Credo Technology Group Holding Ltd (CRDO) FY2026 10-K Annual Report
Credo Technology Group Holding Ltd (CRDO) 10-K annual report for fiscal year 2026, filed with SEC EDGAR on Jun 15, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Credo Technology Group Holding Ltd FY2026 10-K Analysis
Business Overview
- • Core business: High-speed copper and optical interconnect products leveraging proprietary SerDes and DSP tech for AI data infrastructure connectivity
- • New products: Introduced Bluebird 200G/lane DSP (3nm node), OmniConnect platform with Weaver memory fanout gearbox, microLED-based Active LED Cables (ALCs)
- • Strategic shift: Emphasis on AI-driven data center interconnect solutions with enhanced reliability (ZeroFlap optics), expanded portfolio addressing memory bandwidth bottlenecks
- • Notable metric: Revenue $1.3B in fiscal 2026, up nearly 3x from $436.8M in 2025; R&D spend increased to $279.4M from $146.9M YoY; 616 engineers as of May 2, 2026
- • Unique fact: First to deliver 800G DSP for linear receive optics and pioneered the ZeroFlap system approach addressing AI cluster link flaps with telemetry and remote management
Management Discussion & Analysis
- • Revenue $1.335B, up 205.7% YoY from $436.8M, driven by AEC product volume shipments at hyperscale data centers
- • Gross margin 68.0% vs 64.8%, operating margin 33.3% vs 8.5%, net income margin 35.4% vs 11.9% fiscal 2026 and 2025 respectively
- • Best segment: AEC products contributing over 99% of revenue increase, no specific worst segment disclosed
- • Operating cash flow $464.3M vs $65.1M; capital expenditures $57.3M; acquisitions $112.9M; financing raised $736.3M via ATM offering
- • Management expects ongoing R&D investments and expanding customer base, raising potential risks from revenue concentration and capital needs
Risk Factors
- • Regulatory risk: Uncertain impact of the EU Artificial Intelligence Act effective Aug 2, 2024 imposing risk-based AI governance on generative AI technology
- • Geopolitical risk: Taiwan foundry dependence with heightened PRC-Taiwan tensions risks disrupting manufacturing capacity critical to semiconductor production
- • Operational risk: Sole foundry reliance on TSMC and assembly/test contractors like Amkor, with 9-12 months needed to qualify alternative suppliers
- • Competitive risk: Intense competition from Broadcom, Marvell, and Astera Labs with risk of losing design wins due to competitors’ superior resources
- • Financial risk: Revenue concentration with top 10 customers accounting for ~90%, exposing results to order cancellations or delays without long-term purchase commitments
Credo Technology Group Holding Ltd FY2026 Key Financial MetricsXBRL
Revenue
$1.3B
▲ +205.7% YoY
Net Income
$472M
▲ +805.0% YoY
Gross Margin
68.0%
▲ +326bp YoY
Operating Margin
33.3%
▲ +2483bp YoY
Net Margin
35.4%
▲ +2343bp YoY
ROE
22.9%
▲ +1523bp YoY
Total Assets
$2.3B
▲ +183.7% YoY
EPS (Diluted)
$2.51
▲ +765.5% YoY
Operating Cash Flow
$464M
▲ +613.4% YoY
Source: XBRL data from Credo Technology Group Holding Ltd FY2026 10-K filing on SEC EDGAR. All figures in USD.
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