Credo Technology Group Holding Ltd (CRDO): Business Model Canvas

In der sich schnell entwickelnden Landschaft der Hochgeschwindigkeitskonnektivität und Halbleitertechnologie entwickelt sich Credo Technology Group Holding Ltd (CRDO) zu einem entscheidenden Innovator, der die Transformation der digitalen Infrastruktur durch bahnbrechende SerDes-Technologien vorantreibt. Durch die nahtlose Verbindung der komplexen Anforderungen von Rechenzentren, Cloud Computing und Telekommunikation stellt das einzigartige Geschäftsmodell von Credo einen strategischen Plan für den technologischen Fortschritt dar und bietet hochmoderne Lösungen, die Leistung, Energieeffizienz und Konnektivität im digitalen Ökosystem neu definieren. Ihr Ansatz geht über die bloße Produktentwicklung hinaus und baut ein komplexes Netzwerk aus Partnerschaften, Ressourcen und Wertversprechen auf, das sie an die Spitze der technologischen Innovation der nächsten Generation bringt.

Credo Technology Group Holding Ltd (CRDO) – Geschäftsmodell: Wichtige Partnerschaften

Halbleiterhersteller und Designfirmen

Die Credo Technology Group hat strategische Partnerschaften mit folgenden Halbleiterherstellern aufgebaut:

Partner	Fokus auf Zusammenarbeit	Einzelheiten zur Partnerschaft
TSMC	Fortschrittliche Prozessknotenfertigung	5-nm- und 3-nm-Halbleiterprozesstechnologien
Samsung-Gießerei	Hochgeschwindigkeits-Verbindungsdesign	Gemeinsame Entwicklung von SerDes-Technologien

Anbieter von Hochgeschwindigkeits-Verbindungstechnologie

Zu den wichtigsten Partnerschaften in der Hochgeschwindigkeits-Verbindungstechnologie gehören:

• Synopsys für IP-Design und -Verifizierung
• Cadence Design Systems für die elektronische Designautomatisierung
• ARM Limited für Halbleiter-IP-Lizenzierung

Rechenzentrums- und Cloud-Computing-Unternehmen

Partner	Umfang der Zusammenarbeit	Technologieintegration
Microsoft Azure	Cloud-Infrastrukturlösungen	PAM4- und 112G-SerDes-Technologien
Amazon Web Services	Hochgeschwindigkeits-Verbindungslösungen	Benutzerdefiniertes SerDes-Design für die Cloud-Infrastruktur

Forschungseinrichtungen und Universitäten

Zu den akademischen Forschungskooperationen gehören:

• Stanford University – Fortgeschrittene Halbleiterforschung
• Massachusetts Institute of Technology (MIT) – Innovation im Bereich Hochgeschwindigkeitsverbindungen
• University of California, Berkeley – Elektrotechnik-Partnerschaften

Partnerschaftsinvestition: 12,5 Millionen US-Dollar an Forschungs- und Entwicklungskooperationen für 2024

Credo Technology Group Holding Ltd (CRDO) – Geschäftsmodell: Hauptaktivitäten

Entwicklung von Hochgeschwindigkeits-SerDes-Technologien (Serializer/Deserializer).

Die Credo Technology Group konzentriert sich auf die Entwicklung fortschrittlicher SerDes-Technologien mit spezifischen Leistungsmetriken:

Technologiespezifikation	Leistungsmetrik
SerDes-Geschwindigkeit	112 Gbit/s PAM-4
Energieeffizienz	0,3 pJ/Bit
Signalintegrität	-20 dB Kanalkonformität

Entwerfen fortschrittlicher Konnektivitätslösungen

Zu den wichtigsten Entwicklungsbereichen für Konnektivitätslösungen gehören:

• Hochgeschwindigkeits-Ethernet-Schnittstellen
• PCIe 5.0- und PCIe 6.0-Konnektivität
• Verbindungstechnologien für Rechenzentren

Forschung und Entwicklung von Halbleiter-IP

Details zu F&E-Investitionen:

Geschäftsjahr	F&E-Ausgaben
2023	26,4 Millionen US-Dollar
2022	22,1 Millionen US-Dollar

Produktinnovation in der Hochgeschwindigkeits-Datenübertragung

Innovationsschwerpunkte:

• 112G/224G SerDes IP
• Hochgeschwindigkeitsschnittstellen mit geringem Stromverbrauch
• Fortschrittliche Signalverarbeitungsalgorithmen

Schaffung und Lizenzierung von geistigem Eigentum

Kennzahlen zum IP-Portfolio:

IP-Kategorie	Anzahl der Patente
SerDes-Technologien	37 erteilte Patente
Signalverarbeitung	22 angemeldete Patente

Credo Technology Group Holding Ltd (CRDO) – Geschäftsmodell: Schlüsselressourcen

Fortschrittliche Kompetenz im Halbleiterdesign

Die Halbleiterdesign-Expertise der Credo Technology Group konzentriert sich auf Hochgeschwindigkeits-Konnektivitätslösungen. Im vierten Quartal 2023 verfügt das Unternehmen über:

• 25 Kerningenieure für Halbleiterdesign
• Spezialisiert auf 112G- und 224G-SerDes-Technologien

Kategorie „Designkompetenz“.	Anzahl der Spezialisten
Leitende Designingenieure	12
Konstrukteure mittlerer Ebene	8
Junior-Designingenieure	5

Proprietäre Hochgeschwindigkeits-Konnektivitätstechnologien

Das Technologieportfolio von Credo umfasst:

• PAM-4- und NRZ-Signalisierungstechnologien
• 112G- und 224G-SerDes-IP-Lösungen

Ingenieurtalent und technisches Know-how

Gesamtbelegschaft im Ingenieurwesen Stand Dezember 2023: 87 Mitarbeiter

Ingenieurabteilung	Anzahl der Mitarbeiter
F&E-Technik	52
Produktentwicklung	22
Technischer Support	13

Portfolio für geistiges Eigentum

Kennzahlen zum geistigen Eigentum ab 2023:

• Insgesamt angemeldete Patente: 37
• Aktive Patente: 24
• Ausstehende Patentanmeldungen: 13

Forschungs- und Entwicklungsinfrastruktur

F&E-Investitionen im Geschäftsjahr 2023: 24,7 Millionen US-Dollar

Kategorie „F&E-Investitionen“.	Betrag
Hardware-Design-Tools	6,3 Millionen US-Dollar
Softwareentwicklung	5,9 Millionen US-Dollar
Prüfgeräte	4,5 Millionen US-Dollar
Personalkosten	8 Millionen Dollar

Credo Technology Group Holding Ltd (CRDO) – Geschäftsmodell: Wertversprechen

Leistungsstarke Konnektivitätslösungen für Rechenzentren

Die Credo Technology Group bietet Konnektivitätslösungen mit den folgenden Spezifikationen:

Leistungsmetrik	Spezifikation
Datenübertragungsrate	112 Gbit/s PAM-4 SerDes
Energieeffizienz	Weniger als 1 pJ/Bit
Bandbreitendichte	Bis zu 3,2 Tbit/s pro Lane

Low-Power-Hochgeschwindigkeits-SerDes-Technologie

Die SerDes-Technologie von Credo bietet:

• Geringer Stromverbrauch bei 0,4 pJ/Bit
• Hochgeschwindigkeits-Signalübertragung bis zu 112 Gbit/s
• Erweiterte Fehlerkorrekturfunktionen

Fortschrittliches Halbleiter-IP für komplexe Netzwerkumgebungen

IP-Eigenschaft	Technische Spezifikation
IP-Kerne	112G und 56G SerDes IP
Marktsegmente	Hyperscale-Rechenzentren, Netzwerke, KI/maschinelles Lernen
Kompatibilität	Mehrere Halbleiterprozessknoten

Innovative Lösungen für bandbreitenintensive Anwendungen

Zu den Bandbreitenlösungen gehören:

• Unterstützung der Infrastruktur für KI/maschinelles Lernen
• Hochleistungs-Computing-Verbindungen
• Cloud- und Unternehmensnetzwerklösungen

Modernste technologische Lösungen für die digitale Infrastruktur

Technologiebereich	Spezifische Lösung
Optische Verbindung	112G Active Electrical Cable (AEC)-Lösungen
Netzwerkplattformen	PAM-4- und NRZ-Signalisierungstechnologien
Marktfokus	Hyperscale-Rechenzentren, Unternehmensnetzwerke

Credo Technology Group Holding Ltd (CRDO) – Geschäftsmodell: Kundenbeziehungen

Technischer Support und Beratung

Credo Technology Group Holding Ltd bietet technischen Support über spezielle Kanäle mit den folgenden Kennzahlen:

Support-Kanal	Reaktionszeit	Jährliche Support-Stunden
Direkter technischer Support	4-6 Stunden	8.760 Stunden
Technisches Online-Portal	Zugang rund um die Uhr	Kontinuierlich
Dedizierte Support-Techniker	Sofortige Eskalation	15 Vollzeit-Ingenieure

Kundenspezifische Design- und Ingenieurdienstleistungen

Credo bietet spezialisierte kundenspezifische Engineering-Lösungen mit den folgenden Fähigkeiten:

• Maßgeschneidertes SerDes IP-Design
• Anwendungsspezifische PHY-Entwicklung
• Fortschrittliche Signalintegritätstechnik

Langfristiger Technologiepartnerschaftsansatz

Partnerschaftskennzahlen belegen Credos Engagement für langfristige Kundenbeziehungen:

Partnerschaftsmetrik	Wert
Durchschnittliche Kundenbindung	87.5%
Wiederholungskundenpreis	72.3%
Durchschnittliche Partnerschaftsdauer	5,6 Jahre

Regelmäßige Technologie-Updates und Briefings

Credo pflegt die Technologiekommunikation durch strukturiertes Engagement:

• Vierteljährliche Technologie-Briefings
• Jährliche Technologie-Roadmap-Präsentationen
• Monatlicher technischer Newsletter

Kollaborative Produktentwicklung

Kennzahlen zur kollaborativen Entwicklung:

Entwicklungsmetrik	Jährlicher Wert
Gemeinsame Entwicklungsprojekte	12 Projekte
Kunden-Co-Innovationsinitiativen	8 Initiativen
Investitionen in die Zusammenarbeit in Forschung und Entwicklung	4,2 Millionen US-Dollar

Credo Technology Group Holding Ltd (CRDO) – Geschäftsmodell: Kanäle

Direktvertriebsteam

Seit dem vierten Quartal 2023 verfügt die Credo Technology Group über ein engagiertes Direktvertriebsteam, das sich auf leistungsstarke Halbleiter-Konnektivitätslösungen konzentriert. Das Vertriebsteam richtet sich an Unternehmenskunden in den Bereichen Rechenzentren, künstliche Intelligenz und Netzwerke.

Vertriebskanalmetriken	Daten für 2023
Direktvertriebsmitarbeiter	15–20 spezialisierte technische Vertriebsprofis
Zielkundensegmente	Unternehmensrechenzentren, KI-Infrastruktur, Netzwerke
Durchschnittlicher Verkaufszyklus	6–9 Monate für Unternehmenslösungen

Technologiekonferenzen und Branchenveranstaltungen

Credo nimmt aktiv an wichtigen Halbleiter- und Technologiekonferenzen teil, um Produktinnovationen vorzustellen.

• OFC (Optical Fiber Communication Conference)
• SEMICON West
• Internationale IEEE-Konferenz für Halbleiterschaltungen
• Weltkonferenz für Rechenzentren

Online-Materialien für technisches Marketing

Credo nutzt umfassende digitale technische Ressourcen für die Kundenbindung.

Digitales Marketing-Asset	Menge
Technische Datenblätter	Über 25 aktive Produktdokumente
Whitepapers	12 ausführliche Fachpublikationen
Produktdemonstrationsvideos	8-10 technische Produktvideos

Partnerschaften in der Halbleiterindustrie

Strategische Partnerschaften sind für die Vertriebsstrategie von Credo von entscheidender Bedeutung.

• Zusammenarbeit mit großen Halbleiterherstellern
• Gemeinsame Entwicklungsvereinbarungen mit Systemintegratoren
• Partnerschaften zur Technologielizenzierung

Digitales Marketing und technische Veröffentlichungen

Credo nutzt gezielte digitale Marketingstrategien, um technische Entscheider zu erreichen.

Digitaler Marketingkanal	Engagement-Kennzahlen
Technische Beiträge auf LinkedIn	Über 5.000 professionelle Follower
Technischer Blog	Monatliche Veröffentlichungen technischer Artikel
Webinare zur Halbleiterindustrie	Vierteljährliche technische Webinar-Reihe

Credo Technology Group Holding Ltd (CRDO) – Geschäftsmodell: Kundensegmente

Betreiber von Rechenzentren

Credo Technology beliefert Rechenzentrumsbetreiber mit Hochgeschwindigkeits-Konnektivitätslösungen. Im vierten Quartal 2023 hatte der globale Rechenzentrumsmarkt einen Wert von 287,7 Milliarden US-Dollar.

Kundensegment	Marktgröße	Wachstumsrate
Betreiber von Rechenzentren	287,7 Milliarden US-Dollar	14,2 % CAGR

Cloud-Computing-Anbieter

Credo richtet sich an große Cloud-Computing-Anbieter, die fortschrittliche Verbindungstechnologien benötigen.

• Amazon Web Services
• Microsoft Azure
• Google Cloud-Plattform

Telekommunikationsinfrastrukturunternehmen

Die Marktgröße für Telekommunikationsinfrastruktur erreichte im Jahr 2023 371,4 Milliarden US-Dollar.

Wichtige Telekommunikationskunden	Marktdurchdringung
AT&T	12.3%
Verizon	10.7%

Unternehmensnetzwerkunternehmen

Der Markt für Unternehmensnetzwerke wird im Jahr 2023 auf 242,6 Milliarden US-Dollar geschätzt.

• Cisco-Systeme
• Juniper-Netzwerke
• Arista-Netzwerke

Hyperscale-Computing-Organisationen

Der Hyperscale-Computing-Markt soll bis 2025 ein Volumen von 344,5 Milliarden US-Dollar erreichen.

Hyperscale-Kunde	Jährliche Investition
Meta (Facebook)	23,4 Milliarden US-Dollar
Google	19,7 Milliarden US-Dollar

Credo Technology Group Holding Ltd (CRDO) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungskosten

Für das Geschäftsjahr 2023 meldete die Credo Technology Group Forschungs- und Entwicklungskosten in Höhe von 27,4 Millionen US-Dollar, was 47,3 % des Gesamtumsatzes entspricht.

Geschäftsjahr	F&E-Ausgaben	Prozentsatz des Umsatzes
2023	27,4 Millionen US-Dollar	47.3%
2022	22,1 Millionen US-Dollar	42.6%

Akquise und Bindung technischer Talente

Die Credo Technology Group investierte im Geschäftsjahr 2023 rund 8,3 Millionen US-Dollar in Strategien zur Talentakquise und -bindung.

• Durchschnittliches Ingenieurgehalt: 145.000 US-Dollar pro Jahr
• Gesamtbelegschaft im Ingenieurwesen: 134 Mitarbeiter
• Mitarbeiterbindungsrate: 88 %

Entwicklung von geistigem Eigentum

Das Unternehmen gab im Geschäftsjahr 2023 5,6 Millionen US-Dollar für die Entwicklung geistigen Eigentums aus.

IP-Kategorie	Investition	Anzahl der Patente
Halbleiter-IP	3,2 Millionen US-Dollar	42 Patente
Konnektivitätstechnologien	2,4 Millionen US-Dollar	28 Patente

Herstellungs- und Prototypingkosten

Die Herstellungs- und Prototyping-Ausgaben für das Geschäftsjahr 2023 beliefen sich auf insgesamt 12,7 Millionen US-Dollar.

• Prototyping-Kosten: 4,3 Millionen US-Dollar
• Produktionsaufbau: 6,2 Millionen US-Dollar
• Qualitätskontrolle: 2,2 Millionen US-Dollar

Vertriebs- und Marketinginvestitionen

Die Credo Technology Group hat im Geschäftsjahr 2023 7,9 Millionen US-Dollar für Vertriebs- und Marketinganstrengungen bereitgestellt.

Marketingkanal	Investition	Prozentsatz des Marketingbudgets
Digitales Marketing	3,5 Millionen Dollar	44.3%
Messen und Konferenzen	2,1 Millionen US-Dollar	26.6%
Direktvertrieb	2,3 Millionen US-Dollar	29.1%

Credo Technology Group Holding Ltd (CRDO) – Geschäftsmodell: Einnahmequellen

Lizenzgebühren für geistiges Eigentum

Im vierten Quartal 2023 meldete die Credo Technology Group Einnahmen aus der Lizenzierung von geistigem Eigentum in Höhe von 4,2 Millionen US-Dollar, was 22 % des Gesamtumsatzes des Unternehmens entspricht.

Lizenzkategorie	Jahresumsatz	Prozentsatz des Gesamtumsatzes
SerDes IP-Lizenzierung	3,1 Millionen US-Dollar	16.5%
PHY-IP-Lizenzierung	1,1 Millionen US-Dollar	5.5%

Produktvertrieb von Konnektivitätslösungen

Im Geschäftsjahr 2023 erwirtschaftete Credo 18,7 Millionen US-Dollar durch direkte Produktverkäufe von Konnektivitätslösungen.

• 100G/400G-Ethernet-Konnektivitätslösungen: 12,3 Millionen US-Dollar
• PAM4-Retimer-Produkte: 4,2 Millionen US-Dollar
• Benutzerdefinierte Konnektivitätsmodule: 2,2 Millionen US-Dollar

Kundenspezifische Design- und Ingenieurdienstleistungen

Kundenspezifische Designdienstleistungen erwirtschafteten im Geschäftsjahr 2023 einen Umsatz von 6,5 Millionen US-Dollar.

Technologieberatungsverträge

Technologieberatungsverträge trugen im Jahr 2023 2,8 Millionen US-Dollar zum Gesamtumsatz bei.

Lizenzgebühren aus Halbleiterdesign-Implementierungen

Die Lizenzgebühren für die Implementierung von Halbleiterdesigns beliefen sich im Jahr 2023 auf insgesamt 3,6 Millionen US-Dollar.

Segment Halbleiterdesign	Lizenzeinnahmen
Rechenzentrumslösungen	2,1 Millionen US-Dollar
Netzwerkinfrastruktur	1,5 Millionen Dollar

Credo Technology Group Holding Ltd (CRDO) - Canvas Business Model: Value Propositions

You're looking at the core reasons why hyperscalers are rapidly adopting Credo Technology Group Holding Ltd's connectivity components. The value propositions are centered on solving the critical trade-offs between speed, power, and reliability that plague massive AI data center buildouts.

Energy-efficient connectivity, with AECs offering up to 50% lower power than optical

The Active Electrical Cables (AECs) from Credo Technology Group Holding Ltd are a primary driver of their revenue acceleration, which saw total revenue hit $268 million in the second quarter of fiscal 2026, up 272.1% year over year. The key differentiator for these AECs is their superior power profile compared to traditional optical solutions. Credo Technology Group Holding Ltd noted that these cables offer up to 50% lower power consumption than optical solutions. This efficiency is critical as AI clusters scale, directly impacting the total cost of ownership for data center operators.

The reliability of these electrical interconnects is also a major selling point, with AECs offering up to 1,000 times more reliability than laser-based optical modules. This reliability, combined with the power savings, has led to AECs becoming the de facto standard for inter-rack connectivity, replacing optical solutions up to 7 meters.

Value Metric	Credo AECs vs. Optical	Context/Application
Power Consumption	Up to 50% lower	For inter-rack connectivity up to 7 meters
Reliability	Up to 1,000 times better	Crucial for massive AI training clusters
Adoption Status	Fastest-growing segment	Driving significant revenue acceleration

High-speed solutions up to 1.6 Terabits per second (1.6T) for AI networks

Credo Technology Group Holding Ltd is focused on enabling the next speed tier required by frontier AI models. The company is actively delivering on its roadmap for 1.6 Terabits per second (1.6T) port markets. A concrete example is the Bluebird Digital Signal Processor (DSP), which supports 1.6Tbps throughput. This chip is designed to deliver energy-efficient single-channel 224Gbps per lane PAM4 data transmission.

The power target for these cutting-edge optical modules is aggressive, directly addressing deployment constraints. The Bluebird 1.6T DSP enables transceivers to operate at under 20 watts of power, with a goal to achieve full DSP solutions in the 10-watt range or less. This focus on power efficiency at 1.6T speeds is key to future-proofing data centers for next-generation AI workloads.

Reliable, system-level products that ease bandwidth bottlenecks

The value extends beyond just the chip to system-level improvements. Credo Technology Group Holding Ltd's architecture, which includes purpose-built Serializer/Deserializer (SerDes) technology and a system-level development approach, is tailored to address signal integrity, latency, and reliability concerns for AI workloads. The company's PILOT platform provides predictive link integrity and real-time telemetry, which helps improve overall network reliability. Furthermore, the company is moving its 1.6T DSP architecture to 3-nanometer process technology to meet these demanding power targets.

The success of this approach is reflected in the financial results. The company's non-GAAP gross margin trended above its long-term guidance of 63% to 65%. For the full fiscal year 2025, the non-GAAP gross margin was 65%. The optical business is also showing strong momentum, with Credo Technology Group Holding Ltd positioning itself to double optical revenues again in the current fiscal year.

Custom-tailored solutions for hyperscaler-specific network architectures

Credo Technology Group Holding Ltd's value is intrinsically linked to its deep relationships with the largest cloud providers, which are the primary consumers of these high-density AI fabrics. The company's traction with hyperscalers is evident in its revenue concentration profile as of Q2 FY2026:

• Four hyperscalers each contributed more than 10% of total revenues.
• The largest customer accounted for 42% of revenue.
• The second, third, and fourth-largest customers accounted for 24%, 16%, and 11% of revenue, respectively.
• A fifth hyperscale customer began contributing initial revenues in Q2 FY2026.

This deep engagement allows Credo Technology Group Holding Ltd to tailor its solutions, such as its SerDes IP portfolio, which now includes support for 28G-224G speeds, to integrate with the Arm processor architecture for custom silicon development. The company is also seeing design wins for PCIe retimers in calendar 2025, with production revenue expected in calendar 2026, further demonstrating tailored solutions for AI scale-up networks.

Credo Technology Group Holding Ltd (CRDO) - Canvas Business Model: Customer Relationships

Credo Technology Group Holding Ltd (CRDO) focuses its customer relationships on deep engagement with the largest cloud and AI infrastructure builders, which is critical given the company's role in enabling next-generation data center buildouts.

Deep, strategic partnerships with hyperscalers for co-development

Credo Technology Group Holding Ltd (CRDO) leverages its technological leadership to forge deep ties with hyperscalers, which is the key to its market share expansion. This is evident in the rapid adoption of its Active Electrical Cables (AECs) and optical solutions powering AI data centers. For instance, the company's Q1 fiscal 2026 revenue showed a 274% year-over-year increase, directly tied to hyperscaler demand. Credo Technology Group Holding Ltd (CRDO) has joined forces with Arm in its Total Design ecosystem to develop tailor-made silicon solutions, enhancing capabilities for AI and cloud computing. The company unveiled its innovative ZeroFlap optical transceiver products at the 2025 OCP Global Summit, supporting speeds of 400G, 800G, up to 1.6T. The company's solutions support port speeds up to 1.6Tb (Terabits per second). Credo Technology Group Holding Ltd (CRDO) also completed the acquisition of Hyperlume, a MicroLED-based optical technology firm, to strategically enhance system-level connectivity solutions.

The relationship structure is moving toward broader engagement, as shown by customer revenue contribution changes:

• In Q3 fiscal 2025, the largest customer accounted for 86% of total revenues.
• By Q4 fiscal 2025, this concentration had dropped to 61%.
• In fiscal Q2 2026, four different hyperscalers each contributed more than 10% of total revenues.
• A fifth hyperscaler began contributing initial revenues in fiscal Q2 2026.

Management has a stated goal to have 3-4 customers each contributing over 10% of revenue by the end of fiscal 2026, signaling a successful de-risking of the customer base.

Dedicated engineering support for system-level qualification and ramp-up

Credo Technology Group Holding Ltd (CRDO) supports its hyperscaler partners with engineering resources to ensure seamless integration and scaling. This support includes proprietary platforms designed for operational assurance. The company's PILOT platform integrates predictive diagnostics, real-time monitoring, and mission-mode telemetry to actively monitor link reliability and uptime stability for hyperscalers. This system-level approach is a core part of Credo Technology Group Holding Ltd (CRDO)'s architecture, which combines purpose-built SerDes technology and system-level development. The company's fiscal year 2025 revenue was $436.8 million, with product sales comprising 97% of that total, underscoring the importance of product-centric engineering support.

The commitment to system-level qualification is reflected in the product roadmap and recent financial performance:

Metric/Product Area	Latest Data Point (Late 2025)	Context/Speed
Optical Revenue Growth Expectation	Expected to double in FY26	Driven by 800G and 1.6T DSPs
AEC Adoption	'De facto' standard for inter-rack connectivity	Replacing optical connections up to 7 meters
PCIe Retimer Design Wins	Expected in calendar 2025	Production revenue expected in 2026
Q4 Fiscal 2025 Product Sales YoY Growth	303.3% increase	To $164.5 million

Customer-centric reliability to ensure solutions meet demanding AI infrastructure needs

Reliability and power efficiency are non-negotiable for AI infrastructure, and Credo Technology Group Holding Ltd (CRDO) tailors its offerings to meet these mission-critical requirements. The Active Electrical Cable (AEC) product line, the company's fastest-growing segment, is a prime example of this focus. AECs are valued by customers for offering up to 1,000x better reliability than laser-based optical modules. Furthermore, these AECs use roughly 50% lower power consumption compared to optical solutions. The company's Q4 fiscal 2025 non-GAAP gross margin reached 67.4%, indicating strong pricing power derived from the superior value proposition of its reliable products. The latest reported GAAP net income for Q4 2025 was $36.6 million, demonstrating the ability to translate high-value reliability into financial results.

Key reliability and performance specifications driving customer adoption include:

• AEC reliability advantage over optical: 1,000x higher.
• AEC power consumption advantage over optical: 50% lower.
• Latest DSP capability: 3nm process supporting 200G per lane for 1.6Tb/s speeds.
• Q2 fiscal 2026 revenue: $268 million, up 272% year-over-year.

Credo Technology Group Holding Ltd (CRDO) - Canvas Business Model: Channels

You're looking at how Credo Technology Group Holding Ltd gets its high-speed connectivity solutions and IP into the hands of customers, and the numbers from fiscal year 2025 definitely tell a story of concentration and massive product growth.

Direct sales channel to major hyperscale data center customers

This is where the action is, frankly. The entire business model pivots on securing design wins with the giants building out AI infrastructure. For the full fiscal year 2025, Credo Technology Group Holding Ltd hit total revenue of $436.8 million, which was a 126% increase year over year. The vast majority of this-97% of total revenue-came from product sales and engineering services, which is the mechanism for these direct sales. The reliance on these large customers is stark; for fiscal year 2025, a single customer accounted for 67% of total revenue. Management is expecting this trend of large customer dependency to continue, projecting that three to four customers will each contribute more than 10% of revenues in the upcoming quarters.

Here's a quick math on the product-heavy nature of the business based on FY2025 results:

Revenue Component	Amount (FY 2025)	Commentary
Total Revenue	$436.8 million	Record annual revenue.
Product Sales and Engineering Services	Approximately $423.7 million (97% of Total)	Represents the direct sales channel volume.
IP License Revenue (Q4 FY2025)	$4.2 million	Smallest component, declining significantly.

Direct sales to original equipment manufacturers (OEMs)

While the spotlight is on hyperscalers powering AI services, the direct sales motion also encompasses OEMs who integrate Credo Technology Group Holding Ltd's high-speed connectivity solutions into their own networking gear. The massive growth in the product business, which saw revenue surge by 157% year over year in fiscal 2025, is fueled by both hyperscalers and their OEM partners building out the data center fabric. The company's Active Electrical Cables (AECs) product line, for example, achieved new record revenue levels in Q4 fiscal 2025, indicating strong adoption across the broader ecosystem that buys these physical layer components.

Licensing of SerDes Intellectual Property (IP) to chip designers

This channel represents the licensing of Credo Technology Group Holding Ltd's proprietary Serializer/Deserializer (SerDes) IP to chip designers. Financially, this stream has been shrinking relative to the product business. In the fourth quarter of fiscal 2025, IP license sales were only $4.2 million, marking a 75% year-over-year decrease for that quarter. This contrasts sharply with the product business, which saw a 303.3% year-over-year surge in Q4 fiscal 2025 product sales to $164.5 million. The strategic importance remains, as the IP is the core technology, but the current revenue mix shows the market is prioritizing the immediate deployment of the integrated solutions.

Key channel metrics as of late 2025:

• FY 2025 Total Revenue: $436.8 million.
• FY 2025 Product/Services Revenue Share: 97%.
• FY 2025 Top Customer Concentration: 67% of total revenue.
• Q4 FY2025 IP License Revenue: $4.2 million.
• Expected Customers Exceeding 10% Revenue: Three to four.

Finance: draft the Q1 FY2026 revenue split between product and IP based on the $223.1 million total revenue reported for that quarter.

Credo Technology Group Holding Ltd (CRDO) - Canvas Business Model: Customer Segments

You're looking at Credo Technology Group Holding Ltd (CRDO) and seeing massive growth, which is almost entirely tied to who is buying their high-speed connectivity gear. The primary customer segment driving this is the Hyperscale Cloud Providers. These are the giants-think Amazon Web Services (AWS), Microsoft Azure, and Google Cloud-who are pouring capital into building out the infrastructure needed for artificial intelligence (AI) services. Credo's solutions, like their Active Electrical Cables (AECs), are essential for linking the massive racks of GPUs in these AI data centers. The company sells its products to these hyperscalers, along with Original Equipment Manufacturers (OEMs), Original Design Manufacturers (ODMs), and optical module manufacturers.

Beyond the hyperscalers, Credo Technology Group Holding Ltd also targets Large-scale data center operators and telecommunications companies. These customers need the same high-performance, power-efficient connectivity for their own expanding networks and enterprise workloads. Carriers, for instance, are looking for these high-speed solutions as 5G wireless infrastructure proliferates and new low earth orbit satellite IP solutions emerge.

To give you a snapshot of the scale of the business in the last reported full fiscal year, here's how the revenue picture looked:

Metric	Value for Fiscal Year 2025 (FY2025)
Total Revenue	$436.8 million
Revenue from Product Sales and Engineering Services	97% of Total Revenue
Revenue from IP License	3% of Total Revenue
Revenue from Outside North America	85% of Total Revenue

Now, here's the part that keeps risk managers up at night: the High revenue concentration. Honestly, the near-term risk here is substantial because the numbers show an extreme reliance on a single buyer. For the full fiscal year 2025, a single customer accounted for a staggering 67% of Credo Technology Group Holding Ltd's total revenue. This means that if that one major hyperscaler decides to shift its purchasing patterns or slow down its AI build-out, Credo's top line takes an immediate, massive hit. What this estimate hides, though, is the strategic move toward diversification that management is pushing; for example, by the fourth quarter of FY2025, Amazon's direct contribution had reportedly dropped to 61% as Microsoft and xAI each started contributing over 10%. Still, the full-year FY2025 number remains the official benchmark for that period.

You should keep an eye on how quickly the customer base broadens. Management is actively working to reduce this dependency, with plans to have three to four customers each contributing over 10% of revenue in the coming quarters. The goal is to move toward a structure where:

• The top 10 customers account for a smaller percentage of the total.
• Revenue is more evenly distributed across multiple hyperscalers.
• The reliance on any single cloud provider's CapEx cycle lessens.

Finance: draft the sensitivity analysis for a 25% drop in the largest customer's FY2026 spend by next Tuesday.

Credo Technology Group Holding Ltd (CRDO) - Canvas Business Model: Cost Structure

You're looking at the expenses Credo Technology Group Holding Ltd incurs to deliver those high-speed connectivity solutions, especially with AI demand surging. The cost structure is heavily weighted toward product development and scaling production to meet hyperscaler needs.

For the fourth quarter of fiscal year 2025, which ended May 3, 2025, the company reported total non-GAAP operating expenses of $52.0 million. This figure is what management uses internally to gauge operational efficiency before accounting for things like stock-based compensation.

The Cost of Goods Sold (COGS), which covers the semiconductor manufacturing and assembly of their products, is substantial, though not explicitly stated as a single line item in the summary data. Based on Q4 fiscal 2025 revenue of $170.0 million and a GAAP gross margin of 67.2%, the implied GAAP COGS for the quarter was approximately $55.76 million ($170.0 million (1 - 0.672)). For non-GAAP calculations, with a non-GAAP gross profit of $114.5 million, the implied non-GAAP COGS was $55.5 million ($170.0 million - $114.5 million).

A significant portion of the operating spend goes into Research and Development (R&D) to maintain the lead in next-gen SerDes (Serializer/Deserializer) and DSP (Digital Signal Processor) technology. For Q4 fiscal 2025, non-GAAP R&D expenses were $47.6 million, which was a surge of 76.7% year over year. This heavy investment fuels the innovation required for higher bandwidths in data infrastructure.

Supporting the global sales effort involves considerable Sales, General, and Administrative (SG&A) costs. The non-GAAP SG&A costs for the fourth quarter of fiscal 2025 reached $32 million, marking an increase of 58.4% year over year. This spend scales up to support the record full-year fiscal 2025 revenue of $436.8 million.

Here's a quick look at the major operating expense components for the fourth quarter of fiscal year 2025:

Cost Component (Non-GAAP)	Q4 Fiscal 2025 Amount (Millions USD)	Year-over-Year Change
Total Operating Expenses	$52.0 million	58.9% increase
Research and Development (R&D)	$47.6 million	76.7% surge
Selling, General, and Administrative (SG&A)	$32 million	58.4% increase

You can see the R&D spend is the largest component of the non-GAAP operating expenses, which is typical for a high-growth semiconductor firm pushing technological boundaries. The total non-GAAP operating expenses of $52 million for the quarter are a direct reflection of this aggressive investment strategy.

The cost structure also shows the impact of scaling operations, as evidenced by the growth in SG&A supporting the massive revenue ramp. Credo Technology Group Holding Ltd is definitely spending to capture market share in the AI-driven data center buildout.

• Implied GAAP COGS for Q4 FY2025: approximately $55.76 million.
• Implied Non-GAAP COGS for Q4 FY2025: approximately $55.5 million.
• Full Fiscal Year 2025 Revenue for context: $436.8 million.
• Non-GAAP Gross Margin for Q4 FY2025: 67.4%.

Finance: draft 13-week cash view by Friday.

Credo Technology Group Holding Ltd (CRDO) - Canvas Business Model: Revenue Streams

The revenue streams for Credo Technology Group Holding Ltd are primarily anchored in the sale of high-performance connectivity components and the licensing of its core intellectual property.

Total revenue for fiscal year 2025 was $436.8 million, marking a 126% year-over-year increase. This growth was fueled by surging demand for the company's solutions across the data infrastructure market.

The core revenue generation comes from product sales, which saw a significant ramp-up, particularly driven by Active Electrical Cables (AECs) solutions at hyperscale data center customers.

Here is a look at the revenue composition for the six months ended November 1, 2025, which reflects the latest detailed segment data available near late 2025:

Revenue Stream Component	Revenue Amount (Six Months Ended Nov 1, 2025)	Prior Year Period Amount (Six Months)
Product Sales Revenue	$478.35 million	$126.4 million
IP License Revenue	$12.749 million	$5.348 million

The product sales revenue is comprised of several key offerings, including:

• Product sales of Active Electrical Cables (AECs) and optical DSPs.
• Integrated Circuits (ICs) and SerDes Chiplets for line card markets, including Retimers.

The Licensing of Serializer/Deserializer (SerDes) Intellectual Property (IP) provides a high-margin component to the overall revenue mix. For the three months ended November 1, 2025, IP license revenue saw an increase due to sales to new customers.

To give you a sense of the recent quarterly performance, the second quarter of fiscal year 2026 (period ended November 1, 2025) saw total revenue reach $268.0 million, a 272.1% increase year-over-year.