Credo Tech Q1 FY2024 rev $35.1M (+9% QoQ), net loss $11.7M; Q2 guidance $42-44M

Credo Technology Group Holding Ltd

2024-Q1 EPS reported -$0.08 revenue$35,095,000

Q1 revenue $35.1M, up 9% quarter-over-quarter; GAAP net loss $11.7M ($0.08 per share), non-GAAP net loss $4.7M ($0.03).
GAAP gross margin 59.2%, non-GAAP 59.8%. Cash and short-term investments $237.6M.
Q2 FY2024 guidance: revenue $42-44M, GAAP gross margin 57.8-59.8%, non-GAAP opex $27-29M.
CEO expects sequential growth through FY2024, led by multiple customers and expanding connectivity solutions.
Ticker: CRDO (Nasdaq).

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 0.9

Credo Technology Group Holding Ltd reported first quarter of fiscal year 2024 results: revenue $35.1 million, net income GAAP net loss of $11.7 million and non-GAAP net loss of $4.7 million, EPS GAAP diluted net loss per share of $0.08 and non-GAAP diluted net loss per share of $0.03.

Period: first quarter of fiscal year 2024
Revenue: $35.1 million
Net income: GAAP net loss of $11.7 million and non-GAAP net loss of $4.7 million
EPS: GAAP diluted net loss per share of $0.08 and non-GAAP diluted net loss per share of $0.03
Result: reported results

Exact text from the filing

First Quarter of Fiscal Year 2024 Financial Highlights • Revenue of $35.1 million, grew by 9% quarter over quarter • GAAP gross margin of 59.2% and non-GAAP gross margin of 59.8% • GAAP operating expenses of $35.2 million and non-GAAP operating expenses of $27.4 million • GAAP net loss of $11.7 million and non-GAAP net loss of $4.7 million • GAAP diluted net loss per share of $0.08 and non-GAAP diluted net loss per share of $0.03 • Ending cash and short-term investment balance of $237.6 million

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Credo Technology Group Holding Ltd reported second quarter of fiscal 2024 results: revenue between $42.0 million and $44.0 million. Guidance initiated.

Period: second quarter of fiscal 2024
Revenue: between $42.0 million and $44.0 million
Guidance: initiated
Result: guidance update

Exact text from the filing

Second Quarter of Fiscal 2024 Financial Outlook • Revenue is expected to be between $42.0 million and $44.0 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 $35.0 million and $37.0 million, and non-GAAP operating expenses are expected to be between $27.0 million and $29.0 million

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Source: SEC EDGAR

accession 0001628280-23-030511

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