Credo Technology Group Holding Ltd

The grade, in three tenses

Headline 7.6 out of ten, 8 of 9 metrics filed and 1 estimated: past 6.6 out of ten, present 7.5 out of ten, future 8.8 out of ten. The past asks what it actually did, the present what it is doing right now, the future what it is set up to do next.

The nine metrics

• Surviving crises (past): 7.6 out of ten. No warning events in its filings since 2020. 76th percentile among 99 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Track record (past): 8.0 out of ten. +70.7% a year over 7 filed years; profitable in 3 of 7. 80th percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Shareholder treatment (past): 2.1 out of ten. Share count grew 8.7% a year. 0% of cash flow returned. Insiders: 677 sales, 0 purchases. 21st percentile among 67 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Financial health (present): 7.6 out of ten. ROE 23%: 23¢ of profit per shareholder dollar. Leverage 10%: owes 10¢ per asset dollar. 76th percentile among 95 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Industry position (present): 8.3 out of ten. top 17% of 97 in its family; net margin 35.4%. 83rd percentile among 97 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Leadership (present): 6.0 out of ten. CrossAssetData estimate 6.0/10, confidence 35 of 100 (one part). 60th percentile among 79 sector filers. A CrossAssetData estimate, not a filed reading: one part, confidence 35 of 100; a filing that carries the missing parts replaces this estimate with the filed reading.
• Room to expand (future): 8.2 out of ten. top 18% of 94 in its family for room to expand. 82nd percentile among 94 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Growth drivers (future): 9.3 out of ten. top 7% of 93 in its family for growth drivers. 93rd percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Expectations vs reality (future): 9.0 out of ten. top 10% of 88 in its family for expectations against reality. 90th percentile among 88 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).

The filing record

Newest annual report: Form 10-K filed 2026-06-15 for the period ended 2026-05-02 (on EDGAR). Newest quarterly report: Form 10-Q filed 2026-09-02 for the period ended 2026-08-01 (on EDGAR). Newest results release: Form 8-K filed 2026-09-01 (on EDGAR). Newest filing: Form 4, 2026-10-09. Filings on record since 2020. Read from EDGAR 2026-10-12.

How the company works

Read from its Form 10-K filed 2026-06-15.

The people

William (Bill) Brennan has run Credo since December 2013, first as chief executive of the predecessor company and, since September 2014, of the listed parent; he sits on the board and chairs it, with Sylvia Acevedo as lead independent director. He came up on the commercial side of the chip business: an account manager at Texas Instruments from June 1986, a vice president at Exis, a partner of NEC Electronics, from January 1993, a vice president in Marvell's storage unit from May 2000 to August 2011, and an executive vice president at Vital Connect, a biosensor company, until November 2013. [1, 2, 3, 4]

Two of the engineers who founded the business still run it beside him, and both came from Marvell. Chi Fung (Lawrence) Cheng, an engineering director for analog design at Marvell from November 1997 to August 2008, has been chief technology officer since September 2008, first of the predecessor company. Yat Tung (Job) Lam, at Marvell from June 1997 to August 2008, was the predecessor's chief executive from August 2008 to November 2013 and has been chief operating officer since. Both are directors, and so is Pantas Sutardja, who co-founded Marvell and finished there as chief technology officer in February 2014, on the board here since August 2015. In the proxy's ownership table as of July 31, 2026, Sutardja held 3.14% of the shares, Cheng 3.12% and Lam 1.56%; all directors and named executive officers together held 9.06%. [5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15]

Daniel Fleming has been chief financial officer since August 2015; he came from Siva Power, a thin-film solar company, after finance posts at SunPower, Marvell and Xilinx, and began as a circuit design engineer at AT&T. James Laufman, chief legal officer since August 19, 2024, was chief legal officer of Automation Anywhere and before that general counsel at Infinera, Marvell and Integrated Device Technology. The board runs to nine directors in three staggered classes. Besides the three executives and Sutardja there are Sylvia Acevedo, a Qualcomm director and former chief executive of the Girl Scouts of the United States of America; Clyde Hosein, who chairs the audit committee and was once chief financial officer and chief operating officer of Marvell; Brian Kelleher, who led hardware engineering at NVIDIA from 2005 through 2024 and joined the board in October 2025; Fariba Danesh, chief operating officer of PsiQuantum, once head of fiber optics products at Avago; and Manpreet Khaira of Skyworks. Marvell runs through nearly every one of these careers. [16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26]

At the year's end, May 2, 2026, Credo employed 807 full-time equivalent people, and about 616 of them, roughly three in four, were engineers: 330 in North America and 477 in Asia. The engineering work sits in San Jose and Pittsburgh, Canada, mainland China, Hong Kong and Taiwan. No employee is represented by a union, and the company says it has never had a labor-related work stoppage. [27, 28]

How it operates

Credo sells the links that carry data between machines inside a data center. Its main product is the ZeroFlap active electrical cable, or AEC: a copper cable with Credo chips built into it that keep the signal clean, sold as a cheaper, lower-power alternative to the thick passive copper cables and the costlier active optical cables used for short hops, in lengths up to 7 meters, for links such as a graphics processor to a network switch. It also sells chips on their own: optical DSPs, the digital signal processors at the heart of optical transceivers, the modules that turn data into light and back; PCIe retimers, which stretch the wiring between processors, memory and network cards; and SerDes chiplets. Alongside them sit its own ZeroFlap optical transceivers, the OmniConnect memory line and PILOT, software that watches the health of a link. All of it rests on its own SerDes (serializer and deserializer, the circuit that squeezes wide parallel data into one fast serial stream and back) and DSP designs, which it also licenses to other chipmakers. The filing says revenue comes mainly from shipments of AECs and chips. [29, 30, 31, 32, 33, 34, 35]

Its buyers are the hyperscalers, meaning the giant cloud operators, the newer AI cloud providers it calls Neoclouds, and the equipment makers, contract manufacturers and optical module makers that build for them. The company says it is engaged with all of the major hyperscalers and has over 20 blue chip clients, yet the ten largest took about 90% of fiscal 2026 revenue, and two customers took 10% or more each. Its sales method explains part of that: it sells to the end user first, and those buyers then require their own suppliers to use Credo parts. So the filing counts customers two ways. By who signs the orders, Customer A took 49% of fiscal 2026 revenue after 67% the year before, and Customer B 32%. By who the parts are really for, Customer D took 33% after 63% the year before, Customer B again 32% and Customer E 19%, the difference being that some end customers have their contract manufacturers place the orders. Nearly all sales are on purchase orders, with no long-term or minimum commitments. [36, 37, 38, 39, 40, 41, 42]

Credo is fabless, meaning it designs the products and hires others to build them. In fiscal 2026 every wafer came from a single foundry, TSMC. Amkor and ASE package the chips, King Yuan Electronics and Sigurd test them, and BizLink Technology makes the AEC cables; the BizLink agreement is the one long-term supply contract the filing names, and it says no supplier, TSMC and BizLink included, has promised it enough capacity to meet expected demand. Moving to another foundry or assembler would take about 9 to 12 months on its own estimate. Its designs lean on older, more widely available manufacturing processes, one generation behind the newest, which the company calls its n-1 advantage: the same performance as leading rivals, it says, at lower cost. [43, 44, 45, 46, 47, 48, 49]

By where the goods were shipped, the United States took 768.1 million dollars of fiscal 2026 revenue, 57.5% of it, Hong Kong 378.2 million, 28.3%, the rest of the world 85.2 million, mainland China 80.9 million and Taiwan 22.7 million. Shipping destinations can differ from where the end customer keeps its offices, but the company's own count by customer location moves the same way: North America gave 58% of revenue in fiscal 2026 against 15% the year before, the rest of the world 42% against 85%. The listed parent is a Cayman Islands holding company formed in September 2014, above subsidiaries in the United States, Singapore, mainland China, Hong Kong, Taiwan and Canada; sales are billed in US dollars, and in mainland China in renminbi. [50, 51, 52, 53, 54]

The specifics

What it guards is the circuitry: its own SerDes and DSP designs. It claims to have created the AEC as a product category, from 100G through the emerging 1.6T generation; it built a switching cable with Microsoft for a network-managed design with two top-of-rack switches, and developed its ZeroFlap optics with Oracle against link flaps, the brief drops in a connection that stall AI clusters and delay their first work. It protects the designs with patents and trade secrets: as of May 2, 2026 it owned 86 issued patents and 39 pending applications in the United States and 52 issued and 41 pending in mainland China, covering Ethernet standards, network cable technology, chip manufacturing and SerDes cores, and running out between 2029 and 2046. Its newest parts sit on advanced processes rather than mature ones: Bluebird, its first 200G-per-lane optical DSP, introduced in September 2025, is built on a 3 nanometer process, and Weaver, a memory fanout chip introduced in November 2025 to let AI systems reach beyond the memory on their own package, on 5 nanometer. [55, 56, 57, 58, 59, 60, 61, 62]

It names Broadcom, Marvell and Astera Labs as its principal rivals in products, alongside various cable and optical transceiver suppliers, and says it is the only company in its industry offering a complete suite of high-performance connectivity solutions, each rival competing on only part of the range. It expects competition to increase and intensify as more and larger companies enter its markets, and notes that selling prices in its industry have historically fallen over time, which it expects for its own products too. [63, 64, 65, 66]

Credo was founded in 2008; the Cayman Islands parent was formed in September 2014, and its shares have been listed on Nasdaq since the initial public offering of January 2022, under the symbol CRDO. In that same fiscal year it handed Amazon.com NV Investment Holdings LLC a warrant over up to 4.1 million new shares, which vested as that holder and its affiliates paid Credo, up to 201.0 million dollars of payments; all of it had vested by May 3, 2025, and the charge booked against revenue for it was 13.2 million dollars in fiscal 2025 and 3.9 million in fiscal 2024. Lately it has been buying technology: Hyperlume, a developer of microLED optical links between chips, on September 29, 2025 for 92.0 million dollars; CoMira Solutions, which brings link layer, error correction and security chip designs, on February 25, 2026 for 35.1 million; and, after the year closed, DustPhotonics, a silicon photonics developer, in May 2026 for 770 million dollars in cash and about 0.8 million shares, with up to about 2.8 million further shares and 31.6 million dollars more if financial milestones are met. [53, 67, 68, 69, 70, 71, 72, 73, 74, 75]

Trade rules and geography sit close to this business. It generated 28% of fiscal 2026 revenue in Hong Kong while holding 2% of its assets there by book value, and warns that political and economic conditions in Hong Kong and the region around it can affect the business directly. Governments restrict the import and export of certain telecommunications products and components, and a failure to comply could cost it whole areas or customers. It also expects it may fall under legislation based on the global minimum tax of 15% in fiscal 2028. [76, 77, 78]

What drives growth, line by line

Revenue for fiscal 2026 was 1.3 billion dollars against 436.8 million the year before, up 205.7%. The filing puts the increase of 898.3 million down to a sharp rise in unit shipments of AECs: their ramp at hyperscale data center customers accounted for over 99% of it. Scale lifted gross margin by 3.2 points, to 68.0% from 64.8%. Operating income went from 37.1 million dollars to 445.0 million, and net income from 52.2 million to 472.3 million. Credo reports one segment and gives no revenue by product line, so the lines below are regions, counted by where the goods were shipped. [79, 80, 81, 82, 83, 51]

United States. Goods shipped to the United States brought in 768.1 million dollars, 57.5% of revenue, against 65.1 million the year before: an increase of 703.0 million, most of the company's 898.3 million rise. The filing gives no reason region by region; its one explanation for the year is the ramp of AECs at hyperscale data center customers. [50, 80]

Hong Kong. Hong Kong took 378.2 million dollars, 28.3% of revenue, up 55.2% from 243.7 million. Again the filing gives no reason by region. It does warn separately that conditions in Hong Kong, where it books more than a quarter of revenue but holds little of its property, can reach the business directly. [50, 76]

The smaller regions: the rest of the world rose 92.4% to 85.2 million dollars, Taiwan to 22.7 million from 3.6 million, and mainland China was flat at 80.9 million, up 1.1% from 80.1 million, the one region that did not follow the year. [50]

Costs rose more slowly than revenue. Research and development rose 90.2% to 279.4 million dollars, an increase of 132.5 million, of which 60.9 million was share-based pay, 35.4 million more design and engineering work and 18.8 million more salary for product-development hires. Selling, general and administrative costs rose 86.0%, an increase of 85.0 million, carrying another 44.4 million of share-based pay, 15.1 million of salary for a bigger headcount and 14.8 million of outside professional fees. [79, 84, 85, 86]

What comes next, in the company's own words: it anticipates drawing a significant portion of revenue from a limited number of customers for the foreseeable future, and expects that concentration to decrease as its products are adopted more widely and its customer count rises. It says its hyperscale customers have planned mass deployment of 200G-per-lane links for 2027, the speed of Bluebird, its newest optical DSP. It closed the year with 174.0 million dollars more inventory to support unfilled backlog and new product ramps, and 71.3 million dollars of refundable deposits placed with suppliers to reserve manufacturing capacity. It expects research and development spending to keep rising in absolute dollars. [87, 88, 61, 89, 90, 91]

What the desk infers (inferred, not filed)

• The end customer the filing calls Customer D, behind 63% of fiscal 2025 revenue and 33% of fiscal 2026, is most likely Amazon, buying through a contract manufacturer that places the orders. Because: The filing reports customers by who signs the orders, and says certain end customers have their contract manufacturing partners place orders, so the contract manufacturer is the customer of record. [39] By who signs the orders, Customer A took 67% of fiscal 2025 revenue and 49% of fiscal 2026; by end customer, Customer D took 63% and 33%, the two counts tracking each other. [38, 40] Credo issued Amazon.com NV Investment Holdings LLC a warrant over up to 4.1 million shares that vested as that holder and its affiliates paid the company, up to 201.0 million dollars of payments, and every share of it had vested by May 3, 2025. [69, 70] The charge booked against revenue as the warrant vested rose to 13.2 million dollars in fiscal 2025 from 3.9 million in fiscal 2024, and fiscal 2025 is the year Customer D reached 63%. [71, 40] Confidence 70 of 100. Wrong if: A filing or a disclosure naming Customer D as a company other than Amazon, or showing that Amazon and its affiliates bought only a small part of fiscal 2025 revenue.
• Customer B, which shows the same 32% of fiscal 2026 revenue in both counts, is most likely a cloud or AI data center operator that orders in its own name and takes delivery in the United States, and much of the jump in United States shipments is its. Because: Customer B carries the same 32% share whether customers are counted by who signs the orders or by who the parts are for, which fits a buyer placing its own orders rather than one ordering through a contract manufacturer. [38, 40] Customer B was under 10% of revenue in each of the two years before. [38] Shipments to the United States rose to 768.1 million dollars from 65.1 million, and revenue from North American customers went from 15% of the total to 58%. [50, 52] The filing credits the year's growth to the ramp of AECs at its hyperscale data center customers, and says its customers are primarily hyperscalers, Neoclouds and other cloud infrastructure providers. [80, 33] Confidence 55 of 100. Wrong if: A filing showing Customer B is a contract manufacturer, distributor or module maker, or that most of its purchases were shipped outside the United States.
• Most of what Credo sells now passes through one outside cable maker: BizLink builds the AECs behind nearly all of the year's growth, which is likely why that agreement is the only long-term supply contract the company keeps. Because: The ramp of AECs contributed over 99% of the 898.3 million dollar increase in revenue, so AECs alone account for more than two thirds of the 1.3 billion dollars sold in the year. [80, 79] BizLink Technology manufactures the company's AEC products. [45] Except for the BizLink agreement it keeps no long-term supply contracts, and no supplier, TSMC and BizLink included, has promised it enough capacity for expected demand. [47, 49] It paid 71.3 million dollars of refundable deposits to suppliers to reserve manufacturing capacity, and says moving to new providers would take about 9 to 12 months. [90, 48] Confidence 65 of 100. Wrong if: A filing showing AECs are a minority of revenue, or that manufacturers other than BizLink build a large share of them.

Sources

1. Credo Technology Group Holding Ltd, Form DEF 14A filed 2026-08-25: “William (Bill) Brennan has served as our Chief Executive Officer and as a member of our Board since September 2014 and previously served as the Chief Executive Officer and a member of the board of directors of our predecessor entity from December 2013 to September 2014.”
2. Credo Technology Group Holding Ltd, Form DEF 14A filed 2026-08-25: “Prior to joining Credo, Mr. Brennan served as Executive Vice President of Vital Connect, Inc., a biosensor technology company, where he was responsible for business strategy and partner development, from August 2011 to November 2013. Mr. Brennan also served as Vice President in the storage business unit of Marvell, which develops and produces semiconductors and related technology, from May 2000 to August 2011.”
3. Credo Technology Group Holding Ltd, Form DEF 14A filed 2026-08-25: “Prior to joining Marvell, Mr. Brennan served as Vice President with Exis, a partner of NEC Electronics, a semiconductor design and manufacturing company, from January 1993 to May 2000, and as an Account Manager with Texas Instruments Incorporated, a technology company that designs and manufactures semiconductors and various ICs, from June 1986 to January 1993.”
4. Credo Technology Group Holding Ltd, Form DEF 14A filed 2026-08-25: “Our Board is currently chaired by Mr. Brennan, our Chief Executive Officer, and Ms. Acevedo currently serves as lead independent director.”
5. Credo Technology Group Holding Ltd, Form DEF 14A filed 2026-08-25: “Chi Fung (Lawrence) Cheng has served as our Chief Technology Officer and a member of our Board since September 2014 and previously served as the Chief Technology Officer and a member of the board of directors of our predecessor entity from September 2008 to September 2014.”
6. Credo Technology Group Holding Ltd, Form DEF 14A filed 2026-08-25: “Prior to co-founding Credo, Mr. Cheng served as an Engineering Director of analog design for Marvell from November 1997 to August 2008.”
7. Credo Technology Group Holding Ltd, Form DEF 14A filed 2026-08-25: “Yat Tung (Job) Lam has served as our Chief Operating Officer and a member of our Board since September 2014. Mr. Lam served as Chief Executive Officer, Chief Operating Officer and a member of the board of directors of our predecessor entity from August 2008 to November 2013, November 2013 to September 2014 and August 2008 to September 2014, respectively.”
8. Credo Technology Group Holding Ltd, Form DEF 14A filed 2026-08-25: “Prior to founding Credo, Mr. Lam served in various roles for Marvell, from Senior Design Engineer when he started in June 1997 to Senior Design Engineering Director by the time he left in August 2008.”
9. Credo Technology Group Holding Ltd, Form DEF 14A filed 2026-08-25: “Pantas Sutardja has served as a member of our Board since August 2015. Mr. Sutardja is the founder and has served as Chief Executive Officer of LatticeWork Inc., a consumer electronics company, since 2013. Prior to Credo, Mr. Sutardja co-founded Marvell Technology, Inc.”
10. Credo Technology Group Holding Ltd, Form DEF 14A filed 2026-08-25: “and served in various positions from January 1995 to February 2014, starting as VP of Engineering and finishing as Chief Technology Officer.”
11. Credo Technology Group Holding Ltd, Form DEF 14A filed 2026-08-25: “The following table sets forth information regarding the beneficial ownership of our shares as of July 31, 2026, except as noted otherwise, for”
12. Credo Technology Group Holding Ltd, Form DEF 14A filed 2026-08-25: “Chi Fung (Lawrence) Cheng(2) 5,861,028 3.12%”
13. Credo Technology Group Holding Ltd, Form DEF 14A filed 2026-08-25: “Pantas Sutardja 5,890,494 3.14%”
14. Credo Technology Group Holding Ltd, Form DEF 14A filed 2026-08-25: “Yat Tung (Job) Lam(5) 2,922,110 1.56%”
15. Credo Technology Group Holding Ltd, Form DEF 14A filed 2026-08-25: “All directors and named executive officers as a group (11 persons)(6) 17,014,593 9.06%”
16. Credo Technology Group Holding Ltd, Form DEF 14A filed 2026-08-25: “Mr. Fleming has served as our Chief Financial Officer since August 2015. Prior to joining Credo, Mr. Fleming served as Vice President of finance at Siva Power, Inc., a thin-film solar power company”
17. Credo Technology Group Holding Ltd, Form DEF 14A filed 2026-08-25: “Prior to joining Siva Power, Mr. Fleming held various financial management positions at SunPower Corporation, a solar power company, Marvell, Prism Solutions, Inc. and Xilinx, Inc., a semiconductor manufacturing company. Mr. Fleming began his professional career as a circuit design engineer at AT&T.”
18. Credo Technology Group Holding Ltd, Form DEF 14A filed 2026-08-25: “Mr. Laufman has served as our Chief Legal Officer and Secretary since August 19, 2024. Prior to joining Credo, Mr. Laufman served as Chief Legal Officer and Corporate Secretary of Automation Anywhere, Inc., a private SAAS-based intelligent automation company, from 2018 to 2024.”
19. Credo Technology Group Holding Ltd, Form DEF 14A filed 2026-08-25: “Prior to Automation Anywhere, Mr. Laufman served as Senior Vice President, General Counsel and Corporate Secretary for Infinera Corporation from 2014 to 2018, Vice President, General Counsel at Marvell from 2008 to 2014 and Vice President, General Counsel and Secretary at Integrated Device Technology, Inc. from 1999 to 2008.”
20. Credo Technology Group Holding Ltd, Form DEF 14A filed 2026-08-25: “Our Board is currently comprised of nine directors, who are divided into three staggered classes”
21. Credo Technology Group Holding Ltd, Form DEF 14A filed 2026-08-25: “Ms. Acevedo has served as a member of the board of directors of Qualcomm Incorporated, a publicly traded semiconductor company, since November 2020 and has been a member of its governance committee since that time. Ms. Acevedo previously served as Chief Executive Officer of Girl Scouts of the United States of America (GSUSA) from June 2016 to August 2020”
22. Credo Technology Group Holding Ltd, Form DEF 14A filed 2026-08-25: “Clyde Hosein has served as a member of our Board and as chair of our audit committee since April 2024.”
23. Credo Technology Group Holding Ltd, Form DEF 14A filed 2026-08-25: “His other senior level financial positions have included the following: Chief Financial Officer and Chief Operating Officer of Marvell Technology Group Ltd., Vice President and Chief Financial Officer of Integrated Device Technology, Inc., and Chief Financial Officer at Candescent Technologies.”
24. Credo Technology Group Holding Ltd, Form DEF 14A filed 2026-08-25: “Brian Kelleher has served as a member of our Board since October 2025. Mr. Kelleher served as Senior Vice President of Hardware Engineering at NVDIA corporation from 2005 through 2024, most recently leading the GPU product development organization.”
25. Credo Technology Group Holding Ltd, Form DEF 14A filed 2026-08-25: “Fariba Danesh joined as a member of our Board in March 2025. She currently serves as Chief Operating Officer at PsiQuantum, a quantum computing startup based in Palo Alto, California. Prior to joining PsiQuantum in January 2021, Ms. Danesh led Glo AB, a venture-funded photonics and compound semiconductor company, as CEO for nine years. Before this role, she was Senior Vice President and General Manager of the Fiber Optics Products Division at Avago Technologies (now Broadcom).”
26. Credo Technology Group Holding Ltd, Form DEF 14A filed 2026-08-25: “Manpreet Khaira has served as a member of our Board since September 2021. Mr. Khaira has served as Vice President and General Manager of AI Solutions at Skyworks Solutions, Inc.”
27. Credo Technology Group Holding Ltd, Form 10-K filed 2026-06-15: “As of May 2, 2026, approximately 616 of our 807 full-time equivalent employees were engineers. Of our employees, 330 were located in North America and 477 were located in Asia. None of our employees are represented by a labor union or subject to a collective bargaining agreement, and we have never experienced a labor-related work stoppage.”
28. Credo Technology Group Holding Ltd, Form 10-K filed 2026-06-15: “We have assembled a team of highly skilled engineers with deep signal processing expertise who are located in San Jose, California, Pittsburgh, Pennsylvania, Canada, mainland China, Hong Kong and Taiwan.”
29. Credo Technology Group Holding Ltd, Form 10-K filed 2026-06-15: “The Company’s product portfolio includes ZeroFlap (ZF) Active Electrical Cables (AECs) and ZF optical transceivers, OmniConnect memory solutions and a suite of retimers and DSPs for optical and copper Ethernet and PCIe, all leveraging the Company’s PILOT diagnostic and analytics software platform.”
30. Credo Technology Group Holding Ltd, Form 10-K filed 2026-06-15: “Our products are based on our own optimized Serializer/Deserializer (SerDes) and Digital Signal Processor (DSP) technologies. Our product families include integrated circuits (ICs), Active Electrical Cables (AECs) and SerDes Chiplets. Our intellectual property (IP) solutions consist primarily of SerDes IP licensing.”
31. Credo Technology Group Holding Ltd, Form 10-K filed 2026-06-15: “Credo’s trademark purple ZeroFlap Active Electrical Cables (AECs) are plug-and-play copper interconnect cables designed for affordable, lossless operation at 100G, 200G, 400G, 800G and emerging 1.6T data speeds. AECs offer a high-performance alternative to short, thick DACs and high power, high-cost Active Optical Cables (AOCs) for data center compute and AI applications.”
32. Credo Technology Group Holding Ltd, Form 10-K filed 2026-06-15: “Credo offers AEC cables up to 7m to enable reliable links from GPU to network switch for AI racks with liquid cooling.”
33. Credo Technology Group Holding Ltd, Form 10-K filed 2026-06-15: “Our revenues primarily consist of shipments of our AEC and ICs products. Our customers are primarily hyperscalers, NeoClouds and other cloud infrastructure providers.”
34. Credo Technology Group Holding Ltd, Form 10-K filed 2026-06-15: “Credo optical digital signal processors (DSPs) are core components within optical transceivers deployed in AI clusters, hyperscale data centers, service‑provider networks, enterprise networks, and 5G wireless infrastructure.”
35. Credo Technology Group Holding Ltd, Form 10-K filed 2026-06-15: “Toucan PCI Express (PCIs) Gen6.x/CXL 3.x retimers, powered by Credo’s low latency, low-power DSPs and SerDes technology, are designed to extend PCIe trace lengths between root-complex and endpoint devices such as GPUs, SMART NICs, NVMe SSDs, and CXL memory.”
36. Credo Technology Group Holding Ltd, Form 10-K filed 2026-06-15: “We sell our products to hyperscalers, NeoClouds and other cloud infrastructure providers. We are engaged with all of the major hyperscalers, and our customer base includes over 20 blue chip clients, including a broad mix of original equipment manufacturers (OEMs), original design manufacturers (ODMs), optical module manufacturers and other leading enterprises.”
37. Credo Technology Group Holding Ltd, Form 10-K filed 2026-06-15: “In fiscal 2026, we had two customers that accounted for 10% or more of our total revenue. In addition, in fiscal 2026, sales to our top 10 customers accounted for approximately 90% of our total revenue.”
38. Credo Technology Group Holding Ltd, Form 10-K filed 2026-06-15: “Revenue May 2, 2026 May 3, 2025 April 27, 2024 Customer A 49 % 67 % 39 % Customer B 32 % * * Customer C * * 15 % * Less than 10% of total accounts receivable or total revenue.”
39. Credo Technology Group Holding Ltd, Form 10-K filed 2026-06-15: “However, certain of our end customers have their contract manufacturing partners place orders with us. As a result, the contract manufacturers, rather than the end customers, are reported as our customers for financial reporting purposes. As a supplement to our financial statement footnote disclosure, and to provide further insight into our end customer concentration, the following table summarizes our revenue by customer as a percentage of total revenue based on end customer profile”
40. Credo Technology Group Holding Ltd, Form 10-K filed 2026-06-15: “Year Ended May 2, 2026 May 3, 2025 Revenue: Customer B 32 % * Customer D 33 % 63 % Customer E 19 % * * Less than 10% of total revenue.”
41. Credo Technology Group Holding Ltd, Form 10-K filed 2026-06-15: “We employ a two-pronged sales strategy targeting both the end users of our products, as well as the suppliers of our end users. By engaging directly with the end user, we are able to better understand the needs of our customers and cater our solutions to their most pressing connectivity requirements. This strategy has enabled us to become the preferred vendor to a number of our customers across the world who, in turn, require their suppliers, OEMs, ODMs, CMs and optical module manufacturers to utilize our solutions.”
42. Credo Technology Group Holding Ltd, Form 10-K filed 2026-06-15: “Substantially all of our product sales to date have been made on a purchase order basis. We generally do not obtain long-term commitments with our customers or commitments for minimum purchases from our customers.”
43. Credo Technology Group Holding Ltd, Form 10-K filed 2026-06-15: “We utilize a fabless business model, working with a network of third parties to manufacture, assemble and test our connectivity products.”
44. Credo Technology Group Holding Ltd, Form 10-K filed 2026-06-15: “In fiscal year 2026, we exclusively used Taiwan Semiconductor Manufacturing Company Limited (TSMC) for semiconductor wafer production.”
45. Credo Technology Group Holding Ltd, Form 10-K filed 2026-06-15: “Upon the completion of processing at the foundry, we use third-party contractors for packaging, assembly and testing, including Amkor Technology Inc. (Amkor) and Advanced Semiconductor Engineering, Inc. (ASE) for packaging our IC products, King Yuan Electronics Company (KYEC) and Sigurd Microelectronics Corp. (Sigurd) for testing our IC products and BizLink Technology, Inc. (BizLink) for manufacturing our AEC products.”
46. Credo Technology Group Holding Ltd, Form 10-K filed 2026-06-15: “Our proprietary SerDes and DSP technologies enable us to achieve similar performance to leading competitors’ products but at a lower cost and more highly available legacy node (n-1 advantage).”
47. Credo Technology Group Holding Ltd, Form 10-K filed 2026-06-15: “Except for our agreement with BizLink for the manufacture of certain AEC products, we do not maintain long-term supply contracts with TSMC or generally with any of our third-party contract manufacturers or other suppliers.”
48. Credo Technology Group Holding Ltd, Form 10-K filed 2026-06-15: “We expect that it would take approximately 9 to 12 months to transition from our current foundry or assembly services to new providers.”
49. Credo Technology Group Holding Ltd, Form 10-K filed 2026-06-15: “None of TSMC, BizLink or our third-party manufacturers or other suppliers have provided contractual assurances to us that adequate capacity will be available to us to meet our anticipated future demand for our solutions.”
50. The record on this page: revenue by line and by geography, as tagged in the annual report (the SEC's financial statement data sets)
51. Credo Technology Group Holding Ltd, Form 10-K filed 2026-06-15: “The following table summarizes revenue disaggregated by primary geographical market based on destination of shipment for products, which may differ from the end customer’s principal offices (in thousands)”
52. Credo Technology Group Holding Ltd, Form 10-K filed 2026-06-15: “Geographically, 58% and 15% of our total revenue in fiscal 2026 and 2025 was generated from customers in North America, and 42% and 85% of our total revenue in fiscal 2026 and 2025 was generated from customers in the rest of the world, primarily in Asia.”
53. Credo Technology Group Holding Ltd, Form 10-K filed 2026-06-15: “Credo Technology Group Holding Ltd was formed as an exempted company under the laws of the Cayman Islands in September 2014. Credo Technology Group Holding Ltd directly owns Credo Technology Group Ltd., which owns, directly and indirectly, all of the shares of its subsidiaries in the United States (U.S.), Singapore, mainland China, Hong Kong, Taiwan and Canada.”
54. Credo Technology Group Holding Ltd, Form 10-K filed 2026-06-15: “Our sales have been historically denominated in U.S. dollars and, in mainland China, the Renminbi.”
55. Credo Technology Group Holding Ltd, Form 10-K filed 2026-06-15: “As of May 2, 2026, we owned 86 issued patents and 39 pending patent applications in the United States, and 52 issued patents and 41 pending patent applications in mainland China.”
56. Credo Technology Group Holding Ltd, Form 10-K filed 2026-06-15: “Our patent and patent application portfolio primarily relates to four main areas: Ethernet standard, network cable technology, chip manufacturing and MCM and SerDes cores. Without taking potential patent extensions or adjustments into account, these issued patents, and any patents granted from such applications, are expected to expire between 2029 and 2046.”
57. Credo Technology Group Holding Ltd, Form 10-K filed 2026-06-15: “We rely on a combination of intellectual property rights, including patents, trade secrets, copyrights and trademarks and contractual protections, to protect our core technology.”
58. Credo Technology Group Holding Ltd, Form 10-K filed 2026-06-15: “Pioneer in 100G, 200G, 400G, 800G and emerging 1.6T AEC market, establishing a new product category”
59. Credo Technology Group Holding Ltd, Form 10-K filed 2026-06-15: “Created switch cable and open-sourced implementation with Microsoft to realize their vision for a highly reliable network-managed dual-ToR architecture”
60. Credo Technology Group Holding Ltd, Form 10-K filed 2026-06-15: “We partnered with Oracle to develop our ZeroFlap Optics that helps address the reliability issues known as Link Flap which plague commodity options in AI data centers enabling faster AI cluster turn on and time to first revenue.”
61. Credo Technology Group Holding Ltd, Form 10-K filed 2026-06-15: “In September 2025, Credo introduced Bluebird, its first 200G/lane DSP, manufactured on a 3nm process node.”
62. Credo Technology Group Holding Ltd, Form 10-K filed 2026-06-15: “In November 2025, Credo introduced OmniConnect architecture and Weaver, the first product in the OmniConnect family. Weaver is a memory fanout gearbox designed in 5nm process node engineered to break the AI inference memory wall by extending LPDDR memory beyond the substrate.”
63. Credo Technology Group Holding Ltd, Form 10-K filed 2026-06-15: “We believe we are the only company in our industry offering a complete suite of high-performance connectivity solutions. Our competitors typically compete with us with respect to some, but not all, of our solutions. Our principal competitors with respect to our products include Broadcom Ltd. (Broadcom)”
64. Credo Technology Group Holding Ltd, Form 10-K filed 2026-06-15: “Marvell Technology, Inc. (Marvell) and Astera Labs, Inc. (Astera), as well as various cable and optical transceiver suppliers.”
65. Credo Technology Group Holding Ltd, Form 10-K filed 2026-06-15: “We expect competition to increase and intensify as more and larger competitor companies enter our markets.”
66. Credo Technology Group Holding Ltd, Form 10-K filed 2026-06-15: “Average selling prices of semiconductor products in the markets we serve have historically decreased over time, and we expect such declines to occur for our products over time.”
67. Credo Technology Group Holding Ltd, Form 10-K filed 2026-06-15: “Founded in 2008, Credo has an international footprint with offices in North America and Asia.”
68. Credo Technology Group Holding Ltd, Form 10-K filed 2026-06-15: “Since our initial public offering in January 2022, our ordinary shares have been traded on the Nasdaq Global Select Market under the symbol”
69. Credo Technology Group Holding Ltd, Form 10-K filed 2026-06-15: “During fiscal year 2022, the Company issued a warrant to Amazon.com NV Investment Holdings LLC (Holder) to purchase an aggregate of up to 4.1 million of our ordinary shares”
70. Credo Technology Group Holding Ltd, Form 10-K filed 2026-06-15: “The shares issuable vest in tranches over the contract term based on the amount of global payments by Holder and its affiliates to the Company, up to $201.0 million in aggregate payments. A total of 4.1 million Customer Warrant shares were vested as of May 3, 2025.”
71. Credo Technology Group Holding Ltd, Form 10-K filed 2026-06-15: “During the fiscal years ended May 3, 2025 and April 27, 2024, the Company recognized $13.2 million and $3.9 million, respectively, as contra revenue within the product sales revenue on the consolidated statements of operations.”
72. Credo Technology Group Holding Ltd, Form 10-K filed 2026-06-15: “On September 29, 2025, the Company acquired 100% of the equity interest of Hyperlume, Inc. (Hyperlume), a developer of miniature light-emitting diode (microLED)-based optical interconnect technology for chip-to-chip communication, for a total purchase consideration of $92.0 million.”
73. Credo Technology Group Holding Ltd, Form 10-K filed 2026-06-15: “On February 25, 2026, the Company acquired 100% of the equity interest of CoMira Solutions, Inc. (Comira), a high-speed connectivity IP innovator, for a total cash consideration of $35.1 million. This acquisition was primarily intended to bring specialized link layer, error correction and security semiconductor IP to support the development of new and advanced system-level solutions for scale-up and scale-out AI architectures.”
74. Credo Technology Group Holding Ltd, Form 10-K filed 2026-06-15: “In May 2026, the Company acquired 100% of the equity interest in DustPhotonics Ltd., a leading developer of silicon photonics photonic integrated circuit technology for optical connectivity, for a total purchase consideration of $770 million cash and approximately 0.8 million shares of the Company’s ordinary shares. In addition, the Company may pay incremental contingent consideration of up to”
75. Credo Technology Group Holding Ltd, Form 10-K filed 2026-06-15: “approximately 2.8 million shares and $31.6 million cash based on the achievement of certain financial milestones, subject to the terms of the definitive agreement.”
76. Credo Technology Group Holding Ltd, Form 10-K filed 2026-06-15: “We generated 28% of our revenue in Hong Kong in fiscal 2026, and 2% of our assets (by book value) were held in Hong Kong as of fiscal 2026. Accordingly, political and economic conditions in Hong Kong and the surrounding region may directly affect our business.”
77. Credo Technology Group Holding Ltd, Form 10-K filed 2026-06-15: “For example, the United States and other governments have imposed restrictions on the import and export of, among other things, certain telecommunications products and components. The consequences of any failure to comply with domestic and foreign trade regulations could limit our ability to conduct business in certain areas or with certain customers.”
78. Credo Technology Group Holding Ltd, Form 10-K filed 2026-06-15: “We expect we may be subject to legislation based on the OECD’s 15% global minimum tax regime in our fiscal year 2028.”
79. The record on this page: the filed annual figures (EDGAR's company facts)
80. Credo Technology Group Holding Ltd, Form 10-K filed 2026-06-15: “Revenue for fiscal 2026 increased by $898.3 million as compared to fiscal 2025 primarily due to significant increase in volume unit shipments for AEC products. The sales increase was primarily driven by the ramp-up of our AEC solutions at our hyperscale data center customers during fiscal 2026 which contributed over 99% of the increase in revenue.”
81. Credo Technology Group Holding Ltd, Form 10-K filed 2026-06-15: “Gross profit $ 908,349 $ 282,909 221.1 % Gross margin 68.0 % 64.8”
82. Credo Technology Group Holding Ltd, Form 10-K filed 2026-06-15: “Gross margin increased by 3.2 percentage points in fiscal 2026 primarily driven by the improved economies of scale in our revenue.”
83. Credo Technology Group Holding Ltd, Form 10-K filed 2026-06-15: “The Company has one reportable segment and accordingly, there is no goodwill assignment based on reporting units.”
84. Credo Technology Group Holding Ltd, Form 10-K filed 2026-06-15: “Research and development expenses for fiscal 2026 increased by $132.5 million compared to fiscal 2025. The increase was due primarily to a $60.9 million increase in share-based compensation expense driven by increased amortization expense from new equity awards granted to employees, an $18.8 million increase in personnel costs primarily as a result of new hires for product development, a $35.4 million increase in design activities and higher engineering activities relating to testing and laboratory supplies for new product development”
85. Credo Technology Group Holding Ltd, Form 10-K filed 2026-06-15: “Selling, general and administrative expenses for fiscal 2026 increased by $85.0 million compared to fiscal 2025. The increase was due primarily to a $44.4 million increase in share-based compensation expense driven by increased amortization expense from new equity awards granted to employees, a $15.1 million increase in personnel costs as a result of higher selling, general and administrative headcount and a $14.8 million increase in external professional fees relating to general and administrative function.”
86. Credo Technology Group Holding Ltd, Form 10-K filed 2026-06-15: “Selling, general and administrative $ 183,963 $ 98,918 86.0”
87. Credo Technology Group Holding Ltd, Form 10-K filed 2026-06-15: “We anticipate we will continue to derive a significant portion of our revenue from a limited number of customers for the foreseeable future. We expect that as our products are more widely adopted and as our number of customers increase, customer concentration will decrease.”
88. Credo Technology Group Holding Ltd, Form 10-K filed 2026-06-15: “Our hyperscale customers have deployed 50G per lane electrical PAM4 data rates in 2023, 100G per lane electrical PAM4 solutions in 2024 and 200G per lane PAM4 solutions planned for mass deployment in 2027.”
89. Credo Technology Group Holding Ltd, Form 10-K filed 2026-06-15: “an increase in inventory of $174.0 million to support unfulfilled backlog and related new product ramps”
90. Credo Technology Group Holding Ltd, Form 10-K filed 2026-06-15: “an increase in other current and non-current assets of $71.3 million of payment for refundable deposits to the suppliers in exchange for reserved manufacturing production capacity.”
91. Credo Technology Group Holding Ltd, Form 10-K filed 2026-06-15: “we expect our research and development expenses to continue to increase in absolute dollars.”

Where the revenue comes from

By geography: United States 57%, Hong Kong 28%, Rest of World 6%, China 6%, Taiwan 2%. As tagged in its annual report (Form 10-K, filed 2026-06-15).

Who runs it

Brennan, William Joseph (Pres & Chief Executive Officer); Fleming, Daniel W. (Chief Financial Officer); Lam, Yat Tung (Chief Operating Officer); Cheng, Chi Fung (Chief Technology Officer); Laufman, James (Chief Legal Officer, Secretary); Hosein, Clyde (director); Danesh, Fariba (director); Acevedo, Sylvia (director); Sutardja,, Pantas (director); Khaira, Manpreet (director); and 2 more. 12 officers and directors have filed their own trades in the last fifteen months, names and titles as filed with the SEC, through 2026-10-09.

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