Credo Technology Group Holding Ltd (NASDAQ: CRDO) is a fabless semiconductor company that designs high-speed connectivity solutions for AI, cloud computing, and hyperscale network applications. Revenue comes primarily from product sales of integrated circuits, Active Electrical Cables, and SerDes Chiplets, supplemented by IP licensing fees and royalties, and product engineering services. Product sales and engineering services comprised 97% of total revenue in fiscal 2025, with IP license revenue at 3%, down from 15% in fiscal 2024. Total revenue grew from $193.0 million in fiscal 2024 to $436.8 million in fiscal 2025. The company operates a fabless model, outsourcing manufacturing, assembly, and testing to third parties while concentrating internal resources on SerDes and Digital Signal Processor design. Geographically, 85% of fiscal 2025 revenue came from customers outside North America, compared to 69% in fiscal 2024. Credo listed on the Nasdaq Global Select Market in January 2022 and has never paid a cash dividend.

Revenue model

Product sales and product engineering services (97% of revenue in fiscal 2025), plus IP licensing fees and royalties (3% of revenue in fiscal 2025). Licensing revenue declined from 15% of total revenue in fiscal 2024 to 3% in fiscal 2025 as product sales scaled.

Products and services

Integrated circuits (ICs), Active Electrical Cables (AECs), and SerDes Chiplets for 100G, 200G, 400G, 800G, and emerging 1.6T Ethernet markets, plus 32G PCIe5 and upcoming 64G PCIe6 markets. IP solutions consist primarily of SerDes IP licensing. Products are based on proprietary Serializer/Deserializer (SerDes) and Digital Signal Processor (DSP) technologies.

Customers and end markets

Hyperscalers deploying 50G and 100G per lane electrical PAM4 solutions, cloud computing operators, and carriers building high-speed fixed-line and 5G wireless networks. Customers include OEMs, ODMs, and optical module manufacturers. No specific customer names are disclosed in the excerpts.

Value-chain role

Fabless semiconductor designer sitting between foundry/manufacturing partners and hyperscaler, OEM, ODM, and optical module manufacturer end customers. Designs SerDes and DSP silicon; does not own manufacturing capacity.

Geographic exposure

85% of fiscal 2025 revenue from customers outside North America; 15% from North American customers. In fiscal 2024, North America was 31% of revenue and international was 69%.

Source: SEC 10-K, filed 2025-07-02

Industry: Semiconductors & Related Devices Peers: O2MICRO INTERNATIONAL LTD Rockley Photonics Holdings Ltd