Welcome to our dedicated page for Wolfspeed news (Ticker: WOLF), a resource for investors and traders seeking the latest updates and insights on Wolfspeed stock.
Wolfspeed Inc (WOLF) drives innovation in wide bandgap semiconductors through its silicon carbide and gallium nitride technologies. This news hub provides investors and industry professionals with essential updates on the company's advancements in power electronics and RF solutions.
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Wolfspeed (NYSE: WOLF) reported significant progress and operational updates. The Mohawk Valley 200mm silicon carbide fab reached 20% utilization and attained LEED Silver certification. Their Building 10 Materials facility met its 200mm wafer production target, aiming for 25% utilization by end of 2024. The John Palmour Manufacturing Center activated its initial furnaces and is on track for crystal qualification by August 2024. However, an equipment incident at the Durham 150mm device fab caused a temporary capacity reduction, though production has resumed. Wolfspeed expects a fiscal Q4 2024 revenue impact, with gross margins between -4% to 4% GAAP and 0% to 8% non-GAAP. A preliminary fiscal Q1 2025 forecast indicates potential $20 million revenue impact.
Wolfspeed, a leader in silicon carbide technology, has announced participation in two key investor conferences in May and June 2024. CEO Gregg Lowe and CFO Neill Reynolds will present at the 52nd Annual J.P. Morgan Global Technology, Media and Communications Conference on May 20, 2024, at 1:10pm ET. CFO Neill Reynolds will also speak at the 44th Annual William Blair Growth Stock Conference on June 5, 2024, at 2:20pm ET. Both presentations will be webcast live on Wolfspeed’s Investor Relations website.
Wolfspeed, Inc. (NYSE: WOLF) reported its financial results for the third quarter of fiscal year 2024, highlighting a consolidated revenue of approximately $201 million, a significant increase in revenue from Mohawk Valley Fab, and materials revenue reaching the second-highest quarter on record. The company also secured design-ins worth $2.8 billion and quarterly design-wins of $0.9 billion, with 70% related to EV applications. However, GAAP gross margin decreased to 11% compared to 31% in the prior year. The CEO expressed confidence in achieving operational targets and highlighted progress in facility construction. Wolfspeed anticipates a revenue target of $185 million to $215 million for the fourth quarter of fiscal 2024.
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