default in the payment of special interest on the Notes, will be subject to a 30-day cure period); (ii) the Company’s failure to send certain notices under the Indenture within specified periods of time; (iii) the Company’s failure to convert a Note in accordance with the

Indenture within a specified period of time; (iv) the Company’s failure to comply with certain covenants in the Indenture relating to the Company’s ability to consolidate with or merge with or into, or sell, lease or otherwise transfer, in one transaction or a series of transactions, all or substantially all of the assets of the Company and its subsidiaries, taken as a whole, to another person; (v) a default by the Company in its other obligations or agreements under the Indenture or the Notes if such default is not cured or waived within 60 days after notice is given in accordance with the Indenture; (vi) certain defaults by the Company or any of its significant subsidiaries with respect to indebtedness for borrowed money of at least $55,000,000; and (vii) certain events of bankruptcy, insolvency and reorganization involving the Company or any of its significant subsidiaries.

If an Event of Default involving bankruptcy, insolvency or reorganization events with respect to the Company (and not solely with respect to a significant subsidiary of the Company) occurs, then the principal amount of, and all accrued and unpaid interest, if any, on all of the Notes then outstanding will immediately become due and payable without any further action or notice by any person. If any other Event of Default occurs and is continuing, then, the Trustee, by notice to the Company, or noteholders of at least 25% of the aggregate principal amount of Notes then outstanding, by notice to the Company and the Trustee, may declare the principal amount of, and all accrued and unpaid interest, if any, on, all of the Notes then outstanding to become due and payable immediately. However, notwithstanding the foregoing, the Company may elect, at its option, that the sole remedy for an Event of Default relating to certain failures by the Company to comply with certain reporting covenants in the Indenture consists exclusively of the right of the noteholders to receive special interest on the Notes for up to 365 days, at a rate per annum equal to 0.25% of the principal amount of the Notes for the first 180 days on which special interest accrues and, thereafter, at a rate per annum equal to 0.50% of the principal amount thereof.

Long-term debt and the current period interest rates were as follows:


	August 1,			April 30,
	2026			2026
	(In thousands)			(In thousands)
Convertible notes		747,500			747,500
Total long-term debt		747,500			747,500
Less unamortized debt issuance costs–convertible notes		17,443			18,533
Total long-term debt, net of unamortized debt issuance costs–convertible notes	$	730,057		$	728,967
Unamortized debt issuance costs–revolving credit facility	$	1,617		$	1,745
Current period interest rate		—			—

Future contractual long-term debt principal payments as of August 1, 2026 were as follows:


Fiscal Year	(In thousands)
2027	$	—
2028		—
2029		—
2030		—
2031		747,500
	$	747,500

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

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+ Details

Organization and Significant Accounting Policies - Revenue percentage by recognition method (Details)	3 Months Ended
	Aug. 01, 2026	Aug. 02, 2025
Organization and Significant Accounting Policies
Over time (as a percentage)	67.00%	75.00%
Point in time (as a percentage)	33.00%	25.00%
Total revenue (as a percentage)	100.00%	100.00%

Debt (Details) - USD ($)		1 Months Ended		3 Months Ended		12 Months Ended
Debt (Details) - USD ($)	Feb. 19, 2021	Jul. 31, 2025	Jun. 30, 2025	Aug. 01, 2026	Aug. 02, 2025	Apr. 30, 2026	May 01, 2025	Oct. 04, 2024	Jun. 06, 2023	Jun. 05, 2023
Debt
Term loan repaid					$ 700,000,000
Aggregate amount				$ 747,500,000		$ 747,500,000
Unamortized debt issuance costs allocated to term loan facility				1,617,000		1,745,000
Amortization of debt issuance costs				1,089,000	$ 7,829,000
Proceeds from issuance of convertible debt and common stock		$ 965,303,000
Term loan
Debt
Unamortized debt issuance costs allocated to term loan facility								$ 590,000
Amortization of debt issuance costs				6,668,000
Revolving credit facility
Debt
Amount of sublimit of line of credit borrowing capacity									$ 25,000,000	$ 10,000,000
Revolving credit facility \| Revolving Facility
Debt
Term of loan	5 years
Amount of loan	$ 100,000,000
Third Amendment to Credit Agreement
Debt
Amount of loan				336,981,000		336,848,000		15,000,000
Amount of sublimit								25,000,000
Aggregate amount								200,000,000
Fourth Amendment To Credit Agreement
Debt
Amount of loan							$ 225,000,000
Amount of sublimit							25,000,000
Aggregate amount							350,000,000
Proceeds from lines of credit			$ 10,000,000
Fourth Amendment To Credit Agreement \| Term loan
Debt
Amount of loan								200,000,000
Term loan repaid						700,000,000
Aggregate Term loan							700,000,000
Standby Letters of Credit
Debt
Amount of loan				$ 13,019,000		$ 13,152,000
Standby Letters of Credit \| Revolving Facility
Debt
Amount of sublimit	10,000,000
Swingline loans
Debt
Amount of sublimit							$ 10,000,000	$ 10,000,000
Term loan \| Revolving Facility
Debt
Amount of loan	$ 200,000,000
Term of amortization	5 years

Equity Method Investments - Investment in Limited Partnership Fund (Details) - USD ($)	1 Months Ended		3 Months Ended		12 Months Ended
	May 31, 2026	Mar. 31, 2022	Aug. 01, 2026	Aug. 02, 2025	Apr. 30, 2026	Apr. 30, 2022
Equity Method Investments
Expected years contributions will be made	5 years	5 years
Equity method investment income (loss)			$ 1,867,000	$ 1,787,000
Income tax expense from equity method investments			0	0
Limited Partnership Fund
Equity Method Investments
Capital contributions					$ 528,000	$ 10,000,000
Equity method investment income (loss)			1,867,000	$ 1,787,000
Carrying value of equity method investments			$ 53,746,000		51,880,000
Limited Partnership Fund, Technologies and Start-Up
Equity Method Investments
Capital contributions	$ 20,000,000	$ 20,000,000			19,069,000
Additional capital contributions					$ 931,000

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

- Definition

Amount of income (loss) for proportionate share of equity method investee's income (loss).

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Intangibles, net - Estimated Amortization Expense (Details) $ in Thousands	Apr. 30, 2026 USD ($)
Estimated amortization expense
2027	$ 129,800
2028	165,242
2029	160,271
2030	137,236
2031	78,624
Total	$ 671,173

Fair Value Measurements (Details) - USD ($) $ in Thousands	Aug. 01, 2026	Apr. 30, 2026
Fair Value Measurements
Available-for-sale securities	$ 334,678	$ 276,031
Recurring basis
Fair Value Measurements
Available-for-sale securities	334,678	276,031
Total	334,678	276,031
Recurring basis \| Significant other observable inputs (Level 2)
Fair Value Measurements
Available-for-sale securities	334,678	276,031
Total	$ 334,678	$ 276,031

Goodwill

3 Months Ended

Aug. 01, 2026

Goodwill.

Goodwill

8. Goodwill

The following table presents the changes in the Company’s goodwill balance by segment (in thousands):


	AxS		SCDE		Total
Goodwill	$	1,458,822	$	1,449,940	$	2,908,762
Accumulated impairment losses		(174,376)		(240,708)		(415,084)
Balance at April 30, 2026		1,284,446		1,209,232		2,493,678

Additions to goodwill		208		—		208

Goodwill		1,459,030		1,449,940		2,908,970
Accumulated impairment losses		(174,376)		(240,708)		(415,084)
Balance at August 1, 2026	$	1,284,654	$	1,209,232	$	2,493,886

The AxS segment includes goodwill from the acquisitions of ESAero, Pulse Aerospace, LLC, Arcturus UAV, Inc., Telerob Gesellschaft für Fernhantierungstechnik mbH (“Telerob”), which has since been fully impaired, Planck Aerosystems, Inc., Tomahawk Robotics, Inc. (“Tomahawk”), certain reporting units from BlueHalo and includes goodwill from the purchase of certain assets of Intelligent Systems Group business segment of Progeny Systems Corporation. The SCDE segment includes goodwill from certain reporting units from BlueHalo.

During the three months ended August 1, 2026, the additions relate to adjustments to the purchase price allocation of the ESAero acquisition. Refer to Note 15—Business Acquisitions for further details.

During the most recent annual impairment test during the fourth quarter of fiscal year 2026, the estimated fair value of all reporting units with goodwill from acquisitions in years prior to fiscal year 2026 substantially exceeded their carrying value. The reporting units from the BlueHalo and ESAero acquisitions were recently recorded at estimated fair value during the fiscal year ended April 30, 2026 and no triggering event for goodwill impairment was since identified with the exception of the Space reporting unit for which a triggering event was identified in January 2026.

The Space reporting unit, included in the SCDE reportable segment, is considered to have an increased risk of failing future quantitative goodwill impairment tests as an impairment was recorded during the quarter ended January 31, 2026. The Company’s annual impairment test for the fiscal year ending April 30, 2027 will be performed during the fourth quarter of fiscal year 2027 or if interim triggering events are identified.

- Definition

The entire disclosure for goodwill.

+ References + Details

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Aug. 01, 2026	Sep. 03, 2026
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Aug. 01, 2026
Document Transition Report	false
Entity File Number	001-33261
Entity Registrant Name	AEROVIRONMENT, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	95-2705790
Entity Address, Address Line One	241 18th Street South, Suite 650
Entity Address, City or Town	Arlington
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	22202
City Area Code	805
Local Phone Number	520-8350
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	AVAV
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		50,820,702
Entity Central Index Key	0001368622
Current Fiscal Year End Date	--04-30
Document Fiscal Year Focus	2027
Document Fiscal Period Focus	Q1
Amendment Flag	false

Investments - Available-For-Sale Securities (Details) - USD ($) $ in Thousands	Aug. 01, 2026	Apr. 30, 2026
Investments
Amortized Cost	$ 335,079	$ 276,246
Gross Unrealized Gains		2
Gross Unrealized Losses	(401)	(217)
Fair Value	334,678	276,031
Corporate securities
Investments
Amortized Cost	152,094	124,306
Gross Unrealized Gains		1
Gross Unrealized Losses	(175)	(142)
Fair Value	151,919	124,165
U.S. government securities
Investments
Amortized Cost	182,985	151,940
Gross Unrealized Gains		1
Gross Unrealized Losses	(226)	(75)
Fair Value	$ 182,759	$ 151,866

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Accumulated Other Comprehensive Loss and Reclassifications Adjustments

3 Months Ended

Aug. 01, 2026

Accumulated Other Comprehensive Loss and Reclassifications Adjustments

Accumulated Other Comprehensive Loss and Reclassifications Adjustments

11. Accumulated Other Comprehensive Loss and Reclassifications Adjustments

The components of accumulated other comprehensive loss and adjustments are as follows (in thousands):


	Three Months Ended		Three Months Ended
	August 1,		August 2,
	2026		2025
Balance as of April 30, 2026 and April 30, 2025, respectively	$	(5,635)	$	(6,514)
Unrealized available-for-sale security losses		(186)		—
Change in foreign currency translation adjustments		68		639
Balance as of August 1, 2026 and August 2, 2025, respectively	$	(5,753)	$	(5,875)

Investments - Investments Measured at Cost (Details) - USD ($)	Apr. 13, 2026	Dec. 22, 2025	Aug. 01, 2026	Apr. 30, 2026
Investments
Carrying value of investment measured at cost	$ 5,000,000	$ 3,000,000	$ 8,000,000	$ 8,000,000
Number of preferred shares received upon safe conversion (in shares)		254,634
Investment interest rate	4.03%
Note receivable term	3 years

- Definition

Rate of interest on investment.

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+ Details

Business Acquisitions

3 Months Ended

Aug. 01, 2026

Business Acquisitions

Business Acquisitions

15. Business Acquisitions

ESAero Acquisition

On March 16, 2026, the Company closed its acquisition of ESAero, a leading producer of UAS and advanced air mobility platforms. Pursuant to the merger agreement, the Company acquired 100% of ESAero equity for an aggregate purchase price of $177,909,000, consisting of 671,078 shares of the Company’s common stock with a fair value of $142,188,000 and $26,922,000 cash-on-hand, net of $2,386,000 cash acquired, plus an $8,800,000 holdback for certain customary adjustments, such as net working capital, and certain seller indemnification obligations. During August 2026, $4,000,000 of the holdback was settled for $3,593,000 due to certain customary adjustments. The fair value of the shares issued was based on the closing price of the Company’s common stock on March 16, 2026 of $211.88. ESAero is incorporated into AeroVironment’s AxS segment. The Company believes the acquisition will enhance the Company’s ability to transition from innovative design to advanced manufacturing. The Company accounted for the acquisition under the acquisition method of accounting for business combinations.

leases; details surrounding tax matters; and assumptions underlying certain existing or potential reserves, such as those for inventory and legal matters (in thousands):


	March 16,
	2026
Fair value of assets acquired:
Accounts receivable	$	7,545
Unbilled receivables and retentions		24,387
Inventories, net		44
Prepaid expenses and other current assets		2,715
Property and equipment		1,606
Operating lease right-of-use assets		10,923
Intangibles		55,300
Goodwill		110,386
Total identifiable assets	$	212,906

Fair value of liabilities assumed:
Accounts payable	$	5,776
Wages and related accruals		2,435
Customer advances		702
Current operating lease liabilities		1,964
Other current liabilities		816
Non-current operating lease liabilities		8,960
Income taxes payable (non-current)		2,874
Deferred income taxes		11,878
Total liabilities assumed		35,405
Total identifiable net assets	$	177,501

Determining the fair value of the intangible assets acquired requires significant judgment, including the amount and timing of expected future cash flows, long-term growth rates and discount rates. The fair value of the intangible assets was determined using a discounted cash flow analysis, which were based on the Company’s preliminary estimates of future sales, earnings and cash flows after considering such factors as general market conditions, anticipated customer demand, changes in working capital, long term business plans and recent operating performance. Use of different estimates and judgments could yield materially different results.

The goodwill is attributable to the synergies the Company expects to achieve through leveraging the acquired technology to its existing customers, the workforce of ESAero and expected future customers in the AxS market. For income tax purposes the acquisition is treated as a stock acquisition, as such the goodwill associated with this purchase is not deductible.

ESAero Supplemental Pro Forma Information (unaudited)

ESAero revenue and income from operations for the period ended April 30, 2026 since acquisition on March 16, 2026 was $20,038,000 and $5,951,000, inclusive of $1,116,000 of intangible amortization, respectively, as of April 30, 2026. The following unaudited pro forma summary presents condensed consolidated information of the Company as if the business acquisition had occurred on May 1, 2024 (in thousands):


	Three Months Ended
	August 2,
	2025
Revenue	$	477,343
Net loss	$	(65,791)

The Company incurred approximately $2,504,000 of acquisition-related expenses for the fiscal year ended April 30, 2026. These expenses are included in SG&A on the Company’s consolidated statements of operations.

The unaudited pro forma supplemental information is based on estimates and assumptions, which the Company believes are reasonable and are not necessarily indicative of the results that have been realized had the acquisition been consolidated in the tables above as of May 1, 2024, nor are they indicative of results of operations that may occur in the future.

BlueHalo Acquisition

On May 1, 2025, the Company closed its acquisition of BlueHalo for merger consideration, net of cash acquired, of $3,484,945,000. Through the acquisition, BlueHalo is incorporated into the Company’s AxS and SCDE segments. The Company accounted for the acquisition under the acquisition method of accounting for business combinations.


(in thousands)		Amount
Equity consideration transferred	$	2,640,365
Settlement of BlueHalo’s transaction expenses		25,214
Settlement of BlueHalo’s debt		863,207
Merger consideration	$	3,528,786
Less cash acquired		(43,841)
Fair value of consideration transferred	$	3,484,945

The fair value of the Company’s common stock issued is based on 17,425,849 shares issued as consideration, per the terms of the Merger Agreement, and the closing share price of the Company’s common stock of $151.52 on April 30, 2025.


	May 1,
	2025
Fair value of assets acquired:
Accounts receivable, net of allowance for credit losses of $420 at May 1, 2025	$	79,665
Unbilled receivables and retentions		96,414
Inventories, net		87,794
Income taxes receivable		3,941
Prepaid expenses and other current assets		13,628
Long-term investments		151
Property and equipment		87,841
Operating lease right-of-use assets		70,879
Intangibles		1,029,800
Goodwill		2,367,428
Other assets		1,086
Total identifiable assets	$	3,838,627

Fair value of liabilities assumed:
Accounts payable		56,930
Wages and related accruals		43,031
Customer advances		42,700
Current operating lease liabilities		6,707
Other current liabilities		11,971
Non-current operating lease liabilities		64,720
Liability for uncertain tax positions		436
Deferred income taxes		127,187
Total liabilities assumed		353,682
Total identifiable net assets	$	3,484,945

Determining the fair value of the intangible assets acquired requires significant judgment, including the amount and timing of expected future cash flows, long-term growth rates and discount rates. The fair value assigned to intangible assets has been estimated based on third-party preliminary valuation studies utilizing income-based methodologies and corroborated with benchmarks of similar transactions in the industry. Use of different estimates and judgments could yield materially different results. All intangible assets acquired in the BlueHalo acquisition are subject to amortization.

The goodwill is attributable to the differences between the estimated fair value of the consideration transferred and the estimated fair value of the assets acquired, and liabilities assumed. For income tax purposes the goodwill and intangibles are not deductible for tax purposes.

The following table summarizes the valuation of the fair value of intangible assets acquired (in thousands):


		Fair Value	Estimated Useful Life
			Years
Fair value of intangible assets acquired:
Backlog	$	49,900	1-2
Customer relationships		499,500	4-9
Developed technology		480,400	4-10
Intangible assets acquired	$	1,029,800

BlueHalo Supplemental Pro Forma Information (unaudited)

BlueHalo revenue and loss from operations for the twelve months ended April 30, 2026 since its acquisition on May 1, 2025 was $919,414,000 and $(365,818,000), inclusive of $208,482,000 of intangible amortization and $240,708,000 of goodwill impairment. The following unaudited pro forma summary presents condensed consolidated information of the Company as if the business acquisition had occurred on May 1, 2024, the first day of the Company’s fiscal year 2025. The pro forma amounts include the historical operating results of the Company and BlueHalo prior to the acquisition. The pro forma results are not necessarily indicative of the Company’s results of operations that would have been obtained had the acquisition of BlueHalo been completed for the period presented, or which may be realized in the future (in thousands):


	Three Months Ended
	August 2,
	2025
Revenue	$	454,675
Net loss	$	(36,110)

The Company recognized a nonrecurring pro forma adjustment to pro forma earnings to amortize an increase in the fair value of inventory acquired during the year ended April 30, 2026. In addition, for the twelve months ended April 30, 2026, the amortization expense associated with the Company’s one-year intangible backlog has been eliminated within the pro forma adjustments.

These pro forma amounts have been calculated by applying the Company’s accounting policies, assuming transaction costs had been incurred during the year ended April 30, 2025, reflecting the additional amortization and depreciation that would have been charged, incremental interest expense associated with the initial financing for the acquisition under the term loan and revolver, and including the results of BlueHalo prior to acquisition.

The Company incurred approximately $64,194,000 of BlueHalo acquisition-related expenses including integration costs. The Company recognized a nonrecurring pro forma adjustment to the three months ended August 2, 2025 to remove the impact of $23,730,000 of the transaction costs incurred in the period to reflect the costs as if the acquisition was completed during the year ended April 30, 2025.

The unaudited pro forma combined financial information presented above does not give effect to the July 2025 common stock issuance and Notes issuance, as such proceeds were not used to fund the BlueHalo acquisition. As the Company’s repayment of indebtedness using the proceeds of the common stock issuance and Notes issuance was not directly attributable to the acquisition, the related reduction in interest expense is not reflected in this unaudited pro forma combined financial information.

- Definition

The entire disclosure for business combination.

+ References

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+ Details

Organization and Significant Accounting Policies - Performance Obligations (Details) - USD ($)	Aug. 01, 2026	Aug. 02, 2025
Performance Obligations
Remaining performance obligations	$ 1,457,822,000
Total revenue (as a percentage)	100.00%	100.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-08-02
Performance Obligations
Year of performance obligations	9 months
Total revenue (as a percentage)	78.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-05-01
Performance Obligations
Year of performance obligations	1 year
Total revenue (as a percentage)	22.00%

Organization and Significant Accounting Policies - Accounts Receivable (Details)	3 Months Ended
	Aug. 01, 2026 USD ($)
Organization and Significant Accounting Policies
Receivables sales agreement capacity	$ 100,000,000
Accounts receivables	$ 0

Long-Term Incentive Awards

3 Months Ended

Aug. 01, 2026

Long-Term Incentive Awards.

Long-Term Incentive Awards

12. Long-Term Incentive Awards

During the three months ended August 1, 2026, the Company granted awards under its 2021 Equity Incentive Plan (the “2021 Plan”) to key employees (“Fiscal 2027 LTIP”). Awards under the Fiscal 2027 LTIP consist of: (i) time-based

restricted stock awards and time-based restricted stock units, which vest in equal tranches in July 2027, July 2028 and July 2029, and (ii) performance-based restricted stock units (“PRSUs”), which vest based on the Company’s achievement of revenue and non-GAAP adjusted earnings before interest, taxes, depreciation and amortization (“adjusted EBITDA”) targets for the three-year period ending April 30, 2029. At the award date, target achievement levels for each of the financial performance metrics were established for the PRSUs, at which levels the PRSUs would vest at 100% for each such metric. Threshold achievement levels for which the PRSUs would vest at 50% for each such metric and maximum achievement levels for which such awards would vest at 250% for each such metric were also established. The actual payout for the PRSUs at the end of the performance period will be calculated based upon the Company’s achievement of the established revenue and non-GAAP adjusted EBITDA targets for the performance period. Settlement of the PRSUs will be made in fully-vested shares of the Company’s common stock. For the three months ended August 1, 2026 the Company recorded $743,000 of compensation expense related to the Fiscal 2027 LTIP, respectively. As of August 1, 2026, the maximum compensation expense that may be recorded for the performance-based portion of the Fiscal 2027 LTIP is $35,950,000.

During the three months ended August 2, 2025, the Company granted awards under its 2021 Plan to key employees (“Fiscal 2026 LTIP”). Awards under the Fiscal 2026 LTIP consist of: (i) time-based restricted stock awards and time-based restricted stock units, which vest in equal tranches in July 2026, July 2027 and July 2028, and (ii) PRSUs, which vest based on the Company’s achievement of revenue and non-GAAP adjusted EBITDA targets for the three-year period ending April 30, 2028. At the award date, target achievement levels for each of the financial performance metrics were established for the PRSUs, at which levels the PRSUs would vest at 100% for each such metric. Threshold achievement levels for which the PRSUs would vest at 50% for each such metric and maximum achievement levels for which such awards would vest at 250% for each such metric were also established. The actual payout for the PRSUs at the end of the performance period will be calculated based upon the Company’s achievement of the established revenue and non-GAAP adjusted EBITDA targets for the performance period. Settlement of the PRSUs will be made in fully-vested shares of the Company’s common stock. For the three months ended August 1, 2026 and August 2, 2025, the Company recorded a $(687,000) reversal of compensation expense and $809,000 of compensation expense related to the Fiscal 2026 LTIP, respectively. As of August 1, 2026, the maximum compensation expense that may be recorded for the performance-based portion of the Fiscal 2026 LTIP is $27,471,000.

During the three months ended July 27, 2024, the Company granted awards under its 2021 Plan to key employees (“Fiscal 2025 LTIP”). Awards under the Fiscal 2025 LTIP consist of: (i) time-based restricted stock awards and time-based restricted stock units, which vest in equal tranches in July 2025, July 2026 and July 2027, and (ii) PRSUs, which vest based on the Company’s achievement of revenue and non-GAAP adjusted EBITDA targets for the three-year period ending April 30, 2027. At the award date, target achievement levels for each of the financial performance metrics were established for the PRSUs, at which levels the PRSUs would vest at 100% for each such metric. Threshold achievement levels for which the PRSUs would vest at 50% for each such metric and maximum achievement levels for which such awards would vest at 250% for each such metric were also established. The actual payout for the PRSUs at the end of the performance period will be calculated based upon the Company’s achievement of the established revenue and non-GAAP adjusted EBITDA targets for the performance period. Settlement of the PRSUs will be made in fully-vested shares of the Company’s common stock. For the three months ended August 1, 2026 and August 2,2025, the Company recorded a $(146,000) reversal of compensation expense and $3,859,000 and of compensation expense related to the Fiscal 2025 LTIP. As of August 1, 2026, the maximum compensation expense that may be recorded for the performance-based portion of the Fiscal 2025 LTIP is $14,883,000.

During the three months ended July 29, 2023, the Company granted awards under the 2021 Plan to key employees (“Fiscal 2024 LTIP”). During the three months ended August 1, 2026, the Company issued a total of 84,142 fully-vested shares of the Company’s common stock to settle the PRSUs in the Fiscal 2024 LTIP. For the three ended August 1, 2026 the Company recorded no compensation expense related to the Fiscal 2024 LTIP. For the three months ended August 2, 2025, the Company recorded $3,008,000 of compensation expense related to the Fiscal 2024 LTIP.

At each reporting period, the Company reassesses the probability of achieving the performance targets for the PRSUs. The estimation of whether the performance targets will be achieved requires judgment, and, to the extent actual results or updated estimates differ from the Company’s current estimates, the cumulative effect on current and prior periods of

those changes will be recorded in the period estimates are revised. No compensation cost is ultimately recognized for awards for which employees do not render the requisite service and are forfeited.

Fair Value Measurements (Tables)

3 Months Ended

Aug. 01, 2026

Fair Value Measurements

Schedule of financial assets measured at fair value on a recurring basis

The Company’s financial assets measured at fair value on a recurring basis as of August 1, 2026, were as follows (in thousands):


		Fair Value Measurement Using
					Significant
		Quoted prices in			other			Significant
		active markets for			observable			unobservable
		identical assets			inputs			inputs
Description		(Level 1)			(Level 2)			(Level 3)			Total
Available-for-sale securities		$	—		$	334,678		$	—		$	334,678
Total		$	—		$	334,678		$	—		$	334,678

The Company’s financial assets measured at fair value on a recurring basis as of April 30, 2026, were as follows (in thousands):


		Fair Value Measurement Using
					Significant
		Quoted prices in			other			Significant
		active markets for			observable			unobservable
		identical assets			inputs			inputs
Description		(Level 1)			(Level 2)			(Level 3)			Total
Available-for-sale securities		$	—		$	276,031		$	—		$	276,031
Total		$	—		$	276,031		$	—		$	276,031

Inventories, net

3 Months Ended

Aug. 01, 2026

Inventories, net

Inventories, net

4. Inventories, net

Inventories consist of the following (in thousands):


		August 1,			April 30,
		2026			2026


Raw materials		$	242,069		$	156,200
Work in process			34,823			73,289
Finished goods			173,132			119,957
Inventories, gross			450,024			349,446
Reserve for inventory excess and obsolescence			(39,251)			(36,590)
Inventories, net		$	410,773		$	312,856

Leases - Maturities of operating lease liabilities (Details) $ in Thousands	Aug. 01, 2026 USD ($)
Maturities of operating lease liabilities:
2027	$ 19,045
2028	28,764
2029	26,041
2030	22,564
2031	15,143
Thereafter	48,542
Total lease payments	160,099
Less: imputed interest	(39,333)
Total present value of operating lease liabilities	$ 120,766

Inventories, net (Details) - USD ($) $ in Thousands	Aug. 01, 2026	Apr. 30, 2026
Inventories, net
Raw materials	$ 242,069	$ 156,200
Work in process	34,823	73,289
Finished goods	173,132	119,957
Inventories, gross	450,024	349,446
Reserve for inventory excess and obsolescence	(39,251)	(36,590)
Inventories, net	$ 410,773	$ 312,856

Long-Term Incentive Awards (Details) - USD ($)	3 Months Ended
Long-Term Incentive Awards (Details) - USD ($)	Aug. 01, 2026	Aug. 02, 2025	Jul. 27, 2024	Jul. 29, 2023
Fiscal 2027 LTIP
Stock Based Compensation
Stock based compensation expense	$ 743,000
Fiscal 2027 LTIP \| Performance based restricted stock units
Stock Based Compensation
Exercisable period from grant date	3 years
Fiscal 2027 LTIP \| Performance based restricted stock units \| 100% Vested
Stock Based Compensation
Vesting (as a percentage)	100.00%
Fiscal 2027 LTIP \| Performance based restricted stock units \| 50% Vested
Stock Based Compensation
Vesting (as a percentage)	50.00%
Fiscal 2027 LTIP \| Performance based restricted stock units \| 250% Vested
Stock Based Compensation
Vesting (as a percentage)	250.00%
Fiscal 2027 LTIP \| Performance based restricted stock units \| Maximum
Stock Based Compensation
Stock based compensation expense	$ 35,950,000
Fiscal 2026 LTIP
Stock Based Compensation
Stock based compensation expense	(687,000)	$ 809,000
Fiscal 2026 LTIP \| Performance based restricted stock units
Stock Based Compensation
Exercisable period from grant date		3 years
Fiscal 2026 LTIP \| Performance based restricted stock units \| 100% Vested
Stock Based Compensation
Vesting (as a percentage)		100.00%
Fiscal 2026 LTIP \| Performance based restricted stock units \| 50% Vested
Stock Based Compensation
Vesting (as a percentage)		50.00%
Fiscal 2026 LTIP \| Performance based restricted stock units \| 250% Vested
Stock Based Compensation
Vesting (as a percentage)		250.00%
Fiscal 2026 LTIP \| Performance based restricted stock units \| Maximum
Stock Based Compensation
Stock based compensation expense	27,471,000
Fiscal 2025 LTIP
Stock Based Compensation
Stock based compensation expense	(146,000)	$ 3,859,000
Fiscal 2025 LTIP \| Performance based restricted stock units
Stock Based Compensation
Exercisable period from grant date			3 years
Fiscal 2025 LTIP \| Performance based restricted stock units \| 100% Vested
Stock Based Compensation
Vesting (as a percentage)			100.00%
Fiscal 2025 LTIP \| Performance based restricted stock units \| 50% Vested
Stock Based Compensation
Vesting (as a percentage)			50.00%
Fiscal 2025 LTIP \| Performance based restricted stock units \| 250% Vested
Stock Based Compensation
Vesting (as a percentage)			250.00%
Fiscal 2025 LTIP \| Performance based restricted stock units \| Maximum
Stock Based Compensation
Stock based compensation expense	14,883,000
Fiscal 2024 LTIP
Stock Based Compensation
Stock based compensation expense	$ 0	$ 3,008,000
Fiscal 2024 LTIP \| Performance based restricted stock units
Stock Based Compensation
Issue of fully-vested shares of common stock to settle				84,142

Warranty Reserves (Details) - USD ($) $ in Thousands	3 Months Ended
Warranty Reserves (Details) - USD ($) $ in Thousands	Aug. 01, 2026	Aug. 02, 2025
Warranty Reserves
Beginning balance	$ 8,734	$ 4,189
Balance acquired from acquisition		2,274
Warranty expense	5,914	141
Warranty costs settled	(2,178)	(321)
Ending balance	$ 12,470	$ 6,283

Intangibles, net - Intangibles included in other assets on the balance sheet (Details) - USD ($) $ in Thousands	Aug. 01, 2026	Apr. 30, 2026
Intangibles, net
Intangibles, gross	$ 1,271,253	$ 1,271,523
Less accumulated amortization	(384,784)	(341,697)
Intangibles, net	886,469	929,826
Technology
Intangibles, net
Intangibles, gross	585,806	585,970
Licenses
Intangibles, net
Intangibles, gross	1,008	1,008
Customer relationships
Intangibles, net
Intangibles, gross	618,658	618,730
Backlog
Intangibles, net
Intangibles, gross	58,097	58,131
In-process research and development
Intangibles, net
Intangibles, gross	550	550
Non-compete agreements
Intangibles, net
Intangibles, gross	3,320	3,320
Trademarks and tradenames
Intangibles, net
Intangibles, gross	3,668	3,668
Other
Intangibles, net
Intangibles, gross	$ 146	$ 146

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Aug. 01, 2026	Apr. 30, 2026
Current assets:
Cash and cash equivalents	$ 278,390	$ 377,325
Short-term Investments	301,837	254,972
Accounts receivable, net of allowance for credit losses of $6,515 at August 1, 2026 and $1,961 at April 30, 2026	183,133	316,167
Unbilled receivables and retentions	637,832	570,408
Inventories, net	410,773	312,856
Income taxes receivable	5,806	6,210
Prepaid expenses and other current assets	63,863	52,485
Total current assets	1,881,634	1,890,423
Long-term investments	94,777	81,128
Property and equipment, net	202,653	166,719
Operating lease right-of-use assets	113,830	100,392
Intangibles, net	886,469	929,826
Goodwill	2,493,886	2,493,678
Other assets	57,444	54,576
Total assets	5,730,693	5,716,742
Current liabilities:
Accounts payable	174,836	160,507
Wages and related accruals	70,933	98,056
Customer advances	87,546	79,607
Current operating lease liabilities	17,823	17,594
Income taxes payable	487	524
Other current liabilities	90,105	82,949
Total current liabilities	441,730	439,237
Long-term debt	730,057	728,967
Non-current operating lease liabilities	102,943	88,228
Other non-current liabilities	1,984	1,986
Liability for uncertain tax positions	7,430	7,430
Deferred income taxes	50,494	50,494
Commitments and contingencies
Stockholders' equity:
Authorized shares-10,000,000; none issued or outstanding at August 1, 2026 and April 30, 2026
Issued and outstanding shares-50,822,963 shares at August 1, 2026 and 50,610,514 shares at April 30, 2026	6	6
Additional paid-in capital	4,397,684	4,396,845
Accumulated other comprehensive loss	(5,753)	(5,635)
Retained (loss) earnings	4,118	9,184
Total stockholders' equity	4,396,055	4,400,400
Total liabilities and stockholders' equity	$ 5,730,693	$ 5,716,742

Goodwill (Details) $ in Thousands	3 Months Ended
Goodwill (Details) $ in Thousands	Aug. 01, 2026 USD ($)
Goodwill
Goodwill, Beginning Balance	$ 2,908,762
Accumulated impairment losses	(415,084)
Goodwill, Net - Beginning Balance	2,493,678
Additions to goodwill	208
Goodwill, Ending Balance	2,908,970
Accumulated impairment losses	(415,084)
Goodwill, Net - Ending Balance	2,493,886
AxS
Goodwill
Goodwill, Beginning Balance	1,458,822
Accumulated impairment losses	(174,376)
Goodwill, Net - Beginning Balance	1,284,446
Additions to goodwill	208
Goodwill, Ending Balance	1,459,030
Accumulated impairment losses	(174,376)
Goodwill, Net - Ending Balance	1,284,654
SCDE
Goodwill
Goodwill, Beginning Balance	1,449,940
Accumulated impairment losses	(240,708)
Goodwill, Net - Beginning Balance	1,209,232
Goodwill, Ending Balance	1,449,940
Accumulated impairment losses	(240,708)
Goodwill, Net - Ending Balance	$ 1,209,232

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
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+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Share Issuances (Details)	1 Months Ended
Share Issuances (Details)	Jul. 31, 2025 USD ($) shares
Share Issuances
Number of shares agreed for issuance	3,528,226
Underwriters option exercisable term	30 days
Maximum number of additional shares granted	529,234
Initial number of shares issued	3,528,226
Number of additional shares issued	529,234
Number of shares issued	4,057,460
Gross proceeds \| $	$ 1,006,250,000
Proceeds from issuance of common stock, net of underwriting discount \| $	968,515,000
Proceeds from issuance of common stock, net of underwriting discount and other equity issuance costs \| $	$ 966,846,000

Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended
	Aug. 01, 2026	Aug. 02, 2025
Revenue:
Revenue	$ 480,490,000	$ 454,676,000
Cost of sales:
Cost of sales	355,891,000	359,558,000
Gross margin:
Total gross margin	124,599,000	95,118,000
Selling, general and administrative	111,508,000	131,276,000
Research and development	23,962,000	33,114,000
Loss from operations	(10,871,000)	(69,272,000)
Other income (loss):
Interest income (expense), net	4,136,000	(17,415,000)
Other (expense) income, net	(595,000)	2,361,000
Loss before income taxes	(7,330,000)	(84,326,000)
Benefit from income taxes	(397,000)	(15,169,000)
Equity method investment income, net of tax	1,867,000	1,787,000
Net loss	$ (5,066,000)	$ (67,370,000)
Net loss per share
Basic (in dollars per share)	$ (0.1)	$ (1.44)
Diluted (in dollars per share)	$ (0.1)	$ (1.44)
Weighted-average shares outstanding:
Basic (in shares)	49,822,595	46,882,350
Diluted (in shares)	49,822,595	46,882,350
Product sales
Revenue:
Revenue	$ 329,058,000	$ 313,533,000
Cost of sales:
Cost of sales	213,565,000	230,687,000
Gross margin:
Total gross margin	115,493,000	82,846,000
Contract services
Revenue:
Revenue	151,432,000	141,143,000
Cost of sales:
Cost of sales	142,326,000	128,871,000
Gross margin:
Total gross margin	$ 9,106,000	$ 12,272,000

Intangibles, net

3 Months Ended

Aug. 01, 2026

Intangibles, net

Intangibles, net

7. Intangibles, net

The components of intangibles are as follows (in thousands):


		August 1,			April 30,
		2026			2026
Technology		$	585,806		$	585,970
Licenses			1,008			1,008
Customer relationships			618,658			618,730
Backlog			58,097			58,131
In-process research and development			550			550
Non-compete agreements			3,320			3,320
Trademarks and tradenames			3,668			3,668
Other			146			146
Intangibles, gross			1,271,253			1,271,523
Less accumulated amortization			(384,784)			(341,697)
Intangibles, net		$	886,469		$	929,826

The weighted average amortization period as of August 1, 2026 and April 30, 2026 was six and six years, respectively. Amortization expense for the three months ended August 1, 2026 and August 2, 2025 was $43,357,000 and $58,161,000, respectively.

Estimated remaining amortization expense for the next five years is as follows (in thousands):


		Year ending
		April 30,
2027		$	129,800
2028			165,242
2029			160,271
2030			137,236
2031			78,624
		$	671,173

Pension - Expected benefits paid (Details) $ in Thousands	Apr. 30, 2026 USD ($)
Pension
2026	$ 211
2027	218
2028	220
2029	222
2030	224
2031-2035	1,124
Total expected benefit payments	$ 2,219

Subsequent Events (Details)	Aug. 21, 2026 USD ($)
Subsequent events \| New campus facility
Subsequent Events
Purchase of a facility	$ 29,250,000

Equity Method Investments

3 Months Ended

Aug. 01, 2026

Investments in Companies Accounted for Using the Equity Method

Equity Method Investments

5. Equity Method Investments

Investments in Limited Partnership Funds

In July 2019, the Company made its initial capital contribution to a limited partnership fund focusing on highly relevant technologies and start-up companies serving defense and industrial markets. Under the terms of the limited partnership agreement, the Company contributed a total of $10,000,000 as of April 30, 2022. During the fiscal year ended April 30, 2026, the Company received a distribution of $528,000. In March 2022, the Company entered into a second similar limited partnership fund and committed to contributions totaling $20,000,000 over an expected five year period. As of April 30, 2026, the Company has made total contributions of $19,069,000, and under the terms of the limited partnership agreement, the Company has committed to make additional capital contributions of $931,000 to the fund expected to be during this fiscal year. In May 2026, the Company entered into a third similar limited partnership and committed to contributions totaling $20,000,000 over an expected five year period. The Company accounts for investments in limited partnerships as equity method investments as the Company is deemed to have influence when it holds more than a minor interest.

For the three months ended August 1, 2026 and August 2, 2025, the Company recorded its ownership percentage of the net gain of equity method investments of $1,867,000 and $1,787,000 net of tax of $0 and $0, respectively, in equity

method investment income within the unaudited condensed consolidated statements of operations, respectively. As of August 1, 2026 and April 30, 2026, the carrying value of the equity method investments of $53,746,000 and $51,880,000, respectively, was recorded in long-term investments.

Share Issuances

3 Months Ended

Aug. 01, 2026

Share Issuances

Share Issuances

14. Share Issuances

In July 2025, the Company entered into an underwriting agreement (the “Common Stock Underwriting Agreement”) with certain underwriters (the “Common Stock Underwriters”) agreeing, subject to customary conditions, to issue and sell 3,528,226 shares of the Company’s common stock to the Common Stock Underwriters (the “Common Stock Offering”). In addition, pursuant to the Common Stock Underwriting Agreement, the Company granted the Common Stock Underwriters an option, exercisable within 30 days after entering the Common Stock Underwriting Agreement, to purchase up to an additional 529,234 shares of the Company’s common stock (the “Over-allotment Option”). The issuance of 3,528,226 shares of common stock was completed in July 2025. Subsequently, the Company closed the issuance and sale of 529,234 shares of its common stock pursuant to the underwriters’ full exercise of the Over-allotment Option in July 2025 for a total issuance of 4,057,460 shares, generating gross proceeds to the Company of $1,006,250,000, proceeds of $968,515,000, net of underwriting discount and $966,846,000 net of underwriting discount and other equity issuance costs.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section S99
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Debt - Long-term debt (Details) - USD ($) $ in Thousands	Aug. 01, 2026	Apr. 30, 2026
Long-term debt
Total long-term debt	$ 747,500	$ 747,500
Less unamortized debt issuance costs-convertible notes	17,443	18,533
Total long-term debt, net of unamortized debt issuance costs-convertible notes	730,057	728,967
Unamortized debt issuance costs-revolving credit facility	1,617	1,745
Convertible Notes
Long-term debt
Total long-term debt	$ 747,500	$ 747,500

Accumulated Other Comprehensive Loss and Reclassifications Adjustments (Tables)

3 Months Ended

Aug. 01, 2026

Accumulated Other Comprehensive Loss and Reclassifications Adjustments

Schedule of components of accumulated other comprehensive loss and adjustments

The components of accumulated other comprehensive loss and adjustments are as follows (in thousands):


	Three Months Ended		Three Months Ended
	August 1,		August 2,
	2026		2025
Balance as of April 30, 2026 and April 30, 2025, respectively	$	(5,635)	$	(6,514)
Unrealized available-for-sale security losses		(186)		—
Change in foreign currency translation adjustments		68		639
Balance as of August 1, 2026 and August 2, 2025, respectively	$	(5,753)	$	(5,875)

Intangibles, net (Tables)

3 Months Ended

Aug. 01, 2026

Intangibles, net

Schedule of components of intangibles

The components of intangibles are as follows (in thousands):


		August 1,			April 30,
		2026			2026
Technology		$	585,806		$	585,970
Licenses			1,008			1,008
Customer relationships			618,658			618,730
Backlog			58,097			58,131
In-process research and development			550			550
Non-compete agreements			3,320			3,320
Trademarks and tradenames			3,668			3,668
Other			146			146
Intangibles, gross			1,271,253			1,271,523
Less accumulated amortization			(384,784)			(341,697)
Intangibles, net		$	886,469		$	929,826

Schedule of estimated amortization expense for the next five years

Estimated remaining amortization expense for the next five years is as follows (in thousands):


		Year ending
		April 30,
2027		$	129,800
2028			165,242
2029			160,271
2030			137,236
2031			78,624
		$	671,173

Pension - Net benefit income (Details) - USD ($) $ in Thousands	3 Months Ended
	Aug. 01, 2026	Aug. 02, 2025
Pension
Interest cost	$ 31	$ 31
Net periodic benefit cost	$ 31	$ 31

Debt - Convertible Notes (Details) - Convertible Senior Notes due 2030	1 Months Ended
	Jul. 31, 2025 USD ($) D $ / shares	Aug. 01, 2026 USD ($)	Apr. 30, 2026 USD ($)
Convertible Notes
Initial face amount \| $	$ 650,000,000
Interest rate	0.00%
Additional borrowing capacity \| $	$ 97,500,000
Face amount \| $	$ 747,500,000
Threshold trading days for payment of consideration \| D	60
Conversion ratio	3.1017
Conversion price per share \| $ / shares	$ 322.4
Threshold stock price trigger for redemption	130.00%
Threshold trading days for redemption \| D	20
Threshold consecutive trading days for redemption \| D	30
Minimum principal outstanding for redemption \| $	$ 100,000,000
Threshold cure period for interest default	30 days
Threshold number of days to cure default in other obligations \| D	60
Minimum noteholders percentage for notice issuance	25.00%
Minimum
Convertible Notes
Debt default amount \| $	$ 55,000,000
Threshold number of days for payment of interest as remedy \| D	180
Maximum
Convertible Notes
Number of days of option available for additional purchase \| D	30
Additional borrowing capacity \| $	$ 97,500,000
Threshold number of days for payment of interest as remedy \| D	365
For first 180 days
Convertible Notes
Default interest rate, percentage	0.25%
After 180 days
Convertible Notes
Default interest rate, percentage	0.50%
Significant other observable inputs (Level 2)
Convertible Notes
Estimated fair value \| $		$ 680,973,000	$ 760,656,000

Fair Value Measurements

3 Months Ended

Aug. 01, 2026

Fair Value Measurements

Fair Value Measurements

3. Fair Value Measurements

Fair value is the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The fair value hierarchy contains three levels as follows:

●Level 1—Inputs to the valuation based upon quoted prices (unadjusted) for identical assets or liabilities in active markets that are accessible as of the measurement date.

●Level 2—Inputs to the valuation include quoted prices in either markets that are not active, or in active markets for similar assets or liabilities, inputs other than quoted prices that are observable, and inputs that are derived principally from or corroborated by observable market data.

●Level 3—Inputs to the valuation that are unobservable inputs for the asset or liability.

The Company’s financial assets measured at fair value on a recurring basis as of August 1, 2026, were as follows (in thousands):


		Fair Value Measurement Using
					Significant
		Quoted prices in			other			Significant
		active markets for			observable			unobservable
		identical assets			inputs			inputs
Description		(Level 1)			(Level 2)			(Level 3)			Total
Available-for-sale securities		$	—		$	334,678		$	—		$	334,678
Total		$	—		$	334,678		$	—		$	334,678

The Company’s financial assets measured at fair value on a recurring basis as of April 30, 2026, were as follows (in thousands):


		Fair Value Measurement Using
					Significant
		Quoted prices in			other			Significant
		active markets for			observable			unobservable
		identical assets			inputs			inputs
Description		(Level 1)			(Level 2)			(Level 3)			Total
Available-for-sale securities		$	—		$	276,031		$	—		$	276,031
Total		$	—		$	276,031		$	—		$	276,031

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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+ Details

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income	Total
Beginning Balance at Apr. 30, 2025	$ 4	$ 618,711	$ 274,306	$ (6,514)	$ 886,507
Beginning Balance (in shares) at Apr. 30, 2025	28,267,517
Increase (Decrease) in Stockholders' Equity
Net loss			(67,370)		(67,370)
Foreign currency translation				639	639
Employee stock purchase plan contributions		2,467			2,467
Employee stock purchase plan contributions (in shares)	18,555
Restricted stock awards (in shares)	173,025
Restricted stock awards forfeited (in shares)	(2,590)
Tax withholding payment related to net share settlement of equity awards		(10,786)			(10,786)
Tax withholding payment related to net share settlement of equity awards (in shares)	(7,516)
Issuance of common stock for business acquisitions	$ 2	2,637,345			2,637,347
Issuance of common stock for business acquisitions (in shares)	17,425,849
Shares issued, net of issuance costs		966,846			966,846
Shares issued, net of issuance costs (in shares)	4,057,460
Stock based compensation		11,429			11,429
Ending Balance at Aug. 02, 2025	$ 6	4,226,012	206,936	(5,875)	4,427,079
Ending Balance (in shares) at Aug. 02, 2025	49,932,300
Beginning Balance at Apr. 30, 2026	$ 6	4,396,845	9,184	(5,635)	4,400,400
Beginning Balance (in shares) at Apr. 30, 2026	50,610,514
Increase (Decrease) in Stockholders' Equity
Net loss			(5,066)		(5,066)
Unrealized loss on investments				(186)	(186)
Foreign currency translation				68	68
Employee stock purchase plan contributions		5,475			5,475
Employee stock purchase plan contributions (in shares)	38,982
Restricted stock awards (in shares)	193,491
Restricted stock awards forfeited (in shares)	(9,181)
Tax withholding payment related to net share settlement of equity awards		(9,563)			(9,563)
Tax withholding payment related to net share settlement of equity awards (in shares)	(10,843)
Stock based compensation		4,927			4,927
Ending Balance at Aug. 01, 2026	$ 6	$ 4,397,684	$ 4,118	$ (5,753)	$ 4,396,055
Ending Balance (in shares) at Aug. 01, 2026	50,822,963

Condensed Consolidated Statements of Comprehensive Loss (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Aug. 01, 2026	Aug. 02, 2025
Condensed Consolidated Statements of Comprehensive Loss
Unrealized loss on available-for-sale investments, net of deferred tax expense	$ 0	$ 0

Pension - Projected benefit obligation and fair value of plan assets (Details) $ in Thousands	12 Months Ended
	Apr. 30, 2026 USD ($)	Aug. 01, 2026 employee
Pension
Number of former employees \| employee		3
Pension Plan
Pension
Defined Benefit Plan, Funding Status [Extensible List]	us-gaap:UnfundedPlanMember
Projected benefit obligation	$ (3,249)
Fair value of plan assets	3,862
Funded status of the plan	$ 613

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Amount of asset segregated and restricted to provide benefit under defined benefit plan. Asset includes, but is not limited to, stock, bond, other investment, earning from investment, and contribution by employer and employee.

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- Definition

Indicates status of funding for defined benefit plan designed to provide retirement benefits.

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+ Details

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Aug. 01, 2026	Apr. 30, 2026
Condensed Consolidated Balance Sheets
Accounts receivable, allowance for credit losses (in dollars)	$ 6,515	$ 1,961
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, Authorized shares	10,000,000	10,000,000
Preferred stock, issued shares	0	0
Preferred stock, outstanding shares	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, Authorized shares	100,000,000	100,000,000
Common stock, Issued shares	50,822,963	50,610,514
Common stock, outstanding shares	50,822,963	50,610,514

Organization and Significant Accounting Policies (Policies)

3 Months Ended

Aug. 01, 2026

Organization and Significant Accounting Policies

Basis of Presentation

Recent Acquisitions

Recently Adopted Accounting Standards

The Company did not adopt any accounting standards during the three months ended August 1, 2026.

Reclassifications

Investments

Fair Values of Financial Instruments

Fair values of cash and cash equivalents, accounts receivable, unbilled receivables and retentions, and accounts payable approximate cost due to the short period of time to maturity.

Accounts Receivable

Revenue Recognition

Performance Obligations

Revenue by Category

The following tables present the Company’s revenue disaggregated by operating group, contract type, customer category and geographic location (in thousands).


		Three Months Ended
		August 1,			August 2,
Revenue by operating group		2026			2025
Uncrewed Aircraft Systems		$	120,206		$	70,243
Precision Strike and Defense Systems			197,132			182,438
Other			28,631			32,643
Space and Directed Energy			51,509			70,966
Cyber and Mission Solutions			83,012			98,386
Total revenue		$	480,490		$	454,676


		Three Months Ended
		August 1,			August 2,
Revenue by contract type		2026			2025
FFP		$	349,350		$	298,977
Cost Plus			103,234			118,928
T&M			27,906			36,771
Total revenue		$	480,490		$	454,676


		Three Months Ended
		August 1,			August 2,
Revenue by customer category		2026			2025
U.S. government		$	386,805		$	395,337
Non-U.S. government			93,685			59,339
Total revenue		$	480,490		$	454,676

		Three Months Ended
		August 1,			August 2,
Revenue by geographic location		2026			2025
Domestic		$	373,630		$	347,139
International			106,860			107,537
Total revenue		$	480,490		$	454,676


	Three Months Ended
	August 1,			August 2,
Revenue percentage by recognition method	2026			2025
Over time		67%			75%
Point in time		33%			25%
Total revenue		100%			100%

Customer-Funded Research & Development

Contract Balances

Government Contracts

Loss Per Share

Loss Per Share

Basic loss per share is computed using the weighted-average number of common shares outstanding, excluding shares of unvested restricted stock.

The reconciliation of basic to diluted shares is as follows (in thousands except share data):


			Three Months Ended
		August 1, 2026			August 2, 2025
Net loss		$	(5,066)		$	(67,370)
Denominator for basic loss per share:
Weighted average common shares			49,822,595			46,882,350
Dilutive effect of employee stock options, restricted stock and restricted stock units			—			—
Denominator for diluted loss per share			49,822,595			46,882,350

Recently Issued Accounting Standards

Subsequent Events

3 Months Ended

Aug. 01, 2026

Subsequent Events

Subsequent Events

18. Subsequent Events

On August 21, 2026, the Company closed on its purchase of its new campus facility in Southern California for $29,250,000. The building will be used for research, design, engineering, manufacturing and administrative functions.

Leases

3 Months Ended

Aug. 01, 2026

Leases

Leases

10. Leases

The components of lease costs recorded in cost of sales and selling, general and administrative (“SG&A”) expense were as follows (in thousands):


		Three Months Ended		Three Months Ended
		August 1,		August 2,
		2026		2025
Operating lease cost		$	7,664	$	6,850
Short term lease cost			638		993
Variable lease cost			714		899
Sublease income			—		—
Total lease costs, net		$	9,016	$	8,742

Supplemental lease information was as follows:


		Three Months Ended		Three Months Ended
		August 1,		August 2,
		2026		2025
		(In thousands)		(In thousands)
Cash paid for amounts included in the measurement of operating lease liabilities		$	6,010	$	4,780
Right-of-use assets obtained in exchange for new lease liabilities		$	19,250	$	2,326

Weighted average remaining lease term			79 months		80 months
Weighted average discount rate			6.7%		6.8%

Maturities of operating lease liabilities as of August 1, 2026 were as follows (in thousands):


Fiscal Year
2027	$	19,045
2028		28,764
2029		26,041
2030		22,564
2031		15,143
Thereafter		48,542
Total lease payments	$	160,099
Less: imputed interest		(39,333)
Total present value of operating lease liabilities	$	120,766

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Aug. 01, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Aug. 01, 2026	Aug. 02, 2025
Condensed Consolidated Statements of Comprehensive Loss
Net loss	$ (5,066)	$ (67,370)
Other comprehensive (loss) income:
Unrealized loss on available-for-sale investments, net of deferred tax expense of $0 for the three months ended August 1, 2026 and August 2, 2025	(186)
Change in foreign currency translation adjustments	68	639
Total comprehensive loss	$ (5,184)	$ (66,731)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

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+ Details

Segments -Reconciliation from segment adjusted EBITDA to income before income taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Aug. 01, 2026	Aug. 02, 2025
Segments
Segment adjusted EBITDA	$ 53,389	$ 56,556
Depreciation and amortization	(56,033)	(90,254)
Acquisition-related expenses	(2,142)	(23,729)
Amortization of cloud computing arrangement implementation	(1,753)	(756)
Stock-based compensation	(4,927)	(11,429)
Equity securities investments activity, net		2,701
Interest income (expense), net	4,136	(17,415)
Loss before income taxes	$ (7,330)	$ (84,326)

- Definition

The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.

+ References + Details

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

Warranty Reserves (Tables)

3 Months Ended

Aug. 01, 2026

Warranty Reserves

Summary of warranty reserve activity

Warranty reserve activity is summarized as follows for the three months ended August 1, 2026 and August 2, 2025, respectively (in thousands):


		Three Months Ended
		August 1,			August 2,
		2026			2025
Beginning balance		$	8,734		$	4,189
Balance acquired from acquisition			—			2,274
Warranty expense			5,914			141
Warranty costs settled			(2,178)			(321)
Ending balance		$	12,470		$	6,283

Business Acquisitions - BlueHalo Acquisition (Details) - USD ($)		3 Months Ended		12 Months Ended
	May 01, 2025	Aug. 01, 2026	Aug. 02, 2025	Apr. 30, 2026
Business Acquisitions
Additions to goodwill		$ 208,000
Fair value of assets acquired:
Accounts receivable, allowance for credit losses (in dollars)		6,515,000		$ 1,961,000
Goodwill		2,493,886,000		2,493,678,000
Supplemental Pro Forma Information (unaudited)
Amortization expense		43,357,000	$ 58,161,000
Acquisition-related costs		2,142,000	23,729,000
Selling, general and administrative		111,508,000	131,276,000
BlueHalo
Business Acquisitions
Equity consideration transferred	$ 2,640,365,000
Settlement of BlueHalo's transaction expenses	25,214,000
Settlement of BlueHalo's debt	863,207,000
Merger consideration	3,528,786,000
Less cash acquired	(43,841,000)
Fair value of consideration transferred	$ 3,484,945,000
Shares issued for business acquisition	17,425,849
Share price	$ 151.52
Fair value of assets acquired:
Accounts receivable, net of allowance for credit losses of $420 at May 1, 2025	$ 79,665,000
Accounts receivable, allowance for credit losses (in dollars)	420,000
Inventories, net	87,794,000
Income taxes receivable	3,941,000
Prepaid expenses and other current assets	13,628,000
Long-term investments	151,000
Property and equipment	87,841,000
Operating lease right-of-use assets	70,879,000
Goodwill	2,367,428,000
Other assets	1,086,000
Total identifiable assets	3,838,627,000
Fair value of liabilities assumed:
Accounts payable	56,930,000
Wages and related accruals	43,031,000
Customer advances	42,700,000
Current operating lease liabilities	6,707,000
Other current liabilities	11,971,000
Non-current operating lease liabilities	64,720,000
Liability for uncertain tax positions	436,000
Deferred income taxes	127,187,000
Total liabilities assumed	353,682,000
Total identifiable net assets	3,484,945,000
Preliminary Fair Value	1,029,800,000
Supplemental Pro Forma Information (unaudited)
Revenue since acquisition date, actual		919,414,000
Loss from operations since acquisition date, actual		(365,818,000)
Amortization expense		208,482,000
Impairment of goodwill		$ 240,708,000
Revenue			454,675,000
Net loss			(36,110,000)
Acquisition-related costs				$ 64,194,000
BlueHalo \| Acquisition-related expenses
Supplemental Pro Forma Information (unaudited)
Selling, general and administrative			$ 23,730,000
BlueHalo \| Backlog
Fair value of liabilities assumed:
Preliminary Fair Value	$ 49,900,000
Estimated Useful Life Years				1 year
BlueHalo \| Backlog \| Minimum
Fair value of liabilities assumed:
Estimated Useful Life Years	1 year
BlueHalo \| Backlog \| Maximum
Fair value of liabilities assumed:
Estimated Useful Life Years	2 years
BlueHalo \| Customer relationships
Fair value of liabilities assumed:
Preliminary Fair Value	$ 499,500,000
BlueHalo \| Customer relationships \| Minimum
Fair value of liabilities assumed:
Estimated Useful Life Years	4 years
BlueHalo \| Customer relationships \| Maximum
Fair value of liabilities assumed:
Estimated Useful Life Years	9 years
BlueHalo \| Developed technology
Fair value of liabilities assumed:
Preliminary Fair Value	$ 480,400,000
BlueHalo \| Developed technology \| Minimum
Fair value of liabilities assumed:
Estimated Useful Life Years	4 years
BlueHalo \| Developed technology \| Maximum
Fair value of liabilities assumed:
Estimated Useful Life Years	10 years

Intangibles, net (Details) - USD ($)	3 Months Ended
Intangibles, net (Details) - USD ($)	Aug. 01, 2026	Aug. 02, 2025	Apr. 30, 2026
Intangibles, net
Amortization expense	$ 43,357,000	$ 58,161,000
Weighted average
Intangibles, net
Weighted average amortization period	6 years		6 years

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

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Income Taxes (Details) - USD ($)	3 Months Ended
Income Taxes (Details) - USD ($)	Aug. 01, 2026	Aug. 02, 2025
Income Taxes
Provision for income taxes	$ 397,000	$ 15,169,000
Effective tax benefit rate (as a percent)	5.40%	18.00%

- Definition

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+ Details

Income Taxes

3 Months Ended

Aug. 01, 2026

Income Taxes

Income Taxes

13. Income Taxes

For the three months ended August 1, 2026, the Company recorded an income tax benefit of $(397,000) yielding an effective tax rate of 5.4%. For the three months ended August 2, 2025, the Company recorded an income tax benefit of $(15,169,000) yielding an effective tax rate of 18.0%. The variance from the statutory rates for the three months ended August 1, 2026, was primarily attributable to federal R&D credits, Section 162(m) limitation on executive compensation, and state taxes. The variance from the statutory rates for the three months ended August 1, 2025, was primarily attributable to federal R&D credits and acquisition related costs.

On July 4, 2025, the reconciliation bill, commonly known as the One Big Beautiful Bill Act (“OBBBA”), was enacted into law. The OBBBA, among other things, eliminates the requirement to capitalize U.S. R&D expenses, permanently extends certain provisions of the Tax Cuts & Jobs Act of 2017 and modifies certain international tax provisions, as part of a broader set of updates to the U.S. international tax rules. As the OBBBA was enacted during the Company’s fiscal quarter ended August 2, 2025, the Company reflected the impacts of the OBBBA on the condensed consolidated financial statements during such period. Cash tax payments for the fiscal year ending April 30, 2027 are expected to be significantly reduced as a result of the accelerated tax deductions. However, the Company’s total income tax expense and effective tax rate are not expected to materially change as a result of the legislation.

- Definition

The entire disclosure for income tax.

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+ Details