Credo Technology Group Holding Ltd

Listed Company

CRDOCIK 0001807794NasdaqLarge AcceleratedSemiconductors & Related DevicesE9FY ends Apr 29

Period

FY 2025

Revenue

$436.77M

Net Income

$52.18M

Total Assets

$809.26M

Equity

$681.58M

Shares Out

184.45M

Op. Cash Flow

$65.08M

Business

Credo Technology Group Holding Ltd develops high-speed connectivity solutions for AI-driven, cloud and hyperscale data infrastructure. It offers integrated circuits, Active Electrical Cables (HiWire AECs), SerDes Chiplets, optical DSPs, PCIe retimers, line card PHYs, SerDes IP licensing and the PILOT software platform. Its business is organized around product families and IP licensing that address Ethernet, PCIe and optical connectivity needs, including AECs, DSPs, PHYs, chiplets and retimers. Credo sells worldwide through direct sales to hyperscalers, OEMs, ODMs, optical module manufacturers and enterprise/HPC customers in North America, Asia and Europe.

Summary from filing dated 2025-07-02

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-04-30	FY 2024 2024-04-30	FY 2023 2023-04-30	FY 2022 2022-04-30	FY 2021 2021-04-30
Total revenue	437	193	184	106	59
Total cost of revenue	154	74	78	42	20
Gross profit	283	119	106	64	38
Research and development	146	96	77	48	35
Selling, general and administrative	99	60	48	35	29
Impairment charges	873,000	765,000	2	3	0
Total operating expenses	246	156	127	86	64
Operating income (loss)	37	−37	−21	−22	−25
Other income, net	18	14	3	−245,000	−62,000
Income (loss) before income taxes	55	−23	−18	−22	−25
Provision (benefit) for income taxes	3	6	−1	−37,000	2
Net income (loss)	52	−28	−17	−22	−28
Basic (in US dollars per share)	0.31	−0.18	−0.11	−0.25	−0.4
Diluted (in US dollars per share)	0.29	−0.18	−0.11	−0.25	−0.4
Basic (in shares)	168	155	147	88	69
Diluted (in shares)	181	155	147	88	69

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-04-30	FY 2024 2024-04-30	FY 2023 2023-04-30	FY 2022 2022-04-30	FY 2021 2021-04-30
Cash and cash equivalents	236	67	109	259	104
Short-term investments	195	343	109	0	—
Accounts receivable	162	60	50	30	14
Inventories	90	26	46	27	7
Other current assets	30	35	5	6	9
Total current assets	714	530	328	332	138
Property and equipment, net	64	44	40	22	14
Right of use assets	15	13	15	17	4
Other non-current assets	17	15	14	5	3
Total assets	809	602	397	376	155
Accounts payable	56	13	6	8	4
Accrued compensation and benefits	16	9	6	5	2
Other current liabilities	35	22	—	—	—
Total current liabilities	108	45	31	26	13
Non-current operating lease liabilities	13	11	13	15	0
Other non-current liabilities	7	6	6	220,000	424,000
Total liabilities	128	62	50	42	13
Commitments and contingencies (Note 7)	—	—	—	—	—
Ordinary shares, $0.00005 par value; 1,000,000 shares authorized; 171,169 and 164,305 shares issued and outstanding at May 3, 2025 and April 27, 2024, respectively	8,000	8,000	7,000	7,000	3,000
Additional paid in capital	765	676	455	425	13
Accumulated other comprehensive loss	−437,000	−519,000	−191,000	23,000	227,000
Accumulated deficit	−83	−135	−107	−90	−68
Total shareholders' equity	682	540	348	334	−55
Total liabilities and shareholders' equity	809	602	397	376	155

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-04-30	FY 2024 2024-04-30	FY 2023 2023-04-30	FY 2022 2022-04-30	FY 2021 2021-04-30
Depreciation and amortization	22	14	10	5	2
Share-based compensation	77	39	24	9	3
Warrant contra revenue	13	4	1	600,000	0
Write-downs for excess and obsolete inventory	8	4	6	1	2
Impairment of assets	900,000	800,000	2	5	0
Accounts receivable	−102	−10	−20	−16	682,000
Inventories	−70	16	−24	−22	−7
Other current assets	5	−20	2	3	−7
Other non-current assets	2	−654,000	−8	−2	−2
Accounts payable	42	9	−4	5	1
Accrued compensation and other liabilities	16	5	4	10	−7
Net cash provided by (used in) operating activities	65	33	−25	−31	−42
Purchases of property and equipment	−36	−16	−22	−18	−6
Purchases of short-term investments	−259	−404	−159	0	0
Maturities of short-term investments	407	170	50	0	0
Net cash provided by (used in) investing activities	112	−249	−131	−18	−6
Proceeds from issuance of ordinary shares in connection with public offering, net of offering costs	0	173	0	194	0
Payments on technology license obligations	−6	−3	−616,000	0	0
Proceeds from employee share incentive plans	8	7	6	3	1
Tax withheld related to RSU settlement	−9	−2	0	0	—
Net cash provided by (used in) financing activities	−8	175	5	204	78
Effect of exchange rate changes on cash	41,000	−169,000	−68,000	−204,000	378,000
Net increase (decrease) in cash and cash equivalents	169	−42	−151	156	30
Income taxes paid	1	1	1	−427,000	−1
Purchases of property and equipment included in accounts payable, accrued expenses and other liabilities	9	8	11	168,000	19,000

Filings

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