Credo Technology Group Reports Record Q1 Earnings with Strong Revenue Growth
Credo Technology Group (NASDAQ:CRDO) reported record first-quarter revenue of $479 million for fiscal 2027, representing a year-over-year increase of 115% and sequential growth of 10%. Non-GAAP net income more than doubled to $236.3 million with a non-GAAP net margin of 49.3%, driven by strong demand in AI infrastructure connectivity products. The company expects Q2 revenue between $525 million and $535 million, projecting over 85% full-year growth. Credo reiterated its forecast for more than $600 million in optical revenue during fiscal 2027, supported by digital signal processors (DSPs), silicon photonics products from the DustPhotonics acquisition, and ZeroFlap Optics offerings. Despite robust financial performance, management noted that four customers accounted for 84% of first-quarter revenue. Operating expenses are expected to rise about 55% in fiscal 2027 as Credo invests heavily in product development.
