Credo Technology Group Holding Ltd (CRDO)

Credo Technology Gains as Evercore Launches Coverage with $325 Price TargetJune 22, 2026 9:02 AM
IH Market News Credo Technology Group (NASDAQ:CRDO) shares rose 3.5% on Monday after Evercore ISI initiated coverage of the semiconductor company with an Outperform rating and a $325 price target, highlighting what it sees as substantial upside from expanding opportunities in AI networking infrastructure. The target sits roughly 20% above Friday’s closing price of $271.83 and reflects Evercore’s view that the market is underestimating Credo’s long-term growth potential. Evercore Sees Broader Opportunity Than Current Market Expectations According to analyst Mark Lipacis, investors continue to view Credo primarily as a supplier of copper-based connectivity solutions for artificial intelligence data centres. The company has established itself as a leading player in Active Electrical Cable (AEC) technology, supplying complete connectivity systems that combine both hardware and semiconductor components. However, Evercore believes this perception fails to capture the scale of Credo’s expansion into optical networking technologies. “We believe it will be increasingly viewed as a broad copper + optical AI-connectivity play,” Lipacis noted. Optical Strategy Could Significantly Expand Addressable Market The firm expects Credo’s growing optical product portfolio to become a major driver of future growth. The company is investing in optical digital signal processors (DSPs), Silicon Photonics technologies and its ZFOptics product family, applying the same integrated system approach that has proven successful in its copper connectivity business. Evercore estimates that the move into optical networking could increase Credo’s total addressable market by between 10 and 20 times compared with its current opportunity set. Strong Growth Forecasts Drive Bullish Outlook Evercore’s projections significantly exceed broader Wall Street expectations. The firm forecasts approximately 100% growth in Credo’s core AEC business during 2026, followed by a further 60% increase in 2027. At the same time, the optical segment is expected to become a meaningful contributor to revenue as adoption accelerates. According to Evercore, optical products could account for around 25% of total company revenue by 2027. Earnings Potential Seen Well Above Consensus Lipacis projects that Credo could generate more than $13 per share in earnings by 2028. That forecast implies a compound annual earnings growth rate exceeding 70% over the next three years, approximately 40% higher than current consensus estimates. The analyst believes this earnings trajectory supports a significantly higher valuation than the market currently assigns to the company. Valuation Viewed as Attractive Relative to Growth Evercore argues that even after the stock’s strong rally, Credo remains attractively valued when measured against its growth prospects. Using its 2028 earnings projections, the firm estimates that its $325 price target equates to a price-to-earnings-to-growth (PEG) ratio of approximately 0.4 times. The brokerage believes this valuation does not fully reflect Credo’s position within the rapidly expanding AI infrastructure market, where demand for high-speed connectivity solutions continues to accelerate as data centre operators scale next-generation computing platforms. Credo Technology Group Holding stock priceThe post Credo Technology Gains as Evercore Launches Coverage with $325 Price Target appeared first on US Editors. Original: Credo Technology Gains as Evercore Launches Coverage with $325 Price Target

Credo Technology Group Holding Ltd Reports Fourth Quarter and Fiscal Year 2026 Financial ResultsJune 1, 2026 4:05 PM
Business Wire Credo Technology Group Holding Ltd (Nasdaq: CRDO) (“Credo”), an innovator in providing connectivity at scale through fast, reliable, and energy-efficient system solutions, today reported financial results for the fourth quarter and full fiscal year 2026, ended May 2, 2026. Fourth Quarter of Fiscal Year 2026 Financial Highlights Revenue of $437.0 million grew by 7.4% quarter over quarter and 157.0% year over year GAAP gross margin of 68.2% and non-GAAP gross margin of 68.3% GAAP operating expenses of $142.2 million and non-GAAP operating expenses of $81.7 million GAAP net income of $169.1 million and non-GAAP net income of $226.7 million GAAP diluted net income per share of $0.88 and non-GAAP diluted net income per share of $1.16 Ending cash and short-term investment balance of $1.4 billion Management Commentary Bill Brennan, Credo’s President and Chief Executive Officer, stated, “Fiscal 2026 marked another defining year for Credo. For the year, revenue more than tripled to $1.3 billion, and non-GAAP net income increased more than five times to $662 million. As we enter into fiscal 2027, Credo expects to achieve continued strong financial performance with our innovative and vertically integrated approach that enables customers to accelerate cluster time-to-stability, maximize GPU utilization, improve network reliability, and reduce overall infrastructure power and operating costs.” First Quarter of Fiscal Year 2027 Financial Outlook Revenue is expected to be between $465.0 million and $475.0 million GAAP gross margin is expected to be between 66.9% and 68.9%, and non-GAAP gross margin is expected to be between 67.0% and 69.0% GAAP operating expenses are expected to be between $167.6 million and $171.6 million, and non-GAAP operating expenses are expected to be between $86.0 million and $90.0 million Webcast and Conference Call Information Credo will conduct a conference call on Monday, June 1, 2026, at 2:00 p.m. Pacific Time to discuss its financial results for the fourth quarter and fiscal year 2026, ended May 2, 2026. Interested parties may join the conference call by dialing 833-461-5787 (toll-free) or +1 585-542-9983 (international). The conference ID for the call is 721028678. It is recommended that participants register and dial in for 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, acquisition and integration related costs, amortization of acquired intangible assets, 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 transform connectivity at scale through fast, reliable and energy-efficient system solutions. Our high-speed copper and optical interconnect products deliver industry-leading power and performance at up to 1.6T to meet the ever-expanding data infrastructure demands of AI. Our product portfolio includes ZeroFlap (ZF) Active Electrical Cables (AECs) and ZF optical transceivers, OmniConnect memory solutions, and a suite of retimers and DSPs for optical and copper Ethernet and PCIe, all leveraging the PILOT diagnostic and analytics software platform. Credo innovations enable our customers to connect the systems that connect the world. 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   Year Ended   May 2, 2026   January 31, 2026   May 3, 2025   May 2, 2026   May 3, 2025 Revenue   437,003       407,012     170,025     1,335,116     436,775 Cost of revenue   138,936       128,144       55,837       426,767       153,866   Gross profit   298,067       278,868       114,188       908,349       282,909   Operating expenses:                   Research and development   90,534       78,483       48,455       279,381       146,867   Selling, general and administrative   51,688       50,763       31,945       183,963       98,918   Total operating expenses   142,222       129,246       80,400       463,344       245,785   Operating income   155,845       149,622       33,788       445,005       37,124   Other income, net   12,136       9,459       3,821       30,430       17,746   Income before income taxes   167,981       159,081       37,609       475,435       54,870   Provision (benefits) for income taxes   (1,121 )     1,939       1,021       3,156       2,687   Net income $ 169,102     $ 157,142     $ 36,588     $ 472,279     $ 52,183   Net income per share:                   Basic $ 0.92     $ 0.86     $ 0.21     $ 2.65     $ 0.31   Diluted $ 0.88     $ 0.82     $ 0.20     $ 2.51     $ 0.29   Weighted average shares used in computing net income per share:                   Basic   184,683       182,222       170,405       178,538       167,505   Diluted   192,681       192,023       182,119       188,232       181,158   Credo Technology Group Holding Ltd Condensed Consolidated Balance Sheets (Unaudited) (In thousands)       May 2, 2026   May 3, 2025 Assets Current assets:         Cash and cash equivalents   $ 1,164,952   $ 236,328   Short-term investments     278,334       195,010   Accounts receivable     233,377       162,144   Inventories     250,831       90,029   Other current assets     73,576       30,023   Total current assets     2,001,070       713,534   Property and equipment, net     101,605       63,631   Right-of-use assets     24,640       15,234   Goodwill     92,798       —   Intangible assets, net     29,262       —   Other non-current assets     46,244       16,858   Total assets   $ 2,295,619     $ 809,257   Liabilities and Shareholders' Equity Current liabilities:         Accounts payable   $ 107,345     $ 56,158   Accrued compensation and benefits     21,626       16,097   Other current liabilities     68,120       35,456   Total current liabilities     197,091       107,711   Non-current operating lease liabilities     20,617       12,693   Other non-current liabilities     14,299       7,271   Total liabilities     232,007       127,675   Shareholders' equity:         Ordinary shares     9       8   Additional paid-in capital     1,672,060       765,173   Accumulated other comprehensive income (loss)     2,426       (437 ) Retained earnings (accumulated deficit)     389,117       (83,162 ) Total shareholders' equity     2,063,612       681,582   Total liabilities and shareholders' equity   $ 2,295,619     $ 809,257   Credo Technology Group Holding Ltd Reconciliations from GAAP to Non-GAAP Results (Unaudited) (In thousands, except percentages and per share amounts)     Three Months Ended   Year Ended   May 2, 2026   January 31, 2026   May 3, 2025   May 2, 2026   May 3, 2025 GAAP gross profit $ 298,067     $ 278,868     $ 114,188     $ 908,349     $ 282,909   Reconciling item:                   Share-based compensation   354       354       356       1,418       1,194   Total reconciling item   354       354       356       1,418       1,194   Non-GAAP gross profit $ 298,421     $ 279,222     $ 114,544     $ 909,767     $ 284,103                       GAAP gross margin   68.2 %     68.5 %     67.2 %     68.0 %     64.8 % Non-GAAP gross margin   68.3 %     68.6 %     67.4 %     68.1 %     65.0 %                     Total GAAP operating expenses $ 142,222     $ 129,246     $ 80,400     $ 463,344     $ 245,785   Reconciling items:                   Share-based compensation   (49,344 )     (51,806 )     (27,506 )     (181,220 )     (76,161 ) Acquisition and integration related costs   (9,279 )     —       —       (9,279 )     —   Amortization of acquired intangible assets   (400 )     —       —       (400 )     —   Impairment and related charges   (1,500 )     —       (873 )     (1,500 )     (873 ) Total reconciling items   (60,523 )     (51,806 )     (28,379 )     (192,399 )     (77,034 ) Total Non-GAAP operating expenses $ 81,699     $ 77,440     $ 52,021     $ 270,945     $ 168,751                       GAAP operating income $ 155,845     $ 149,622     $ 33,788     $ 445,005     $ 37,124   Non-GAAP operating income $ 216,722     $ 201,782     $ 62,523     $ 638,822     $ 115,352                       GAAP operating income margin   35.7 %     36.8 %     19.9 %     33.3 %     8.5 % Non-GAAP operating income margin   49.6 %     49.6 %     36.8 %     47.8 %     26.4 %                     GAAP net income $ 169,102     $ 157,142     $ 36,588     $ 472,279     $ 52,183   Reconciling items:                   Share-based compensation   49,698       52,160       27,862       182,638       77,355   Acquisition and integration related costs   9,279       —       —       9,279       —   Amortization of acquired intangible assets   400       —       —       400       —   Impairment and related charges   1,500       —       873       1,500       873   Pre-tax total reconciling items   60,877       52,160       28,735       193,817       78,228   Other income tax effects and adjustments   (3,299 )     (509 )     (69 )     (4,553 )     (485 ) Non-GAAP net income $ 226,680     $ 208,793     $ 65,254     $ 661,543     $ 129,926                       GAAP net income margin   38.7 %     38.6 %     21.5 %     35.4 %     11.9 % Non-GAAP net income margin   51.9 %     51.3 %     38.4 %     49.5 %     29.7 %                     GAAP weighted average shares - basic   184,683       182,222       170,405       178,538       167,505   GAAP weighted average shares - diluted   192,681       192,023       182,119       188,232       181,158   Non-GAAP adjustment   3,255       2,878       4,824       3,024       3,486   Non-GAAP weighted average shares - diluted   195,936       194,901       186,943       191,256       184,644                       GAAP diluted net income per share $ 0.88     $ 0.82     $ 0.20     $ 2.51     $ 0.29   Non-GAAP diluted net income per share $ 1.16     $ 1.07     $ 0.35     $ 3.46     $ 0.70   Credo Technology Group Holding Ltd Reconciliation of GAAP Forward-Looking Estimates to Non-GAAP Forward-Looking Estimates (In millions, except percentages)       Three Months Ended August 1, 2026     Low   High           GAAP gross margin     66.9 %     68.9 % Reconciling item:         Share-based compensation     0.1 %     0.1 % Total reconciling item     0.1 %     0.1 % Non-GAAP gross margin     67.0 %     69.0 %                     Total GAAP operating expenses   $ 167.6     $ 171.6   Reconciling item:         Share-based compensation     70.0       70.0   Acquisition and integration related costs     11.0       11.0   Amortization of acquired intangible assets     0.6       0.6   Total reconciling item     81.6       81.6   Total non-GAAP operating expenses   $ 86.0     $ 90.0     View source version on businesswire.com: https://www.businesswire.com/news/home/20260601641616/en/ Investor Contact:
Dan O’Neil
dan.oneil@credosemi.com Media Contact:
Kristin Hehir
kristin.hehir@credosemi.com Original: Credo Technology Group Holding Ltd Reports Fourth Quarter and Fiscal Year 2026 Financial Results

Credo Completes Acquisition of DustPhotonicsMay 28, 2026 9:21 AM
Business Wire Expands Optical Connectivity Portfolio to Include Silicon Photonics Photonic Integrated Circuits Credo Technology Group Holding Ltd (Credo) (NASDAQ: CRDO), an innovator in providing connectivity at scale through fast, reliable, and energy-efficient system solutions, today announced that it has completed its acquisition of DustPhotonics. DustPhotonics brings industry-leading silicon photonics photonic integrated circuit (SiPho PIC) technology for optical connectivity, deepening Credo’s optical interconnect portfolio across 800G, 1.6T, and 3.2T near-packaged optics (NPO) and co-packaged optics (CPO). With this technology, Credo is now positioned with a vertically integrated connectivity stack spanning SerDes, digital signal processing (DSP), silicon photonics, and system integration for scale-out and scale-up networks — addressing both electrical and optical interconnects across the full AI infrastructure buildout. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260527239270/en/Credo announced that it has completed its acquisition of DustPhotonics. DustPhotonics brings industry-leading silicon photonics photonic integrated circuit (SiPho PIC) technology for optical connectivity, deepening Credo’s optical interconnect portfolio across 800G, 1.6T, and 3.2T near-packaged optics (NPO) and co-packaged optics (CPO). With this technology, Credo is now positioned with a vertically integrated connectivity stack spanning SerDes, digital signal processing (DSP), silicon photonics, and system integration for scale-out and scale-up networks — addressing both electrical and optical interconnects across the full AI infrastructure buildout. With the addition of DustPhotonics, the company expects its combined portfolio of ZeroFlap optical transceivers, optical DSPs, and silicon photonics products to become a significant growth driver in fiscal 2027, reflecting strong customer traction and expanding adoption across hyperscale AI deployments. “I am thrilled to officially welcome the talented team from DustPhotonics to Credo,” said Bill Brennan, President and CEO, Credo. “Today marks an important milestone as we join two deeply skilled organizations united by a shared commitment to innovation, execution, and customer impact. Together, we will continue to advance a powerful, end-to-end optical connectivity solution platform with reliability and power efficiency at its core, helping our customers scale AI infrastructure.” “Today we celebrate that DustPhotonics is now a part of Credo,” said Ronnen Lovinger, Vice President, Silicon Photonics, Credo. “I am extremely proud of the silicon photonics advancements we pioneered as a team, and am excited to work alongside our new colleagues to accelerate our vision for optical interconnect. Silicon photonics will increasingly become the foundational technology for AI-driven optical connectivity—enabling the bandwidth, efficiency, and scale that next-generation infrastructure demands.” About Credo Credo’s mission is to transform connectivity at scale through fast, reliable, and energy-efficient system solutions. Our high-speed copper and optical interconnect products deliver industry-leading power and performance at up to 1.6T to meet the ever-expanding data infrastructure demands of AI. Our product portfolio includes ZeroFlap (ZF) Active Electrical Cables (AECs) and ZF optical transceivers, OmniConnect memory solutions, and a suite of retimers and DSPs for optical and copper Ethernet and PCIe, all leveraging the PILOT diagnostic and analytics software platform. Credo innovations enable our customers to connect the systems that connect the world. For more information, please visit https://www.credosemi.com. Follow Credo on LinkedIn. Credo, the Credo logo and the color purple when associated with AECs 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. Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. 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, including but not limited to: the ability to successfully integrate DustPhotonics' operations and technology; the ability to achieve the financial milestones underlying the earnout consideration; competitive developments in the optical interconnect market; and general macroeconomic and semiconductor industry conditions. 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 undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date of this release. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof. View source version on businesswire.com: https://www.businesswire.com/news/home/20260527239270/en/ Media Contact:
Diane Vanasse
diane.vanasse@credosemi.com Investor Contact:
Dan O’Neil
dan.oneil@credosemi.com Original: Credo Completes Acquisition of DustPhotonics

Credo and Rebellions Work Together to Maximize Operational Efficiency in Enterprise AI FactoriesMay 20, 2026 9:10 AM
Business Wire Collaboration Enables Reliable Scaling of AI Inference Workloads and Faster Time to First Token Credo Technology Group Holding Ltd (Credo) (NASDAQ: CRDO), an innovator in providing connectivity at scale through fast, reliable, and energy-efficient system solutions, and Rebellions, a global leader in AI inference infrastructure, are working together to bring turnkey, scalable AI factories to enterprises around the world. The collaboration integrates Credo’s ZeroFlap active electrical cables (AECs)—designed to deliver consistent, link flap-free connectivity—into the production-ready, high-performance Rebellions RebelPOD™. By integrating Credo’s ZeroFlap AECs, Rebellions helps enterprises accelerate time to first token and unlock AI cluster productivity. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260520676790/en/Credo’s ZeroFlap active electrical cables (AECs)—designed to deliver consistent, link flap-free connectivity—are integrated into the production-ready, high-performance Rebellions RebelPOD™. [Photo of the Rebellions RebelPOD™ courtesy of Rebellions.] Inference workloads must deliver immediate responsiveness, predictable latency, and continuous availability, often across large, distributed clusters operating at high utilization. Even brief connectivity instability or component failures can delay inference requests, increase queue times, and degrade user experience. Credo’s ZeroFlap AECs virtually eliminate intermittent link disruptions, reduce operational troubleshooting, and simplify maintenance, enabling AI infrastructure to remain online and performant as it scales. With Credo’s renowned plug-and-play purple AECs integrated into the Rebellions RebelPOD architecture, enterprises can deploy AI inference capacity faster while maintaining operational stability over time. “AI inference infrastructure must be designed not only for performance, but also for continuous operation at scale,” said Bill Brennan, President and CEO, Credo. “The integration of Credo’s ZeroFlap AECs in the Rebellions RebelPOD architecture enables enterprises to deploy AI factories that deliver exceptional uptime, reliability, and serviceability—key requirements for delivering fast time to stability and revenue.” “Rebellions is focused on making AI inference infrastructure practical, efficient and accessible for enterprises and organizations worldwide,” said Sunghyun Park, Co-Founder and CEO, Rebellions. “In collaboration with Credo, we are streamlining AI adoption at scale—from development to deployment—and minimizing infrastructure complexity so customers can utilize AI inference faster, with lower operational risk.” Credo’s award-winning ZeroFlap AECs are known for delivering highly reliable interconnect for AI backend networks, operating without link flaps for billions of field operating hours. Credo ZeroFlap AECs are the interconnects for the Rebellions RebelPOD, a high-performance AI cluster with rack-to-rack scalability and RDMA networking, built for large-scale AI inference and designed for distributed workloads. About Rebellions Rebellions builds what the AI era needs: purpose-built inference accelerators delivering the performance, efficiency, and supply chain resilience that enterprises and nations demand. Its flagship Rebel100™ delivers the best performance per dollar per watt – built for inference from the ground up, not retrofitted from training – with full-stack software built entirely on open source and open standards. With proven commercial deployments already live across enterprises and governments, and a chiplet architecture built for the most demanding AI workloads, Rebellions gives every organization and nation the ability to own and control their AI, not just access it. Backed by Aramco, Arm, Kindred Ventures, KT, Mirae Asset Group, Samsung, SK Hynix, and SK Telecom, Rebellions is headquartered in South Korea with operations in the United States. Learn more by visiting www.rebellions.ai, on LinkedIn at www.linkedin.com/company/rebellions-ai, and on X at twitter.com/rebellions_inc. About Credo Credo’s mission is to transform connectivity at scale through fast, reliable, and energy-efficient system solutions. Our high-speed copper and optical interconnect products deliver industry-leading power and performance at up to 1.6T to meet the ever-expanding data infrastructure demands of AI. Our product portfolio includes ZeroFlap (ZF) Active Electrical Cables (AECs) and ZF optical transceivers, OmniConnect memory solutions, and a suite of retimers and DSPs for optical and copper Ethernet and PCIe, all leveraging the PILOT diagnostic and analytics software platform. Credo innovations enable our customers to connect the systems that connect the world. For more information, please visit https://www.credosemi.com. Follow Credo on LinkedIn. Credo, the Credo logo and the color purple when associated with AECs 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20260520676790/en/ Media Contact:
Kristin Hehir
kristin.hehir@credosemi.com Investor Contact:
Dan O’Neil
dan.oneil@credosemi.com Original: Credo and Rebellions Work Together to Maximize Operational Efficiency in Enterprise AI Factories

Am I hearing interesting rumors of CRDO being purchased buy INTC *Intel.
And truth to this?

• Q1 Fiscal 2026 Results: Credo reported revenue of $223.1 million, a staggering 274% increase compared to the same quarter last year. 
• Fiscal Year 2026 Outlook: Total revenue for the twelve months ending January 31, 2026, reached approximately $1.068 billion, up more than 220% year-over-year.
• Forward Guidance: For the second quarter of fiscal 2026, management has issued revenue guidance between $230 million and $240 million, signaling continued sequential growth.

From gemini

Credo to Highlight Next-Generation Connectivity Solutions for AI Infrastructure at TSMC 2026 Technology SymposiumApril 22, 2026 4:05 PM
Business Wire
Credo Technology Group Holding Ltd (Credo) (NASDAQ: CRDO), an innovator in providing connectivity at scale through fast, reliable, and energy-efficient system solutions, will participate in the global TSMC 2026 Technology Symposium events, kicking off on April 22nd in Santa Clara, California.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260422367858/en/Credo will participate in the global TSMC 2026 Technology Symposium events, kicking off on April 22nd in Santa Clara, California.
Credo will be at the following TSMC 2026 Technology Symposiums and Workshops:


April 22nd - North America Technology Symposium, Santa Clara, booth #502

May 5th - Austin Technology Workshop

May 14th - Boston Technology Workshop

May 14th - Taiwan Technology Symposium, Hsinchu

May 28th - Europe Technology Symposium, Amsterdam

June 25th - China Technology Symposium, Shanghai

July 3rd - Japan Technology Symposium, Yokohama


At each event, Credo will spotlight the first solution in its OmniConnect family, Weaver, designed to break through the memory bottlenecks that limit AI inference scalability. Weaver combines ultra-efficient 112G VSR SerDes, available in TSMC 5nm and 3nm processes, with a lightweight AXI framer to deliver high-bandwidth, low-latency, and power-optimized connectivity between compute engines and memory—whether on-die, off-substrate, or across chiplets. Compared to conventional LPDDR5X, OmniConnect Weaver provides a 10x boost in I/O beachfront density and a 20x increase in memory density1.


In addition to Weaver, Credo will also highlight its 224G PAM4 SerDes Intellectual Property (IP), proven in TSMC 3nm process. By enabling 224G per lane data transmission, the technology provides ultra-high speed 1.6Tbps bandwidth for the build out of next-generation AI, cloud computing and hyperscale applications.


“Credo has a longstanding partnership with TSMC and we share a vision for accelerating AI through innovation and collaboration,” said Jeff Twombly, Vice President of Business Development at Credo. “TSMC’s Technology Symposium events bring the ecosystem together to learn, network, and exchange ideas. We value the opportunity to be part of these important discussions which are shaping the energy-efficient, scalable AI architecture of the future.”


About Credo


Credo’s mission is to transform connectivity at scale through fast, reliable, and energy-efficient system solutions. Our high-speed copper and optical interconnect products deliver industry-leading power and performance at up to 1.6T to meet the ever-expanding data infrastructure demands of AI.


Our product portfolio includes ZeroFlap (ZF) Active Electrical Cables (AECs) and ZF optical transceivers, OmniConnect memory solutions, and a suite of retimers and DSPs for optical and copper Ethernet and PCIe, all leveraging the PILOT diagnostic and analytics software platform. Credo innovations enable our customers to connect the systems that connect the world.


For more information, please visit https://www.credosemi.com. Follow Credo on LinkedIn.


Credo, the Credo logo and the color purple when associated with AECs 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.



_______________



1 Up to 5.8TB of memory density with Weaver compared to max 256GB using LPDDR5X.







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260422367858/en/
Media Contact:

Kristin Hehir

kristin.hehir@credosemi.com


Investor Contact:

Dan O’Neil

dan.oneil@credosemi.com


Original: Credo to Highlight Next-Generation Connectivity Solutions for AI Infrastructure at TSMC 2026 Technology Symposium

Looks like they settled this legal dispute. Finally getting my money back here.

Credo Agrees to Acquire DustPhotonics, Accelerating Expansion into Silicon Photonics and Next Generation Optical ConnectivityApril 13, 2026 4:05 PM
Business Wire
Acquisition will bring industry-leading Silicon Photonics PIC technology in-house, expanding Credo's addressable market and deepening its optical interconnect portfolio across 800G, 1.6T, and 3.2T NPO and CPO


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 has entered into a definitive agreement to acquire DustPhotonics, a leading developer of Silicon Photonics Photonic Integrated Circuit (SiPho PIC) technology for optical transceivers. The acquisition will position Credo with a vertically integrated connectivity stack spanning SerDes, Digital Signal Processing (DSP), Silicon Photonics and system integration for scale out and scale up networks — addressing both electrical and optical interconnects across the full AI infrastructure buildout.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260413933103/en/Credo Agrees to Acquire DustPhotonics, Accelerating Expansion into Silicon Photonics and Next Generation Optical Connectivity
Strategic Rationale


The acquisition of DustPhotonics directly accelerates Credo's optical interconnect roadmap and significantly expands its served addressable market in the global optical industry. DustPhotonics has developed a differentiated portfolio of SiPho PICs spanning 400G, 800G, and 1.6T, with a roadmap extending to 3.2T, that integrates key optical functions onto a single chip, reducing component complexity, improving manufacturing yields, and enabling meaningfully lower cost at scale as port speeds advance beyond 800G. In combination, these factors improve AI cluster reliability, a critical factor for data center operators. These SiPho PICs are deployed in transceivers at leading hyperscale AI clusters and are also in design for leading Near Port Optics (NPO) and Co-Packaged Optics (CPO) applications. According to LightCounting1 and Credo estimates, the SiPho PIC market is expected to grow to $6 billion by 2030.


Critically, SiPho PIC technology is a foundational component of Credo's ZeroFlap (ZF) Optical Transceiver platform. Bringing this capability in-house mitigates external supply dependencies, accelerates product development cycles, and creates a pathway to substantial cost structure improvement at volume. Combined with Credo's industry-leading SerDes and DSP intellectual property and products, the acquisition creates an end-to-end optical connectivity solution platform.


Credo believes it has reached an inflection point in its optical business. With the addition of DustPhotonics, the company expects its combined portfolio of ZeroFlap Optical Transceivers, Optical DSPs, and Silicon Photonics products to generate greater than $500 million in optical revenue in fiscal 2027, reflecting strong customer traction and expanding adoption across hyperscale AI deployments.


Quotes


William Brennan, Chairman, President and Chief Executive Officer, Credo Technology:


“Combining forces with DustPhotonics marks a defining step in Credo’s strategy to lead across the full spectrum of AI connectivity. We’ve built a strong position in high-speed electrical solutions, and this move decisively expands that leadership into Silicon Photonics with best-in-class PIC technology that complements our ZeroFlap Optical Transceivers and DSP portfolio.


This combination positions us at an inflection point in optical. As adoption accelerates across hyperscale AI infrastructure, we expect our optical business to scale into a meaningful and rapidly growing contributor by fiscal 2027.


More importantly, we are building a vertically integrated connectivity platform that spans from copper to optical and from chip to cluster—allowing us to solve for the two constraints that matter most at scale: reliability and power efficiency, while deepening our role as a strategic partner to our customers.”


Ronnen Lovinger, Chief Executive Officer, DustPhotonics:


"Joining Credo is the natural next step for DustPhotonics. We built this company with a clear conviction that Silicon Photonics would become the structural foundation of high-speed optical connectivity as AI infrastructure scales. Credo shares that conviction and brings the SerDes IP, the hyperscaler relationships, and the operational scale to turn that vision into reality far faster than we could independently. This is an exceptional outcome for our team, our customers, and the broader industry."


Gavin Baker, DustPhotonics Investor; Managing Partner and Chief Investment Officer of Atreides Management, LP.:


“We believe DustPhotonics' Silicon Photonic ICs and engines are a natural extension to Credo's existing capabilities in optical connectivity, building on strong momentum across Credo’s DSP, ZF Optical Transceiver platform, and future Active LED Cable (ALC) product lines. As a key element in any silicon photonic optical link, DustPhotonics’ products and technologies enable high-speed optical connectivity at lower power and cost compared to traditional pluggable transceivers. In combination, the companies further strengthen Credo’s current foundation for more scalable, reliable, and energy-efficient scale-out and scale-up AI connectivity."


Avigdor Willenz, Chairman of DustPhotonics:


“Silicon photonics is becoming a critical building block for AI infrastructure, and DustPhotonics has built a truly differentiated technology platform in this space. We have been disciplined in focusing on the right architecture and execution, and the results are evident in both the product and customer traction. Combining with Credo creates a powerful platform with the scale, integration, and customer access required to fully capture the opportunity ahead."


Transaction Details


Credo will acquire DustPhotonics for upfront consideration of $750 million cash and approximately 0.92 million shares of Credo common stock, subject to the terms and conditions of the definitive agreement. In addition, Credo may pay incremental contingent consideration of up to approximately 3.21 million shares based on the achievement of certain financial milestones, subject to the terms of the definitive agreement. Credo expects the transaction will be accretive to non-GAAP earnings per share in Credo’s fiscal 2027. The transaction is expected to close in the second quarter of calendar 2026, subject to customary closing conditions and regulatory approvals.


Conference Call


Credo will conduct a conference call on Tuesday, April 14, 2026, at 10:00 a.m. Pacific Time to discuss its proposed acquisition of DustPhotonics. Interested parties may join the conference call beginning at 10:00 a.m. Pacific Time on Tuesday, April 14, 2026, by dialing (800) 715-9871 (toll-free) or +1 (646) 307-1963 (international). The conference ID for the call is 5273210. 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.


About DustPhotonics


DustPhotonics is a fabless semiconductor company developing SiPho PICs for high-speed optical transceivers. Founded in 2017 and headquartered in Israel, DustPhotonics has developed a differentiated PIC portfolio spanning 400G, 800G, and 1.6T, with a roadmap that extends to 3.2T, and with integrated and external laser configurations.


DustPhotonics has assembled a team of approximately seventy employees with deep expertise in photonic integration. The company operates a fabless model and has secured design wins with leading hyperscale cloud customers, providing a platform for expansion.


About Credo


Credo’s mission is to transform connectivity at scale through fast, reliable, and energy-efficient system solutions. Our high-speed copper and optical interconnect products deliver industry-leading power and performance at up to 1.6T to meet the ever-expanding data infrastructure demands of AI.


Our product portfolio includes ZeroFlap Active Electrical Cables (AECs), ZF Optical Transceivers, OmniConnect memory solutions, and a suite of retimers and DSPs for optical and copper Ethernet and PCIe, all leveraging the PILOT diagnostic and analytics software platform. Credo innovations enable our customers to connect the systems that connect the world.


For more information, please visit https://www.credosemi.com. Follow Credo on LinkedIn.


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.


Forward-Looking Statements


This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical fact could be deemed forward-looking statements, including, but not limited to, any statements regarding our acquisition of DustPhotonics, 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, including but not limited to: the ability to complete the acquisition on the expected timeline or at all; the ability to successfully integrate DustPhotonics' operations and technology; the ability to achieve the financial milestones underlying the earnout consideration; competitive developments in the optical interconnect market; and general macroeconomic and semiconductor industry conditions. 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 undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date of this release. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof.


1 According to unit data from the LightCounting’s Silicon Photonics, Linear Drive Pluggable and Co-packaged Optics published November 21, 2025.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260413933103/en/
Media Contact:

Diane Vanasse

diane.vanasse@credosemi.com


Investor Contact:

Dan O’Neil

dan.oneil@credosemi.com


Original: Credo Agrees to Acquire DustPhotonics, Accelerating Expansion into Silicon Photonics and Next Generation Optical Connectivity

Credo Technology Group Holding Ltd $CRDO Book Value is only $10.04 per share. Total Debt (mrq) $16.28M

Credo and Molex Reach Settlement in Active Electrical Cable Patent Infringement DisputesMarch 26, 2026 4:05 PM
Business Wire
Credo Technology Group Holding Ltd (Credo) (NASDAQ: CRDO), an innovator in providing secure, high-speed connectivity solutions that deliver improved reliability and energy efficiency, has reached a cross-license and settlement agreement with Molex, LLC. Based on this agreement, the lawsuits will be promptly dismissed, bringing an end to all patent disputes between the two companies. The terms of the agreement remain confidential.


About Credo


Credo’s mission is to redefine high-speed connectivity by delivering breakthrough solutions that enable the next generation of AI-driven applications. We are committed to enabling faster, more reliable, more energy-efficient, and scalable solutions that support the ever-expanding demands of AI, cloud computing, and hyperscale networks. Our innovations ease system bandwidth bottlenecks while simultaneously improving on power, security, and reliability. Our connectivity solutions are optimized for optical and electrical Ethernet applications, including the 100G (or Gigabits per second), 200G, 400G, 800G and the emerging 1.6T (or Terabits per second) port markets. Credo products are based on our proprietary Serializer/Deserializer (SerDes) and Digital Signal Processor (DSP) technologies. Our product families include Integrated Circuits (ICs) for the optical and line card markets, Active Electrical Cables (AECs) and SerDes Chiplets. Our intellectual property (IP) solutions consist primarily of SerDes IP licensing.


For more information, please visit https://www.credosemi.com. Follow Credo on LinkedIn.


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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260326051149/en/
Media Contact:

Diane Vanasse

diane.vanasse@credosemi.com


Investor Contact:

Dan O’Neil

dan.oneil@credosemi.com


Original: Credo and Molex Reach Settlement in Active Electrical Cable Patent Infringement Disputes

Credo launches Robin optical DSP chips aimed at AI data center demandMarch 17, 2026 11:27 AM
IH Market News
Credo Technology Group Holding Ltd (NASDAQ:CRDO) unveiled a new family of optical digital signal processors designed for next-generation artificial intelligence infrastructure, targeting the rapidly expanding market for high-speed data center connectivity.The company introduced its Robin optical DSP lineup, including 800G and 400G devices built on Credo’s sixth-generation DSP architecture. The chips are intended to support AI-driven data center networks by improving signal integrity, lowering power consumption and enabling more flexible deployment across hyperscale infrastructure.Credo said the Robin 800 series has been engineered specifically for AI-optimized 800G optical transceivers, which are increasingly used in high-performance computing clusters and large-scale AI training environments. The family includes versions designed for both fully retimed transceivers and Linear Receive Optics (LRO), with integrated Silicon Photonics (SiPh) and electro-absorption modulated laser (EML) drivers.The processors feature integrated low-power laser drivers capable of operating up to 3.3Vpp and use a compact substrate that the company says can reduce printed circuit board space requirements by up to 50% compared with competing products. According to Credo, the smaller footprint simplifies hardware layouts and can help reduce manufacturing costs for system vendors.“The Robin family of optical DSPs introduces a truly differentiated solution to the massive 800G market,” said Chris Collins, AVP of Sales & Optical Product Marketing at Credo. “By substantially reducing the footprint, integrating low power laser drivers, and easing supply chain constraints, our customers simplify PCB design, improve yields, and enhance margins. Robin embodies our commitment to innovation and to delivering cutting edge technology that accelerates our customers’ success.”Industry analysts say demand for high-bandwidth optical components is accelerating as artificial intelligence workloads drive massive increases in data center networking requirements.“Our latest forecast highlights that 800G and 400G transceivers will be the majority of AI transceiver shipments in 2026-2027 at over 120M units combined,” said Bob Wheeler, Analyst-at-Large at LightCounting. “Credo’s Robin family is well positioned to capitalize on this tremendous market demand with DSPs that address supply and cost concerns while meeting the bandwidth and power requirements of next-generation AI infrastructure.”More about CredoCredo Technology Group develops high-speed connectivity solutions designed for large-scale data infrastructure. Its copper and optical interconnect products support speeds of up to 1.6T and are used in hyperscale data centers, networking equipment and AI computing systems. The company focuses on delivering high performance and energy efficiency as demand for data center capacity continues to rise with the growth of artificial intelligence.Credo Technology Group Holding stock price

Original: Credo launches Robin optical DSP chips aimed at AI data center demand

Credo Technology Group Holding Ltd Reports Third Quarter of Fiscal Year 2026 Financial ResultsMarch 2, 2026 4:05 PM
Business Wire
Credo Technology Group Holding Ltd (Credo) (Nasdaq: CRDO), an innovator in providing connectivity at scale through fast, reliable, and energy-efficient system solutions, today reported financial results for the third quarter of fiscal year 2026, ended January 31, 2026.


Third Quarter of Fiscal Year 2026 Financial Highlights



Revenue of $407.0 million, grew by 51.9% quarter over quarter and 201.5% year over year



GAAP gross margin of 68.5% and non-GAAP gross margin of 68.6%



GAAP operating expenses of $129.2 million and non-GAAP operating expenses of $77.4 million



GAAP net income of $157.1 million and non-GAAP net income of $208.8 million



GAAP diluted net income per share of $0.82 and non-GAAP diluted net income per share of $1.07



Ending cash and short-term investment balance of $1.3 billion



Management Commentary


Bill Brennan, Credo’s President and Chief Executive Officer, stated, “In the third quarter Credo once again delivered record results with revenue of $407.0 million, an increase of more than 50% sequentially and 200% year over year. With continued growth in AECs and ICs and the announcement of three new multi-billion dollar TAM expansions through ZeroFlap optics, ALCs, and OmniConnect, we remain confident in our ability to innovate and grow in the expanding AI infrastructure landscape.”


Fourth Quarter of Fiscal 2026 Financial Outlook



Revenue is expected to be between $425.0 million and $435.0 million



GAAP gross margin is expected to be between 63.9% and 65.9%, and non-GAAP gross margin is expected to be between 64.0% and 66.0%



GAAP operating expenses are expected to be between 125.5 million and 129.5 million, and non-GAAP operating expenses are expected to be between $76.0 million and $80.0 million



Conference Call


Credo will conduct a conference call on Monday, March 2, 2026, at 2:00 p.m. Pacific Time to discuss its financial results for the third quarter of fiscal year 2026, ended January 31, 2026. Interested parties may join the conference call beginning at 2:00 p.m. Pacific Time on Monday, March 2, 2026, 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 ongoing 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 transform connectivity at scale through fast, reliable and energy-efficient system solutions. Our high-speed copper and optical interconnect products deliver industry-leading power and performance at up to 1.6T to meet the ever-expanding data infrastructure demands of AI.


Our product portfolio includes ZeroFlap (ZF) Active Electrical Cables (AECs) and ZF optical transceivers, OmniConnect memory solutions, and a suite of retimers and DSPs for optical and copper Ethernet and PCIe, all leveraging the PILOT diagnostic and analytics software platform. Credo innovations enable our customers to connect the systems that connect the world.


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






 






Nine Months Ended








 





 

January 31, 2026






 






November 1, 2025






 






February 1, 2025






 






January 31, 2026






 






February 1, 2025








Revenue





 

 






407,012






 






 






268,027






 






 






135,002






 






 






898,113






 






 






266,750








Cost of revenue





 

 






128,144






 






 






86,981






 






 






49,076






 






 






287,831






 






 






98,029








Gross profit





 

 






278,868






 






 






181,046






 






 






85,926






 






 






610,282






 






 






168,721








Operating expenses:





 

 






 






 






 






 






 






 






 






 








Research and development





 

 






78,483






 






 






57,916






 






 






36,261






 






 






188,847






 






 






98,412








Selling, general and administrative





 

 






50,763






 






 






44,334






 






 






23,471






 






 






132,275






 






 






66,973








Total operating expenses





 

 






129,246






 






 






102,250






 






 






59,732






 






 






321,122






 






 






165,385








Operating income





 

 






149,622






 






 






78,796






 






 






26,194






 






 






289,160






 






 






3,336








Other income, net





 

 






9,459






 






 






4,889






 






 






3,918






 






 






18,294






 






 






13,925








Income before income taxes





 

 






159,081






 






 






83,685






 






 






30,112






 






 






307,454






 






 






17,261








Provision for income taxes





 

 






1,939






 






 






1,049






 






 






752






 






 






4,277






 






 






1,666








Net income





 

$






157,142






 






$






82,636






 






$






29,360






 






$






303,177






 






$






15,595








Net income per share:





 

 






 






 






 






 






 






 






 






 








Basic





 

$






0.86






 






$






0.47






 






$






0.17






 






$






1.72






 






$






0.09








Diluted





 

$






0.82






 






$






0.44






 






$






0.16






 






$






1.62






 






$






0.09








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





 

 






 






 






 






 






 






 






 






 








Basic





 

 






182,222






 






 






175,307






 






 






168,167






 






 






176,490






 






 






166,562








Diluted





 

 






192,023






 






 






187,659






 






 






182,464






 






 






186,598






 






 






180,495







 




Credo Technology Group Holding Ltd




Condensed Consolidated Balance Sheets (Unaudited)




(In thousands)








 


 



 





 

January 31, 2026






 






May 3, 2025








Assets








Current assets:





 

 






 






 








Cash and cash equivalents





 

$






1,220,464






 






$






236,328






 








Short-term investments





 

 






81,000






 






 






195,010






 








Accounts receivable





 

 






243,213






 






 






162,144






 








Inventories





 

 






207,958






 






 






90,029






 








Other current assets





 

 






33,958






 






 






30,023






 








Total current assets





 

 






1,786,593






 






 






713,534






 








Property and equipment, net





 

 






105,989






 






 






63,631






 








Right-of-use assets





 

 






15,517






 






 






15,234






 








Goodwill





 

 






70,859






 






 






—






 








Intangible asset





 

 






17,624






 






 






—






 








Other non-current assets





 

 






40,757






 






 






16,858






 








Total assets





 

$






2,037,339






 






$






809,257






 








Liabilities and Shareholders' Equity








Current liabilities:





 

 






 






 








Accounts payable





 

$






93,822






 






$






56,158






 








Accrued compensation and benefits





 

 






14,419






 






 






16,097






 








Other current liabilities





 

 






56,951






 






 






35,456






 








Total current liabilities





 

 






165,192






 






 






107,711






 








Non-current operating lease liabilities





 

 






12,616






 






 






12,693






 








Other non-current liabilities





 

 






10,645






 






 






7,271






 








Total liabilities





 

 






188,453






 






 






127,675






 








Shareholders' equity:





 

 






 






 








Ordinary shares





 

 






9






 






 






8






 








Additional paid in capital





 

 






1,626,787






 






 






765,173






 








Accumulated other comprehensive income (loss)





 

 






2,075






 






 






(437






)








Retained earnings (accumulated deficit)





 

 






220,015






 






 






(83,162






)








Total shareholders' equity





 

 






1,848,886






 






 






681,582






 








Total liabilities and shareholders' equity





 

$






2,037,339






 






$






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






 






Nine Months Ended








 





 

January 31, 2026






 






November 1, 2025






 






February 1, 2025






 






January 31, 2026






 






February 1, 2025








GAAP gross profit





 

$






278,868






 






 






$






181,046






 






 






$






85,926






 






 






$






610,282






 






 






$






168,721






 








Reconciling item:





 

 






 






 






 






 






 






 






 






 








Share-based compensation





 

 






354






 






 






 






354






 






 






 






226






 






 






 






1,064






 






 






 






838






 








Total reconciling item:





 

 






354






 






 






 






354






 






 






 






226






 






 






 






1,064






 






 






 






838






 








Non-GAAP gross profit (A)





 

$






279,222






 






 






$






181,400






 






 






$






86,152






 






 






$






611,346






 






 






$






169,559






 








 





 

 






 






 






 






 






 






 






 






 








GAAP gross margin





 

 






68.5






%






 






 






67.5






%






 






 






63.6






%






 






 






68.0






%






 






 






63.3






%








Non-GAAP gross margin





 

 






68.6






%






 






 






67.7






%






 






 






63.8






%






 






 






68.1






%






 






 






63.6






%








 





 

 






 






 






 






 






 






 






 






 








Total GAAP operating expenses





 

$






129,246






 






 






$






102,250






 






 






$






59,732






 






 






$






321,122






 






 






$






165,385






 








Reconciling item:





 

 






 






 






 






 






 






 






 






 








Share-based compensation





 

 






(51,806






)






 






 






(44,970






)






 






 






(15,964






)






 






 






(131,875






)






 






 






(48,655






)








Total reconciling item:





 

 






(51,806






)






 






 






(44,970






)






 






 






(15,964






)






 






 






(131,875






)






 






 






(48,655






)








Total Non-GAAP operating expenses (B)





 

$






77,440






 






 






$






57,280






 






 






$






43,768






 






 






$






189,247






 






 






$






116,730






 








 





 

 






 






 






 






 






 






 






 






 








GAAP operating income





 

$






149,622






 






 






$






78,796






 






 






$






26,194






 






 






$






289,160






 






 






$






3,336






 








Non-GAAP operating income (A-B)





 

$






201,782






 






 






$






124,120






 






 






$






42,384






 






 






$






422,099






 






 






$






52,829






 








 





 

 






 






 






 






 






 






 






 






 








GAAP operating income margin





 

 






36.8






%






 






 






29.4






%






 






 






19.4






%






 






 






32.2






%






 






 






1.3






%








Non-GAAP operating income margin





 

 






49.6






%






 






 






46.3






%






 






 






31.4






%






 






 






47.0






%






 






 






19.8






%








 





 

 






 






 






 






 






 






 






 






 








GAAP net income





 

$






157,142






 






 






$






82,636






 






 






$






29,360






 






 






$






303,177






 






 






$






15,595






 








Reconciling items:





 

 






 






 






 






 






 






 






 






 








Share-based compensation





 

 






52,160






 






 






 






45,324






 






 






 






16,190






 






 






 






132,939






 






 






 






49,493






 








Pre-tax total reconciling item





 

 






52,160






 






 






 






45,324






 






 






 






16,190






 






 






 






132,939






 






 






 






49,493






 








Other income tax effects and adjustments





 

 






(509






)






 






 






(172






)






 






 






(172






)






 






 






(1,254






)






 






 






(416






)








Non-GAAP net income





 

$






208,793






 






 






$






127,788






 






 






$






45,378






 






 






$






434,862






 






 






$






64,672






 








 





 

 






 






 






 






 






 






 






 






 








GAAP net income margin





 

 






38.6






%






 






 






30.8






%






 






 






21.7






%






 






 






33.8






%






 






 






5.8






%








Non-GAAP net income margin





 

 






51.3






%






 






 






47.7






%






 






 






33.6






%






 






 






48.4






%






 






 






24.2






%








 





 

 






 






 






 






 






 






 






 






 








GAAP weighted-average shares - basic





 

 






182,222






 






 






 






175,307






 






 






 






168,167






 






 






 






176,490






 






 






 






166,562






 








GAAP weighted-average shares - diluted





 

 






192,023






 






 






 






187,659






 






 






 






182,464






 






 






 






186,598






 






 






 






180,495






 








Non-GAAP adjustment





 

 






2,878






 






 






 






2,896






 






 






 






2,028






 






 






 






3,103






 






 






 






3,335






 








Non-GAAP weighted-average shares - diluted





 

 






194,901






 






 






 






190,555






 






 






 






184,492






 






 






 






189,701






 






 






 






183,830






 








 





 

 






 






 






 






 






 






 






 






 








GAAP diluted net income per share





 

$






0.82






 






 






$






0.44






 






 






$






0.16






 






 






$






1.62






 






 






$






0.09






 








Non-GAAP diluted net income per share





 

$






1.07






 






 






$






0.67






 






 






$






0.25






 






 






$






2.29






 






 






$






0.35






 







 




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 Ending May 2, 2026








 





 

Low






 






High








 





 

 






 






 








GAAP gross margin





 

 






63.9






%






 






 






65.9






%








Reconciling item:





 

 






 






 








Share-based compensation





 

 






0.1






%






 






 






0.1






%








Total reconciling item:





 

 






0.1






%






 






 






0.1






%








Non-GAAP gross margin





 

 






64.0






%






 






 






66.0






%








 





 

 






 






 








 





 

 






 






 








Total GAAP operating expenses





 

$






125.5






 






 






$






129.5






 








Reconciling item:





 

 






 






 








Share-based compensation





 

 






49.5






 






 






 






49.5






 








Total reconciling item:





 

 






49.5






 






 






 






49.5






 








Total Non-GAAP operating expenses





 

$






76.0






 






 






$






80.0






 







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260302499009/en/
Investor Contact:

Dan O’Neil

IR@credosemi.com


Original: Credo Technology Group Holding Ltd Reports Third Quarter of Fiscal Year 2026 Financial Results