Credo Technology (CRDO) - 2026 Q1 - Quarterly Results

Financial Performance - Revenue for the first quarter of fiscal 2026 was $223.1 million, representing a 31% increase sequentially and a 274% increase year over year[2]. - GAAP net income was $63.4 million, with a GAAP diluted net income per share of $0.34[4]. - The company expects revenue for the second quarter of fiscal 2026 to be between $230.0 million and $240.0 million[5]. - GAAP net income for the quarter was $63.399 million, compared to $36.588 million in the previous quarter and a loss of $9.540 million in the same quarter last year[22]. - Non-GAAP net income was $98.281 million, up from $65.254 million in the previous quarter and $7.039 million year-over-year[22]. - GAAP diluted net income per share was $0.34, compared to $0.20 in the previous quarter and a loss of $0.06 in the same quarter last year[22]. - Non-GAAP diluted net income per share increased to $0.52 from $0.35 in the previous quarter and $0.04 year-over-year[22]. Gross Margin and Profitability - GAAP gross margin was 67.4%, while non-GAAP gross margin was 67.6%[4]. - GAAP gross profit for the three months ended August 2, 2025, was $150.368 million, an increase from $114.188 million in the previous quarter and $37.283 million in the same quarter last year[22]. - Non-GAAP gross profit for the same period was $150.724 million, compared to $114.544 million in the previous quarter and $37.564 million year-over-year[22]. - GAAP operating income increased to $60.742 million, up from $33.788 million in the previous quarter and a loss of $14.451 million in the same quarter last year[22]. - Non-GAAP operating income reached $96.197 million, compared to $62.523 million in the previous quarter and $2.189 million year-over-year[22]. - The company projects a GAAP gross margin of 63.5% to 65.5% for the three months ending November 1, 2025[23]. - Total GAAP operating expenses are expected to be between $96.0 million and $98.0 million for the same period[23]. Cash and Investments - Ending cash and short-term investment balance was $479.6 million[4]. - Total assets increased to $905.2 million from $809.3 million in the previous quarter[20]. Sales and Market Growth - The company reported a significant increase in product sales revenue, which reached $217.1 million compared to $57.3 million a year ago[18]. - Credo's strategic partnerships with hyperscalers are driving growth and diversification in customer base and applications[2]. - Research and development expenses for the first quarter were $52.4 million, up from $30.4 million year over year[18].