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Sep 26, 2021
Wolfspeed Q1 2022 Earnings Report
Reported a solid fiscal first quarter with fifth consecutive quarter of revenue growth.
Key Takeaways
Wolfspeed reported revenue of $156.6 million for its first quarter of fiscal 2022, representing a 36% increase compared to the first quarter of fiscal 2020. GAAP net loss from continuing operations for the quarter was $70.1 million, or $0.60 per diluted share. On a non-GAAP basis, net loss from continuing operations was $23.8 million, or $0.21 per diluted share.
Revenue reached $156.6 million, a 36% increase compared to the first quarter of fiscal 2020.
GAAP net loss from continuing operations was $70.1 million, or $0.60 per diluted share.
Non-GAAP net loss from continuing operations was $23.8 million, or $0.21 per diluted share.
The company is driving the transition to Silicon Carbide-based solutions.
Wolfspeed
Wolfspeed
Forward Guidance
For its second quarter of fiscal 2022, Wolfspeed targets revenue in a range of $165 million to $175 million. GAAP net loss is targeted at $69 million to $73 million, or $0.59 to $0.63 per diluted share. Non-GAAP net loss is targeted to be in a range of $19 million to $23 million, or $0.16 to $0.20 per diluted share.
Positive Outlook
- Revenue target between $165 million and $175 million.
- GAAP net loss target between $69 million and $73 million.
- GAAP diluted loss per share target between $0.59 and $0.63.
- Non-GAAP net loss target between $19 million and $23 million.
- Non-GAAP diluted loss per share target between $0.16 and $0.20.
Challenges Ahead
- GAAP net loss is expected.
- GAAP diluted loss per share is expected.
- Non-GAAP net loss is expected.
- Non-GAAP diluted loss per share is expected.
- Targeted non-GAAP net loss excludes $50 million of estimated expenses.