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Credo Technology Group Holding Ltd

CRDO

Filing: SEC 10-Q
Period: Quarter ended 2026-01-31
Basis: Editorial filing; Read original SEC 10-Q ↗

Sankey diagram of Credo Technology Group Holding Ltd. A complete text table follows the diagram.

The $407 Million Cables Connecting AI Clusters

Credo's active electrical cables turned hyperscale bandwidth demand into 202% growth, but three end customers still account for 88% of the business

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Source & review

Read original SEC 10-Q ↗

SEC accession: 0001628280-26-014017
Filed: Date not recorded
Reviewed: 2026-07-26
Status: Individual filing review complete

How to read these figures

Customer flows are editorial dollar translations of filing-reported percentages multiplied by $407.012M revenue and rounded to the nearest thousand dollars; they sum to reported revenue. Customer labels remain anonymous exactly as presented in the filing. All downstream financial flows are directly reported.

Labels and narrative explain the filing. A category marked “arithmetic bridge” or “residual” is calculated from reported totals, rather than a separately reported line.

Active electrical cables replace short optical links inside AI racks with lower-power copper connections. Their hyperscaler ramp drove most of the quarter's growth.
The three largest end-customer profiles supplied 88% of revenue. Credo's explosive adoption is still tied to a very small buyer set.
Reported contracting parties look different because hyperscalers often buy through manufacturers; the filing separately discloses these end-customer profiles.
Scale improved the gross margin by 4.9 percentage points even as shipment volume surged, evidence of strong incremental economics in the fabless model.
United States revenue rose from $8M to $267M as AI data-center deployments shifted the geographic center of the business.
Credo remained heavily invested in the next cycle: R&D more than doubled to $78M, yet operating margin still expanded to 36.8%.

View accessible tables

Financial categories · Quarter ended 2026-01-31 · Millions of USD
Category	Stage	Value	Notes
End customer B	1	$159M	39% of quarterly revenue
End customer D	1	$130M	32% of quarterly revenue
End customer E	1	$69.2M	17% of quarterly revenue
Other customers	1	$48.8M	Remaining 12%
AI connectivity revenue	2	$407M	AECs, optical links, retimers and DSPs; +202%
Gross profit	3	$279M	68.5% gross margin
Fabless production & delivery	3	$128M	Third-party manufacturing and product costs
Operating income	4	$150M	36.8% operating margin
Operating investment	4	$129M	Engineering and commercialization
Research & development	5	$78.5M	1.6T links, optical products and next-gen silicon
Sales, general & administrative	5	$50.8M	Customer ramp and public-company costs

Financial flows · Millions of USD
From	To	Value
End customer B	AI connectivity revenue	$159M
End customer D	AI connectivity revenue	$130M
End customer E	AI connectivity revenue	$69.2M
Other customers	AI connectivity revenue	$48.8M
AI connectivity revenue	Gross profit	$279M
AI connectivity revenue	Fabless production & delivery	$128M
Gross profit	Operating income	$150M
Gross profit	Operating investment	$129M
Operating investment	Research & development	$78.5M
Operating investment	Sales, general & administrative	$50.8M