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CRDO

Credo Technology Group Holding Ltd

CRDO

Credo Technology Group Holding Ltd • NASDAQ
$178.59 ▲ 8.89% (+14.58)
Market Cap $30.89 B
52w High $193.50
52w Low $29.09
Dividend Yield 0%
P/E 248.04
Volume 5.59M
Outstanding Shares 172.97M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q1-2026 $223.074M ▲ $89.626M ▲ $63.399M ▲ 28.421% ▲ $0.37 ▲ $70.148M ▲
Q4-2025 $170.025M ▲ $80.4M ▲ $36.588M ▲ 21.519% ▼ $0.21 ▲ $42.318M ▲
Q3-2025 $135.002M ▲ $59.732M ▲ $29.36M ▲ 21.748% ▲ $0.17 ▲ $31.257M ▲
Q2-2025 $72.034M ▲ $53.919M ▲ $-4.225M ▲ -5.865% ▲ $-0.025 ▲ $-3.422M ▲
Q1-2025 $59.714M $51.734M $-9.54M -15.976% $-0.058 $-10.218M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q1-2026 $479.646M ▲ $905.175M ▲ $123.794M ▼ $781.381M ▲
Q4-2025 $431.338M ▲ $809.257M ▲ $127.675M ▲ $681.582M ▲
Q3-2025 $379.208M ▼ $719.916M ▲ $101.69M ▲ $618.226M ▲
Q2-2025 $382.953M ▼ $638.551M ▼ $70.644M ▼ $567.907M ▲
Q1-2025 $398.616M $644.865M $91.763M $553.102M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q1-2026 $63.399M ▲ $54.168M ▼ $-67.821M ▲ $-2.97M ▼ $-16.692M ▲ $51.347M ▼
Q4-2025 $36.588M ▲ $57.822M ▲ $-118.665M ▼ $-1.972M ▲ $-62.88M ▼ $54.167M ▲
Q3-2025 $29.36M ▲ $4.212M ▼ $59.121M ▼ $-3.334M ▲ $59.971M ▼ $-383K ▲
Q2-2025 $-4.225M ▲ $10.285M ▲ $129.052M ▲ $-4.026M ▼ $135.337M ▲ $-11.663M ▲
Q1-2025 $-9.54M $-7.236M $42.482M $1.604M $36.958M $-13.099M

Revenue by Products

Product Q2-2025Q3-2025Q4-2025Q1-2026
License
License
 $0 ▲$0 ▲$0 ▲$10.00M ▲
Product
Product
 $60.00M ▲$130.00M ▲$160.00M ▲$220.00M ▲
Product Engineering Services
Product Engineering Services
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Credo has shifted from a small, loss-making business to a fast‑growing, profitable one. Revenue has climbed sharply each year, especially in the most recent period, showing strong demand for its connectivity products. Profitability has improved steadily: gross margins are healthy, operating results have moved from losses to a solid profit, and net income and earnings per share are now clearly positive. The main watchpoint is that this improvement is still relatively new and relies on continuing strong growth in a competitive, cyclical industry.

Balance Sheet

Balance Sheet The balance sheet looks robust for a young tech company. Total assets have expanded significantly as the business has scaled, and shareholder equity has moved from negative to comfortably positive, reflecting cumulative improvements in performance and fundraising. Cash levels are solid relative to the size of the business, and debt is very low, which gives Credo financial flexibility and resilience. The key consideration is that rapid asset growth will need to keep translating into sustainable earnings over time.

Cash Flow

Cash Flow Cash generation has improved meaningfully. Operating cash flow has turned positive and is rising, indicating that the core business is now funding itself rather than relying solely on external capital. After several years of negative free cash flow, Credo now appears to be generating surplus cash even after its investment spending, helped by disciplined, relatively modest capital expenditures. The main risk is that this positive cash profile is still early in its life and could be tested if growth slows or large new investments are required.

Competitive Edge

Competitive Edge Credo has carved out a strong niche in high‑speed, power‑efficient connectivity for AI and hyperscale data centers. Its deep expertise in SerDes and DSP technology, along with a system‑level approach, gives it a differentiated offering versus larger, more diversified chip makers. High‑value products like Active Electrical Cables, optical DSPs, and PCIe retimers position the company at the heart of next‑generation data center build‑outs. However, it operates in a fiercely competitive field against much larger rivals, and its reliance on a small number of very large customers creates concentration risk, even as those relationships also strengthen its moat.

Innovation and R&D

Innovation and R&D Innovation is a core strength. Credo is pushing the envelope in ultra‑high‑speed links, low‑power designs, and system‑level solutions tailored to AI workloads. New offerings such as ZeroFlap optical transceivers, high‑speed SerDes on leading‑edge process nodes, and advanced memory and PCIe retimer products show a clear, forward‑looking roadmap. The company is also expanding deeper into optics, including through acquisitions, to balance its copper strengths with future optical growth. The main uncertainty is execution: staying ahead in such a fast‑moving technology race requires sustained R&D excellence and accurate bets on future standards and architectures.

Summary

Credo looks like a young, rapidly scaling connectivity specialist that has successfully crossed the line from investment phase to profitable growth. Revenue and margins are trending strongly upward, cash generation has improved, and the balance sheet is clean with low leverage and solid liquidity. Its competitive edge rests on deep technical know‑how in high‑speed, low‑power data center connectivity and tight relationships with hyperscale customers, positioning it well for AI‑driven network upgrades. On the other hand, the company is still relatively early in its public life, operates in a highly competitive, fast‑changing market, and depends heavily on a few large customers, so results could remain more volatile than those of mature, diversified peers.

NEWS

November 24, 2025 · 9:00 AM UTC

Credo Licenses Its Active Electrical Cable Patents To The Siemon Company

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November 18, 2025 · 9:00 AM UTC

Credo President and CEO Bill Brennan Joins Axiado Board of Directors

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November 12, 2025 · 4:05 PM UTC

Credo Schedules Second Quarter Fiscal Year 2026 Financial Results Conference Call

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October 30, 2025 · 9:00 AM UTC

Credo Announces Changes to Board, Appointing Brian Kelleher, Former Senior Vice President of Engineering with NVIDIA, to Independent Director Role

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October 14, 2025 · 12:30 PM UTC

Credo Joins Arm Total Design to Accelerate the Development of Custom Silicon for AI Data Centers

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