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Credo Technology’s AI Interconnect Powerhouse — AECs, Optics & Retimers Converge!

Credo Semiconductor reported record first-quarter fiscal 2027 revenue of $479 million, up 10% sequentially and more than doubling year-over-year, marking its seventh consecutive quarter of triple-digit year-over-year growth. Non-GAAP gross margin was 68%, in line with guidance. Non-GAAP net income reached a record $236 million, up 140% year-over-year and 4% sequentially. Operating expenses increased 16% sequentially to $95.2 million, above guidance due to higher R&D investment, while non-GAAP operating margin improved to 48.2%. Operating cash flow was $90.2 million, declining sequentially because of working capital changes, while free cash flow reached $82.9 million. Credo ended the quarter with $764 million in cash and equivalents, reduced mainly by the DustPhotonics acquisition, while inventory increased to $313 million. Growth was driven by Active Electrical Cables, optical products including optical DSPs, silicon photonics PICs and ZeroFlap optical transceivers, and retimers.