Credo Technology Group Holding Ltd CRDO

Credo Technology Group Holding Ltd filed its 10-K on 15 June 2026 with numbers that look like a data-centre operator’s wet dream: $1.34 billion in revenue, $472.3 million in net income, and a $1.16 billion cash hoard. The company’s balance sheet now reads like a spreadsheet written by someone who expects AI workloads to keep arriving on time-never mind the occasional link flap that can still derail a hyperscale cluster. Revenue for fiscal 2026 rose by $898.3 million versus fiscal 2025, driven by volume unit shipments of AEC products, according to the filing.

Credo doesn’t sell software demos or vapourware; it ships 800G optical transceivers that let hyperscalers push traffic at 1.6T speeds while predicting and preventing link flaps before they hit the network. The company’s 800G 2xDR4 ZeroFlap (ZF) devices are positioned to accelerate “time to first token” in AI clusters-broadly giving servers a pair of binoculars to spot network potholes before they flatten throughput. If your AI job is racing to finish first, Credo’s hardware is the pit crew that keeps the tyres from shredding.

Under the hood, the 10-K shows operating income of $445.0 million, diluted EPS of $2.51 on 188.2 million shares, and $232.0 million in liabilities against $2.30 billion in assets. The filing also reminds investors that even after a product is qualified and sold, a supplier’s manufacturing tweak can trigger a re-qualification cycle with customers-adding delays that can turn a happy quarter into a bonus clawback. Cash and equivalents stood at $1.16 billion, with $278.3 million in short-term investments and $250.8 million in net inventory, the latter up $174.0 million versus the prior period. Operating cash flow clocked in at $464.3 million, while capex was $57.3 million and R&D ran $279.4 million.

For investors chasing a chart, Credo trades on the Nasdaq under CRDO; the source rail for price and volume is the Nasdaq exchange data feed. The company’s story isn’t built on candlesticks but on the real-world plumbing that keeps hyperscale networks alive and AI jobs running. Whether the stock reflects that plumbing or the next supplier hiccup is the tension the file tracks.

The company’s Special PSUs are 100% performance-based, with six progressively challenging hurdles tied to revenue and stock price growth. The revenue goal envisions trailing-four-quarter revenue nearly quadrupling to $5 billion by the end of fiscal 2031. Insider filings show five Form 4s filed between 15 June and 18 June, hinting at rebalancing or pre-planned liquidity events. Credo also disclosed in its 10-K that it relies on IT systems across vendors, suppliers, and customers-meaning any glitch in a cloud instance or a supplier’s network can echo into Credo’s own operations. The filing stops short of naming names but is explicit: delays and qualification cycles are baked into the model.

The evidence here is thick on filings and thin on daily price action, so the file leans on what the company can prove: balance-sheet muscle, product traction in high-speed optics, and a compensation plan that will only pay out if the growth story holds. What’s missing is continuous disclosure on customer concentration, specific hyperscaler names, and any granularity on AEC product mix versus other lines. A breakdown of revenue by end-market and a list of top customers would deepen the file considerably.