Credo Q2 2023 Earnings Report
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
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