Credo Technology Group Holding LtdCRDO

Credo Technology Group Holding Ltd Segments Disclosure

10-KFiled Jul 2, 20252 min read
Segment and Geographic Information
As discussed in “Note 2. Significant Accounting Policies,” the Company operates in one reportable segment. The CODM uses net income or loss for the purposes of making operating decisions, allocating resources and evaluating financial performance. The measure of segment assets is reported on the consolidated balance sheet as total assets, although the CODM does not evaluate asset information for
purposes of allocating resources or evaluating performance. The table below provides information about the Company’s revenue, significant segment expenses and other segment expenses (in thousands):
Year Ended
May 3, 2025April 27, 2024April 29, 2023
Revenue$436,775 $192,970 $184,193 
Less:
Cost of revenue153,866 73,538 78,000 
Personnel related expenses95,269 69,630 59,089 
Share-based compensation76,160 37,890 22,883 
Other segment items*59,297 40,281 40,768 
Net income (loss)$52,183 $(28,369)$(16,547)
*Other segment items primarily include lease expenses, external professional services expenses, depreciation and amortization, interest income and tax provision (benefit).
The following table summarizes revenue disaggregated by primary geographical market based on destination of shipment for products, and location of contracting entity for IP and engineering services, which may differ from the end customer’s principal offices (in thousands):
Year Ended
May 3, 2025April 27, 2024April 29, 2023
Hong Kong$243,727 $70,162 $9,646 
United States65,097 49,569 44,253 
Mainland China80,055 28,264 96,935 
Taiwan3,624 21,286 5,363 
Rest of World44,272 23,689 27,997 
$436,775 $192,970 $184,194 
The following table presents long-lived assets information based on the physical location of the assets by geographic region (in thousands):
May 3, 2025April 27, 2024
Property and equipment, net:
Taiwan$38,501 $24,874 
United States12,793 11,150 
Hong Kong8,047 5,208 
Mainland China4,290 2,433 
$63,631 $43,665 
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About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

Other Available Disclosures

Income TaxesRevenueEarnings Per ShareFair ValuePP&ELeasesCommitmentsStock CompensationNew Standards