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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
May 31, 2024
May 31, 2023
May 31, 2022
Cash flows from operating activities:      
Net income $ 33,156 $ 14,557 $ 9,450
Adjustments to reconcile net income to net cash provided by operating activities:      
Stock-based compensation expense 2,518 2,748 3,006
Depreciation and amortization 657 450 356
Deferred income taxes (20,773) 0 0
Accretion of investment discount (130) (576) 0
Amortization of operating lease right-of-use assets 706 649 689
Provision for credit losses 0 24 0
Gain from forgiveness of PPP loan 0 0 (1,698)
Changes in operating assets and liabilities:      
Accounts receivable 6,790 (3,788) (7,834)
Inventories (13,732) (9,469) (6,674)
Prepaid expenses and other current assets (875) 28 (71)
Accounts payable (3,891) 5,044 1,356
Accrued expenses (792) 528 1,464
Deferred revenue (1,469) 369 2,196
Operating lease liabilities (423) (561) (738)
Income taxes payable 14 8 6
Net cash provided by operating activities 1,756 10,011 1,508
Cash flows from investing activities:      
Proceeds from maturities of investments 18,000 16,000 0
Purchases of investments 0 (33,294) 0
Purchases of property and equipment (749) (1,362) (416)
Net cash provided by (used in) investing activities 17,251 (18,656) (416)
Cash flows from financing activities:      
Proceeds from issuance of common stock under employee plans 1,807 2,562 3,560
Shares repurchased for tax withholdings on vesting of restricted stock units, amount (1,596) (2,060) (429)
Proceeds from issuance of common stock, net of issuance costs (72) 6,820 24,030
Line of credit repayments, net 0 0 (1,400)
Net cash provided by financing activities 139 7,322 25,761
Effect of exchange rate changes on cash, cash equivalents and restricted cash (41) (37) 49
Net increase (decrease) in cash, cash equivalents and restricted cash 19,105 (1,360) 26,902
Cash, cash equivalents and restricted cash, beginning of year (1) 30,204 31,564 4,662
Cash, cash equivalents and restricted cash, end of year (1) 49,309 30,204 31,564
Supplemental cash flow information:      
Income taxes paid 90 21 4
Interest paid 0 15 12
Supplemental disclosure of non-cash flow information:      
Net transfer of equipment between inventory and property and equipment $ 357 $ 646 $ 472