Credo Technology Reports Q1 FY2027 Financial Results: Revenue Up 114.7% YoY

Overview of Filing

On September 1, 2026, Credo Technology Group Holding Ltd (NASDAQ: CRDO) filed a Current Report on Form 8-K under Item 2.02 (Results of Operations and Financial Condition) announcing its financial results for the first quarter of fiscal year 2027 (ended August 1, 2026).

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Q1 Fiscal Year 2027 Financial Highlights

• Revenue: $479.0 million, representing 9.6% sequential growth compared to $437.0 million in Q4 FY2026, and 114.7% year-over-year growth compared to $223.1 million in Q1 FY2026.
• Gross Margin:
  • GAAP Gross Margin: 64.5% (Gross profit of $309.1 million)
  • Non-GAAP Gross Margin: 68.0%
• Operating Expenses:
  • GAAP Operating Expenses: $188.4 million (R&D: $114.5M, SG&A: $73.9M)
  • Non-GAAP Operating Expenses: $95.2 million
• Operating Income: $120.7 million GAAP operating income.
• Net Income & EPS:
  • GAAP Net Income: $129.4 million ($0.67 diluted EPS / $0.70 basic EPS)
  • Non-GAAP Net Income: $236.3 million ($1.20 diluted EPS)
• Balance Sheet & Liquidity: Ending cash and short-term investments stood at $764.3 million.

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Q2 Fiscal Year 2027 Guidance

• Revenue: Expected between $525.0 million and $535.0 million.
• Gross Margin: GAAP gross margin expected between 62.9% and 64.9%; Non-GAAP gross margin expected between 67.0% and 69.0%.
• Operating Expenses: GAAP operating expenses between $199.0 million and $204.0 million; Non-GAAP operating expenses between $100.0 million and $105.0 million.

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Management Commentary

CEO Bill Brennan highlighted the ongoing momentum in AI infrastructure demands, noting the expansion across optical and copper interconnect portfolios (from millimeters to kilometers) and strong adoption across data center customers.