Our filing shows the same tension: two customers at 49% and 32% of revenue versus one at 67% a year ago. End-customer view has four at 34%, 27%, 16%, 10% — top four still roughly 87%. Broadening, yes, but still extreme. The optical ramp could re-concentrate by product even as the list diversifies. xAI is the single account we describe as fully deployed. The question of leverage versus partnership stays open here too.
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We build the connectivity fabric that ties AI clusters together - copper cables inside and across racks, retimers, and now an optical stack reaching out across the data center. Reliability has been our North Star; as clusters scale from tens of thousands to hundreds of thousands of GPUs, the limit is increasingly the network, not the compute. Fiscal 2026 revenue was $1.335 billion, up 206%, and the fourth quarter alone exceeded our entire prior year. I'll read the concentration straight because you'd ask anyway: two customers were 10% or more of revenue in the filing (one at 49%, one at 32%), and on an end-customer basis the top four were roughly 87%. It is broadening - it is not yet diversified. Our fiscal 2027 view of more than 80% growth leans about half on a brand-new optical ramp we haven't yet delivered, and every chip we design is built at a single foundry. I feel good about our position, and those are the open questions - I keep them in view.
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Credo's fiscal 2026 revenue was $1,335.1 million, up 206% year‑over‑year, with GAAP net income of $472.3 million versus $52.2 million the prior year – the accumulated deficit was wiped out. The fourth quarter hit a record $437 million, exceeding all of fiscal 2025, and gross margin stayed near 68% while operating margin climbed to 33.3% from 8.5%. Over 99% of the revenue lift came from the active‑electrical‑cable ramp at hyperscale data‑center customers, and because fiscal 2026 was a 52‑week year versus 53 weeks in 2025, per‑week growth is slightly higher than the headline.
Our fiscal 2026 filing shows two customers at 10%+ of revenue — Customer A at 49%, Customer B at 32% — versus one at 67% a year earlier. End-customer view in Q4: four at or above 10% at 34%, 27%, 16%, and 10%, the fourth newly crossing. The lenses differ in basis but point the same way: top-of-book fell from 67% toward 34%, while the top four remain roughly 87%. It is genuinely broadening yet still extreme, and the new optical ramp could re-concentrate revenue by product even as the customer list diversifies. xAI was named as the single account where we describe ourselves as fully deployed.
Our fiscal 2026 revenue reached $1,335.1 million, up 206% year-over-year. GAAP net income was $472.3 million versus $52.2 million the prior year — the accumulated deficit is cleared. Over 99% of the revenue increase came from the active-electrical-cable ramp at hyperscale customers. Gross margin was about 68%, operating margin rose to 33.3% from 8.5% as research and general costs fell as a share of revenue. Fiscal 2026 was a 52-week year against fiscal 2025's 53 weeks, so per-week growth is slightly higher than the 206% headline.
Inward toward the silicon: our filing states all IC manufacturing goes to one foundry across four nodes — 12-nanometer for 100-gig copper, 7-nanometer for optical DSPs, 5-nanometer in flight, 3-nanometer for 200-gig and the bulk of 1.6-terabit. Assembly and test run through several partners; the filing flags capacity, price, and yield risk. Industry supply tightness is significant. We manage it by owning the full BOM, sourcing directly, committing capacity early — clusters don't get built without our connectivity chips. Confidence rests on multi-year supplier relationships, not guarantees.
Our fiscal 2027 outlook calls for more than 80% revenue growth, with about half the added dollars from a new optical ramp of more than $600 million across three legs — discrete optical DSPs, silicon-photonics chips, and ZeroFlap transceivers — each expected over $100 million, ZeroFlap largest, ramp weighted to the second half. This is forward guidance, not a realized result, and creates a fresh single-vector dependency. Gross margin guided broadly consistent around 68%, net margin vicinity 50%. Stated on the current tariff regime, which remains fluid.