Wolfspeed Inc

WOLF

Equity

ISIN US9778521024 / Valor 113979053

New York Stock Exchange, Inc (2024-11-07)

USD 8.33-39.2%

Wolfspeed Inc
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About company

Wolfspeed Inc. is a pioneering company in the semiconductor industry, specializing in the production and supply of silicon carbide (SiC) materials and devices. The company is recognized for its leadership in developing SiC MOSFETs, Schottky Diodes, and Power Modules, which are integral components for high-power applications across various industries. With over 35 years of experience, Wolfspeed has been at the forefront of commercializing silicon carbide technology, offering innovative solutions that enhance the performance of next-generation applications and devices. The company has significantly expanded its manufacturing capabilities, including the opening of the world's largest Silicon Carbide fabrication facility in Marcy, New York, which is designed to meet automotive qualifications and is capable of producing 200mm wafers. This expansion is supported by the company's efforts to increase its materials production through factory expansions in Durham, North Carolina, and the construction of the largest materials manufacturing facility in Siler City, North Carolina. Wolfspeed's commitment to advancing silicon carbide technology is evident in its comprehensive offerings, including Reference Designs, Evaluation Kits, and Gate Driver Boards, which facilitate the adoption of SiC products in high-power applications.

Summarized from source with an LLMView SourceSector: Technology

Revenue Growth

Wolfspeed Inc. reported consolidated revenue of approximately $201 million for the third quarter of fiscal 2024, compared to approximately $193 million in the same quarter of the previous year. This marks a notable increase in revenue, driven by various operational milestones and strategic initiatives.

Mohawk Valley Fab Contribution

The Mohawk Valley Fab significantly contributed to Wolfspeed Inc.'s revenue, generating approximately $28 million in the third quarter of fiscal 2024. This represents more than a twofold increase from the prior quarter, highlighting the facility's growing impact on the company's financial performance.

Design-Ins and Design-Wins

Wolfspeed Inc. achieved $2.8 billion in power device design-ins during the third quarter of fiscal 2024, marking the second highest quarter on record. Additionally, the company secured $0.9 billion in design-wins, with 70% of these wins related to electric vehicle (EV) applications, underscoring the strong demand in this sector.

Gross Margin Decline

For the third quarter of fiscal 2024, Wolfspeed Inc. reported a GAAP gross margin of 11%, down from 31% in the same quarter of the previous year. The non-GAAP gross margin also declined to 15% from 34%. These margins were impacted by $30 million in underutilization costs, reflecting the challenges in ramping up new facilities.

Business Outlook

Looking ahead to the fourth quarter of fiscal 2024, Wolfspeed Inc. targets revenue from continuing operations in the range of $185 million to $215 million. The company also anticipates a GAAP net loss from continuing operations between $166 million and $189 million, or $1.32 to $1.50 per diluted share, reflecting ongoing investments and operational costs.

Summarized from source with an LLMView Source

Key figures

-75.3%1Y

-93.8%3Y

-83.0%5Y

Performance

88.8%1Y

78.0%3Y

73.5%5Y

Volatility