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Cree, Inc. (Nasdaq: CREE) will host a conference call and audio webcast on January 27, 2021, at 5:00 p.m. Eastern Time to discuss its second quarter fiscal 2021 results and business outlook. The earnings press release will be available after market close on the same day, accessible via Business Wire and Cree's website. Cree is a leader in silicon carbide technology, specializing in Wolfspeed power components and lighting class LEDs aimed at various sectors including electric vehicles and telecom.
Cree, a leader in silicon carbide technology, has launched the Wolfspeed WolfPACK™ power modules, enhancing its product range for various industrial applications, including electric vehicles and renewable energy. Utilizing 1200V Wolfspeed® MOSFETs, these modules promise greater efficiency and compactness, enabling designers to create smaller and more scalable power systems. This launch is crucial as industries transition from silicon to silicon carbide, facilitating growth in sectors such as EV fast charging and solar energy.
Cree, Inc. (Nasdaq: CREE) announced its participation in two virtual investor conferences. Neill Reynolds, CFO, will present at the Wells Fargo TMT Summit on December 1, 2020, at 8:40 a.m. ET. Additionally, CEO Gregg Lowe and CFO Reynolds will present at the Credit Suisse 24th Annual Technology Conference on December 2, 2020, at 4:10 p.m. ET. Live webcasts of the presentations will be accessible via the Investor section of Cree’s website.
Cree specializes in Wolfspeed power and RF semiconductors and lighting-class LEDs for various applications.
Cree, Inc. reported Q1 fiscal 2021 revenue of $216.6 million, an 11% decrease year-over-year but a 5% increase from the previous quarter. The company experienced a GAAP net loss of $184.4 million or $1.68 per diluted share, significantly up from a loss of $37.8 million in Q1 fiscal 2020. This loss includes a $105.7 million goodwill impairment tied to the LED Products segment, which will be sold to SMART Global Holdings for up to $300 million. For Q2 fiscal 2021, Cree estimates revenue from continuing operations between $118 million and $124 million.
Cree, Inc. (Nasdaq: CREE) will host a conference call on October 28, 2020, at 5:00 p.m. ET to discuss its Q1 fiscal 2021 results and business outlook. An earnings press release will be issued after market close that day, available on Cree’s website. The call will provide insights into Cree's performance in silicon carbide technology and LED products, which cater to various industries including electric vehicles and military applications.
Cree, Inc. (Nasdaq: CREE) has entered a definitive agreement to sell its LED Products business unit to SMART Global Holdings, Inc. for up to $300 million. The deal includes an initial cash payment of $50 million and a seller note of $125 million due in August 2023, with an additional earn-out of up to $125 million based on Cree LED's future performance. Cree aims to focus on becoming a global semiconductor leader, enhancing its position in sectors like EV and 5G. The transaction awaits regulatory approvals and is expected to close in Q1 2021.