CRDO · Credo Technology Group Holding

58 filings

CRDO SEC Filings

Credo Technology Group Holding - 58 total filings

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

Showing 1–50 of 58 filings

Credo 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.

Oct 16, 2026 10-Q

Credo Technology Group Holding Quarterly Report for Q2 Ended Aug 1, 2026

Credo Technology Group Holding Ltd reported a strong second quarter for fiscal year 2027, with revenue nearly doubling year-over-year to $479 million, driven primarily by a significant increase in the volume of Active Electrical Cable (AEC) product shipments to hyperscale data center customers. Net income also saw substantial growth, reaching $129.4 million, up from $63.4 million in the prior year's comparable quarter. This robust performance reflects the increasing demand for high-speed connectivity solutions in AI infrastructure. The company made significant strategic acquisitions during the period, notably DustPhotonics for $1.3 billion, to enhance its vertically integrated connectivity offerings. While these acquisitions, along with increased R&D and SG&A expenses, have led to a substantial increase in goodwill and intangible assets, the company maintains a strong liquidity position with $466.9 million in cash and cash equivalents and positive operating cash flow of $90.2 million. Despite a slight decrease in gross margin due to amortization of acquired intangibles, the overall financial health and growth trajectory appear positive, supported by strategic investments in AI-driven markets.

Sep 2, 2026 8-K

Credo 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.

Sep 1, 2026 10-K

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 8-K

Credo 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.

Jun 1, 2026 8-K

Credo 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.

Apr 13, 2026 10-Q

Credo Technology Group Holding Quarterly Report for Q3 Ended Jan 31, 2026

Credo Technology Group Holding Ltd (CRDO) reported a highly successful third quarter for fiscal year 2026, demonstrating exceptional top-line growth and a significant improvement in profitability. Revenue surged by over 200% year-over-year, driven by a substantial ramp-up in Active Electrical Cable (AEC) product shipments, particularly to hyperscale data center customers. This robust revenue growth, coupled with improved economies of scale, led to a significant expansion in gross margin, which increased by approximately 4.9 percentage points. The company also achieved substantial profitability growth, with net income increasing dramatically compared to the prior year's period. While operating expenses, particularly in Research & Development and Selling, General & Administrative, have increased in absolute terms to support growth and acquisitions, they have decreased as a percentage of revenue, indicating strong operational leverage. The company ended the quarter with a strong cash position and positive operating cash flow, reflecting its robust financial health and ability to fund future growth initiatives, including a recent acquisition to bolster its optical interconnect solutions.

Mar 3, 2026 8-K

Credo 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.

Mar 2, 2026 8-K

Credo Technology Group Holding 8-K Report, Financial Results (Feb 9, 2026)

On February 9, 2026, Credo Technology Group Holding Ltd (Nasdaq: CRDO) issued a preliminary update (furnished under Item 2.02, not deemed filed) announcing unaudited third quarter fiscal 2026 revenue of $404 million to $408 million. That range sits above the high end of the company's prior guidance of $335 million to $345 million, a beat of roughly $60 million at the midpoint versus the top of the range, or about 17-22% above the prior guidance band. The company also updated its outlook, now expecting sequential revenue growth in the mid-single digits through the end of fiscal 2026 and into fiscal 2027, with full-year fiscal 2026 revenue growth exceeding 200% year over year. Investors should weigh the preliminary nature of these figures. The numbers are unaudited, the quarter's financial statements are not yet complete, and the company's auditor has not reviewed them. The release explicitly states the estimates are not a substitute for GAAP financial statements. Full third quarter results, including gross margin, operating income, EPS, and fourth quarter commentary, are scheduled for release after market close on March 2, 2026, with a conference call at 2:00 p.m. Pacific Time that day. The filing signals strong demand for Credo's connectivity products, which serve AI data infrastructure. The beat and raised outlook suggest momentum, but the guidance is qualitative for the fourth quarter (mid-single-digit sequential growth rather than a dollar range), and the release contains standard forward-looking statement risk warnings. Investors should look for details on margins, customer concentration, and the drivers of the revenue upside when the full results are released.

Feb 9, 2026 10-Q

Credo Technology Group Holding Quarterly Report for Q3 Ended Nov 1, 2025

Credo Technology Group Holding Ltd reported a strong financial performance for the six months ended November 1, 2025, showcasing significant year-over-year growth. Total revenue more than tripled to $491.1 million, primarily driven by a substantial increase in product sales, particularly Active Electrical Cables (AECs) to hyperscale data center customers. The company also achieved profitability, with net income reaching $146.0 million for the period, a stark contrast to the net loss reported in the prior year. Financially, Credo strengthened its balance sheet with a significant increase in cash and cash equivalents to $567.6 million, bolstered by a successful At-The-Market (ATM) offering that raised $384.6 million in net proceeds. The company also completed a strategic acquisition of Hyperlume, Inc., aimed at expanding its microLED technology portfolio for chip-to-chip communication, adding goodwill and intangible assets to its balance sheet. Despite increased operating expenses related to growth and share-based compensation, the company maintained a healthy gross margin of 67.5% and demonstrated improved operating leverage.

Dec 2, 2025 8-K

Credo Technology Group Holding 8-K Report, Exhibit Filing (Dec 1, 2025)

Credo reported fiscal Q2 2026 (ended November 1, 2025) revenue of $268.0 million, up 20.2% sequentially and 272.1% year over year, and described it as the strongest quarter in the company's history. Product sales were $261.3 million and IP license revenue $6.7 million. GAAP gross margin was 67.5% and non-GAAP gross margin 67.7%. GAAP operating income was $78.8 million (29.4% margin), and GAAP net income was $82.6 million, or $0.44 per diluted share. Non-GAAP net income was $127.8 million, or $0.67 per diluted share. Cash and short-term investments rose to $813.6 million from roughly $431 million at fiscal year-end May 3, 2025. The Q3 FY2026 outlook calls for revenue of $335.0 million to $345.0 million, implying roughly 25% to 29% sequential growth at the midpoints. Management guided GAAP gross margin to 63.8% to 65.8% and non-GAAP gross margin to 64.0% to 66.0%, a decline of about 2 to 3 points from Q2 at the midpoint. Non-GAAP operating expenses are guided to $68.0 million to $72.0 million, up from $57.3 million in Q2, and GAAP operating expenses to $116.0 million to $120.0 million. Investors should watch whether revenue growth continues to outpace the step-up in expenses and the margin compression. The balance sheet shows a working-capital build alongside the growth. Accounts receivable rose to $245.2 million from $162.1 million and inventories to $150.2 million from $90.0 million, while shareholders' equity increased to $1.29 billion, largely from additional paid-in capital growing to $1.22 billion. New goodwill ($68.9 million) and intangible assets ($17.1 million) appeared on the balance sheet, indicating an acquisition during the period, though the filing excerpt does not name it. The company also cited upcoming ramps of its ZeroFlap Optics, ALC and OmniConnect gearbox products as drivers of growth through fiscal 2026 and beyond.

Dec 1, 2025 8-K

Credo Technology Group Holding 8-K Report, Executive Changes (Oct 29, 2025)

Credo Technology Group Holding Ltd (CRDO) announced a change in its Board of Directors through an 8-K filing on October 29, 2025. Lip-Bu Tan has resigned from the Board, a departure noted to be without disagreement regarding the Company's operations or policies. This vacancy has been filled by the appointment of Brian Kelleher as a Class III director, effective October 27, 2025. Mr. Kelleher brings a wealth of experience to Credo's Board, having served in senior hardware engineering leadership roles at NVIDIA for nearly two decades, including leading GPU product development. His extensive background in hardware engineering, dating back to founding Dynamic Pictures and his tenure at Digital Equipment Corp., is expected to be valuable to the Company. Mr. Kelleher has been deemed an independent director and will be compensated according to the Company's standard non-employee director compensation policy.

Oct 29, 2025 8-K

Credo Technology Group Holding 8-K Report, Shareholder Vote Results (Oct 16, 2025)

Credo Technology Group Holding Ltd (CRDO) filed an 8-K report on October 16, 2025, detailing the results of its 2025 Annual General Meeting held on October 13, 2025. The meeting focused on shareholder votes regarding director elections, executive compensation, and the ratification of the independent auditor. Overall, the outcomes indicate strong shareholder support for the company's current leadership and governance practices. The key outcomes show that all three nominated Class I directors were successfully elected to serve until the 2028 Annual General Meeting. Additionally, shareholders approved, on an advisory basis, the compensation of the named executive officers. Finally, the selection of Ernst & Young LLP as the company's independent registered public accounting firm for the upcoming fiscal year was ratified, reflecting confidence in the external audit process.

Oct 16, 2025 8-K

Credo Technology Group Holding 8-K Report, Corporate Update (Oct 7, 2025)

Credo Technology Group Holding Ltd. has announced an "at-the-market" equity offering program, entering into an Equity Distribution Agreement with Goldman Sachs & Co. LLC. This agreement allows Credo to sell up to $750 million of its ordinary shares over time. The sales will be conducted through ordinary brokers' transactions on Nasdaq or other trading venues, or through market makers, offering flexibility in how the shares are distributed. This move suggests the company is looking to raise capital opportunistically, potentially to fund growth initiatives, acquisitions, or for general corporate purposes.

Oct 7, 2025 10-Q

Credo Technology Group Holding Quarterly Report for Q2 Ended Aug 2, 2025

Credo Technology Group Holding Ltd. reported a significantly strong first quarter for fiscal year 2026, with total revenue soaring to $223.1 million, a remarkable 273.6% increase year-over-year. This surge was predominantly driven by a 278.6% rise in product sales revenue, largely attributed to the ramp-up of their Active Electrical Cable (AEC) solutions for hyperscale data centers. The company successfully transitioned from a net loss of $9.5 million in the prior year's comparable quarter to a net income of $63.4 million, marking a significant improvement in profitability. Gross margin also expanded by 5.0 percentage points to 67.4%, benefiting from improved economies of scale. Despite substantial increases in operating expenses, particularly in R&D and SG&A due to higher share-based compensation and personnel costs, the company's revenue growth outpaced these increases, leading to a healthy operating income of $60.7 million. The balance sheet shows a strong liquidity position with total assets reaching $905.2 million and a substantial working capital of $695.2 million. Management expressed confidence in the company's ability to meet its financial needs for at least the next 12 months, supported by existing cash reserves and operating cash flow generation.

Sep 4, 2025 8-K

Credo Technology Group Holding 8-K Report, Financial Results (Sep 3, 2025)

Credo Technology Group (CRDO) reported first-quarter fiscal 2026 results (quarter ended August 2, 2025) with revenue of $223.1 million, up 274% year over year and 31% sequentially. GAAP gross margin was 67.4% and non-GAAP gross margin was 67.6%. GAAP net income was $63.4 million, or $0.34 per diluted share, and non-GAAP net income was $98.3 million, or $0.52 per diluted share. GAAP operating income of $60.7 million (27.2% margin) was roughly 2.9x the prior quarter's level and well above the $(14.5) million loss a year earlier. Cash and short-term investments totaled $479.6 million at quarter end, up from $431.3 million in early May 2025, and shareholders' equity rose to $781.4 million. The outlook for the second quarter (ended November 1, 2025) calls for revenue of $230.0 million to $240.0 million, implying roughly 3% to 8% sequential growth at the midpoint, a sharp deceleration from the 31% sequential gain in Q1. Management guided GAAP gross margin down to 63.5% to 65.5% (non-GAAP 64.0% to 66.0%), and GAAP operating expenses up to $96.0 million to $98.0 million, with share-based compensation expected to rise to about $40 million. Investors will want to weigh the strong profitability and balance sheet against the guided slowdown in top-line growth and margin compression. The balance sheet shows some working-capital build. Inventories rose about 30% sequentially to $116.7 million and accounts receivable rose about 12% to $181.2 million, while accounts payable were roughly flat. Share-based compensation was $35.5 million in the quarter, about 40% of GAAP operating expenses, and is the main reconciling item between GAAP and non-GAAP results. Management characterizes growth as driven by deep partnerships with hyperscalers and key customers, with an expectation of continued revenue growth and customer, protocol, and application diversification.

Sep 3, 2025 10-K

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 8-K

Credo Technology Group Holding 8-K Report, Financial Results (Jun 2, 2025)

Credo Technology Group Holding Ltd (Nasdaq: CRDO) reported record fourth quarter and full fiscal 2025 results (fiscal year ended May 3, 2025). Q4 revenue was $170.0 million, up 25.9% sequentially and 179.7% year over year, driven by product sales of $164.5 million. GAAP gross margin was 67.2% and non-GAAP gross margin 67.4%. GAAP operating income was $33.8 million (19.9% margin), and GAAP net income was $36.6 million, or $0.20 per diluted share. Non-GAAP net income was $65.3 million, or $0.35 per diluted share. For the full year, revenue rose 126% to $436.8 million, GAAP net income swung to $52.2 million from a $28.4 million loss, and GAAP operating income reached $37.1 million versus a $37.1 million loss in the prior year. The quarter's profitability was supported by strong operating leverage, but investors should note that GAAP operating expenses rose sharply to $80.4 million, with share-based compensation of $27.5 million in Q4 accounting for most of the gap between GAAP and non-GAAP operating expenses. Balance sheet strength improved: cash and short-term investments totaled $431.3 million at year-end. Accounts receivable ($162.1 million, up from $59.7 million) and inventories ($90.0 million, up from $25.9 million) grew much faster than revenue, which warrants monitoring of working capital and collection trends. For the first quarter of fiscal 2026, management guided revenue of $185.0 million to $195.0 million, GAAP gross margin of 63.4% to 65.4%, and GAAP operating expenses of $88.3 million to $90.3 million. The guidance implies continued growth but a modest step-down in gross margin from the Q4 level. Management attributed results to surging hyperscaler demand for AI infrastructure connectivity, a trend it expects to persist. The filing references the company's fiscal 2024 Form 10-K for risk factors, and forward-looking statements carry standard uncertainty.

Jun 2, 2025 8-K

Credo Technology Group Holding 8-K Report, Executive Changes (Mar 24, 2025)

Credo Technology Group Holding Ltd (CRDO) has announced significant changes to its Board of Directors, effective March 19-20, 2025. David Zinsner has resigned from the Board, a move stated to be without disagreement with the company. Concurrently, Lip-Bu Tan, while remaining on the Board, has stepped down as Chairman. These transitions have led to key leadership appointments aimed at maintaining board governance and independence.

Mar 24, 2025 10-Q

Credo Technology Group Holding Quarterly Report for Q3 Ended Feb 1, 2025

Credo Technology Group Holding Ltd (CRDO) reported a strong third quarter for fiscal year 2025, showcasing significant revenue growth and a return to profitability. Total revenue surged by 154.4% year-over-year to $135.0 million, driven predominantly by a substantial increase in product sales, particularly Active Electrical Cables (AECs) to a hyper-scaler customer. This robust top-line performance translated into a healthy gross profit of $85.9 million, with gross margin improving to 63.6% from 61.4% in the prior year period. The company also achieved a significant turnaround in profitability, reporting a net income of $29.4 million, a stark contrast to the nominal net income in the prior year's quarter and a net loss in the comparable nine-month period. Despite increased investments in Research and Development (R&D) and Selling, General, and Administrative (SG&A) expenses, driven by hiring and share-based compensation, the company managed to improve its operating income. The balance sheet remains strong, with cash and cash equivalents nearly quadrupling to $299.2 million from $66.9 million at the prior fiscal year-end, indicating sound liquidity. Investors should note the continued customer concentration, with a few customers accounting for a significant portion of revenue, and the company's ongoing investment in growth initiatives.

Mar 10, 2025 8-K

Credo Technology Group Holding 8-K Report, Financial Results (Mar 4, 2025)

Credo Technology Group (CRDO) reported third quarter fiscal 2025 results (quarter ended February 1, 2025) that marked a sharp inflection in the business. Revenue reached a record $135.0 million, up 87.4% sequentially and 154.4% year over year, driven primarily by its AEC (Active Electrical Cable) product line. GAAP gross margin was 63.6% and GAAP operating income swung to $26.2 million (19.4% margin) from a loss of $8.4 million in the prior quarter. GAAP diluted EPS was $0.16 versus a $0.03 loss in the prior quarter, while non-GAAP diluted EPS was $0.25. Beneath the headline growth, investors should note that operating expenses rose sharply, with GAAP opex of $59.7 million (up from $53.9 million sequentially) and share-based compensation representing a large share of total opex (about $16.0 million in the quarter). The gap between GAAP and non-GAAP results is largely driven by this stock compensation. Balance sheet activity also shows a notable increase in accounts receivable to $157.1 million from $59.7 million at fiscal year-end April 2024, and inventories rising to $53.2 million, which signals heavy working capital needs as volumes scale. Cash and short-term investments totaled $379.2 million. Management guided fourth quarter fiscal 2025 revenue to $155.0 million to $165.0 million, with GAAP gross margin of 62.7% to 64.7% and GAAP operating expenses of $73.0 million to $75.0 million. The outlook implies continued sequential growth but also a further step-up in operating costs, so investor focus will likely center on whether revenue durability holds, customer concentration in AEC demand, and margin sustainability as spending increases.

Mar 4, 2025 10-Q

Credo Technology Group Holding Quarterly Report for Q3 Ended Nov 2, 2024

Credo Technology Group Holding Ltd (CRDO) reported a significant increase in revenue for the six months ended November 2, 2024, up 66.5% year-over-year to $131.7 million. This growth was primarily driven by a substantial rise in product sales, up 84.0% to $118.3 million, indicating strong market adoption of their connectivity solutions, particularly in AEC and Optical products. Despite revenue growth, the company reported a net loss of $13.8 million for the six-month period, a slight improvement from the $18.3 million net loss in the prior year. The company also saw a decrease in IP license revenue. The balance sheet shows a healthy increase in cash and cash equivalents to $239.2 million from $66.9 million at the start of the fiscal year, suggesting solid cash generation and management. Operating expenses, particularly R&D and SG&A, have increased year-over-year, reflecting investments in product development and growth initiatives. The company believes its current cash position is sufficient for at least the next 12 months, but notes potential future financing needs. Investors should note the continued revenue concentration from a few key customers, although the company expects this to decrease with broader adoption. The company's focus on high-speed connectivity solutions for the data infrastructure market, driven by AI, appears to be translating into strong top-line growth, but profitability remains a key area for future improvement.

Dec 3, 2024 8-K

Credo Technology Group Holding 8-K Report, Financial Results (Dec 2, 2024)

Credo Technology Group (CRDO) reported fiscal Q2 2025 results (quarter ended November 2, 2024) with record revenue of $72.0 million, up 20.6% sequentially and 63.6% year over year. Product sales of $64.4 million drove the growth, while IP license revenue fell to $3.0 million from $7.4 million a year earlier. Gross margin was 63.2% on a GAAP basis and 63.6% non-GAAP. The company's GAAP operating loss narrowed to $8.4 million from $14.5 million in the prior quarter, and GAAP net loss was $4.2 million, or $(0.03) per share. Non-GAAP net income was $12.3 million, or $0.07 per diluted share. The gap between GAAP and non-GAAP results is driven mainly by share-based compensation of about $16.7 million per quarter, which is large relative to revenue. Management said the company has reached the revenue inflection point it had anticipated for the second half of fiscal 2025, citing AI deployments and deeper customer relationships. The third quarter outlook calls for revenue of $115.0 million to $125.0 million, a midpoint of roughly 67% sequential growth. Guided GAAP gross margin is 60.6% to 62.6%, and GAAP operating expenses are $58.6 million to $60.6 million. The guidance implies a meaningful step-down in gross margin from the current quarter, which investors will want to understand. The balance sheet strengthened, with cash and short-term investments of $383.0 million, up from $410.0 million at fiscal year-end on a combined basis, though the mix shifted toward cash. Accounts receivable rose to $81.8 million from $59.7 million and inventory to $36.3 million from $25.9 million, so working capital absorbed cash as revenue scaled. Investors should weigh the strong top-line momentum and forward guidance against continued GAAP losses, heavy stock-based compensation, and the working capital build.

Dec 2, 2024 8-K

Credo Technology Group Holding 8-K Report, Shareholder Vote Results (Oct 22, 2024)

Credo Technology Group Holding Ltd (CRDO) filed an 8-K on October 22, 2024, reporting on the outcomes of its 2024 Annual General Meeting held on October 21, 2024. The key takeaway for investors is the strong shareholder support for all proposals presented, indicating alignment between management and its owners on critical governance and operational matters. Specifically, all three Class III director nominees were elected, the executive compensation was approved on an advisory basis, the amended and restated employee stock purchase plan received shareholder approval, and Ernst & Young LLP was ratified as the independent registered public accounting firm for the upcoming fiscal year. The overwhelming 'for' votes across all resolutions signal confidence in the company's leadership and strategic direction.

Oct 22, 2024 10-Q

Credo Technology Group Holding Quarterly Report for Q2 Ended Aug 3, 2024

Credo Technology Group Holding Ltd (CRDO) reported a significant increase in revenue for the three months ended August 3, 2024, reaching $59.7 million, a 70.1% jump year-over-year, primarily driven by strong performance in product sales, notably Active Electrical Cables (AECs). Despite this revenue growth, the company continued to incur net losses, amounting to $9.5 million for the quarter, compared to $11.7 million in the prior year period. This indicates ongoing investment in research and development and selling, general, and administrative expenses, which increased substantially, particularly due to higher share-based compensation and personnel costs. The balance sheet shows a healthier cash position, with cash and cash equivalents rising to $103.9 million from $66.9 million in the previous quarter, supported by positive net cash from investing activities. However, operating cash flow was negative, a key area for investors to monitor. The company reiterates its belief that current cash and working capital are sufficient for at least the next 12 months. Investors should closely watch the company's path to profitability and its ability to manage increasing operating expenses while scaling revenue.

Sep 5, 2024 8-K

Credo Technology Group Holding 8-K Report, Financial Results (Sep 4, 2024)

Credo Technology Group (CRDO) reported first-quarter fiscal 2025 results for the quarter ended August 3, 2024. Revenue was $59.7 million, up 70% year over year from $35.1 million, driven by product sales of $53.8 million (up roughly 79% year over year). Management cited AI infrastructure deployments as the main catalyst and described product revenue of $57.3 million (product sales plus product engineering services) as a record. On a sequential basis, total revenue was roughly flat to slightly down from $60.8 million, because IP license revenue fell sharply from $16.6 million to $2.4 million. Product revenue rose about 30% sequentially, which offset the drop in licensing. Profitability was mixed. GAAP gross margin was 62.4%, down from 65.8% in the prior quarter but up from 59.2% a year earlier. GAAP operating expenses rose to $51.7 million, and GAAP net loss widened to $(9.5) million, or $(0.06) per share, compared with a $(10.5) million loss in the prior quarter. Share-based compensation of $16.6 million was the main reason GAAP results trailed non-GAAP results, which showed net income of $7.0 million ($0.04 per diluted share). Cash and short-term investments totaled $398.6 million at quarter end, and the balance sheet expanded as property and equipment rose from $43.7 million to $70.2 million and accounts payable rose from $13.4 million to $38.5 million. For fiscal Q2 2025, management guided revenue of $65.0 million to $68.0 million, which implies roughly 9% to 14% sequential growth. Guidance also calls for GAAP gross margin of 61.3% to 63.3% and GAAP operating expenses of $51.3 million to $53.3 million. Investors will likely focus on whether product revenue growth can sustain the sequential trajectory, whether licensing revenue stabilizes, and whether operating expenses and share-based compensation can be kept in check as the company scales.

Sep 4, 2024 8-K

Credo Technology Group Holding 8-K Report, Corporate Update (Aug 12, 2024)

Credo Technology Group Holding Ltd (CRDO) announced a significant leadership change in its legal department via an 8-K filing on August 12, 2024. James Laufman is set to join the company as the new Chief Legal Officer (CLO) and Secretary, effective August 19, 2024. This appointment is a key event for investors as it brings new legal leadership into a critical executive role within the company. The transition indicates ongoing strategic adjustments within Credo's management team, aiming to strengthen its corporate governance and legal operations.

Aug 12, 2024 10-K

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 8-K

Credo Technology Group Holding 8-K Report, Financial Results (May 29, 2024)

Credo Technology Group (CRDO) reported fourth-quarter and full-year fiscal 2024 results (quarter ended April 27, 2024). Q4 revenue was $60.8 million, up 89.4% year over year from $32.1 million, but up only about 15% sequentially from $53.1 million. The jump was driven by IP license revenue of $16.6 million, versus $1.3 million in the prior quarter, and product sales of $40.8 million, up 71% year over year. Management attributed the full-year record revenue of $193.0 million (up 4.8% from $184.2 million) mainly to customer AI deployments. Full-year profitability improved sharply on a non-GAAP basis, with non-GAAP net income of $14.6 million ($0.09 per diluted share) versus $8.7 million a year earlier. On a GAAP basis, the company still posted a full-year net loss of $28.4 million ($0.18 per share), and Q4 GAAP net loss was $10.5 million, held back by a $7.8 million tax provision despite a pre-tax loss. Cash and short-term investments were $410.0 million at year-end. The guidance for Q1 fiscal 2025 signals a flat-to-down quarter. Revenue is expected at $58.0 million to $61.0 million (midpoint $59.5 million, roughly 2% below Q4), and non-GAAP gross margin is expected at 63.0% to 65.0%, below Q4's 66.1%. Non-GAAP operating expenses are guided to $35.0 million to $37.0 million, up from $32.7 million in Q4. Because Q4 was lifted by a large, likely non-recurring IP license contribution, investors should look past the headline 89% growth and focus on whether product sales can sustain growth as AI-related demand builds. Balance sheet changes warrant attention as well. Shareholders' equity rose to $540.2 million, mainly on additional paid-in capital growth from share issuance and share-based compensation, and basic weighted average shares rose about 10% year over year to 163.7 million in Q4. Inventory fell sharply to $25.9 million from $46.0 million, while accounts receivable and contract assets increased. Share-based compensation of $39.0 million for the year, which is excluded from non-GAAP results, remains a material cost to shareholders.

May 29, 2024 8-K

Credo Technology Group Holding 8-K Report, Executive Changes (Apr 2, 2024)

Credo Technology Group Holding Ltd (Nasdaq: CRDO) filed an 8-K on April 2, 2024 to disclose the appointment of Clyde Hosein to its Board of Directors. The Board increased its size from eight to nine directors on April 1, 2024, and named Mr. Hosein a Class III director effective April 3, 2024, with his term expiring at the 2024 annual meeting. The Board determined he is independent under Nasdaq rules, and he joined the audit committee. The filing is a governance event rather than a financial disclosure, and it contains no earnings, guidance, or financial results. Mr. Hosein brings more than 25 years of CFO experience. His background includes serving as CFO of AliveCor, Automation Anywhere, and RingCentral, as well as CFO and COO roles at Marvell Technology. He currently sits on the boards of Dentsply Sirona and Wolfspeed. For investors, the appointment signals a stronger finance and audit oversight function, which the company's CEO framed as a commitment to financial stewardship. The filing does not indicate any change in strategy or operations. Compensation is modest and standard for a non-employee director. Hosein receives a $50,000 annual cash retainer, a $10,000 audit committee retainer, an initial equity award of $350,000 vesting over three years, and an annual RSU grant of $175,000. He is also expected to sign an indemnification agreement. The filing reports no related-party transactions or family relationships involving him.

Apr 2, 2024 10-Q

Credo Technology Group Holding Quarterly Report for Q3 Ended Jan 27, 2024

Credo Technology Group Holding Ltd (CRDO) reported its third-quarter fiscal year 2024 results, showing a slight sequential revenue decrease but highlighting a significant shift in revenue mix towards higher-margin product engineering services. Total revenue for the quarter was $53.1 million, down 2.2% year-over-year, primarily due to a substantial decline in IP license revenue, which was partially offset by growth in product sales and a strong increase in product engineering services. The nine-month revenue also declined year-over-year, largely driven by lower product sales and IP license revenue, despite an increase in product engineering services. Despite the revenue dip, the company's gross margin improved to 61.4% for the quarter, up from 58.9% in the prior year period, driven by the favorable shift in revenue mix towards higher-margin services and improved product sales margins. Financially, the company ended the period with $96.1 million in cash and cash equivalents and positive working capital of $471.2 million. The company also successfully completed a follow-on public offering in December 2023, raising $173.4 million in net proceeds, strengthening its liquidity position. While the company experienced an operating loss for the quarter, the net income for the three-month period was positive at $0.4 million. Looking ahead, Credo anticipates its current cash and equivalents will be sufficient to meet its needs for at least the next 12 months.

Feb 28, 2024 8-K

Credo Technology Group Holding 8-K Report, Financial Results (Feb 27, 2024)

Credo Technology Group Holding Ltd (CRDO) reported results for its fiscal third quarter 2024, ended January 27, 2024. Revenue was $53.1 million, up 20% from $44.0 million in the prior quarter but down from $54.3 million a year earlier. GAAP net income was $0.4 million, or $0.00 per diluted share, compared with a GAAP net loss of $6.6 million in the prior quarter. Non-GAAP net income was $6.3 million, or $0.04 per diluted share. GAAP gross margin improved to 61.4% from 59.3% sequentially, and GAAP operating loss narrowed to $5.9 million from $8.9 million. The revenue mix shifted notably. Product sales rose to $40.0 million from $34.2 million, and product engineering services rose to $11.8 million from $2.4 million. IP license revenue fell to $1.3 million from $7.4 million in the prior quarter and $12.6 million a year ago, so the quarter's growth came from product and engineering work rather than licensing. Other income of $4.3 million, largely from interest on the company's investments, was a meaningful contributor to pre-tax results. Cash, cash equivalents and short-term investments totaled $409.1 million, and total shareholders' equity rose to $534.0 million, partly reflecting an increase in additional paid-in capital from $454.8 million to $659.2 million. For the fourth quarter of fiscal 2024, management guided revenue to $59.0 million to $62.0 million, GAAP gross margin to 63.2% to 65.2%, and GAAP operating expenses to $44.0 million to $46.0 million. Non-GAAP operating expenses are guided to $33.0 million to $35.0 million, with share-based compensation of about $11.0 million as the main difference. Investors will want to watch whether the guided revenue growth holds, whether IP license revenue stabilizes, and whether operating expense growth outpaces revenue. The filing is an 8-K furnishing an earnings press release under Item 2.02, so the information is not deemed filed under Section 18 of the Exchange Act.

Feb 27, 2024 8-K

Credo Technology Group Holding 8-K Report, Executive Changes (Jan 9, 2024)

Credo Technology Group Holding Ltd (Nasdaq: CRDO) filed this Form 8-K on January 9, 2024 to disclose a senior leadership transition in its legal function. General Counsel and Secretary Adam Thorngate-Gottlund, who has held the role since 2016, notified the company on January 3, 2024 that he will step down effective January 25, 2024. The company simultaneously announced that Katherine (Kate) E. Schuelke will join as Chief Legal Officer and Corporate Secretary effective January 26, 2024, creating a one-day overlap to support the handover. The filing contains no financial results, guidance, or material operational updates. Its investor relevance is primarily governance-related: the incoming executive brings more than 30 years of legal experience, including serving as CLO of Seagate Technology, where she oversaw legal, global security, and government relations functions. She also previously served as SVP, General Counsel and Secretary at Altera, which was acquired by Intel, and currently sits on the board of SiTime Corporation. The filing does not disclose compensation terms for either executive, so no change to executive pay can be assessed from this document. From an investor standpoint, this is a routine, orderly executive transition with a planned handoff rather than an abrupt departure, which generally signals limited operational risk. The company's CEO, Bill Brennan, framed the hire around growth in AI, high-performance compute, and hyperscale data center demand, suggesting the appointment is intended to support the company's scaling as a connectivity solutions provider. Investors may wish to monitor future proxy or compensation disclosures for details on the new officer's terms.

Jan 9, 2024 8-K

Credo Technology Group Holding 8-K Report, Corporate Update (Dec 8, 2023)

Credo Technology Group Holding Ltd (CRDO) announced the closing of its public offering of ordinary shares on December 8, 2023. The offering involved the sale of 8,940,000 ordinary shares by the Company and 1,060,000 ordinary shares by selling shareholders, all at a price of $17.50 per share. Notably, the underwriters fully exercised their option to purchase an additional 1,500,000 ordinary shares from the Company, indicating strong demand for the offering. This successful completion of the offering, including the exercise of the overallotment option, suggests positive investor sentiment towards Credo Technology. The funds raised will likely strengthen the company's financial position, potentially supporting its growth initiatives and strategic investments in the high-speed connectivity market. Investors should monitor how the company deploys these additional capital resources.

Dec 8, 2023 8-K

Credo Technology Group Holding 8-K Report, Material Agreement (Dec 6, 2023)

On December 5, 2023, Credo Technology Group Holding Ltd (Nasdaq: CRDO) priced an underwritten public offering of 10,000,000 ordinary shares at $17.50 per share, for total gross proceeds of $175.0 million before underwriting discounts and offering expenses. Of the shares, 8,940,000 are being sold by the company and 1,060,000 by existing shareholders. The company's gross proceeds are $156.5 million, and the selling shareholders' gross proceeds are $18.6 million. The company receives none of the selling shareholders' proceeds. The offering is expected to close on or about December 8, 2023, subject to customary closing conditions. Goldman Sachs & Co. LLC is lead book-running manager, with Barclays, Needham, Stifel and Mizuho as book-running managers. The offering is being made under an automatically effective Form S-3 shelf registration statement filed on December 5, 2023, which allows Credo to raise capital quickly without a separate registration review. The underwriters also hold a 30-day option to buy up to 1,500,000 additional shares from the company. If fully exercised at $17.50, this would add up to roughly $26.3 million in gross proceeds to Credo before discounts. The filing does not disclose the use of proceeds, the pre-offering share count, or the resulting dilution, so investors will need the prospectus supplement and subsequent filings for those figures. For investors, the key points are the size of the raise relative to the share price, the fact that the company is issuing new equity (which dilutes existing holders), and the participation of directors and senior management or their affiliates as selling shareholders. Insider sales are not necessarily negative, but they are worth noting alongside the primary issuance. The company's forward-looking disclaimer points to risks in the offering's completion and closing conditions, and refers readers to its 10-K for fiscal year ended April 29, 2023 and its 10-Q for the quarter ended October 28, 2023 for broader business risks.

Dec 6, 2023 10-Q

Credo Technology Group Holding Quarterly Report for Q2 Ended Oct 28, 2023

Credo Technology Group Holding Ltd (CRDO) reported a decrease in total revenue for the second quarter and first half of fiscal year 2024 compared to the prior year, primarily driven by a decline in product sales, particularly Active Electrical Cables (AECs), due to reduced demand from a major customer. While product sales weakened, IP license revenue saw a significant increase in the quarter, contributing to a higher overall gross margin. Despite revenue challenges, the company is investing heavily in Research and Development (R&D) to support future product development, leading to increased operating expenses. Financially, the company has a solid cash position but experienced a net loss in both the current quarter and year-to-date period. The balance sheet shows an increase in cash and cash equivalents and a healthy working capital. Management believes current cash is sufficient for at least the next 12 months. Investors should monitor the impact of the reduced demand from a key customer and the company's ability to drive future revenue growth through new product adoption and expanding customer base.

Nov 30, 2023 8-K

Credo Technology Group Holding 8-K Report, Financial Results (Nov 29, 2023)

Credo Technology Group (CRDO) reported fiscal Q2 2024 results for the quarter ended October 28, 2023, with revenue of $44.0 million, up 25% from $35.1 million in the prior quarter. Growth was driven by product sales, which rose to $34.2 million from $30.0 million, and by IP license revenue, which more than doubled sequentially to $7.4 million. Revenue was still down about 14% year over year from $51.4 million, and first-half revenue of $79.1 million fell about 19% from $97.8 million, so the sequential rebound has not yet reversed the annual decline. Profitability improved but remains negative on a GAAP basis. Gross margin was 59.3% GAAP and 59.9% non-GAAP. GAAP operating loss narrowed to $8.9 million from $14.4 million in Q1, and GAAP net loss was $6.6 million, or $0.04 per share. Non-GAAP net income was $1.2 million, or $0.01 per share. Share-based compensation accounts for most of the gap between GAAP and non-GAAP results, at roughly $8.1 million per quarter. Research and development spending rose to $21.7 million from $18.2 million a year earlier, reflecting continued investment in product development. The balance sheet remains strong, with cash, cash equivalents and short-term investments of $240.5 million, up from $217.8 million at fiscal year-end. Inventory fell to $35.8 million from $46.0 million and receivables fell to $32.7 million from $49.5 million, which suggests working capital was released as the company collected cash. For fiscal Q3 2024, management guided revenue to $51.0 million to $53.0 million, GAAP gross margin of 58.8% to 60.8%, and GAAP operating expenses of $37.0 million to $39.0 million, implying a return to year-over-year revenue growth and continued operating losses on a GAAP basis.

Nov 29, 2023 8-K

Credo Technology Group Holding 8-K Report, Shareholder Vote Results (Oct 18, 2023)

Credo Technology Group Holding Ltd (CRDO) held its 2023 Annual General Meeting on October 17, 2023, as detailed in their October 18, 2023, 8-K filing. The meeting addressed key governance matters, including the election of directors, advisory votes on executive compensation frequency, and the ratification of their independent auditor. The results indicate strong shareholder support for the company's proposed director nominees and the continued engagement of Ernst & Young LLP as their auditor. The advisory vote on the frequency of executive compensation votes also showed a clear preference for an annual vote. Overall, the outcomes suggest shareholder confidence in the company's current leadership and financial oversight.

Oct 18, 2023 10-Q

Credo Technology Group Holding Quarterly Report for Q1 Ended Jul 29, 2023

Credo Technology Group Holding Ltd reported a significant revenue decline of 24.5% year-over-year for the second quarter of fiscal year 2024, ending July 29, 2023. Total revenue was $35.1 million, down from $46.5 million in the prior year period. This decrease was primarily driven by a substantial 73.3% drop in IP license revenue, largely due to a large one-time license delivered in the prior year, and a 14.8% decrease in product sales, attributed to a demand forecast reduction by a major customer. Despite the revenue challenges, gross margin remained stable at 59.2%. However, operating expenses increased significantly, leading to a wider net loss of $11.7 million, compared to a nominal loss of $0.1 million in the same period last year. The company is investing heavily in Research & Development, with expenses increasing by 35.7% year-over-year, reflecting a strategic focus on future product development.

Aug 29, 2023 8-K

Credo Technology Group Holding 8-K Report, Financial Results (Aug 24, 2023)

Credo Technology Group (CRDO) reported fiscal Q1 2024 results for the quarter ended July 29, 2023. Revenue was $35.1 million, up 9.4% sequentially from $32.1 million but down 24.5% year over year from $46.5 million. The sequential growth came from product sales, which rose 26% to $30.0 million, while IP license revenue fell to $2.8 million from $10.4 million a year earlier. GAAP gross margin was 59.2% and non-GAAP gross margin was 59.8%, both roughly stable. GAAP operating expenses were $35.2 million, up 0.6% sequentially and 26% year over year, driven mainly by R&D, which rose to $22.6 million from $16.7 million. GAAP net loss narrowed to $11.7 million ($0.08 per share) from $15.9 million in the prior quarter. Non-GAAP net loss was $4.7 million ($0.03 per share). Liquidity remained strong, with cash and short-term investments of $237.6 million, up from $217.8 million at fiscal year-end, and total shareholders' equity of $347.4 million. Working capital movements were notable: accounts receivable fell to $28.0 million from $49.5 million and inventories declined to $40.8 million from $46.0 million, which may reflect collections and lower inventory build. Management guided fiscal Q2 2024 revenue to $42.0 to $44.0 million, implying roughly 22% sequential growth at the midpoint, with GAAP gross margin of 57.8% to 59.8% and GAAP operating expenses of $35.0 to $37.0 million. CEO Bill Brennan said management expects sequential growth throughout fiscal 2024, led by multiple customers across its connectivity product lines, which would diversify the revenue base. Investors should weigh the strong guidance against the lumpy IP license trend, the year-over-year revenue decline, and continued operating losses.

Aug 24, 2023 10-K

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 8-K

Credo Technology Group Holding 8-K Report, Financial Results (May 31, 2023)

Credo Technology Group Holding Ltd (Nasdaq: CRDO) reported fourth quarter and full fiscal year 2023 results (year ended April 29, 2023) in an 8-K furnished on May 31, 2023. Full-year revenue reached $184.2 million, up roughly 73% from $106.5 million in fiscal 2022, driven primarily by product sales, which rose to $141.5 million from $73.7 million. Full-year GAAP net loss narrowed to $16.5 million ($0.11 per share) from $22.2 million ($0.25 per share) a year earlier. On a non-GAAP basis, the company swung to a net income of $8.7 million ($0.05 per diluted share) from a non-GAAP loss of $10.9 million the prior year, and non-GAAP operating income was $6.4 million versus a $9.6 million loss. Fourth quarter results were weaker sequentially. Revenue fell to $32.1 million, down 14.5% year over year and roughly 41% from $54.3 million in the prior quarter. GAAP gross margin compressed to 57.9% (from 58.9% in the prior quarter), GAAP operating expenses rose to $35.0 million, and the company posted a GAAP net loss of $15.9 million, or $0.11 per share. Non-GAAP operating loss in the quarter was $8.5 million, a sharp reversal from the prior quarter's non-GAAP operating income. Management pointed to a shifting hyperscale landscape and generative AI as accelerating demand for energy-efficient connectivity, though the quarterly decline highlights revenue lumpiness. Liquidity remained solid, with cash, cash equivalents and short-term investments totaling about $217.8 million at fiscal year-end, up from $259.3 million in cash a year earlier with the difference reflecting short-term investment purchases. For the first quarter of fiscal 2024, management guided revenue of $33.0 million to $35.0 million, GAAP gross margin of 57.8% to 59.8%, and GAAP operating expenses of $34.0 million to $36.0 million, implying a modest sequential rebound with operating expenses roughly flat. Investors should note the press release is furnished, not filed, under Item 2.02.

May 31, 2023 10-K

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 10-Q

Credo Technology Group Holding Quarterly Report for Q3 Ended Jan 28, 2023

Credo Technology Group Holding Ltd (CRDO) reported a strong third quarter for fiscal year 2023, with total revenue increasing by 70.7% year-over-year to $54.3 million. This growth was primarily driven by significant increases in product sales and IP license revenue, fueled by the ramp-up of Active Electrical Cables (AECs) and substantial IP license deals. The company achieved profitability in the quarter, reporting a net income of $2.8 million, a notable improvement from the net loss in the prior year period. Despite the strong revenue growth and improved profitability, operating expenses, particularly in Research and Development, increased significantly due to new hires and increased design activities, impacting the operating loss in the current quarter. For the nine-month period, total revenue more than doubled year-over-year, reaching $152.1 million, also predominantly driven by product sales and IP licenses. While the company generated a net loss for the nine-month period, it shows a substantial improvement compared to the prior year's loss. Management highlighted strong design wins and continued innovation as key drivers for future growth, while also acknowledging the potential impact of macroeconomic conditions and a recent reduction in demand forecast from their largest customer. The company ended the quarter with a healthy cash position of $123.8 million, although lower than the previous year, and sufficient working capital to meet its needs for at least the next 12 months.

Mar 2, 2023 8-K

Credo Technology Group Holding 8-K Report, Financial Results (Mar 1, 2023)

Credo Technology Group (CRDO) reported third-quarter fiscal 2023 results (quarter ended January 28, 2023) with revenue of $54.3 million, up 6% sequentially and 71% year over year. The growth was driven largely by IP license revenue, which jumped to $11.7 million from $2.1 million in the prior quarter, while product sales were $38.0 million, down from $44.3 million sequentially. GAAP gross margin improved to 58.9% and the company posted GAAP net income of $2.8 million ($0.02 per diluted share), though this was helped by a $3.2 million income tax benefit and $2.5 million of other income. Non-GAAP net income was $7.5 million ($0.05 per diluted share). Operating costs rose meaningfully. GAAP operating expenses were $34.9 million, including a $2.4 million impairment charge and roughly $5.1 million of share-based compensation, leaving GAAP operating loss at $2.9 million (margin of -5.3%). On a non-GAAP basis, operating income was $6.7 million, a 12.3% margin. The balance sheet remains strong, with cash and short-term investments totaling $233.0 million and total shareholders' equity of $354.6 million. Inventory rose to $50.3 million from $27.3 million, and accounts receivable increased to $43.2 million, which investors may want to monitor against future demand. Management guided fourth-quarter fiscal 2023 revenue to $30.0 million to $32.0 million, a meaningful sequential decline from the $54.3 million reported this quarter, with GAAP gross margin of 55.8% to 57.8% and GAAP operating expenses of $32.8 million to $34.8 million. The guidance implies the company expects lumpier revenue, particularly in IP licensing, and it implies a return to operating losses on a GAAP basis. The filing also states that the press release is furnished, not filed, under Item 2.02 and is therefore not subject to Section 18 liability.

Mar 1, 2023 8-K

Credo Technology Group Holding 8-K Report, Regulation FD Disclosure (Feb 14, 2023)

Credo Technology Group Holding Ltd. (CRDO) has announced a significant update impacting its near-term revenue outlook. The company's largest customer has revised its demand forecast downwards for specific products, a move Credo attributes to factors external to its own performance and does not expect to affect its market share with that customer. This reduction, compounded by prevailing macroeconomic headwinds, has led Credo to adjust its fiscal fourth quarter revenue projection (ending April 29, 2023) to a range of $30 million to $32 million. Looking ahead, Credo anticipates its full fiscal year revenue ending April 27, 2024, will be flat compared to the current fiscal year. Despite this short-term pressure, the company projects sequential revenue growth starting from a low point in either Q4 FY23 or Q1 FY24 and expects its long-term financial model to remain consistent. Credo is actively managing operating expenses to align with future growth and profitability, while expressing continued confidence in the underlying technological trends and the demand for its connectivity solutions.

Feb 14, 2023 10-Q

Credo Technology Group Holding Quarterly Report for Q2 Ended Oct 29, 2022

Credo Technology Group Holding Ltd (CRDO) reported its fiscal second-quarter 2023 results, showing significant year-over-year revenue growth driven by strong performance in product sales. Total revenue surged by 94.4% to $51.4 million for the quarter, and an impressive 163.3% to $97.8 million for the first six months. This growth was primarily fueled by increased unit shipments of Active Electrical Cables (AECs) and a substantial IP license deal contributing significantly to the six-month period. Despite the revenue surge, the company reported a net loss of $3.4 million for the quarter, an improvement from a $4.1 million loss in the prior year, and a net loss of $3.4 million for the six-month period, a considerable reduction from $16.7 million in the prior year. The company's gross margin saw a slight decrease to 54.4% in the quarter, attributed to a shift in revenue mix towards product sales which carry lower margins than IP licensing. Operating expenses, particularly in Research and Development and Selling, General & Administrative, increased due to higher personnel costs, share-based compensation, and investments in product development and public company compliance. The company ended the period with a solid cash position of $190.5 million, though net cash used in operating activities was $10.5 million for the six-month period, largely due to working capital movements.

Dec 1, 2022 8-K

Credo Technology Group Holding 8-K Report, Financial Results (Nov 30, 2022)

Credo Technology Group (NASDAQ: CRDO) reported record second-quarter fiscal 2023 revenue of $51.4 million for the quarter ended October 29, 2022. That was up 94% year over year and 11% sequentially, though the growth came from product sales, not IP licensing. Product sales rose to $44.3 million from $35.3 million in the prior quarter, while IP license revenue fell to $2.1 million from $10.4 million. GAAP gross margin was 54.4%, down from 59.5% in the prior quarter, and non-GAAP gross margin was 54.9%. GAAP operating expenses reached $29.7 million, up 52% year over year, and the company posted a GAAP net loss of $3.4 million ($0.02 per share). On a non-GAAP basis, net income was $2.4 million. The company ended the quarter with $240.5 million in cash and short-term investments. Management reaffirmed its expectation of at least $200 million in revenue for fiscal 2023, which would represent more than 88% growth over fiscal 2022. For the third quarter of fiscal 2023, the company guided to revenue of $54.0 million to $56.0 million, about 73% year-over-year growth at the midpoint, with GAAP gross margin of 58.7% to 60.7% and GAAP operating expenses of $30.2 million to $32.2 million. The guidance implies a sequential margin recovery from Q2 levels. Investors should note the sharp working-capital build in the balance sheet. Accounts receivable rose to $51.8 million from $29.5 million, inventories increased to $47.8 million from $27.3 million, and accounts payable grew to $23.3 million from $8.5 million since April 30, 2022. Cash also declined from $259.3 million at fiscal year-end, largely reflecting the increase in inventory and receivables and the growth in operating spend. Whether this inventory build supports the expected second-half ramp or signals demand or margin risk is a key question for the upcoming earnings call.

Nov 30, 2022 8-K

Credo Technology Group Holding 8-K Report, Shareholder Vote Results (Sep 21, 2022)

Credo Technology Group Holding Ltd (CRDO) held its 2022 Annual General Meeting on September 20, 2022, where shareholders voted on key corporate matters. The primary focus of this 8-K filing is to report the outcomes of these shareholder votes. Investors can take comfort in the strong shareholder support for the proposed actions. The meeting saw the election of three Class I directors to serve until the 2025 Annual General Meeting, with all nominees receiving overwhelming approval. Additionally, shareholders overwhelmingly ratified the appointment of Ernst & Young LLP as the company's independent registered public accounting firm for the fiscal year ending April 29, 2023. These votes indicate a unified direction and confidence from the shareholder base in the company's governance and financial oversight.

Sep 21, 2022 10-Q

Credo Technology Group Holding Quarterly Report for Q1 Ended Jul 30, 2022

Credo Technology Group Holding Ltd (CRDO) reported a significant surge in revenue for the three months ended July 30, 2022, reaching $46.5 million, a 333.3% increase year-over-year, driven primarily by a substantial rise in product sales and a notable increase in IP license revenue. Despite this top-line growth, the company reported a net loss of $73,000 for the quarter, a substantial improvement from the $12.6 million net loss in the prior year period. The company's gross margin also saw significant improvement, expanding to 59.5% from 48.3% in the prior year, benefiting from increased scale in product sales and higher-margin IP license revenue. Operating expenses, particularly in Research and Development and Selling, General & Administrative, increased year-over-year, contributing to the near break-even net loss. The company maintained a strong cash position with $243.8 million in cash and cash equivalents, although net cash used in operating activities was significant at $12.2 million, largely due to working capital changes. Investors should monitor the company's ability to translate its strong revenue growth and improved gross margins into sustainable profitability, while also keeping an eye on the increasing operating expenses and cash burn from operations.

Sep 1, 2022