Credo Technology (CRDO) - 2025 Q1 - Quarterly Results

Financial Performance - Revenue for the first quarter of fiscal year 2025 was $59.7 million, representing a 70% year-over-year growth[2] - GAAP gross margin was 62.4%, while non-GAAP gross margin was 62.9%[2] - GAAP net loss was $(9.5) million, with a non-GAAP net income of $7.0 million[2] - Product revenues reached a record $57.3 million, up 30% compared to the prior quarter[2] - GAAP gross profit for the three months ended July 29, 2023, was $20,790,000, representing a 79.8% increase from $11,697,000 in the same period last year[13] - Non-GAAP gross profit for the three months ended July 29, 2023, was $20,979,000, up from $11,806,000, indicating a 77.2% year-over-year growth[13] - GAAP gross margin improved to 59.2% for the three months ended July 29, 2023, compared to 41.0% in the previous year[13] - Non-GAAP operating income for the three months ended July 29, 2023, was $2,189,000, a significant recovery from a loss of $6,423,000 in the same period last year[13] - GAAP net loss for the three months ended July 29, 2023, was $9,540,000, slightly improved from a loss of $11,697,000 in the previous year[13] - Non-GAAP net income for the three months ended July 29, 2023, was $7,039,000, compared to a loss of $4,721,000 in the same period last year[13] Future Projections - Second quarter revenue is expected to be between $65.0 million and $68.0 million[3] - GAAP operating expenses are projected to be between $51.3 million and $53.3 million for the second quarter[3] - The company expects a GAAP gross margin of 63.3% for the three months ending November 2, 2024, with a non-GAAP gross margin projected at 64.0%[14] - Total GAAP operating expenses are projected to be $53.3 million for the upcoming quarter, with non-GAAP operating expenses expected to be $38.0 million[14] Cash and Investments - Ending cash and short-term investment balance was $398.6 million[2] - Total assets as of August 3, 2024, were $644.9 million, up from $601.9 million[12] - Total liabilities increased to $91.8 million from $61.7 million[12] Research and Development - Research and development expenses for the first quarter were $30.4 million, an increase from $26.9 million in the previous quarter[11] - Share-based compensation accounted for $16,640,000 in the three months ended July 29, 2023, compared to $7,968,000 in the previous year[13] Shares Information - The weighted-average shares for GAAP diluted net income per share were 165,140,000 for the three months ended July 29, 2023[13]