Press release
Credo Technology Group Holding Ltd Reports First Quarter of Fiscal Year 2026 Financial Results
SAN JOSE, Calif.--(BUSINESS WIRE)-- Credo Technology Group Holding Ltd (Credo) (Nasdaq: CRDO), an innovator in providing secure, high-speed connectivity
About this update from Credo Technology Group Holding Ltd
[{"type":"text","content":" SAN JOSE, Calif.--(BUSINESS WIRE)--\nCredo 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.\n\n\nFirst Quarter of Fiscal Year 2026 Financial Highlights\n\n\n\nRevenue of $223.1 million, grew by 274% year over year and 31% quarter over quarter\n\n\n\nGAAP gross margin of 67.4% and non-GAAP gross margin of 67.6%\n\n\n\nGAAP operating expenses of $89.6 million and non-GAAP operating expenses of $54.5 million\n\n\n\nGAAP net income of $63.4 million and non-GAAP net income of $98.3 million\n\n\n\nGAAP diluted net income per share of $0.34 and non-GAAP diluted net income per share of $0.52\n\n\n\nEnding cash and short-term investment balance of $479.6 million\n\n\n\nManagement Commentary\n\n\nBill 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.”\n\n\nSecond Quarter of Fiscal 2026 Financial Outlook\n\n\n\nRevenue is expected to be between $230.0 million and $240.0 million\n\n\n\nGAAP 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%\n\n\n\nGAAP 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\n\n\n\nConference Call\n\n\nCredo 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...