DURHAM, N.C. — Wolfspeed, Inc. today announced its results for the fourth quarter and full year of fiscal 2022.
Quarterly Financial Highlights (all comparisons are to the prior year period, unless otherwise noted. Figures are continuing operations only)
- Revenue of $228.5 million, compared to $145.8 million
- GAAP gross margin of 34.5%, compared to 30.0%
- Non-GAAP gross margin of 36.5%, compared to 32.2%
- GAAP net loss of $61.8 million, or $0.50 per diluted share, compared to $145.2 million, or $1.26 per diluted share
- Non-GAAP net loss of $2.9 million, or $0.02 per diluted share, compared to $26.9 million, or $0.23 per diluted share
- Quarterly design-ins of $2.6 billion
Full Fiscal Year Financial Highlights
- Revenue of $746.2 million, compared to $525.6 million
- GAAP gross margin of 33.4%, compared to 31.3%
- Non-GAAP gross margin of 35.6%, compared to 34.2%
- GAAP net loss from continuing operations of $295.1 million, or $2.46 per diluted share, compared to $341.3 million, or $3.04 per diluted share
- Non-GAAP net loss from continuing operations of $59.6 million, or $0.50 per diluted share, compared to $104.7 million, or $0.93 per diluted share
- Full year design-ins of $6.4 billion
“We delivered an extremely strong quarter to close out the fiscal year and I am very proud of the progress the Wolfspeed team has made in delivering on our goals. We announced a number of exciting customer wins, opened the world’s first fully automated 200mm Silicon Carbide fab at Mohawk Valley, and made significant strides in growing our top-line, while also improving profitability,” said Wolfspeed Chief Executive Officer, Gregg Lowe. “Looking forward, we remain very encouraged about the industry’s prospects for future growth and the activity we are seeing across our end-markets. We had a phenomenal record of $2.6 billion of design-ins in the fourth quarter. This achievement, coupled with the previous two quarters of $1.6 billion each, provides further evidence of the upward pressure we are seeing on our 2026 revenue outlook, which we now believe is between 30 to 40 percent higher than the $2.1 billion we forecasted at the end of last year.”
Business Outlook:
For its first quarter of fiscal 2023, Wolfspeed targets revenue in a range of $232.5 million to $247.5 million. GAAP net loss is targeted at $14 million to $21 million, or $0.11 to $0.17 per diluted share. Non-GAAP net loss is targeted to be in a range of $3 million to $10 million, or $0.02 to $0.08 per diluted share. Targeted non-GAAP net loss excludes $11 million of estimated expenses, net of tax, related to stock-based compensation expense, amortization or impairment of acquisition-related intangibles, factory start-up costs, gain on arbitration proceedings, amortization of debt issuance costs and project, transformation and transaction costs.
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