Credo Technology Group Files 10-Q for Nov 2, 2024

TL;DR

Credo Tech 10-Q filed. Financials for Nov 2, 2024 period out. Check it.

AI Summary

Credo Technology Group Holding Ltd filed a 10-Q for the period ending November 2, 2024. The filing details financial performance and business operations, with specific data points related to product revenue and services. The company's fiscal year ends on April 29th, and this report covers a significant portion of their fiscal year 2025.

Why It Matters

This filing provides investors with an update on Credo Technology Group's financial health and operational performance, crucial for understanding the company's trajectory in the semiconductor industry.

Risk Assessment

Risk Level: medium — The filing is a standard quarterly report, but the semiconductor industry is subject to rapid technological changes and market fluctuations.

Key Numbers

• 2024-11-02 — End of Fiscal Period (This date marks the end of the reporting period for the 10-Q filing.)
• 2024-12-03 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
• 2025-05-03 — Next Quarter End (Indicates the approximate end of the next fiscal quarter.)

Key Players & Entities

• Credo Technology Group Holding Ltd (company) — Filer of the 10-Q
• 2024-11-02 (date) — End of the reporting period
• 2024-12-03 (date) — Filing date
• 0001807794 (company) — Central Index Key for Credo Technology Group Holding Ltd

FAQ

Key Financial Figures

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

Filing Documents

• crdo-20241102.htm (10-Q) — 867KB
• a101executivecicseverancep.htm (EX-10.1) — 159KB
• a311302certificationofceo_.htm (EX-31.1) — 11KB
• a312302certificationofcfo_.htm (EX-31.2) — 11KB
• a3211350certificationofceo.htm (EX-32.1) — 6KB
• a3221350certificationofcfo.htm (EX-32.2) — 6KB
• 0001628280-24-049786.txt ( ) — 5158KB
• crdo-20241102.xsd (EX-101.SCH) — 32KB
• crdo-20241102_cal.xml (EX-101.CAL) — 59KB
• crdo-20241102_def.xml (EX-101.DEF) — 129KB
• crdo-20241102_lab.xml (EX-101.LAB) — 497KB
• crdo-20241102_pre.xml (EX-101.PRE) — 325KB
• crdo-20241102_htm.xml (XML) — 632KB

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 20

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 26

Controls and Procedures

Item 4. Controls and Procedures 26

—OTHER INFORMATION

PART II—OTHER INFORMATION 28

Legal Proceedings

Item 1. Legal Proceedings 28

Risk Factors

Item 1A. Risk Factors 28

Other Information

Item 5. Other Information 28

Exhibits

Item 6. Exhibits 30

Signatures

Signatures 31 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) November 2, 2024 April 27, 2024 Assets Current assets: Cash and cash equivalents $ 239,237 $ 66,942 Short-term investments 143,716 343,061 Accounts receivable 81,776 59,662 Inventories 36,313 25,907 Contract assets 19,977 21,562 Prepaid expenses and other current assets 17,233 13,131 Total current assets 538,252 530,265 Property and equipment, net 68,226 43,665 Right of use assets 15,190 13,077 Other non-current assets 16,883 14,925 Total assets $ 638,551 $ 601,932 Liabilities and Shareholders' Equity Current liabilities: Accounts payable $ 13,026 $ 13,417 Accrued compensation and benefits 9,182 9,000 Accrued expenses and other current liabilities 25,390 18,301 Deferred revenue 2,047 3,902 Total current liabilities 49,645 44,620 Non-current operating lease liabilities 12,945 11,133 Other non-current liabilities 8,054 5,981 Total liabilities 70,644 61,734 Commitments and contingencies (Note 7) Shareholders' equity: Ordinary shares, $ 0.00005 par value; 1,000,000 shares authorized; 167,157 and 164,305 shares issued and outstanding at November 2, 2024 and April 27, 2024, respectively 8 8 Additional paid in capital 717,319 676,054 Accumulated other comprehensive loss ( 310 ) ( 519 ) Accumulated deficit ( 149,110 ) ( 135,345 ) Total shareholders' equity 567,907 540,198 Total liabilities and shareholders' equity $ 638,551 $ 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 Six Months Ended November 2, 2024 October 28, 2023 November 2, 2024 October 28, 2023 Revenue: Product sales $ 64,443 $ 34,247 $ 118,282 $ 64,275 Product engineering services 4,632

View Full Filing

View this 10-Q filing on SEC EDGAR