Credo Technology Group Files 10-Q
Ticker: CRDO · Form: 10-Q · Filed: Sep 5, 2024 · CIK: 1807794
Sentiment: neutral
Topics: 10-Q, semiconductors, financials
TL;DR
**Credo Tech 10-Q filed: Financials for Aug 3, 2024 period out. Check for semiconductor sector updates.**
AI Summary
Credo Technology Group Holding Ltd filed its 10-Q for the period ending August 3, 2024. The filing details financial performance and operational updates for the company, which operates in the semiconductors and related devices sector. Specific financial figures and business segment details are provided within the report.
Why It Matters
This filing provides investors and analysts with the latest financial health and operational performance of Credo Technology Group, a key player in the semiconductor industry.
Risk Assessment
Risk Level: medium — As a technology company in the competitive semiconductor market, Credo Technology Group faces inherent risks related to market demand, technological advancements, and supply chain disruptions.
Key Players & Entities
- Credo Technology Group Holding Ltd (company) — Filer of the 10-Q report
- August 3, 2024 (date) — End of the reporting period for the 10-Q
- 3674 (other) — Standard Industrial Classification code for Semiconductors & Related Devices
FAQ
What was Credo Technology Group's total revenue for the reported period?
The filing does not explicitly state the total revenue figure in the provided snippet, but it details financial performance for the period ending August 3, 2024.
What are the main business segments of Credo Technology Group?
The filing mentions 'Product', 'Product Engineering Services', and 'License' as business segments.
When was the previous fiscal year end for Credo Technology Group?
The previous fiscal year ended on April 29, 2024.
What is Credo Technology Group's SIC code?
Credo Technology Group's Standard Industrial Classification (SIC) code is 3674, which corresponds to Semiconductors & Related Devices.
What is the filing date of this 10-Q report?
This 10-Q report was filed on September 5, 2024.
Filing Stats: 4,515 words · 18 min read · ~15 pages · Grade level 17.5 · Accepted 2024-09-05 17:03:51
Key Financial Figures
- $0.00005 — registered Ordinary shares, par value $0.00005 per share CRDO The Nasdaq Stock Market
Filing Documents
- crdo-20240803.htm (10-Q) — 670KB
- a311302certificationofceo_.htm (EX-31.1) — 11KB
- a312302certificationofcfo_.htm (EX-31.2) — 11KB
- a3211350certificationofceo.htm (EX-32.1) — 6KB
- a3221350certificationofcfo.htm (EX-32.2) — 6KB
- 0001628280-24-039562.txt ( ) — 4583KB
- crdo-20240803.xsd (EX-101.SCH) — 33KB
- crdo-20240803_cal.xml (EX-101.CAL) — 59KB
- crdo-20240803_def.xml (EX-101.DEF) — 132KB
- crdo-20240803_lab.xml (EX-101.LAB) — 503KB
- crdo-20240803_pre.xml (EX-101.PRE) — 328KB
- crdo-20240803_htm.xml (XML) — 520KB
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 9 Notes to Unaudited Condensed Consolidated Financial Statements 10
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 19
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk 24
Controls and Procedures
Item 4. Controls and Procedures 24
—OTHER INFORMATION
PART II—OTHER INFORMATION 26
Legal Proceedings
Item 1. Legal Proceedings 26
Risk Factors
Item 1A. Risk Factors 26
Other Information
Item 5. Other Information 26
Exhibits
Item 6. Exhibits 27
Signatures
Signatures 28 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 "anticipate," "expect," "intend," "plan," "goal," "projects," "believes," "seeks," "estimates," "forecast," "target," "predict," "future," "may," "can," "will," "would" 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 27, 2024 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: our expectations regarding our ability to address market and customer demands and to timely develop new or enhanced solutions 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) August 3, 2024 April 27, 2024 Assets Current assets: Cash and cash equivalents $ 103,900 $ 66,942 Short-term investments 294,716 343,061 Accounts receivable 71,859 59,662 Inventories 31,557 25,907 Contract assets 24,400 21,562 Prepaid expenses and other current assets 15,921 13,131 Total current assets 542,353 530,265 Property and equipment, net 70,241 43,665 Right of use assets 15,860 13,077 Other non-current assets 16,411 14,925 Total assets $ 644,865 $ 601,932 Liabilities and Shareholders' Equity Current liabilities: Accounts payable $ 38,473 $ 13,417 Accrued compensation and benefits 7,808 9,000 Accrued expenses and other current liabilities 20,218 18,301 Deferred revenue 2,917 3,902 Total current liabilities 69,416 44,620 Non-current operating lease liabilities 13,530 11,133 Other non-current liabilities 8,817 5,981 Total liabilities 91,763 61,734 Commitments and contingencies (Note 7) Shareholders' equity: Ordinary shares, $ 0.00005 par value; 1,000,000 shares authorized; 165,965 and 164,305 shares issued and outstanding at August 3, 2024 and April 27, 2024, respectively 8 8 Additional paid in capital 698,354 676,054 Accumulated other comprehensive loss ( 375 ) ( 519 ) Accumulated deficit ( 144,885 ) ( 135,345 ) Total shareholders' equity 553,102 540,198 Total liabilities and shareholders' equity $ 644,865 $ 601,932 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 August 3, 2024 July 29, 2023 Revenue: Product sales $ 53,839 $ 30,028 Product engineering services 3,486 2,293 IP license 2,389 2,774 Total revenue 59,714 35,095 Cost of revenue: C