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Financing Agreements (Tables) | 6 Months Ended
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Oct. 28, 2023
Debt Disclosure [Abstract] |
Schedule of Long-Term Debt Instruments | Long-term debt consists of the following:
| October 28, 2023 |  | April 29, 2023
ABL credit facility/prior line of credit | $ | — |  |  | $ | 17,750 |
Mortgage | 14,625 |  |  | — |
Convertible note | 25,000 |  |  | — |
Long-term debt, gross | 39,625 |  |  | 17,750 |
Debt issuance costs, net | (948) |  |  | — |
Change in fair value of convertible note | 17,910 |  |  | — |
Current portion | (1,500) |  |  | — |
Long-term debt, net | $ | 55,087 |  |  | $ | 17,750 |
The changes in fair value of the Convertible Note during the six months ended October 28, 2023 are as follows:
| Liability Component
| (in thousands)
Balance as of May 11, 2023 | $ | 25,000 |
Redemption of convertible promissory note | — |
Fair Value Change Recognized | 17,910 |
Balance as of October 28, 2023 | $ | 42,910 |
Fair Value Measurement Inputs and Valuation Techniques | We determined the fair value by using the following key assumptions in the binomial lattice model:
Risk-Free Rate (Annual) | 4.76 | %
Implied Yield | 19.48 | %
Volatility (Annual) | 55.00 | %
Dividend Yield (Annual) | — | %
Schedule of Maturities of Long-Term Debt | Aggregate contractual maturities of debt in future fiscal years are as follows:
Fiscal years ending | Amount
Remainder of 2024 | $ | 750 |
2025 | 1,500 |
2026 | 1,500 |
2027 | 10,875 |
2028 | 25,000 |
2029 and beyond | — |
Total senior secured notes and convertible notes | $ | 39,625 |

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