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The bash-down in share price

Business overview: Producing silicon carbide (SiC) base materials (crystals), wafer substrates, wafers, and module devices
It’s revenue exceeded expectation but at the same time , reporting more losses , due to the  start-up cost of the new silicon carbide  wafer fab


Outlook provided during the conference call:

✔️Accumulated pipeline: USD 19 billion,  design-wins of  USD 8.3 billion in FY2023.
✔️Operating the world’s largest SiC wafer fab, currently in trial production stage,  expecting  slight revenue increase in 1H FY2024, significant increase in 2H FY2024 (targeting new wafer fab to reach  20% utilization by Jun 2024).
✔️Wafer fab potential revenue: USD 2 billion per year.
✔️Constructing a new, 10x larger SiC substrate material plant, operational by 2H 2024.
✔️Installed additional 75% of silicon carbide crystal growers, the growth of the SiC crystals are satisfactory till date.
✔️Next quarter revenue forecast: USD 220-240 million.
✔️FY2024 revenue target: USD 1-1.1 billion.
✔️Expected non-GAAP loss: USD 75-94 million (according to  new SEC guidelines, it has to record higher cost of sales from the new fab . hence the expected losses is more than market anticipation)
✔️Management reinstated the strong SiC demand, aggressive expansion plans due to supply shortage.
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