Credo Technology Group Holding reported first-quarter fiscal 2027 revenue of $479 million, representing growth of 9.6% sequentially and 114.7% year over year, as demand for the company’s high-speed connectivity solutions continued to benefit from expanding AI infrastructure.
For the quarter ended August 1, 2026, Credo reported GAAP net income of $129.4 million, or $0.67 per diluted share, compared with $63.4 million, or $0.34 per diluted share, in the year-earlier period.
Non-GAAP net income reached $236.3 million, or $1.20 per diluted share, compared with $98.3 million, or $0.52 per diluted share, a year earlier.
GAAP gross margin was 64.5%, while non-GAAP gross margin was 68%. GAAP operating income totaled $120.7 million, representing a 25.2% operating margin, while non-GAAP operating income reached $230.6 million, or a 48.2% margin.
Credo ended the quarter with approximately $764.3 million in cash and short-term investments, consisting of $466.9 million in cash and cash equivalents and $297.4 million in short-term investments.
For the second quarter of fiscal 2027, Credo expects revenue of $525 million to $535 million.
The company forecasts GAAP gross margin between 62.9% and 64.9% and non-GAAP gross margin between 67% and 69%. GAAP operating expenses are expected to range from $199 million to $204 million, with non-GAAP operating expenses of $100 million to $105 million.
Credo’s connectivity portfolio spans copper and optical technologies designed for AI and data center infrastructure. Its products include ZeroFlap Active Electrical Cables and optical transceivers, silicon photonics-based photonic integrated circuits, DSPs, OmniConnect AI memory and chip-to-chip interconnect products, Ethernet and PCIe retimers, and its PILOT diagnostic and analytics software platform.
KEY QUOTE:
“During the first quarter of fiscal 2027, Credo delivered revenue of $479.0 million and non-GAAP net income of $236.3 million, representing 115% and 140% year-over-year growth respectively. Our portfolio now spans connectivity from millimeters to kilometers, with solutions across optics and copper. As AI infrastructure scales, we will continue to provide an innovative suite of reliable and energy-efficient connectivity solutions for the data center.”
Bill Brennan, President and Chief Executive Officer of Credo
