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Jun 26, 2022
Wolfspeed Q4 2022 Earnings Report
Wolfspeed reported a strong Q4 2022 with significant revenue growth and design-in achievements.
Key Takeaways
Wolfspeed reported a strong fourth quarter with revenue of $228.5 million, a GAAP gross margin of 34.5%, and record design-ins of $2.6 billion. The company is optimistic about future growth, expecting revenue to be 30-40% higher than previously forecasted.
Revenue reached $228.5 million, compared to $145.8 million in the prior year.
GAAP gross margin was 34.5%, up from 30.0% in the prior year.
Design-ins for the quarter totaled a record $2.6 billion.
The company opened the world's first fully automated 200mm Silicon Carbide fab at Mohawk Valley.
Forward Guidance
For the first quarter of fiscal 2023, Wolfspeed targets revenue in a range of $232.5 million to $247.5 million. GAAP net loss is targeted at $14 million to $21 million, or $0.11 to $0.17 per diluted share. Non-GAAP net loss is targeted to be in a range of $3 million to $10 million, or $0.02 to $0.08 per diluted share.
Positive Outlook
- Revenue target between $232.5 million and $247.5 million.
- Stock-based compensation expense of $19 million.
- Amortization or impairment of acquisition-related intangibles of $3 million.
- Amortization of debt issuance costs, net of capitalized interest of $1 million.
- Project, transformation and transaction costs of $1 million.
Challenges Ahead
- GAAP net loss targeted at $14 million to $21 million.
- Non-GAAP net loss targeted between $3 million and $10 million.
- Factory start-up costs of $35 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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