Credo Q3 2022 Earnings Report
Key Takeaways
Credo Technology Group Holding Ltd reported a strong fiscal third quarter with record quarterly revenue of $31.8 million, a 136% increase year-over-year. The company's GAAP gross margin was 60.1%, and non-GAAP gross margin was 60.7%. Credo also completed its Initial Public Offering during the quarter.
Revenue of $31.8 million, grew by 136% year on year
GAAP gross margin of 60.1% and non-GAAP gross margin of 60.7%
GAAP net loss of $0.1 million and non-GAAP net income of $2.4 million
Ending Cash Balance of $240.5 million
Credo
Credo
Credo Revenue by Segment
Credo Revenue by Geographic Location
Forward Guidance
Revenue is expected to be between $37 million to $41 million, up 97% year over year at the midpoint. GAAP gross margin to be between 58.5%-60.5% and non-GAAP gross margin to be between 59.0%-61.0%. GAAP operating expenses to be between $26 million to $28 million and non-GAAP operating expenses to be between $21 million to $23 million.
Positive Outlook
- Revenue is expected to be between $37 million to $41 million
- Revenue is expected to be up 97% year over year at the midpoint
- GAAP gross margin to be between 58.5%-60.5%
- Non-GAAP gross margin to be between 59.0%-61.0%
Challenges Ahead
- GAAP operating expenses to be between $26 million to $28 million
- Non-GAAP operating expenses to be between $21 million to $23 million
Revenue & Expenses
Visualization of income flow from segment revenue to net income