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Mar 27, 2022
Wolfspeed Q3 2022 Earnings Report
Reported a revenue increase and progress towards corporate objectives.
Key Takeaways
Wolfspeed reported revenue of $188.0 million for Q3 2022, a 37% increase compared to Q3 2021. The company's GAAP net loss from continuing operations was $66.5 million, or $0.54 per diluted share. On a non-GAAP basis, net loss from continuing operations was $14.3 million, or $0.12 per diluted share.
Revenue increased by 37% compared to the third quarter of fiscal 2021.
GAAP net loss from continuing operations was $66.5 million.
Non-GAAP net loss from continuing operations was $14.3 million.
The Mohawk Valley 200mm Silicon Carbide semiconductor wafer fab was opened.
Wolfspeed
Wolfspeed
Forward Guidance
For its fourth quarter of fiscal 2022, Wolfspeed targets revenue in a range of $200 million to $215 million. GAAP net loss is targeted at $78 million to $85 million, or $0.63 to $0.69 per diluted share. Non-GAAP net loss is targeted to be in a range of $9 million to $16 million, or $0.07 to $0.13 per diluted share.
Positive Outlook
- Revenue target: $200 million - $215 million
Challenges Ahead
- GAAP net loss target: $78 million - $85 million
- GAAP net loss per share target: $0.63 - $0.69
- Non-GAAP net loss target: $9 million - $16 million
- Non-GAAP net loss per share target: $0.07 - $0.13