Credo Technology Group Holding Ltd (CRDO): Modelo de negócios Canvas [Jan-2025 Atualizado]

No cenário em rápida evolução da conectividade de alta velocidade e tecnologia de semicondutores, o Credo Technology Group Holding Ltd (CRDO) surge como inovador essencial, impulsionando a transformação da infraestrutura digital através de tecnologias inovadoras de Serdes. Ao preencher perfeitamente as demandas complexas de data centers, computação em nuvem e telecomunicações, o modelo de negócios exclusivo da CREDO representa um plano estratégico para o avanço tecnológico, oferecendo soluções de ponta que redefine o desempenho, a eficiência de energia e a conectividade no ecossistema digital. Sua abordagem vai além do mero desenvolvimento de produtos, elaborando uma intrincada rede de parcerias, recursos e proposições de valor que as posicionam na vanguarda da inovação tecnológica da próxima geração.

Credo Technology Group Holding Ltd (CRDO) - Modelo de negócios: Parcerias -chave

Fabricantes de semicondutores e empresas de design

O Credo Technology Group estabeleceu parcerias estratégicas com os seguintes fabricantes de semicondutores:

Parceiro	Foco de colaboração	Detalhes da parceria
TSMC	Fabricação avançada de nó de processo	Tecnologias de processo de semicondutores de 5 nm e 3Nm
Samsung Foundry	Design de interconexão de alta velocidade	Desenvolvimento colaborativo de tecnologias Serdes

Provedores de tecnologia de interconexão de alta velocidade

As principais parcerias na tecnologia de interconexão de alta velocidade incluem:

• Sinopsys para design e verificação de IP
• Sistemas de design de cadência para automação de design eletrônico
• Arm Limited para licenciamento de IP de semicondutores

Data Center e empresas de computação em nuvem

Parceiro	Escopo de colaboração	Integração de tecnologia
Microsoft Azure	Soluções de infraestrutura em nuvem	Tecnologias PAM4 e 112G Serdes
Amazon Web Services	Soluções de interconexão de alta velocidade	Design Serdes personalizado para infraestrutura em nuvem

Instituições de pesquisa e universidades

As colaborações de pesquisa acadêmica incluem:

• Universidade de Stanford - pesquisa avançada de semicondutores
• Instituto de Tecnologia de Massachusetts (MIT) - Inovação de interconexão de alta velocidade
• Universidade da Califórnia, Berkeley - Parcerias de Engenharia Elétrica

Investimento de parceria: US $ 12,5 milhões em colaborações de P&D para 2024

Credo Technology Group Holding Ltd (CRDO) - Modelo de negócios: Atividades -chave

Desenvolvimento de Serdes de alta velocidade (Serializer/Deserializer) Tecnologias

O Credo Technology Group se concentra no desenvolvimento de tecnologias avançadas de Serdes com métricas de desempenho específicas:

Especificação de tecnologia	Métrica de desempenho
Velocidade de serdes	112 Gbps PAM-4
Eficiência de poder	0,3 pj/bit
Integridade do sinal	-20 dB de conformidade do canal

Projetando soluções avançadas de conectividade

As principais áreas de desenvolvimento da solução de conectividade incluem:

• Interfaces Ethernet de alta velocidade
• Conectividade PCIE 5.0 e PCIE 6.0
• Data Center Interconect Technologies

Pesquisa e desenvolvimento de IP semicondutor

Detalhes do investimento em P&D:

Ano fiscal	Despesas de P&D
2023	US $ 26,4 milhões
2022	US $ 22,1 milhões

Inovação do produto em transmissão de dados de alta velocidade

Áreas de foco na inovação:

• 112G/224G Serdes IP
• Interfaces de alta velocidade de baixa potência
• Algoritmos avançados de processamento de sinal

Criação e licenciamento de propriedade intelectual

Métricas de portfólio IP:

Categoria IP	Número de patentes
Tecnologias Serdes	37 Patentes concedidas
Processamento de sinal	22 patentes pendentes

Credo Technology Group Holding Ltd (CRDO) - Modelo de negócios: Recursos -chave

Especialização avançada de design de semicondutores

A experiência em design de semicondutores do Credo Technology Group se concentra em soluções de conectividade de alta velocidade. A partir do quarto trimestre 2023, a empresa possui:

• 25 engenheiros de design de semicondutores principais
• Especializado em tecnologias 112G e 224G Serdes

Categoria de experiência em design	Número de especialistas
Engenheiros de Design Sênior	12
Engenheiros de design de nível médio	8
Engenheiros de design júnior	5

Tecnologias de conectividade de alta velocidade proprietárias

O portfólio de tecnologia da Credo inclui:

• Tecnologias de sinalização PAM-4 e NRZ
• 112g e 224g Serdes IP Solutions

Talento de engenharia e know-how técnico

Força de trabalho de engenharia total em dezembro de 2023: 87 funcionários

Departamento de Engenharia	Número de funcionários
Engenharia de P&D	52
Desenvolvimento de produtos	22
Suporte técnico	13

Portfólio de propriedade intelectual

Métricas de propriedade intelectual em 2023:

• Total de patentes arquivadas: 37
• Patentes ativas: 24
• Aplicações de patentes pendentes: 13

Infraestrutura de pesquisa e desenvolvimento

Investimento de P&D no ano fiscal de 2023: US $ 24,7 milhões

Categoria de investimento em P&D	Quantia
Ferramentas de design de hardware	US $ 6,3 milhões
Desenvolvimento de software	US $ 5,9 milhões
Equipamento de teste	US $ 4,5 milhões
Custos de pessoal	US $ 8 milhões

Credo Technology Group Holding Ltd (CRDO) - Modelo de negócios: proposições de valor

Soluções de conectividade de alto desempenho para data centers

O Credo Technology Group oferece soluções de conectividade com as seguintes especificações:

Métrica de desempenho	Especificação
Taxa de transferência de dados	112 Gbps Pam-4 Serdes
Eficiência de poder	Menos de 1 pj/bit
Densidade de largura de banda	Até 3,2 Tbps por pista

Tecnologia Serdes de baixa potência e alta velocidade

A tecnologia Serdes da CREDO fornece:

• Baixo consumo de energia a 0,4 pj/bit
• Transmissão de sinal de alta velocidade até 112 Gbps
• Recursos de correção de erro avançado

IP de semicondutores avançados para ambientes de rede complexos

Característica de IP	Especificação técnica
Núcleos IP	112g e 56g Serdes IP
Segmentos de mercado	Data Centers de Hipercala, Networking, AI/Machine Learning
Compatibilidade	Vários nós de processo semicondutores

Soluções inovadoras para aplicações intensivas em largura de banda

As soluções de largura de banda incluem:

• Suporte de infraestrutura de AI/aprendizado de máquina
• Interconexões de computação de alto desempenho
• Soluções de rede em nuvem e corporativa

Soluções tecnológicas de ponta para infraestrutura digital

Área de tecnologia	Solução específica
Interconexão óptica	112G Soluções de cabo elétrico ativo (AEC)
Plataformas de rede	Tecnologias de sinalização PAM-4 e NRZ
Foco no mercado	Data Centers de Hypercale, rede corporativa

Credo Technology Group Holding Ltd (CRDO) - Modelo de negócios: Relacionamentos do cliente

Suporte técnico e consulta

Credo Technology Group Holding Ltd fornece suporte técnico por meio de canais dedicados com as seguintes métricas:

Canal de suporte	Tempo de resposta	Horário de apoio anual
Suporte direto de engenharia	4-6 horas	8.760 horas
Portal técnico on -line	Acesso 24/7	Contínuo
Engenheiros de suporte dedicados	Escalada imediata	15 engenheiros em tempo integral

Serviços de design e engenharia personalizados

A Credo oferece soluções especializadas de engenharia personalizadas com os seguintes recursos:

• Design IP Serdes personalizado
• Desenvolvimento de Phy específico para aplicação
• Engenharia Avançada de Integridade de Sinais

Abordagem de parceria de tecnologia de longo prazo

As métricas de parceria demonstram o compromisso da Credo com os relacionamentos de longo prazo dos clientes:

Métrica de Parceria	Valor
Retenção média de clientes	87.5%
Repetir a taxa de cliente	72.3%
Duração média da parceria	5,6 anos

Atualizações e briefings de tecnologia regulares

Credo mantém a comunicação tecnológica por meio de engajamento estruturado:

• Briefres de tecnologia trimestrais
• Apresentações anuais de roteiro tecnológico
• Newsletter técnico mensal

Desenvolvimento de produtos colaborativos

Métricas de desenvolvimento colaborativo:

Métrica de Desenvolvimento	Valor anual
Projetos de desenvolvimento conjunto	12 projetos
Iniciativas de co-innovatação de clientes	8 iniciativas
Investimento de colaboração em P&D	US $ 4,2 milhões

Credo Technology Group Holding Ltd (CRDO) - Modelo de negócios: canais

Equipe de vendas diretas

No quarto trimestre 2023, o Credo Technology Group mantém uma equipe de vendas direta dedicada focada em soluções de conectividade semicondutores de alto desempenho. A equipe de vendas tem como alvo clientes corporativos em mercados de data center, inteligência artificial e networking.

Métricas de canal de vendas	2023 dados
Representantes de vendas diretas	15-20 Profissionais de vendas técnicas especializadas
Segmentos de clientes -alvo	Data Centers da Enterprise, infraestrutura de IA, rede
Ciclo médio de vendas	6-9 meses para soluções corporativas

Conferências de Tecnologia e Eventos da Indústria

A Credo participa ativamente de conferências importantes de semicondutores e tecnologia para mostrar inovações de produtos.

• OFC (conferência de comunicação de fibra óptica)
• Semicon West
• Conferência Internacional de Circuitos de Estado Sólido IEEE
• Conferência Mundial do Data Center

Materiais de marketing técnico online

O CREDO aproveita os recursos técnicos digitais abrangentes para o envolvimento do cliente.

Ativo de marketing digital	Quantidade
Folhas de dados técnicos	Mais de 25 documentos de produto ativo
White Papers	12 publicações técnicas detalhadas
Vídeos de demonstração de produtos	8-10 Vídeos de produtos técnicos

Parcerias da indústria de semicondutores

As parcerias estratégicas são fundamentais para a estratégia de canal da Credo.

• Colaboração com os principais fabricantes de semicondutores
• Acordos de desenvolvimento conjunto com integradores de sistemas
• Parcerias de licenciamento de tecnologia

Marketing Digital e Publicações Técnicas

A CREDO utiliza estratégias de marketing digital direcionadas para alcançar os tomadores de decisão técnicos.

Canal de marketing digital	Métricas de engajamento
Postagens técnicas do LinkedIn	Mais de 5.000 seguidores profissionais
Blog técnico	Publicações mensais de artigo técnico
Webinars da indústria de semicondutores	Série de webinares técnicos trimestrais

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

Operadores de data center

A Credo Technology atende operadores de data center com soluções de conectividade de alta velocidade. No quarto trimestre 2023, o mercado global de data center foi avaliado em US $ 287,7 bilhões.

Segmento de clientes	Tamanho de mercado	Taxa de crescimento
Operadores de data center	US $ 287,7 bilhões	14,2% CAGR

Provedores de computação em nuvem

A Credo tem como alvo os principais provedores de computação em nuvem que exigem tecnologias avançadas de interconexão.

• Amazon Web Services
• Microsoft Azure
• Plataforma do Google Cloud

Empresas de infraestrutura de telecomunicações

O tamanho do mercado de infraestrutura de telecomunicações atingiu US $ 371,4 bilhões em 2023.

Principais clientes de telecomunicações	Penetração de mercado
AT&T	12.3%
Verizon	10.7%

Empresas de rede corporativa

O mercado de rede corporativo, avaliado em US $ 242,6 bilhões em 2023.

• Sistemas Cisco
• Redes de zimbro
• Redes Arista

Organizações de computação em hiperescala

O mercado de computação em escala de hiperescala se projetou para atingir US $ 344,5 bilhões até 2025.

Cliente de hiperescala	Investimento anual
Meta (Facebook)	US $ 23,4 bilhões
Google	US $ 19,7 bilhões

Credo Technology Group Holding Ltd (CRDO) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, o Credo Technology Group registrou despesas de P&D de US $ 27,4 milhões, representando 47,3% da receita total.

Ano fiscal	Despesas de P&D	Porcentagem de receita
2023	US $ 27,4 milhões	47.3%
2022	US $ 22,1 milhões	42.6%

Aquisição e retenção de talentos de engenharia

O Credo Technology Group investiu aproximadamente US $ 8,3 milhões em estratégias de aquisição e retenção de talentos durante o ano fiscal de 2023.

• Salário médio de engenharia: US $ 145.000 por ano
• Força de trabalho total de engenharia: 134 funcionários
• Taxa de retenção de funcionários: 88%

Desenvolvimento da Propriedade Intelectual

A empresa gastou US $ 5,6 milhões em desenvolvimento de propriedade intelectual no ano fiscal de 2023.

Categoria IP	Investimento	Número de patentes
IP semicondutor	US $ 3,2 milhões	42 patentes
Tecnologias de conectividade	US $ 2,4 milhões	28 patentes

Custos de fabricação e prototipagem

As despesas de fabricação e prototipagem para o ano fiscal de 2023 totalizaram US $ 12,7 milhões.

• Custos de prototipagem: US $ 4,3 milhões
• Configuração de fabricação: US $ 6,2 milhões
• Controle de qualidade: US $ 2,2 milhões

Investimentos de vendas e marketing

O Credo Technology Group alocou US $ 7,9 milhões aos esforços de vendas e marketing no ano fiscal de 2023.

Canal de marketing	Investimento	Porcentagem de orçamento de marketing
Marketing digital	US $ 3,5 milhões	44.3%
Feiras e conferências	US $ 2,1 milhões	26.6%
Vendas diretas	US $ 2,3 milhões	29.1%

Credo Technology Group Holding Ltd (CRDO) - Modelo de negócios: fluxos de receita

Taxas de licenciamento de propriedade intelectual

No quarto trimestre 2023, o Credo Technology Group registrou receita de licenciamento de propriedade intelectual de US $ 4,2 milhões, representando 22% da receita total da empresa.

Categoria de licenciamento	Receita anual	Porcentagem da receita total
Licenciamento IP de Serdes	US $ 3,1 milhões	16.5%
Licenciamento de IP Phy	US $ 1,1 milhão	5.5%

Vendas de produtos de soluções de conectividade

No ano fiscal de 2023, o CREDO gerou US $ 18,7 milhões em vendas diretas de produtos de soluções de conectividade.

• Soluções de conectividade Ethernet 100G/400G: US $ 12,3 milhões
• Produtos de retímeros PAM4: US $ 4,2 milhões
• Módulos de conectividade personalizados: US $ 2,2 milhões

Serviços de design e engenharia personalizados

Os serviços de design personalizados geraram US $ 6,5 milhões em receita para o ano fiscal de 2023.

Contratos de consulta de tecnologia

Os contratos de consulta de tecnologia contribuíram com US $ 2,8 milhões para a receita total em 2023.

Royalties de implementações de design de semicondutores

Os royalties de implementação do projeto de semicondutores totalizaram US $ 3,6 milhões em 2023.

Segmento de design de semicondutores	Receita de royalties
Soluções de data center	US $ 2,1 milhões
Infraestrutura de rede	US $ 1,5 milhão

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.