Credo Technology Group Holding Ltd (NAS:CRDO)

Q2 2026 Credo Technology Group Holding Ltd Earnings Call Transcript

Dec 1, 2025 / 10:00 PM GMT

Release Date Price: $171.13 (-3.64%)

Transcript 10-Q

Key Points

Positve

Credo Technology Group Holding Ltd (CRDO) reported record revenue of $268 million for Q2, marking a 20% sequential growth and a 272% increase year over year.
The company achieved a robust non-GAAP gross margin of 67.7%, reflecting strong operational efficiency.
Credo's AEC product line continues to be the fastest-growing segment, with significant contributions from four hyperscale customers.
The company has introduced three new growth pillars: zero-flap optics, active LED cables (ALCs), and Omni nect gearboxes, each representing multi-billion dollar market opportunities.
Credo's strategic partnerships and innovative technology position it well to address the growing demands of AI training and inference clusters.

Negative

The company faces potential supply constraints, particularly in wafer foundry capacity, which could impact future growth.
There is a risk of increased competition in the AEC market, as Credo has had to file with the ITC to protect its intellectual property.
The transition to higher lane speeds, such as 200 gig per lane, may introduce competitive challenges and require significant investment.
The company's long-term gross margin expectations are set to decrease to the 63-65% range, down from current levels.
Credo's reliance on a few large hyperscale customers poses a risk if any of these customers reduce their orders or switch suppliers.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

CRDO.OQ - Credo Technology Group Holding Ltd
Q2 2026 Credo Technology Group Holding Ltd Earnings Call
Dec 01, 2025 / 10:00PM GMT

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Presentation
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Unidentified_1 [1]
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Ladies and gentlemen, thank you for standing by.

At this time, all participants are in a listen-only mode. Later we will conduct a question-and-answer session. At that time, if you have a question.

Please press star, then the number one on your telephone keypad.

If you'd like to withdraw your question at any time, simply press 1 again.

I now I'd like to turn the conference over to Dan O'Neill.

Please go ahead, sir.

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Unidentified_2 [2]
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Good afternoon.

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