earnings
confidence high
sentiment negative
materiality 0.80
Wolfspeed Q4 rev $201M, GAAP gross margin 1%; Q1 guidance: rev $185-215M, loss $1.54-1.79/share
WOLFSPEED, INC.
2024-FY EPS reported
-$6.88
revenue$807,200,000
- Revenue $201M (down ~1% YoY); Mohawk Valley fab contributed $41M revenue at 20% utilization, ahead of schedule.
- GAAP gross margin 1% vs 29% YoY, hit by $24M underutilization costs; non-GAAP gross margin 5%.
- EV revenue from Mohawk Valley up 100% YoY; accelerating shift to 200mm fab; assessing closure of Durham 150mm fab.
- Q1 FY2025 guidance: revenue $185-215M; GAAP net loss per diluted share $1.54-1.79; non-GAAP loss $0.90-1.09.
- FY25 net CapEx reduced by ~$200M; $640M in Section 48D tax credits accrued; CHIPS Act capital grant talks ongoing.