earnings
confidence high
sentiment negative
materiality 0.80
Wolfspeed Q2 rev $208.4M (+20% YoY); GAAP gross margin falls to 13.3%; Mohawk Valley fab rev triples QoQ
WOLFSPEED, INC.
2024-Q2 EPS reported
-$4.31
revenue$405,800,000
- Revenue of $208.4M up 20% YoY; GAAP gross margin 13.3% vs 32.6% YoY, hurt by $35.6M underutilization costs.
- Mohawk Valley Fab revenue $12M, tripled sequentially; on track for 20% utilization by Q4 FY2024.
- Record quarterly design-wins of $2.9B, over 75% from automotive; power device design-ins $2.1B.
- Q3 FY2024 guidance: revenue $185-215M, GAAP net loss $1.07-$1.23/sh, non-GAAP net loss $0.57-$0.69/sh.
- Completed sale of RF Business to MACOM for $75M cash plus 711,528 MACOM shares.