Credo Technology Group Holding Ltd has recently released its 10-Q report, providing a detailed insight into the company's financial condition and results of operations. The company, founded in 2008 and based in Grand Cayman, Cayman Islands, offers high-speed connectivity solutions for optical and electrical Ethernet applications in various markets worldwide. Its products include HiWire active electrical cables, optical digital signal processors, low-power line card PHY, serializer/deserializer (SerDes) chiplets, and SerDes IP, as well as integrated circuits and active electrical cables.
In the 10-Q report, Credo Technology Group Holding Ltd reported total assets of $638,551, including cash and cash equivalents of $239,237 and short-term investments of $143,716. The company's total revenue for the quarter ended November 2, 2024, was $72,034, with product sales accounting for $64,443, product engineering services for $4,632, and IP license for $2,959. The cost of revenue for the same period was $26,522, resulting in a gross profit of $45,512.
Credo Technology Group Holding Ltd reported an operating loss of $8,407 for the quarter, with other income contributing a net income of $4,474. The net loss for the quarter was $4,225, resulting in a loss per share of $0.03. The company's total shareholders' equity stood at $567,907, with accumulated deficit at $149,110.
The company's cash flows from operating activities for the six months ended November 2, 2024, resulted in a net cash provided by operating activities of $3,049. Additionally, cash flows from investing activities led to a net cash provided by investing activities of $171,534, while cash flows from financing activities resulted in a net cash used in financing activities of $2,422.
Credo Technology Group Holding Ltd's unaudited condensed consolidated financial statements are presented in accordance with generally accepted accounting principles in the United States and have been adjusted for fair presentation of the company's financial position and results of operations. The company's fiscal year 2025 is a 53-week fiscal year, and the first and second quarters have ended on August 3, 2024, and November 2, 2024, respectively. Following these announcements, the company's shares moved 1.4%, and are now trading at a price of $71.67. Check out the company's full 10-Q submission here.
