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Segments

6 Months Ended

Nov. 01, 2025

Segments

Segments

19. Segments

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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.

​

Effective May 1, 2025, the Company reorganized its segments. In connection with the Company’s acquisition of BlueHalo, the reorganization was implemented to drive additional operational improvements, foster synergies and provide leaders with greater autonomy over their business units. The Company’s reportable segments are Autonomous Systems and Space, Cyber and Directed Energy.

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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 measure of profitability.

​

​	​	​	​	​	​	​	​	​	​
​	​	Three Months Ended November 1, 2025
​		AxS			SCDE		​	Total
Revenue:	​	​	​	​	​	​	​	​	​
Product sales	​	$	249,502	​	$	75,535	​	$	325,037
Contract services	​	​	52,071	​	​	95,400	​	​	147,471
​	​	​	301,573	​	​	170,935	​	​	472,508
Less:	​	​	​	​	​	​	​	​	​
Cost of sales less intangible amortization and other purchase accounting adjustments	​	​	190,647	​	​	153,510	​	​	344,157
Intangible amortization included in cost of sales	​	​	11,053	​	​	13,193	​	​	24,246
SG&A less intangible amortization	​	​	43,507	​	​	30,877	​	​	74,384
Intangible amortization included in SG&A	​	​	9,719	​	​	14,233	​	​	23,952
Research and development	​	​	32,123	​	​	3,870	​	​	35,993
Add:	​	​	​	​	​	​	​	​	​
Depreciation	​	​	6,703	​	​	3,172	​	​	9,875
Amortization	​	​	20,772	​	​	27,426	​	​	48,198
Acquisition-related expenses	​	​	3,199	​	​	5,057	​	​	8,256
Amortization of cloud computing arrangement implementation	​	​	1,482	​	​	2	​	​	1,484
Other income (expense)	​	​	(900)	​	​	(297)	​	​	(1,197)
Stock-based compensation	​	​	5,658	​	​	2,908	​	​	8,566
Segment adjusted EBITDA	​	$	51,438	​	$	(6,480)	​	$	44,958

​

​	​	​	​	​	​	​	​	​	​
​	​	Three Months Ended October 26, 2024
​		AxS			SCDE		​	Total
Revenue:	​	​	​	​	​	​	​	​	​
Product sales	​	$	151,231	​	$	—	​	$	151,231
Contract services	​	​	37,227	​	​	—	​	​	37,227
​	​	​	188,458	​	​	—	​	​	188,458
Less:	​	​	​	​	​	​	​	​	​
Cost of sales less intangible amortization and other purchase accounting adjustments	​	​	111,099	​	​	—	​	​	111,099
Intangible amortization included in cost of sales	​	​	3,720	​	​	—	​	​	3,720
SG&A less intangible amortization	​	​	36,842	​	​	—	​	​	36,842
Intangible amortization included in SG&A	​	​	1,075	​	​	—	​	​	1,075
Research and development	​	​	28,716	​	​	—	​	​	28,716
Add:	​	​	​	​	​	​	​	​	​
Depreciation	​	​	4,207	​	​	—	​	​	4,207
Amortization	​	​	4,795	​	​	—	​	​	4,795
Acquisition-related expenses	​	​	3,684	​	​	—	​	​	3,684
Amortization of cloud computing arrangement implementation	​	​	606	​	​	—	​	​	606
Other income (expense)	​	​	(37)	​	​	—	​	​	(37)
Stock-based compensation	​	​	5,601	​	​	—	​	​	5,601
Segment adjusted EBITDA	​	$	25,862	​	$	—	​	$	25,862

​

​	​	​	​	​	​	​	​	​	​
​	​	Six Months Ended November 1, 2025
​		AxS			SCDE			Total
Revenue:	​	​	​	​	​	​	​	​	​
Product sales	​	$	490,247	​	$	148,323	​	$	638,570
Contract services	​	​	96,651	​	​	191,963	​	​	288,614
​	​	​	586,898	​	​	340,286	​	​	927,184
Less:	​	​	​	​	​	​	​	​	​
Cost of sales less intangible amortization and other purchase accounting adjustments	​	​	365,694	​	​	300,642	​	​	666,336
Intangible amortization included in cost of sales	​	​	33,035	​	​	28,590	​	​	61,625
SG&A less intangible amortization	​	​	103,249	​	​	60,107	​	​	163,356
Intangible amortization included in SG&A	​	​	20,844	​	​	45,412	​	​	66,256
Research and development	​	​	61,886	​	​	7,221	​	​	69,107
Add:	​	​	​	​	​	​	​	​	​
Depreciation	​	​	14,473	​	​	5,973	​	​	20,446
Amortization	​	​	53,879	​	​	74,002	​	​	127,881
Acquisition-related expenses	​	​	18,752	​	​	13,233	​	​	31,985
Amortization of cloud computing arrangement implementation	​	​	2,229	​	​	11	​	​	2,240
Other income (expense)	​	​	(2,125)	​	​	587	​	​	(1,538)
Stock-based compensation	​	​	14,433	​	​	5,562	​	​	19,995
Segment adjusted EBITDA	​	$	103,831	​	$	(2,318)	​	$	101,513

​

​	​	​	​	​	​	​	​	​	​
​	​	Six Months Ended October 26, 2024
​		AxS			SCDE			Total
Revenue:	​	​	​	​	​	​	​	​	​
Product sales	​	$	310,735	​	$	—	​	$	310,735
Contract services	​	​	67,206	​	​	—	​	​	67,206
​	​	​	377,941	​	​	—	​	​	377,941
Less:	​	​	​	​	​	​	​	​	​
Cost of sales less intangible amortization and other purchase accounting adjustments	​	​	215,403	​	​	—	​	​	215,403
Intangible amortization included in cost of sales	​	​	7,433	​	​	—	​	​	7,433
SG&A less intangible amortization	​	​	69,575	​	​	—	​	​	69,575
Intangible amortization included in SG&A	​	​	2,136	​	​	—	​	​	2,136
Research and development	​	​	53,329	​	​	—	​	​	53,329
Add:	​	​	​	​	​	​	​	​	​
Depreciation	​	​	8,285	​	​	—	​	​	8,285
Amortization	​	​	9,569	​	​	—	​	​	9,569
Acquisition-related expenses	​	​	3,684	​	​	—	​	​	3,684
Amortization of cloud computing arrangement implementation	​	​	1,261	​	​	—	​	​	1,261
Other income (expense)	​	​	49	​	​	—	​	​	49
Stock-based compensation	​	​	10,137	​	​	—	​	​	10,137
Segment adjusted EBITDA	​	$	63,050	​	$	—	​	$	63,050

​

​

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

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Three Months Ended

​

Three Months Ended

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Six Months Ended

​

Six Months Ended

​

​

November 1,

October 26,

​

November 1,

October 26,

​

​

2025

​

2024

​

2025

​

2024

Segment adjusted EBITDA

​

$

44,958

​

$

25,862

​

$

101,513

​

$

63,050

Depreciation and amortization

​

​

(58,075)

​

​

(9,003)

​

​

(148,327)

​

​

(17,854)

Acquisition-related expenses

​

​

(8,256)

​

​

(3,684)

​

​

(31,985)

​

​

(3,684)

Amortization of cloud computing arrangement implementation

​

​

(1,484)

​

​

(606)

​

​

(2,240)

​

​

(1,261)

Stock-based compensation

​

​

(8,566)

​

​

(5,601)

​

​

(19,995)

​

​

(10,137)

Equity securities investments activity, net

​

​

6,150

​

​

54

​

​

8,850

​

​

(267)

Interest expense

​

​

4,669

​

​

(690)

​

​

(12,746)

​

​

(929)

(Loss) income before income taxes

​

$

(20,604)

​

$

6,332

​

$

(104,930)

​

$

28,918

​

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.

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

AxS

SCDE

Corporate

​

Total

As of November 1, 2025

​

$

2,292,790

​

$

2,315,038

​

$

1,030,638

​

$

5,638,466

As of April 30, 2025

​

$

872,530

​

$

—

​

$

248,037

​

$

1,120,567

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

AxS

SCDE

Corporate

​

Total

Six Months Ended November 1, 2025

​

$

20,749

​

$

19,636

​

$

6,418

​

$

46,803

Six Months Ended October 26, 2024

​

$

8,915

​

$

—

​

$

1,532

​

$

10,447

​

X

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- 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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