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Jun 27, 2021
Wolfspeed Q4 2021 Earnings Report
Reported strong revenue growth driven by customer ramp-up and silicon carbide leadership
Key Takeaways
Cree, Inc. reported a strong Q4 with revenue from continuing operations of $145.8 million, a 35% increase year-over-year. The company's GAAP net loss was $145.2 million, or $1.26 per diluted share, while non-GAAP net loss was $26.9 million, or $0.23 per diluted share. The company is on track to bring the world’s largest silicon carbide fab online in early calendar 2022.
Revenue from continuing operations increased by 35% year-over-year to $145.8 million.
GAAP net loss from continuing operations was $145.2 million, or $1.26 per diluted share.
Non-GAAP net loss from continuing operations was $26.9 million, or $0.23 per diluted share.
Company liquidated its approximately 3.3% common stock ownership interest in ENNOSTAR and received net proceeds of $66.4 million.
Forward Guidance
For its first quarter of fiscal 2022, Cree targets revenue in a range of $144 million to $154 million. GAAP net loss is targeted at $78 million to $82 million, or $0.67 to $0.70 per diluted share. Non-GAAP net loss is targeted to be in a range of $25 million to $29 million, or $0.21 to $0.25 per diluted share.
Positive Outlook
- Revenue target between $144 million and $154 million.
- Non-GAAP net loss target between $25 million and $29 million.
- Company is on track to bring the world’s largest silicon carbide fab online in early calendar 2022.
- Customers are ramping up production earlier and steeper than originally anticipated.
- Continued growth and conversion of opportunities in our device pipeline.
Challenges Ahead
- GAAP net loss target between $78 million and $82 million.
- Risk of new and different government restrictions that limit our ability to do business.
- Risk of infection in our workforce and subsequent impact on our ability to conduct business.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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