Credo Technology Group Holding Ltd

investors.credosemi.com

What Do They Do?

Sells copper and optical connectivity products, chips and software to cloud infrastructure providers, data-center operators and equipment makers.

How Do They Make Money?

Most revenue comes from shipments of active electrical cables and integrated-circuit products to cloud infrastructure providers; customers generally order products for delivery.

FY2026 revenue

Who Are Their Customers?

Credo sells directly to cloud infrastructure operators and also to equipment makers, contract manufacturers and optical-module makers; some manufacturers place orders on behalf of end customers.

Customers above 10% of revenue, FY2026

of revenue from three customers (32%, 33%, 19%)

FY2025: 63% from one customer

Do Revenues Turn Into Profits?

Yes. It kept 35 cents of every revenue dollar as net income in FY2026 and turned 30 cents into free cash flow.

Operating income, FY2026

33% of revenue

▲ +1099% vs FY2025 ($37.1M, 8%)

Net income, FY2026

35% of revenue

▲ +805% vs FY2025 ($52.2M, 12%)

Free cash flow, FY2026

30% of revenue

▲ +1302% vs FY2025 ($29M, 7%)

How Are They Changing?

Since the FY2026 annual report

Latest quarter: Q1 FY2027, the three months to Aug 1, 2026

Revenue: ▲ +115%; vs $223.1M in Q1 FY2026
Net income: ▲ +104%; vs $63.4M in Q1 FY2026

Sep 1, 2026 Credo issues second-quarter revenue guidance Revenue is expected to be between $525 million and $535 million.

Growing. Revenue grew 12.5x in 4 years, from $106.5M in FY2022 to $1.3B in FY2026, about 88% a year.

Broader product range The latest product list includes optical transceivers, memory-connectivity products, microLED cables and monitoring software; the older list names cables, optical processors, line-card chips, chiplets and licensed SerDes technology.

Comments