Summary by Moomoo AI
Credo Technology Group Holding Ltd announced Q1 FY2025 financial results, reporting revenue of $59.7 million, a 70% YoY increase. Product revenue reached a record $57.3 million, up 30% QoQ. The company posted a GAAP net loss of $9.5 million, or $0.06 per share, while non-GAAP net income was $7.0 million, or $0.04 per diluted share.GAAP gross margin stood at 62.4%, with non-GAAP gross margin at 62.9%. The company ended the quarter with $398.6 million in cash and short-term investments. Credo's CEO attributed growth to AI infrastructure deployments and expects continued contributions from their high-speed connectivity solutions.For Q2 FY2025, Credo projects revenue between $65.0-$68.0 million, GAAP gross margin of 61.3-63.3%, and non-GAAP gross margin of 62.0-64.0%. GAAP operating expenses are expected to be $51.3-$53.3 million, with non-GAAP operating expenses forecasted at $36.0-$38.0 million.
