Credo Technology reported a 157% year-over-year revenue increase in Q4 to $437 million, with a gross margin of 68.3% and a non-GAAP operating margin of 49.6%, indicating strong profitability. The company is reducing customer concentration risk, with the top three clients now representing 77% of revenue and neocloud clients expected to exceed 20%. Future growth is expected to accelerate, driven by an optical revenue inflection around FY2027, including acquisitions like DustPhotonics and ZeroFlap Optics, projecting over 50% year-over-year growth into FY2028. The stock is rated a buy with a $295 price target, offering more than 37% upside potential.
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Credo generated over $1.3 billion in revenue in fiscal 2026 and expects more than 80% growth in fiscal 2027, fueled by strong sales in optical products like ZeroFlap optics, DSPs, and silicon photonics. The acquisition of Dust Photonics has expanded ...
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