secwatch.observer — SEC 8-K summary
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Issuer:     WOLFSPEED, INC. (WOLF)
CIK:        0000895419
Form:       8-K
Filed at:   2023-10-30T23:59:59+00:00
Accession:  0000895419-23-000121
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/895419/000089541923000121/0000895419-23-000121-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/895419/000089541923000121/wolf-20231030.htm
  HTML page:      https://secwatch.observer/filing/0000895419-23-000121

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer