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Credo Technology Group Holding Ltd Ordinary Shares Earnings Recaps

CRDO Information Technology 3 recaps
Next earnings: December 7, 2026 (estimated) · full calendar
Q1 2027 Sep 3, 2026

Shares fell 27% as investors reacted negatively to a cautious outlook and indications of deceleration in the optical segment, overshadowing strong sequential revenue growth and margin expansion.

Key takeaways
  • Revenue reached a record $479 million, up 10% sequentially and more than doubling year over year.
  • Non-GAAP gross margin improved to 68%, supporting non-GAAP net income of $236 million, a 140% increase year over year.
  • Optical business showed progress with early silicon photonics PIC revenue and record DSP revenue but faces a transition to next-generation 1.6T solutions, introducing execution risk.
  • Management highlighted ongoing engagement with hyperscalers and neo cloud customers but noted the complexity and heterogeneity of future AI infrastructure could slow near-term adoption.
  • Despite strong product innovation, the market appears cautious on guidance and the pace of optical ramps, contributing to the sharp stock decline post-earnings.
Full recap
Q4 2026 Jun 3, 2026

Shares declined 3.0% as investors digested signs of margin compression and cautious near-term outlook despite solid revenue growth, reflecting concern over slowing momentum in key segments and limited upside in guidance.

Key takeaways
  • Q4 revenue reached a record $437 million, exceeding the entire prior fiscal year's revenue.
  • Non-GAAP gross margin was 68.3%, indicating some pressure amid scaling efforts and investments.
  • Non-GAAP net income rose to $227 million, more than 30% higher than the year-ago quarter.
  • Active Electrical Cables (AEC) continue as a core growth engine; PCIe Gen 6 ADC remains on track but with no new acceleration disclosed.
  • Optical business sees an inflection in FY27, supported by the recent Dust Photonics acquisition, but initial revenue from advanced CPO/NPO optics is not expected until FY28.
Full recap
Q3 2026 Mar 3, 2026

Credo's Q3 fiscal 2026 results showcased record revenue of $407 million, reflecting sequential growth of 52% and over 200% year-over-year, as the company strengthens its position in the semiconductor industry through strategic innovation and partnerships.

Key takeaways
  • Non-GAAP gross margin reached 68.6%, with non-GAAP net income approximately $209 million this quarter.
  • Strong demand for Advanced Ethernet Connectivity (AEC) products has driven significant market adoption, with expectations for continued growth in 200 gig per lane deployments.
  • The company's vertically integrated system model enhances competitive advantage, enabling leadership in reliability, power efficiency, and product innovation.
  • Credo anticipates tripling revenue year-over-year for fiscal 2026, marking over sixfold growth within two years.
  • Key milestones achieved include the successful sampling of PCIe Gen6 AECs, set for mass production in fiscal 2027, and robust growth in optical DSPs and retimers supporting the evolving AI infrastructure.
Full recap

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