Credo Technology Group Holding Ltd (CRDO): Business Model Canvas [Dec-2025 Updated]

You're looking at a company, Credo Technology Group Holding Ltd, that's clearly riding the AI wave, but how exactly does their engine run? Honestly, after two decades analyzing tech plays, what stands out here is the razor-sharp focus on high-speed, power-efficient connectivity for the hyperscalers. To give you a quick snapshot before we dive into the full canvas: they clocked total revenue for fiscal year 2025 at $436.8 million, and they're sitting on $431.3 million in cash and equivalents as of Q4 fiscal 2025, which is defintely solid. But here's the key detail you need to see: a single customer drove 67% of that FY2025 revenue, showing both massive dependency and deep partnership. Let's break down the nine blocks of their Business Model Canvas to see exactly how they built this high-stakes, high-growth operation below.

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

You're looking at the core relationships Credo Technology Group Holding Ltd has locked in to power its growth in high-speed connectivity, especially for AI infrastructure. These aren't just casual chats; these are deep technical and financial ties.

TSMC and Samsung Foundry for advanced process node manufacturing (e.g., 5nm, 3nm)

Credo Technology Group Holding Ltd relies heavily on foundry partners for its advanced IP. A key recent milestone was the launch of its 224G PAM4 SerDes IP on TSMC's (NYSE: TSM) N3 process technology in October 2025, which is essential for next-generation high-speed data transmission. Furthermore, the company's comprehensive SerDes IP family supports a wide range of demands, complementing its available IP on TSMC's N5 process technology.

The specific financial commitment or manufacturing volume with Samsung Foundry for 2025 is not publicly detailed in the latest reports, so I can only confirm the TSMC advancements.

Strategic alliances with hyperscalers like Amazon, including a warrant issuance

Hyperscalers are central to Credo Technology Group Holding Ltd's revenue base. In the third quarter of the fiscal year ending in 2025, management revealed that Amazon was the largest hyperscaler customer, accounting for a massive 86% of the company's Q3 revenues. This relationship is cemented by a financial agreement; Credo Technology Group Holding Ltd issued a warrant to Amazon.com NV Investment Holdings LLC during fiscal year 2022 to purchase up to 4.1 million ordinary shares at an exercise price of $10.74 per share. Hitting revenue targets under this warrant requires a certain dollar volume of product shipments.

The customer concentration risk has been high, with one customer accounting for 67% of total fiscal 2025 revenue. However, diversification is improving; in the second quarter of fiscal 2026, four hyperscalers each contributed more than 10% of total revenues, and a fifth hyperscaler began contributing initial revenues.

Collaboration with Arm in its Total Design ecosystem for tailor-made silicon

Credo Technology Group Holding Ltd joined the Arm Total Design ecosystem in October 2025 to accelerate custom silicon development. This alliance integrates Credo Technology Group Holding Ltd's SerDes and mixed-signal DSP IP with Arm's processor architecture, specifically the Arm Neoverse Compute Subsystems (CSS). Credo Technology Group Holding Ltd brings its SerDes IP portfolio, which includes signaling options spanning from 28G to 224G, to this multivendor platform.

EDA/IP providers like Synopsys and Cadence for design and verification

Credo Technology Group Holding Ltd's engagement with Electronic Design Automation (EDA) and IP providers like Synopsys and Cadence for design and verification workflows is a standard part of its semiconductor development process. Specific financial terms or statistical data detailing the scope of these design and verification partnerships for fiscal year 2025 are not detailed in the latest public disclosures.

Here's a quick look at the known partnership structure:

The reliance on a few hyperscalers is a near-term risk, but the emergence of a fifth customer in Q2 FY2026 suggests a positive shift in customer base stability.

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

You're looking at the core engine room of Credo Technology Group Holding Ltd, the activities that turn their IP into revenue, especially with the AI build-out accelerating. Honestly, it's all about speed, density, and keeping the lights on without power spikes.

Proprietary SerDes and DSP technology research and development

This is where Credo plants the seeds for future growth, constantly pushing the limits of signal integrity. You see this commitment reflected directly in their spending.

For the full fiscal year 2025, Credo Technology Group Holding Ltd recorded research and development expenses of $0.146B. Looking at the trailing twelve months ending July 31, 2025, that figure rose to $0.168B, representing a year-over-year increase of 62.66%. More recently, for the second quarter of fiscal year 2026, the reported R&D Expenses were $57.9M. This sustained investment supports their proprietary Serializer/Deserializer (SerDes) IP and Digital Signal Processor (DSP) technologies, which are the foundation for their high-speed connectivity portfolio.

Designing and manufacturing Active Electrical Cables (AECs) and optical DSPs

The tangible output from that R&D is their product line, with Active Electrical Cables (AECs) leading the charge. These aren't just cables; they are engineered solutions for high-density, high-speed environments.

The AEC product line is consistently cited as the fastest-growing segment for Credo Technology Group Holding Ltd. These AECs are now displacing traditional optical rack-to-rack connections up to 7 meters. Their solutions are optimized for port speeds ranging from 100G up to the emerging 1.6T (Terabits per second) markets. The Integrated Circuit (IC) business, which includes retimers and optical DSPs, also shows strong momentum.

Here's a snapshot of the product performance and technology focus:

System-level development and integration for complex AI clusters

Credo Technology Group Holding Ltd's success is intrinsically tied to the massive build-out of AI infrastructure. Their key activity here is ensuring the system-level connectivity works reliably across these enormous clusters.

The demand from hyperscalers powering advanced AI services is the primary growth fuel. For the full fiscal year 2025, Credo Technology Group Holding Ltd achieved revenue of $436.8 million, a 126% year-over-year increase. The second quarter of fiscal year 2026 saw revenue hit $268.0 million, marking a 272.1% increase year-over-year. Management forecasts total revenue for fiscal year 2026 to exceed $800 million. The company expects Q3 fiscal 2026 revenue to be between $335.0 million and $345.0 million. This growth is directly linked to the scale of AI clusters, which CEO Bill Brennan noted are now measured in hundreds of thousands of GPUs.

Global supply chain management for semiconductor production

Managing the flow of these specialized semiconductors is a critical, ongoing activity that directly impacts their ability to meet surging demand. While the results are strong, the operational reality includes managing key customer dependencies and potential constraints.

Credo Technology Group Holding Ltd is seeing significant revenue concentration from its largest customers, which is a direct result of their system-level integration success in AI build-outs. In the second quarter of fiscal year 2026, 4 hyperscalers each contributed over 10% of total revenue, and a fifth customer began initial revenue contribution. This compares to the fourth quarter of fiscal year 2025, where three hyperscalers each contributed over 10% of revenue. The company has noted that managing potential supply chain constraints and a planned increase in operating expenses are critical factors for sustaining momentum.

Finance: draft 13-week cash view by Friday.

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

You're looking at the core assets Credo Technology Group Holding Ltd relies on to deliver its value proposition in the high-speed connectivity space. These aren't just ideas; they are tangible technological advantages and financial backing.

Proprietary Serializer/Deserializer (SerDes) and DSP IP

Credo Technology Group Holding Ltd's offerings are fundamentally built upon its proprietary Serializer/Deserializer (SerDes) and Digital Signal Processor (DSP) technologies, which are offered as licensed IP and as chiplets. The technological advancement here is clear in the data rates they support.

The portfolio includes a comprehensive SerDes IP family with signaling options spanning from 28G up to the latest 224G. This is critical for enabling the next generation of networking.

Here's a look at the IP evolution and target markets:

The company's connectivity solutions are optimized for optical and electrical Ethernet applications covering several port markets.

• 100G (Gigabits per second)
• 200G
• 400G
• 800G
• Emerging 1.6T (Terabits per second)

Advanced semiconductor design expertise for 112G and 224G technologies

The expertise is demonstrated by the successful introduction of the 224G PAM4 SerDes IP on TSMC's N3 technology. This doubles the data rate from the 112G PAM4 predecessor, directly supporting the design of 1.6Tbps connectivity solutions. The company also offers a wide range of reach options for its IP, including long reach plus (LR+), long reach (LR), medium reach (MR), and very short reach plus (VSR).

Cash and equivalents of $431.3 million at the end of Q4 fiscal 2025

Credo Technology Group Holding Ltd ended Q4 fiscal 2025 with a strong balance sheet position. This financial resource provides a substantial buffer for continued investment.

The specific figure for this key resource is:

Cash and equivalents and short-term investments balance as of May 3, 2025 (end of Q4 fiscal 2025) was $431.3 million. This represented an increase of $52.1 million from the third quarter. Also, the company generated $54.2 million in Free Cash Flow for the quarter.

Patents and trade secrets covering high-speed, power-efficient connectivity

The protection of intellectual property is a core resource. This is evidenced by the licensing of specific IP assets.

For example, in November 2025, Credo Technology Group Holding Ltd licensed its Active Electrical Cable Patents to The Siemon Company. The core technology is designed to deliver industry-leading performance and power efficiency across various process nodes, from 28nm up to 3nm for some IP offerings.

Finance: draft 13-week cash view by Friday.

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.

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:

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:

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:

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:

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:

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.