Summary of Credo F1Q27 Results Note 📝 Revenue $479m (+115% YoY, +10% QoQ), broadly in line; EPS $1.20 slightly beat consensus. * F2Q27 guide: Revenue $525–535m; GM 67–69%, both in line. * FY27E growth: Mgmt expects >85% YoY revenue growth, driven by surging AI interconnect demand. * AEC remains the near-term growth engine, with adoption broadening across hyperscalers and neo-cloud customers; 200G/lane and PCIe 6.0 platforms gaining traction. * Longer term, Credo sees AEC/optics approaching a ~50/50 revenue mix. * Optical FY27E revenue maintained at >$600m, with meaningful ramp weighted toward F2H27. * ZeroFlap pluggable transceivers expected to become the largest optical rev contributor, supported by higher ASPs and reliability-focused design. * Higher optical mix creates GM dilution, though absolute profitability remains healthy. * NPO OE, leveraging DustPhotonics silicon photonics, targets sampling in late FY27E; material revenue expected in FY28E. * Maintain $227 TP, based on 20x FY28E EPS; FY27E/FY28E EPS forecast at $6.5/$11.4. #CRDO# #OPTICAL# #AI# #AEC#