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CRDO · Credo Technology Group Holding

6 filings

10-K

CRDO 10-K Annual Reports

Credo Technology Group Holding - 6 annual reports

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

2026
Credo Technology Group Holding Annual Report, Year Ended May 2, 2026
Credo Technology Group Holding Ltd (CRDO) reported a significant surge in revenue for fiscal year 2026, reaching $1.3 billion, a substantial increase from $436.8 million in fiscal year 2025. This growth was primarily driven by a dramatic increase in the volume of Active Electrical Cable (AEC) shipments to hyperscale data center customers, which contributed over 99% of the revenue increase. The company also demonstrated strong profitability, achieving a net income of $472.3 million in fiscal year 2026, a significant turnaround from a net loss in the prior year. This strong financial performance is underpinned by Credo's focus on high-speed connectivity solutions critical for AI infrastructure, leveraging its proprietary SerDes and DSP technologies. The company's strategic focus on extending its SerDes leadership, broadening its product portfolio, and acquiring new customers appears to be yielding positive results. Significant investments in research and development, totaling $279.4 million in fiscal year 2026, highlight a commitment to innovation, particularly in areas like microLED technology and memory fanout solutions to address AI memory constraints. Despite substantial revenue growth and improved profitability, investors should note the continued customer concentration, with the top 10 customers accounting for approximately 90% of revenue in fiscal year 2026, and two customers representing over 10% each. The company also executed a substantial equity raise of $736.3 million via an ATM offering to fund its growth initiatives.
Jun 15, 2026
2025
Credo Technology Group Holding Annual Report, Year Ended May 3, 2025
Credo Technology Group Holding Ltd (CRDO) reported significant revenue growth in fiscal year 2025, driven primarily by a substantial increase in product sales, particularly in Active Electrical Cables (AECs). Total revenue surged by 126.3% to $436.8 million, with product sales contributing 94.4% of this revenue, up from 75.2% in the prior year. This shift reflects a strategic move towards product-centric revenue streams, with IP license revenue decreasing to 2.9% from 14.5%. The company achieved profitability in fiscal year 2025, reporting a net income of $52.2 million, a marked improvement from a net loss of $28.4 million in fiscal year 2024. This turnaround is supported by a gross margin expansion to 64.8%, driven by economies of scale in product sales. Despite strong growth, the company continues to rely heavily on a few key customers, with one customer accounting for 67% of fiscal year 2025 revenue, highlighting a significant concentration risk. Credo is well-positioned to capitalize on the growing demand for high-speed connectivity in AI, cloud computing, and hyperscale networks. The company's investment in R&D, particularly in SerDes and DSP technologies, fuels its competitive advantage. However, investors should remain aware of the substantial customer concentration, the competitive landscape, and the ongoing investments required in R&D to maintain its market leadership.
Jul 2, 2025
2024
Credo Technology Group Holding Annual Report, Year Ended Apr 27, 2024
Credo Technology Group Holding Ltd (CRDO) reported a fiscal year 2024 revenue of $193.0 million, a slight increase from $184.2 million in fiscal year 2023. The company, a provider of high-speed and power-efficient connectivity solutions for the data infrastructure market, saw growth in product engineering services and product sales, although IP license revenue saw a decline. Despite revenue growth, the company incurred a net loss of $28.4 million in fiscal year 2024, an increase from a net loss of $16.5 million in fiscal year 2023, primarily due to significant investments in research and development. The company continues to benefit from secular tailwinds in the data infrastructure market, driven by AI/ML and increasing network traffic, positioning it to capitalize on future demand. Financially, Credo ended fiscal year 2024 with $66.9 million in cash and cash equivalents and a working capital of $485.6 million. The company's growth strategy focuses on extending its leadership in SerDes technologies, broadening its product portfolio, acquiring new customers, and deepening relationships with existing ones. A key risk remains the high customer concentration, with the top 10 customers accounting for 86% of revenue in fiscal year 2024, including two customers representing 39% and 15% respectively.
Jun 24, 2024
2023
Credo Technology Group Holding Annual Report, Year Ended Apr 29, 2023
Credo Technology Group (CRDO) reported fiscal 2023 (52 weeks ended April 29, 2023) total revenue of $184.2 million, up 73% from $106.5 million in fiscal 2022, driven mainly by a 92% jump in product sales, which were largely AEC (Active Electrical Cable) shipments ramping at its first hyperscale customer. Gross margin compressed to 57.7% from 60.1% because of the mix shift toward lower-margin product sales, while operating expenses rose as R&D grew 60% to $76.8 million and SG&A rose 38% to $48.2 million, including higher share-based compensation. The net loss narrowed to $16.5 million from $22.2 million, and the company is approaching breakeven on an operating basis (operating loss of $21.2 million, or 11.5% of revenue, versus 20.6% a year earlier). Concentration risk is the dominant issue for investors. Three customers accounted for 46%, 13% and 12% of fiscal 2023 revenue, and the top 10 represented about 90%. In February 2023 the largest customer cut its demand forecast for certain products, which management said will substantially weigh on revenue and results for fiscal 2024. Customers buy on purchase orders with no long-term volume commitments, and the company relies on TSMC as its sole wafer foundry. The balance sheet remains solid, with $217.8 million in cash and short-term investments and $297.2 million of working capital, although cash and cash equivalents fell to $108.6 million after $159.2 million was moved into certificates of deposit and $21.7 million went to capital spending. The company is also growing its IP and product pipeline, with 100G-per-lane AEC and 1.6T opportunities, AEC engagements expanded to all seven leading hyperscalers, and management pointing to AI/ML infrastructure as a significant growth driver. Investors should weigh that upside against the customer concentration, the reduced near-term outlook from the largest customer, a rising inventory balance ($46.0 million, up 68%), and PRC/Taiwan geopolitical exposure, since 53% of revenue came from mainland China.
Jun 23, 2023
2022-A
Credo Technology Group Holding Annual Report (Amendment), Year Ended Apr 30, 2022
Credo Technology Group Holding Ltd (CRDO) filed its 10-K/A on April 5, 2023, providing a comprehensive overview of its financial performance and business operations. While the provided excerpt focuses on the exhibits and financial statement schedules, it indicates the company is adhering to regulatory requirements. Investors should refer to the full 10-K/A filing for detailed financial statements, management's discussion and analysis, risk factors, and other crucial information that would offer deeper insights into the company's financial health, strategic direction, and growth prospects. The incorporation by reference of previously filed exhibits suggests a stable reporting structure.
Apr 5, 2023
2022
Credo Technology Group Holding Annual Report, Year Ended Apr 30, 2022
Credo Technology Group Holding Ltd (CRDO) reported fiscal 2022 (year ended April 30, 2022) revenue of $106.5 million, up 81.4% from $58.7 million in fiscal 2021, driven mainly by a 168% surge in product sales to $73.7 million, which is now 69% of revenue. The company remains unprofitable: net loss narrowed to $22.2 million from $27.5 million, gross margin fell to 60.1% from 65.2% as the mix shifted toward lower-margin product sales, and R&D spending rose 38% to $47.9 million. Operating cash burn was $30.8 million, but the January 2022 IPO raised roughly $194 million net, leaving $259.3 million in cash and equivalents and no debt, with management stating this is sufficient for at least the next 12 months. The investment case centers on secular demand for 100G/200G/400G/800G connectivity in hyperscale data centers, where Credo's HiWire active electrical cables (AECs) and optical DSPs are targeted. Concentration risk is significant: two customers accounted for 52% and 14% of fiscal 2022 revenue, and the top 10 customers represented about 84%. Most sales are on purchase orders without long-term commitments, and the company relies entirely on TSMC for wafer fabrication, with Taiwan geopolitical exposure. Greater China exposure is also material, with 35% of revenue from mainland China and 11% from Hong Kong, and the filing devotes extensive risk disclosure to PRC regulatory oversight, HFCAA-related delisting risk, and capital repatriation limits. For investors, the key questions are whether product revenue can keep scaling without further margin erosion, whether design wins translate into diversified customer revenue, and how much regulatory risk tied to PRC operations and the audit-inspection regime will weigh on the shares. The company is an emerging growth company, and its share price is subject to lock-up expiration and volatility.
Jun 8, 2022