secwatch.observer — SEC 8-K summary
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Issuer:     WOLFSPEED, INC. (WOLF)
CIK:        0000895419
Form:       8-K
Filed at:   2024-05-01T23:59:59+00:00
Accession:  0000895419-24-000034
Event type: earnings
Sentiment:  negative
Materiality: 0.80
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/895419/000089541924000034/0000895419-24-000034-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/895419/000089541924000034/wolf-20240501.htm
  HTML page:      https://secwatch.observer/filing/0000895419-24-000034

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