活動_Credo_CRDO_FY27Q1法說_20260901

來源：AI （本檔為 AI 原始輸出完整版，含 Memo 分類要點＋中英對照逐字稿全文） 場次：2026-09-01 FY2027 Q1 Earnings Call｜時長 01:05:00 出席：Bill Brennan - CEO；Dan Fleming - CFO；Dan O'Neil - Treasurer and VP of Investor Relations

警語（原站標示）：此 Memo 和逐字稿為 AI 生成，可能因為音檔品質導致轉錄逐字稿有誤，或是 AI 曲解原意／幻覺導致 Memo 內容有誤，請以原始音檔為準。

Memo（AI 分類要點）

亮點

• Credo 公佈創紀錄的第一季營收為 4.79 億美元，較上一季成長 10%，較去年同期成長 115%（推斷自 2026 年 9 月 1 日音訊）。非 GAAP 淨利達 2.363 億美元，較去年同期成長 140%，非 GAAP 毛利率為 68%。公司已連續七季實現三位數的年增長率。 [CEO - 00:02:38] [CFO - 00:13:29] • Credo 預計 2027 財年光學營收將超過 6 億美元，其中零襟翼光學、矽光子積體電路（PIC）及光學數位訊號處理器（DSP）各自貢獻超過 1 億美元。全年總營收成長率預計超過 85%（推斷自 2026 年 9 月 1 日音訊）。 [CFO - 00:17:30] • 公司第一季現金及約當現金結餘為 7.643 億美元，較第四季減少 6.79 億美元，主要因 DustPhotonics 收購所致。第一季自由現金流為 8,290 萬美元。 [CFO - 00:16:09] • Credo 的 AEC、重定時器及光學 DSP 業務在第一季均創下營收新高。公司正擴大光學業務範圍，預期 2027 財年將持續實現超額成長。 [CEO - 00:11:43] 產業循環週期 • Credo 已連續七季實現三位數的年增長，顯示半導體與連接產業正處於強勁的上升週期，尤其受到人工智慧基礎建設投資的推動。 [CEO - 00:03:05] 產業供需 • 人工智慧基礎建設投資持續快速成長，叢集規模擴大、資料傳輸速率提升，連接需求更具挑戰性。Credo 在 AEC 業務呈現健康成長，光學與重定時器客戶參與度強勁。 [CEO - 00:03:18] • Credo 已提前 18 至 24 個月投資供應鏈產能，以支援預期需求，對於 2027 財年下半年及以後供應增加的產能充滿信心。 [CEO - 00:25:53] 產業狀況 • 光學收發器可插拔市場預計將從 2026 年的 6,000 萬台成長至 2030 年的 1.75 億台，展現該產業細分市場的顯著成長。 [CEO - 00:21:37] 獲利 • 第一季非 GAAP 淨利為 2.363 億美元，創歷史新高，較第四季的 2.267 億美元季增 4%。該季非 GAAP 淨利率為 49.3%。 [CFO - 00:15:13] • Credo 預期 2027 財年非 GAAP 淨利率約為 50%。 [CFO - 00:18:14] 公司展望、未來成長動能 • Credo 預期 2027 財年將持續實現超額成長，主要受光學、AEC 及重定時器業務強勁動能推動。公司有信心全年光學營收超過 6 億美元，總營收成長超過 85%（推斷自 2026 年 9 月 1 日音訊）。 [CFO - 00:17:30] [CEO - 00:12:49] • 展望 2028 財年，Credo 預期業務將持續超額成長，ALC、ZF Optics、Cypho 及 OmniConnect 均將進入成長期。公司正佈局以捕捉 2028 財年數百億美元的總可用市場（TAM）。 [CEO - 00:48:07] 市場競爭策略 • Credo 透過垂直整合，掌握從 SerDes 到 DSP 再到 PIC 的完整技術堆疊，提供系統層級的性能、功耗及銷貨成本（COGS）優勢。公司預期將持續引領光學創新，並與標準組織合作，推動部分創新標準化。 [CEO - 00:57:50] 營收 • 第一季營收為 4.79 億美元，較上一季成長 10%，較去年同期成長 115%（推斷自 2026 年 9 月 1 日音訊）。這是連續第七季實現三位數的年增長。 [CFO - 00:13:29] • 2027 財年第二季營收指引介於 5.25 億至 5.35 億美元之間。 [CFO - 00:16:41] 產品組合 • Credo 的產品組合涵蓋從毫米到公里的連接解決方案，涵蓋光學與銅線。AEC 業務仍為最大，與五大超大規模雲端服務商維持深厚關係，並擴展與 NeoCloud 客戶的合作。光學業務包含 DSP、矽光子 PIC 及零襟翼光學收發器。重定時器、ALC 及 OmniConnect 齒輪箱亦為重要成長領域。 [CEO - 00:04:31] 上游廠商 • Credo 已提前 18 至 24 個月投資供應鏈產能，以支援預期需求，對於 2027 財年下半年及以後供應增加的產能充滿信心。 [CEO - 00:25:53] 下游客戶 • 第一季最大客戶佔營收 33%，第二大佔 28%，第三及第四大分別佔 13% 及 10%。前三大客戶與前一季相似，順序略有調整。第四大客戶雖與上季不同，但過去亦曾佔 10%。客戶產品線多元化趨勢明顯且持續強化。 [CFO - 00:28:20] 同業 • Credo 自視為光學領域的創新領頭羊，憑藉垂直整合與差異化解決方案。公司預期在銷貨成本及平均銷售價格（ASP）方面相較標準化解決方案具優勢，並正與標準組織合作推動部分創新標準化。 [CEO - 00:57:50] 存貨庫存 • 第一季期末庫存為 3.131 億美元，較上一季增加 6,220 萬美元。 [CFO - 00:16:31] 出貨週期與交期 • Pilot 軟體使客戶能在五至六天內完成叢集啟動，遠快於傳統六至八週，帶來顯著財務優勢，讓昂貴設備能更快產生營收。 [CEO - 00:43:14] 新產品／新技術 • Credo 正加速推動新產品，包括 1.6T DSP、矽光子 PIC、零襟翼光學、ALC（主動式 LED 纜線）及 OmniConnect 齒輪箱。公司預期 ALC 將於 2028 財年開始貢獻營收，並視 OmniConnect 為數十億美元的年度商機。 [CEO - 00:10:18] [CEO - 00:48:07] • Pilot 軟體平台是 ZF Optics 產品的重要組成部分，提供即時遙測、連結健康監控及早期偵測如靜電放電損害及光纖塵埃等問題。 [CEO - 00:39:15] 產品價格 • Credo 預期因垂直整合及差異化功能，將在銷貨成本及平均銷售價格方面優於市場上較為標準化的解決方案。 [CEO - 00:58:41] 法規影響 • 第二季指引基於目前的關稅政策，該政策仍具不確定性。 [CFO - 00:17:18] 成本毛利 • 第一季非 GAAP 毛利率為 68%，非 GAAP 營業利潤率為 48.2%，非 GAAP 淨利率為 49.3%。 [CFO - 00:14:23] • 第二季非 GAAP 毛利率預計介於 67% 至 69% 之間。非 GAAP 營業費用預計介於 1 億至 1.05 億美元。 [CFO - 00:16:53] • 2027 財年非 GAAP 毛利率預計與 2026 財年大致持平，非 GAAP 營業費用預計年增約 55%，遠低於營收成長率。 [CFO - 00:17:50] 關稅 • 第二季指引基於目前的關稅政策，該政策仍具不確定性。 [CFO - 00:17:18] 銷售／管理／研發費用 • 第一季非 GAAP 營業費用為 9,520 萬美元，超出指引上限，主要因研發投資強勁，較上一季增加 16%。 [CFO - 00:14:30] • 第二季非 GAAP 營業費用預計介於 1 億至 1.05 億美元。2027 財年非 GAAP 營業費用預計年增約 55%。 [CFO - 00:17:01] 擴廠規劃 • Credo 正擴展產品組合，推出 ALC、OmniConnect 及先進光學解決方案，目標於 2028 財年達成數十億美元的總可用市場機會。 [CEO - 00:48:07] 營業利益 • 第一季非 GAAP 營業收入為 2.306 億美元，較第四季的 2.167 億美元增加。 [CFO - 00:14:45] 股本、增資、可轉換債券、庫藏股 • 第二季稀釋後加權平均股數預計約為 2 億股。 [CFO - 00:17:09] 現金、現金流 • 第一季營運現金流為 9,020 萬美元，較上一季減少 9,200 萬美元，主要因營運資金變動。資本支出為 730 萬美元，自由現金流為 8,290 萬美元。公司第一季現金及約當現金結餘為 7.643 億美元，較第四季減少 6.79 億美元，主要因 DustPhotonics 收購所致。 [CFO - 00:15:48] 併購 • Credo 完成對 DustPhotonics 的收購，該公司於第一季貢獻首筆矽光子 PIC 營收，預期全年持續成長。 [CEO - 00:06:39]

Transcript（逐字稿全文，中英對照）

Presentation Operator

(00:00:01)Ladies and gentlemen, thank you for standing by. At this time, all participants are in listen-only mode. Later, we will conduct a question-and-answer session, and we ask that you please limit yourself to one question only. At that time, if you have a question, please press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press star 1 again. I would now like to turn the conference over to Dan O'Neil, Treasurer and VP of Investor Relations. Please go ahead, sir.

(00:00:01)各位女士、先生，感謝您耐心等待。此時，所有參與者均為聆聽模式。稍後，我們將進行問答環節，請您限制提問為一個問題。到時，如果您有問題，請按下電話鍵盤上的星號，然後按數字一。如果您想撤回問題，請再次按星號 1。現在我想將會議交給 Dan O'Neil，財務主管及投資者關係副總裁。請您開始，先生。

Dan O'Neil - Credo, Treasurer and VP of Investor Relations

(00:00:42)Good afternoon. Thank you all for joining our first quarter fiscal 2027 earnings call. Today, I am joined by Bill Brennan, Credo's Chief Executive Officer, and Dan Fleming, Credo's Chief Financial Officer. During this call, we will make certain forward-looking statements. These forward-looking statements are subject to risks and uncertainties discussed in detail in our documents filed with the SEC. These documents can be found in the investor relations section of the company's website.

(00:00:42)下午好。感謝大家參加我們 2027 財年第一季度的財報電話會議。今天，我的身邊有 Credo 的首席執行官 Bill Brennan 和首席財務官 Dan Fleming。在這次通話中，我們將發表某些前瞻性聲明。這些前瞻性聲明受到風險和不確定性的影響，這些風險和不確定性在我們提交給美國證券交易委員會的文件中有詳細討論。這些文件可以在公司網站的投資者關係部分找到。

Dan O'Neil - Credo, Treasurer and VP of Investor Relations

(00:01:09)It is not possible for the company's management to predict all risks, nor can the company assess the impact of all factors on its business or the extent to which any factor or combination of factors may cause actual results to differ materially from those contained in any forward-looking statement. Given these risks, uncertainties, and assumptions, the forward-looking events discussed during this call may not occur, and actual results could differ materially and adversely from those anticipated, implied, or inferred.

(00:01:09)公司管理層無法預測所有風險，也無法評估所有因素對其業務的影響，或任何因素或因素組合可能導致實際結果與任何前瞻性聲明中所包含的結果有重大差異的程度。鑑於這些風險、不確定性和假設，通話中討論的前瞻性事件可能不會發生，實際結果可能會與預期、暗示或推斷的結果有重大且不利的差異。

Dan O'Neil - Credo, Treasurer and VP of Investor Relations

(00:01:38)The company undertakes no obligation to publicly update forward-looking statements for any reason after the date of this call, except as required by law, to conform these statements to changes in the company's expectations or to actual results. Also, during this call, we will refer to certain non-GAAP financial measures, which we consider important indicators of the company's performance. These non-GAAP financial measures are provided in addition to, and not as a substitute for or superior to, financial performance prepared in accordance with U.S.

(00:01:38)除法律要求外，公司無義務在本次通話日期之後公開更新前瞻性聲明，以使這些聲明符合公司的預期變化或實際結果。此外，在本次通話中，我們將提及某些非公認會計原則的財務指標，我們認為這些是公司表現的重要指標。這些非公認會計原則的財務指標是作為補充提供的，而不是替代或優於根據美國公認會計原則編制的財務表現。

Dan O'Neil - Credo, Treasurer and VP of Investor Relations

(00:02:10)GAAP. A discussion of why we use non-GAAP financial measures and reconciliations between our GAAP and non-GAAP financial measures is available in the earnings release we issued today. This release can be accessed through the investor relations section of the website. I will now turn the call over to our CEO, Bill.

(00:02:10)GAAP。我們今天發佈的財報中提供了為何使用非公認會計原則財務指標及我們的 GAAP 與非 GAAP 財務指標之間的調整的討論。此發佈可通過網站的投資者關係部分訪問。現在我將通話交給我們的首席執行官 Bill。

Bill Brennan - Credo, CEO

(00:02:29)Thanks, Dan. And thank you, everyone, for joining our first quarter fiscal 2027 earnings call. The first quarter was another strong quarter for Credo. Revenue reached a record $479 million, increasing 10% sequentially and more than doubling year over year. Non-GAAP gross margin was 68%. Non-GAAP net income exceeded $236 million, up 140% year over year. Credo has been growing at a pace that very few semiconductor companies have achieved, all while expanding profitability. At the heart of this growth are seven consecutive quarters of triple-digit year-over-year growth.

(00:02:29)謝謝，Dan。感謝大家參加我們 2027 財年第一季度的財報電話會議。第一季度對 Credo 來說又是一個強勁的季度。收入達到創紀錄的 4.79 億美元，環比增長 10%，同比增長超過一倍。非公認會計原則的毛利率為 68%。非公認會計原則的淨收入超過 2.36 億美元，同比增長 140%。Credo 的增長速度是極少數半導體公司能夠實現的，同時擴大了盈利能力。這一增長的核心是連續七個季度的三位數同比增長。

Bill Brennan - Credo, CEO

(00:03:11)We continue to see outsized growth in fiscal 2027, with our optical business growing at the fastest pace. AI infrastructure investment continues to grow rapidly. Cluster sizes are increasing, data rates are moving higher, and connectivity requirements are becoming more challenging. As these systems scale, connectivity is about much more than bandwidth. Reliability, power efficiency, signal integrity, telemetry, and serviceability all matter. We also believe AI infrastructure will become increasingly heterogeneous.

(00:03:11)我們在 2027 財年繼續看到超常增長，我們的光學業務增長速度最快。人工智慧基礎設施投資持續快速增長。集群規模不斷增加，數據速率不斷提高，連接要求變得更加具有挑戰性。隨著這些系統的擴展，連接不僅僅是帶寬的問題。可靠性、功率效率、信號完整性、遙測和可維護性都很重要。我們也相信人工智慧基礎設施將變得越來越異構。

Bill Brennan - Credo, CEO

(00:03:46)There will not be one architecture, one protocol, or one physical medium chosen for every connection. Future AI systems will combine optical and copper interconnects across different reaches, protocols, and topologies, with customers choosing the right technology to optimize their architecture. This is where Credo shines. While network reliability remains Credo's North Star, our ability to innovate, execute, qualify, and deploy across the wide range of customer needs is core to our differentiation. Our focus is on helping customers bring clusters up faster, maximize processor utilization, and maintain reliable operation at scale.

(00:03:46)未來的人工智慧系統將在不同的距離、協議和拓撲中結合光學和銅互連，客戶將選擇合適的技術來優化其架構。這正是 Credo 的強項。雖然網絡可靠性仍然是 Credo 的北極星，但我們的創新、執行、資格認證和在各種客戶需求中部署的能力是我們的差異化核心。我們的重點是幫助客戶更快地建立集群，最大化處理器利用率，並在規模上保持可靠運行。我們的產品組合現在涵蓋從毫米到公里的連接，並提供光學和銅的解決方案。

Bill Brennan - Credo, CEO

(00:04:31)Our portfolio now spans connectivity from millimeters to kilometers, with solutions across optics and copper. Let me walk through each of these areas in more detail. Starting with AECs, AECs remain our largest business and continue to grow. We now have deep relationships with five hyperscalers, and our engagement with NeoCloud customers continues to expand. Within our existing customers, we continue to see increased AEC penetration as deployments scale. Higher data rates provide another growth vector, with the transition to 200 gig per lane and 1.6T ports ahead.

(00:04:31)讓我更詳細地介紹這些領域。從 AEC 開始，AEC 仍然是我們最大的業務並持續增長。我們現在與五家超大規模客戶建立了深厚的關係，並且我們與 NeoCloud 客戶的合作也在不斷擴展。在我們現有的客戶中，隨著部署的擴大，我們繼續看到 AEC 的滲透率增加。更高的數據速率提供了另一個增長向量，未來將轉向每通道 200G 和 1.6T 端口。AEC 一直是 Credo 的系統級產品。

Bill Brennan - Credo, CEO

(00:05:12)AECs have always been a system-level product for Credo. We provide the complete solution and optimize the silicon, firmware, manufacturing, test, and system qualifications together. Our system-level approach has been fundamental to our differentiation since we created the category. As AI clusters grow larger, the value proposition remains straightforward. High reliability and low power consumption are essential for short-reach connectivity. Both factors become increasingly important at scale. We continue to see a healthy growth trajectory for AECs, driven by deeper penetration with existing and new customers and increasing bandwidth in next-generation clusters.

(00:05:12)我們提供完整的解決方案，並優化矽片、固件、製造、測試和系統資格。一起進行。我們的系統級方法自創立這一類別以來，一直是我們區別於競爭對手的根本所在。隨著人工智慧集群的規模不斷擴大，價值主張依然簡單明瞭。高可靠性和低功耗對於短距離連接至關重要。這兩個因素在擴大規模時變得越來越重要。我們持續看到 AECs 的健康增長軌跡，這是由於與現有和新客戶的更深層次滲透以及下一代集群中帶寬的增加所驅動的。

Bill Brennan - Credo, CEO

(00:05:55)Now, turning to optics. Our optical business is progressing very well and includes optical DSPs, silicon photonics PICs, and zero-flap optical transceivers. Our optical DSP business delivered record revenue in Q1, with deployments across our 50 gig and 100 gig per lane solutions. We see a long tail for 800 gig ports, even as we begin the transition to 1.6T solutions. At 200 gig per lane, customer engagement with our 1.6T DSP is strong across both fully retimed and LRO solutions. Our first 1.6T DSP revenue remains on track for later this fiscal year.

(00:05:55)現在，轉向光學領域。我們的光學業務進展非常順利，包括光學 DSP、矽光子 PIC 和零翻轉光學收發器。我們的光學 DSP 業務在第一季度創下了記錄收入，在我們的 50G 和 100G 每通道解決方案中都有部署。我們看到 800G 端口有著長期的需求，即使我們開始過渡到 1.6T 解決方案。在 200G 每通道的情況下，客戶對我們的 1.6T DSP 的參與度在完全重定時和 LRO 解決方案中都很強。我們的第一個 1.6T DSP 收入仍然按計劃在本財年晚些時候實現。

Bill Brennan - Credo, CEO

(00:06:39)During the quarter, we also recognized our first silicon photonics PIC revenue following the DustPhotonics acquisition. Our initial wins are in 800 gig and 1.6T optical transceivers, and we expect these products to ramp throughout the year. More importantly, silicon photonics PICs add another critical technology to our optical platform. We now optimize the DSP and PIC together and combine them with our firmware, telemetry, and pilot software. This level of integration creates opportunities to improve reliability, power efficiency, signal integrity, and diagnostics.

(00:06:39)在本季度，我們還認識到在 DustPhotonics 收購後的第一筆矽光子 PIC 收入。我們的初步勝利是在 800G 和 1.6T 光學收發器上，我們預計這些產品將在整個年度內增長。更重要的是，矽光子 PIC 為我們的光學平台增添了另一項關鍵技術。我們現在將 DSP 和 PIC 一起優化，並將它們與我們的固件、遙測和試點軟件結合。這種集成程度創造了改善可靠性、功率效率、信號完整性和診斷的機會。

Bill Brennan - Credo, CEO

(00:07:18)It also positions us well as scale-up architectures move toward near-package optics. We're seeing increasing customer activity around NPO for scale-up networks, with confirmed design wins expected to begin ramping in fiscal 28. As part of the Open CPX MSA Consortium, we will bring many advantages of today's pluggable ecosystem, including telemetry, interoperability, and serviceability. Our opportunity here includes both optical components and complete system-level solutions. This is an important evolution for Credo.

(00:07:18)它還使我們在擴展架構向近封裝光學移動時處於良好位置。我們看到客戶在擴展網絡中對 NPO 的活動不斷增加，預計確認的設計贏得將在財政 28 開始增長。作為 Open CPX 的一部分，MSA 聯盟將帶來當前可插拔生態系統的許多優勢，包括遙測、互操作性和可維護性。我們在這裡的機會包括光學元件和完整的系統級解決方案。這對 Credo 來說是一個重要的演變。

Bill Brennan - Credo, CEO

(00:07:56)We've historically been very successful solving connectivity problems at the semiconductor and AEC system levels. We're now applying that same approach to optics. Our zero-flap optics business continues to progress. Zero-flap optics combines optimized optical hardware, pilot software, and switch-level SDK integration to continuously monitor link health and identify and mitigate potential link instabilities. The objective is to improve cluster bring-up time and long-term network availability, both of which deliver significant financial advantages and improved end-customer outcomes.

(00:07:56)我們在半導體和 AEC 系統層面上歷來非常成功地解決連接問題。我們現在將相同的方法應用於光學領域。我們的零翻轉光學業務持續進展。零翻轉光學結合了優化的光學硬體、試點軟件和交換級 SDK 集成，以持續監控鏈路健康並識別和減輕潛在的鏈路不穩定性。目標是改善集群啟動時間和長期網絡可用性，這兩者都帶來了顯著的財務優勢和改善的最終客戶結果。

Bill Brennan - Credo, CEO

(00:08:39)Production shipments are underway, and we expect additional customer ramps during fiscal 27 across both 800 gig and 1.6T with hyperscalers and neoclouds. With DSPs, PICs, and zero-flap optics, we now address much more of the optical link. That changes the opportunity for Credo. We sell components where preferred by customers, but more importantly, we also integrate those components with hardware, firmware, and software to deliver a complete optical transceiver with unprecedented system-level reliability.

(00:08:39)生產出貨正在進行中，我們預計在財政 27 期間，與超大規模和新雲客戶的 800G 和 1.6T 將有更多的客戶增長。通過 DSP、PIC 和零翻轉光學，我們現在能夠處理更多的光學鏈路。這改變了 Credo 的機會。我們在客戶偏好的情況下銷售元件，但更重要的是，我們還將這些元件與硬體、固件和軟件集成，以提供具有前所未有系統級可靠性的完整光學收發器。

Bill Brennan - Credo, CEO

(00:09:13)Taken together, the momentum across DSPs, PICs, and zero-flap optics keeps us firmly on track to deliver more than $600 million in optical revenue in fiscal 27. Now, turning to retimers. Our retimer business also delivered record revenue in Q1. Growth was primarily driven by scale-up deployments using our Screaming Eagle retimer at 100 gig per lane, with our Blue Heron retimer beginning to contribute at 200 gig per lane. We continue to see opportunities for the Toucan retimer as PCIe Gen 6 adoption increases, and for Screaming Eagle and Blue Heron across Ethernet and UALink.

(00:09:13)綜合來看，DSP、PIC 和零翻轉光學的動力使我們堅定地朝著在財政 27 中實現超過 6 億美元的光學收入的目標邁進。現在，轉向重定時器。我們的重定時器業務在第一季度也創下了記錄收入。增長主要是由於使用我們的 Screaming Eagle 重定時器在 100G 每通道的擴展部署，隨著我們的 Blue Heron 重定時器在 200G 每通道開始貢獻。隨著 PCIe Gen 6 的採用增加，我們持續看到 Toucan 重定時器的機會，以及 Screaming Eagle 和 Blue Heron 在以太網和 UALink 中的應用。

Bill Brennan - Credo, CEO

(00:09:58)Scale-up architectures are developing quickly, with customers making different choices around protocols, topology, and connectivity. Our ability to support multiple protocols allows us to successfully participate across these architectures. Now, I'll discuss two important emerging growth areas. We also continue to make progress with both active LED cables, or ALCs, and our OmniConnect Gearbox solutions. Our ALC solutions use micro emitters to combine many of the reliability and power advantages of copper with reach of up to 30 meters.

(00:09:58)擴展架構正在快速發展，客戶在協議、拓撲和連接方面做出不同的選擇。我們支持多種協議的能力使我們能夠成功參與這些架構。現在，我將討論兩個重要的新興增長領域。我們也在主動 LED 電纜（ALCs）和 OmniConnect Gearbox 解決方案方面持續取得進展。我們的 ALC 解決方案使用微型發射器，將銅的許多可靠性和功率優勢與最長可達 30 米的傳輸距離相結合。

Bill Brennan - Credo, CEO

(00:10:37)Customer engagement continues to increase, and we plan to demonstrate ALC solutions at OCP in October. We remain on target for initial revenue in fiscal 28. We're also seeing strong engagement around our OmniConnect innovation. Our OmniConnect SerDes and Weaver gearboxes address the fan-out issues that come with increasing memory bandwidth and capacity requirements of next-generation AI architectures. This is especially relevant for inference, where memory capacity, bandwidth, packaging, and cost are becoming increasingly important architectural constraints.

(00:10:37)客戶參與度持續增加，我們計劃在十月的 OCP 上展示 ALC 解決方案。我們仍然朝著在財政 28 中實現初步收入的目標邁進。我們也看到對我們的 OmniConnect 創新有強烈的參與。我們的 OmniConnect SerDes 和 Weaver Gearbox解決了隨著下一代人工智慧架構對記憶體帶寬和容量需求增加而出現的扇出問題。這對於推理特別相關，因為記憶容量、帶寬、包裝和成本正變得越來越重要的架構限制。

Bill Brennan - Credo, CEO

(00:11:17)We believe OmniConnect solutions can represent thousands of dollars of Credo content per GPU, with revenue starting in fiscal 2028. In conclusion, Q1 was another strong quarter for Credo, and customer engagement across the business remains very robust. AECs continue to grow as we expand with existing customers, add new ones, and move to higher data rates. Our retimer and optical DSP businesses also delivered record revenue. At the same time, the scope of our optical business is expanding. We believe the system-level approach will become increasingly important as AI networks move to 1.6T and 3.2T solutions, and as scale-up architectures drive greater use of near-package optics.

(00:11:17)我們相信 OmniConnect 解決方案每個 GPU 可以代表數千美元的 Credo 內容，收入將從 2028 財年開始。總結來說，第一季度對 Credo 來說又是一個強勁的季度，客戶參與度在整個業務中仍然非常穩健。隨著我們擴展現有客戶、增加新客戶並提升數據傳輸速率，AECs 繼續增長。我們的重定時器和光學 DSP 業務也創下了歷史新高的收入。同時，我們的光學業務範圍正在擴大。我們相信，隨著 AI 網絡向 1.6T 和 3.2T 解決方案發展，系統級的方法將變得越來越重要，並且隨著擴展架構推動近封裝光學的更大使用。

Bill Brennan - Credo, CEO

(00:12:08)AEC has helped take Credo to the scale we've achieved today, and we continue to see growth ahead for that business. What’s different today is that we’re adding optics as another major growth engine. This growth comes from a much larger base and as an established player in the industry. Our optical opportunity now extends from DSPs and silicon photonic PICs to complete zero-flap optics and NPO solutions. Our content opportunity expands significantly as we solve a broader set of challenges for our customers.

(00:12:08)AEC 幫助 Credo 達到了今天的規模，我們仍然看到該業務的增長前景。今天的不同之處在於，我們將光學作為另一個主要增長引擎。這一增長來自於更大的基礎，並且作為行業中的一個成熟參與者。我們的光學機會現在從 DSP 和矽光子 PIC 擴展到完整的零翻轉光學和 NPO 解決方案。隨著我們為客戶解決更廣泛的挑戰，我們的內容機會顯著擴大。

Bill Brennan - Credo, CEO

(00:12:41)AECs continue to grow. Optics is growing faster. And based on the customer engagements and ramps underway across the portfolio, we remain confident in the outsized growth we expect to deliver in fiscal 2027. The common thread across all these products remains reliability. As AI infrastructure scales, our job is to provide connectivity that works reliably, uses less power, provides visibility into the network, and keeps expensive processors operating at high utilization. That’s what we’re focused on, and we’re very excited about what lies ahead.

(00:12:41)AECs 繼續增長。光學增長更快。根據客戶的參與和正在進行的增長，我們對於在 2027 財年預期的超常增長仍然充滿信心。所有這些產品的共同主題仍然是可靠性。隨著 AI 基礎設施的擴展，我們的工作是提供可靠的連接，使用更少的電力，提供網絡的可見性，並保持昂貴的處理器在高利用率下運行。這就是我們專注的方向，我們對未來的前景感到非常興奮。

Bill Brennan - Credo, CEO

(00:13:19)With that, I’ll turn the call over to Dan.

(00:13:19)接下來，我將把電話交給 Dan。

Dan Fleming - Credo, CFO

(00:13:22)Thank you, Bill, and good afternoon. I will first review our Q1 results and then discuss our outlook for Q2 of fiscal year 2027. In Q1, we reported revenue of $479 million, up 10% sequentially and above the high end of our guidance range. Year over year, revenue grew 115%. Q1 marks another revenue record driven by substantial year-over-year growth across four domestic customers and represents our seventh consecutive quarter of triple-digit revenue growth year over year. Our top four end customers each accounted for 10% or more of revenue in Q4.

(00:13:22)謝謝你，Bill，大家下午好。我將首先回顧我們的第一季度結果，然後討論我們對 2027 財年第二季度的展望。在第一季度，我們報告的收入為 4.79 億美元，環比增長 10%，高於我們指導範圍的上限。同比來看，收入增長了 115%。第一季度再次創下收入記錄，這得益於四個國內客戶的顯著同比增長，並且代表我們連續第七個季度的三位數收入增長。我們的前四大終端客戶在第四季度各自佔據了 10% 或更多的收入。

Dan Fleming - Credo, CFO

(00:14:03)As a reminder, customer mix will vary from quarter to quarter. We continue to expect that three to four customers will represent more than 10% of revenue in the coming quarters and fiscal year, and we are making progress diversifying our revenue base across hyperscalers, neoclouds, and other customers. Our team delivered Q1 non-GAAP gross margin of 68% at the midpoint of our guidance range. Total non-GAAP operating expenses in the first quarter were $95.2 million, above the high end of our guidance range due to strong R&D investment and up 16% sequentially.

(00:14:03)提醒一下，客戶組合將會在每個季度之間有所變化。我們繼續預期三到四個客戶將在未來幾個季度和財年中佔據超過 10% 的收入，我們正在努力在超大規模客戶、新雲端和其他客戶之間多樣化我們的收入基礎。我們的團隊在第一季度實現了 68% 的非 GAAP 毛利率，位於我們指導範圍的中點。第一季度的總非 GAAP 營業費用為 9520 萬美元，由於強勁的研發投資，超過我們指導範圍的上限，環比增長 16%。

Dan Fleming - Credo, CFO

(00:14:45)Our non-GAAP operating income was $230.6 million in Q1 compared to $216.7 million in Q4. Our non-GAAP operating margin was 48.2% for the quarter. Our bottom line once again demonstrated the substantial leverage we are delivering in the business, even with continued heavy investment in R&D. Our non-GAAP net income was $236.3 million in the quarter, a record high and a 4% sequential increase compared to $226.7 million in Q4. Our Q1 non-GAAP net income more than doubled year over year, clearly demonstrating the magnitude of our top-line growth, strong gross margins, and disciplined approach to managing operating expenses.

(00:14:45)我們的第一季度非 GAAP 營業收入為 2.306 億美元，而第四季度為 2.167 億美元。我們的非 GAAP 營業利潤率在本季度為 48.2%。我們的底線再次顯示出我們在業務中提供的可觀槓桿，即使在持續大量投資於研發的情況下。我們的非 GAAP 淨收入在本季度為 2.363 億美元，創下歷史新高，較第四季度的 2.267 億美元環比增長 4%。我們的第一季度非 GAAP 淨收入同比增長超過一倍，明確顯示出我們的收入增長規模、強勁的毛利率和對營業費用的嚴謹管理。

Dan Fleming - Credo, CFO

(00:15:43)Our non-GAAP net margin was 49.3% in the quarter. Cash flow from operations in Q1 was $90.2 million, down $92.0 million sequentially due primarily to changes in working capital. CapEx was $7.3 million in the quarter, and free cash flow was $82.9 million. We ended the quarter with cash and equivalents of $764.3 million, a decrease of $679 million from Q4, primarily due to the cash outlay for our acquisition of DustPhotonics. We remain well capitalized to continue investing in growth opportunities while maintaining a substantial cash buffer.

(00:15:43)我們的非 GAAP 淨利潤率在本季度為 49.3%。第一季度的營運現金流為 9020 萬美元，環比下降 9200 萬美元，主要由於營運資本的變化。本季度的資本支出為 730 萬美元，自由現金流為 8290 萬美元。我們以 7.643 億美元的現金及現金等價物結束本季度，較第四季度減少 6.79 億美元，主要是由於我們收購 DustPhotonics 的現金支出。我們仍然資本充足，可以繼續投資於增長機會，同時保持可觀的現金緩衝。

Dan Fleming - Credo, CFO

(00:16:31)Our Q1 ending inventory was $313.1 million, up $62.2 million sequentially. Now, turning to our guidance, we currently expect revenue in Q2 of fiscal 2027 to be between $525 million and $535 million. We expect Q2 non-GAAP gross margin to be within a range of 67% to 69%. We expect Q2 non-GAAP operating expenses to be between $100 million and $105 million. And we expect Q2 diluted weighted average share count to be approximately 200 million shares. These expectations are based on the current tariff regime, which remains fluid.

(00:16:31)我們的第一季度期末庫存為 3.131 億美元，環比增長 6220 萬美元。現在，轉向我們的指導，我們目前預期 2027 財年第二季度的收入將在 5.25 億美元到 5.35 億美元之間。我們預期第二季度的非 GAAP 毛利率將在 67% 到 69% 之間。我們預期第二季度的非 GAAP 營業費用將在 1 億美元到 1.05 億美元之間。我們預期第二季度的稀釋加權平均股份數將約為 2 億股。這些預期是基於目前的關稅制度，該制度仍然不穩定。

Dan Fleming - Credo, CFO

(00:17:23)As we move forward through fiscal year 2027, we continue to expect an inflection in the second half, driven by more than $600 million in optical revenue, with zero-flap optics, silicon photonic PICs, and optical DSPs each contributing more than $100 million, resulting in over 85% year-over-year total revenue growth for the full year. We expect the non-GAAP gross margin for fiscal year 27 to remain broadly consistent with the levels seen in fiscal year 26.

(00:17:23)隨著我們在 2027 財年向前推進，我們繼續預期下半年的轉折，這將由超過 6 億美元的光學收入推動，其中零翻轉光學、矽光子 PIC 和光學 DSP 各自貢獻超過 1 億美元，導致全年總收入同比增長超過 85%。我們預期 27 財年的非 GAAP 毛利率將與 26 財年所見的水平大致保持一致。

Dan Fleming - Credo, CFO

(00:17:57)We anticipate non-GAAP operating expenses to increase by approximately 55% year over year, which is well below our revenue growth rate, as we continue investing in R&D to support new product development and capitalize on significant growth opportunities ahead. As a result, we expect our non-GAAP net margin to be around 50%.

(00:17:57)我們預計非 GAAP 營運支出將同比增長約 55%，這遠低於我們的收入增長率，因為我們將繼續投資於研發，以支持新產品開發並把握未來的重大增長機會。因此，我們預期非 GAAP 淨利率將約為 50%。

Q&A

Dan Fleming - Credo, CFO

(00:18:21)With that, I will open the floor for questions.

(00:18:21)有鑑於此，我將開放提問時間。

Operator

(00:18:26)At this time, I would like to remind everyone that to ask a question, please press star followed by the number one on your telephone keypad. As a reminder, please limit yourself to one question so we can accommodate as many participants as possible. We will pause briefly to compile the Q&A roster. Your first question comes from Tor Svanberg with Stifel. Your line is now open. Please hold for a moment. Please go ahead. Thank you, Tor.

(00:18:26)此時，我想提醒大家，若要提問，請按下電話鍵盤上的星號，然後按數字一。提醒一下，請限制自己只提一個問題，以便我們能夠容納更多的參與者。我們將暫停片刻以編制問答名單。您的第一個問題來自 Stifel 的 Tor Svanberg。您的線路現在已開通。請稍候片刻。請繼續。謝謝你，Tor。

Tor Svanberg - Stifel

(00:19:06)Thank you, and congratulations on the record quarter. Bill, I was hoping you could elaborate a bit on the current position in optical. You reiterated the $600 million plus figure. But you also mentioned NPO and possibly some system-level NPO. So, as we consider that $600 million for both fiscal 27 and fiscal 28, how should we expect the mix to look among these very different components?

(00:19:06)謝謝你，並祝賀你們創下了記錄的季度。Bill，我希望你能詳細說明一下目前在光學方面的情況。你重申了超過 6 億美元的數字。但你也提到了 NPO，可能還有一些系統級的 NPO。因此，當我們考慮到 27 財年和 28 財年的這 6 億美元時，我們應該如何預期這些非常不同的組件之間的組合？

Bill Brennan - Credo, CEO

(00:19:36)Sure. I think we feel very positive about the broadening portfolio we are bringing to market. As we've indicated, the optical DSP business is performing very well at the component level. The team that joined Credo from DustPhotonics brought significant momentum. In fact, after just a few months, that momentum has accelerated. We are pleased to announce design wins with two major players for next-generation ramps scheduled for fiscal 28, and possibly starting in the latter part of this fiscal year. At ZF Optics, we continue to make strong progress.

(00:19:36)當然。我們對我們正在推向市場的廣泛產品組合感到非常樂觀。正如我們所指出的，光學 DSP業務在組件層面表現非常良好。從 DustPhotonics 加入 Credo 的團隊帶來了顯著的動力。事實上，僅僅幾個月後，這種動力已經加速。我們很高興地宣佈與兩個主要參與者達成設計勝利，這些下一代產品計劃於28 財年推出，並可能在本財年的後半部分開始。在 ZF Optics，我們繼續取得強勁進展。

Bill Brennan - Credo, CEO

(00:20:25)We are engaged with multiple customers, including hyperscalers and neoclouds, and we feel optimistic about how the year is shaping up. When I think about the overall optical opportunity, you mentioned CPX, and you may have seen the earlier press release announcing our joining the consortium. We plan to pursue solutions for the emerging scale-up market. CPX is an important development across the industry. It addresses the challenge of achieving ten times the density compared to current scale-out solutions.

(00:20:25)我們與多個客戶合作，包括超大規模雲服務商和新興雲服務商，我們對今年的發展感到樂觀。當我想到整體光學機會時，你提到了 CPX，你可能已經看到早前的新聞稿宣佈我們加入了聯盟。我們計劃追求新興擴展市場的解決方案。CPX 是整個行業的一個重要發展。它解決了實現十倍密度的挑戰，相較於當前的擴展解決方案。

Bill Brennan - Credo, CEO

(00:21:10)We will approach this market similarly. We will pursue component sales where appropriate with customers, as well as system-level solutions that we will discuss over time. You raise an important point. Fiscal 27 is just a stepping stone for the future of our optical business. Considering market forecasts, specifically those focused on the optical transceiver pluggable market, this segment alone is expected to grow from 60 million units in 2026 to 175 million units by 2030. This represents remarkable growth for this industry segment, with additional growth expected from the scale-up market.

(00:21:10)我們將以類似的方式進入這個市場。我們將在適當的情況下追求組件銷售，並提供系統級解決方案，這些我們將隨著時間的推移進行討論。你提出了一個重要的觀點。27 財年只是我們光學業務未來的一個踏腳石。考慮到市場預測，特別是那些專注於光學收發器可插拔市場的預測，這一細分市場預計將從 2026 年的 6000 萬單位增長到 2030 年的 1.75 億單位。這對於這個行業細分市場來說，代表了顯著的增長，並且預計擴展市場將帶來額外的增長。

Bill Brennan - Credo, CEO

(00:22:02)We believe that with our broad portfolio of solutions, we will experience continued outsized growth through 2030. Contributions will come not only from our optical portfolio but also from AECs and our other copper solutions. I may have provided more detail than you requested. Hopefully, this gives you the insight you were seeking.

(00:22:02)我們相信，憑藉我們廣泛的解決方案組合，我們將在 2030 年前經歷持續的超常增長。貢獻將不僅來自我們的光學產品組合，還包括 AEC 和我們的其他銅解決方案。我可能提供了比你要求的更多細節。希望這能給你提供你所尋求的見解。

Operator

(00:22:35)Your next question comes from Quinn Bolton with Needham. Your line is now open. Please proceed.

(00:22:35)您的下一個問題來自 Needham 的 Quinn Bolton。您的線路現在已開通。請繼續。

Quinn Bolton - Needham

(00:22:44)Hi, Bill. Following up on Tor's question, I wanted to get more insight into the significance of Credo joining the OpenCPX consortium. Specifically, what types of solutions might you be providing? Will these solutions be primarily PIC-based? Would you be supplying the complete optical engines? I assume these are all laser-based rather than micro-LED-based. Could you provide a bit more detail on this new opportunity emerging for you in the NPO scale-up segment? Thank you.

(00:22:44)嗨，Bill。跟進 Tor 的問題，我想了解 Credo 加入 OpenCPX 聯盟的重要性。具體來說，你們可能會提供什麼類型的解決方案？這些解決方案主要是基於 PIC 的嗎？您會提供完整的光學引擎嗎？我假設這些都是基於激光的，而不是基於微型 LED 的。您能否提供更多有關您在 NPO 擴展領域出現的新機會的詳細信息？謝謝。

Bill Brennan - Credo, CEO

(00:23:17)Sure. As you know, when we consider the scale-up opportunity, we're thinking about a change in form factors. When we look at front-end and scale-out, there is no real catalyst to move away from the pluggable form factor. However, for scale-up networks, there is a fundamental need for denser form factors. We've discussed the ongoing industry conversation around solutions like XPO, CPX, how they fit with NPO, and ultimately CPO. All these solutions address the need for a 10x improvement in density. Our approach to the market is fairly agnostic.

(00:23:17)當然。如您所知，當我們考慮擴展機會時，我們在思考形狀因素的變化。當我們看前端和擴展時，並沒有真正的催化劑來改變可插拔的形狀因素。然而，對於擴展網絡，對更密集形狀因素的需求是根本性的。我們已經討論了行業中關於 XPO、CPX 等解決方案的持續對話，它們如何與 NPO 相適應，最終與 CPO 相結合。所有這些解決方案都滿足了對 10 倍密度提升的需求。我們的市場策略相當中立。

Bill Brennan - Credo, CEO

(00:24:00)We focus on what our customers are requesting and the direction they are driving towards. I believe we've done a very good job maintaining agnosticism regarding the solutions we bring to market. We intend to continue this approach. For all NPO solutions, including CPX, we will lead with the silicon photonics PIC, but we will also consider providing the complete optical engine long-term as we expand our portfolio's functionality.

(00:24:00)我們專注於客戶的需求以及他們所推動的方向。我相信我們在保持對市場解決方案的中立性方面做得非常好。我們打算繼續這種做法。對於所有 NPO 解決方案，包括 CPX，我們將以矽光子學 PIC 為主導，但隨著我們擴展產品組合的功能，我們也會考慮長期提供完整的光學引擎。

Operator

(00:24:39)Your next question comes from Tom O'Malley with Barclays. Your line is now open. Please go ahead.

(00:24:39)您的下一個問題來自 Barclays 的 Tom O'Malley。您的線路現在已開通。請繼續。

Tom O'Malley - Barclays

(00:24:49)Hi, thanks for taking my question. My question relates to the ZF Optics side as well. Looking at your forecast over the next year and the following year, much of the revenue volume is driven by the ZF Optics forecast. It's a unique situation. I assume you plan to use a contract manufacturer for this. Given the supply issues and rising prices in the foundry sector, can you discuss the challenges you face in scaling today? What gives you confidence that you can meet the metrics you outlined in the last earnings call?

(00:24:49)嗨，謝謝您回答我的問題。我的問題也與 ZF 光學方面有關。看看您對未來一年和接下來一年的預測，大部分的收入量是由 ZF 光學預測驅動的。這是一個獨特的情況。我假設您計劃使用合同製造商來處理這個。鑒於供應問題和鑄造行業價格上漲，您能否討論一下當前擴展中面臨的挑戰？什麼讓您有信心能夠達到您在上次財報電話會議中概述的指標？

Tom O'Malley - Barclays

(00:25:29)Specifically, what assures you that you can achieve those significant revenue numbers in the near term? And could you provide a brief update on your conversations with customers today, particularly those in media who may have increased spending and raised forecasts on the ZF Optics side? Thank you very much.

(00:25:29)具體來說，什麼讓您相信您能在短期內實現那些顯著的收入數字？而且您能否簡要更新一下您今天與客戶的對話，特別是那些可能在 ZF 光學方面增加支出和提高預測的媒體客戶？非常感謝。

Bill Brennan - Credo, CEO

(00:25:47)You raise an important point. We are operating in a very dynamic market right now. From the supply side, it has been crucial that we invested significant time, even 18 to 24 months ago, anticipating this direction. As Dan's update shows, working capital is increasing. We are actively leaning in from a supply chain perspective. I feel confident in our ability to supply increasing volumes in the second half and throughout the next couple of fiscal years. The other critical aspect is driving demand. Over the past year, we've been very successful in marketing and engaging with customers.

(00:25:47)您提出了一個重要的觀點。我們目前正處於一個非常動態的市場中。從供應方面來看，我們在 18 到 24 個月前投入了大量時間，預測這一方向。正如 Dan 的更新所示，營運資金正在增加。我們正在從供應鏈的角度積極推進。我對我們在下半年及未來幾個財政年度中提供不斷增長的供應量的能力充滿信心。另一個關鍵方面是推動需求。在過去的一年中，我們在市場營銷和與客戶互動方面非常成功。

Bill Brennan - Credo, CEO

(00:26:39)All these elements must come together. However, I want to emphasize that we are playing the long game here. While there is significant focus on the rapid ramp we've projected, more importantly, this opportunity represents a step change in scale for our company. This is a vital part of our growth strategy and scaling as a company.

(00:26:39)所有這些要素必須結合在一起。然而，我想強調的是，我們在這裡是玩長期遊戲。雖然我們對預測的快速增長有著顯著的關注，更重要的是，這一機會代表了我們公司規模的重大變化。這是我們增長戰略和公司擴展的重要部分。

Operator

(00:27:20)Your next question comes from Sean O'Loughlin with TD Cowen. Your line is now open. Please go ahead.

(00:27:20)您的下一個問題來自 TD Cowen 的 Sean O'Loughlin。您的線路現在已開通。請繼續。

Sean O'Loughlin - TD Cowen

(00:27:32)Hi, everyone. Congratulations on the solid results and momentum. Thanks for letting me join the call. Maybe we could start with some basic details, Dan. You mentioned that three to four customers each represent more than 10% of revenue, and that you're continuing to diversify. Specifically, could you provide a breakdown of the revenue percentages for those three or four customers this quarter? Additionally, when considering customer concentration, platform concentration is also an important factor. Are you also diversifying your product portfolio across these customers?

(00:27:32)嗨，大家好。恭喜您取得穩定的成果和動力。感謝您讓我參加這次電話會議。也許我們可以從一些基本細節開始，Dan。你提到三到四個客戶各自佔據超過 10% 的收入，並且你們正在持續多元化。具體來說，你能提供這三或四個客戶本季度的收入百分比分解嗎？此外，在考慮客戶集中度時，平台集中度也是一個重要因素。你們是否也在這些客戶之間多元化產品組合？

Sean O'Loughlin - TD Cowen

(00:28:11)Thanks.

(00:28:11)謝謝。

Dan Fleming - Credo, CFO

(00:28:14)Yes, certainly. Let me begin with... the revenue percentages of those customers contributing over 10%. Our largest customer accounted for 33% of revenue, the second largest 28%, followed by 13% and 10%. The top three customers were the same or similar to those in the prior quarter, though in a slightly different order. Notably, our fourth customer at 10% this quarter was different from the fourth 10% customer last quarter. However, this customer has been a 10% contributor in the past. Regarding product line diversification within these customers, there is definitely a broadening and strengthening across the board.

(00:28:14)是的，當然。讓我開始講...那些貢獻超過 10% 的客戶的收入百分比。我們最大的客戶佔據了 33% 的收入，第二大客戶 28%，接下來是 13% 和 10%。前三大客戶與上一季度相同或相似，雖然順序略有不同。值得注意的是，本季度我們的第四大客戶佔 10%，與上一季度的第四大 10% 客戶不同。然而，這位客戶在過去一直是 10% 的貢獻者。關於這些客戶內的產品線多元化，確實在各方面都有擴展和加強。

Dan Fleming - Credo, CFO

(00:29:02)It's not just AECs that these hyperscalers are consuming from us.

(00:29:02)這些超大規模客戶不僅僅在消費 AEC。

Operator

(00:29:13)Your next question comes from Blaine Curtis with Jefferies. Your line is now open. Please go ahead.

(00:29:13)你的下一個問題來自 Jefferies 的 Blaine Curtis。你的線路現在已開通。請繼續。

Blaine Curtis - Jefferies

(00:29:22)Hi, everyone. Thanks for taking my question. On the AEC side, I wanted to ask about the timing for the 1.6 terabit product, and also how the design traction compares to the 800 gig. You've mentioned NeoCloud. I understand some of your existing customers are moving to faster speeds. Could you provide some perspective? Specifically, how are those designs progressing and what is the timing outlook?

(00:29:22)嗨，大家好。謝謝你們回答我的問題。在 AEC 方面，我想詢問 1.6 太比特產品的時間安排，以及設計進展與 800 吉比特相比如何。你提到過 NeoCloud。我瞭解到你們的一些現有客戶正在轉向更快的速度。你能提供一些觀點嗎？具體來說，這些設計的進展如何，時間展望又是什麼？

Bill Brennan - Credo, CEO

(00:29:46)Sure. We expect our AEC portfolio to ramp on a similar timeline as the broader market, including our ZF Optics products. Let me provide some context on how we view the AEC market. There has been much discussion about copper versus optical solutions. It's important to understand the trade-offs involved. We see the AEC market as a segment within the pluggable transceiver market. Forecasts for optical transceivers project growth from 60 to 175 million units over the next four years, but these forecasts do not separately break out the AEC segment.

(00:29:46)當然。我們預計 AEC 產品組合將與更廣泛的市場在相似的時間表上增長，包括我們的 ZF 光學產品。讓我提供一些我們如何看待 AEC 市場的背景。關於銅與光學解決方案的討論很多。理解其中的權衡是很重要的。我們將 AEC 市場視為可插拔收發器市場中的一個細分市場。對光學收發器的預測顯示，在未來四年內將從 6000 萬增長到 1.75 億單位，但這些預測並未單獨列出 AEC 細分市場。

Bill Brennan - Credo, CEO

(00:30:30)The AEC market specifically covers the one to seven meter segment within that broader market. It makes sense that this segment will also experience growth. We view this growth as a long-term trend. We see it developing significantly. In the 800 gig category, copper replaced optical solutions. This replaced laser-based optical transceivers due to the need for higher reliability. Additionally, copper offered lower power consumption for the initial network connection from GPUs to the first switch. Overall, the pluggable transceiver market includes all options, from copper to laser-based optical.

(00:30:30)AEC 市場專門涵蓋了該更廣泛市場中的一到七米細分市場。這個細分市場也會經歷增長是有道理的。我們將這一增長視為一個長期趨勢。我們看到它正在顯著發展。在 800 吉比特類別中，銅取代了光學解決方案。這是由於對更高可靠性的需求，取代了基於激光的光學收發器。此外，銅在從 GPU 到第一個交換機的初始網絡連接中提供了更低的功耗。總體而言，可插拔收發器市場包括從銅到基於激光的光學的所有選項。

Bill Brennan - Credo, CEO

(00:31:25)Ultimately, ALCs will also be another pluggable transceiver option within this spectrum. These can support distances up to 30 meters. Regarding the 1.6 terabit opportunity, we are quite optimistic about the AEC market. As we demonstrated six months ago at OFC, many next-generation deployments discussed in the industry feature elegant solutions connected with AECs. Our products will support distances up to six and a half meters in this category. We expect to see initial contributions toward the end of fiscal 2027, with much larger adoption in fiscal 2028.

(00:31:25)最終，ALC 也將成為這一範疇內的另一個可插拔收發器選項。這些可以支持長達 30 米的距離。關於 1.6 太比特的機會，我們對 AEC 市場相當樂觀。正如我們在六個月前的 OFC 上展示的，行業中討論的許多下一代部署都包含與 AEC 連接的優雅解決方案。我們的產品將在這一類別中支持長達六米半的距離。我們預計在 2027 財年的末尾會看到初步貢獻，並在 2028 財年有更大規模的採用。

Operator

(00:32:21)Your next question comes from Joseph Cardoso with JP Morgan. Your line is now open. Please proceed.

(00:32:21)你的下一個問題來自 JP Morgan 的 Joseph Cardoso。你的線路現在已開通。請繼續。

Manmohanpreet Singh - JPMorgan

(00:32:31)Hi, thank you for taking my question. This is Manmohanpreet Singh speaking on behalf of Joseph Cardoso. I just wanted to ask about the overall opportunity. To date, most of the focus has been on training, but we are now seeing incremental development around inferencing as well. So I wanted to check how Credo is positioned in terms of addressing the inferencing opportunity, which part of the portfolio particularly stands out, and how the overall opportunity compares to training. Thank you.

(00:32:31)嗨，謝謝你們回答我的問題。我是 Manmohanpreet Singh，代表 Joseph Cardoso 發言。我只是想詢問整體的機會。到目前為止，大部分的重點都放在訓練上，但我們現在也看到推理方面的增量發展。所以我想了解 Credo 在推理機會方面的定位。在產品組閤中，哪一部分特別突出，以及整體機會與訓練相比如何。謝謝。

Bill Brennan - Credo, CEO

(00:33:04)I appreciate that question. I'd like to discuss our OmniConnect solutions that we are bringing to market now and expect to contribute revenue in fiscal 2028. Specifically related to inference, as these solutions gain momentum, one universal issue is around memory fan-out. The memory fan-out issue limits bandwidth and total memory deployment, both critical to achieving high-performance inference. With our OmniConnect solutions, there is a two-part story to the offerings. First, we license a highly optimized, high-speed solution with a very small form factor, low power, and reach of up to 10 inches.

(00:33:04)我很感謝這個問題。我想討論我們現在推出的 OmniConnect 解決方案，預計在 2028 財年貢獻收入。特別是與推理相關的，隨著這些解決方案的推進，一個普遍的問題是記憶體的扇出。記憶體扇出問題限制了帶寬和總記憶體部署，這對於實現高性能推理至關重要。使用我們的 OmniConnect 解決方案，產品提供了兩個部分的故事。首先，我們授權一個高度優化的高速解決方案，具有非常小的外形、低功耗，並且可達到 10 英寸的距離。

Bill Brennan - Credo, CEO

(00:34:00)This effectively addresses the fan-out issue on the XPU beachfront and extends the distance achievable between the GPU and memory. The second piece is the gearboxes we are developing. The first gearbox we are developing is called Weaver. It is a gearbox that interfaces with the embedded SerDes on the XPU. It offers up to 10 inches of reach and interfaces with the same exact SerDes. Then it becomes an LPDDR interface, with our first product supporting LPDDR5, followed by a second product for LPDDR6. This architecture is future-enabled; when the memory market shifts from LPDDR5 to LPDDR6, our XPU partners only need to change the gearbox, not do another tape-out or design.

(00:34:00)這有效地解決了 XPU 前沿的扇出問題，並延長了 GPU 與記憶體之間可達的距離。第二部分是我們正在開發的齒輪箱。我們正在開發的第一個齒輪箱稱為 Weaver。它是一個與 XPU 上嵌入的 SerDes 接口的齒輪箱。它提供高達 10 英寸的距離，並與相同的 SerDes 接口。然後它變成一個 LPDDR 接口，我們的第一款產品支持 LPDDR5，隨後是第二款產品支持 LPDDR6。這種架構是未來可用的；當記憶體市場從 LPDDR5 轉向 LPDDR6 時，我們的 XPU 合作夥伴只需更換齒輪箱，而不需要重新進行設計或製作。

Bill Brennan - Credo, CEO

(00:35:07)Our first customer, Positron, is doing impressive work when we consider memory limitations and the opportunity to increase memory capacity up to two terabytes, which is their first announced product. With frontier models, you can fit everything in memory, and performance improves dramatically. They are redefining competitiveness in that space. From a bandwidth standpoint, we have a roadmap to achieve bandwidth comparable to HBM5, while expanding memory size and eliminating reliability issues of packaging XPUs and HBM in the same package.

(00:35:07)我們的第一個客戶 Positron 在考慮到記憶體限制和將記憶體容量提高到兩 TB 的機會時，正在做出令人印象深刻的工作，這是他們首次宣佈的產品。使用前沿模型，您可以將所有內容放入記憶體中，性能顯著提高。他們正在重新定義該領域的競爭力。從帶寬的角度來看，我們有一個路線圖，旨在實現與 HBM5 相當的帶寬，同時擴大記憶體大小，並消除將 XPUs 和 HBM 包裝在同一包裝中的可靠性問題。

Bill Brennan - Credo, CEO

(00:35:57)Specifically related to inference, we are excited about how this will change the game for many frontier model applications.

(00:35:57)特別是與推理相關的，我們對這將如何改變許多前沿模型應用感到興奮。

Operator

(00:36:10)Your next question comes from Vivek Arya with Bank of America. Your line is now open. Please go ahead.

(00:36:10)您的下一個問題來自美國銀行的 Vivek Arya。您的線路現在已開通。請繼續。

Vivek Arya - Bank of America

(00:36:18)Thanks for taking my question. Bill, I wanted to revisit AEC growth in the second half and longer term. If I take your 85% growth outlook for the year, that suggests about $500 million of incremental growth in the second half, but if optics is going to be the bulk at $600 million, that suggests more conservative assumptions about AEC growth. I may be mistaken about how much optics contributed in the first half. Could you provide more details on optics versus AEC segmentation in the first half versus second half, and what that implies for AEC growth in the second half?

(00:36:18)感謝您回答我的問題。Bill，我想重新討論下半年的 AEC 增長及其長期情況。如果我採用您對今年 85% 的增長預測，這意味著下半年約有 5 億美元的增量增長，但如果光學產品的主要部分為 6 億美元，那就意味著對 AEC 增長的假設更為保守。我可能對光學在上半年貢獻的數量有誤解。您能否提供更多有關上半年與下半年光學與 AEC 細分的詳細信息，以及這對下半年 AEC 增長的影響？

Vivek Arya - Bank of America

(00:37:01)Also, how should we model AEC growth longer term?

(00:37:01)此外，我們應該如何建模 AEC 的長期增長？

Bill Brennan - Credo, CEO

(00:37:06)Sure. Looking at the entire year and growth across each product we are bringing to market, we see growth across the board. With our optical solutions, this is the first year of ramping, and given what we are bringing to market, fast-paced growth is expected. I believe AECs will continue to grow. You have to consider where we've grown from. AECs have driven growth over the last two fiscal years, more than doubling from fiscal 2024 to 2025, then more than tripling from 2025 to 2026. We continue to see expanding opportunities in AEC.

(00:37:06)當然。從整個年度和我們推出的每個產品的增長來看，我們看到各方面都有增長。對於我們的光學解決方案，這是第一年增長，考慮到我們推出的產品，預計將實現快速增長。我相信 AEC 將繼續增長。您必須考慮我們的增長基礎。在過去兩個財年中，AEC 推動了增長，從 2024 財年到 2025 財年增長超過一倍，然後從 2025 財年到 2026 財年增長超過三倍。我們繼續看到 AEC 的擴展機會。

Bill Brennan - Credo, CEO

(00:37:56)However, we expect slower growth overall compared to optics, which is growing into a much larger market. It makes sense that optics will grow faster because it is growing from a smaller base. But long term, I think you will see AECs grow. As we continue to scale as a company, you will see a balanced mix between copper solutions and optical. This balance will be very positive for the company.

(00:37:56)然而，與光學相比，我們預計整體增長會較慢，光學正在成長為一個更大的市場。光學增長更快是有道理的，因為它是從一個較小的基礎上增長的。但從長遠來看，我認為您會看到 AEC 的增長。隨著我們公司持續擴張，您將看到銅解決方案和光學之間的平衡組合。這種平衡對公司將非常有利。

Operator

(00:38:32)Your next question comes from Sebastian Naji with William Blair. Your line is now open. Please go ahead.

(00:38:32)您的下一個問題來自 William Blair 的 Sebastian Naji。您的線路現在已開通。請繼續。

Sebastian Naji - William Blair

(00:38:44)Yes, thank you. Good afternoon. I wanted to ask a bit about Pilot and some of the telemetry data your solutions are capturing. As your installed base grows, are you accumulating enough link-level telemetry that the data itself becomes a competitive advantage, for example, by helping identify failure modes or optimize future DSP designs? And is that extending your competitive moat at all? Any thoughts on that?

(00:38:44)是的，謝謝。下午好。我想詢問一下 Pilot 以及您們解決方案所捕獲的一些遙測數據。隨著您們的安裝基數增長，您們是否累積了足夠的鏈路級遙測數據，使得這些數據本身成為競爭優勢，例如，幫助識別故障模式或優化未來的 DSP 設計？這是否在某種程度上擴大了您們的競爭護城河？對此有什麼看法？

Bill Brennan - Credo, CEO

(00:39:13)Sure. The Pilot software platform is a crucial part of the total ZF Optics offerings. When we started, we had to develop a custom DSP design that enables telemetry on every link between an XPU and a switch. By every link, I mean six in total. There are three links in one direction and three in the other. This telemetry is completely different from what has been discussed previously in the industry. We can sense, on a real-time continuous basis, rich telemetry data indicating link stability, even down to the SerDes level, which is core to our platform.

(00:39:13)當然。Pilot 軟體平台是 ZF Optics 整體產品的重要組成部分。當我們開始時，我們必須開發一種自定義的 DSP 設計，使每個 XPU 和交換機之間的每條鏈路都能進行遙測。所謂每條鏈路，我指的是總共六條。一個方向有三條鏈路，另一個方向也有三條。這種遙測與業界之前討論的完全不同。我們可以實時持續感知豐富的遙測數據，顯示鏈路穩定性，甚至到 SerDes 級別，這是我們平台的核心。

Bill Brennan - Credo, CEO

(00:40:09)We measure eye height and SNR post-FEC histograms in real time, providing very detailed telemetry data. By sensing continuously, we can detect when link integrity is degrading. Currently, the industry typically shows a green light for a connection and a red light for failure. We add a 'check engine' or yellow light that signals an identified issue. The mitigation aspect involves taking action based on this information. Pilot enables different approaches to mitigation. For example, you can decide on a transceiver-by-transceiver basis to remove a transceiver likely to experience link flaps in an orderly manner from the cluster.

(00:40:09)我們實時測量眼高和 FEC 後直方圖，提供非常詳細的遙測數據。通過持續感知，我們可以檢測到鏈路完整性下降的情況。目前，業界通常對連接顯示綠燈，對故障顯示紅燈。我們增加了一個「檢查引擎」或黃燈，表示已識別的問題。緩解方面涉及根據這些信息採取行動。Pilot 使得不同的緩解方法成為可能。例如，您可以根據每個收發器的情況，決定有序地從集群中移除可能經歷鏈路波動的收發器。

Bill Brennan - Credo, CEO

(00:41:07)Other customers prefer a network-level, more centralized approach. Both approaches aim for the same reliability outcome. Both methods allow collection of extensive data, capturing snapshots of transceiver and network conditions when a link is taken down. So, you are correct that the data we are gathering will lead to better solutions over time. It will enable next-generation solutions to be optimized. Especially for the types of failures we detect early. We are also doing other interesting things related to customer conversations.

(00:41:07)其他客戶則更喜歡網絡級的集中式方法。這兩種方法的目標都是實現相同的可靠性結果。這兩種方法都允許收集大量數據，捕捉在鏈路被關閉時收發器和網絡狀況的快照。因此，您是對的，我們正在收集的數據將隨著時間的推移導致更好的解決方案。這將使下一代解決方案得以優化。特別是對於我們早期檢測到的故障類型。我們還在與客戶對話中做一些有趣的事情。

Bill Brennan - Credo, CEO

(00:42:00)For instance, a customer asked if we could detect even slight ESD damage on a transceiver. Because such damage can become a latent defect. We developed a way to sense slight ESD damage—not the kind that causes immediate failure, but damage that over time would lead to failure in the connection. Now, when customers activate racks, they can immediately identify if a transceiver was mishandled and needs replacement. We also detect dust on the fiber plant. This is critical because even a tiny speck of dust can cause light to bounce back, resulting in multipath interference.

(00:42:00)例如，一位客戶詢問我們是否能檢測到收發器上輕微的靜電放電損傷。因為這種損傷可能成為潛在缺陷。我們開發了一種方法來感知輕微的靜電放電損傷——不是那種導致立即故障的，而是隨著時間推移會導致連接故障的損傷。現在，當客戶啟動機架時，他們可以立即識別出收發器是否被錯誤處理並需要更換。我們還檢測到光纖設備上的灰塵。這是至關重要的，因為即使是一小塊灰塵也可能導致光線反彈，從而造成多徑幹擾。

Bill Brennan - Credo, CEO

(00:42:47)Our capabilities go far beyond that. Pilot now allows integration within our customers' networks. This fundamentally changes the game by giving customers tools to actively identify and mitigate issues. The goal here is twofold. First, to deliver the fastest time to revenue. For example, bringing a cluster up in five or six days instead of six to eight weeks, as seen in reported contracts. This can translate to hundreds of millions or even a billion dollars in advantage per month, by enabling expensive gear to generate revenue sooner rather than sitting idle.

(00:42:47)我們的能力遠不止於此。Pilot 現在允許在我們客戶的網絡中進行集成。這從根本上改變了遊戲規則，為客戶提供了主動識別和緩解問題的工具。這裡的目標有兩個。首先，提供最快的收入時間。例如，在五到六天內啟動一個集群，而不是報告合同中所見的六到八週。這可以轉化為每月數億甚至十億美元的優勢，通過使昂貴的設備更早產生收入，而不是閒置。

Bill Brennan - Credo, CEO

(00:43:39)The other major focus is uptime, after deployment. Our objective is to drive uptime to 99% or higher. This results in a better fabric and a superior product for end customers. It's a significant differentiator at the cluster level. And yes, Pilot is critical to enabling that. It's a combination of custom hardware and the interface. Within the network, this is truly the critical component.

(00:43:39)另一個主要焦點是正常運行時間，在部署之後。我們的目標是將正常運行時間提高到 99% 或更高。這將為最終客戶帶來更好的架構和更優質的產品。這在集群層面上是一個顯著的區別因素。是的，Pilot 對於實現這一點至關重要。這是自定義硬體和介面的結合。在這個網絡中，這確實是關鍵組件。

Sebastian Naji - William Blair

(00:44:16)Excellent detail. Thank you very much.

(00:44:16)優秀的細節。非常感謝。

Operator

(00:44:20)Your next question comes from Carl Ackerman with BNP. Your line is now open. Please proceed.

(00:44:20)您的下一個問題來自於 BNP 的 Carl Ackerman。您的線路現在已開通。請繼續。

Carl Ackerman - BNP Paribas

(00:44:31)Great. Excellent DSPs and PICs. Are direct hyperscaler sales increasing as a portion of your mix compared to optical module suppliers? And how does that enhance your customer visibility and stickiness with your data center customer base? Thank you.

(00:44:31)很好。優秀的 DSP 和 PIC。與光模組供應商相比，直接的超大規模銷售在您的組閤中是否有所增加？這如何增強您與數據中心客戶基礎的可見性和黏性？謝謝。

Bill Brennan - Credo, CEO

(00:44:50)Carl, I apologize. We didn't catch the first part of your question. I want to ensure I have the correct perspective.

(00:44:50)Carl，我很抱歉。我們沒有聽到您問題的第一部分。我想確保我有正確的觀點。

Carl Ackerman - BNP Paribas

(00:44:59)Sure, yes. Regarding the opportunity for your discrete DSPs and PICs, within that $600 million and growing over time. Is the customer mix shifting more toward direct hyperscaler sales, where they develop their own custom transceivers? And as that happens, how does it improve your customer visibility and stickiness with that customer

(00:44:59)當然，是的。關於您離散的 DSP 和 PIC 的機會，在那 6 億美元的範圍內，並隨著時間增長。客戶組合是否正向直接的超大規模銷售轉變，他們開發自己的定製收發器？隨著這種情況的發生，這如何改善您與該客戶基礎的可見性和黏性？

Bill Brennan - Credo, CEO

(00:45:22)base? Looking at our optical components business, this is a crucial part of our business both in the short term and long term. Ultimately, this is the path we will pursue in the pluggable optical transceiver market based on mainstream standards. The combination of offering an optical DSP and a PIC, even within a component offering, helps our customers deliver what we see as the most competitive combination of system performance, power, and yield. Often, our module customers work directly with hyperscalers, who actively specify the components they want included in the modules our customers provide.

(00:45:22)看著我們的光學元件業務，這是我們業務的一個關鍵部分，無論是短期還是長期。最終，這是我們將根據主流標準在可插拔光收發器市場上追求的路徑。提供光學 DSP 和 PIC 的組合，即使在元件提供中，也有助於我們的客戶提供我們認為是系統性能、功率和產量最具競爭力的組合。我們的模組客戶通常直接與超大規模客戶合作，這些客戶積極指定他們希望包含在我們客戶提供的模組中的元件。

Bill Brennan - Credo, CEO

(00:46:25)Thus, hyperscalers play a significant role in both the component sales to our module customers and in our ZF Optics modules that we manufacture ourselves. Long term, we expect a balance where our component sales and module sales complement each other in that the broader market will be served by components, while a specific segment focused on reliability will be addressed by new products in the transceiver space.

(00:46:25)因此，超大規模客戶在我們的元件銷售中扮演著重要角色，以及我們自己生產的 ZF 光學模組中。從長期來看，我們預期我們的元件銷售和模組銷售將互補，更廣泛的市場將由元件服務，而專注於可靠性的特定細分市場將由收發器領域的新產品來解決。

Operator

(00:47:10)Your next question comes from Vijay Rakesh with Mizuho. Your line is now open. Please proceed.

(00:47:10)您的下一個問題來自於 Mizuho 的 Vijay Rakesh。您的線路現在已開通。請繼續。

Vijay Rakesh - Mizuho

(00:47:20)Hi, Bill and Dan. Just a quick question. You mentioned 2027 as a stepping stone, and you are already growing about 85% year over year. Looking ahead to fiscal 2028, can you provide some perspective on how to view it? Obviously, AEC is growing, perhaps around 50% this year. You have ZF Optics ramping, and Cypho; combined, ZF Optics and Cypho represent about $600 million. For fiscal 2027, this implies a run rate exceeding a billion dollars. And as you mentioned, active LED cables as well. With these four segments ramping, can you share your perspective on fiscal 2028?

(00:47:20)嗨，Bill 和 Dan。只是個簡單的問題。您提到 2027 年作為一個跳板，您已經以約 85% 的速度增長。展望 2028 財年，您能提供一些看法嗎？顯然，AEC 正在增長，今年可能增長約 50%。您有 ZF 光學的增長和 Cypho；合併起來，ZF 光學和 Cypho 約佔 6 億美元。對於 2027 財年，這意味著運行率超過十億美元。正如您所提到的，還有主動 LED 電纜。隨著這四個細分市場的增長，您能分享對 2028 財年的看法嗎？

Vijay Rakesh - Mizuho

(00:48:04)Thank you.

(00:48:04)謝謝。

Bill Brennan - Credo, CEO

(00:48:07)I appreciate that. Discussions about fiscal 2028, 2029, and 2030 are very active within our leadership team at Credo. Let me first address ALC as part of our portfolio. The ALC product we are bringing to market first uses micro LED technology. The promise of this technology is to deliver the same reliability and power efficiency at a core technology level as AECs. A key difference is that we will extend the length to 30 meters. Thus, ALCs will represent our third differentiated pluggable transceiver solution.

(00:48:07)我很感激。關於 2028、2029 和 2030 財年的討論在我們的 Credo 領導團隊中非常活躍。我們的領導團隊正在積極討論。讓我首先談談 ALC 作為我們產品組合的一部分。我們首先推出的 ALC 產品使用微型 LED 技術。這項技術的承諾是在核心技術層面上提供與 AEC 相同的可靠性和功率效率。一個關鍵的區別是我們將延長到 30 米。因此，ALC 將代表我們第三個差異化的可插拔收發器解決方案。

Bill Brennan - Credo, CEO

(00:48:57)Initially, we created the product category with AECs, followed by ZF Optics, which also established a new product category. ALCs will represent the third pillar of that foundation. Fundamentally, I examined the pluggable transceiver market, and I believe that is just the first step for ALCs and the micro-retimer technology. The natural next step is to apply this technology to the scale-up opportunity. In scale-up, this represents another technological alternative, promising to address core issues that have previously hindered market growth with existing solutions.

(00:48:57)最初，我們創建了以 AEC 為主的產品類別，隨後是 ZF Optics，這也建立了一個新的產品類別。ALC 將成為該基礎的第三根支柱。從根本上說，我檢視了可插拔收發器市場，我相信這只是 ALC 和微重定時技術的第一步。自然的下一步是將這項技術應用於擴展機會。在擴展中，這代表了另一種技術選擇，承諾解決以往阻礙市場增長的核心問題，這些問題存在於現有解決方案中。

Bill Brennan - Credo, CEO

(00:49:45)These issues specifically relate to reliability, availability, and serviceability. We view ALC as a multibillion-dollar opportunity, followed by an equally significant opportunity with scale-up, both highly complementary to our existing technology suite. To answer your question more specifically, we are positioning ourselves in several— multibillion-dollar TAM opportunities. Analyzing our portfolio across the pluggable space reveals tens of billions of dollars in opportunity that we plan to address by fiscal 2028, especially with ALCs included.

(00:49:45)這些問題特別涉及可靠性、可用性和可維護性。我們將 ALC 視為一個數十億美元的機會，隨後是同樣重要的擴展機會，這兩者與我們現有的技術組合高度互補。更具體地回答您的問題，我們正在多個—數十億美元的 TAM 機會中定位自己。分析我們在可插拔領域的投資組合顯示出數百億美元的機會，我們計劃在 2028 財年之前解決這些機會，尤其是包括 ALC。

Bill Brennan - Credo, CEO

(00:50:37)We are positioning ourselves to capture a very large market. Our growth as a company will depend on our success in executing with every customer. We are quite bullish on the opportunity, even before considering the massive potential the entire industry has with scale-up. Consider Omniconnect as well. We have previously stated that Omniconnect represents a multibillion-dollar annual opportunity. Looking ahead to fiscal 2028, we anticipate outsized business growth, continuing for another year and beyond.

(00:50:37)我們正在定位自己以捕捉一個非常大的市場。我們作為一家公司增長的關鍵在於我們在每位客戶身上執行的成功。我們對這個機會非常樂觀，即使在考慮到整個行業在擴展方面的巨大潛力之前。也請考慮 Omniconnect。我們之前已經表示，Omniconnect 代表著一個數十億美元的年度機會。展望 2028 財年，我們預計業務將持續增長，並將持續到明年及以後。您的下一個問題來自 Evercore ISI 的 Mark Lipacis。

Operator

(00:51:21)Your next question comes from Mark Lipacis with Evercore ISI. Your line is now open. Please proceed.

(00:51:21)您的線路現在已開通。請繼續。嗨。

Mark Lipacis - Evercore ISI

(00:51:33)Hi. Thank you for taking my question. Bill, optics is growing faster, and it is a newer market. Could you contrast how you are approaching the optics market compared to how you approached the AEC market? I imagine there are differences, given that you effectively created the AEC market. Also, what are the business model implications as optics grows, and where do you see leverage between these businesses in development, supply chain, customer relationships, and capability building? Thank you.

(00:51:33)感謝您回答我的問題。Bill，光學市場增長更快，而且這是一個較新的市場。您能否對比一下您如何接觸光學市場與您如何接觸 AEC 市場的方式？我想這之間會有差異，因為您實際上創造了 AEC 市場。此外，隨著光學市場的增長，商業模式的影響是什麼？您認為這些業務之間的槓桿在哪裡，在開發、供應鏈、客戶關係和能力建設方面？謝謝。我們在 AEC 的努力與我們現在在 ZF Optics 上應用的槓桿之間存在有趣的對比。

Bill Brennan - Credo, CEO

(00:52:18)There is an interesting contrast between our efforts with AECs and the leverage we are applying now with ZF Optics. With AECs, we envisioned the product as an extension to copper, addressing issues customers faced as they moved to faster speeds and encountered problems with DACs. We were surprised when customers approached us with innovative feature-level ideas, such as telemetry and other system-related rack-level innovations, which opened the door to feature set innovation with our customer base. Our first customer, Microsoft, adopted AECs primarily because of the functionality we offered.

(00:52:18)在 AEC 中，我們將產品視為銅的延伸，解決客戶在轉向更快速度時所面臨的問題，以及遇到 DAC 的問題。當客戶向我們提出創新的功能級想法時，我們感到驚訝，例如遙測和其他系統相關的機架級創新，這為我們的客戶基礎開啟了功能集創新的大門。我們的第一位客戶，微軟，主要因為我們提供的功能而採用了 AEC。我們開發了一個足夠智能的解決方案，能夠檢測到 TOR 端口何時故障或即將故障，並無縫地將數據切換到冗餘的 TOR。

Bill Brennan - Credo, CEO

(00:53:21)We developed a solution smart enough to detect when a TOR port was failing or about to fail and switch data to a redundant TOR seamlessly. It was a highly intelligent solution. This solution was delivered in a cable format. Over time, momentum built because as speeds increased, it became clear that DACs were insufficient both in signal integrity and form factor, as copper wires needed to be much thicker. From both a form factor and signal integrity perspective, many other customers began exploring alternatives.

(00:53:21)這是一個高度智能的解決方案。此解決方案以電纜格式交付。隨著時間的推移，隨著速度的提高，動能逐漸增強，因為顯然 DAC 在信號完整性和形狀因素方面都不夠充分，銅線需要更厚。從形狀因素和信號完整性的角度來看，許多其他客戶開始探索替代方案。今天，我們的許多解決方案都具有創新的功能集。

Bill Brennan - Credo, CEO

(00:54:07)Today, many of our solutions feature innovative feature sets. The growth and product category creation occurred over several years. In developing our solution and taking full ownership, we created a differentiated go-to-market approach. The qualification rigor we apply often exceeds that of our customers, including running their switches and NICs at speed while stressing the entire link—from NIC to switch—to identify weaknesses and harden the solution. We then reinforce the solution through firmware modifications.

(00:54:07)增長和產品類別的創建發生在幾年之內。在開發我們的解決方案並完全擁有它的過程中，我們創建了一個差異化的市場進入策略。我們所施加的資格嚴格性往往超過我們的客戶，包括在速度下運行他們的交換機和 NIC，同時對整個鏈路進行壓力測試—從 NIC 到交換機—以識別弱點並加固解決方案。然後，我們通過固件修改來加強解決方案。這種嚴謹的方法是我們現在在將 ZF Optics 推向市場時所利用的。

Bill Brennan - Credo, CEO

(00:55:07)This rigorous approach is something we are now leveraging as we introduce ZF Optics to the market. But the difference with ZF Optics was that AI emerged, and AI networks are fundamentally different from, say, front-end networks, which had built-in redundancy across different network tiers. We've experienced link flaps for a long time, but they haven't been a major concern because they didn't cause significant network impact. Now, with AI clusters comprising tens of thousands, if not hundreds of thousands, of interdependent links, flaps on some links can affect the entire cluster, leading customers to report GPU utilization losses.

(00:55:07)這種嚴謹的方法是我們現在在將 ZF Optics 推向市場時所利用的。但 ZF 光學的不同之處在於，人工智慧的出現，而人工智慧網絡在根本上與前端網絡不同，後者在不同的網絡層級之間內建了冗餘。我們長期以來經歷了鏈路波動，但這並不是主要的問題，因為它們並未造成顯著的網絡影響。現在，隨著人工智慧集群由數萬甚至數十萬個相互依賴的鏈路組成，某些鏈路的波動可能會影響整個集群，導致客戶報告 GPU 利用率損失。

Bill Brennan - Credo, CEO

(00:56:01)These losses can be greater than 10%, sometimes approaching 20%. This new application was a perfect fit for applying the AEC playbook, enabling innovative advancements in an area that had seen little innovation for many years. We worked closely with customers, essentially charting a path at the system level to improve network reliability. That was truly the key difference. It took some time to develop both the hardware and software solutions. However, the market is adopting this much faster than AECs because we are addressing a clearly existing pain point.

(00:56:01)這些損失可能超過 10%，有時接近 20%。這個新應用非常適合應用 AEC 的計劃，促進了在多年來幾乎沒有創新的領域中的創新進展。我們與客戶密切合作，基本上是在系統層面上繪製了一條路徑以提高網絡可靠性。這確實是關鍵的不同之處。開發硬體和軟體解決方案花了一些時間。然而，市場對此的接受速度遠快於 AEC，因為我們正在解決一個明確存在的痛點。

Bill Brennan - Credo, CEO

(00:56:52)This solution is welcomed every time we engage with technical networking teams within our customer base.

(00:56:52)每次我們與客戶的技術網絡團隊接觸時，這個解決方案都受到歡迎。

Operator

(00:57:05)Your next question comes from Suji Desilva with Roth Capital. Your line is now open. Please go ahead.

(00:57:05)您的下一個問題來自 Roth Capital 的 Suji Desilva。您的線路現在已開通。請繼續。

Suji Desilva - Roth Capital

(00:57:16)Hi, Bill, Dan, Dan. Congratulations on the progress and the margins. You've provided a lot of insight into the optical segment and your approach. It might be a good time to revisit the competitive landscape and discuss how you think competitors are approaching the markets you're targeting, whether differently or similarly, and what key elements differentiate your approach, since many talk about the same opportunities.

(00:57:16)嗨，比爾，丹，丹。恭喜你們在進展和利潤率方面的成就。你們提供了很多關於光學部門和你們方法的見解。現在可能是重新審視競爭格局的好時機，討論你們認為競爭對手如何接近你們所針對的市場，無論是不同還是相似，以及哪些關鍵要素區分了你們的做法，因為許多人都在談論相同的機會。

Bill Brennan - Credo, CEO

(00:57:50)Sure. I believe our go-to-market strategy and owning the entire stack give us a strong case. When we consider the opportunity at the transceiver level, starting with the SerDes and extending to DSP and now PIC, vertical integration provides a huge advantage in delivering the best system solution and in managing COGS. Additionally, we bring differentiated solutions to market. The challenge is determining the value of those features. We expect advantages both in COGS and ASP compared to more standards-based solutions in the market.

(00:57:50)當然。我相信我們的市場進入策略和擁有整個堆疊使我們具備了強大的優勢。當我們考慮在收發器層級的機會時，從 SerDes 開始，延伸到 DSP，現在到 PIC，垂直整合在提供最佳系統解決方案和管理 COGS 方面提供了巨大的優勢。此外，我們還將差異化的解決方案推向市場。挑戰在於確定這些特徵的價值。我們預期在 COGS 和 ASP 方面相較於市場上更標準化的解決方案會有優勢。

Bill Brennan - Credo, CEO

(00:58:55)Long term, we see ourselves as the pace-setter for innovation in the optical space. The market demands it. We are also collaborating openly with standards groups to standardize some of our innovations. The challenge is how to innovate faster than the competition and the broader market. Given that we own the entire stack, we are confident this will lead to success similar to what we've achieved with AECs.

(00:58:55)從長遠來看，我們視自己為光學領域創新的引領者。市場需要這樣的創新。我們也在與標準組織開放合作，以標準化我們的一些創新。挑戰在於如何比競爭對手和更廣泛的市場更快地創新。鑒於我們擁有整個堆疊，我們有信心這將導致類似於我們在 AEC 中取得的成功。

Operator

(00:59:32)Your next and final question comes from Christopher Rolland with Susquehanna. Your line is now open. Please go ahead.

(00:59:32)您的下一個也是最後一個問題來自 Susquehanna 的 Christopher Rolland。您的線路現在已開通。請繼續。

Christopher Rolland - Susquehanna

(00:59:44)Hi, everyone. Thanks for squeezing me in. Bill, I'll take you up on your mention of DSP plus PIC integration that you've referenced several times. First, could you elaborate on your two DustPhotonics wins? Do they include DSP integration? Also, could you remind us of the economics for this market segment and what it means for you?

(00:59:44)嗨，大家好。感謝你們讓我參與。比爾，我想請教你提到的 DSP 加 PIC 整合，這是你多次提到的。首先，你能詳細說明你們的兩個 DustPhotonics 的勝利嗎？它們是否包括 DSP 整合？此外，你能提醒我們這個市場細分的經濟學以及對你們的意義嗎？

Bill Brennan - Credo, CEO

(01:00:22)I appreciate the question. The component-level market is quite competitive. Due to protocol, we cannot disclose specific major players we're engaged with. I can say that these first two major design wins do not include DSP, so there is upside potential as we look to co-market DSP and PIC long term. Currently, it's... The DustPhotonics team has done an excellent job engaging deeply with major industry players. It's impressive that such a small team has gained significant traction. This demonstrates that their technical solution is truly leading edge in the market.

(01:00:22)我很感謝這個問題。組件級市場相當競爭激烈。由於協議，我們無法透露具體的主要參與者。我可以說這兩個主要設計勝利不包括 DSP，因此在我們尋求長期共同推廣 DSP 和 PIC 時，仍有上升潛力。目前，它是...DustPhotonics 團隊在與主要行業參與者的深入接觸中做得非常出色。這樣一個小團隊能夠獲得顯著的進展，這令人印象深刻。這證明瞭他們的技術解決方案在市場上確實是領先的。

Bill Brennan - Credo, CEO

(01:01:17)Long term, we see great opportunity in combining these two components to deliver substantial benefits to customers. I view this as a significant development in our portfolio and very promising for the long term. With that, we'll wrap up the call. I sincerely appreciate everyone attending and thank you for the thoughtful questions. We look forward to continuing the conversation in the follow-up. Thank you very much.

(01:01:17)從長遠來看，我們看到將這兩個組件結合起來為客戶提供實質性好處的巨大機會。我將這視為我們產品組閤中的一個重要發展，並對長期前景非常看好。到此，我們將結束此次通話。我衷心感謝每位參加者，並感謝您提出的深思熟慮的問題。我們期待在後續中繼續這個對話。非常感謝。

Operator

(01:01:50)This concludes today's call. Thank you for joining us. You may now disconnect.

(01:01:50)今天的電話會議到此結束。感謝您加入我們。您現在可以斷開連接。

校正紀錄

本檔為 AI 語音轉寫（中英對照）。經逐段核對財務數字內部一致性（營收 $479M／+10% QoQ／+115% YoY、非 GAAP 毛利率 68%、營業利益率 48.2%、淨利率 49.3%、OpEx $95.2M、現金 $764.3M、自由現金流 $82.9M、客戶集中度 33/28/13/10%、Q2 財測 $525–535M 等），並與既有摘要版 活動_Credo_FY27Q1財報電話會議摘要改寫_20260901、報告_廣發香港_Credo_F1Q27_20260903 交叉核對，數字一致，未發現需校正的轉寫錯誤、量綱矛盾或期間錯置。專有名詞（AEC、ZF Optics、Screaming Eagle、Blue Heron、Toucan、OmniConnect、Weaver、DustPhotonics、CPX）於逐字稿中拼寫一致，未見同音誤植。