Short answer
Credo Technology Group Holding Ltd (CRDO) filed its fiscal 2025 10-K annual report with the SEC on Jul 2, 2025. It reported revenue of $437M (+126.3% year over year) and net income of $52M.
- Top risk flagged: Regulatory risk: U.S. April 2025 tariff imposing across-the-board 10% tariffs plus higher tariffs on China, with pending Section 232 investigations on semiconductor products
FY2025 key financial metrics · XBRL
- Revenue
- $437M
- +126.3% YoY
- Net income
- $52M
- +283.9% YoY
- Operating margin
- 8.5%
- +27.7 pp YoY
- Gross margin
- 64.8%
- +2.9 pp YoY
- EPS (diluted)
- $0.29
- +261.1% YoY
- ROE
- 7.7%
- +12.9 pp YoY
- Operating cash flow
- $65M
- +98.8% YoY
Source: XBRL data from the Credo Technology Group Holding Ltd (CRDO) FY2025 10-K on SEC EDGAR. USD.
Credo Technology Group Holding Ltd FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: High-speed connectivity solutions for AI, cloud, hyperscale data centers via SerDes and DSP tech in Ethernet & PCIe markets
- New products FY2025: Lark family 800G DSPs including power-efficient 800G LRO DSP, PILOT software platform launched for predictive link integrity
- Strategic shift: Increased product sales to 97% of revenue vs 85% prior year; enhanced focus on full retimed 800G transceivers for AI data centers
- Key metric: Revenue $436.8M in FY2025 vs $193.0M in FY2024, R&D spend $146M up from $95.5M, 507 engineers employed
- Noteworthy fact: One customer accounted for 67% of fiscal 2025 revenue, indicating high customer concentration risk
Management Discussion & Analysis
- Revenue $436.8M, up 126.3% YoY from $193.0M, driven by product sales increase of $267.1M (+184.2%), offset by declines in product engineering (-39.1%) and IP license revenue (-55.5%)
- Gross margin 64.8% vs 61.9%; operating income 8.5% of revenue vs operating loss of 19.2% prior year; net income $52.2M vs net loss $28.4M
- Best segment: Product sales $412.2M (+184.2%) driven by 95% increase in AEC unit shipments; worst segment: IP license revenue $12.5M (-55.5%)
- Cash from operating activities $65.1M vs $32.7M; investing activities net inflow $112.0M vs outflow $249.5M; financing outflows $7.7M vs inflows $175.3M; capex $36.1M for R&D-related equipment and mask sets
- Management expects sufficient liquidity for next 12 months; notes risks in customer concentration and reliance on limited number of customers; no specific forward revenue guidance disclosed
Risk Factors
- Regulatory risk: U.S. April 2025 tariff imposing across-the-board 10% tariffs plus higher tariffs on China, with pending Section 232 investigations on semiconductor products
- Macroeconomic risk: Single customer contributed 67% of fiscal 2025 revenue, with order reductions in Feb 2023 impacting fiscal 2023 Q4 and fiscal 2024 revenue expectations
- Supply chain risk: Sole-source foundry TSMC and assembly subcontractors (Amkor, ASE, KYEC, TeraPower) with capacity shortages and quality control risks
- Competitive risk: Competition from Broadcom, Marvell, Astera Labs amid industry consolidation increasing pricing pressure and market share loss
- Financial risk: Customer concentration; top 10 customers accounted for 90% of fiscal 2025 revenue, exposing to order cancellations and pricing concessions
Generated from the filing text; verify against the original. How to read a 10-K
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