Summary by Moomoo AI
Wolfspeed, a leader in wide bandgap semiconductors, reported a significant year-over-year revenue increase of $42.6 million, reaching $405.8 million for the six months ended December 31, 2023. However, gross margin declined to 12.9% from 34.3%, with gross profit decreasing to $52.5 million from $124.4 million, primarily due to underutilization costs at the new Mohawk Valley Fab. Operating loss widened to $193.0 million from $136.5 million, and diluted loss per share increased to $1.99 from $0.69. Cash, cash equivalents, and short-term investments totaled $2,635.7 million, while long-term debt rose to $5,167.6 million. Cash used in operating activities was $295.6 million, and net purchases of property and equipment were $972.8 million. Design-wins reached $4.4 billion, a significant increase from $0.9 billion.
Wolfspeed's business development has been marked by the completion of the RF Business...Show More