Mon, Jun 24, 9:14 PM (119 days ago)
Credo Technology Group Holding Ltd, a Cayman Islands-based company, reported its financial performance for the fiscal year ending April 27, 2024. The company achieved total revenue of $193.0 million, up from $184.2 million in the previous fiscal year. Product sales and product engineering services comprised 85% of total revenue, with IP license revenue making up the remaining 15%. Despite the revenue increase, the company incurred a net loss of $28.4 million, compared to a net loss of $16.5 million in fiscal 2023, primarily due to increased operating expenses, particularly in research and development, which rose to $95.5 million from $76.8 million. Credo's market position remains strong, driven by its innovative connectivity solutions targeting data infrastructure, particularly in hyperscale data centers and AI/ML infrastructure. The company faces risks including dependency on a limited number of customers, macroeconomic uncertainties, and intense competition. Future outlook includes continued investment in technology and potential growth in emerging markets. The company's financial condition is robust with substantial cash reserves, but it must navigate risks related to supply chain disruptions and geopolitical tensions, particularly in Taiwan and China.