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Sentiment · FY2025 Q4
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Vivek Arya | Bank of America | 5 (40%) |
| Suji Desilva | ROTH Capital Partners | 4 (0%) |
| Tom O'Malley | Barclays | 4 (0%) |
| Tore Svanberg | Stifel | 4 (25%) |
| Quinn Bolton | Needham | 4 (25%) |
| Karl Ackerman | BNP Paribas | 4 (0%) |
| Vijay Rakesh | Mizuho Securities | 4 (0%) |
| Joshua Buchalter | TD Cowen | 3 (33%) |
| Chris Rolland | Susquehanna | 2 (50%) |
| Toshiya Hari | Goldman Sachs | 2 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Bank of America | 1 | 5 (40%) |
| Barclays | 1 | 4 (0%) |
| BNP Paribas | 1 | 4 (0%) |
| TD Cowen | 2 |
| 4 (25%) |
| Needham | 1 | 4 (25%) |
| ROTH Capital Partners | 1 | 4 (0%) |
| Stifel | 1 | 4 (25%) |
| Mizuho Securities | 1 | 4 (0%) |
Credo delivered a landmark inflection quarter, with revenue of $135 million up 154% year-over-year and 87% sequentially — well above the high end of guidance — as the expected second-half fiscal '25 ramp arrived, led by its largest hyperscale customer scaling AI platform production. Non-GAAP gross margin was 63.8%, and product gross margin excluding engineering services rose over 900 basis points year-over-year to 62.4% on scale, driving Credo to decisive GAAP profitability after a year of operating losses. AEC revenue grew strong triple digits sequentially to a record, with three hyperscalers in volume production and two more in qualification for fiscal '26, while Credo broadened into PCIe — its 2 CAN retimer achieved full PCIe Gen5 compliance and won a first platform commitment from a large AI server ODM. Management guided fiscal Q4 revenue up 19% sequentially at the midpoint and said Credo remains on track for continued scaling of revenue and profit, though customer concentration was elevated with the largest customer at 86% of revenue, and management expects three to four 10%-plus customers in coming quarters.
Demand | Competitive Dynamics | Revenue Growth | Product Launch | Guidance Reliability | Innovation & R&D | Inventory | Geographic Expansion | |
|---|---|---|---|---|---|---|---|---|
| 2025Q2 | 13 | 9 | 4 | 3 | 2 | 2 | 1 | 1 |
| 2025Q3 | 7 | 4 | 4 | 3 | 1 |
| '25Q2 | '25Q3 | |
|---|---|---|
| Demand | 13 | 7 |
| Competitive Dynamics | 9 | 4 |
| Revenue Growth | 4 | 4 |
| Product Launch | 3 | 3 |
| Guidance Reliability | 2 | |
| Innovation & R&D | 2 | |
| Inventory | 1 | 1 |
| Geographic Expansion | 1 |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|
| FY2025 Q2 | $72M | +63.6% | $-0.03 | +42.4% | -11.7% | -5.9% | $-12M |
| FY2025 Q3 | $135M | +154.4% | $0.16 | — | 19.4% | 21.7% | $-383,000 |
| FY2025 Q4 | $170M | +179.7% | $0.20 | +412.5% | 20.4% |
| 21.5% |
| $54M |
| FY2026 Q1 | $223M | +273.6% | $0.34 | +688.2% | 27.2% | 28.4% | $51M |
| FY2026 Q2 | $268M | +272.1% | $0.44 | +1832.3% | 29.4% | 30.8% | $38M |
| FY2026 Q3 | $407M | +201.5% | $0.82 | +412.5% | 36.8% | 38.6% | $140M |
| FY2026 Q4 | $437M | +157.0% | $0.88 | +340.0% | 35.7% | 38.7% | $177M |
| FY2027 Q1 | $479M | +114.7% | $0.67 | +97.1% | 25.2% | 27.0% | $83M |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
What CRDO and other companies said about each other on FY2025 Q3 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“even for the deployments that use NVIDIA GPUs and use using the kind of the open protocols in the market, PCIe will be an opportunity there as well.”
Credo sees a PCIe connectivity opportunity even within NVIDIA-GPU deployments that use open protocols, positioning its products alongside NVIDIA's ecosystem in the scale-up interconnect market rather than competing with the GPUs directly.
“Actually, Amazon is a great example. So our largest hyperscaler. If you look at their Q1 revenue, was $30 million, then it went down a bit in Q2. Now it obviously surged in our Q3.”
Amazon, Credo's largest hyperscaler customer, drove the Q3 revenue surge; its contribution rose from about $30 million in fiscal Q1 before dipping in Q2 and surging in Q3, and management expects it to remain the dominant customer near a $100 million run rate in fiscal '26.
“The other lesser factor that I'll mention we have a warrant with Amazon, the contra revenue associated with that kind of rolled off during the quarter.”
Credo fulfilled $200 million of gross revenue shipments to Amazon, triggering the roll-off of the Amazon warrant's contra-revenue, which was accretive to gross margin. Amazon is Credo's largest hyperscaler customer.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
CRDO Credo Technology Group Holding Ltd | 10 | +154.4% | |
| ADI Analog Devices | 4 | -3.6% | |
| ALAB Astera Labs, Inc. Common Stock | 8 | +144.3% | |
| AMAT Applied Materials | 6 | +6.8% | |
| AMD Advanced Micro Devices, Inc. | 9 | +35.9% | |
| ARM Arm Holdings | 9 | +33.7% | |
| ASML ASML Holding | 9 | +46.3% | |
| AVGO Broadcom Inc. | 9 | +24.7% | |
| INTC Intel Corporation | 5 | -0.5% | |
| KLAC KLA Corporation | 9 | +30.0% | |
| LRCX Lam Research | 9 | +24.4% | |
| MCHP Microchip Technology | 1 | -26.8% | |
| MPWR Monolithic Power Systems | 9 | +39.2% | |
| MRVL Marvell Technology | 9 | +27.4% | |
| MU Micron Technology, Inc. | 9 | +38.3% | |
| NVDA NVIDIA Corporation | 8 | +77.9% | |
| NXPI NXP Semiconductors | 2 | -9.3% | |
| ON ON Semiconductor | 1 | -22.4% | |
| Q Qnity Electronics, Inc. | · | n/a | |
| QCOM Qualcomm | 9 | +16.9% | |
| SWKS Skyworks Solutions | 2 | -8.9% | |
| TER Teradyne | 5 | +14.3% | |
| TSM Taiwan Semiconductor Manufacturing Company Limited | 9 | +41.6% | |
| TXN Texas Instruments | 6 | +11.1% |