# EDGAR Filing Document

**Accession Number:** 0001807794
**File Stem:** 0001807794-25-000018
**Filing Date:** 2025-9
**Character Count:** 24661
**Document Hash:** 0d2178e318d87e1ba047f4621f0d1a12
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001807794-25-000018.hdr.sgml**: 20250903

**ACCESSION NUMBER**: 0001807794-25-000018

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20250903

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250903

**DATE AS OF CHANGE**: 20250903

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Credo Technology Group Holding Ltd
- **CENTRAL INDEX KEY:** 0001807794
- **STANDARD INDUSTRIAL CLASSIFICATION:** SEMICONDUCTORS & RELATED DEVICES [3674]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 0429

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41249
- **FILM NUMBER:** 251289841

**BUSINESS ADDRESS:**
- **STREET 1:** C/O MAPLES CORPORATE SERVICES, LIMITED
- **STREET 2:** PO BOX 309, UGLAND HOUSE
- **CITY:** GRAND CAYMAN
- **STATE:** E9
- **ZIP:** KY1-1104
- **BUSINESS PHONE:** (408) 664-9329

**MAIL ADDRESS:**
- **STREET 1:** C/O MAPLES CORPORATE SERVICES, LIMITED
- **STREET 2:** PO BOX 309, UGLAND HOUSE
- **CITY:** GRAND CAYMAN
- **STATE:** E9
- **ZIP:** KY1-1104

?xml version='1.0' encoding='ASCII'? crdo-20250903

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

_________________________

**FORM 8-K** 

_________________________

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the**

**Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): September 3, 2025**

_________________________

**Credo Technology Group Holding Ltd**

**(Exact name of registrant as specified in its charter)**

_________________________

---

| | | | |
|:---|:---|:---|:---|
| **Cayman Islands** | **001-41249** | **001-41249** | **N/A** |
| **(State or other jurisdiction <br>of incorporation)** | **(Commission <br>File Number)** | **(Commission <br>File Number)** | **(IRS Employer <br>Identification No.)** |
| **c/o Maples Corporate Services, Limited,**<br>**PO Box 309, Ugland House**<br>**Grand Cayman, KY1-1104, Cayman Islands** | **c/o Maples Corporate Services, Limited,**<br>**PO Box 309, Ugland House**<br>**Grand Cayman, KY1-1104, Cayman Islands** | **N/A** | **N/A** |
| **(Address of principal executive offices)** | **(Address of principal executive offices)** | **(Zip Code)** | **(Zip Code)** |

---

**Registrant's telephone number, including area code: (408) 664-9329**

**N/A**

**(Former name or former address, if changed since last report)**

_________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading**<br>**Symbol(s)** | **Name of each exchange**<br>**on which registered** |
| **Ordinary shares, par value $0.00005 per share** | **CRDO** | **The Nasdaq Stock Market LLC** |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**Item 2.02&nbsp;&nbsp;&nbsp;&nbsp;Results of Operations and Financial Condition.**

On September 3, 2025, Credo Technology Group Holding Ltd (the "Company") issued a press release announcing its financial results for the fiscal quarter ended August 2, 2025. A copy of the press release is furnished herewith as Exhibit 99.1.

The information in Item 2.02 of this current report on Form 8-K, including the accompanying Exhibit 99.1, shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.

**Item 9.01&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits.**

**&nbsp;&nbsp;&nbsp;&nbsp;**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits.

---

| | |
|:---|:---|
| **Exhibit Number** | **Description of Exhibit** |
| 99.1 | <u>[Press Release dated September](credoq12026ex-991.htm)[3](credoq12026ex-991.htm)[, 20](credoq12026ex-991.htm)[25](credoq12026ex-991.htm)</u> |
| 104 | Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document) |

---

------

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | **Credo Technology Group Holding Ltd** | **Credo Technology Group Holding Ltd** |
| Date: September 3, 2025 | By: | **/s/ Daniel Fleming** |
|  |  | Daniel Fleming |
|  |  | Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**![credo-logoxtaglinea.jpg](credo-logoxtaglinea.jpg)

**Credo Technology Group Holding Ltd Reports First Quarter of Fiscal Year 2026** 

**Financial Results** 

**San Jose, Calif. (September 3, 2025)** - Credo Technology Group Holding Ltd (Credo) (Nasdaq: CRDO), an innovator in providing secure, high-speed connectivity solutions that deliver improved reliability and energy efficiency for the next generation of AI-driven applications, cloud computing and hyperscale networks, today reported financial results for the first quarter of fiscal year 2026, ended August 2, 2025.

**First Quarter of Fiscal Year 2026 Financial Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Revenue of $223.1 million, grew by 274% year over year and 31% quarter over quarter

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** GAAP gross margin of 67.4% and non-GAAP gross margin of 67.6%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** GAAP operating expenses of $89.6 million and non-GAAP operating expenses of $54.5 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** GAAP net income of $63.4 million and non-GAAP net income of $98.3 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** GAAP diluted net income per share of $0.34 and non-GAAP diluted net income per share of $0.52

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Ending cash and short-term investment balance of $479.6 million

**Management Commentary**

Bill Brennan, Credo's President and Chief Executive Officer, stated, "During the first quarter of fiscal 2026, Credo continued a strong growth trajectory. First quarter revenue increased 31% sequentially, and 274% year over year, to $223.1 million. The Company's growth has been driven by deep, strategic partnerships with hyperscalers and key customers. Given increasing market demand for reliable and power-efficient connectivity solutions, we expect continued revenue growth and diversification in terms of customers, protocols and applications. "

**Second Quarter of Fiscal 2026 Financial Outlook** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenue is expected to be between $230.0 million and $240.0 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• GAAP gross margin is expected to be between 63.5% and 65.5%, and non-GAAP gross margin is expected to be between 64.0% and 66.0%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• GAAP operating expenses are expected to be between $96.0 million and $98.0 million, and non-GAAP operating expenses are expected to be between $56.0 million and $58.0 million

------

**Conference Call** 

Credo will conduct a conference call on Wednesday, September 3, 2025, at 2:00 p.m. Pacific Time to discuss its financial results for the first quarter of fiscal year 2026, ended August 2, 2025. Interested parties may join the conference call by dialing 800-715-9871 (toll-free) or +1 646-307-1963 (international). The conference ID for the call is 5251802. It is recommended that participants dial in to the call at least 10 minutes before the start of the call. A live webcast of the conference call will be available on Credo's Investor Relations website at http://investors.credosemi.com. A replay of the webcast will be available via the web at http://investors.credosemi.com.

**Discussion of Non-GAAP Financial Measures** 

This press release contains references to the non-GAAP financial measures of non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income (loss), non-GAAP operating income (loss) margin, non-GAAP net income (loss) and non-GAAP diluted net income (loss) per share. Reconciliation of these non-GAAP measures to their comparable GAAP measures is included below. This non-GAAP information should not be construed as an alternative to the reported results determined in accordance with GAAP. The non-GAAP financial measures that Credo presents may not be comparable to similarly titled measures of other companies and other companies may not calculate such measures in the same manner as we do.

Non-GAAP financial measures exclude the effect of share-based compensation expenses, asset impairment and related charges (if applicable), and the related tax effect adjustment to the provision for income taxes.

Credo uses a full-year non-GAAP tax rate to compute the non-GAAP tax provision. This full-year non-GAAP tax rate is based on Credo's annual GAAP income, adjusted to exclude non-GAAP items, as well as the effects of significant non-recurring and period-specific tax items which vary in size and frequency. Credo's non-GAAP tax rate is determined on an annual basis and may be adjusted during the year to take into account events that may materially affect the non-GAAP tax rate, such as tax law changes, significant changes in Credo's geographic mix of revenue and expenses or changes to Credo's corporate structure.

GAAP diluted net income (loss) per share is calculated using basic weighted average shares outstanding when there is a GAAP net loss, and calculated using diluted weighted average shares outstanding when there is a GAAP net income. Non-GAAP diluted net income (loss) per share is calculated using basic weighted average shares outstanding when there is a non-GAAP net loss, and calculated using non-GAAP diluted weighted average shares outstanding when there is a non-GAAP net income. Non-GAAP adjustment for the number of shares used in the diluted per share calculations excludes the impact of share-based compensation expenses expected to be incurred in future periods and not yet recognized in the financial statements, which would otherwise be assumed to be used to repurchase shares under the GAAP treasury stock method.

Credo believes that the presentation of non-GAAP financial measures provides important supplemental information to management and investors regarding financial and business trends relating to Credo's financial condition and results of operations. While Credo uses non-GAAP financial measures as a tool to enhance its understanding of certain aspects of its financial performance, Credo does not consider these measures to be a substitute for, or superior to, financial measures calculated in accordance with GAAP. Consistent with this approach, Credo believes that disclosing non-GAAP financial measures to the readers of its financial statements provides such readers with useful supplemental data that, while not a substitute for GAAP financial measures, allows for greater transparency in the review of its financial and operational performance.

Externally, management believes that investors may find Credo's non-GAAP financial measures useful in their assessment of Credo's operating performance and the valuation of Credo. Internally, Credo's non-GAAP financial measures are used in the following areas:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Management's evaluation of Credo's operating performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Management's establishment of internal operating budgets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Management's performance comparisons with internal forecasts and targeted business models.

Non-GAAP financial measures have limitations in that they do not reflect all of the costs associated with the operations of Credo's business as determined in accordance with GAAP. As a result, you should not consider these measures in isolation or as a substitute for analysis of Credo's results as reported under GAAP. The exclusion of the above items from our GAAP financial metrics does not necessarily mean that these costs are unusual or infrequent.

------

**Forward-Looking Statements under the Private Securities Litigation Reform Act of 1995**

This press release contains forward-looking statements within the meaning of the federal securities laws. All statements other than statements of historical fact could be deemed forward-looking statements, including, but not limited to, any statements regarding: launches of new or expansion of existing products or services; technology developments and innovation; our plans, strategies or objectives with respect to future operations; financial outlook; future financial results; expectations regarding the markets and industries in which Credo conducts business; and assumptions underlying any of the foregoing. Words such as "anticipates," "expects," "intends," "plans," "projects," "believes," "seeks," "estimates," "can," "may," "will," "would," "outlook," "forecast," "targets" and similar expressions, or their negatives, may identify such forward-looking statements. These statements are not guarantees of results and should not be considered as an indication of future activity or future performance. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that may cause actual events or results to differ materially from those described in this press release. Readers are encouraged to review risk factors and all other disclosures appearing in Credo's Annual Report on Form 10-K as filed with the Securities and Exchange Commission (SEC) on July 2, 2025, as well as Credo's other filings with the SEC, for further information on risks and uncertainties that could affect Credo's business, financial condition and results of operation. Copies of these filings are available from the SEC, Credo's website or Credo's investor relations department. Forward-looking statements speak only as of the date they are made. Credo assumes no obligation to update or revise any forward-looking statements as a result of new information, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date herein.

------

**About Credo** 

Credo's mission is to advance high-speed connectivity solutions that deliver optimized performance, reliability, energy efficiency and security for the next generation of AI-driven applications, cloud computing and hyperscale networks. Optimized for both optical and electrical applications, our solutions support port speeds up to 1.6Tb (or Terabits per second). At the core of our technology is our proprietary Serializer/Deserializer (SerDes) IP. Our diverse solutions portfolio includes system-level products such as Active Electrical Cables (AECs), a range of integrated circuits (ICs), including Retimers, Optical Digital Signal Processors (DSPs), SerDes Chiplets and SerDes IP licensing.

For more information, please visit https://www.credosemi.com.

Credo and the Credo logo are registered trademarks of Credo Technology Group Limited in the United States and other jurisdictions. All other trademarks referenced herein are the property of their respective owners.

**Investor Relations Contact:**

Dan O'Neil

IR@credosemi.com

------

**Credo Technology Group Holding Ltd** 

**Condensed Consolidated Statements of Operations (Unaudited)** 

**(In thousands, except per share amounts)** 

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| | **August 2, 2025** | **May 3, 2025** | **August 3, 2024** |
| Revenue: |  |  |  |
| &nbsp;&nbsp;Product sales revenue | $217059 | $165861 | $57325 |
| &nbsp;&nbsp;IP license revenue | 6015 | 4164 | 2389 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenue | 223074 | 170025 | 59714 |
| Cost of revenue | 72706 | 55837 | 22431 |
| Gross profit | 150368 | 114188 | 37283 |
| Operating expenses: |  |  |  |
| &nbsp;&nbsp;Research and development | 52448 | 47582 | 30409 |
| &nbsp;&nbsp;Selling, general and administrative | 37178 | 31945 | 21325 |
| &nbsp;&nbsp;Impairment charges |  | 873 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 89626 | 80400 | 51734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating income (loss) | 60742 | 33788 | (14451) |
| Other income, net | 3946 | 3821 | 5533 |
| &nbsp;&nbsp;Income (loss) before income taxes | 64688 | 37609 | (8918) |
| Provision for income taxes | 1289 | 1021 | 622 |
| &nbsp;&nbsp;Net income (loss) | $63399 | $36588 | $(9540) |
| Net income (loss) per share: |  |  |  |
| &nbsp;&nbsp;Basic | $0.37 | $0.21 | $(0.06) |
| &nbsp;&nbsp;Diluted | $0.34 | $0.20 | $(0.06) |
| Weighted-average shares used in computing net income (loss) per share: |  |  |  |
| &nbsp;&nbsp;Basic | 171927 | 170405 | 165140 |
| &nbsp;&nbsp;Diluted | 184577 | 182119 | 165140 |

---

------

**Credo Technology Group Holding Ltd** 

**Condensed Consolidated Balance Sheets (Unaudited)** 

**(In thousands)**

---

| | | |
|:---|:---|:---|
| | **August 2, 2025** | **May 3, 2025** |
| **Assets** | **Assets** | **Assets** |
| Current assets: |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | $219636 | $236328 |
| &nbsp;&nbsp;Short-term investments | 260010 | 195010 |
| &nbsp;&nbsp;Accounts receivable | 181203 | 162144 |
| &nbsp;&nbsp;Inventories | 116677 | 90029 |
| &nbsp;&nbsp;Other current assets | 26083 | 30023 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 803609 | 713534 |
| Property and equipment, net | 69444 | 63631 |
| Right of use assets | 14816 | 15234 |
| Other non-current assets | 17306 | 16858 |
| &nbsp;&nbsp;Total assets | $905175 | $809257 |
| **Liabilities and Shareholders' Equity** | **Liabilities and Shareholders' Equity** | **Liabilities and Shareholders' Equity** |
| Current liabilities: |  |  |
| &nbsp;&nbsp;Accounts payable | $54896 | $56158 |
| &nbsp;&nbsp;Accrued compensation and benefits | 13175 | 16097 |
| &nbsp;&nbsp;Other current liabilities | 40316 | 35456 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 108387 | 107711 |
| Non-current operating lease liabilities | 12345 | 12693 |
| Other non-current liabilities | 3062 | 7271 |
| &nbsp;&nbsp;Total liabilities | 123794 | 127675 |
| Shareholders' equity: |  |  |
| &nbsp;&nbsp;Ordinary shares | 9 | 8 |
| &nbsp;&nbsp;Additional paid in capital | 801563 | 765173 |
| &nbsp;&nbsp;Accumulated other comprehensive loss | (428) | (437) |
| &nbsp;&nbsp;Accumulated deficit | (19763) | (83162) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity | 781381 | 681582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity | $905175 | $809257 |

---

------

**Credo Technology Group Holding Ltd** 

**Reconciliations from GAAP to Non-GAAP (Unaudited)** 

**(In thousands, except percentages and per share amounts)** 

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| | **August 2, 2025** | **May 3, 2025** | **August 3, 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;GAAP gross profit | $150368 | $114188 | $37283 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reconciling item: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | 356 | 356 | 281 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total reconciling item | 356 | 356 | 281 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-GAAP gross profit (A) | $150724 | $114544 | $37564 |
| &nbsp;&nbsp;&nbsp;&nbsp;GAAP gross margin | 67.4% | 67.2% | 62.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-GAAP gross margin | 67.6% | 67.4% | 62.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total GAAP operating expenses | $89626 | $80400 | $51734 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reconciling item: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | (35099) | (27506) | (16359) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment charges |  | (873) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total reconciling item | (35099) | (28379) | (16359) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Non-GAAP operating expenses (B) | $54527 | $52021 | $35375 |
| &nbsp;&nbsp;&nbsp;&nbsp;GAAP operating income (loss) | $60742 | $33788 | $(14451) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-GAAP operating income (A-B) | $96197 | $62523 | $2189 |
| &nbsp;&nbsp;&nbsp;&nbsp;GAAP operating income (loss) margin | 27.2% | 19.9% | (24.2)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-GAAP operating income margin | 43.1% | 36.8% | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;GAAP net income (loss) | $63399 | $36588 | $(9540) |
| &nbsp;&nbsp;&nbsp;&nbsp;Reconciling items: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | 35455 | 27862 | 16640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment charges |  | 873 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pre-tax total reconciling item | 35455 | 28735 | 16640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income tax effects and adjustments | (573) | (69) | (61) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-GAAP net income | $98281 | $65254 | $7039 |
| &nbsp;&nbsp;&nbsp;&nbsp;GAAP weighted-average shares - basic | 171927 | 170405 | 165140 |
| &nbsp;&nbsp;&nbsp;&nbsp;GAAP weighted-average shares - diluted | 184577 | 182119 | 165140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-GAAP adjustment | 4289 | 4824 | 15894 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-GAAP weighted-average shares - diluted | 188866 | 186943 | 181034 |
| &nbsp;&nbsp;&nbsp;&nbsp;GAAP diluted net income (loss) per share | $0.34 | $0.20 | $(0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-GAAP diluted net income per share | $0.52 | $0.35 | $0.04 |

---

------

**Credo Technology Group Holding Ltd** 

**Reconciliation of GAAP Forward-Looking Estimates to Non-GAAP Forward-Looking Estimates**

**(In millions, except percentages)** 

---

| | | |
|:---|:---|:---|
| | **Outlook for Three Months Ended November 1, 2025** | **Outlook for Three Months Ended November 1, 2025** |
| | **Low** | **High** |
| &nbsp;&nbsp;&nbsp;&nbsp;GAAP gross margin | 63.5% | 65.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Reconciling item: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | 0.5% | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total reconciling item | 0.5% | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-GAAP gross margin | 64.0% | 66.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total GAAP operating expenses | $96.0 | $98.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reconciling item: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | 40.0 | 40.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total reconciling item | 40.0 | 40.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Non-GAAP operating expenses | $56.0 | $58.0 |

---

<br>