Credo Technology Group Holding Ltd · Q3 2022 earnings

Briefing

Reported strong Q3 fiscal year, achieving record quarterly revenue and completing its Initial Public Offering.

Credo Technology Group Holding Ltd reported a strong fiscal third quarter with record quarterly revenue of $31.8 million, a 136% increase year-over-year. The company's GAAP gross margin was 60.1%, and non-GAAP gross margin was 60.7%. Credo also completed its Initial Public Offering during the quarter.

• Revenue of $31.8 million, grew by 136% year on year
• GAAP gross margin of 60.1% and non-GAAP gross margin of 60.7%
• GAAP net loss of $0.1 million and non-GAAP net income of $2.4 million
• Ending Cash Balance of $240.5 million

Headline financials

Revenue & EPS history

Revenue is expected to be between $37 million to $41 million, up 97% year over year at the midpoint. GAAP gross margin to be between 58.5%-60.5% and non-GAAP gross margin to be between 59.0%-61.0%. GAAP operating expenses to be between $26 million to $28 million and non-GAAP operating expenses to be between $21 million to $23 million.