---
schema_version: "secwatch.filing_event.v1"
accession: "0000895419-24-000034"
form_type: "8-K"
ticker: "WOLF"
cik: "0000895419"
company_name: "WOLFSPEED, INC."
filed_at: "2024-05-01T23:59:59+00:00"
generated_at: "2026-06-03T03:43:16.728753+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000895419-24-000034
- form_type: 8-K
- ticker: WOLF
- cik: 0000895419
- company_name: WOLFSPEED, INC.
- filed_at: 2024-05-01T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/895419/000089541924000034/0000895419-24-000034-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/895419/000089541924000034/wolf-20240501.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000895419-24-000034
- JSON: https://secwatch.observer/filing/0000895419-24-000034.json
- Plain text: https://secwatch.observer/filing/0000895419-24-000034.txt

## Key facts
- Earnings Releases
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/895419/000089541924000034/0000895419-24-000034-index.htm
- Earnings Releases
  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
  source text: On May 1, 2024 , Wolfspeed, Inc. (the "Company") issued a press release announcing results for the fiscal third quarter ended March 31, 2024.
  evidence_url: https://www.sec.gov/Archives/edgar/data/895419/000089541924000034/0000895419-24-000034-index.htm

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