secwatch.observer — SEC 8-K summary
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Issuer:     WOLFSPEED, INC. (WOLF)
CIK:        0000895419
Form:       8-K
Filed at:   2024-01-31T23:59:59+00:00
Accession:  0000895419-24-000006
Event type: earnings
Sentiment:  negative
Materiality: 0.80
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Wolfspeed Q2 rev $208.4M (+20% YoY); GAAP gross margin falls to 13.3%; Mohawk Valley fab rev triples QoQ
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/895419/000089541924000006/0000895419-24-000006-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/895419/000089541924000006/wolf-20240131.htm
  HTML page:      https://secwatch.observer/filing/0000895419-24-000006

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