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Mar 31, 2024
Wolfspeed Q3 2024 Earnings Report
Wolfspeed's Q3 2024 financial performance, showing revenue growth driven by Mohawk Valley Fab, offset by gross margin decline due to underutilization costs.
Key Takeaways
Wolfspeed reported Q3 fiscal year 2024 results with consolidated revenue of approximately $201 million, driven by a more than doubling of revenue from the Mohawk Valley Fab. However, GAAP and non-GAAP gross margins were impacted by underutilization costs. The company secured significant power device design-ins and design-wins, primarily related to EV applications.
Consolidated revenue reached approximately $201 million.
Mohawk Valley Fab revenue more than doubled sequentially, contributing approximately $28 million.
Power device design-ins totaled $2.8 billion.
GAAP gross margin was 11%, and non-GAAP gross margin was 15%, 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 the fourth quarter of fiscal 2024, Wolfspeed anticipates revenue between $185 million and $215 million, with a GAAP net loss of $166 million to $189 million, or $1.32 to $1.50 per diluted share, and a non-GAAP net loss of $91 million to $109 million, or $0.72 to $0.86 per diluted share.
Revenue & Expenses
Visualization of income flow from segment revenue to net income