DURHAM, N.C. — Wolfspeed, Inc. today announced its results for the first quarter of fiscal 2023.
“There is tremendous momentum for Wolfspeed across a growing number of mid and high-powered applications, as evidenced by $3.5 billion of design-ins for the quarter, six times what it was in the prior year period, and an opportunity pipeline that now exceeds $40 billion,” said Wolfspeed Chief Executive Officer, Gregg Lowe. “Our near term revenue guidance is impacted solely by manufacturing and supply challenges in our current footprint, as our near term demand continues to grow and the long term demand continues to strengthen. As we enter this period of accelerated growth, we need to manage the near-term puts and takes as we position ourselves to take advantage of what we believe to be a multi-decade opportunity. The EV opportunity and the growing adoption of Silicon Carbide in the automotive and broader industrial markets creates powerful tailwinds for our next-gen solutions, giving us confidence in our strategy as we prepare to invest further in the business. As it relates to further investment, during the quarter, we announced the construction of the world’s largest Silicon Carbide materials factory in Siler City, North Carolina, underpinning our plans for increasing power device production at Mohawk Valley, where the ramp continues to progress well and we plan to tool out the rest of the fab. We have made these investments with one goal in mind, to quickly capitalize on trends and solidify our leading position as a pure-play, vertically-integrated Silicon Carbide company.”
Business Outlook:
For its second quarter of fiscal 2023, Wolfspeed targets revenue in a range of $215 million to $235 million. GAAP net loss is targeted at $83 million to $93 million, or $0.67 to $0.75 per diluted share. Non-GAAP net loss is targeted to be in a range of $10 million to $20 million, or $0.08 to $0.16 per diluted share. Targeted non-GAAP net loss excludes $73 million of estimated expenses, net of tax, related to stock-based compensation expense, amortization or impairment of acquisition-related intangibles, factory start-up and underutilization costs, amortization of debt issuance costs, loss on Wafer Supply Agreement and project, transformation and transaction costs.