$CRDO

Credo Technology Group Holding Ltd

CIK:0001807794|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Aug. 01, 2026	Aug. 02, 2025
Income Statement [Abstract]
Revenue	$ 479,003	$ 223,074
Cost of revenue	169,923	72,706
Gross profit	309,080	150,368
Operating expenses:
Research and development	114,524	52,448
Selling, general and administrative	73,856	37,178
Total operating expenses	188,380	89,626
Operating income	120,700	60,742
Other income, net	8,140	3,946
Income before income taxes	128,840	64,688
Provision (benefit) for income taxes	(585)	1,289
Net income	$ 129,425	$ 63,399
Net income per share:
Basic (in US dollars per share)	$ 0.70	$ 0.37
Diluted (in US dollars per share)	$ 0.67	$ 0.34
Weighted-average shares:
Basic (in shares)	186,007	171,927
Diluted (in shares)	194,378	184,577

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Aug. 01, 2026	Aug. 02, 2025
Cash flows from operating activities:
Net income	$ 129,425	$ 63,399
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	8,606	5,460
Share-based compensation	87,979	35,455
Amortization of acquired intangible assets	11,600	0
Write-downs for excess and obsolete inventory	3,911	1,993
Changes in operating assets and liabilities:
Accounts receivable	(54,503)	(19,059)
Inventories	(61,547)	(27,513)
Other current assets	(25,338)	3,940
Other non-current assets	6,515	495
Accounts payable	(12,563)	(8,962)
Accrued compensation and benefits, other current liabilities, deferred tax liabilities and other non-current liabilities	(3,854)	(1,040)
Net cash provided by operating activities	90,231	54,168
Cash flows from investing activities:
Purchases of property and equipment	(7,282)	(2,821)
Maturities of short-term investments	0	50,000
Purchases of short-term investments	(19,055)	(115,000)
Business acquisition, net of cash acquired	(735,619)	0
Net cash used in investing activities	(761,956)	(67,821)
Cash flows from financing activities:
Payments on technology license obligations	(5,172)	(3,906)
Proceeds from employee share incentive plans	4,452	4,648
Tax withheld related to RSU settlement	(25,938)	(3,712)
Net cash used in financing activities	(26,658)	(2,970)
Effect of exchange rate changes on cash	300	(69)
Net decrease in cash and cash equivalents	(698,083)	(16,692)
Cash and cash equivalents at beginning of the period	1,164,952	236,328
Cash and cash equivalents at end of the period	466,869	219,636
Supplemental cash flow information:
Purchases of property and equipment included in accounts payable, other current liabilities and other non-current liabilities	$ 10,108	$ 9,680

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Aug. 01, 2026	May 02, 2026
Current assets:
Cash and cash equivalents	$ 466,869	$ 1,164,952
Short-term investments	297,389	278,334
Accounts receivable	288,798	233,377
Inventories	313,051	250,831
Other current assets	100,186	73,576
Total current assets	1,466,293	2,001,070
Property and equipment, net	114,462	101,605
Right-of-use assets	25,061	24,640
Goodwill	986,447	92,798
Intangible assets, net	378,817	29,262
Other non-current assets	41,647	46,244
Total assets	3,012,727	2,295,619
Current liabilities:
Accounts payable	101,822	107,345
Accrued compensation and benefits	20,731	21,626
Other current liabilities	75,612	68,120
Total current liabilities	198,165	197,091
Non-current operating lease liabilities	20,737	20,617
Deferred tax liabilities	53,659	5,754
Other non-current liabilities	11,676	8,545
Total liabilities	284,237	232,007
Commitments and contingencies (Note 9)
Shareholders' equity:
Ordinary shares, $0.00005 par value; 1,000,000 shares authorized; 187,768 and 185,419 shares issued and outstanding at August 1, 2026 and May 2, 2026, respectively	9	9
Additional paid in capital	2,210,077	1,672,060
Accumulated other comprehensive income (loss)	(138)	2,426
Retained earnings	518,542	389,117
Total shareholders' equity	2,728,490	2,063,612
Total liabilities and shareholders' equity	$ 3,012,727	$ 2,295,619