Summary by Moomoo AI
Wolfspeed, Inc. reported its financial results for the fiscal second quarter ended December 31, 2023, on January 31, 2024. The company saw a 20% year-over-year revenue growth, reaching $208.4 million, with significant contributions from its Mohawk Valley Fab, which tripled its revenue sequentially. The quarter also marked a record in design-wins totaling $2.9 billion, with over 75% related to automotive applications. Despite these gains, GAAP gross margin declined to 13.3% from 32.6% in the previous year, impacted by $35.6 million of underutilization costs. The non-GAAP gross margin also decreased to 16.4% from 35.8%. Wolfspeed completed the sale of its RF Business to MACOM Technology Solutions Holdings, Inc. for $75 million in cash and shares. Looking ahead, Wolfspeed targets a revenue range of $185 million to $215 million for the third quarter of fiscal 2024, with a GAAP net loss from continuing operations projected between $134 million to $155 million. The company continues to focus on scaling up its 200mm wafer production and meeting the growing demand for silicon carbide technology in the EV sector.