Wolfspeed Q2 FY2023 revenue up 25% to $216.1M; net loss $0.73/sh; guides Q3 rev $210M-$230M

WOLFSPEED, INC.

2023-Q2 EPS reported -$0.94 revenue$457,400,000

Revenue of $216.1M, up 25% YoY from $173.1M; GAAP gross margin 31.0% vs 32.9% YoY.
GAAP net loss $90.9M ($0.73/diluted share); non-GAAP net loss $14.2M ($0.11/diluted share).
Quarterly design-ins totaled $1.5B; new partnerships with Jaguar Land Rover, Mercedes, BorgWarner, ZF.
Closed $1.75B convertible note offering to support capacity expansion; Mohawk Valley fab revenue expected H2 FY2023.
Q3 FY2023 guidance: revenue $210M-$230M; GAAP net loss $81M-$88M; non-GAAP net loss $15M-$20M.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

WOLFSPEED, INC. reported the second quarter of fiscal 2023 results: revenue $216.1 million, net income net loss of $90.9 million, EPS $0.73 per diluted share.

Period: the second quarter of fiscal 2023
Revenue: $216.1 million
Net income: net loss of $90.9 million
EPS: $0.73 per diluted share
Result: reported results

Exact text from the filing

Revenue of $216.1 million, compared to $173.1 million • GAAP gross margin of 31.0%, compared to 32.9% • Non-GAAP gross margin of 33.6%, compared to 35.4% • GAAP net loss of $90.9 million, or $0.73 per diluted share, compared to $96.7 million, or $0.82 per diluted share

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

WOLFSPEED, INC. reported the third quarter of fiscal 2023 results: revenue $210 million to $230 million, net income $81 million to $88 million, EPS $0.65 to $0.71 per diluted share. Guidance initiated.

Period: the third quarter of fiscal 2023
Revenue: $210 million to $230 million
Net income: $81 million to $88 million
EPS: $0.65 to $0.71 per diluted share
Guidance: initiated
Result: guidance update

Exact text from the filing

For its third quarter of fiscal 2023, Wolfspeed targets revenue in a range of $210 million to $230 million. GAAP net loss is targeted at $81 million to $88 million, or $0.65 to $0.71 per diluted share.

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Source: SEC EDGAR

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