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Dec 31, 2023
Wolfspeed Q2 2024 Earnings Report
Reported a 20% year-over-year revenue growth and a record quarterly design-wins totaling $2.9 billion.
Key Takeaways
Wolfspeed reported Q2 2024 results with a 20% year-over-year revenue increase, reaching $208.4 million. The company achieved a record $2.9 billion in quarterly design-wins, predominantly in the EV sector. Mohawk Valley Fab revenue tripled sequentially, contributing $12 million, and is on track for 20% utilization in Q4 2024.
Consolidated revenue reached $208.4 million, a 20% increase year-over-year.
Mohawk Valley Fab revenue tripled sequentially, contributing $12 million.
Record quarterly design-wins totaled $2.9 billion, with over 75% related to automotive applications.
Completed the sale of the RF Business to MACOM for $75 million in cash and MACOM common stock.
Wolfspeed
Wolfspeed
Wolfspeed Revenue by Segment
Revenue by Segment
Power Products Revenue
CapyFin.comMaterials Products Revenue
CapyFin.com Forward Guidance
For its third quarter of fiscal 2024, Wolfspeed targets revenue from continuing operations in a range of $185 million to $215 million. GAAP net loss from continuing operations is targeted at $134 million to $155 million, or $1.07 to $1.23 per diluted share. Non-GAAP net loss from continuing operations is targeted to be in a range of $71 million to $87 million, or $0.57 to $0.69 per diluted share.
Positive Outlook
- Revenue target between $185 million and $215 million.
- Non-GAAP net loss targeted between $71 million and $87 million.
- Factory start-up costs expected to be approximately $13 million.
- Underutilization costs expected to be approximately $36 million.
- Targets exclude any estimated change in the fair value of MACOM shares.
Challenges Ahead
- GAAP net loss targeted between $134 million and $155 million.
- Factory start-up costs primarily related to materials expansion efforts.
- Underutilization costs primarily in connection with the Mohawk Valley Fab.
- Non-GAAP net loss excludes $63 million to $68 million of estimated expenses.
- Expenses primarily related to stock-based compensation, amortization, and project costs.
Revenue & Expenses
Visualization of income flow from segment revenue to net income