HIGHOutside partyCustomer
90%
top 10 customers
“10-K Item 1: 'In fiscal 2025, sales to our top 10 customers accounted for approximately 90% of our total revenue.'”
CRDO · Concentration risk · 10-K extracted
Credo Technology Group Holding (CRDO) concentration risks
Updated
The most significant concentration Credo Technology Group Holding discloses is top 10 customers at 90%, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Credo Technology Group Holding’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 3 disclosed concentrations
HIGH3
MEDIUM0
LOW0
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
HIGHOutside partyCustomer
67%
largest customer
“10-K Item 1: '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)'”
HIGHOutside partySupplier
TSMC (wafer fabrication)
“10-K Item 1: 'In fiscal year 2025, we exclusively used Taiwan Semiconductor Manufacturing Company Limited (TSMC) for semiconductor wafer production.'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-08-02Credo Technology's revenue base is highly concentrated on both the customer and supply sides, and each is a high-share dependency exposure. Sales to the top 10 customers accounted for approximately 90% of total revenue in fiscal 2025, and within that group a single customer accounted for 67% of total fiscal 2025 revenue — meaning two-thirds of the business rests on one counterparty's continued demand, order timing, and program decisions. On the supply side, Credo exclusively used Taiwan Semiconductor Manufacturing Company (TSMC) for semiconductor wafer production in fiscal 2025, a single-source dependency with no disclosed alternative fabrication path. All three exposures are dependency-type rather than structural, meaning they are idiosyncratic to specific counterparties rather than diffused across the industry — a change in the largest customer's purchasing behavior or any disruption at TSMC would flow through to results directly, with limited offsetting diversification. This concentration profile is the central risk factor for Credo: simultaneous dependence on one dominant customer for the large majority of demand and one dominant supplier for the entirety of wafer production leaves little structural buffer against a shock at either end of the value chain.
For the engine’s reasoning on CRDO’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Semiconductors
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| ALAB | Astera Labs, Inc. | 3 | 0 | 0 | 3 |
| CRDO● | Credo Technology Group Holding | 3 | 0 | 0 | 3 |
| AMBQ | Ambiq Micro, Inc. | 2 | 1 | 0 | 3 |
| ADI | Analog Devices, Inc. | 2 | 0 | 0 | 2 |
| ALGM | Allegro MicroSystems, Inc. | 1 | 2 | 0 | 3 |
| AIP | Arteris, Inc. | 0 | 1 | 0 | 1 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.