Summary by Moomoo AI
Credo Technology reported Q1 fiscal 2025 revenue of $59.7 million, a 70.1% increase YoY, driven by a 79.3% jump in product sales to $53.8 million. The surge was primarily attributed to increased AEC product shipments, particularly to a second hyperscale data center customer. Despite the growth, the company posted a net loss of $9.5 million, an improvement from the $11.7 million loss in Q1 fiscal 2024.Gross margin improved to 62.4%, up 3.2 percentage points YoY, due to improved economies of scale in product sales. Operating expenses rose significantly, with R&D expenses increasing 34.3% to $30.4 million and SG&A expenses up 70% to $21.3 million, primarily due to higher share-based compensation and personnel costs.Credo ended the quarter with $103.9 million in cash and cash equivalents, up from $66.9 million at the end of fiscal 2024. The company believes its current financial position is sufficient to meet operational needs for at least the next 12 months. Credo continues to focus on innovative connectivity solutions for the rapidly growing data infrastructure market, particularly in AI and high-speed Ethernet applications.
