CRDO · CIK 0001807794
What Credo Technology Group told the SEC could break it.
Credo is pinned at both ends of its business. Its revenue is extraordinarily concentrated — a single customer was 67% of fiscal-2025 revenue and its top ten customers about 90% — so losing or being scaled back by that one account would be severe. Its manufacturing is equally concentrated: as a fabless designer it relies on TSMC in Taiwan as the foundry for all of its semiconductor products, and it explicitly flags that rising PRC-Taiwan tensions could disrupt its business. Trade policy compounds that geographic exposure — it cites the April 2025 U.S. across-the-board 10% tariff plus individualized higher tariffs on countries including China.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Customer concentration
- Customer concentrationhigh
Extreme customer concentration: one customer = 67% of FY2025 revenue; top 10 ≈ 90% (customers unnamed).
“In fiscal 2025, 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).”
SEC filing →As of 2025
Geographic concentration
- Taiwanhigh
All semiconductor foundry (TSMC) in Taiwan; explicit PRC–Taiwan tension risk → Taiwan Strait exposure.
“we rely on TSMC in Taiwan as the foundry for all of our semiconductor products. If political tensions between the PRC and Taiwan were to increase further, it could disrupt our business and adversely affect our financial condition and results of operation.”
Regulatory & policy
- US 2025 tariffs / US-China trademedium
Exposed to April-2025 US across-the-board + China-specific tariffs.
“In particular, in April 2025 the United States announced an across-the-board 10% tariff on all countries and individualized higher tariffs on certain countries, including China.”
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its suppliers
“we rely on TSMC in Taiwan as the foundry for all of our semiconductor products. If political tensions between the PRC and Taiwan were to increase further, it could disrupt our business and adversely affect our financial condition and results of operation.”
Cited →
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