Credo Technology Group Holding LtdCRDO
Credo Technology Group Holding Ltd Financial Overview 2022–2026
Updated Jul 10, 2026Credo Technology Group's top line erupted by 205.7% to reach $1.3 billion in FY2026, driven by a massive ramp-up in Active Electrical Cable shipments to hyperscale data centers. This exponential surge cements the company's successful transformation from an emerging licensing firm into a highly profitable, product-centric powerhouse capitalizing on AI infrastructure build-outs.
The sheer velocity of this pivot is stark: revenue grew from $106.5 million in FY2022 to $1.3 billion in FY2026. As production volume scaled, gross margins expanded from 60.1% in FY2022 to 68.0% in FY2026. The bottom line followed suit, flipping from a $28.4 million net loss in FY2024 to a $472.3 million net profit in FY2026. However, this growth remains heavily reliant on a small cohort of buyers, with the top 10 customers generating 90% of total revenue in FY2026. To defend its market share and diversify its connectivity solutions, Credo deployed $279.4 million into research and development and executed multiple strategic acquisitions throughout the year.
Wall Street has aggressively priced in this trajectory. At the close of FY2025, the market valued the newly profitable firm at an $8.3 billion market cap, trading at 166.4x earnings. By the end of FY2026, as net income accelerated and the company raised $736.3 million via an equity offering, the stock closed at $184.38. This pushed Credo to a $34.2 billion market cap, trading at a compressed but still premium 73.5x earnings multiple at the fiscal year's close.
Recent Developments (Q3 2026 and Q1 2027)
Credo sustained its hyper-growth momentum in Q3 2026, with revenue surging 201.5% year-over-year to $407.0 million. Operational leverage drove quarterly net income to $157.1 million, while gross margins expanded to 68.5%. To capture more of the AI infrastructure market, the company acquired Hyperlume for $92.0 million and announced a $750 million buyout of DustPhotonics in April 2026. Heading into Q1 2027, the Board granted the CEO a performance award contingent on reaching $5 billion in trailing four-quarter revenue by June 2031.
Bulls view the DustPhotonics acquisition and aggressive leadership targets as clear signals of sustained dominance in optical interconnects. However, bears warn the stock is priced for absolute perfection, trading at 103.4x earnings as of June 15, 2026, leaving zero margin for error if hyperscale data center demand cools.
What to watch: execution on the DustPhotonics integration and realization of financial milestones; quarterly pacing toward the CEO's $5 billion revenue target.
Rev
$1.34B
FY2026
NI
$472.3M
FY2026
EPS
$2.65
FY2026
OCF
$464.3M
FY2026
Year-over-year comparison from 10-K annual reports
Data from SEC Company Facts
Recent SEC Filings
Credo Technology Group Holding Ltd 8-K Report, Financial Results (Jun 1, 2026)
Credo Technology Group Holding Ltd (CRDO) has filed an 8-K detailing its fiscal year-end results and a significant equity award for its CEO. The company announced financial results for the fiscal year ended May 2, 2026, though specific figures are only referenced as being in an attached press release. Of greater immediate investor interest is the approval of a special performance-based equity award for CEO William Brennan, consisting of performance-based restricted stock units (Special PSUs). This award is intended to incentivize long-term value creation and retention, with a five-year performance period ending June 30, 2031. The Special PSUs are 100% performance-based, contingent on achieving ambitious revenue and stock price growth hurdles. The award design emphasizes substantial outperformance relative to the company's strategic plan, with the potential for Mr. Brennan to earn approximately 1.7 million Ordinary Shares upon meeting these targets, which include reaching $5 billion in trailing four-quarter revenue and significant stock price appreciation.
Credo Technology Group Holding Ltd 8-K Report, Unregistered Securities Sale (Apr 13, 2026)
Credo Technology Group Holding Ltd (CRDO) announced on April 13, 2026, a significant strategic acquisition of DustPhotonics Ltd., an Israeli company specializing in optical interconnect solutions. The deal involves upfront consideration of $750 million in cash and approximately 0.92 million CRDO ordinary shares. Additionally, there's a potential for contingent consideration of up to 3.21 million ordinary shares, contingent on the achievement of specific financial milestones, indicating management's confidence in future performance. This acquisition is expected to bolster Credo's product portfolio and expand its reach in the optical interconnect market. The issuance of new shares for this acquisition is being conducted under exemptions from registration requirements, specifically Section 4(a)(2) and Regulation D/S, with recipients granted customary piggyback registration rights. Investors should note the forward-looking nature of statements related to this acquisition and potential future performance, with inherent risks and uncertainties as detailed in the filing.
Credo Technology Group Holding Ltd 8-K Report, Financial Results (Mar 2, 2026)
Credo Technology Group Holding Ltd (CRDO) has filed an 8-K report on March 2, 2026, to announce its financial results for the fiscal quarter ended January 31, 2026. While the full details of the financial performance are contained within the furnished press release (Exhibit 99.1), this filing primarily serves as a notification mechanism for the market. Investors should refer to the press release for critical information regarding revenue, profitability, and any forward-looking guidance provided by the company. It is important to note that the information provided in this Item 2.02 is not considered "filed" for regulatory purposes, meaning it does not carry the same liability under Section 18 of the Exchange Act as formally filed financial statements. However, it remains a key source for timely updates on the company's financial standing.
Credo Technology Group Holding Ltd 8-K Report, Financial Results (Feb 9, 2026)
Credo Technology Group Holding Ltd (CRDO) has issued a press release on February 9, 2026, providing an important update regarding its financial performance. The company preannounced unaudited revenue results for the third quarter of fiscal year 2026, indicating a significant development in its financial reporting cycle. Furthermore, Credo has updated its previously issued sequential revenue growth guidance for the fourth quarter of fiscal year 2026. Investors should closely examine the details within the attached press release (Exhibit 99.1) to understand the magnitude of these updates and their potential implications for the company's future performance and valuation. This preannouncement suggests a proactive approach to informing stakeholders about key financial metrics ahead of the official earnings release.
Credo Technology Group Holding Ltd 8-K Report, Exhibit Filing (Dec 1, 2025)
Credo Technology Group Holding Ltd (CRDO) has filed an 8-K on December 1, 2025, to report its financial results for the fiscal quarter ended November 1, 2025. The primary purpose of this filing is to furnish the accompanying press release (Exhibit 99.1) which contains the detailed financial outcomes. Investors should note that this information, while important for understanding the company's performance, is furnished and not deemed "filed" under Section 18 of the Exchange Act. This means it is not subject to the liabilities associated with formal SEC filings for the purpose of determining liability for misstatements or omissions. This report serves as the official channel for disseminating the company's quarterly financial performance to the public. Investors and analysts will need to refer to Exhibit 99.1 for the specific revenue, profitability, and other key financial metrics. The filing also includes the interactive data file for the cover page, facilitating easier data extraction and analysis. While the 8-K itself is procedural, the press release it incorporates will contain the substantive operational and financial insights investors require.
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