Credo Technology Group Holdings Ltd. is a fabless semiconductor company specializing in high-speed SerDes, DSP architectures, and optical transceivers for data centers, 5G, and enterprise networking, with a global presence and significant R&D investment.

# Credo Technology Group Holdings Ltd. - Company Summary

## Overview
- **Founded:** 2008
- **Incorporation:** Cayman Islands (exempted company)
- **Business Model:** Fabless; works with third-party manufacturers for fab, assembly, and testing
- **Headquarters and Principal Offices:** Cayman Islands, with additional offices in North America, China, Taiwan, Hong Kong, and sales teams worldwide

## Core Technologies & Products
- **Primary Technologies:** Serializer/Deserializer (SerDes) and Digital Signal Processor (DSP) architectures
- **Product Families:**
  - **Integrated Circuits (ICs):** High-performance SerDes ICs, optical DSPs, line card PHYs
  - **Active Electrical Cables (AECs):** Copper interconnects for data centers supporting 100G to 1.6T Ethernet speeds
  - **SerDes Chiplets:** Cost-effective, high-density solutions in chiplet form for MCM and SoCs
  - **SerDes IP Licensing:** Over 50 licensing engagements
  - **Optical DSPs:** Used in optical transceivers and active optical cables supporting rates from 50Gb/s to 800Gb/s+
  - **PCIe Retimers:** Extend PCIe trace length and signal integrity supporting PCIe 6.0 and CXL 3.x
- **Software Platform:** PILOT software for link diagnostics, telemetry, and optimization

## Market Focus & Applications
- **Target Markets:** 
  - High-speed data infrastructure 
  - Data centers (hyperscale/AI), cloud computing
  - 5G wireless infrastructure
  - Enterprise networking and HPC
- **Key Applications:**
  - Ethernet connectivity (100G to 1.6T), PCIe (up to PCIe 6.0), Fibre Channel, CXL, and emerging AI/ML infrastructure
  - Data interconnects in AI clusters, hyperscale data centers, 5G networks, storage networks

## Customers
- **Customer Base:** 
  - Over **20 blue-chip clients** including OEMs, ODMs, optical module manufacturers, hyperscalers, MNOs, MSOs, enterprise and HPC customers
  - **Sales Breakdown (Fiscal 2025):** 
    - **Top 10 customers:** approx. **90%** of total revenue
    - **Top customer:** accounted for **67%** of FY2025 revenue
- **Examples:** Engaged with all major hyperscalers

## Revenue & Income (Fiscal Year 2025)
- **Total Revenue:** **$436.8 million** (more than double the previous year's $193 million)
- **Revenue Composition:**
  - Product sales & engineering services: **97%**
  - IP license revenue: **3%**
- **Net Income:** **$52.2 million** (generated profit in FY2025)
- **Number of Employees:** **622 total**
  - **507 engineers** as of May 3, 2025
- **Geographic Revenue:**
  - North America: **15%** of total revenue
  - Rest of the world (primarily Asia): **85%** of total revenue

## Business Strategy
- **Growth Focus:**
  - Extend SerDes technology leadership
  - Broaden product and IP offerings
  - Attract and expand customer base
  - Deepen relationships with existing customers
- **Partnerships:** Collaborates with Microsoft on HiWire Switch AECs and open-source solutions

## Key Highlights
- Market positioning as a provider of high-speed, scalable, power-efficient Ethernet and PCIe connectivity solutions
- Proprietary SerDes and DSP IP enable industry-leading performance at lower costs
- Significant R&D investment, with expenses of **$146.0 million** in FY2025
- Operates globally, with manufacturing primarily in Taiwan (TSMC), assembled/tested by third parties in Asia
- No current dividends paid; focused on growth and innovation

This summary provides a detailed, factual overview of Credo’s operations, technologies, customers, financials, and strategic initiatives based on the provided document.

Credo Technology Group specializes in developing secure, high-speed connectivity solutions for the data infrastructure market, crucial for addressing the bandwidth demands of AI applications.

# Credo Technology Group Overview

### Company Summary
Credo Technology Group focuses on providing innovative, secure, high-speed, and power-efficient connectivity solutions primarily for the data infrastructure market. Their offerings are essential in addressing the increasing bandwidth demands driven by the rise of artificial intelligence (AI) infrastructure and applications.

### Key Offerings
- **Products:**
  - Integrated Circuits (ICs)
  - Active Electrical Cables (AECs)
  - Serializer/Deserializer (SerDes) Chiplets
  - Ethernet solutions targeting 100G, 200G, 400G, 800G, and emerging 1.6T markets
  
- **Technologies:**
  - Proprietary Serializer/Deserializer (SerDes) and Digital Signal Processor (DSP) technologies
  - IP solutions primarily focused on SerDes IP licensing

### Market Focus
Credo targets several segments within the data infrastructure market:
- Hyperscale Data Centers (hyperscalers)
- AI/ML infrastructure providers
- Mobile Network Operators (MNOs)
- Multi-Service Operators (MSOs)
- High-performance Computing (HPC) sectors

### Customer Base
- Over **20 blue-chip clients** that include:
  - More than **10 Original Equipment Manufacturers (OEMs)** and Original Design Manufacturers (ODMs)
  - Over **10 optical module manufacturers**
- Engaged with all major hyperscalers, demonstrating substantial market reach.

### Financial Performance
- **Total Revenue:**
  - **Fiscal 2024:** $193.0 million
  - **Fiscal 2023:** $184.2 million
- **Revenue Composition:**
  - Product sales and product engineering services accounted for **85%** of revenue in fiscal 2024 (up from **83%** in fiscal 2023).
  - IP license revenue accounted for **15%** in fiscal 2024 (down from **17%** in fiscal 2023).
  
- **Net Loss:**
  - **Fiscal 2024:** $28.4 million
  - **Fiscal 2023:** $16.5 million
- **Accumulated Deficit:** As of April 27, 2024, the accumulated deficit is $135.3 million.

### Workforce
- Total employees: Approximately **500**
- Engineers constitute about **407** of the total workforce, demonstrating a strong focus on technical expertise.

### Growth Strategy
Credo's growth strategy includes:
- Extending leadership in SerDes technologies
- Broadening their portfolio of products and IP solutions
- Attracting new customers and deepening relationships with existing ones

### Conclusion
Credo Technology Group is positioned strongly within the data infrastructure market, with a focus on innovative connectivity solutions critical to meeting the growing demands placed by advancing technologies such as AI. With a diverse customer base and a commitment to research and development, the company aims to sustain its growth trajectory despite recent financial losses.

Credo Technology Group Holding Ltd

10-K / July 2, 2025

10-K / June 24, 2024

10-K / July 2, 2025

Credo Technology Group Holdings Ltd. - Company Summary

Overview

Core Technologies & Products

Market Focus & Applications

Customers

Revenue & Income (Fiscal Year 2025)

Business Strategy

Key Highlights