Wolfspeed Q1 FY2024 revenue up 4% to $197.4M; GAAP gross margin drops to 12.5% on $34.4M underutilization costs

WOLFSPEED, INC.

2024-Q1 EPS reported -$3.16 revenue$197,400,000

Revenue $197.4M (+4% YoY); Mohawk Valley Fab contributed $4M; design-ins $2.2B; record design-wins >$1B.
GAAP gross margin 12.5% vs 35.7% YoY; non-GAAP 15.6% vs 38.8%; underutilization costs $34.4M (1740 bps impact).
Q2 FY2024 guidance: revenue $192-222M; GAAP net loss $131-153M ($1.04-$1.22/share); adj. net loss $0.56-$0.70.
Sale of RF product line to MACOM for ~$125M ($75M cash + stock); expected close by end of calendar 2023.

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 0.96

WOLFSPEED, INC. reported first quarter of fiscal 2024 results: revenue $197.4 million.

Period: first quarter of fiscal 2024
Revenue: $197.4 million
Result: reported results

Exact text from the filing

Consolidated revenue of $197.4 million, compared to $189.4 million

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Earnings Releases SEC 8-K Item 2.02 confidence 0.98

WOLFSPEED, INC. reported second quarter of fiscal 2024 results: revenue $192 million to $222 million, net income $131 million to $153 million, EPS $1.04 to $1.22 per diluted share.

Period: second quarter of fiscal 2024
Revenue: $192 million to $222 million
Net income: $131 million to $153 million
EPS: $1.04 to $1.22 per diluted share
Result: guidance update

Exact text from the filing

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.

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Source: SEC EDGAR

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