Credo Technology Group Holding Ltd · Q1 2023 earnings

Briefing

Reported financial results for the first quarter of fiscal year 2023, ended July 30, 2022.

Credo Technology Group reported revenue of $46.5 million, a 24% increase quarter over quarter. GAAP gross margin was 59.5% and non-GAAP gross margin was 60.5%. GAAP net loss was $0.1 million, while non-GAAP net income was $5.4 million.

• Revenue of $46.5 million, grew by 24% quarter over quarter
• GAAP gross margin of 59.5% and non-GAAP gross margin of 60.5%
• GAAP net loss of $0.1 million and non-GAAP net income of $5.4 million
• Ending Cash Balance of $243.8 million

Headline financials

Revenue & EPS history

Revenue is expected to be between $48.5 million to $52.5 million, up 91% year over year at the midpoint. GAAP gross margin is expected to be between 58.5%-60.5% and non-GAAP gross margin is expected to be between 59.0%-61.0%. GAAP operating expenses are expected to be between $30.5 million to $32.5 million and non-GAAP operating expenses are expected to be between $23.5 million to $25.5 million.