Credo Technology (US:CRDO)2025-06-02 20:09Financial Performance - Credo reported a record revenue of $436.8 million for fiscal year 2025, representing a 126% increase year over year[2]. - In Q4 2025, revenue reached $170.0 million, growing by 25.9% quarter over quarter and 179.7% year over year[4]. - GAAP net income for Q4 2025 was $36.6 million, with a GAAP diluted net income per share of $0.20[4]. - For Q1 2026, revenue is expected to be between $185.0 million and $195.0 million[5]. - Non-GAAP net income for the year ended May 3, 2025, reached $129,926 thousand, significantly higher than $14,570 thousand in the previous year[21]. - GAAP gross profit for the three months ended May 3, 2025, was $114,188 thousand, compared to $39,966 thousand for the same period last year, reflecting a 185.5% increase[21]. - Non-GAAP operating income for the three months ended May 3, 2025, was $62,523 thousand, compared to $7,462 thousand in the same period last year, a 737.5% increase[21]. Expenses and Margins - Research and development expenses for Q4 2025 were $47.6 million, up from $36.3 million in the previous quarter[17]. - Total operating expenses for Q4 2025 were $80.4 million, compared to $59.7 million in Q3 2025[17]. - GAAP gross margin for Q1 2026 is projected to be between 63.4% and 65.4%[5]. - Non-GAAP gross margin is projected to be between 64.0% and 66.0% for the three months ending August 2, 2025[22]. - Total GAAP operating expenses for the year ended May 3, 2025, were $245,785 thousand, up from $156,489 thousand, indicating a 57.0% increase[21]. - GAAP operating income margin improved to 19.9% for the three months ended May 3, 2025, compared to a loss margin of (13.0)% in the same period last year[21]. Assets and Liabilities - The company ended Q4 2025 with a cash and short-term investment balance of $431.3 million[4]. - Total assets increased to $809,257 thousand, up from $601,932 thousand, representing a 34.4% growth year-over-year[19]. - Total current assets rose to $713,534 thousand, an increase of 34.5% from $530,265 thousand year-over-year[19]. - Cash and cash equivalents increased to $236,328 thousand, compared to $66,942 thousand, marking a 253.5% rise year-over-year[19]. - Total liabilities decreased to $127,675 thousand from $61,734 thousand, a reduction of 51.5% year-over-year[19]. Market Outlook - The company anticipates continued demand for its high-performance connectivity solutions, particularly from hyperscaler customers[2]. - Credo's innovative solutions are aimed at supporting the growing needs of AI, cloud computing, and hyperscale networks[14].