Credo Technology Group Holding Ltd · Q4 2023 earnings

Briefing

Credo's Q4 2023 financial results were reported, showing a decrease in revenue compared to the previous year, but with strong gross margins.

Credo Technology Group Holding Ltd reported Q4 2023 revenue of $32.1 million, a 14.5% decrease year-over-year. GAAP gross margin was 57.9% and non-GAAP gross margin was 58.2%. The company experienced a GAAP net loss of $15.9 million and a non-GAAP net loss of $5.7 million.

• Revenue decreased by 14.5% year over year, reaching $32.1 million.
• GAAP gross margin was 57.9%, while non-GAAP gross margin reached 58.2%.
• GAAP net loss amounted to $15.9 million, with a non-GAAP net loss of $5.7 million.
• Cash and short-term investment balance ended at $217.8 million.

Headline financials

Revenue & EPS history

Credo expects revenue between $33.0 million and $35.0 million for the first quarter of fiscal year 2024. GAAP gross margin is expected to be between 57.8% and 59.8%, and non-GAAP gross margin is expected to be between 58.0% and 60.0%. GAAP operating expenses are expected to be between $34.0 million and $36.0 million, and non-GAAP operating expenses are expected to be between $26.0 million and $28.0 million.