Credo Technology Group Holding Ltd (CRDO): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama en rápida evolución de la conectividad de alta velocidad y la tecnología de semiconductores, Credo Technology Group Holding Ltd (CRDO) surge como un innovador fundamental, impulsando la transformación de la infraestructura digital a través de tecnologías de serdes innovadoras. Al superar a la perfección las complejas demandas de los centros de datos, la computación en la nube y las telecomunicaciones, el modelo comercial único de Credo representa un plan estratégico para el avance tecnológico, que ofrece soluciones de punta que redefinen el rendimiento, la eficiencia de la energía y la conectividad en el ecosistema digital. Su enfoque va más allá del mero desarrollo de productos, elaborando una intrincada red de asociaciones, recursos y propuestas de valor que las posicionan a la vanguardia de la innovación tecnológica de próxima generación.

Credo Technology Group Holding Ltd (CRDO) - Modelo de negocios: asociaciones clave

Fabricantes de semiconductores y empresas de diseño

Credo Technology Group ha establecido asociaciones estratégicas con los siguientes fabricantes de semiconductores:

Pareja	Enfoque de colaboración	Detalles de la asociación
TSMC	Fabricación de nodo de proceso avanzado	Tecnologías de proceso de semiconductores de 5 nm y 3 nm
Samsung Foundry	Diseño de interconexión de alta velocidad	Desarrollo colaborativo de las tecnologías de Serdes

Proveedores de tecnología de interconexión de alta velocidad

Las asociaciones clave en la tecnología de interconexión de alta velocidad incluyen:

• Sinopsis para diseño y verificación de IP
• Sistemas de diseño de cadencia para la automatización de diseño electrónico
• ARM LIMITADO PARA LICENCIA DE IP SEMICONDUCTOR

Centro de datos y empresas de computación en la nube

Pareja	Alcance de colaboración	Integración tecnológica
Microsoft Azure	Soluciones de infraestructura en la nube	PAM4 y 112G SERDES TECNOLOGIES
Servicios web de Amazon	Soluciones de interconexión de alta velocidad	Diseño de serdes personalizado para infraestructura en la nube

Investigaciones de instituciones y universidades

Las colaboraciones de investigación académica incluyen:

• Universidad de Stanford - Investigación avanzada de semiconductores
• Instituto de Tecnología de Massachusetts (MIT) - Innovación de interconexión de alta velocidad
• Universidad de California, Berkeley - Asociaciones de ingeniería eléctrica

Inversión de asociación: $ 12.5 millones en colaboraciones de I + D para 2024

Credo Technology Group Holding Ltd (CRDO) - Modelo de negocio: actividades clave

Desarrollo de tecnologías SERDES de alta velocidad (serializador/deserializador)

Credo Technology Group se centra en el desarrollo de tecnologías de serdes avanzadas con métricas de rendimiento específicas:

Especificación tecnológica	Métrico de rendimiento
Velocidad de serdes	112 Gbps PAM-4
Eficiencia energética	0.3 pj/bit
Integridad de señal	-20 dB Cumplimiento del canal

Diseño de soluciones avanzadas de conectividad

Las áreas de desarrollo de soluciones de conectividad clave incluyen:

• Interfaces Ethernet de alta velocidad
• Conectividad PCIe 5.0 y PCIe 6.0
• Tecnologías de interconexión del centro de datos

Investigación y desarrollo de IP de semiconductores

Detalles de inversión de I + D:

Año fiscal	Gasto de I + D
2023	$ 26.4 millones
2022	$ 22.1 millones

Innovación de productos en la transmisión de datos de alta velocidad

Áreas de enfoque de innovación:

• 112G/224G SERDES IP
• Interfaces de alta velocidad de baja potencia
• Algoritmos avanzados de procesamiento de señales

Creación y licencia de propiedad intelectual

Métricas de cartera de IP:

Categoría de IP	Número de patentes
Tecnologías de Serdes	37 patentes otorgadas
Procesamiento de señal	22 patentes pendientes

Credo Technology Group Holding Ltd (CRDO) - Modelo de negocio: recursos clave

Experiencia avanzada de diseño de semiconductores

La experiencia en diseño de semiconductores de Credo Technology Group se centra en soluciones de conectividad de alta velocidad. A partir del cuarto trimestre de 2023, la compañía tiene:

• 25 ingenieros de diseño de semiconductores de núcleo
• Especializado en tecnologías SERDES 112G y 224G

Categoría de experiencia en diseño	Número de especialistas
Ingenieros de diseño senior	12
Ingenieros de diseño de nivel medio	8
Ingenieros de diseño junior	5

Tecnologías de conectividad de alta velocidad patentadas

La cartera de tecnología de Credo incluye:

• Tecnologías de señalización PAM-4 y NRZ
• Soluciones IP de SERDES 112G y 224G

Talento de ingeniería y conocimientos técnicos

Fuerza laboral de ingeniería total a diciembre de 2023: 87 empleados

Departamento de ingeniería	Número de empleados
Ingeniería de I + D	52
Desarrollo de productos	22
Apoyo técnico	13

Cartera de propiedades intelectuales

Métricas de propiedad intelectual a partir de 2023:

• Patentes totales presentadas: 37
• Patentes activas: 24
• Aplicaciones de patentes pendientes: 13

Infraestructura de investigación y desarrollo

I + D Inversión en el año fiscal 2023: $ 24.7 millones

Categoría de inversión de I + D	Cantidad
Herramientas de diseño de hardware	$ 6.3 millones
Desarrollo de software	$ 5.9 millones
Equipo de prueba	$ 4.5 millones
Costos de personal	$ 8 millones

Credo Technology Group Holding Ltd (CRDO) - Modelo de negocio: propuestas de valor

Soluciones de conectividad de alto rendimiento para centros de datos

Credo Technology Group ofrece soluciones de conectividad con las siguientes especificaciones:

Métrico de rendimiento	Especificación
Tasa de transferencia de datos	112 GBPS PAM-4 SERDES
Eficiencia energética	Menos de 1 pj/bit
Densidad de ancho de banda	Hasta 3.2 tbps por carril

Tecnología SERDES de baja velocidad y alta velocidad

La tecnología Serdes de Credo proporciona:

• Bajo consumo de energía a 0.4 pj/bit
• Transmisión de señal de alta velocidad hasta 112 Gbps
• Capacidades de corrección de errores avanzados

IP de semiconductores avanzados para entornos de redes complejos

Característica de IP	Especificación técnica
Núcleos IP	112G y 56G SERDES IP
Segmentos de mercado	Centros de datos de hiperescala, redes, IA/aprendizaje automático
Compatibilidad	Nodos de proceso de semiconductores múltiples

Soluciones innovadoras para aplicaciones intensivas en ancho de banda

Las soluciones de ancho de banda incluyen:

• Soporte de infraestructura de IA/Aprendizaje Machine
• Interconexiones informáticas de alto rendimiento
• Soluciones de redes de nubes y empresas

Soluciones tecnológicas de vanguardia para infraestructura digital

Área tecnológica	Solución específica
Interconexión óptica	112G Soluciones de cable eléctrico activo (AEC)
Plataformas de redes	Tecnologías de señalización PAM-4 y NRZ
Enfoque del mercado	Centros de datos de hiperescala, redes empresariales

Credo Technology Group Holding Ltd (CRDO) - Modelo de negocios: relaciones con los clientes

Soporte técnico y consulta

Credo Technology Group Holding Ltd proporciona soporte técnico a través de canales dedicados con las siguientes métricas:

Canal de soporte	Tiempo de respuesta	Horas de apoyo anuales
Soporte de ingeniería directa	4-6 horas	8,760 horas
Portal técnico en línea	Acceso 24/7	Continuo
Ingenieros de soporte dedicados	Escalada inmediata	15 ingenieros a tiempo completo

Servicios de diseño e ingeniería personalizados

Credo ofrece soluciones especializadas de ingeniería personalizada con las siguientes capacidades:

• Diseño de IP de serdes personalizado
• Desarrollo PHY específico de la aplicación
• Ingeniería de integridad de señal avanzada

Enfoque de asociación tecnológica a largo plazo

Las métricas de asociación demuestran el compromiso de Credo con las relaciones con los clientes a largo plazo:

Métrico de asociación	Valor
Retención promedio de clientes	87.5%
Tarifa de cliente repetida	72.3%
Duración promedio de la asociación	5.6 años

Actualizaciones e informes de tecnología regulares

Credo mantiene la comunicación tecnológica a través del compromiso estructurado:

• Informes de tecnología trimestrales
• Presentaciones anuales de hoja de ruta de tecnología
• Boletín técnico mensual

Desarrollo de productos colaborativos

Métricas de desarrollo colaborativo:

Métrico de desarrollo	Valor anual
Proyectos de desarrollo conjunto	12 proyectos
Iniciativas de coinnovación de clientes	8 iniciativas
Inversión de colaboración de I + D	$ 4.2 millones

Credo Technology Group Holding Ltd (CRDO) - Modelo de negocios: canales

Equipo de ventas directas

A partir del cuarto trimestre de 2023, Credo Technology Group mantiene un equipo de ventas directo dedicado centrado en soluciones de conectividad de semiconductores de alto rendimiento. El equipo de ventas se dirige a clientes empresariales en el centro de datos, inteligencia artificial y mercados de redes.

Métricas de canales de ventas	2023 datos
Representantes de ventas directas	15-20 profesionales de ventas técnicas especializadas
Segmentos de clientes objetivo	Centros de datos empresariales, infraestructura de IA, redes
Ciclo de ventas promedio	6-9 meses para soluciones empresariales

Conferencias tecnológicas y eventos de la industria

Credo participa activamente en conferencias clave de semiconductores y tecnología para mostrar innovaciones de productos.

• OFC (Conferencia de comunicación de fibra óptica)
• Semicon West
• Conferencia IEEE International Solid-State Circuits
• Conferencia mundial del centro de datos

Materiales de marketing técnico en línea

Credo aprovecha recursos técnicos digitales integrales para la participación del cliente.

Activo de marketing digital	Cantidad
Hojas de datos técnicas	Más de 25 documentos de producto activos
Papeles blancos	12 publicaciones técnicas detalladas
Videos de demostración de productos	8-10 videos de productos técnicos

Asociaciones de la industria de semiconductores

Las asociaciones estratégicas son críticas para la estrategia del canal de Credo.

• Colaboración con los principales fabricantes de semiconductores
• Acuerdos de desarrollo conjunto con integradores de sistemas
• Asociaciones de licencia de tecnología

Publicaciones técnicas y marketing digital

Credo utiliza estrategias de marketing digital específicas para llegar a los tomadores de decisiones técnicas.

Canal de marketing digital	Métricas de compromiso
Publicaciones técnicas de LinkedIn	Más de 5,000 seguidores profesionales
Blog técnico	Publicaciones mensuales de artículos técnicos
Seminarios web de la industria de semiconductores	Serie de seminarios técnicos trimestrales

Credo Technology Group Holding Ltd (CRDO) - Modelo de negocios: segmentos de clientes

Operadores de centros de datos

Credo Technology sirve operadores de centros de datos con soluciones de conectividad de alta velocidad. A partir del cuarto trimestre de 2023, el mercado global de centros de datos se valoró en $ 287.7 mil millones.

Segmento de clientes	Tamaño del mercado	Índice de crecimiento
Operadores de centros de datos	$ 287.7 mil millones	14.2% CAGR

Proveedores de computación en la nube

Credo se dirige a los principales proveedores de computación en la nube que requieren tecnologías de interconexión avanzadas.

• Servicios web de Amazon
• Microsoft Azure
• Plataforma en la nube de Google

Compañías de infraestructura de telecomunicaciones

El tamaño del mercado de infraestructura de telecomunicaciones alcanzó los $ 371.4 mil millones en 2023.

Clientes de telecomunicaciones clave	Penetración del mercado
AT&T	12.3%
Verizon	10.7%

Empresas de redes empresariales

Mercado de redes empresariales valorado en $ 242.6 mil millones en 2023.

• Sistemas de Cisco
• Redes de enebro
• Redes de Arista

Organizaciones de computación hiperscala

El mercado informático de hiperescala proyectado para llegar a $ 344.5 mil millones para 2025.

Cliente de hiperescala	Inversión anual
Meta (Facebook)	$ 23.4 mil millones
Google	$ 19.7 mil millones

Credo Technology Group Holding Ltd (CRDO) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, Credo Technology Group informó gastos de I + D de $ 27.4 millones, lo que representa el 47.3% de los ingresos totales.

Año fiscal	Gastos de I + D	Porcentaje de ingresos
2023	$ 27.4 millones	47.3%
2022	$ 22.1 millones	42.6%

Adquisición y retención de talentos de ingeniería

Credo Technology Group invirtió aproximadamente $ 8.3 millones en estrategias de adquisición y retención de talentos durante el año fiscal 2023.

• Salario promedio de ingeniería: $ 145,000 por año
• Fuerza laboral total de ingeniería: 134 empleados
• Tasa de retención de empleados: 88%

Desarrollo de la propiedad intelectual

La compañía gastó $ 5.6 millones en el desarrollo de la propiedad intelectual en el año fiscal 2023.

Categoría de IP	Inversión	Número de patentes
IP de semiconductores	$ 3.2 millones	42 patentes
Tecnologías de conectividad	$ 2.4 millones	28 patentes

Costos de fabricación y creación de prototipos

Los gastos de fabricación y creación de prototipos para el año fiscal 2023 totalizaron $ 12.7 millones.

• Costos de creación de prototipos: $ 4.3 millones
• Configuración de fabricación: $ 6.2 millones
• Control de calidad: $ 2.2 millones

Inversiones de ventas y marketing

Credo Technology Group asignó $ 7.9 millones a los esfuerzos de ventas y marketing en el año fiscal 2023.

Canal de marketing	Inversión	Porcentaje del presupuesto de marketing
Marketing digital	$ 3.5 millones	44.3%
Ferias y conferencias	$ 2.1 millones	26.6%
Ventas directas	$ 2.3 millones	29.1%

Credo Technology Group Holding Ltd (CRDO) - Modelo de negocios: flujos de ingresos

Tarifas de licencia de propiedad intelectual

A partir del cuarto trimestre de 2023, Credo Technology Group informó ingresos por licencia de propiedad intelectual de $ 4.2 millones, lo que representa el 22% de los ingresos totales de la compañía.

Categoría de licencias	Ingresos anuales	Porcentaje de ingresos totales
Licencias de SERDES IP	$ 3.1 millones	16.5%
Licencias de Phy IP	$ 1.1 millones	5.5%

Venta de productos de soluciones de conectividad

En el año fiscal 2023, Credo generó $ 18.7 millones a partir de ventas directas de productos de soluciones de conectividad.

• Soluciones de conectividad Ethernet de 100 g/400g: $ 12.3 millones
• PRODUCTOS DE RETIMER PAM4: $ 4.2 millones
• Módulos de conectividad personalizados: $ 2.2 millones

Servicios de diseño e ingeniería personalizados

Los servicios de diseño personalizado generaron $ 6.5 millones en ingresos para el año fiscal 2023.

Contratos de consulta tecnológica

Los contratos de consulta de tecnología contribuyeron con $ 2.8 millones a los ingresos totales en 2023.

Regalías de implementaciones de diseño de semiconductores

Las regalías de implementación del diseño de semiconductores totalizaron $ 3.6 millones en 2023.

Segmento de diseño de semiconductores	Ingresos por regalías
Soluciones de centro de datos	$ 2.1 millones
Infraestructura de redes	$ 1.5 millones

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.