Wolfspeed, a semiconductor industry innovator, reported a year-over-year revenue increase of $48.7 million, reaching $807.2 million for the fiscal year ended June 30, 2024. Despite this growth, the company faced a decrease in gross margin to 9.6% from 32.0% in the previous fiscal year, with gross profit falling to $77.4 million from $242.9 million. This decline was attributed to $124.4 million of underutilization costs associated with the start-up of the Mohawk Valley Fab. Operating loss widened to $445.3 million from $311.8 million, and diluted loss per share increased to $4.56 from $2.09. Cash and short-term investments also decreased to $2,174.6 million from $2,954.9 million. The company's business development was marked by increased demand for power products in electric vehicle applications, while supply constraints and competitive pressures remained challenges. Wolfspeed's future plans include expanding production capacity with new facilities in North Carolina and Germany, focusing on silicon carbide materials and devices to drive revenue and shareholder returns. The company targets $1.2 billion to $1.4 billion in net capital investment for fiscal 2025.

Wolfspeed, a semiconductor industry innovator, reported a year-over-year revenue increase of $48.7 million, reaching $807.2 million for the fiscal year ended June 30, 2024. Despite this growth, the company faced a decrease in gross margin to 9.6% from 32.0% in the previous fiscal year, with gross profit falling to $77.4 million from $242.9 million. This decline was attributed to $124.4 million of underutilization costs associated with the start-up of the Mohawk Valley Fab. Operating loss widened to $445.3 million from $311.8 million, and diluted loss per share increased to $4.56 from $2.09. Cash and short-term investments also decreased to $2,174.6 million from $2,954.9 million. The company's business development was marked by increased demand for power products in electric vehicle applications, while supply constraints and competitive pressures remained challenges. Wolfspeed's future plans include expanding production capacity with new facilities in North Carolina and Germany, focusing on silicon carbide materials and devices to drive revenue and shareholder returns. The company targets $1.2 billion to $1.4 billion in net capital investment for fiscal 2025.