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Sep 24, 2023
Wolfspeed Q1 2024 Earnings Report
Reported a year-over-year quarterly revenue growth with significant design-ins and design-wins, and remained on track to meet its utilization goal at the Mohawk Valley Fab.
Key Takeaways
Wolfspeed reported a 4 percent year-over-year increase in quarterly revenue, driven by device design-ins of $2.2 billion and a record of over $1 billion in device design-wins. The company is on track to meet its 20 percent utilization goal at the Mohawk Valley Fab in the fourth quarter of fiscal 2024.
Consolidated revenue reached $197.4 million, compared to $189.4 million in the prior year.
Mohawk Valley Fab contributed $4.0 million in revenue.
Device design-ins totaled $2.2 billion, with a quarterly record of over $1 billion in device design-wins.
GAAP gross margin was 12.5%, compared to 35.7% in the prior year, impacted by underutilization costs.
Wolfspeed
Wolfspeed
Wolfspeed Revenue by Segment
Revenue by Segment
Power Products Revenue
CapyFin.comMaterials Products Revenue
CapyFin.com Forward Guidance
For its second quarter of fiscal 2024, Wolfspeed targets revenue from continuing operations in a range of $192 million to $222 million. GAAP net loss from continuing operations is targeted at $131 million to $153 million, or $1.04 to $1.22 per diluted share. Non-GAAP net loss from continuing operations is targeted to be in a range of $71 million to $88 million, or $0.56 to $0.70 per diluted share.
Revenue & Expenses
Visualization of income flow from segment revenue to net income