Press release
Credo Technology Group Holding Ltd Reports Fourth Quarter and Fiscal Year 2023 Financial Results
SAN JOSE, Calif., May 31, 2023 (GLOBE NEWSWIRE) -- Credo Technology Group Holding Ltd (Nasdaq: CRDO), an innovator in providing secure, high-speed
About this update from Credo Technology Group Holding Ltd
[{"type":"text","content":"SAN JOSE, Calif., May 31, 2023 (GLOBE NEWSWIRE) -- Credo Technology Group Holding Ltd (Nasdaq: CRDO), an innovator in providing secure, high-speed connectivity solutions that deliver improved power and cost 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 2023, ended April 29, 2023. Fourth Quarter of Fiscal Year 2023 Financial Highlights Revenue of $32.1 million, decreased by 14.5% year over yearGAAP gross margin of 57.9% and non-GAAP gross margin of 58.2% GAAP operating expenses of $35.0 million and non-GAAP operating expenses of $27.2 millionGAAP net loss of $15.9 million and non-GAAP net loss of $5.7 millionGAAP diluted net loss per share of $0.11 and non-GAAP diluted net loss per share of $0.04Ending cash and short-term investment balance of $217.8 million Management Commentary Bill Brennan, Credo’s President and Chief Executive Officer, stated, “In fiscal 2023, Credo achieved just over $184M in revenue, a 73% increase compared to fiscal 2022. Most recently, the hyperscale landscape has shifted swiftly and dramatically. Compute is now facing a new horizon – generative AI. We see this shift accelerating the demand for energy-efficient connectivity solutions that perform at the highest speeds, which is exactly where Credo excels. We believe this technology acceleration increases the degree of difficulty and will naturally slim the field of market participants. We remain confident that our technology innovation and market leadership will fuel our growth as these opportunities materialize.” First Quarter of Fiscal Year 2024 Financial Outlook Revenue is expected to be between $33.0 million and $35.0 millionGAAP gross margin is expected to be between 57.8% and 59.8%, and non-GAAP gross margin is expected to be between 58.0% and 60.0%GAAP operating expenses are expected to be between $34.0 million and $36.0 million, and non-GAAP operating expenses are expected to be between $26.0 million and $28.0 million Webcast and Conference Call Information Credo will conduct a conference call on Wednesday, May 31, 2023, at 2:00 p.m. Pacific Time to discuss its financial results for the fourth quarter and fiscal year 2023, ended April 29, 2023. Interested parties may join the conference call by regist...