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Jun 25, 2023
Wolfspeed Q4 2023 Earnings Report
Wolfspeed reported Q4 2023 earnings, with revenue increasing slightly and a widened net loss.
Key Takeaways
Wolfspeed's Q4 2023 revenue increased slightly to $235.8 million compared to $228.5 million in Q4 2022. However, the GAAP net loss from continuing operations widened to $113.3 million, or $0.91 per diluted share, compared to $61.8 million, or $0.50 per diluted share in the prior year. The company secured $1.6 billion in quarterly design-ins and $8.3 billion for the full fiscal year.
Revenue increased to $235.8 million from $228.5 million year-over-year.
GAAP net loss from continuing operations widened to $113.3 million, or $0.91 per diluted share.
Non-GAAP net loss from continuing operations was $52.8 million, or $0.42 per diluted share.
Quarterly design-ins totaled $1.6 billion.
Wolfspeed
Wolfspeed
Forward Guidance
For the first quarter of fiscal 2024, Wolfspeed targets revenue in a range of $220 million to $240 million. GAAP net loss is targeted at $145 million to $169 million, or $1.16 to $1.35 per diluted share. Non-GAAP net loss is targeted to be in a range of $75 million to $94 million, or $0.60 to $0.75 per diluted share.
Positive Outlook
- Revenue target between $220 million and $240 million.
- Continued capacity expansion plans.
- Construction initiated on 200mm materials factory in North Carolina.
- Initial revenue generated from Mohawk Valley 200mm device fab.
- Focus on scaling materials and device capacity in fiscal 2024.
Challenges Ahead
- Targeted GAAP net loss between $145 million and $169 million, or $1.16 to $1.35 per diluted share.
- Targeted non-GAAP net loss between $75 million and $94 million, or $0.60 to $0.75 per diluted share.
- Includes approximately $8 million of factory start-up costs primarily in connection with materials expansion efforts.
- Includes approximately $37 million of underutilization costs primarily in connection with the new silicon carbide device fabrication facility in Marcy, New York.
- Ongoing uncertainty in global economic and geopolitical conditions.