Interconnect-chip supplier Credo Technology reported record first-quarter revenue of $479 million, up 115% year over year.

Credo Technology reported record fiscal first-quarter revenue of $479 million. Revenue increased 10% sequentially and 115% year over year, marking the company’s seventh consecutive quarter of triple-digit annual growth.

Non-generally accepted accounting principles gross margin was 68%, and non-GAAP operating margin was 48.2%. Non-GAAP net income exceeded $236 million, representing year-over-year growth of 140%, while cash and cash equivalents ended the quarter at $764.3 million after cash expenditure associated with the Dust Photonics acquisition.

Customer concentration remained high: four customers each represented at least 10% of quarterly revenue, accounting for 33%, 28%, 13% and 10%, respectively. The company said it was broadening its hyperscaler and neocloud customer base.

For the second quarter, Credo guided to revenue of $525 million to $535 million and a non-GAAP gross margin of 67% to 69%. Management projected more than 85% full-year revenue growth, optical-interconnect revenue exceeding $600 million and a non-GAAP net margin of approximately 50%; these figures are company guidance rather than reported results.