---
schema_version: "secwatch.filing_event.v1"
accession: "0000895419-23-000121"
form_type: "8-K"
ticker: "WOLF"
cik: "0000895419"
company_name: "WOLFSPEED, INC."
filed_at: "2023-10-30T23:59:59+00:00"
generated_at: "2026-06-09T06:29:20.214058+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000895419-23-000121
- form_type: 8-K
- ticker: WOLF
- cik: 0000895419
- company_name: WOLFSPEED, INC.
- filed_at: 2023-10-30T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/895419/000089541923000121/0000895419-23-000121-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/895419/000089541923000121/wolf-20231030.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000895419-23-000121
- JSON: https://secwatch.observer/filing/0000895419-23-000121.json
- Plain text: https://secwatch.observer/filing/0000895419-23-000121.txt

## Key facts
- Earnings Releases
  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
  source text: Consolidated revenue of $197.4 million, compared to $189.4 million
  evidence_url: https://www.sec.gov/Archives/edgar/data/895419/000089541923000121/0000895419-23-000121-index.htm
- Earnings Releases
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/895419/000089541923000121/0000895419-23-000121-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.