Credo Q4 revenue down 14.5% YoY to $32.1M; full-year revenue up 73% to $184M

Credo Technology Group Holding Ltd

2023-FY EPS reported -$0.11 revenue$184,194,000

Q4 GAAP net loss $15.9M ($0.11 diluted loss per share); non-GAAP net loss $5.7M ($0.04/share).
Q4 GAAP gross margin 57.9%, non-GAAP 58.2%; ending cash & short-term investments $217.8M.
Full fiscal year 2023 revenue $184M, up 73% vs. FY2022; CEO cites generative AI as demand driver.
Q1 FY2024 revenue guidance $33-35M; GAAP gross margin guided 57.8%-59.8%.
GAAP operating expenses expected $34-36M ($26-28M non-GAAP) in Q1 FY2024.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Credo Technology Group Holding Ltd reported First Quarter of Fiscal Year 2024 results: revenue $33.0 million and $35.0 million.

Period: First Quarter of Fiscal Year 2024
Revenue: $33.0 million and $35.0 million
Result: guidance update

Exact text from the filing

First Quarter of Fiscal Year 2024 Financial Outlook • Revenue is expected to be between $33.0 million and $35.0 million • GAAP gross margin is expected to be between 57.8% and 59.8%, and non-GAAP gross margin is expected to be between 58.0% and 60.0% • GAAP operating expenses are expected to be between $34.0 million and $36.0 million, and non-GAAP operating expenses are expected to be between $26.0 million and $28.0 million

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Earnings Releases SEC 8-K Item 2.02 confidence 0.98

Credo Technology Group Holding Ltd reported fourth quarter and full fiscal year 2023, ended April 29, 2023 results: revenue $32.1 million, net income GAAP net loss of $15.9 million and non-GAAP net loss of $5.7 million, EPS GAAP diluted net loss per share of $0.11 and non-GAAP diluted net loss per share of $0.04.

Period: fourth quarter and full fiscal year 2023, ended April 29, 2023
Revenue: $32.1 million
Net income: GAAP net loss of $15.9 million and non-GAAP net loss of $5.7 million
EPS: GAAP diluted net loss per share of $0.11 and non-GAAP diluted net loss per share of $0.04
Result: reported results

Exact text from the filing

Credo Technology Group Holding Ltd (Nasdaq: CRDO), an innovator in providing secure, high-speed connectivity solutions that deliver improved power and cost efficiency as data rates and corresponding bandwidth requirements increase throughout the data infrastructure market, today reported financial results for the fourth quarter and full fiscal year 2023, ended April 29, 2023. Fourth Quarter of Fiscal Year 2023 Financial Highlights • Revenue of $32.1 million, decreased by 14.5% year over year • GAAP gross margin of 57.9% and non-GAAP gross margin of 58.2% • GAAP operating expenses of $35.0 million and non-GAAP operating expenses of $27.2 million • GAAP net loss of $15.9 million and non-GAAP net loss of $5.7 million • GAAP diluted net loss per share of $0.11 and non-GAAP diluted net loss per share of $0.04

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Source: SEC EDGAR

accession 0001628280-23-020320

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