Key Highlights

● First-quarter fiscal 2027 revenue was US$479.0 million, up 114.7 per cent year on year.

● Non-GAAP net income was US$236.3 million, or US$1.20 per share.

● Second-quarter revenue is guided to US$525 million to US$535 million.

● The four largest customers accounted for 33, 28, 13 and 10 per cent of revenue.

Latest verified results

Credo Technology Group Holding Ltd (NASDAQ:CRDO) reported first-quarter fiscal 2027 results, for the quarter ended 1 August 2026, in an SEC-filed release dated 1 September 2026. Revenue was US$479.0 million, up 9.6 per cent sequentially and 114.7 per cent year on year. GAAP net income was US$129.4 million, or US$0.67 per diluted share, while non-GAAP net income was US$236.3 million, or US$1.20 per share.

GAAP gross margin was 64.5 per cent and non-GAAP gross margin 68.0 per cent. Non-GAAP operating income was US$230.6 million, a 48.2 per cent margin, against GAAP operating income of US$120.7 million. Cash and short-term investments totalled US$764.3 million. Chief executive Bill Brennan said Credo delivered revenue of US$479.0 million and non-GAAP net income of US$236.3 million in the quarter.

Guidance and product mix

For the second quarter of fiscal 2027, the company guided to revenue of US$525 million to US$535 million, GAAP gross margin of 62.9 to 64.9 per cent and non-GAAP gross margin of 67.0 to 69.0 per cent. Non-GAAP operating expenses are expected at US$100 million to US$105 million.

Credo sells copper and optical connectivity products for AI and data-centre infrastructure, including active electrical cables, optical transceivers, silicon photonics integrated circuits, digital signal processors and retimers. According to market commentary published on 21 September, active electrical cables remain the largest business, 1.6T versions are expected to contribute in the second half of fiscal 2027, and initial silicon photonics revenue has begun following the DustPhotonics acquisition.

Customer concentration and outlook

The same commentary reports that the four largest end customers accounted for 33, 28, 13 and 10 per cent of first-quarter revenue, so the top two represented 61 per cent. Such concentration means results can depend on a few buyers' deployment schedules.

Management expects fiscal 2027 revenue growth of more than 85 per cent and optical revenue above US$600 million, along with non-GAAP operating expense growth of about 55 per cent.

Open Compute Project announcements and the 1.6T cable

Recent company news centres on the Open Compute Project Global Summit. On 12 October Credo announced standardisation work on short-reach micro-emitter optics, and on 13 October it described an AI accelerator memory-scaling demonstration using programmable logic from Advanced Micro Devices (NASDAQ:AMD). It also unveiled a 1.6T ZeroFlap active light cable.

These headlines show product activity but do not quantify revenue. The 1.6T cable belongs to the product generation that is expected to contribute in the second half of fiscal 2027.