Wolfspeed Reports $201M Revenue for Q4 2024

By Tamara Parker • Thursday, August 22 08:00 • Permanent Link

Wolfspeed, Inc. (NYSE: WOLF) has reported its financial results for the fourth quarter and the full fiscal year 2024. The company's consolidated revenue for the fourth quarter of fiscal 2024 was approximately $201 million, slightly lower than the approximately $203 million reported in the fourth quarter of fiscal 2023. However, the Mohawk Valley fab contributed approximately $41 million in revenue during the same period.

In terms of power device design-ins, Wolfspeed reported $2.0 billion for the fourth quarter, a significant increase from the previous year's figure of $0.5 billion. The company also reported quarterly design-wins of $0.5 billion.

The GAAP gross margin for the fourth quarter of fiscal 2024 was 1%, a considerable decrease from the 29% reported in the fourth quarter of fiscal 2023. Similarly, the non-GAAP gross margin for the same period was 5%, down from 31% in the previous year.

For the full fiscal year 2024, Wolfspeed reported consolidated revenue of approximately $807 million, up from approximately $759 million in fiscal 2023. However, the GAAP gross margin for the full fiscal year 2024 was 10%, a decrease from 32% in fiscal 2023. The non-GAAP gross margin was 13%, down from 35% in the previous fiscal year.

The company's CEO, Gregg Lowe, emphasized the progress made in achieving 20% utilization at Mohawk Valley and the strong revenue growth from that fab. He also highlighted the improved profitability from the 200mm device fab, enabling Wolfspeed to accelerate the shift of device fabrication to Mohawk Valley.

Looking ahead, Wolfspeed targets revenue from continuing operations in a range of $185 million to $215 million for the first quarter of fiscal 2025. The GAAP net loss is targeted at $226 million to $194 million, or $1.79 to $1.54 per diluted share, while the non-GAAP net loss from continuing operations is targeted to be in a range of $138 million to $114 million, or $1.09 to $0.90 per diluted share.

The company also provided insight into its future operating expenses, indicating approximately $25 million of factory start-up costs and approximately $24 million of underutilization costs in connection with the Mohawk Valley fab for the first quarter of fiscal 2025.

The market has reacted to these announcements by moving the company's shares 2.6% to a price of $13.51. If you want to know more, read the company's complete 8-K report here.

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