Wolfspeed, Inc., a leader in silicon carbide technologies, reported its financial results for the third quarter of fiscal year 2024 on May 1, 2024. The company saw a consolidated revenue of approximately $201 million, a slight increase from the previous year's $193 million. Notably, the Mohawk Valley Fab's revenue more than doubled sequentially, contributing about $28 million. The quarter also marked the second highest on record for materials revenue at $99 million. Despite these increases, GAAP gross margin declined to 11% from 31% the previous year, impacted by $30 million of underutilization costs. Non-GAAP gross margin also decreased to 15% from 34%. CEO Gregg Lowe highlighted significant operational milestones, including progress on the Mohawk Valley Fab, which is expected to reach 20% utilization in June 2024. The company remains confident in...Show More

Wolfspeed, Inc., a leader in silicon carbide technologies, reported its financial results for the third quarter of fiscal year 2024 on May 1, 2024. The company saw a consolidated revenue of approximately $201 million, a slight increase from the previous year's $193 million. Notably, the Mohawk Valley Fab's revenue more than doubled sequentially, contributing about $28 million. The quarter also marked the second highest on record for materials revenue at $99 million. Despite these increases, GAAP gross margin declined to 11% from 31% the previous year, impacted by $30 million of underutilization costs. Non-GAAP gross margin also decreased to 15% from 34%. CEO Gregg Lowe highlighted significant operational milestones, including progress on the Mohawk Valley Fab, which is expected to reach 20% utilization in June 2024. The company remains confident in its long-term growth trajectory, despite short-term headwinds in the industrial and energy markets. For the fourth quarter of fiscal 2024, Wolfspeed targets revenue between $185 million to $215 million, with a GAAP net loss targeted between $166 million to $189 million. The non-GAAP net loss is expected to range from $91 million to $109 million. The company's expansion efforts are ongoing, with approximately $20 million of factory start-up costs expected in the next quarter.