Credo Technology Group Holding Ltd (Nasdaq: CRDO) reported impressive financial results for the first quarter of fiscal year 2026.
Revenue reached $223.1 million, marking a 274% year-over-year growth and a 31% quarter-over-quarter increase.
The company's GAAP gross margin was 67.4% with a non-GAAP gross margin of 67.6%.
Revenue Growth
Revenue grew by 274% year over year and 31% quarter over quarter, reaching $223.1 million.
Net Income
GAAP net income was $63.4 million and non-GAAP net income was $98.3 million for the first quarter of fiscal year 2026.
Gross Margin
GAAP gross margin stood at 67.4%, and non-GAAP gross margin was 67.6%.
Future Outlook
Second quarter revenue is projected to be between $230.0 million and $240.0 million, with expected gross margins and operating expenses provided.
- Credo's strong growth trajectory in the first quarter was driven by strategic partnerships with hyperscalers and key customers.
- The market demand for reliable and power-efficient connectivity solutions contributes to Credo's revenue growth and diversification plans.
Credo Technology Group Holding Ltd's financial performance in the first quarter of fiscal year 2026 showcases significant growth and positive momentum, driven by strategic partnerships and market demand for its connectivity solutions.