Wolfspeed Q3 FY2023 revenue up 22% to $228.7M; GAAP net loss widens to $99.5M; first Mohawk Valley product shipped

WOLFSPEED, INC.

2023-Q3 EPS reported -$1.74 revenue$686,100,000

Revenue $228.7M (+22% YoY); GAAP net loss $99.5M ($0.80 loss per share) vs $66.5M loss last year.
Non-GAAP net loss $16.0M ($0.13 loss per share); Non-GAAP gross margin 32.3% vs 36.3% a year ago.
Design-ins totaled $1.7B in Q3, $6.7B year-to-date.
First product shipped from Mohawk Valley 200mm silicon carbide fab; adjusting FY2024 revenue target to $1B-$1.1B.
Q4 FY2023 guidance: revenue $212M-$232M; GAAP net loss $98M-$108M.

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 fourth quarter of fiscal 2023 results: revenue in a range of $212 million to $232 million, net income at $98 million to $108 million, EPS $0.79 to $0.87 per diluted share. Guidance initiated.

Period: the fourth quarter of fiscal 2023
Revenue: in a range of $212 million to $232 million
Net income: at $98 million to $108 million
EPS: $0.79 to $0.87 per diluted share
Guidance: initiated
Result: guidance update

Exact text from the filing

For its fourth quarter of fiscal 2023, Wolfspeed targets revenue in a range of $212 million to $232 million. GAAP net loss is targeted at $98 million to $108 million, or $0.79 to $0.87 per diluted share.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

WOLFSPEED, INC. reported fiscal 2024 results: revenue in a range of $1 billion to $1.1 billion.

Period: fiscal 2024
Revenue: in a range of $1 billion to $1.1 billion
Result: guidance update

Exact text from the filing

For fiscal 2024, Wolfspeed now targets revenue in a range of $1 billion to $1.1 billion, based on the current ramp plan for 200mm silicon carbide substrate capacity.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

WOLFSPEED, INC. reported the fiscal third quarter ended March 26, 2023 results: revenue $228.7 million, net income $99.5 million, EPS $0.80 per diluted share.

Period: the fiscal third quarter ended March 26, 2023
Revenue: $228.7 million
Net income: $99.5 million
EPS: $0.80 per diluted share
Result: reported results

Exact text from the filing

Quarterly Financial Highlights (all comparisons are to the third quarter of fiscal 2022, unless otherwise noted) • Revenue of $228.7 million, compared to $188.0 million • GAAP gross margin of 29.8%, compared to 34.0% • Non-GAAP gross margin of 32.3%, compared to 36.3% • GAAP net loss of $99.5 million, or $0.80 per diluted share, compared to $66.5 million, or $0.54 per diluted share

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Source: SEC EDGAR

accession 0000895419-23-000023

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