secwatch.observer — SEC 8-K summary
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Issuer:     WOLFSPEED, INC. (WOLF)
CIK:        0000895419
Form:       8-K
Filed at:   2024-08-21T23:59:59+00:00
Accession:  0000895419-24-000058
Event type: earnings
Sentiment:  negative
Materiality: 0.80
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Wolfspeed Q4 rev $201M, GAAP gross margin 1%; Q1 guidance: rev $185-215M, loss $1.54-1.79/share
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/895419/000089541924000058/0000895419-24-000058-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/895419/000089541924000058/wolf-20240821.htm
  HTML page:      https://secwatch.observer/filing/0000895419-24-000058

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