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Item 1. Business

2026-06-15 compared with 2025-07-02 · 127 added, 94 removed, 173 unchanged (56% of the section changed)

Company Overview

At Credo, our mission is to redefine high-speed connectivity by delivering breakthrough solutions that enable the next generation of AI-driven applications.

We are committed to enabling faster, more reliable, more energy-efficient, and scalable solutions that support the ever-expanding demands of AI, cloud computing and hyperscale networks.

Our connectivity solutions are optimized for optical and electrical Ethernet and PCIe applications, including the 100G (or Gigabits per second), 200G, 400G, 800G and emerging 1.6T (or Terabits per second) ethernet markets and the 32G PCIe5 and upcoming 64G PCIe6 markets.

Our products are based on our Serializer/Deserializer (SerDes) and Digital Signal Processor (DSP) technologies.

At Credo, our mission is to transform connectivity at scale through fast, reliable and energy-efficient system solutions.

The Company’s highspeed copper and optical interconnect products deliver industry-leading power and performance at up to 1.6T to meet the ever-expanding data infrastructure demands of AI.

The Company’s product portfolio includes ZeroFlap (ZF) Active Electrical Cables (AECs) and ZF optical transceivers, OmniConnect memory solutions and a suite of retimers and DSPs for optical and copper Ethernet and PCIe, all leveraging the Company’s PILOT diagnostic and analytics software platform.

The Company’s innovations enable our customers to connect the systems that connect the world.

Our connectivity solutions are optimized for optical and electrical Ethernet, PCIe and emerging UALink, ESUN and SUE applications, ranging in speeds from 32G (or Gigabits per second per lane) to 200G.

Our products are based on our own optimized Serializer/Deserializer (SerDes) and Digital Signal Processor (DSP) technologies.

Our product families include integrated circuits (ICs), Active Electrical Cables (AECs) and SerDes Chiplets.

Our intellectual property (IP) solutions consist primarily of SerDes IP licensing.

Data generation has increased dramatically over the past ten years, creating new and complicated challenges in both circuit and system design.

Artificial Intelligence (AI) has bred a new generation of data centers over the past 5 years that depend much more heavily on high speed, reliable communications for Front End, Scale Out, Scale Up and emerging Scale In Networks.

Our proprietary SerDes and DSP technologies enable us to achieve similar performance to leading competitors’ products but at a lower cost and more highly available legacy node (n-1 advantage).

Beyond power and performance, Credo continues to innovate to address customers’ system level requirements.

We partner with Microsoft on our HiWire Switch AEC and open-source implementation that helps realize Microsoft’s vision for a highly reliable network-managed dual-Top-of-Rack (ToR) architecture (a network architecture design in which computing equipment located within the same or an adjacent rack are, for redundancy, connected to two in-rack network switches, which are, in turn, connected to aggregation switches via fiber optic cables), overcome complex and slow legacy enterprise approaches, simplify deployment and improve connection reliability in the data center.

The multibillion-dollar data infrastructure market that we serve is driven largely by hyperscale data centers (hyperscalers), as well as general compute, AI/ML infrastructure, multi-service operators (MSOs) and mobile network operators (MNOs).

The demands for increased bandwidth, improved power and cost efficiency and heightened security have simultaneously and dramatically expanded as work, education and entertainment have rapidly digitized across myriad endpoint users.

We partnered with Oracle to develop our ZeroFlap Optics that helps address the reliability issues known as Link Flap which plague commodity options in AI data centers enabling faster AI cluster turn on and time to first revenue.

The multibillion-dollar data infrastructure market that we serve is driven largely by hyperscale data centers (hyperscalers) and emerging NeoClouds building AI/Machine Learning (ML) Infrastructure as well as general compute and data centers.

The demands for increased bandwidth, better reliability and improved power efficiency have grown as AI model sizes have increased from billions to trillions of parameters and the workload has expanded from training to inference.

We design, market and sell both product, software and IP solutions.

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We have global sales, marketing and business development teams responsible for identifying and building our customer relationships.

We sell our products to hyperscalers and cloud infrastructure providers, as well as MNO, MSO, 5G wireless, enterprise networking and high performance computing (HPC) customers.

We sell our products to hyperscalers, NeoClouds and other cloud infrastructure providers.

We are engaged with all of the major hyperscalers, and our customer base includes over 20 blue chip clients, including a broad mix of original equipment manufacturers (OEMs), original design manufacturers (ODMs), optical module manufacturers and other leading enterprises.

During fiscal 2025 and 2024, we generated $436.8 million and $193.0 million in total revenue, respectively.

Product sales and product engineering services revenue comprised 97% and 85% of our total revenue in fiscal 2025 and 2024, respectively, and IP license revenue represented 3% and 15% of our total revenue in fiscal 2025 and 2024, respectively.

During fiscal 2026 and 2025, we generated $1.3 billion and $436.8 million in total revenue, respectively.

Industry Overview

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Back end scale up networks have grown from an appliance scale of 8 GPUs to rack scale of 72 GPUs in calendar 2024 and there is strong interest in growing this to scale in the coming years.

Scale up networks are already 10x denser than scale up networks, a full 100x denser than front end networks.

Scale up networks are already 10x denser than scale out networks, a full 100x denser than front end networks.

Scale up network architectures are dominated by Ethernet and PCIe PHYs at layer 1 with proprietary extensions at higher levels.

In calendar 2024, multiple hyperscalers show scale up networks growing beyond rack scale which will necessitate the need for retimers and/or DSPs to support high speed signaling at extended reach.

Hyperscaler General Compute Traffic Doubles Every 2-3 Years:

Our hyperscale customers began to deploy front end Network Interface Card (NIC) speeds of 200G in calendar year 2023 with 400G on roadmaps for calendar year 2024.

Our hyperscale customers began to deploy front end Network Interface Card (NIC) speeds of 200G in calendar year 2023, 400G in calendar year 2024 and 800G in calendar year 2025.

As NIC speeds double, there is a need for higher speed east-west traffic infrastructure to support applications such as Remote Direct Memory Access (RDMA), Non-volatile Memory Express (NVMe) and other high-bandwidth applications, while maintaining high reliability and observability within the power and cost constraints of a modern data center.

Hyperscalers, which have the ability to seamlessly provision and add compute, memory, networking and storage resources to a given node or set of nodes that make up a larger computing, distributed computing or grid computing environment, drive demand for high-speed, low-power connectivity solutions.

Our hyperscale customers have deployed 50G per lane electrical PAM4 data rates in 2023 and 100G per lane electrical PAM4 solutions in 2024.

Our hyperscale customers have deployed 50G per lane electrical PAM4 data rates in 2023, 100G per lane electrical PAM4 solutions in 2024 and 200G per lane PAM4 solutions planned for mass deployment in 2027.

Similarly, with the global deployment of high-speed fixed-line and wireless networks, carriers are also increasingly seeking higher performance connectivity solutions to address their substantial growth in traffic.

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Comprehensive Family of Connectivity Solutions:

Our extensive solutions portfolio includes HiWire AECs, Optical PAM4 DSPs, PCIe retimers, Line Card PHYs, SerDes Chiplets for Multi-Chip Module (MCM) package integration and SerDes IP licensing.

Our extensive solutions portfolio includes ZeroFlap AECs, Optical PAM4 DSPs, PCIe retimers, Line Card PHYs, SerDes Chiplets for Multi-Chip

Module (MCM) package integration and SerDes IP licensing.

Our products and technologies address our customers’ various bandwidth, power, cost, security, reliability and end-to-end signal integrity requirements.

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We have a history of innovation and pioneering new technologies including:

• Early demonstration and productization of 112G SerDes for Optical and Electrical links

• Pioneer in 100G, 200G, 400G, 800G and emerging 1.6T AEC market, establishing a new product category

• Industry-leading low-power gearbox for 56G and 112G per lane applications

• Delivering 112G XSR IP for multi-chip module (MCM) solutions

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• First to deliver 40G PAM3 SerDes

• Created HiWire Switch cable and open-sourced implementation with Microsoft to realize their vision for a highly reliable network-managed dual-ToR architecture

• Created switch cable and open-sourced implementation with Microsoft to realize their vision for a highly reliable network-managed dual-ToR architecture

• Created ZeroFlap Optics with enhanced reliability, telemetry and in-band messaging with Oracle to support their need for more reliable optical interconnect

• Created the OmniConnect Ecosystem and the Weaver memory fanout gearbox to address the AI memory wall

• Introduced World’s First 800G DSP for Linear Receive Optics, targeting Hyperscale and AI Data Centers

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We intend to continue investing in research and development in our SerDes design to expand our technology leadership.

• Broaden our portfolio of products and IP solutions.

We intend to continue to broaden our portfolio of offerings by developing new products and IP solutions to meet the evolving needs of the data infrastructure ecosystem as well as expand into adjacent markets we do not serve today.

• Broaden our portfolio of products.

We intend to continue to broaden our portfolio of offerings by developing new products to meet the evolving needs of the data infrastructure ecosystem as well as expand into adjacent markets we do not serve today.

• Attract and acquire new customers.

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We have demonstrated our ability to sell multiple of our connectivity solutions to several of our major customers, and we will continue to seek to extend and deepen our relationships with existing customers.

These relationships with leading hyperscalers, OEMs, ODMs and optical module manufacturers give us insight and extensive visibility into product designs, design specifications, development, production timelines, product implementations and product innovations.

These relationships with leading hyperscalers, Neoclouds, OEMs, ODMs and optical module manufacturers give us insight and extensive visibility into product designs, design specifications, development, production timelines, product implementations and product innovations.

Our direct relationships enable us to better anticipate our customer needs and serve to facilitate our ability to sell multiple connectivity solutions to our customers over time.

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Today, we offer the following products and solutions:

HiWire AECs, Optical PAM4 DSPs, Line Card PHYs, SerDes Chiplets and SerDes IP.

HiWire AECs®:

Credo’s distinctive purple HiWire™ Active Electrical Cables (AECs) are plug-and-play copper interconnect cables designed for affordable, lossless operation at 100G, 200G, 400G,800G and emerging 1.6T data speeds.

AECs offer a high-performance alternative to short, thick DACs and high power, high-cost AOCs for data center compute and AI applications.

ZeroFlap AECs, Optical PAM4 DSPs, ZeroFlap Optical Transceivers, OmniConnect, SerDes Chiplets, PCIe Retimers, microLED solutions and PILOT software platform.

ZeroFlap AECs®:

Credo’s trademark purple ZeroFlap Active Electrical Cables (AECs) are plug-and-play copper interconnect cables designed for affordable, lossless operation at 100G, 200G, 400G, 800G and emerging 1.6T data speeds.

AECs offer a high-performance alternative to short, thick DACs and high power, high-cost Active Optical Cables (AOCs) for data center compute and AI applications.

The applications for AECs in the data center can be categorized into Servers-TOR Racks and Leaf-Spine-Router Racks.

Credo offers AEC cables up to 7m to enable reliable links from GPU to network switch for AI racks with liquid cooling.

The HiWire AEC solutions include CLOS, SPAN, SHIFT and SWITCH family of cables.

• Credo HiWire CLOS AECs are specifically designed for high density in-rack or HPC rack-to-rack interconnect to support CLOS architectures, a type of non-blocking, multistage switching architecture that reduces the number of ports required in an interconnected fabric.

The ZeroFlap AEC solutions include CLOS, SPAN, SHIFT and SWITCH family of cables.

• Credo ZeroFlap CLOS AECs are specifically designed for high density in-rack or High Performance Computing (HPC) rack-to-rack interconnect to support CLOS architectures, a type of non-blocking, multistage switching architecture that reduces the number of ports required in an interconnected fabric.

With up to 50% less power than optical solutions and up to 75% less volume than DACs, these AECs enable CLOS cabling densities up to 1,000 cables per rack.

• Credo HiWire SPAN AECs are a plug and play replacement of AOC for high-speed interconnects.

• Credo ZeroFlap SPAN AECs are a plug and play replacement of AOC for high-speed interconnects.

Intended for rack-to-rack connectivity, these cables support up to 7-meter reach, consume up to 50% less power than AOCs, cost less than AOCs and offer a 10-year service life.

• Credo’s HiWire SHIFT AECs provide breakout functionality to enable a single high-speed port to connect to two or four lower-speed ports.

• Credo’s ZeroFlap SHIFT AECs provide breakout functionality to enable a single high-speed port to connect to two or four lower-speed ports.

In some cases, this involves speed shifting functionality where lane speeds are changed (e.g., one lane of 112G becomes 2 lanes of 56G), modulation schemes are changed (e.g., PAM4 symbol becomes two non-return-to-zero (NRZ) symbols) and forward error correction is terminated and/or generated to ensure a plug and play bridge between two different speed hosts.

• Credo HiWire SWITCH AECs enable a NIC to connect to two ToRs in an Active/Standby configuration for sub-millisecond failover that is fully network operating system managed.

• Credo ZeroFlap SWITCH AECs enable a NIC to connect to two ToRs in an Active/Standby configuration for sub-millisecond failover that is fully network operating system managed.

This enables the simplicity of a single NIC-ToR connector for the server and user with reliability and convergence times that are superior to legacy link aggregation structures.

Optical DSPs:

Credo optical digital signal processors (DSPs) are a key building block inside optical transceivers that are used in AI clusters, hyperscale data centers, service provider networks, enterprise networks and 5G wireless infrastructure.

Optical transceivers and active optical cables (AOCs) based on Credo DSPs provide Ethernet connectivity from 5m up to 10km+ and span rates from 50Gb/s to 800Gb/s and beyond.

Now in their fifth generation, Credo DSPs operating at 50G/lane and 100G/lane PAM4 offer an exceptional combination of performance, energy efficiency and value by integrating such features as laser drivers, DSP based signal equalization, non-linear distortion compensation, transmitter signal conditioning and long reach capable host side SerDes.

The Credo Seagull family of DSPs operate at 50G/lane.

This comprehensive product family includes 1x50G, 2x50G, 4x50G and 8x50G product variants that enable transceivers and AOCs from 50Gb/s to 400Gb/s.

Also included in the Seagull family is a unique product optimized for 64G Fibre Channel, used in storage networks.

The Credo Dove family of DSPs operate at 100G/lane.

This product family includes 4x100G and 8x100G DSPs each with a range of integrated laser driver options for silicon photonics, EMLs and VCSELs.

The range of laser drivers makes these DSPs suitable for both multi-mode and single-mode fiber applications operating at either 400Gb/s or 800Gb/s.

The Dove 850 is the industry's first unidirectional 8x100G DSP specifically for Linear Receive Optics (LRO).

LRO is an innovative new concept that removes DSP functionality from the module receiver to dramatically improve energy efficiency in high volume AI deployments.

In April of 2025, Credo introduced its Lark family of DSPs.

The Lark 800 is a high-performance, high-reliability, low-power DSP designed to enable a new generation of full retimed 800G transceivers destined for deployment in the exceedingly challenging power and cooling envelopes of the world’s largest and most dense AI data centers.

The Lark 850 is specifically designed for 800G LROs, with power consumption under 10W.

Line Card PHYs:

We are enabling data connectivity and security in hyperscale and enterprise data centers with leading edge, low-power line card PHY solutions.

Our Retimers, Gearboxes and MACsec devices facilitate PAM4/NRZ backplane and line card connectivity at up to 112G per lane.

Our components enable platforms with capabilities reaching 52.1 Terabits per second (Tbps), featuring 800G ports.

Dedicated and multi-function Retimers, Gearboxes and MACsec PHYs, each built around our low-power, high-performance SerDes IP, enable our customers to meet performance, power and price objectives.

Our Line Card PHY product families include our Bald Eagle, Black Hawk and Screaming Eagle products for Retimer and Gearboxes, as well as our Owl and Osprey products for MACsec applications.

Credo optical digital signal processors (DSPs) are core components within optical transceivers deployed in AI clusters, hyperscale data centers, service‑provider networks, enterprise networks, and 5G wireless infrastructure.

Optical transceivers and AOCs incorporating Credo DSPs enable Ethernet connectivity over distances ranging from approximately 5 meters to more than 10 kilometers, supporting data rates from 50 Gb/s to 1.6 Tb/s and higher.

Now in their seventh generation, Credo DSPs operating at 50G/lane, 100G/lane and 200G/lane PAM4 signaling combine high performance, low latency, power efficiency, and high reliability.

Integrated functional blocks include laser drivers, DSP‑based signal equalization, non‑linear distortion compensation, transmitter signal conditioning, and forward‑error correction.

The Credo Seagull family of DSPs operate at 50G per lane and includes 1×50G, 2×50G, 4×50G, and 8×50G variants supporting transceivers and AOCs from 50 Gb/s to 400 Gb/s.

The portfolio also includes a product optimized for 64G Fibre Channel applications in storage‑area networking.

The Credo Dove, Lark, and Robin families operate at 100G/lane across three successive technology generations.

These families include 4×100G and 8×100G DSPs with multiple integrated laser‑driver options for silicon photonics, EML, and VCSEL‑based solutions.

The devices support both multimode and single‑mode optical applications at 400 Gb/s and 800 Gb/s.

Each generation also offers a unidirectional 8×100G variant designed for Linear Receive Optics (LRO), an architecture pioneered by Credo that removes DSP functionality from the module receiver to improve energy efficiency in large‑scale AI deployments.

In September 2025, Credo introduced Bluebird, its first 200G/lane DSP, manufactured on a 3nm process node.

Bluebird is designed to enable a new generation of full‑retimed and LRO‑based 1.6 Tb/s transceivers, delivering high performance, low power consumption, and high reliability.

Transceivers based on Bluebird target deployment in high‑density AI data centers with stringent power and cooling constraints.

ZeroFlap Optical Transceivers :

Credo’s ZeroFlap optical transceivers bring an innovative system approach to address optical link flaps.

As AI cluster sizes scale beyond 1GW, transceiver reliability has proven to be a limiting factor in cluster stability and uptime.

Credo’s ZeroFlap optical transceivers enable better management and mitigation of optical link flaps through system hardening, advanced telemetry, and remote management.

ZeroFlap optical transceivers collect, process, and action link telemetry to identify issues before they lead to a link flap.

Credo’s ZeroFlap optical transceivers include mission-mode optical link quality monitoring, non-volatile event logging, and transparent in-band messaging allowing full remote access to both ends of the link.

These unique features provide a new level of reliability, operational efficiency, and productivity to AI backend networks.

Supporting 400G, 800G, and 1.6T network speeds, the ZeroFlap family consists of the following optical transceivers:

200GBASE-DR2, 400GBASE-DR4, and 800G 2xDR4.

Featuring optical performance compliant with IEEE 802.3-2022 Clause 124.7, the ZeroFlap optical transceiver family gives network operators flexibility to deploy optical connections up to 500m using parallel single mode fiber with MPO-12 optical connections.

OmniConnect :

Credo’s OmniConnect is a next‑generation connectivity platform designed to address the scaling challenges of AI and data‑center infrastructure, where AI inference and compute performance is increasingly constrained by memory capacity, bandwidth, and data movement rather than compute.

OmniConnect delivers a single, high‑performance SerDes‑based fabric that can be flexibly deployed for memory expansion, scale‑up, and scale‑out connectivity, simplifying system architectures while improving power efficiency and scalability.

Built using Credo’s industry‑leading 112G Very Short Reach (VSR) SerDes technology, OmniConnect provides high bandwidth, long reach, and low power.

Unlike point solutions that address memory, die‑to‑die, or networking in isolation, OmniConnect is architected as a multi‑purpose, late‑bound solution, enabling customers to overcome the inference memory challenges and adapt memory and connectivity configurations as AI requirements evolve, without costly redesigns or advanced packaging dependencies.

In November 2025, Credo introduced OmniConnect architecture and Weaver, the first product in the OmniConnect family.

Weaver is a memory fanout gearbox designed in 5nm process node engineered to break the AI inference memory wall by extending LPDDR memory beyond the substrate.

Weaver delivers 12x higher total memory bandwidth and up to 40x higher memory density compared to more conventional on-substrate LPDDR solution.

This approach significantly reduces silicon area and power while enabling off-substrate memory placement.

This allows AI systems to scale memory capacity and bandwidth flexibly as model requirements evolve.

SerDes Chiplets:

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Our SerDes Chiplets are designed for high performance and low power from mature processes, allowing customers to fabricate their core logic in advanced processes and combine them in their MCM SoC.

SerDes IP is designed for the easy SoC integration of tens to hundreds of SerDes lanes.

The IP range in performance from 1G to 112G per lane.

Additionally, we developed USB4 Version 2 SerDes IP which has been adopted by a major OEM.

We designed our SerDes IP to optimally balance performance, power and manufacturing process costs and risks.

Our patented mixed signal and DSP architectures are the foundation of our high-

performance and low-power SerDes technology.

Our architectural approach enables design in a mature fabrication process while delivering leading-edge performance and power efficiency, which has led to our more than 50 IP licensing engagements.

Nevertheless, as part of our commitment to long-term innovation, we continuously develop technology in cutting-edge fabrication processes such as 3nm in order to enhance our competitive position, and to serve the market of IP licensing customers whose logic requires cutting-edge fabrication processes.

PCIe Retimers:

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• Built using the 7nm process node, these retimers are optimized for cost-efficient production while delivering the highest performance, supporting cloud-scale datacenters and the growing demands of modern infrastructure with low latency and best-in-class signal integrity.

• Enabled by our Toucan family of retimers, Credo’s OSFP-XD PCIe AECs provide extended range up to 7m with lossless end-to-end x16 Gen6 PCIe connectivity, allowing for transfer rates of up to 1Tb/sec.

• Enabled by our Toucan family of retimers, Credo’s OSFP-XD ZeroFlap PCIe AECs provide extended range up to 7m with lossless end-to-end x16 Gen6 PCIe connectivity, allowing for transfer rates of up to 1Tb/sec.

microLED Solutions :

Credo is expanding its connectivity portfolio by developing solutions based on microLED technology.

This next-generation optical technology is engineered to facilitate high-speed, low-latency data transmission, providing multi-Terabit throughput required to scale massive AI clusters and high-performance hyperscale data centers.

By leveraging fast micron-scale LEDs and ultra-low power circuitry, these solutions address the escalating bandwidth bottlenecks in AI infrastructure.

Active LED Cables (ALCs) are built to deliver high-speed connectivity in familiar, pluggable form-factors, like the industry-leading ZeroFlap AECs, while extending the interconnect reach up to 30m and reducing cable bulk.

ALCs allow data center architects to rethink cluster design.

Rather than being forced to cram GPUs into one or two racks due to distance or energy constraints, Credo’s microLED ALCs enable architects to distribute compute power across multiple racks.

This flexibility significantly improves thermal management and hardware organization while maintaining the high-speed connectivity necessary for parallel processing.

These microLED solutions prioritize copper-like reliability and operational predictability.

Credo integrates "zero-flap" performance in these products through rugged designs, advanced error correction, and self-healing failover schemes.

To ensure maximum uptime, they utilize Predictive Integrity, Link Optimization and Telemetry (PILOT) telemetry and monitoring to evaluate link health and isolate potential failures before they impact the network.

PILOT Software Platform:

Credo’s proprietary Predictive Integrity, Link Optimization and Telemetry (PILOT) software empowers network administrators to detect, diagnose, and resolve signal degradation before it impacts workloads—dramatically reducing link flaps and minimizing costly system maintenance and down-time.

PILOT was released for evaluation on Credo’s Toucan PCIe retimers in the first quarter of fiscal 2026 and Credo expects to make PILOT available across Credo’s SerDes, retimers and system level AECs during fiscal year 2026.

Credo’s proprietary PILOT software empowers network administrators to detect, diagnose, and resolve signal degradation before it impacts workloads—dramatically reducing link flaps and minimizing costly system maintenance and down-time.

PILOT was released for evaluation on Credo’s Toucan PCIe retimers in the first quarter of fiscal 2026 and Credo made PILOT available across Credo’s SerDes, retimers and system level AECs during fiscal year 2026.

Our Customers

We sell our products to hyperscalers, OEMs, ODMs and optical module manufacturers, as well as into the enterprise and HPC markets.

We sell our products to hyperscalers, Neoclouds, OEMs, ODMs, CMs and optical module manufacturers, as well as into the enterprise and HPC markets.

We work closely and have engagements with industry-leading companies across these segments.

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In fiscal 2026, sales to our top 10 customers accounted for approximately 90% of our total revenue.

Furthermore, we had one customer that accounted for 10% or more of our total fiscal 2025 (such one customer accounting for 67% of total fiscal 2025 revenue).

Furthermore, we had two customers that accounted for 10% or more of our total fiscal 2026.

Sales and Marketing

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By engaging directly with the end user, we are able to better understand the needs of our customers and cater our solutions to their most pressing connectivity requirements.

This strategy has enabled us to become the preferred vendor to a number of our customers across the world who, in turn, require their suppliers, OEMs, ODMs and optical module manufacturers to utilize our solutions.

This strategy has enabled us to become the preferred vendor to a number of our customers across the world who, in turn, require their suppliers, OEMs, ODMs, CMs and optical module manufacturers to utilize our solutions.

We sell our solutions worldwide through our direct sales force.

We have a sales presence in North America, Asia and Europe.

Our direct sales force is supported by marketing, business development and Field Application Engineer teams across our regions.

Our direct sales force is supported by marketing, business development and application engineer teams across our regions.

These teams are organized to align with our product verticals.

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We have committed, and plan to continue to commit, significant resources to technology and product innovation and development.

We have assembled a team of highly skilled engineers with deep signal processing expertise who are located in San Jose, California, mainland China and Taiwan.

We have assembled a team of highly skilled engineers with deep signal processing expertise who are located in San Jose, California, Pittsburgh, Pennsylvania, Canada, mainland China, Hong Kong and Taiwan.

As of May 2, 2026, we employed 616 engineers.

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As of May 2, 2026, we owned 86 issued patents and 39 pending patent applications in the United States, and 52 issued patents and 41 pending patent applications in mainland China.

Our subsidiary Hyperlume, Inc.

owns 16 of these pending patent applications in the United States and 13 of these pending applications in mainland China.

Our patent and patent application portfolio primarily relates to four main areas:

Ethernet standard, network cable technology, chip manufacturing and MCM and SerDes cores.

These issued patents, and any patents granted from such applications, are expected to expire between 2029 and 2045, without taking potential patent term extensions or adjustments into account.

Without taking potential patent extensions or adjustments into account, these issued patents, and any patents granted from such applications, are expected to expire between 2029 and 2046.

We continually review our development efforts to assess the existence and patentability of new intellectual property.

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It may also be shortened if a patent is terminally disclaimed over a commonly owned patent or a patent naming a common inventor and having an earlier expiration date.

We cannot be sure

that our pending patent applications that we have filed or may file in the future will result in issued patents, and we can give no assurance that any patents that have issued or might issue in the future will protect our current or future products, will provide us with any competitive advantage, and will not be challenged, invalidated or circumvented.

We cannot be sure that our pending patent applications that we have filed or may file in the future will result in issued patents, and we can give no assurance that any patents that have issued or might issue in the future will protect our current or future products, will provide us with any competitive advantage, and will not be challenged, invalidated or circumvented.

Moreover, we rely, in part, on trade secrets to protect aspects of our business that are not amenable to, or that we do not consider appropriate for, patent protection.

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Our principal competitors with respect to our products include Broadcom Ltd.

(Broadcom), Marvell Technology, Inc.

Marvell Technology, Inc.

(Marvell) and Astera Labs, Inc.

(Astera), as well as various cable suppliers.

(Astera), as well as various cable and optical transceiver suppliers.

The principal competitive factors in our market include:

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Sustainability

Our sustainability initiatives are a corporate priority and strongly supported by our Board of Directors (Board) and leadership team.

More information can be found on the Environmental, Social and Governance (ESG) section of our website and in our annual ESG Report.

Information contained on our website or in our annual ESG Report is not incorporated by reference into this or any other report we file with the U.S.

Sustainability considerations are incorporated into our corporate strategy, operations, and risk management processes, with oversight from our Board of Directors (the Board) and management team.

Our connectivity solutions are designed to support lower power consumption and improve energy efficiency across data center and AI infrastructure, while maintaining high levels of reliability and performance that can extend system lifespan.

Our approach to environmental, social, and governance (ESG) matters is grounded in responsible business practices, supply chain oversight, and long-term value creation.

Additional information regarding our ESG initiatives is available on the ESG section of our website and in our annual ESG Report.

This information is not incorporated by reference into this Annual Report on Form 10-K or any other report we file with the U.S.

Securities and Exchange Commission.

See “Risk Factors” under Item 1A of this Annual Report on Form 10-K for a discussion of risks and uncertainties we face related to sustainability.

For a discussion of risks and uncertainties related to sustainability matters, see “Risk Factors” under Item 1A of this Annual Report on Form 10-K.

Employees and Human Capital Resources

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None of our employees are represented by a labor union or subject to a collective bargaining agreement, and we have never experienced a labor-related work stoppage.

Our success has been built on attracting, motivating and retaining a talented and driven workforce, particularly on our design and technical teams, but also our senior management and support personnel.

Our employees are our most valuable assets.

Our core philosophy is that our employees are our most

important backers, investing their time and professional reputations in the company.

We continually assess our business to identify our talent needs.

We have a diverse workforce that represents many cultures and we celebrate our workforce by fostering inclusion across our multinational organization.

Our objective is to attract and retain talented and experienced employees, advisors and consultants.

Our team members often leverage their professional networks, and we also use online search tools, specialized recruiting firms, internships and university hires to ensure a varied outreach approach for candidates.

We offer competitive benefits tailored to local markets and laws and designed to support employee health, welfare and retirement;

examples of such benefits may include paid time off;

401(k), pension or other retirement plans;

basic and voluntary life, disability and supplemental insurance;

medical, dental and vision insurance;

Our success has been built on attracting, motivating and retaining a highly skilled and engaged workforce, particularly on our design and technical teams, as well as our senior management and support functions.

We view our employees as our most valuable assets and believe they play a critical role in advancing our business and technology objectives.

Consistent with our people philosophy, we recognize that our employees invest their time, expertise, and professional reputations in Credo, and we seek to foster an environment where they can grow and make meaningful contributions.

Our approach to human capital management is informed by Credo’s employee value proposition:

we connect purpose, people, and possibilities.

This focus emphasizes connection, accountability, and long-term value creation.

We believe that empowering our people, aligning work with purpose, and enabling future opportunities supports sustainable business performance.

Our core values - Keep learning.

Keep innovating.;

Own the start.

Own the finish.;

Stay focused.;

and Lead with connection.

Lead with care.

- guide how we work together, make decisions, and develop our workforce.

influence our expectations for collaboration, integrity, continuous learning, and responsibility across the organization.

We continually assess our business strategy and operations to identify current and future talent needs.

Our workforce includes individuals from a wide range of cultural, educational, and professional backgrounds, reflecting the global nature of our operations.

We seek to foster an inclusive work environment that supports collaboration across teams, geographies, and disciplines.

Our objective is to attract and retain qualified, talented and experienced employees, advisors, and consultants.

Our team members recruit through multiple channels including leveraging their professional networks, diverse online recruiting platforms and tools, specialized search firms, internships and university hires, which we believe supports broad access to talent.

Our company-wide compensation framework is designed to align employee incentives with their performance and the long-term success of Credo.

We believe that this structure supports accountability and collaboration by encouraging employees to work toward shared business objectives.

Compensation generally consists of a combination of market-based base salary, time-based equity incentives, and discretionary bonuses that are typically linked to individual performance and overall company financial results.

We offer benefits programs that are designed to be competitive within local markets and compliant with applicable laws, and that support employee health, welfare, and retirement.

These benefits may include paid time off;

retirement plans such as 401(k), pension, or other arrangements;

life, disability, and supplemental insurance;

medical, dental, and vision plans;

and flexible spending accounts.

Our global training and development program focuses on harassment-free workplace and diversity topics, as well as ethics and compliance.

Our company-wide compensation structure is intended to align incentives with the success of Credo.

We believe that this fosters collaboration within the company, as all teams are working together towards the same goals.

We offer a combination of competitive market-based base salary, time- and performance-based equity incentives and discretionary bonuses, generally linked to individual and company financial performance designed to motivate and reward our employees.

For more details regarding our executive compensation, refer to information incorporated by reference from the information set forth under the captions “Executive Compensation” and “Compensation Discussion and Analysis” in our upcoming 2026 Proxy Statement.

We also comply with applicable laws and regulations regarding workplace safety and are subject to audits by entities such as the Occupational Safety and Health Administration in the United States.

We comply with applicable laws and regulations regarding workplace safety and are subject to standards set forth by entities such as the Occupational Safety and Health Administration in the United States.

Our global training and development program focuses on a harassment-free workplace, IT security as well as ethics and compliance.

We rely on third parties to manufacture our products and require our suppliers to maintain a safe work environment, as described in further detail under “Manufacturing and Suppliers.” More information can be found on the ESG section of our website and in our annual ESG Report.

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Item 1. Business