In Q4'26, CRDO reported a gross margin of 68.2%, an operating margin of 35.7%, and a net profit margin of 38.7%, representing the latest data points across all three metrics. Gross margin has shown consistent expansion from 59.2% in Q1'24 to 68.2% in Q4'26, reflecting improving production efficiency over the nine-quarter period. Operating margin experienced a dramatic turnaround, shifting from deeply negative territory of -41.0% in Q1'24 to positive territory starting in Q3'25 and reaching 35.7% by Q4'26, while net profit margin followed a similar trajectory, moving from -33.3% to 38.7% over the same timeframe, indicating sustained profitability improvement and operational leverage.