Credo Technology Group Holding Ltd (CRDO): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage rapide en évolution de la connectivité à grande vitesse et de la technologie des semi-conducteurs, Credo Technology Group Holding Ltd (CRDO) émerge comme un innovateur pivot, entraînant la transformation des infrastructures numériques par le biais de technologies révolutionnaires Serdes. En pontant de manière transparente les exigences complexes des centres de données, du cloud computing et des télécommunications, le modèle commercial unique de Credo représente un plan stratégique pour le progrès technologique, offrant des solutions de pointe qui redéfinissent les performances, l'efficacité énergétique et la connectivité dans l'écosystème numérique. Leur approche va au-delà du simple développement de produits, fabriquant un réseau complexe de partenariats, de ressources et de propositions de valeur qui les positionnent à l'avant-garde de l'innovation technologique de nouvelle génération.

Credo Technology Group Holding Ltd (CRDO) - Modèle d'entreprise: partenariats clés

Fabricants et sociétés de conception de semi-conducteurs

Credo Technology Group a établi des partenariats stratégiques avec les fabricants de semi-conducteurs suivants:

Partenaire	Focus de la collaboration	Détails du partenariat
Tsmc	Fabrication avancée de nœuds de processus	Technologies de processus semi-conductrices 5NM et 3NM
Samsung Foundry	Conception d'interconnexion à grande vitesse	Développement collaboratif des technologies Serdes

Fournisseurs de technologies d'interconnexion à grande vitesse

Les partenariats clés de la technologie d'interconnexion à haut débit comprennent:

• Synopsys pour la conception et la vérification IP
• Systèmes de conception de cadence pour l'automatisation de la conception électronique
• ARM limité pour les licences IP semi-conductrices

Centre de données et sociétés de cloud computing

Partenaire	Portée de collaboration	Intégration technologique
Microsoft Azure	Solutions d'infrastructure cloud	Pam4 et 112G Serdes Technologies
Services Web Amazon	Solutions d'interconnexion à grande vitesse	Conception de Serdes personnalisée pour l'infrastructure cloud

Institutions de recherche et universités

Les collaborations de recherche universitaire comprennent:

• Université de Stanford - Recherche avancée des semi-conducteurs
• Institut de technologie du Massachusetts (MIT) - Innovation d'interconnexion à grande vitesse
• Université de Californie, Berkeley - Partenariats en génie électrique

Investissement de partenariat: 12,5 millions de dollars en collaborations de R&D pour 2024

Credo Technology Group Holding Ltd (CRDO) - Modèle d'entreprise: Activités clés

Développement de technologies SERDES à grande vitesse (sérialiseur / désérialiseur)

Credo Technology Group se concentre sur le développement des technologies de Serdes avancées avec des mesures de performance spécifiques:

Spécifications technologiques	Métrique de performance
Spedes Speed	112 Gbps PAM-4
Efficacité énergétique	0,3 PJ / Bit
Intégrité du signal	-20 conformité aux canaux DB

Concevoir des solutions de connectivité avancées

Les domaines de développement de la solution de connectivité clé comprennent:

• Interfaces Ethernet à grande vitesse
• Connectivité PCIe 5.0 et PCIe 6.0
• Technologies d'interconnexion du centre de données

Recherche et développement de la propriété intellectuelle des semi-conducteurs

Détails de l'investissement R&D:

Exercice fiscal	Dépenses de R&D
2023	26,4 millions de dollars
2022	22,1 millions de dollars

Innovation de produit dans la transmission de données à grande vitesse

Zones d'investissement en matière d'innovation:

• 112G / 224G Serdes IP
• Interfaces à grande vitesse à faible puissance
• Algorithmes de traitement avancé du signal

Création et licence de propriété intellectuelle

Métriques du portefeuille IP:

Catégorie IP	Nombre de brevets
Technologies Serdes	37 brevets accordés
Traitement du signal	22 brevets en attente

Credo Technology Group Holding Ltd (CRDO) - Modèle d'entreprise: Ressources clés

Expertise de conception avancée des semi-conducteurs

L'expertise de conception de semi-conducteurs de Credo Technology Group se concentre sur des solutions de connectivité à grande vitesse. Au quatrième trimestre 2023, la société a:

• 25 ingénieurs de conception de semi-conducteurs de base
• Spécialisé dans les technologies SERDES 112G et 224G

Catégorie d'expertise de conception	Nombre de spécialistes
Ingénieurs de conception seniors	12
Ingénieurs de conception de niveau intermédiaire	8
Ingénieurs de conception juniors	5

Technologies de connectivité propriétaire à grande vitesse

Le portefeuille technologique de Credo comprend:

• Technologies de signalisation PAM-4 et NRZ
• Solutions IP 112G et 224G SERDES

Talent d'ingénierie et savoir-faire technique

Total du travail d'ingénierie en décembre 2023: 87 employés

Département d'ingénierie	Nombre d'employés
R&D Engineering	52
Développement	22
Support technique	13

Portefeuille de propriété intellectuelle

Mesures de propriété intellectuelle à partir de 2023:

• Total des brevets déposés: 37
• Brevets actifs: 24
• Demandes de brevet en instance: 13

Infrastructure de recherche et de développement

Investissement en R&D dans l'exercice 2023: 24,7 millions de dollars

Catégorie d'investissement de R&D	Montant
Outils de conception matérielle	6,3 millions de dollars
Développement de logiciels	5,9 millions de dollars
Équipement de test	4,5 millions de dollars
Frais de personnel	8 millions de dollars

Credo Technology Group Holding Ltd (CRDO) - Modèle d'entreprise: propositions de valeur

Solutions de connectivité haute performance pour les centres de données

Credo Technology Group propose des solutions de connectivité avec les spécifications suivantes:

Métrique de performance	Spécification
Taux de transfert de données	112 Gbps PAM-4 Serdes
Efficacité énergétique	Moins de 1 pj / bit
Densité de bande passante	Jusqu'à 3,2 tbps par voie

Technologie SERDES à faible puissance et à grande vitesse

La technologie Serdes de Credo fournit:

• Faible consommation d'énergie à 0,4 pj / bit
• Transmission de signal à grande vitesse jusqu'à 112 Gbit / G
• Capacités de correction d'erreur avancées

IP semi-conducteur avancé pour des environnements de réseautage complexes

Caractéristique IP	Spécifications techniques
Cœurs IP	112G et 56G Serdes IP
Segments de marché	Centres de données hyperscale, réseautage, IA / Machine Learning
Compatibilité	Nœuds de processus semi-conducteurs multiples

Solutions innovantes pour les applications à forte intensité de la bande passante

Les solutions de bande passante comprennent:

• AI / Machine Learning Infrastructure Support
• Interconnexions informatiques hautes performances
• Solutions de réseautage des cloud et des entreprises

Solutions technologiques de pointe pour les infrastructures numériques

Zone technologique	Solution spécifique
Interconnexion optique	Solutions de câbles électriques actifs 112G (AEC)
Plates-formes de réseautage	Technologies de signalisation PAM-4 et NRZ
Focus du marché	Centres de données hyperscale, réseautage d'entreprise

Credo Technology Group Holding Ltd (CRDO) - Modèle d'entreprise: Relations clients

Soutien technique et consultation

Credo Technology Group Holding Ltd fournit un support technique via des canaux dédiés avec les mesures suivantes:

Canal de support	Temps de réponse	Heures de soutien annuelles
Support d'ingénierie directe	4-6 heures	8 760 heures
Portail technique en ligne	Accès 24/7	Continu
Ingénieurs de support dédiés	Escalade immédiate	15 ingénieurs à temps plein

Services de conception et d'ingénierie personnalisés

Credo propose des solutions d'ingénierie personnalisées spécialisées avec les capacités suivantes:

• Conception IP Serdes personnalisée
• Développement PHY spécifique à l'application
• Ingénierie de l'intégrité du signal avancé

Approche de partenariat technologique à long terme

Les mesures de partenariat démontrent l'engagement de Credo envers les relations avec les clients à long terme:

Métrique de partenariat	Valeur
Rétention moyenne de la clientèle	87.5%
Tarif client répété	72.3%
Durée du partenariat moyen	5,6 ans

Mises à jour de la technologie régulière et briefings

Credo maintient la communication technologique par l'engagement structuré:

• Briefings technologiques trimestriels
• Présentations annuelles de feuille de route technologique
• Newsletter technique mensuel

Développement de produits collaboratifs

Métriques de développement collaboratif:

Métrique de développement	Valeur annuelle
Projets de développement conjoints	12 projets
Initiatives de co-innovation client	8 initiatives
Investissement de collaboration R&D	4,2 millions de dollars

Credo Technology Group Holding Ltd (CRDO) - Modèle d'entreprise: canaux

Équipe de vente directe

Depuis le quatrième trimestre 2023, Credo Technology Group maintient une équipe de vente directe dédiée axée sur les solutions de connectivité semi-conductrices haute performance. L'équipe commerciale cible les clients d'entreprise dans le centre de données, l'intelligence artificielle et les marchés de réseautage.

Métriques du canal de vente	2023 données
Représentants des ventes directes	15-20 professionnels de la vente technique spécialisés
Cibler les segments de clientèle	Centres de données d'entreprise, infrastructure d'IA, réseautage
Cycle de vente moyen	6 à 9 mois pour les solutions d'entreprise

Conférences de technologie et événements de l'industrie

Le Credo participe activement à des conférences clés de semi-conducteurs et de technologies pour présenter les innovations de produits.

• OFC (Optical Fiber Communication Conference)
• Semicon ouest
• Conférence internationale des circuits à l'état solide de l'IEEE
• Conférence mondiale du centre de données

Matériel de marketing technique en ligne

CRETO exploite des ressources techniques numériques complètes pour l'engagement des clients.

Actif de marketing numérique	Quantité
Feuilles techniques techniques	25+ documents de produit actifs
Libères Blancs	12 publications techniques détaillées
Vidéos de démonstration de produits	8 à 10 vidéos de produits techniques

Partenariats de l'industrie des semi-conducteurs

Les partenariats stratégiques sont essentiels à la stratégie de canal de Credo.

• Collaboration avec les principaux fabricants de semi-conducteurs
• Accords de développement conjoints avec des intégrateurs de système
• Partenariats de licence de technologie

Marketing numérique et publications techniques

CRETO utilise des stratégies de marketing numérique ciblées pour atteindre les décideurs techniques.

Canal de marketing numérique	Métriques d'engagement
Postes techniques LinkedIn	Plus de 5 000 abonnés professionnels
Blog technique	Publications d'articles techniques mensuels
Webinaires de l'industrie des semi-conducteurs	Série de webinaires techniques trimestriels

Credo Technology Group Holding Ltd (CRDO) - Modèle d'entreprise: segments de clientèle

Opérateurs de centres de données

La technologie CRETO dessert des opérateurs de centres de données avec des solutions de connectivité à grande vitesse. Au quatrième trimestre 2023, le marché mondial des centres de données était évalué à 287,7 milliards de dollars.

Segment de clientèle	Taille du marché	Taux de croissance
Opérateurs de centres de données	287,7 milliards de dollars	14,2% CAGR

Fournisseurs de cloud computing

CREDO cible les principaux fournisseurs de cloud computing nécessitant des technologies d'interconnexion avancées.

• Services Web Amazon
• Microsoft Azure
• Google Cloud Platform

Sociétés d'infrastructure de télécommunications

La taille du marché des infrastructures de télécommunications a atteint 371,4 milliards de dollars en 2023.

Clients clés de télécommunications	Pénétration du marché
AT&T	12.3%
Verizon	10.7%

Entreprises de réseautage d'entreprise

Marché de réseautage des entreprises d'une valeur de 242,6 milliards de dollars en 2023.

• Systèmes Cisco
• Réseaux de genévriers
• Réseaux Arista

Organisations informatiques hyperscales

Le marché de l'informatique hyperscale prévoyait de atteindre 344,5 milliards de dollars d'ici 2025.

Client hyperscale	Investissement annuel
Meta (Facebook)	23,4 milliards de dollars
Google	19,7 milliards de dollars

Credo Technology Group Holding Ltd (CRDO) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, Credo Technology Group a déclaré des dépenses de R&D de 27,4 millions de dollars, ce qui représente 47,3% des revenus totaux.

Exercice fiscal	Dépenses de R&D	Pourcentage de revenus
2023	27,4 millions de dollars	47.3%
2022	22,1 millions de dollars	42.6%

Acquisition et rétention des talents d'ingénierie

Credo Technology Group a investi environ 8,3 millions de dollars dans les stratégies d'acquisition et de rétention de talents au cours de l'exercice 2023.

• Salaire d'ingénierie moyen: 145 000 $ par an
• Total du travail d'ingénierie: 134 employés
• Taux de rétention des employés: 88%

Développement de la propriété intellectuelle

La société a dépensé 5,6 millions de dollars pour le développement de la propriété intellectuelle au cours de l'exercice 2023.

Catégorie IP	Investissement	Nombre de brevets
IP semi-conducteur	3,2 millions de dollars	42 brevets
Technologies de connectivité	2,4 millions de dollars	28 brevets

Coûts de fabrication et de prototypage

Les dépenses de fabrication et de prototypage pour l'exercice 2023 ont totalisé 12,7 millions de dollars.

• Coûts de prototypage: 4,3 millions de dollars
• Configuration de la fabrication: 6,2 millions de dollars
• Contrôle de la qualité: 2,2 millions de dollars

Investissements de vente et de marketing

Le groupe de technologie de Credo a alloué 7,9 millions de dollars aux efforts de vente et de marketing au cours de l'exercice 2023.

Canal de marketing	Investissement	Pourcentage du budget marketing
Marketing numérique	3,5 millions de dollars	44.3%
Salons et conférences	2,1 millions de dollars	26.6%
Ventes directes	2,3 millions de dollars	29.1%

Credo Technology Group Holding Ltd (CRDO) - Modèle d'entreprise: Strots de revenus

Frais de licence de propriété intellectuelle

Au quatrième trimestre 2023, Credo Technology Group a déclaré des revenus de licence de propriété intellectuelle de 4,2 millions de dollars, ce qui représente 22% du total des revenus de l'entreprise.

Catégorie de licence	Revenus annuels	Pourcentage du total des revenus
Licence IP Serdes	3,1 millions de dollars	16.5%
Licence PHY IP	1,1 million de dollars	5.5%

Ventes de produits de solutions de connectivité

Au cours de l'exercice 2023, le CRETO a généré 18,7 millions de dollars à partir des ventes directes de produits de solutions de connectivité.

• Solutions de connectivité Ethernet 100g / 400g: 12,3 millions de dollars
• Produits Pam4 Retimer: 4,2 millions de dollars
• Modules de connectivité personnalisés: 2,2 millions de dollars

Services de conception et d'ingénierie personnalisés

Les services de conception personnalisés ont généré 6,5 millions de dollars de revenus pour l'exercice 2023.

Contrats de consultation technologique

Les contrats de consultation technologique ont contribué 2,8 millions de dollars au total des revenus en 2023.

Redevances des implémentations de conception de semi-conducteurs

Les redevances de mise en œuvre de la conception de semi-conducteurs ont totalisé 3,6 millions de dollars en 2023.

Segment de conception de semi-conducteurs	Revenus de redevances
Solutions de centre de données	2,1 millions de dollars
Infrastructure de réseautage	1,5 million de dollars

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.