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Wolfspeed | 8-K: Wolfspeed Reports Financial Results for the Fourth Quarter and Full Fiscal Year 2024

SEC ·  Aug 21 13:10

Summary by Moomoo AI

Wolfspeed, Inc. reported its financial results for the fourth quarter and full fiscal year 2024 on August 21, 2024. The company, a leader in silicon carbide technologies, saw a 100% year-over-year growth in EV revenue, driven by momentum at its Mohawk Valley Fab. The facility is expected to reach 25% utilization in Q1FY25, ahead of schedule. Wolfspeed plans to accelerate the transition of device fabrication to the 200mm Mohawk Valley Fab and is assessing the timing for closing the 150mm Durham Device Fab, which is anticipated to reduce FY25 net CapEx spend by $200 million. The fourth quarter saw consolidated revenue of approximately $201 million, a slight decrease from $203 million in the same quarter of the previous year. The company reported a GAAP gross margin of 1%, down from 29%, and...Show More
Wolfspeed, Inc. reported its financial results for the fourth quarter and full fiscal year 2024 on August 21, 2024. The company, a leader in silicon carbide technologies, saw a 100% year-over-year growth in EV revenue, driven by momentum at its Mohawk Valley Fab. The facility is expected to reach 25% utilization in Q1FY25, ahead of schedule. Wolfspeed plans to accelerate the transition of device fabrication to the 200mm Mohawk Valley Fab and is assessing the timing for closing the 150mm Durham Device Fab, which is anticipated to reduce FY25 net CapEx spend by $200 million. The fourth quarter saw consolidated revenue of approximately $201 million, a slight decrease from $203 million in the same quarter of the previous year. The company reported a GAAP gross margin of 1%, down from 29%, and a non-GAAP gross margin of 5%, down from 31%. The full fiscal year revenue was approximately $807 million, up from $759 million, with a GAAP gross margin of 10% and a non-GAAP gross margin of 13%. CEO Gregg Lowe highlighted the company's focus on optimizing capital structure and driving performance at the state-of-the-art Mohawk Valley fab. For Q1FY25, Wolfspeed targets revenue from continuing operations in the range of $185 million to $215 million, with a GAAP net loss targeted at $226 million to $194 million, or $1.79 to $1.54 per diluted share. Non-GAAP net loss from continuing operations is targeted to be in a range of $138 million to $114 million, or $1.09 to $0.90 per diluted share.

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