Credo Technology Group Holding Ltd Files 10-Q for Period Ending January 27, 2024

TL;DR

<b>Credo Technology Group Holding Ltd has submitted its Q3 2024 10-Q filing, detailing financial performance and equity changes.</b>

AI Summary

Credo Technology Group Holding Ltd (CRDO) filed a Quarterly Report (10-Q) with the SEC on February 28, 2024. Credo Technology Group Holding Ltd filed a 10-Q report for the period ending January 27, 2024. The filing covers the third quarter of fiscal year 2024. The company's fiscal year ends on April 29. The filing includes data related to common stock, additional paid-in capital, accumulated other comprehensive income, and retained earnings. The report details financial information for various periods, including Q3 2024, Q3 2023, and year-to-date figures.

Why It Matters

For investors and stakeholders tracking Credo Technology Group Holding Ltd, this filing contains several important signals. This 10-Q filing provides investors with the latest financial snapshot of Credo Technology Group Holding Ltd, crucial for understanding its performance and financial health during the third quarter of fiscal year 2024. The detailed breakdown of equity components and financial data across different periods allows for trend analysis and comparison against prior reporting cycles, aiding investment decisions.

Risk Assessment

Risk Level: medium — Credo Technology Group Holding Ltd shows moderate risk based on this filing. The filing is a standard 10-Q, which provides a routine update on financial performance. However, the absence of specific financial performance metrics like revenue or net income in the provided header data limits a deeper assessment of immediate financial health or growth trends.

Analyst Insight

Investors should review the full 10-Q document to analyze specific revenue, profitability, and cash flow figures to assess Credo Technology Group's financial performance and outlook.

Key Numbers

• 2024-01-27 — Period End Date (Conformed Period of Report)
• 2024-02-28 — Filing Date (Filed As Of Date)
• Q3 2024 — Fiscal Quarter (Reporting period)
• April 27 — Fiscal Year End (Company's fiscal year end)

Key Players & Entities

• Credo Technology Group Holding Ltd (company) — Filer of the 10-Q report
• 0001628280-24-007677 (other) — Accession Number for the filing
• 2024-01-27 (date) — Conformed Period of Report
• 2024-02-28 (date) — Filed As Of Date
• 0001807794 (company) — Central Index Key for Credo Technology Group Holding Ltd
• 3674 (other) — Standard Industrial Classification for Semiconductors & Related Devices
• 000000000 (other) — IRS Number
• E9 (other) — State of Incorporation

FAQ

Industry Context

Credo Technology Group operates in the semiconductor industry, specifically focusing on high-speed interconnect technologies crucial for data centers and high-performance computing.

Regulatory Implications

The filing is a standard 10-Q, a quarterly report required by the SEC for publicly traded companies to provide updates on their financial condition.

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements, including revenue, net income, and cash flow.
2. Analyze the Management's Discussion and Analysis (MD&A) section for insights into business performance and future outlook.
3. Compare the Q3 2024 results with previous quarters and the same quarter in the prior year to identify trends.

Key Dates

• 2024-01-27: Period End Date — End of the third fiscal quarter for 2024
• 2024-02-28: Filing Date — Date the 10-Q report was officially filed with the SEC

Year-Over-Year Comparison

This filing represents the quarterly update for the period ending January 27, 2024, following previous filings which would have covered earlier fiscal periods.

Key Financial Figures

• $0.00005 — registered Ordinary shares, par value $0.00005 per share CRDO The Nasdaq Stock Market

Filing Documents

• crdo-20240127.htm (10-Q) — 1009KB
• a311302certificationofceo_.htm (EX-31.1) — 11KB
• a312302certificationofcfo_.htm (EX-31.2) — 11KB
• a3211350certificationofceo.htm (EX-32.1) — 6KB
• a3221350certificationofcfo.htm (EX-32.2) — 6KB
• 0001628280-24-007677.txt (&nbsp;) — 5391KB
• crdo-20240127.xsd (EX-101.SCH) — 35KB
• crdo-20240127_cal.xml (EX-101.CAL) — 63KB
• crdo-20240127_def.xml (EX-101.DEF) — 168KB
• crdo-20240127_lab.xml (EX-101.LAB) — 555KB
• crdo-20240127_pre.xml (EX-101.PRE) — 340KB
• crdo-20240127_htm.xml (XML) — 706KB

Financial Statements

Item 1. Financial Statements 5 Condensed Consolidated Balance Sheets 5 Condensed Consolidated Statements of Operations 6 Condensed Consolidated Statements of Comprehensive Loss 7 Condensed Consolidated Statements of Shareholders' Equity 8 Condensed Consolidated Statements of Cash Flows 10 Notes to Unaudited Condensed Consolidated Financial Statements 11

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 21

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 30

Controls and Procedures

Item 4. Controls and Procedures 30

—OTHER INFORMATION

PART II—OTHER INFORMATION 32

Legal Proceedings

Item 1. Legal Proceedings 32

Risk Factors

Item 1A. Risk Factors 32

Other Information

Item 5. Other Information 32

Exhibits

Item 6. Exhibits 33

Signatures

Signatures 34 2 Special Note Regarding Forward-Looking Statements This Quarterly Report on Form 10-Q contains statements relating to our expectations, projections, beliefs, and prospects, which are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify these statements by forward-looking words such as "believe," "will," "may," "estimate," "continue," "anticipate," "intend," "should," "might", "plan," "expect," "predict," "could," "potentially" or the negative of these terms or similar expressions. You should read these statements carefully because they may relate to future expectations around growth, strategy and anticipated trends in our business, contain projections of future results of operations or financial condition or state other "forward-looking" information. These statements are only predictions based on our current expectations, estimates, assumptions, and projections about future events and are applicable only as of the dates of such statements. These forward-looking statements are subject to certain risks and uncertainties that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those identified herein, and those discussed in the section titled "Risk Factors" of our Annual Report on Form 10-K for the fiscal year ended April 29, 2023 and our Quarterly Reports on Form 10-Q and other reports we file with the U.S. Securities and Exchange Commission (SEC). Factors that could cause actual results to differ materially from those predicted include, but are not limited to: risks related to customer demand and product life cycles; risks related to the receipt, reduction or cancellation of, or changes in the forecasts or t

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. Credo Technology Group Holding Ltd Condensed Consolidated Balance Sheets (unaudited, in thousands, except per share amounts) January 27, 2024 April 29, 2023 Assets Current assets: Cash and cash equivalents $ 96,073 $ 108,583 Short-term investments 313,061 109,228 Accounts receivable 44,760 49,541 Inventories 31,507 46,023 Contract assets 17,909 9,445 Prepaid expenses and other current assets 8,133 5,412 Total current assets 511,443 328,232 Property and equipment, net 44,899 40,222 Right of use assets 13,634 14,860 Other non-current assets 22,490 13,975 Total assets $ 592,466 $ 397,289 Liabilities and Shareholders' Equity Current liabilities: Accounts payable $ 10,294 $ 6,067 Accrued compensation and benefits 6,913 6,471 Accrued expenses and other current liabilities 18,268 14,454 Deferred revenue 4,722 4,040 Total current liabilities 40,197 31,032 Non-current operating lease liabilities 11,601 12,869 Other non-current liabilities 6,701 5,753 Total liabilities 58,499 49,654 Commitments and contingencies (Note 7) Shareholders' equity: Ordinary shares, $ 0.00005 par value; 1,000,000 shares authorized; 163,068 and 148,651 shares issued and outstanding at January 27, 2024 and April 29, 2023, respectively 8 7 Additional paid in capital 659,162 454,795 Accumulated other comprehensive loss ( 335 ) ( 191 ) Accumulated deficit ( 124,868 ) ( 106,976 ) Total shareholders' equity 533,967 347,635 Total liabilities and shareholders' equity $ 592,466 $ 397,289 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 5 Credo Technology Group Holding Ltd Condensed Consolidated Statements of Operations (unaudited, in thousands, except per share amounts) Three Months Ended Nine Months Ended January 27, 2024 January 28, 2023 January 27, 2024 January 28, 2023 Revenue: Product sales $ 39,975 $ 38,033 $ 104,250 $ 117,645 Product engineering services 11,830 3

View Full Filing

View this 10-Q filing on SEC EDGAR