On October 30, 2023, Wolfspeed Inc (WOLF, Financial) released its earnings report for the first quarter of fiscal 2024. The company reported a year-over-year quarterly revenue growth of 4%, with consolidated revenue reaching $197.4 million, compared to $189.4 million in Q1 FY2023. The Mohawk Valley Fab contributed $4.0 million in revenue.
Financial Highlights
The company's GAAP gross margin for Q1 FY2024 was 12.5%, compared to 35.7% in the same period last year. The non-GAAP gross margin stood at 15.6%, compared to 38.8% in Q1 FY2023. The gross margins for Q1 FY2024 include the impact of $34.4 million of underutilization costs, representing approximately 1,740 basis points of gross margin.
Wolfspeed CEO, Gregg Lowe, commented on the company's performance, stating,
We kicked off our fiscal year with a strong quarter in both execution and market share. Not only have we continued to win in the marketplace, as evidenced by our third highest quarter of design-ins and a record quarter of design-wins, we have clear focus on the ramp of our Mohawk Valley Fab."
Future Outlook
For its second quarter of fiscal 2024, Wolfspeed targets revenue from continuing operations in a range of $192 million to $222 million. GAAP net loss from continuing operations is targeted at $131 million to $153 million, or $1.04 to $1.22 per diluted share. Non-GAAP net loss from continuing operations is targeted to be in a range of $71 million to $88 million, or $0.56 to $0.70 per diluted share.
Balance Sheet Summary
As of September 24, 2023, Wolfspeed Inc (WOLF, Financial) reported total assets of $7,312.8 million, up from $6,586.7 million as of June 25, 2023. The company's total liabilities stood at $6,074.1 million, compared to $4,964.8 million in June 2023. Shareholders' equity amounted to $1,238.7 million, down from $1,621.9 million in June 2023.
Wolfspeed Inc (WOLF, Financial) continues to lead the market in the worldwide adoption of silicon carbide and gallium nitride technologies, providing industry-leading solutions for efficient energy consumption and a sustainable future.
Explore the complete 8-K earnings release (here) from Wolfspeed Inc for further details.
