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Oct 29, 2022
Credo Q2 2023 Earnings Report
Reported financial results for the second quarter of fiscal year 2023, ended October 29, 2022.
Key Takeaways
Credo Technology Group Holding Ltd reported record revenue of $51.4 million, an increase of 94% year over year and 11% compared to the prior quarter. The company remains optimistic about its future prospects and expects to achieve at least $200 million in revenue for the full fiscal year.
Revenue of $51.4 million, grew by 11% quarter over quarter
GAAP gross margin of 54.4% and non-GAAP gross margin of 54.9%
GAAP net loss of $3.4 million and non-GAAP net income of $2.4 million
Ending cash and short-term investment balance of $240.5 million
Credo
Credo
Credo Revenue by Segment
Credo Revenue by Geographic Location
Revenue by Segment
Product Sales Revenue
CapyFin.comProduct Engineering Revenue
CapyFin.comIP License Revenue
CapyFin.comRevenue by Geographic Location
Total Revenue
CapyFin.com Forward Guidance
Revenue is expected to be between $54.0 million to $56.0 million, up 73% year over year at the midpoint. GAAP gross margin is expected to be between 58.7%-60.7% and non-GAAP gross margin is expected to be between 59.0%-61.0%. GAAP operating expenses are expected to be between $30.2 million to $32.2 million and non-GAAP operating expenses are expected to be between $25.0 million to $27.0 million
Positive Outlook
- Revenue is expected to be between $54.0 million to $56.0 million
- Revenue is expected to be up 73% year over year at the midpoint
- GAAP gross margin is expected to be between 58.7%-60.7%
- Non-GAAP gross margin is expected to be between 59.0%-61.0%
- Non-GAAP operating expenses are expected to be between $25.0 million to $27.0 million
Challenges Ahead
- GAAP operating expenses are expected to be between $30.2 million to $32.2 million
Revenue & Expenses
Visualization of income flow from segment revenue to net income