Credo Technology Group Holding Ltd has recently released its financial results for the fourth quarter and full fiscal year of 2024, which concluded on April 27, 2024. The report outlined several notable financial accomplishments, including a year-over-year revenue increase of 89.4%, resulting in a total revenue of $60.8 million. The company also disclosed a GAAP gross margin of 65.8% and a non-GAAP gross margin of 66.1%, along with a non-GAAP net income of $11.8 million.
Bill Brennan, President and CEO of Credo, conveyed the company’s success in fiscal 2024, attributing it to significant contributions from their product and license categories, particularly within their customers’ AI deployments. Looking ahead, Credo foresees heightened demand for AI infrastructure.
Looking to the future, the company has projected a revenue range of $58.0 million to $61.0 million for the first quarter of fiscal year 2025, along with a forecasted GAAP gross margin ranging between 62.3% and 64.3%, and a non-GAAP gross margin between 63.0% and 65.0%. Additionally, they anticipate GAAP operating expenses to fall within the range of $49.4 million to $51.4 million, and non-GAAP operating expenses between $35.0 million and $37.0 million.
In order to delve further into these financial results, Credo will be hosting a conference call on May 29, 2024, at 2:00 p.m. Pacific Time. Stakeholders are encouraged to register for the call and participate in the webcast.
The company also furnished a comprehensive breakdown of their non-GAAP financial measures, emphasizing the exclusion of certain expenses to provide a clearer understanding of their financial performance. While these measures are salient for both internal and external assessments, Credo remains steadfast in their commitment to upholding transparency and adherence to GAAP standards.
As part of their forward-looking statements, Credo is concentrated on delivering high-speed connectivity solutions to meet the escalating bandwidth demands in the data infrastructure market. With a dedication to surmounting bandwidth barriers, the company aspires to furnish innovative and energy-efficient solutions for their clientele.
To sum up, Credo Technology Group Holding Ltd has exhibited noteworthy growth and triumph in their financial results for the fourth quarter and fiscal year 2024. Their emphasis on customer-centric, high-performance solutions positions them for sustained success in the years ahead. For further information, interested parties may contact Credo’s Investor Relations Department.