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Credo Technology Group HoldingCRDO

Legal name
Credo Technology Group Holding Ltd
Sector
Technology
Industry
Semiconductors & Related Devices
Exchange
Nasdaq

Stock Price $CRDO

Latest filings

You are here#68 of 91 in Technology by market cap

Filing record · 2022–202610-K610-Q148-K38

CRDO filed 6 annual reports (10-K), 14 quarterly reports (10-Q) and 38 current reports (8-K) between 2022 and 2026.

  1. FY2024 annual report10-K · Jun ’24Jun ’24
  2. Leadership change8-K · Jun ’26Jun ’26

01—Key figures

Source: 10-KFY2026
Source: 10-KFY2026
Source: 10-KFY2026
Source: 10-KFY2026

Revenue Trend

Year-over-year comparison from 10-K annual reports

  7. $1.34B
YoY changeLargest recent move+126.3%in FY25Latest +205.7%

1 older move runs past ±150% (largest +205.7%); point at, tap or drag across the bars to read one.

Latest bar from 10-KFY2026Click a bar to open its SEC filing

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All CRDO Financial Metrics54 metrics

Income Statement14

Balance Sheet24

Cash Flow12

Per Share4

02—Overview

Credo Technology Group Holding Financial Overview 2022–2026

Updated Nov 3, 2026

Credo Technology Group's top line erupted by 205.7% to reach $1.3 billiona 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 billionb 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 billionc 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's largest deal to date was the $1.3 billiond DustPhotonics acquisition, completed in Q2 FY2027. It followed the $92.0 million Hyperlume purchase in Q3 FY2026. Goodwill rose to $986.4 million, and cash and short-term investments fell to $764.3 million from about $1.44 billion. The board also granted CEO William Brennan a performance award of up to 1,437,000 shares. It vests only at stock prices of $244.70 to $489.40.

Revenue climbed from $407.0 million in Q3 FY2026 to $479.0 millione in Q2 FY2027, up 9.6% sequentially. GAAP gross margin fell to 64.5% from 68.2% on $11.0 million of intangible amortization. GAAP operating expenses rose 32% to $188.4 million. Bulls point to stable 68.0% non-GAAP gross margin and Q3 FY2027 revenue guidance of $525 million to $535 million. Bears point to integration costs and GAAP net income down 23% sequentially. The stock traded at 65.8x earnings as of the September 1, 2026 report date, not today.

What to watch: DustPhotonics integration and GAAP margin recovery; whether revenue meets the $525 million to $535 million guidance

03—Filings

Recent SEC Filings

  1. 8-KCredo Technology Group Holding 8-K Report, Shareholder Vote Results (Oct 16, 2026)Credo Technology Group Holding Ltd (CRDO) has filed an 8-K report detailing the outcomes of its 2026 Annual General Meeting, held on October 12, 2026. The key information for investors revolves around the election of directors, the advisory vote on executive compensation, and the ratification of the independent auditor. All three proposals presented to shareholders received majority approval, indicating general shareholder confidence in the company's current governance and oversight. The election of Class II directors saw strong support for all nominees, with Sylvia Acevedo, Fariba Danesh, and Pantas Sutardja being duly elected to serve until the 2029 Annual General Meeting. Furthermore, shareholders provided a non-binding advisory approval for the compensation of the company's named executive officers. Finally, the proposal to ratify Ernst & Young LLP as the independent registered public accounting firm for the fiscal year ending May 1, 2027, was overwhelmingly approved, reinforcing the company's financial reporting integrity.
  2. 8-KCredo Technology Group Holding 8-K Report, Financial Results (Sep 1, 2026)Credo Technology Group (CRDO) reported first-quarter fiscal 2027 results for the quarter ended August 1, 2026, with revenue of $479.0 million, up 9.6% sequentially and 114.7% year over year. Non-GAAP net income was $236.3 million, or $1.20 per diluted share, up from $98.3 million a year earlier. GAAP net income was $129.4 million, or $0.67 per diluted share, down about 23% from $169.1 million in the prior quarter. GAAP gross margin was 64.5%, versus 68.2% in the prior quarter, largely because of $11.0 million of amortization of acquired intangibles now recorded in cost of revenue. Non-GAAP gross margin held at 68.0%. GAAP operating expenses rose about 32% sequentially to $188.4 million, driven by R&D (up about 26%) and SG&A (up about 43%). As a result, GAAP operating income fell to $120.7 million from $155.8 million, and GAAP operating margin compressed to 25.2% from 35.7%. Non-GAAP operating margin was 48.2%, versus 49.6% in the prior quarter. The balance sheet shows a major change in the quarter: goodwill rose from $92.8 million to $986.4 million and intangible assets from $29.3 million to $378.8 million, while cash and cash equivalents fell from $1,164.9 million to $466.9 million. The filing does not name the acquisition, but the size of these increases and the $10.4 million of acquisition and integration costs point to a significant deal. Cash plus short-term investments was $764.3 million, down from roughly $1.44 billion. Paid-in capital increased by about $538 million, which suggests that equity was issued, possibly as acquisition consideration. For the second quarter of fiscal 2027, management guided to revenue of $525 million to $535 million, implying roughly 10% to 12% sequential growth. Guidance also calls for GAAP gross margin of 62.9% to 64.9% and non-GAAP gross margin of 67.0% to 69.0%, with non-GAAP operating expenses of $100 million to $105 million. Investors will likely focus on whether the acquired businesses are integrating well, the durability of gross margin as amortization and inventory build continue, and the pace of operating expense growth.
  3. 8-KCredo Technology Group Holding 8-K Report, Financial Results (Jun 1, 2026)Credo reported fourth-quarter and fiscal 2026 results (ended May 2, 2026) that show very rapid growth. Q4 revenue was $437.0 million, up 7.4% sequentially and 157% year over year. Full-year revenue reached $1,335.1 million, more than triple the $436.8 million reported in fiscal 2025. Profitability scaled faster than revenue: GAAP net income was $472.3 million for the year, and non-GAAP net income was $661.5 million, or $3.46 per diluted share. Q4 GAAP gross margin was 68.2% and non-GAAP gross margin was 68.3%. Ending cash and short-term investments totaled about $1.44 billion, up from roughly $431 million a year earlier, and the balance sheet now includes goodwill of $92.8 million and intangible assets of $29.3 million, which indicates a recent acquisition. For fiscal Q1 2027, management guided revenue to $465 million to $475 million, implying roughly 6% to 9% sequential growth. Guided non-GAAP gross margin is 67% to 69%, and non-GAAP operating expenses are $86 million to $90 million. GAAP operating expenses are guided to $167.6 million to $171.6 million, which includes about $81.6 million of adjustments, mainly share-based compensation and $11.0 million of acquisition and integration costs. Investors should note that the guided sequential revenue growth is considerably slower than the Q4 pace, and that gross margin is guided modestly lower than the current level. A separate Item 5.02 disclosure describes a one-time performance-based RSU award to CEO William Brennan covering six tranches of 239,500 shares each, or 1,437,000 shares in total at target. Vesting requires both a trailing four-quarter revenue goal, rising from $2.5 billion to $7.5 billion by fiscal 2031, and a stock price goal, rising from $244.70 to $489.40. The first two tranches vest automatically if revenue reaches $5 billion during the period, regardless of stock price. The award is designed to tie CEO compensation to substantial outperformance of the strategic plan and to sustained share price appreciation. Investors should weigh the award's potential dilution against the revenue and price thresholds it sets.
  4. 8-KCredo Technology Group Holding 8-K Report, Unregistered Securities Sale (Apr 13, 2026)Credo Technology Group (CRDO) has entered into a definitive Share Purchase Agreement to acquire 100% of DustPhotonics Ltd., an Israeli fabless developer of Silicon Photonics (SiPho) photonic integrated circuits (PICs). Upfront consideration is $750 million in cash plus approximately 0.92 million Credo ordinary shares, with up to approximately 3.21 million additional shares payable as contingent consideration if certain financial milestones are met. The deal is intended to bring SiPho PIC technology in-house, which Credo says will reduce external supply dependence for its ZeroFlap Optical Transceiver platform, shorten product development cycles, and create a path to lower costs at volume. Management frames the acquisition as the catalyst for an optical inflection point, stating that the combined ZeroFlap transceivers, optical DSPs, and SiPho products are expected to generate more than $500 million in optical revenue in fiscal 2027. Credo expects the transaction to be accretive to non-GAAP EPS in fiscal 2027 and expects closing in the second quarter of calendar 2026, subject to customary conditions and regulatory approvals. The company also cites a LightCounting-based estimate that the SiPho PIC market will reach $6 billion by 2030. For investors, the key considerations are the scale of the cash outlay relative to Credo's balance sheet, the dilution from the share issuance (and potential earnout shares), execution risk in integrating a roughly 70-person team, and whether the $500 million fiscal 2027 optical revenue target and accretion expectations hold. The filing's forward-looking statements explicitly flag closing risk, integration risk, achievement of earnout milestones, and competitive developments in optical interconnect. Financial details of DustPhotonics (revenue, profitability) are not disclosed in this filing.
  5. 8-KCredo Technology Group Holding 8-K Report, Financial Results (Mar 2, 2026)Credo Technology Group (CRDO) reported record fiscal Q3 2026 results for the quarter ended January 31, 2026. Revenue was $407.0 million, up 51.9% sequentially and 201.5% year over year, and the company posted GAAP net income of $157.1 million ($0.82 diluted EPS) and non-GAAP net income of $208.8 million ($1.07 non-GAAP diluted EPS). GAAP gross margin was 68.5% and GAAP operating margin was 36.8%, versus 49.6% non-GAAP operating margin. Nine-month revenue reached $898.1 million, compared with $266.8 million a year earlier, and cash plus short-term investments totaled roughly $1.3 billion. Management highlighted continued growth in active electrical cables (AECs) and integrated circuits (ICs), plus three new multi-billion-dollar TAM expansions in ZeroFlap optics, ALCs, and OmniConnect. The fiscal Q4 2026 outlook calls for revenue of $425.0 million to $435.0 million, implying roughly 4% to 7% sequential growth. The more notable item for investors is the guided GAAP gross margin of 63.9% to 65.9%, a meaningful step down from 68.5% in the quarter just reported. The filing does not explain the drivers of this decline, so investors will likely focus on the earnings call for the reasons behind the margin guidance. GAAP operating expenses are guided to $125.5 million to $129.5 million, with non-GAAP opex of $76.0 million to $80.0 million. The balance sheet shows significant changes over the nine months. Inventories rose to $208.0 million from $90.0 million at fiscal year-end 2025, and accounts receivable increased to $243.2 million from $162.1 million. Additional paid-in capital rose to $1.63 billion from $765.2 million, a change this filing does not explain in detail; it is consistent with equity issuance and stock-based compensation. The balance sheet also includes new goodwill of $70.9 million and an intangible asset of $17.6 million, which suggests a recent acquisition not described in this excerpt. Share-based compensation is a large non-GAAP adjustment, at $52.2 million in the quarter.
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04—See also

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