Credo Technology Group Holding Ltd. ( (CRDO) ) has released its Q1 earnings. Here is a breakdown of the information Credo Technology Group Holding Ltd. presented to its investors.
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Credo Technology Group Holding Ltd is a company that specializes in providing secure, high-speed connectivity solutions, primarily catering to AI-driven applications, cloud computing, and hyperscale networks. The company is known for its focus on reliability and energy efficiency.
Credo Technology Group Holding Ltd has reported a significant increase in its financial performance for the first quarter of fiscal year 2026, with revenue reaching $223.1 million, marking a 274% year-over-year growth and a 31% increase from the previous quarter.
Key financial highlights include a GAAP gross margin of 67.4% and a non-GAAP gross margin of 67.6%. The company reported a GAAP net income of $63.4 million and a non-GAAP net income of $98.3 million. Additionally, the GAAP diluted net income per share was $0.34, while the non-GAAP diluted net income per share stood at $0.52. The ending cash and short-term investment balance was $479.6 million.
Looking ahead, Credo expects continued revenue growth driven by strategic partnerships and increasing market demand for its connectivity solutions. The company forecasts second-quarter revenue to be between $230.0 million and $240.0 million, with GAAP gross margins expected to range from 63.5% to 65.5%.
Overall, Credo Technology Group Holding Ltd is poised for further growth, leveraging its strategic partnerships and expanding its customer base, protocols, and applications to meet the rising demand for reliable and energy-efficient connectivity solutions.