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.
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.
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.
