Credo Technology Group(NASDAQ:CRDO) 
Credo Technology Group Holding Ltd offers various high-speed connectivity solutions for electrical and optical Ethernet applications in the United States, Mexico, Malaysia, Hong Kong and internationally. The company is headquartered in San Jose, California.
Website: https://credosemi.com/
Founded: 2008
Founder: Chi Fung Cheng / Yat Tung Lam
CEO: William J. Brennan
Sector: Technology
Industry: General
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At a glance:
- AI/Cloud-Driven Demand as Primary Growth Engine: Credo’s growth is closely tied to hyperscale and AI data center buildouts, where higher-speed interconnect needs (inside racks and between systems) are driving adoption of its connectivity solutions.
- Product Mix Shift Toward Higher-Speed Interconnects: Momentum is centered on moving customers to newer, higher-bandwidth offerings, which can expand average selling prices and improve competitive positioning as networking speeds step up across data center architectures.
- Customer Concentration and Hyperscaler Dependency: Revenue can be meaningfully influenced by purchasing patterns and qualification timelines at a small number of large customers, creating potential volatility tied to project timing, inventory digestion, or capex cycles.
- Gross Margin and Operating Leverage as Key Swing Factors: As volumes scale, mix and manufacturing costs become critical to margin performance; incremental revenue growth can translate into improved profitability if operating expenses rise more slowly than sales.
- Competitive and Qualification Cycle Risks: The company operates in a highly competitive interconnect ecosystem with demanding qualification requirements; delays in customer approvals or faster competitive roadmaps could impact growth timing and share capture.
Bull Thesis:
- Strong Demand for High-Speed Connectivity: Credo is well-positioned to capitalize on the insatiable demand for higher bandwidth and faster data rates (400G, 800G, 1.6T) driven by cloud computing, AI/ML, and data center expansion, where their SerDes and optical DSPs are critical components.
- Technological Differentiation in Power Efficiency: Credo's focus on low-power, high-performance connectivity solutions provides a competitive advantage, especially as data centers increasingly prioritize energy efficiency to manage operational costs and environmental impact.
- Expanding Design Wins and Customer Adoption: Continued success in securing design wins with leading hyperscale cloud providers and enterprise customers validates their technology and product roadmap, paving the way for significant revenue growth as these designs ramp into production.
- Strategic Position in AI/ML Infrastructure: The massive growth in AI/ML workloads requires robust, high-speed, and low-latency interconnects. Credo's technology is crucial for building the underlying infrastructure that supports AI clusters, offering a significant long-term growth vector.
Bear Thesis:
- Intense Competition from Established Players: Credo operates in a highly competitive market dominated by larger, well-capitalized companies like Broadcom and Marvell, which possess extensive resources, broader product portfolios, and deep-rooted customer relationships, potentially limiting Credo's market share gains.
- Customer Concentration Risk: A significant portion of Credo's revenue may be concentrated among a few large hyperscale customers. A loss of a major design win or a slowdown in spending from one of these key customers could have a material adverse impact on financial performance.
- Macroeconomic Headwinds and Data Center Spending Volatility: While long-term trends are positive, short-term macroeconomic downturns or periods of inventory digestion and reduced capital expenditure by data center operators could lead to revenue volatility and slower growth than anticipated.
- High R&D Costs and Path to Consistent Profitability: Developing cutting-edge connectivity technology requires substantial and ongoing R&D investment. This, coupled with potential pricing pressures, could make it challenging for Credo to achieve consistent profitability and positive free cash flow in the near to medium term.
Main Competitors:
- Broadcom Inc. ($AVGO) (Trident/Tomahawk switches, Jericho routers, SerDes IP, optical components), Broadcom is a dominant force in data center networking, offering a comprehensive portfolio of high-speed Ethernet switches, routers, custom ASICs, and a vast library of high-performance SerDes IP. They compete with Credo by providing integrated solutions that include their own SerDes, optical DSPs, and line card devices, often directly to hyperscalers and network equipment manufacturers, reducing the need for third-party components like Credo's.
- Marvell Technology, Inc. ($MRVL) (Ethernet controllers, optical DSPs (e.g., for 400G/800G), custom ASICs, SerDes IP), Marvell is a key player in data infrastructure, offering a broad range of solutions for enterprise, cloud, and carrier markets. They compete with Credo through their strong portfolio of high-speed Ethernet controllers, optical DSPs (especially after acquiring Inphi), and custom ASIC capabilities that integrate their own SerDes IP, directly addressing the need for high-bandwidth connectivity in data centers and AI clusters.
- Alphawave Semi plc ($AWE.L) (High-speed SerDes IP, chiplets, and connectivity solutions (e.g., PCIe, CXL, Ethernet)), Alphawave Semi is a direct competitor in the high-speed connectivity IP market, specializing in SerDes IP for various standards like PCIe, CXL, and Ethernet. They compete with Credo by licensing their advanced SerDes IP to chip designers and system integrators who need to enable high-bandwidth communication within their ASICs and SoCs, particularly for data center, AI, and automotive applications.
- Rambus Inc. ($RMBS) (High-speed SerDes IP (e.g., PCIe, CXL), memory interface IP), While historically known for memory interface IP, Rambus has expanded its portfolio to include high-speed SerDes IP, particularly for PCIe and CXL interfaces, which are crucial for interconnecting CPUs, GPUs, and accelerators in data centers. They compete with Credo by offering alternative SerDes IP solutions to chip designers looking to integrate high-performance, low-latency connectivity into their next-generation silicon.
Moat:
Credo Technology Group operates in a highly competitive and technologically demanding market for high-speed data center connectivity. Its primary moat lies in its specialized expertise in developing high-performance, low-power SerDes IP, optical DSPs, and line card devices crucial for next-generation data rates (e.g., 400G, 800G, 1.6T) required by AI/ML and cloud infrastructure. Competition comes from large, diversified semiconductor giants like Broadcom and Marvell, which offer integrated solutions and broader product portfolios, as well as from other specialized IP vendors such as Alphawave Semi and Rambus. Credo differentiates itself through its proprietary architectures and ability to deliver leading-edge solutions, but must continuously innovate to maintain its competitive edge against well-resourced rivals and the evolving demands of hyperscale customers.
Income Statements:
Quarterly
Annual
| Unit: USD | 2026-05-02 | 2026-01-31 | 2025-11-01 | 2025-08-02 | 2025-05-03 | 2025-02-01 | 2024-11-02 | 2024-08-03 | 2024-04-27 | 2024-01-27 | 2023-10-28 | 2023-07-29 | 2023-04-29 | 2023-01-28 | 2022-10-29 | 2022-07-30 | 2022-04-30 | 2022-01-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
total revenue | 437,003,000 | 407,012,000 | 268,027,000 | 223,074,000 | 170,025,000 | 135,002,000 | 72,034,000 | 59,714,000 | 60,782,000 | 53,058,000 | 44,035,000 | 35,095,000 | 32,088,000 | 54,270,000 | 51,369,000 | 46,467,000 | 37,526,000 | 31,800,000 |
yoy | 157.02% | 201.49% | 272.08% | 273.57% | 179.73% | 154.44% | 63.58% | 70.15% | 89.42% | -2.23% | -14.28% | -24.47% | -14.49% | 70.66% | ||||
qoq | 7.37% | 51.85% | 20.15% | 31.20% | 25.94% | 87.41% | 20.63% | -1.76% | 14.56% | 20.49% | 25.47% | 9.37% | -40.87% | 5.65% | 10.55% | 23.83% | 18.01% | |
cost of revenue | 138,936,000 | 128,144,000 | 86,981,000 | 72,706,000 | 55,837,000 | 49,076,000 | 26,522,000 | 22,431,000 | 20,816,000 | 20,500,000 | 17,918,000 | 14,305,000 | 13,503,000 | 22,283,000 | 23,410,000 | 18,804,000 | 13,757,000 | 12,688,000 |
gross profit | 298,067,000 | 278,868,000 | 181,046,000 | 150,368,000 | 114,188,000 | 85,926,000 | 45,512,000 | 37,283,000 | 39,966,000 | 32,558,000 | 26,117,000 | 20,790,000 | 18,585,000 | 31,987,000 | 27,959,000 | 27,663,000 | 23,769,000 | 19,112,000 |
yoy | 161.03% | 224.54% | 297.80% | 303.32% | 185.71% | 163.92% | 74.26% | 79.33% | 115.04% | 1.79% | -6.59% | -24.85% | -21.81% | 67.37% | ||||
qoq | 6.88% | 54.03% | 20.40% | 31.68% | 32.89% | 88.80% | 22.07% | -6.71% | 22.75% | 24.66% | 25.62% | 11.86% | -41.90% | 14.41% | 1.07% | 16.38% | 24.37% | |
gross margin % | 68.21% | 68.52% | 67.55% | 67.41% | 67.16% | 63.65% | 63.18% | 62.44% | 65.75% | 61.36% | 59.31% | 59.24% | 57.92% | 58.94% | 54.43% | 59.53% | 63.34% | 60.10% |
operating expenses: | ||||||||||||||||||
research and development | 90,534,000 | 78,483,000 | 57,916,000 | 52,448,000 | 47,582,000 | 36,261,000 | 31,742,000 | 30,409,000 | 26,921,000 | 24,236,000 | 21,736,000 | 22,638,000 | 21,403,000 | 20,530,000 | 18,158,000 | 16,683,000 | 15,461,000 | 10,995,000 |
selling, general and administrative | 51,688,000 | 50,763,000 | 44,334,000 | 37,178,000 | 31,945,000 | 23,471,000 | 22,177,000 | 21,325,000 | 20,161,000 | 14,233,000 | 13,256,000 | 12,543,000 | 13,574,000 | 11,936,000 | 11,540,000 | 11,198,000 | 11,507,000 | 8,568,000 |
total operating expenses | 142,222,000 | 129,246,000 | 102,250,000 | 89,626,000 | 80,400,000 | 59,732,000 | 53,919,000 | 51,734,000 | 47,847,000 | 38,469,000 | 34,992,000 | 35,181,000 | 34,977,000 | 34,873,000 | 29,698,000 | 27,881,000 | 30,102,000 | 19,563,000 |
operating income | 155,845,000 | 149,622,000 | 78,796,000 | 60,742,000 | 33,788,000 | 26,194,000 | -8,407,000 | -14,451,000 | -7,881,000 | -5,911,000 | -8,875,000 | -14,391,000 | -16,392,000 | -2,886,000 | -1,739,000 | -218,000 | -6,333,000 | -451,000 |
yoy | 361.24% | 471.21% | -1037.27% | -520.33% | -528.73% | -543.14% | -5.27% | 0.42% | -51.92% | 104.82% | 410.35% | 6501.38% | 158.83% | 539.91% | ||||
qoq | 4.16% | 89.89% | 29.72% | 79.77% | 28.99% | -411.57% | -41.82% | 83.37% | 33.33% | -33.40% | -38.33% | -12.21% | 467.98% | 65.96% | 697.71% | -96.56% | 1304.21% | |
operating margin % | 35.66% | 36.76% | 29.40% | 27.23% | 19.87% | 19.40% | -11.67% | -24.20% | -12.97% | -11.14% | -20.15% | -41.01% | -51.08% | -5.32% | -3.39% | -0.47% | -16.88% | -1.42% |
other income | 12,136,000 | 9,459,000 | 4,889,000 | 3,946,000 | 3,821,000 | 3,918,000 | 4,474,000 | 5,533,000 | 5,163,000 | 4,291,000 | 2,702,000 | 2,157,000 | 1,703,000 | 2,530,000 | -692,000 | -220,000 | -175,000 | -80,000 |
income before income taxes | 167,981,000 | 159,081,000 | 83,685,000 | 64,688,000 | 37,609,000 | 30,112,000 | -3,933,000 | -8,918,000 | -2,718,000 | -1,620,000 | -6,173,000 | -12,234,000 | -14,689,000 | -356,000 | -2,431,000 | -438,000 | -6,508,000 | -531,000 |
provision for income taxes | -1,121,000 | 1,939,000 | 1,049,000 | 1,289,000 | 1,021,000 | 752,000 | 292,000 | 622,000 | 450,000 | 1,248,000 | -3,179,000 | 929,000 | -365,000 | -1,153,000 | -387,000 | |||
net income | 169,102,000 | 157,142,000 | 82,636,000 | 63,399,000 | 36,588,000 | 29,360,000 | -4,225,000 | -9,540,000 | -10,477,000 | 428,000 | -6,623,000 | -11,697,000 | -15,937,000 | 2,823,000 | -3,360,000 | -73,000 | -5,355,000 | -144,000 |
yoy | 362.18% | 435.22% | -2055.88% | -764.56% | -449.22% | 6759.81% | -36.21% | -18.44% | -34.26% | -84.84% | 97.11% | 15923.29% | 197.61% | -2060.42% | ||||
qoq | 7.61% | 90.16% | 30.34% | 73.28% | 24.62% | -794.91% | -55.71% | -8.94% | -2547.90% | -106.46% | -43.38% | -26.60% | -664.54% | -184.02% | 4502.74% | -98.64% | 3618.75% | |
net income margin % | 38.70% | 38.61% | 30.83% | 28.42% | 21.52% | 21.75% | -5.87% | -15.98% | -17.24% | 0.81% | -15.04% | -33.33% | -49.67% | 5.20% | -6.54% | -0.16% | -14.27% | -0.45% |
net income per share | ||||||||||||||||||
basic | 0.93 | 0.86 | 0.47 | 0.37 | 0.22 | 0.17 | -0.03 | 0.02 | ||||||||||
diluted | 0.89 | 0.82 | 0.44 | 0.34 | 0.2 | 0.16 | -0.03 | 0.02 | ||||||||||
weighted-average shares: | ||||||||||||||||||
basic | 178,538 | 182,222 | 175,307 | 171,927 | 167,505 | 168,167 | 157,155 | 146,908 | ||||||||||
diluted | 188,232 | 192,023 | 187,659 | 184,577 | 181,158 | 182,464 | 167,160 | 156,519 | ||||||||||
revenue: | ||||||||||||||||||
product sales revenue | 261,293,000 | 217,059,000 | ||||||||||||||||
ip license revenue | 6,734,000 | 6,015,000 | ||||||||||||||||
product sales | 164,524,000 | 129,371,000 | 64,443,000 | 53,839,000 | 40,798,000 | 39,975,000 | 34,247,000 | 30,028,000 | 23,830,000 | 38,033,000 | 44,349,000 | 35,263,000 | 25,298,000 | 22,706,000 | ||||
product engineering services | 1,337,000 | 2,667,000 | 4,632,000 | 3,486,000 | 3,341,000 | 11,830,000 | 2,434,000 | 2,293,000 | 2,571,000 | 3,635,000 | 3,750,000 | 824,000 | 1,113,000 | 3,954,000 | ||||
ip license | 4,164,000 | 2,964,000 | 2,959,000 | 2,389,000 | 16,643,000 | 1,253,000 | 7,354,000 | 2,774,000 | 5,265,000 | 11,715,000 | 2,084,000 | 10,380,000 | 11,115,000 | 5,022,000 | ||||
cost of revenue: | ||||||||||||||||||
cost of product sales revenue | 55,779,000 | 48,835,000 | 25,883,000 | 21,884,000 | 20,372,000 | 18,912,000 | 17,346,000 | 13,868,000 | 13,127,000 | 21,833,000 | 22,658,000 | 17,525,000 | 13,646,000 | 12,230,000 | ||||
cost of product engineering services revenue | 58,000 | 233,000 | 571,000 | 452,000 | 290,000 | 1,471,000 | 171,000 | 293,000 | 226,000 | 228,000 | 418,000 | 100,000 | 111,000 | 410,000 | ||||
cost of ip license revenue | 8,000 | 68,000 | 95,000 | 154,000 | 117,000 | 401,000 | 144,000 | 1,179,000 | ||||||||||
net income per share | ||||||||||||||||||
basic and diluted | -0.03 | -0.06 | -0.04 | -0.08 | -0.02 | -0.01 | ||||||||||||
weighted-average shares: | ||||||||||||||||||
basic and diluted | 166,487 | 165,140 | 155,091 | 150,232 | 149,277 | 146,556 | 146,012 | 145,077 | 88,398 | 73,815 | ||||||||
impairment charges | 2,407,000 | |||||||||||||||||
benefit for income taxes | -533,750 | -2,048,000 | -537,000 | |||||||||||||||
ip license engineering services | 422,000 | 887,000 | 1,186,000 | 118,000 | ||||||||||||||
cost of ip license engineering services revenue | 150,000 | 222,000 | 334,000 | 48,000 | ||||||||||||||
weighted-average shares used for eps calculation | ||||||||||||||||||
basic and diluted | 166,487 | 165,140 | 155,091 | 150,232 | 149,277 | 146,556 | 146,012 | 145,077 | 88,398 | 73,815 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2026-05-02 | 2026-01-31 | 2025-11-01 | 2025-08-02 | 2025-05-03 | 2025-02-01 | 2024-11-02 | 2024-08-03 | 2024-04-27 | 2024-01-27 | 2023-10-28 | 2023-07-29 | 2023-04-29 | 2023-01-28 | 2022-10-29 | 2022-07-30 | 2022-04-30 | 2022-01-31 |
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assets | ||||||||||||||||||
current assets: | ||||||||||||||||||
cash and cash equivalents | 1,164,952,000 | 1,220,464,000 | 567,575,000 | 219,636,000 | 236,328,000 | 299,208,000 | 239,237,000 | 103,900,000 | 66,942,000 | 96,073,000 | 128,986,000 | 127,045,000 | 108,583,000 | 123,783,000 | 190,542,000 | 243,783,000 | 259,322,000 | 240,529,000 |
short-term investments | 278,334,000 | 81,000,000 | 246,000,000 | 260,010,000 | 195,010,000 | 80,000,000 | 143,716,000 | 294,716,000 | 343,061,000 | 313,061,000 | 111,526,000 | 110,526,000 | 109,228,000 | 109,228,000 | 50,000,000 | |||
accounts receivable | 233,377,000 | 243,213,000 | 245,197,000 | 181,203,000 | 162,144,000 | 157,133,000 | 81,776,000 | 71,859,000 | 59,662,000 | 44,760,000 | 32,723,000 | 27,967,000 | 49,541,000 | 43,168,000 | 51,768,000 | 54,769,000 | 29,524,000 | 21,693,000 |
inventories | 250,831,000 | 207,958,000 | 150,194,000 | 116,677,000 | 90,029,000 | 53,231,000 | 36,313,000 | 31,557,000 | 25,907,000 | 31,507,000 | 35,761,000 | 40,793,000 | 46,023,000 | 50,315,000 | 47,829,000 | 37,031,000 | 27,337,000 | 26,122,000 |
other current assets | 73,576,000 | 33,958,000 | 34,457,000 | 26,083,000 | 30,023,000 | |||||||||||||
total current assets | 2,001,070,000 | 1,786,593,000 | 1,243,423,000 | 803,609,000 | 713,534,000 | 619,150,000 | 538,252,000 | 542,353,000 | 530,265,000 | 511,443,000 | 328,316,000 | 320,650,000 | 328,232,000 | 350,021,000 | 349,807,000 | 345,993,000 | 332,177,000 | 301,793,000 |
property and equipment | 101,605,000 | 105,989,000 | 85,994,000 | 69,444,000 | 63,631,000 | 67,805,000 | 68,226,000 | 70,241,000 | 43,665,000 | 44,899,000 | 44,971,000 | 44,473,000 | 40,222,000 | 39,087,000 | 40,664,000 | 38,209,000 | 21,844,000 | 23,630,000 |
right of use assets | 24,640,000 | 15,234,000 | 15,346,000 | 15,190,000 | 15,860,000 | 13,077,000 | 13,634,000 | 13,544,000 | 14,157,000 | 14,860,000 | 15,552,000 | 16,132,000 | 16,226,000 | 16,954,000 | 3,618,000 | |||
goodwill | 92,798,000 | 70,859,000 | 68,875,000 | |||||||||||||||
intangible assets | 29,262,000 | |||||||||||||||||
other non-current assets | 46,244,000 | 40,757,000 | 18,183,000 | 17,306,000 | 16,858,000 | 17,615,000 | 16,883,000 | 16,411,000 | 14,925,000 | 22,490,000 | 18,974,000 | 16,425,000 | 13,975,000 | 12,591,000 | 7,429,000 | 5,222,000 | 4,714,000 | 5,185,000 |
total assets | 2,295,619,000 | 2,037,339,000 | 1,449,272,000 | 905,175,000 | 809,257,000 | 719,916,000 | 638,551,000 | 644,865,000 | 601,932,000 | 592,466,000 | 405,805,000 | 395,705,000 | 397,289,000 | 417,251,000 | 414,032,000 | 405,650,000 | 375,689,000 | 334,226,000 |
liabilities and shareholders' equity | ||||||||||||||||||
current liabilities: | ||||||||||||||||||
accounts payable | 107,345,000 | 93,822,000 | 64,097,000 | 54,896,000 | 56,158,000 | 36,805,000 | 13,026,000 | 38,473,000 | 13,417,000 | 10,294,000 | 10,926,000 | 7,921,000 | 6,067,000 | 21,335,000 | 23,273,000 | 21,186,000 | 8,487,000 | 7,017,000 |
accrued compensation and benefits | 21,626,000 | 14,419,000 | 19,347,000 | 13,175,000 | 16,097,000 | 9,236,000 | 9,182,000 | 7,808,000 | 9,000,000 | 6,913,000 | 4,898,000 | 4,933,000 | 6,471,000 | 3,369,000 | 5,373,000 | 2,928,000 | 4,713,000 | 2,317,000 |
other current liabilities | 68,120,000 | 56,951,000 | 56,927,000 | 40,316,000 | 35,456,000 | |||||||||||||
total current liabilities | 197,091,000 | 165,192,000 | 140,371,000 | 108,387,000 | 107,711,000 | 80,733,000 | 49,645,000 | 69,416,000 | 44,620,000 | 40,197,000 | 37,235,000 | 31,209,000 | 31,032,000 | 43,382,000 | 49,482,000 | 42,607,000 | 26,497,000 | 25,840,000 |
non-current operating lease liabilities | 20,617,000 | 12,616,000 | 12,811,000 | 12,345,000 | 12,693,000 | 12,956,000 | 12,945,000 | 13,530,000 | 11,133,000 | 11,601,000 | 11,610,000 | 12,200,000 | 12,869,000 | 13,514,000 | 14,081,000 | 14,290,000 | 14,809,000 | 2,274,000 |
other non-current liabilities | 14,299,000 | 10,645,000 | 10,017,000 | 3,062,000 | 7,271,000 | 8,001,000 | 8,054,000 | 8,817,000 | 5,981,000 | 6,701,000 | 7,412,000 | 4,856,000 | 5,753,000 | 5,802,000 | 6,365,000 | 6,848,000 | 220,000 | 423,000 |
total liabilities | 232,007,000 | 188,453,000 | 163,199,000 | 123,794,000 | 127,675,000 | 101,690,000 | 70,644,000 | 91,763,000 | 61,734,000 | 58,499,000 | 56,257,000 | 48,265,000 | 49,654,000 | 62,698,000 | 69,928,000 | 63,745,000 | 41,526,000 | 28,537,000 |
commitments and contingencies | ||||||||||||||||||
shareholders' equity: | ||||||||||||||||||
ordinary shares, 0.00005 par value; 1,000,000 shares authorized; 185,419 and 171,169 shares issued and outstanding at may 2, 2026 and may 3, 2025, respectively | 9,000 | |||||||||||||||||
additional paid in capital | 1,672,060,000 | 1,626,787,000 | 1,223,823,000 | 801,563,000 | 765,173,000 | 738,371,000 | 717,319,000 | 698,354,000 | 676,054,000 | 659,162,000 | 475,412,000 | 466,459,000 | 454,795,000 | 445,654,000 | 438,352,000 | 432,473,000 | 424,562,000 | 390,734,000 |
accumulated other comprehensive income | 2,426,000 | 2,075,000 | -191,000 | -69,000 | -393,000 | -73,000 | 23,000 | 22,000 | ||||||||||
retained earnings | 389,117,000 | 220,015,000 | 62,873,000 | |||||||||||||||
total shareholders' equity | 2,063,612,000 | 1,848,886,000 | 1,286,073,000 | 781,381,000 | 681,582,000 | 618,226,000 | 567,907,000 | 553,102,000 | 540,198,000 | 533,967,000 | 349,548,000 | 347,440,000 | 347,635,000 | 354,553,000 | 344,104,000 | 341,905,000 | 334,163,000 | 305,689,000 |
total liabilities and shareholders' equity | 2,295,619,000 | 2,037,339,000 | 1,449,272,000 | 905,175,000 | 809,257,000 | 719,916,000 | 638,551,000 | 644,865,000 | 601,932,000 | 592,466,000 | 405,805,000 | 395,705,000 | 397,289,000 | 417,251,000 | 414,032,000 | 405,650,000 | ||
right-of-use assets | 15,517,000 | 15,666,000 | 14,816,000 | |||||||||||||||
intangible asset | 17,624,000 | 17,131,000 | ||||||||||||||||
ordinary shares, 0.00005 par value; 1,000,000 shares authorized; 184,224 and 171,169 shares issued and outstanding at january 31, 2026 and may 3, 2025, respectively | 9,000 | |||||||||||||||||
ordinary shares, 0.00005 par value; 1,000,000 shares authorized; 178,517 and 171,169 shares issued and outstanding at november 1, 2025 and may 3, 2025, respectively | 9,000 | |||||||||||||||||
accumulated other comprehensive loss | -632,000 | -428,000 | -437,000 | -403,000 | -310,000 | -375,000 | -519,000 | -335,000 | -576,000 | -353,000 | ||||||||
ordinary shares, 0.00005 par value; 1,000,000 shares authorized; 172,895 and 171,169 shares issued and outstanding at august 2, 2025 and may 3, 2025, respectively | 9,000 | |||||||||||||||||
accumulated deficit | -19,763,000 | -83,162,000 | -119,750,000 | -149,110,000 | -144,885,000 | -135,345,000 | -124,868,000 | -125,296,000 | -118,673,000 | -106,976,000 | -91,039,000 | -93,862,000 | -90,502,000 | -90,429,000 | -85,074,000 | |||
ordinary shares, 0.00005 par value; 1,000,000 shares authorized; 171,169 and 164,305 shares issued and outstanding at may 3, 2025 and april 27, 2024, respectively | 8,000 | |||||||||||||||||
contract assets | 13,585,000 | 19,977,000 | 24,400,000 | 21,562,000 | 17,909,000 | 12,042,000 | 8,048,000 | 9,445,000 | 19,245,000 | 6,434,000 | 6,027,000 | 10,071,000 | 9,801,000 | |||||
prepaid expenses and other current assets | 15,993,000 | 17,233,000 | 15,921,000 | 13,131,000 | 8,133,000 | 7,278,000 | 6,271,000 | 5,412,000 | 4,282,000 | 3,234,000 | 4,383,000 | 5,923,000 | 3,648,000 | |||||
accrued expenses and other current liabilities | 33,301,000 | 25,390,000 | 20,218,000 | 18,301,000 | 18,268,000 | 16,579,000 | 15,077,000 | 14,454,000 | 15,141,000 | 19,447,000 | 15,489,000 | 12,063,000 | 10,322,000 | |||||
deferred revenue | 1,391,000 | 2,047,000 | 2,917,000 | 3,902,000 | 4,722,000 | 4,832,000 | 3,278,000 | 4,040,000 | 3,537,000 | 1,389,000 | 3,004,000 | 1,234,000 | 6,184,000 | |||||
ordinary shares, 0.00005 par value; 1,000,000 shares authorized; 169,699 and 164,305 shares issued and outstanding at february 1, 2025 and april 27, 2024, respectively | 8,000 | |||||||||||||||||
ordinary shares, 0.00005 par value; 1,000,000 shares authorized; 167,157 and 164,305 shares issued and outstanding at november 2, 2024 and april 27, 2024, respectively | 8,000 | |||||||||||||||||
ordinary shares, 0.00005 par value; 1,000,000 shares authorized; 165,965 and 164,305 shares issued and outstanding at august 3, 2024 and april 27, 2024, respectively | 8,000 | |||||||||||||||||
ordinary shares, 0.00005 par value; 1,000,000 shares authorized; 164,305 and 148,651 shares issued and outstanding at april 27, 2024 and april 29, 2023, respectively | 8,000 | |||||||||||||||||
ordinary shares, 0.00005 par value; 1,000,000 shares authorized; 163,068 and 148,651 shares issued and outstanding at january 27, 2024 and april 29, 2023, respectively | 8,000 | |||||||||||||||||
ordinary shares, 0.00005 par value; 1,000,000 shares authorized; 150,546 and 148,651 shares issued and outstanding at october 28, 2023 and april 29, 2023, respectively | 8,000 | |||||||||||||||||
ordinary shares, 0.00005 par value; 1,000,000 shares authorized; 149,854 and 148,651 shares issued and outstanding at july 29, 2023 and april 29, 2023, respectively | 7,000 | |||||||||||||||||
convertible preferred shares, 0.00005 par value; 50,000 shares authorized; no shares issued and outstanding at april 29, 2023 and april 30, 2022 | ||||||||||||||||||
ordinary shares, 0.00005 par value; 1,000,000 shares authorized; 148,651 and 144,755 shares issued and outstanding at april 29, 2023 and april 30, 2022, respectively | 7,000 | |||||||||||||||||
ordinary shares, 0.00005 par value; 1,000,000 shares authorized; 147,430 shares issued and outstanding at january 28, 2023; and 1,000,000 shares authorized; 144,755 shares issued and outstanding at april 30, 2022 | 7,000 | |||||||||||||||||
ordinary shares, 0.00005 par value; 1,000,000 shares authorized; 146,486 shares issued and outstanding at october 29, 2022; and 1,000,000 shares authorized; 144,755 shares issued and outstanding at april 30, 2022 | 7,000 | |||||||||||||||||
ordinary shares, 0.00005 par value; 1,000,000 shares authorized; 145,344 shares issued and outstanding at july 30, 2022; and 1,000,000 shares authorized; 144,755 shares issued and outstanding at april 30, 2022 | 7,000 | |||||||||||||||||
liabilities, convertible preferred shares and shareholders' equity | ||||||||||||||||||
convertible preferred shares, 0.00005 par value; 50,000 shares authorized; no shares issued and outstanding at april 30, 2022; and 50,809 shares authorized; 50,809 shares issued and outstanding at april 30, 2021 | ||||||||||||||||||
shareholders' equity | ||||||||||||||||||
ordinary shares, 0.00005 par value; 1,000,000 shares authorized; 144,755 shares issued and outstanding at april 30, 2022; and 136,658 shares authorized; 68,282 shares issued and outstanding at april 30, 2021 | 7,000 | |||||||||||||||||
total liabilities, convertible preferred shares and shareholders' equity | 375,689,000 | 334,226,000 | ||||||||||||||||
convertible preferred shares, 0.00005 par value; 50,000 shares authorized; no shares issued and outstanding at january 31, 2022; and 50,809 shares authorized; 50,809 shares issued and outstanding at april 30, 2021 | ||||||||||||||||||
ordinary shares, 0.00005 par value; 1,000,000 shares authorized; 141,020 shares issued and outstanding at january 31, 2022; and 136,658 shares authorized; 68,282 shares issued and outstanding at april 30, 2021 | 7,000 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2026-05-02 | 2026-01-31 | 2025-11-01 | 2025-08-02 | 2025-05-03 | 2025-02-01 | 2024-11-02 | 2024-08-03 | 2024-04-27 | 2024-01-27 | 2023-10-28 | 2023-07-29 | 2023-04-29 | 2023-01-28 | 2022-10-29 | 2022-07-30 | 2022-04-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
cash flows from operating activities: | |||||||||||||||||
net income | 169,102,000 | 157,142,000 | 82,636,000 | 63,399,000 | 36,588,000 | ||||||||||||
adjustments to reconcile net income to net cash from operating activities: | |||||||||||||||||
depreciation and amortization | 15,854,000 | 6,756,000 | 6,567,000 | 5,460,000 | 7,657,000 | 5,063,000 | 4,985,000 | 4,233,000 | 3,686,000 | 3,437,000 | 3,698,000 | 2,950,000 | 2,981,000 | 2,273,000 | 2,624,000 | 1,636,000 | 1,531,000 |
amortization of acquired intangible assets | |||||||||||||||||
share-based compensation | 49,699,000 | 52,160,000 | 45,324,000 | 35,455,000 | 27,862,000 | 16,190,000 | 16,663,000 | 16,640,000 | 14,578,000 | 8,332,000 | 8,144,000 | 7,968,000 | 7,910,000 | 5,169,000 | 4,891,000 | 5,546,000 | 5,368,000 |
warrant contra revenue | 0 | 7,358,000 | 2,610,000 | 3,218,000 | 2,102,000 | 1,033,000 | 354,000 | 436,000 | 325,000 | 260,000 | 247,000 | 388,000 | 233,000 | ||||
write-downs for excess and obsolete inventory | 3,285,000 | 3,711,000 | 3,599,000 | 2,148,000 | 3,687,000 | -43,000 | 529,000 | 181,000 | 2,606,000 | 1,985,000 | 191,000 | 911,000 | 188,000 | ||||
impairment of assets | 0 | ||||||||||||||||
changes in operating assets and liabilities | |||||||||||||||||
accounts receivable | 10,271,000 | 1,984,000 | -63,994,000 | -19,059,000 | -5,011,000 | -75,357,000 | -9,917,000 | -12,197,000 | -14,902,000 | -12,037,000 | -4,756,000 | 21,574,000 | -6,373,000 | 8,600,000 | 3,001,000 | -25,245,000 | -7,830,000 |
inventories | -46,157,000 | -61,476,000 | -38,890,000 | -27,513,000 | -38,793,000 | -19,066,000 | -7,259,000 | -5,352,000 | 1,913,000 | 4,297,000 | 4,503,000 | 5,049,000 | 1,686,000 | -4,471,000 | -10,989,000 | -10,605,000 | -1,403,000 |
other current assets | -41,114,000 | -1,770,000 | -5,857,000 | 3,940,000 | |||||||||||||
other non-current assets | -5,623,000 | -22,543,000 | 1,218,000 | 495,000 | 461,000 | 412,000 | 569,000 | 647,000 | 6,744,000 | -2,792,000 | -2,101,000 | -2,505,000 | -2,379,000 | -4,600,000 | -438,000 | -560,000 | 510,000 |
accounts payable | 12,449,000 | 30,673,000 | 14,592,000 | -8,962,000 | 19,587,000 | 23,772,000 | -7,218,000 | 5,789,000 | 3,525,000 | -280,000 | 3,078,000 | 2,483,000 | -15,546,000 | 1,630,000 | 359,000 | 9,714,000 | 1,503,000 |
accrued compensation and benefits, other current liabilities and other non-current liabilities | 12,576,000 | -420,000 | 13,942,000 | -1,040,000 | |||||||||||||
net cash from operating activities | 182,242,000 | 166,217,000 | 61,665,000 | 54,168,000 | 57,822,000 | 4,212,000 | 10,285,000 | -7,236,000 | 4,157,000 | -1,036,000 | 5,008,000 | 24,608,000 | -11,839,000 | -2,314,000 | 1,757,000 | -12,219,000 | 2,360,000 |
capital expenditures | 4,304,000 | -28,952,000 | -23,401,000 | 6,859,000 | -3,619,000 | -3,720,000 | -41,302,000 | 21,457,000 | -3,675,000 | -6,117,000 | 2,496,000 | -69,000 | -3,778,000 | -10,614,000 | -3,898,000 | 7,486,000 | -9,648,000 |
free cash flows | 186,546,000 | 137,265,000 | 38,264,000 | 61,027,000 | 54,203,000 | 492,000 | -31,017,000 | 14,221,000 | 482,000 | -7,153,000 | 7,504,000 | 24,539,000 | -15,617,000 | -12,928,000 | -2,141,000 | -4,733,000 | -7,288,000 |
cash flows from investing activities: | |||||||||||||||||
purchases of property and equipment | -4,773,000 | -26,514,000 | -23,188,000 | -2,821,000 | -3,655,000 | -4,595,000 | -21,948,000 | -5,863,000 | -3,195,000 | -5,100,000 | -2,045,000 | -5,312,000 | -3,898,000 | -6,890,000 | -5,667,000 | -5,258,000 | -9,648,000 |
purchases of short-term investments | -278,334,000 | 0 | 0 | -115,000,000 | -145,010,000 | 0 | 0 | -113,716,000 | -30,000,000 | -262,061,000 | -51,000,000 | -60,526,000 | -50,000,000 | -59,228,000 | |||
maturities of short-term investments | 81,000,000 | 165,000,000 | 14,010,000 | 50,000,000 | 30,000,000 | 63,716,000 | 151,000,000 | 162,061,000 | 0 | 60,526,000 | 50,000,000 | 59,228,000 | |||||
business acquisitions, net of cash acquired | |||||||||||||||||
net cash from investing activities | -232,451,000 | 138,486,000 | -91,742,000 | -67,821,000 | -118,665,000 | 59,121,000 | 129,052,000 | 42,482,000 | -33,195,000 | -206,635,000 | -3,045,000 | -6,610,000 | -3,898,000 | -66,118,000 | -55,667,000 | -5,258,000 | -9,648,000 |
cash flows from financing activities: | |||||||||||||||||
proceeds from issuance of ordinary shares in connection with public offerings, net of offering costs | |||||||||||||||||
payments on technology license obligations | -906,000 | -906,000 | -906,000 | -3,906,000 | -912,000 | -838,000 | -3,718,000 | -838,000 | 0 | 0 | -326,000 | -2,726,000 | -308,000 | ||||
proceeds from equity incentive plans | |||||||||||||||||
tax withheld related to rsu settlement | -4,907,000 | -4,189,000 | -6,349,000 | -3,712,000 | -2,094,000 | -4,909,000 | -1,179,000 | -1,071,000 | |||||||||
net cash from financing activities | -5,329,000 | 348,034,000 | 377,894,000 | -2,970,000 | -1,972,000 | -3,334,000 | -4,026,000 | 1,604,000 | 7,000 | 174,605,000 | 130,000 | 534,000 | 598,000 | 1,564,000 | 746,000 | 1,977,000 | 26,167,000 |
effect of exchange rate changes on cash | 26,000 | 152,000 | 122,000 | -69,000 | -65,000 | -28,000 | 26,000 | 108,000 | -100,000 | 153,000 | -152,000 | -70,000 | -61,000 | 109,000 | -77,000 | -39,000 | -86,000 |
net increase in cash and cash equivalents | -55,512,000 | 652,889,000 | 347,939,000 | -16,692,000 | -62,880,000 | 59,971,000 | 135,337,000 | 36,958,000 | -29,131,000 | -32,913,000 | 1,941,000 | 18,462,000 | 18,793,000 | ||||
cash and cash equivalents at beginning of the year | |||||||||||||||||
cash and cash equivalents at end of the year | |||||||||||||||||
supplemental cash flow information: | |||||||||||||||||
income taxes paid | |||||||||||||||||
purchases of property and equipment included in accounts payable, other current liabilities and other non-current liabilities | 9,077,000 | -2,438,000 | -213,000 | 9,680,000 | |||||||||||||
changes in operating assets and liabilities: | |||||||||||||||||
business acquisition, net of cash acquired | 0 | ||||||||||||||||
proceeds from ordinary shares issued under at-the-market offering, net of issuance costs | 351,707,000 | ||||||||||||||||
proceeds from employee share incentive plans | 1,422,000 | 529,000 | 4,648,000 | 1,034,000 | 2,413,000 | 871,000 | 3,513,000 | 906,000 | 1,872,000 | 746,000 | 1,977,000 | ||||||
cash and cash equivalents at beginning of the period | 0 | 0 | 236,328,000 | 0 | 0 | 66,942,000 | 0 | 0 | 108,583,000 | 0 | 0 | 259,322,000 | |||||
cash and cash equivalents at end of the period | 652,889,000 | 347,939,000 | 219,636,000 | 59,971,000 | 135,337,000 | 103,900,000 | -32,913,000 | 1,941,000 | 127,045,000 | -66,759,000 | -53,241,000 | 243,783,000 | |||||
write-downs (releases) for excess and obsolete inventory | 1,993,000 | -298,000 | |||||||||||||||
accrued compensation and other liabilities | |||||||||||||||||
proceeds from issuance of ordinary shares in connection with public offering, net of offering costs | |||||||||||||||||
purchases of property and equipment included in accounts payable, accrued expenses and other liabilities | 36,000 | 875,000 | -19,354,000 | 27,320,000 | -480,000 | -1,017,000 | 4,541,000 | 5,243,000 | |||||||||
adjustments to reconcile net loss to net cash from operating activities: | |||||||||||||||||
contract assets | 6,392,000 | 4,423,000 | -2,838,000 | -3,653,000 | -5,867,000 | -3,994,000 | 1,397,000 | 10,794,000 | -12,814,000 | -411,000 | 4,040,000 | ||||||
prepaid and other current assets | 1,240,000 | -1,312,000 | -2,790,000 | -4,998,000 | -855,000 | -1,007,000 | -859,000 | -1,130,000 | -1,047,000 | 1,149,000 | 1,540,000 | 3,393,000 | |||||
accrued expenses, compensation and other liabilities | 7,343,000 | 9,344,000 | -3,662,000 | 2,163,000 | 3,430,000 | 1,629,000 | -1,519,000 | 2,341,000 | -6,677,000 | 6,108,000 | -1,281,000 | 3,711,000 | |||||
deferred revenue | -643,000 | -881,000 | -1,086,000 | -976,000 | -119,000 | 1,554,000 | -850,000 | 883,000 | 2,148,000 | -1,615,000 | 1,770,000 | ||||||
proceeds from issuance of ordinary share in connection with public offering, net of underwriter discounts and offering costs | |||||||||||||||||
net loss | -4,225,000 | -9,540,000 | -10,477,000 | 428,000 | -6,623,000 | -11,697,000 | -3,360,000 | -73,000 | |||||||||
proceeds from issuance of convertible preferred shares, net of issuance costs | 0 | ||||||||||||||||
conversion of convertible preferred shares into ordinary shares upon initial public offering | |||||||||||||||||
proceeds from employee share incentive plans, net of tax withholding related to vesting of rsus | 969,000 | ||||||||||||||||
proceeds from employee share incentive plans, net of tax withholding related to vesting of rsu | 3,260,000 | ||||||||||||||||
proceeds from issuance of ordinary shares upon initial public offering, net of underwriter discounts and offering costs | |||||||||||||||||
payments for repurchase of ordinary shares | |||||||||||||||||
purchase of property and equipment included in accounts payable, accrued expenses and other liabilities | 120,000 | -3,724,000 | 1,769,000 | 12,744,000 | |||||||||||||
proceeds from issuance of ordinary share upon initial public offering, net of underwriter discounts | |||||||||||||||||
payments for ipo offering costs | |||||||||||||||||
net decrease in cash and cash equivalents | -66,759,000 | -53,241,000 | -15,539,000 | ||||||||||||||
conversion of convertible preferred share into ordinary share upon initial public offering | 0 | ||||||||||||||||
deferred offering costs included in accounts payable and accrued expenses | |||||||||||||||||
deferred revenue, net of contract assets | -4,376,000 | ||||||||||||||||
proceeds from employee stock options exercises | 795,000 | ||||||||||||||||
property and equipment received and accrued in accounts payable | -32,000 | ||||||||||||||||
proceeds from issuance of ordinary shares upon initial public offering, net of underwriter discounts | |||||||||||||||||
payments for deferred offering costs |