Wolfspeed Inc · Q1 2024 earnings

Briefing

Reported a year-over-year quarterly revenue growth with significant design-ins and design-wins, and remained on track to meet its utilization goal at the Mohawk Valley Fab.

Wolfspeed reported a 4 percent year-over-year increase in quarterly revenue, driven by device design-ins of $2.2 billion and a record of over $1 billion in device design-wins. The company is on track to meet its 20 percent utilization goal at the Mohawk Valley Fab in the fourth quarter of fiscal 2024.

• Consolidated revenue reached $197.4 million, compared to $189.4 million in the prior year.
• Mohawk Valley Fab contributed $4.0 million in revenue.
• Device design-ins totaled $2.2 billion, with a quarterly record of over $1 billion in device design-wins.
• GAAP gross margin was 12.5%, compared to 35.7% in the prior year, impacted by underutilization costs.

Headline financials

Revenue & EPS history

For its second quarter of fiscal 2024, Wolfspeed targets revenue from continuing operations in a range of $192 million to $222 million. GAAP net loss from continuing operations is targeted at $131 million to $153 million, or $1.04 to $1.22 per diluted share. Non-GAAP net loss from continuing operations is targeted to be in a range of $71 million to $88 million, or $0.56 to $0.70 per diluted share.