1. Credo is like a specialized Broadcom or Marvell, focusing purely on building the essential 'data highways' for ultra-high-speed connectivity within data centers and advanced networks.

2. Think of Credo as the Intel for high-speed data movement, creating the fundamental chips and cables that allow advanced computing and networking systems to communicate at peak performance.

• Integrated circuits: Components providing high-speed connectivity solutions for optical and electrical Ethernet applications.
• Active electrical cables (AEC): Cables designed for high-speed data transmission in Ethernet applications.
• SerDes chiplets: Small integrated circuit components utilizing serializer/deserializer and digital signal processor technologies.
• SerDes IP licensing: Offering its proprietary SerDes (Serializer/Deserializer) intellectual property for license.

Credo Technology (CRDO) primarily sells its high-speed connectivity solutions, including integrated circuits, active electrical cables, SerDes chiplets, and SerDes IP licensing, to other companies.

Its major customers that accounted for 10% or more of its total revenue in recent fiscal years include:

• Arista Networks, Inc. (Symbol: ANET)
• Amazon.com, Inc. (Symbol: AMZN)
• Microsoft Corporation (Symbol: MSFT)

TSMC (NYSE: TSM)
ASE Technology Holding Co., Ltd. (NYSE: ASX)
Siliconware Precision Industries Co., Ltd.

Bill Brennan, President and CEO and Chairman

Bill Brennan has served as Credo Technology's Chief Executive Officer and as a member of its Board since September 2014, and previously as the CEO of its predecessor entity from December 2013 to September 2014. He has over 25 years of leadership experience in the semiconductor and connectivity industries and guided Credo from a startup to a publicly traded company, leading its IPO in January 2022. Prior to joining Credo, Mr. Brennan was Executive Vice President of Vital Connect, Inc., a biosensor technology company, from August 2011 to November 2013, where he was responsible for business strategy and partner development. He also served as Vice President in the storage business unit of Marvell from May 2000 to August 2011.

Dan Fleming, Chief Financial Officer

Dan Fleming has over 20 years of financial leadership experience in the semiconductor and solar industries and has served as Credo Technology's Chief Financial Officer since August 2015. Before Credo, he served as VP of Finance at Siva Power, where he was responsible for Siva Power's Finance, Accounting and Administration functions. He also held various financial management positions at SunPower, Marvell Semiconductor, Xilinx, and Prism Solutions.

Lawrence Cheng, CTO, Founder, and Board Member

Lawrence Cheng is a co-founder of Credo Technology and has served as its Chief Technology Officer and a member of its Board since September 2014, and for the predecessor entity from September 2008 to September 2014. Prior to co-founding Credo, Mr. Cheng served as an Engineering Director of analog design for Marvell from November 1997 to August 2008. He also served as Staff Engineer at Actel Corporation from 1994 to 1997.

Job Lam (Yat Tung Lam), COO, Founder, and Board Member

Job Lam is a co-founder of Credo Technology and has served as its Chief Operating Officer and a member of its Board. Prior to founding Credo, Mr. Lam served in various roles for Marvell, from Senior Design Engineer when he started in June 1997 to Senior Design Engineering Director by the time he left in August 2008. He also served as a member of the technical staff at Amlogic, Inc. from May 1996 to June 1997, and as a Senior Design Engineer at Integrated Device Technology, Inc. from May 1993 to June 1996.

Jim Laufman, Chief Legal Officer and Secretary

Jim Laufman leads the legal and compliance functions and serves as Corporate Secretary for Credo Technology Group. He has led legal departments for several decades and served as general counsel for several public companies, including Integrated Device Technology, Marvell Technology, and Infinera Corporation. Most recently, he served as Chief Legal Officer and Corporate Secretary for Automation Anywhere.

The key risks to Credo Technology (CRDO) are:

1. Customer Concentration: Credo Technology faces a significant risk due to its heavy reliance on a limited number of hyperscale customers for a substantial portion of its revenue. Historically, a single customer has accounted for as much as 67% of total annual revenue, and in some quarters, two customers have contributed approximately 80% of revenue. This concentration makes the company vulnerable to fluctuations in these customers' capital expenditures, changes in their demand forecasts, or decisions to develop components in-house, which could materially impact Credo's financial performance.
2. Intense Competition and Rapid Technological Advancements: Credo operates in a highly competitive and dynamic semiconductor market. The company must continuously innovate and invest heavily in research and development to maintain its market position against established players like Broadcom and Marvell Technology, as well as newer entrants such as Astera Labs. Failure to keep pace with rapid technological changes or successfully commercialize new products could lead to a loss of market share and reduced profitability.
3. Macroeconomic Uncertainties: Credo's business is susceptible to broader macroeconomic factors, including market volatility, rising interest rates, and potential economic downturns. These conditions can lead to reduced IT spending by data centers and cloud providers, impacting the demand for Credo's high-speed connectivity solutions and subsequently affecting its revenue and operating results.

Credo Technology Group Holding Ltd (CRDO) operates in several high-growth addressable markets for its high-speed connectivity solutions.

• Total Addressable Market (TAM) for Credo's New Product Pillars: Credo's management projects that new product categories, including Zero Flap optics, Active LED Cables (ALCs), and OmniConnect gearboxes, could expand the company's total addressable market beyond $10 billion globally.
• Active Electrical Cables (AECs): The global Active Electrical Cables (AEC) market size was valued at approximately USD 15 billion in 2023 and is projected to reach around USD 25 billion by 2032, growing at a Compound Annual Growth Rate (CAGR) of 6%. Another estimate for the global AEC market size was USD 33.3 billion in 2024, projected to reach USD 53.6 billion by 2032, with a CAGR of 6.9% from 2026 to 2032. Credo's total addressable market (TAM) for AECs alone is estimated to be between $5 billion and $10 billion. North America and Asia-Pacific are identified as key regions for AEC growth, particularly with the shift towards 400G and 800G Ethernet architectures.
• High-Speed Interconnects: The global High-Speed Interconnects market, a broader category encompassing various high-speed connectivity solutions, was valued at over USD 41.6 billion in 2025 and is anticipated to exceed USD 104.99 billion by 2035, demonstrating a CAGR of more than 9.7% between 2026 and 2035. In 2026, the industry size for high-speed interconnects is assessed at USD 45.23 billion. The U.S. market for high-speed interconnects is projected to reach USD 25.5 billion by 2032, growing at a CAGR of 10.1% from an estimated USD 11.81 billion in 2024. Asia Pacific is noted as the largest and fastest-growing region for high-speed interconnects, expected to hold a 30% share by 2035.
• Serializer/Deserializer (SerDes) and SerDes IP/Chiplets: The global SerDes market size was valued at USD 956 million in 2025 and is projected to grow to USD 2999.7 million by 2034, exhibiting a CAGR of 13.60% during the forecast period. The SerDes IP Cores segment alone holds a global market size of USD 3.6 million. North America dominated the global SerDes market with a 41.60% share in 2025, and the U.S. SerDes market is predicted to grow to an estimated USD 644.89 million by 2032. Asia-Pacific accounts for 42% of global SerDes deployments.
• Integrated Circuits (ICs): The global Integrated Circuits market size was recorded at $736.2 billion by the end of 2025 and is projected to reach $1,935.77 billion by 2033, with a CAGR of 12.845% during the period of 2025 to 2033. Another projection indicates the global integrated circuit market size will reach USD 1,248.6 billion by 2030, with a CAGR of approximately 9.2% over the forecast period. The Asia Pacific region is expected to experience the highest growth rate in the Integrated Circuits market.
• Optical Interconnects (including Active Optical Cables - AOCs): The global optical interconnect market size is valued at USD 15.38 billion in 2025 and is projected to grow to USD 43.14 billion by 2034, exhibiting a CAGR of 12.20% during the forecast period. The Active Optical Cable market alone reached USD 4.74 billion in 2025 and is projected to grow to USD 15.95 billion by 2035, at a CAGR of 12.9% between 2026 and 2035. Asia Pacific is the leading region in the global optical interconnect market. North America held a 34.40% market share in the optical interconnect market in 2025, with the U.S. market specifically expected to reach USD 3.65 billion in 2026.

Expected Drivers of Future Revenue Growth for Credo Technology (CRDO)

Credo Technology (CRDO) is anticipated to drive future revenue growth over the next 2-3 years through several key factors:

1. Increased Adoption and Penetration of Active Electrical Cables (AECs): Credo's Active Electrical Cables (AECs) are a primary growth engine, experiencing significant demand from hyperscale data centers, particularly for Artificial Intelligence (AI) applications. The company has seen robust AEC product growth, which has been a major contributor to its product revenue segment. AECs offer superior reliability and power efficiency compared to traditional optical solutions, driving their increased deployment in rack-to-rack applications.
2. Expansion and Diversification of Hyperscale Customer Base: Credo is actively broadening its customer base beyond its current major clients. The company has observed deployments of its products by top cloud hyperscalers, including partnerships with major cloud providers such as Microsoft and Amazon. Management expects to increase the number of major customers, reducing reliance on a single customer and enhancing market stability and long-term growth potential.
3. Launch and Ramp-up of New Product Lines: Credo is strategically expanding its market reach through the introduction and ramp-up of new product lines. These include advanced optical solutions like ZeroFlap optics, Active LED Cables (ALCs), and OmniConnect gearboxes, which are projected to create substantial market opportunities. Additionally, recently launched PCIe retimer solutions are gaining traction, with design wins expected in fiscal year 2025 and production revenues in fiscal year 2026. These new products are designed to address the industry's shift to higher data rates, such as 1.6T AECs and 200-gig per lane scale-up solutions.
4. Accelerated Investment in AI Infrastructure: The rapid expansion of AI infrastructure and hyperscale data centers is a fundamental driver for Credo's high-speed connectivity solutions. The company's products are critical for building massive AI training and inference clusters, where reliability, power efficiency, latency, and reach are paramount. This overarching market trend, coupled with rising AI and cloud data traffic, is expected to continue fueling demand for Credo's energy-efficient connectivity products.

Share Repurchases

• Credo Technology has not engaged in significant share repurchases over the last 3-5 years; a 5-Year Share Buyback Ratio of -3.60% indicates potential share issuance rather than repurchases.
• The company does not pay dividends and has a "Lowest" buyback yield.

Share Issuance

• Credo Technology's shares outstanding have consistently increased over the last few years, reaching 184.45 million as of March 11, 2026.
• Annual increases in shares outstanding include 65.79% in 2023, 5.82% in 2024, and 16.81% in 2025.
• Net common equity issued/repurchased for the twelve months ending January 31, 2026, was $1.121 billion, reflecting a substantial increase in equity through issuance.

Inbound Investments

• During its Initial Public Offering (IPO) in January 2022, cornerstone investors including BlackRock, Capital Research Global Investors, and GIC Private Limited expressed interest in purchasing up to an aggregate of $120.0 million in ordinary shares.
• As of March 12, 2026, Credo Technology had 886 institutional owners holding a total of 148,964,507 shares, indicating ongoing significant institutional investment.

Capital Expenditures

• Historical capital expenditures were $18 million in 2022, $22 million in 2023, $16 million in 2024, and $36 million in 2025.
• Projected capital expenditures are $51 million for 2026, $69 million for 2027, and $97 million for 2028, reflecting increasing investment.
• Capital expenditures are primarily aimed at funding long-term assets, infrastructure, and scaling production capabilities to support high-speed connectivity solutions for AI-driven applications and cloud computing.