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    Credo Technology Group Holding Ltd Reports First Quarter of Fiscal Year 2026 Financial Results

    9/3/25 4:05:00 PM ET
    $CRDO
    Semiconductors
    Technology
    Get the next $CRDO alert in real time by email

    Credo Technology Group Holding Ltd (Credo) (NASDAQ:CRDO), an innovator in providing secure, high-speed connectivity solutions that deliver improved reliability and energy efficiency for the next generation of AI-driven applications, cloud computing and hyperscale networks, today reported financial results for the first quarter of fiscal year 2026, ended August 2, 2025.

    First Quarter of Fiscal Year 2026 Financial Highlights

    • Revenue of $223.1 million, grew by 274% year over year and 31% quarter over quarter
    • GAAP gross margin of 67.4% and non-GAAP gross margin of 67.6%
    • GAAP operating expenses of $89.6 million and non-GAAP operating expenses of $54.5 million
    • GAAP net income of $63.4 million and non-GAAP net income of $98.3 million
    • GAAP diluted net income per share of $0.34 and non-GAAP diluted net income per share of $0.52
    • Ending cash and short-term investment balance of $479.6 million

    Management Commentary

    Bill Brennan, Credo's President and Chief Executive Officer, stated, "During the first quarter of fiscal 2026, Credo continued a strong growth trajectory. First quarter revenue increased 31% sequentially, and 274% year over year, to $223.1 million. The Company's growth has been driven by deep, strategic partnerships with hyperscalers and key customers. Given increasing market demand for reliable and power-efficient connectivity solutions, we expect continued revenue growth and diversification in terms of customers, protocols and applications."

    Second Quarter of Fiscal 2026 Financial Outlook

    • Revenue is expected to be between $230.0 million and $240.0 million
    • GAAP gross margin is expected to be between 63.5% and 65.5%, and non-GAAP gross margin is expected to be between 64.0% and 66.0%
    • GAAP operating expenses are expected to be between $96.0 million and $98.0 million, and non-GAAP operating expenses are expected to be between $56.0 million and $58.0 million

    Conference Call

    Credo will conduct a conference call on Wednesday, September 3, 2025, at 2:00 p.m. Pacific Time to discuss its financial results for the first quarter of fiscal year 2026, ended August 2, 2025. Interested parties may join the conference call by dialing 800-715-9871 (toll-free) or +1 646-307-1963 (international). The conference ID for the call is 5251802. It is recommended that participants dial in to the call at least 10 minutes before the start of the call. A live webcast of the conference call will be available on Credo's Investor Relations website at http://investors.credosemi.com. A replay of the webcast will be available via the web at http://investors.credosemi.com.

    Discussion of Non-GAAP Financial Measures

    This press release contains references to the non-GAAP financial measures of non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income (loss), non-GAAP operating income (loss) margin, non-GAAP net income (loss) and non-GAAP diluted net income (loss) per share. Reconciliation of these non-GAAP measures to their comparable GAAP measures is included below. This non-GAAP information should not be construed as an alternative to the reported results determined in accordance with GAAP. The non-GAAP financial measures that Credo presents may not be comparable to similarly titled measures of other companies and other companies may not calculate such measures in the same manner as we do.

    Non-GAAP financial measures exclude the effect of share-based compensation expenses, asset impairment and related charges (if applicable), and the related tax effect adjustment to the provision for income taxes.

    Credo uses a full-year non-GAAP tax rate to compute the non-GAAP tax provision. This full-year non-GAAP tax rate is based on Credo's annual GAAP income, adjusted to exclude non-GAAP items, as well as the effects of significant non-recurring and period-specific tax items which vary in size and frequency. Credo's non-GAAP tax rate is determined on an annual basis and may be adjusted during the year to take into account events that may materially affect the non-GAAP tax rate, such as tax law changes, significant changes in Credo's geographic mix of revenue and expenses or changes to Credo's corporate structure.

    GAAP diluted net income (loss) per share is calculated using basic weighted average shares outstanding when there is a GAAP net loss, and calculated using diluted weighted average shares outstanding when there is a GAAP net income. Non-GAAP diluted net income (loss) per share is calculated using basic weighted average shares outstanding when there is a non-GAAP net loss, and calculated using non-GAAP diluted weighted average shares outstanding when there is a non-GAAP net income. Non-GAAP adjustment for the number of shares used in the diluted per share calculations excludes the impact of share-based compensation expenses expected to be incurred in future periods and not yet recognized in the financial statements, which would otherwise be assumed to be used to repurchase shares under the GAAP treasury stock method.

    Credo believes that the presentation of non-GAAP financial measures provides important supplemental information to management and investors regarding financial and business trends relating to Credo's financial condition and results of operations. While Credo uses non-GAAP financial measures as a tool to enhance its understanding of certain aspects of its financial performance, Credo does not consider these measures to be a substitute for, or superior to, financial measures calculated in accordance with GAAP. Consistent with this approach, Credo believes that disclosing non-GAAP financial measures to the readers of its financial statements provides such readers with useful supplemental data that, while not a substitute for GAAP financial measures, allows for greater transparency in the review of its financial and operational performance.

    Externally, management believes that investors may find Credo's non-GAAP financial measures useful in their assessment of Credo's operating performance and the valuation of Credo. Internally, Credo's non-GAAP financial measures are used in the following areas:

    • Management's evaluation of Credo's operating performance;
    • Management's establishment of internal operating budgets; and
    • Management's performance comparisons with internal forecasts and targeted business models.

    Non-GAAP financial measures have limitations in that they do not reflect all of the costs associated with the operations of Credo's business as determined in accordance with GAAP. As a result, you should not consider these measures in isolation or as a substitute for analysis of Credo's results as reported under GAAP. The exclusion of the above items from our GAAP financial metrics does not necessarily mean that these costs are unusual or infrequent.

    Forward-Looking Statements under the Private Securities Litigation Reform Act of 1995

    This press release contains forward-looking statements within the meaning of the federal securities laws. All statements other than statements of historical fact could be deemed forward-looking statements, including, but not limited to, any statements regarding: launches of new or expansion of existing products or services; technology developments and innovation; our plans, strategies or objectives with respect to future operations; financial outlook; future financial results; expectations regarding the markets and industries in which Credo conducts business; and assumptions underlying any of the foregoing. Words such as "anticipates," "expects," "intends," "plans," "projects," "believes," "seeks," "estimates," "can," "may," "will," "would," "outlook," "forecast," "targets" and similar expressions, or their negatives, may identify such forward-looking statements. These statements are not guarantees of results and should not be considered as an indication of future activity or future performance. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that may cause actual events or results to differ materially from those described in this press release. Readers are encouraged to review risk factors and all other disclosures appearing in Credo's Annual Report on Form 10-K as filed with the Securities and Exchange Commission (SEC) on July 2, 2025, as well as Credo's other filings with the SEC, for further information on risks and uncertainties that could affect Credo's business, financial condition and results of operation. Copies of these filings are available from the SEC, Credo's website or Credo's investor relations department. Forward-looking statements speak only as of the date they are made. Credo assumes no obligation to update or revise any forward-looking statements as a result of new information, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date herein.

    About Credo

    Credo's mission is to advance high-speed connectivity solutions that deliver optimized performance, reliability, energy efficiency and security for the next generation of AI-driven applications, cloud computing and hyperscale networks. Optimized for both optical and electrical applications, our solutions support port speeds up to 1.6Tb (or Terabits per second). At the core of our technology is our proprietary Serializer/Deserializer (SerDes) IP. Our diverse solutions portfolio includes system-level products such as Active Electrical Cables (AECs), a range of integrated circuits (ICs), including Retimers, Optical Digital Signal Processors (DSPs), SerDes Chiplets and SerDes IP licensing.

    For more information, please visit https://www.credosemi.com.

    Credo and the Credo logo are registered trademarks of Credo Technology Group Limited in the United States and other jurisdictions. All other trademarks referenced herein are the property of their respective owners.

    Credo Technology Group Holding Ltd

    Condensed Consolidated Statements of Operations (Unaudited)

    (In thousands, except per share amounts)

     

    Three Months Ended

     

    August 2, 2025

     

    May 3, 2025

     

    August 3, 2024

    Revenue:

     

     

     

     

     

    Product sales revenue

    $

    217,059

     

    $

    165,861

     

    $

    57,325

     

    IP license revenue

     

    6,015

     

     

    4,164

     

     

    2,389

     

    Total revenue

     

    223,074

     

     

    170,025

     

     

    59,714

     

    Cost of revenue

     

    72,706

     

     

    55,837

     

     

    22,431

     

    Gross profit

     

    150,368

     

     

    114,188

     

     

    37,283

     

    Operating expenses:

     

     

     

     

     

    Research and development

     

    52,448

     

     

    47,582

     

     

    30,409

     

    Selling, general and administrative

     

    37,178

     

     

    31,945

     

     

    21,325

     

    Impairment charges

     

    —

     

     

    873

     

     

    —

     

    Total operating expenses

     

    89,626

     

     

    80,400

     

     

    51,734

     

    Operating income (loss)

     

    60,742

     

     

    33,788

     

     

    (14,451

    )

    Other income, net

     

    3,946

     

     

    3,821

     

     

    5,533

     

    Income (loss) before income taxes

     

    64,688

     

     

    37,609

     

     

    (8,918

    )

    Provision for income taxes

     

    1,289

     

     

    1,021

     

     

    622

     

    Net income (loss)

    $

    63,399

     

    $

    36,588

     

    $

    (9,540

    )

    Net income (loss) per share:

     

     

     

     

     

    Basic

    $

    0.37

     

    $

    0.21

     

    $

    (0.06

    )

    Diluted

    $

    0.34

     

    $

    0.20

     

    $

    (0.06

    )

    Weighted-average shares used in computing net income (loss) per share:

     

     

     

     

     

    Basic

     

    171,927

     

     

    170,405

     

     

    165,140

     

    Diluted

     

    184,577

     

     

    182,119

     

     

    165,140

     

    Credo Technology Group Holding Ltd

    Condensed Consolidated Balance Sheets (Unaudited)

    (In thousands)

    August 2, 2025

     

    May 3, 2025

    Assets

    Current assets:

     

     

     

    Cash and cash equivalents

    $

    219,636

     

     

    $

    236,328

     

    Short-term investments

     

    260,010

     

     

     

    195,010

     

    Accounts receivable

     

    181,203

     

     

     

    162,144

     

    Inventories

     

    116,677

     

     

     

    90,029

     

    Other current assets

     

    26,083

     

     

     

    30,023

     

    Total current assets

     

    803,609

     

     

     

    713,534

     

    Property and equipment, net

     

    69,444

     

     

     

    63,631

     

    Right of use assets

     

    14,816

     

     

     

    15,234

     

    Other non-current assets

     

    17,306

     

     

     

    16,858

     

    Total assets

    $

    905,175

     

     

    $

    809,257

     

    Liabilities and Shareholders' Equity

    Current liabilities:

     

     

     

    Accounts payable

    $

    54,896

     

     

    $

    56,158

     

    Accrued compensation and benefits

     

    13,175

     

     

     

    16,097

     

    Other current liabilities

     

    40,316

     

     

     

    35,456

     

    Total current liabilities

     

    108,387

     

     

     

    107,711

     

    Non-current operating lease liabilities

     

    12,345

     

     

     

    12,693

     

    Other non-current liabilities

     

    3,062

     

     

     

    7,271

     

    Total liabilities

     

    123,794

     

     

     

    127,675

     

    Shareholders' equity:

     

     

     

    Ordinary shares

     

    9

     

     

     

    8

     

    Additional paid in capital

     

    801,563

     

     

     

    765,173

     

    Accumulated other comprehensive loss

     

    (428

    )

     

     

    (437

    )

    Accumulated deficit

     

    (19,763

    )

     

     

    (83,162

    )

    Total shareholders' equity

     

    781,381

     

     

     

    681,582

     

    Total liabilities and shareholders' equity

    $

    905,175

     

     

    $

    809,257

    Credo Technology Group Holding Ltd

    Reconciliations from GAAP to Non-GAAP (Unaudited)

    (In thousands, except percentages and per share amounts)

     

    Three Months Ended

     

    August 2, 2025

     

    May 3, 2025

     

    August 3, 2024

    GAAP gross profit

    $

    150,368

     

     

    $

    114,188

     

     

    $

    37,283

     

    Reconciling item:

     

     

     

     

     

    Share-based compensation

     

    356

     

     

     

    356

     

     

     

    281

     

    Total reconciling item

     

    356

     

     

     

    356

     

     

     

    281

     

    Non-GAAP gross profit (A)

    $

    150,724

     

     

    $

    114,544

     

     

    $

    37,564

     

     

     

     

     

     

     

    GAAP gross margin

     

    67.4

    %

     

     

    67.2

    %

     

     

    62.4

    %

    Non-GAAP gross margin

     

    67.6

    %

     

     

    67.4

    %

     

     

    62.9

    %

     

     

     

     

     

     

    Total GAAP operating expenses

    $

    89,626

     

     

    $

    80,400

     

     

    $

    51,734

     

    Reconciling item:

     

     

     

     

     

    Share-based compensation

     

    (35,099

    )

     

     

    (27,506

    )

     

     

    (16,359

    )

    Impairment charges

     

    —

     

     

     

    (873

    )

     

     

    —

     

    Total reconciling item

     

    (35,099

    )

     

     

    (28,379

    )

     

     

    (16,359

    )

    Total Non-GAAP operating expenses (B)

    $

    54,527

     

     

    $

    52,021

     

     

    $

    35,375

     

     

     

     

     

     

     

    GAAP operating income (loss)

    $

    60,742

     

     

    $

    33,788

     

     

    $

    (14,451

    )

    Non-GAAP operating income (A-B)

    $

    96,197

     

     

    $

    62,523

     

     

    $

    2,189

     

     

     

     

     

     

     

    GAAP operating income (loss) margin

     

    27.2

    %

     

     

    19.9

    %

     

     

    (24.2

    )%

    Non-GAAP operating income margin

     

    43.1

    %

     

     

    36.8

    %

     

     

    3.7

    %

     

     

     

     

     

     

    GAAP net income (loss)

    $

    63,399

     

     

    $

    36,588

     

     

    $

    (9,540

    )

    Reconciling items:

     

     

     

     

     

    Share-based compensation

     

    35,455

     

     

     

    27,862

     

     

     

    16,640

     

    Impairment charges

     

    —

     

     

     

    873

     

     

     

    —

     

    Pre-tax total reconciling item

     

    35,455

     

     

     

    28,735

     

     

     

    16,640

     

    Other income tax effects and adjustments

     

    (573

    )

     

     

    (69

    )

     

     

    (61

    )

    Non-GAAP net income

    $

    98,281

     

     

    $

    65,254

     

     

    $

    7,039

     

     

     

     

     

     

     

    GAAP weighted-average shares - basic

     

    171,927

     

     

     

    170,405

     

     

     

    165,140

     

    GAAP weighted-average shares - diluted

     

    184,577

     

     

     

    182,119

     

     

     

    165,140

     

    Non-GAAP adjustment

     

    4,289

     

     

     

    4,824

     

     

     

    15,894

     

    Non-GAAP weighted-average shares - diluted

     

    188,866

     

     

     

    186,943

     

     

     

    181,034

     

     

     

     

     

     

     

    GAAP diluted net income (loss) per share

    $

    0.34

     

     

    $

    0.20

     

     

    $

    (0.06

    )

    Non-GAAP diluted net income per share

    $

    0.52

     

     

    $

    0.35

     

     

    $

    0.04

     

    Credo Technology Group Holding Ltd

    Reconciliation of GAAP Forward-Looking Estimates to Non-GAAP Forward-Looking Estimates

    (In millions, except percentages)

     

    Outlook for Three Months Ended November 1, 2025

     

    Low

     

    High

     

     

     

     

    GAAP gross margin

     

    63.5

    %

     

     

    65.5

    %

    Reconciling item:

     

     

     

    Share-based compensation

     

    0.5

    %

     

     

    0.5

    %

    Total reconciling item

     

    0.5

    %

     

     

    0.5

    %

    Non-GAAP gross margin

     

    64.0

    %

     

     

    66.0

    %

     

     

     

     

     

     

     

     

    Total GAAP operating expenses

    $

    96.0

     

     

    $

    98.0

     

    Reconciling item:

     

     

     

    Share-based compensation

     

    40.0

     

     

     

    40.0

     

    Total reconciling item

     

    40.0

     

     

     

    40.0

     

    Total Non-GAAP operating expenses

    $

    56.0

     

     

    $

    58.0

     

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20250903467817/en/

    Investor Relations Contact:

    Dan O'Neil

    [email protected]

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    TD Cowen reiterated coverage on Credo Technology Group with a new price target

    TD Cowen reiterated coverage of Credo Technology Group with a rating of Buy and set a new price target of $160.00 from $140.00 previously

    9/4/25 7:56:42 AM ET
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    Needham reiterated coverage on Credo Technology Group with a new price target

    Needham reiterated coverage of Credo Technology Group with a rating of Buy and set a new price target of $150.00 from $85.00 previously

    9/4/25 7:46:35 AM ET
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    TD Cowen reiterated coverage on Credo Technology Group with a new price target

    TD Cowen reiterated coverage of Credo Technology Group with a rating of Buy and set a new price target of $95.00 from $85.00 previously

    6/18/25 7:54:38 AM ET
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    Large Ownership Changes

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    Amendment: SEC Form SC 13G/A filed by Credo Technology Group Holding Ltd

    SC 13G/A - Credo Technology Group Holding Ltd (0001807794) (Subject)

    11/12/24 4:22:13 PM ET
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    Amendment: SEC Form SC 13G/A filed by Credo Technology Group Holding Ltd

    SC 13G/A - Credo Technology Group Holding Ltd (0001807794) (Subject)

    11/12/24 2:22:32 PM ET
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    Amendment: SEC Form SC 13G/A filed by Credo Technology Group Holding Ltd

    SC 13G/A - Credo Technology Group Holding Ltd (0001807794) (Subject)

    11/4/24 11:17:39 AM ET
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    Credo Technology Group Holding Ltd Reports First Quarter of Fiscal Year 2026 Financial Results

    Credo Technology Group Holding Ltd (Credo) (NASDAQ:CRDO), an innovator in providing secure, high-speed connectivity solutions that deliver improved reliability and energy efficiency for the next generation of AI-driven applications, cloud computing and hyperscale networks, today reported financial results for the first quarter of fiscal year 2026, ended August 2, 2025. First Quarter of Fiscal Year 2026 Financial Highlights Revenue of $223.1 million, grew by 274% year over year and 31% quarter over quarter GAAP gross margin of 67.4% and non-GAAP gross margin of 67.6% GAAP operating expenses of $89.6 million and non-GAAP operating expenses of $54.5 million GAAP net income of $63

    9/3/25 4:05:00 PM ET
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    Credo Schedules First Quarter Fiscal Year 2026 Financial Results Conference Call

    Credo Technology Group Holding Ltd (Credo) (NASDAQ:CRDO) an innovator in providing secure, high-speed connectivity solutions that deliver improved reliability and energy efficiency for the next generation of AI driven applications, cloud computing, and hyperscale networks, today announced it will hold a conference call on Wednesday, September 3, 2025, at 2:00 p.m. Pacific Time to discuss its financial results for the fiscal first quarter ended August 2, 2025. The news release announcing the first quarter fiscal year 2026 financial results will be disseminated on September 3, 2025 after the market closes. Interested parties may join the conference call beginning at 2:00 p.m. Pacific Time

    8/13/25 9:00:00 AM ET
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    Credo Technology Group Holding Ltd Reports Fourth Quarter and Fiscal Year 2025 Financial Results

    Credo Technology Group Holding Ltd (NASDAQ:CRDO) ("Credo"), an innovator in providing secure, high-speed connectivity solutions that deliver improved reliability and energy efficiency as data rates and corresponding bandwidth requirements increase throughout the data infrastructure market, today reported financial results for the fourth quarter and full fiscal year 2025, ended May 3, 2025. Fourth Quarter of Fiscal Year 2025 Financial Highlights Revenue of $170.0 million grew by 25.9% quarter over quarter and 179.7% year over year GAAP gross margin of 67.2% and non-GAAP gross margin of 67.4% GAAP operating expenses of $80.4 million and non-GAAP operating expenses of $52.0 million

    6/2/25 4:05:00 PM ET
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    Credo Chairman, President and CEO Bill Brennan Joins Global Semiconductor Alliance Board of Directors

    Credo Technology Group Holding Ltd (Credo) (NASDAQ:CRDO) an innovator in providing secure, high-speed connectivity solutions that deliver improved energy efficiency, is pleased to announce that its Chairman, President and CEO, Bill Brennan, has been elected to the Board of Directors of the Global Semiconductor Alliance (GSA), the leading industry organization uniting the worldwide semiconductor industry. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250717837939/en/Credo is pleased to announce that its Chairman, President and CEO, Bill Brennan, has been elected to the Board of Directors of the Global Semiconductor Alliance (GSA

    7/17/25 9:00:00 AM ET
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    Credo's PCIe® Retimer Successfully Passes PCI-SIG® Compliance

    Credo Technology Group Holding Ltd (Credo) (NASDAQ:CRDO) an innovator in providing secure, high-speed connectivity solutions that deliver improved reliability and energy efficiency, today announced that its PCI Express® (PCIe®) 5.0 specification capable "Toucan" retimer has successfully passed the testing at the PCI-SIG® Compliance Workshop #133 in Taipei. This milestone confirms the retimer's compliance with the rigorous standards required for PCIe 5.0 technology integrations, and it now will be officially listed on the PCI-SIG Integrators List. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250303275826/en/(Graphic: Business W

    3/3/25 9:00:00 AM ET
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    Credo Completes First GHG Emissions Calculation, Strengthens Commitment to Environmental Sustainability

      Credo Technology Group Holding Ltd (Credo) (NASDAQ:CRDO), an innovator in providing secure, high-speed connectivity solutions that deliver improved energy efficiency as data rates and corresponding bandwidth requirements increase throughout the data infrastructure market, is proud to announce the completion of its inaugural Greenhouse Gas (GHG) emissions and carbon footprint calculation for calendar year 2023. This comprehensive GHG report, created in collaboration with environmental consultancy Minimum, marks a significant step forward in the company's journey towards improved environmental sustainability. This press release features multimedia. View the full release here: https://www

    11/18/24 9:00:00 AM ET
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