Credo Technology Group Files 2024 10-K
Ticker: CRDO · Form: 10-K · Filed: Jun 24, 2024 · CIK: 1807794
Sentiment: neutral
Topics: 10-K, annual-report, semiconductors
TL;DR
Credo Tech's 2024 10-K is in, check the numbers for the semiconductor biz.
AI Summary
Credo Technology Group Holding Ltd filed its 10-K for the fiscal year ending April 27, 2024. The company, operating in the semiconductors and related devices sector, reported financial results and business operations. Key financial data and operational details for the fiscal years 2022, 2023, and 2024 are presented within the filing.
Why It Matters
This filing provides investors and analysts with a comprehensive overview of Credo Technology Group's financial health and strategic direction for the past fiscal year, crucial for investment decisions.
Risk Assessment
Risk Level: medium — The filing is a standard annual report and does not inherently indicate new or elevated risks.
Key Numbers
- FY 2024 — Fiscal Year (Reporting period for the 10-K)
- 2024-04-27 — Fiscal Year End (End date of the reporting period)
- 2023-04-30 — Previous Fiscal Year End (End date of the prior reporting period)
Key Players & Entities
- Credo Technology Group Holding Ltd (company) — Filer of the 10-K
- 20240427 (date) — Fiscal year end date
- 0001807794 (company) — Central Index Key for Credo Technology Group Holding Ltd
- 3674 (industry_code) — Standard Industrial Classification for Semiconductors & Related Devices
FAQ
What were Credo Technology Group's total revenues for the fiscal year ending April 27, 2024?
The filing indicates revenues for the fiscal year ending April 27, 2024, but specific dollar amounts are not detailed in the provided excerpt.
What is the company's primary business segment as detailed in the 10-K?
The company is classified under Standard Industrial Classification 3674, Semiconductors & Related Devices.
When was the previous fiscal year end for Credo Technology Group?
The previous fiscal year ended on April 30, 2023.
What is the SEC file number for this 10-K filing?
The SEC file number is 001-41249.
What is the company's mailing address as listed in the filing?
The mailing address is C/O MAPLES CORPORATE SERVICES, LIMITED, PO BOX 309, UGLAND HOUSE, GRAND CAYMAN, KY1-1104.
Filing Stats: 4,406 words · 18 min read · ~15 pages · Grade level 15.9 · Accepted 2024-06-24 17:13:11
Key Financial Figures
- $0.00005 — registered Ordinary shares, par value $0.00005 per share CRDO The Nasdaq Stock Market
- $13.91 — gistrant, based on the closing price of $13.91 per share of the registrant's ordinary
- $193.0 million — ring fiscal 2024 and 2023, we generated $193.0 million and $184.2 million in total revenue, re
- $184.2 million — d 2023, we generated $193.0 million and $184.2 million in total revenue, respectively. Product
Filing Documents
- crdo-20240427.htm (10-K) — 1619KB
- a106amendedandrestatedespp.htm (EX-10.6) — 113KB
- a108executiveincentivecomp.htm (EX-10.8) — 61KB
- a191insidertradingpolicy.htm (EX-19.1) — 79KB
- a211subsidiariesoftheregis.htm (EX-21.1) — 6KB
- a231-eyfy2410xkconsent.htm (EX-23.1) — 4KB
- a311302certificationofceo1.htm (EX-31.1) — 11KB
- a312302certificationofcfo1.htm (EX-31.2) — 11KB
- a3211350certificationofceo.htm (EX-32.1) — 6KB
- a3221350certificationofcfo.htm (EX-32.2) — 6KB
- a971compensationrecoupment.htm (EX-97.1) — 44KB
- crdo-20240427_g1.jpg (GRAPHIC) — 68KB
- 0001628280-24-029629.txt ( ) — 8754KB
- crdo-20240427.xsd (EX-101.SCH) — 51KB
- crdo-20240427_cal.xml (EX-101.CAL) — 85KB
- crdo-20240427_def.xml (EX-101.DEF) — 258KB
- crdo-20240427_lab.xml (EX-101.LAB) — 745KB
- crdo-20240427_pre.xml (EX-101.PRE) — 510KB
- crdo-20240427_htm.xml (XML) — 1074KB
Business
Business 8 Item 1A.
Risk Factors
Risk Factors 17 Item 1B. Unresolved Staff Comments 55 Item 1C. C ybersecurity 56 Item 2.
Properties
Properties 57 Item 3.
Legal Proceedings
Legal Proceedings 57 Item 4. Mine Safety Disclosures 57 P ART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 58 Item 6. [Reserved] 59 Item 7.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 59 Item 7A.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 69 Item 8.
Financial Statements and Supplementary Data
Financial Statements and Supplementary Data 71 Item 9. Changes in and Disagreements w ith Accountants on Accounting and Financial Disclosure 105 Item 9A.
Controls and Procedures
Controls and Procedures 105 Item 9B. Other Information 105 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 106 PART III Item 10. Directors, Executive Officers and Corporate Governance 107 Item 11.
Executive Compensation
Executive Compensation 107 Item 12.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 107 Item 13. Certain Relationships and Related Transactions, and Director Independence 107 Item 14. Principal Accounting Fees and Services 107 PART IV Item 15. Exhibits and Financial Statement Schedules 108 Item 16. Form 10-K Summary 109
Signatures
Signatures 110 GENERAL Unless the context indicates otherwise, references in this Annual Report on Form 10-K to "we," "us," "our," "our company," "Company" and "Credo" mean Credo Technology Group Holding Ltd, a Cayman Islands exempted company, and its subsidiaries as a group. Effective May 1, 2022, the Company changed its fiscal year to a 52- or 53-week period ending on the Saturday closest to April 30. Our fiscal year ending April 27, 2024 (fiscal 2024) is a 52-week fiscal year. The first quarter of fiscal 2024 ended on July 29, 2023, the second quarter ended on October 28, 2023 and the third quarter ended on January 27, 2024. Any references to a fiscal year in this Annual Report on Form 10-K are to the 12 months ending on April 30 or the Saturday closest to April 30, as applicable, of the relevant year, and any references to a fiscal quarter are to the applicable quarter within a fiscal year. Our fiscal years ended April 29, 2023 and April 30, 2022 are referred to herein as "fiscal 2023" and "fiscal 2022," respectively. SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended (Exchange Act), which are subject to the "safe harbor" created by those sections. These statements involve known and unknown risks, uncertainties and other factors, which may cause our actual results to differ materially from those implied by the forward-looking statements. Words such as "anticipate," "expect," "intend," "plan," "goal," "projects," "believes," "seeks," "estimates," "forecast," "target," "predict," "future," "may," "can," "will," "would" and similar expressions identify such forward-looking statements. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking statements. Forward-looking statements i
Business
Item 1. Business Company Overview Credo provides innovative, secure, high-speed and power-efficient connectivity solutions. Our solutions target the data infrastructure market, where bandwidth requirements are increasing exponentially, driven by the accelerating deployment of leading edge Artificial Intelligence infrastructure and applications. Our innovations ease system bandwidth bottlenecks while simultaneously improving on power, security and reliability. Our connectivity solutions are optimized for optical and electrical Ethernet applications, including the 100G (or Gigabits per second), 200G, 400G, 800G and emerging 1.6T (or Terabits per second) markets. Our products are based on our Serializer/Deserializer (SerDes) and Digital Signal Processor (DSP) technologies. Our product families include integrated circuits (ICs), Active Electrical Cables (AECs) and SerDes Chiplets. Our intellectual property (IP) solutions consist primarily of SerDes IP licensing. Data generation has increased dramatically over the past ten years, creating new and complicated challenges in both circuit and system design. Our proprietary SerDes and DSP technologies enable us to achieve similar performance to leading competitors' products but at a lower cost and more highly available legacy node (n-1 advantage). Beyond power and performance, Credo continues to innovate to address customers' system level requirements. We partner with Microsoft on our HiWire Switch AEC and open-source implementation that helps realize Microsoft's vision for a highly reliable network-managed dual-Top-of-Rack (ToR) architecture (a network architecture design in which computing equipment located within the same or an adjacent rack are, for redundancy, connected to two in-rack network switches, which are, in turn, connected to aggregation switches via fiber optic cables), overcome complex and slow legacy enterprise approaches, simplify deployment and improve connection reliability in the data center. The mul