Credo Technology Group reported first quarter fiscal 2026 revenue of $223.1 million, a 274% increase year over year and 31% higher sequentially. GAAP gross margin reached 67.4%, while non-GAAP gross margin was 67.6%. GAAP net income came in at $63.4 million, or $0.34 per diluted share, compared with non-GAAP net income of $98.3 million, or $0.52 per diluted share. The company ended the quarter with $479.6 million in cash and short-term investments.
For the second quarter of fiscal 2026, Credo expects revenue in the range of $230 million to $240 million. The company guided GAAP gross margin between 63.5% and 65.5% (non-GAAP 64.0% to 66.0%) and GAAP operating expenses of $96 million to $98 million (non-GAAP $56 million to $58 million). Credo will host a conference call on September 3 at 2:00 p.m. PT to discuss results; a webcast and replay will be available on its investor relations website.
“Given increasing market demand for reliable and power-efficient connectivity solutions, we expect continued revenue growth and diversification in terms of customers, protocols and applications,” said Bill Brennan, President and CEO.
🌐 Analysis: Credo’s strong Q1 builds on a year of major announcements. The company introduced PILOT software for link diagnostics, advanced PCIe 5/6 and CXL retimers (including PCI-SIG compliant “Toucan”), and demonstrated AI-scale optical interconnects at NVIDIA GTC and OFC 2025, including the “Lark” 800G DSP family. Credo also resolved litigation with Amphenol and Volex over active electrical cable IP, clarifying its patent position. These steps align with hyperscaler needs as 800G deployments ramp and the industry prepares for 1.6 Tbps optics, where Broadcom and others are pressing forward.
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