JadeThaiCatwalk Back in May, I believed that Wolfspeed, Inc. (WOLF) was showing anything, but progress. Shares fell to fresh lows as anticipated improvements in the results did not materialize, nor come through in the outlook. The transition to become a silicon carbide supplier has gone hand in hand with huge losses and capital spending needs. Despite promising EV developments and touted designed wins, the cold hard financial numbers tell an entirely different situation, as the company is quickly running ou ...

| --- | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------|--------------|------------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 3alexd/E+ via Getty Images Wolfspeed, Inc. (NYSE:WOLF) has been stuck in neutral for a few years no ...

Financial Performance - Total net revenue for the year ended June 30, 2024, was $807.2 million, with distributor sales approximating a quarter of this total[244]. - Revenue for the quarter ended June 30, 2024, was $807.2 million, an increase of 6.5% compared to $758.5 million for the same period in 2023[251]. - For the fiscal year ended June 30, 2024, the Company reported total revenue of $807.2 million, a 6.4% increase from $758.5 million in the previous fiscal year[346]. - Revenue from Power Products reached $415.6 million in fiscal 2024, up from $409.2 million in fiscal 2023, while Materials Products revenue increased to $391.6 million from $349.3 million[345]. - Gross profit decreased to $77.4 million from $242.9 million year-over-year, reflecting a significant decline in profitability[251]. - Operating loss widened to $445.3 million, compared to a loss of $311.8 million in the previous year[251]. - Net loss from continuing operations was $573.6 million, up from a loss of $260.5 million in the prior year[256]. - The company reported a net loss of $864.2 million for the quarter, compared to a loss of $329.9 million in the same quarter last year[253]. - The company reported a net loss of $864.2 million for the fiscal year ending June 30, 2024, compared to a net loss of $329.9 million in the previous fiscal year[258]. Assets and Liabilities - Total assets increased from $6,586.7 million as of June 25, 2023, to $7,984.6 million as of June 30, 2024, reflecting a growth of approximately 21.2%[249]. - Long-term debt rose significantly from $1,149.5 million in the previous year to $3,126.2 million, marking an increase of approximately 172.5%[249]. - Shareholders' equity decreased from $1,621.9 million to $882.1 million, a decline of approximately 45.5%[249]. - The company reported accumulated deficit of $2,928.4 million as of June 30, 2024, compared to $2,064.2 million the previous year[249]. - Contract liabilities and distributor-related reserves increased from $39.0 million to $62.3 million, an increase of approximately 59.0%[249]. - The company’s accounts receivable, net, decreased to $147.4 million as of June 30, 2024, from $154.8 million as of June 25, 2023[356]. - Inventories increased to $440.7 million as of June 30, 2024, compared to $284.9 million on June 25, 2023, representing a 54.7% increase[358]. - Other current assets rose to $179.8 million from $131.5 million, marking a 36.6% increase year-over-year[360]. Cash Flow and Investments - Cash and cash equivalents decreased from $1,757.0 million as of June 25, 2023, to $1,045.9 million as of June 30, 2024, representing a decline of approximately 40.4%[249]. - Cash used in operating activities of continuing operations was $671.3 million, significantly higher than $102.2 million in the previous year[256]. - Net cash used in investing activities of continuing operations was $1,940.2 million, compared to $1,139.2 million in the prior year, reflecting increased capital expenditures[256]. - The company raised $2,000.0 million from long-term debt borrowings, compared to $1,200.0 million in the previous year, indicating a strategy to strengthen liquidity[256]. - The company reported a total of $1,137.8 million in short-term investments as of June 30, 2024, with gross unrealized losses of $9.3 million[373]. - The company held $162.0 million of property and equipment, net outside the United States as of June 30, 2024, compared to $55.8 million the previous year, a 189.6% increase[363]. Research and Development - Research and development expenses increased to $201.9 million, up from $165.7 million year-over-year, indicating a focus on innovation[251]. - Research and development expenses consist primarily of employee salaries, occupancy costs, consulting costs, and development equipment and supplies, and are expensed when incurred[309]. Operational Challenges and Strategies - The company has continued to experience higher prices on raw materials due to inflation pressures, which have been mitigated through negotiated efficiencies and productivity-based cost reductions[23]. - The company continues to navigate supply challenges effectively, ensuring operations are not materially impacted by sourcing raw materials and components[23]. - The company is focused on expanding its sales, marketing, and technical applications support to enhance market awareness of its Wolfspeed brand[13]. Discontinued Operations - The company completed the sale of its RF product line on December 2, 2023, classifying it as discontinued operations[263]. - The Company recognized a net loss of $290.6 million from discontinued operations for the fiscal year ended June 30, 2024[329]. - The Company has classified the results of the RF Business as discontinued operations due to a strategic shift impacting its operations and financial results[328]. Compliance and Certifications - Manufacturing facilities are certified to ISO 9001, IATF 16949, and ISO 14001, ensuring quality management and environmental standards are met[21]. - The company maintained effective internal control over financial reporting as of June 30, 2024, according to the independent auditor's opinion[237]. Employee and Culture - The company employs 5,013 regular full and part-time employees as of June 30, 2024, focusing on attracting and retaining qualified personnel[33]. - The company is committed to a high-performance culture based on safety, integrity, respect, ownership, accountability, ingenuity, and passion[33]. Intellectual Property - The company has a robust intellectual property portfolio with 552 issued United States patents and approximately 1,048 foreign patents as of June 30, 2024[26].

Wolfspeed (WOLF) reported a fourth-quarter fiscal 2024 non-GAAP loss of 89 cents per share, wider than the Zacks Consensus Estimate of a loss of 84 cents per share but narrower than the year-ago quarter's loss of 36 cents per share. Revenues of $200.7 million decreased 1% year over year but lagged the consensus mark by 0.2%. Mohawk Valley Fab contributed $41 million in revenues in the reported quarter. Power Products accounted for 52.1%, while Materials Products contributed 47.9%. Power Products revenues de ...

Wolfspeed (NYSE:WOLF) just reported results for the fourth quarter of 2024. Wolfspeed reported earnings per share of -89 cents. This was below the analyst estimate for EPS of -85 cents. The company reported revenue of $200.70 million. This was 0.24% worse than the analyst estimate for revenue of $201.19 million. InvestorPlace Earnings is a project that leverages data from TradeSmith to automate coverage of quarterly earnings reports. InvestorPlace Earnings distills key takeaways including earnings per share ...

Wolfspeed, Inc. (NYSE:WOLF) Q4 2024 Earnings Conference Call August 21, 2024 5:00 PM ET Company Participants Tyler Gronbach - VP, External Affairs Gregg Lowe - President & CEO Neill Reynolds - CFO Conference Call Participants Brian Lee - Goldman Sachs Harsh Kumar - Piper Sandler Joseph Cardoso - JPMorgan Colin Rusch - Oppenheimer Jed Dorsheimer - William Blair Joshua Buchalter - TD Cowen Joseph Moore - Morgan Stanley Christopher Rolland - Susquehanna Financial Group Operator Good afternoon. Thank you for at ...

Wolfspeed (WOLF) came out with a quarterly loss of $0.89 per share versus the Zacks Consensus Estimate of a loss of $0.84. This compares to loss of $0.42 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -5.95%. A quarter ago, it was expected that this maker of energy-efficient lighting would post a loss of $0.64 per share when it actually produced a loss of $0.62, delivering a surprise of 3.13%. Over the last four quarters, th ...

Exhibit 99.1 Wolfspeed Reports Financial Results for the Fourth Quarter and Full Fiscal Year 2024 Mohawk Valley Momentum Driving 100% Year-over-Year Growth in EV Revenue Mohawk Valley Fab Targeted to Reach 25% Utilization in Q1FY25, One Quarter Ahead of Schedule Company Plans to Accelerate Shift of Device Fabrication to 200mm Mohawk Valley Fab, Assess Timing of Closure of 150mm Durham Device Fab Reducing FY25 net CapEx Spend by $200 Million DURHAM, N.C. August 21, 2024 -- Wolfspeed, Inc. (NYSE: WOLF) today ...

Introduction The stock of Wolfspeed (NYSE:WOLF), a business that was previously noted for its specialization in RF (Radio-frequency) devices but is now a pure-play silicon carbide materials entity, has experienced a disastrous 12 months; over the past year, when the Nasdaq has been resilient, generating returns of +36%, WOLF has proven to be a source of significant wealth destruction, contracting by 63%. VAL Wolfspeed Inc (WOLF) Total Return -62.65% Invesco QQQ Trust (QQQ) Total Return 36.41% Jan '24 Oct '2 ...

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