Wolfspeed Q3 FY2024 revenue $201M, gross margin drops to 11%, Mohawk Valley Fab revenue doubles

WOLFSPEED, INC.

2024-Q3 EPS reported -$5.49 revenue$606,500,000

Revenue $201M vs $193M YoY; GAAP gross margin fell to 11% from 31%, due to $30M underutilization costs.
Mohawk Valley Fab revenue $28M, more than doubled sequentially; reached 16% utilization in April, target 20% by June.
Power device design-ins of $2.8B (second highest quarter); design-wins $0.9B, 70% for EV applications.
Q4 FY2024 guidance: revenue $185-215M; GAAP net loss $166-189M ($1.32-$1.50 per diluted share).
Q3 start-up costs $14.4M, underutilization costs $30.4M; Q4 expected ~$20M start-up and ~$29M underutilization.

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 0.95

WOLFSPEED, INC. reported its fourth quarter of fiscal 2024 results: revenue $185 million to $215 million, net income $166 million to $189 million, EPS $1.32 to $1.50 per diluted share. Guidance initiated.

Period: its fourth quarter of fiscal 2024
Revenue: $185 million to $215 million
Net income: $166 million to $189 million
EPS: $1.32 to $1.50 per diluted share
Guidance: initiated
Result: guidance update

Exact text from the filing

For its fourth quarter of fiscal 2024, Wolfspeed targets revenue from continuing operations in a range of $185 million to $215 million. GAAP net loss from continuing operations is targeted at $166 million to $189 million, or $1.32 to $1.50 per diluted share.

View on SEC.gov

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

WOLFSPEED, INC. reported financial results for the fiscal third quarter ended March 31, 2024.

Period: the fiscal third quarter ended March 31, 2024
Result: reported results

Exact text from the filing

On May 1, 2024 , Wolfspeed, Inc. (the "Company") issued a press release announcing results for the fiscal third quarter ended March 31, 2024.

View on SEC.gov

379 earnings releases filed in the last 30 days. Browse all earnings releases →

WOLFSPEED, INC. filing history →

Source: SEC EDGAR

accession 0000895419-24-000034

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.