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Wolfspeed Inc. (WOLF-10.43%) has submitted its 10-Q filing for the quarterly period ended December 29, 2024.
The filing includes financial statements for the quarter, showing a decrease in revenue to $180.5 million from $208.4 million in the same quarter the previous year. The decrease is attributed to softening demand in industrial and energy applications.
Gross loss for the quarter was $37.2 million compared to a gross profit of $27.8 million in the previous year, with the decline attributed to underutilization costs and restructuring expenses.
Operating loss for the quarter was $323.0 million, compared to $98.1 million in the previous year, largely due to restructuring costs and asset impairments.
Net loss for the quarter was $372.2 million, compared to $144.7 million in the previous year. The loss per share was $2.88, compared to $1.15 in the previous year.
Cash and cash equivalents at the end of the period were $614.0 million, down from $1,045.9 million at the beginning of the period.
Wolfspeed reported total assets of $7,741.4 million, with total liabilities of $7,368.8 million, resulting in total shareholders’ equity of $372.6 million.
The company continues to focus on expanding its silicon carbide manufacturing capacity, with significant investments in new facilities in New York and North Carolina.
Wolfspeed is pursuing additional funding through the CHIPS Act and other non-debt capital sources to support its expansion initiatives.
The filing also details various legal proceedings and risks, including a securities class action lawsuit and potential impacts from global economic conditions.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Wolfspeed Inc. quarterly 10-Q report dated January 30, 2025. To report an error, please email earnings@qz.com.