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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.
Revenue by Segment
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.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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