Wolfspeed, Inc. Files 2024 10-K

TL;DR

Wolfspeed's 2024 10-K is in, check financials for semiconductor giant.

AI Summary

Wolfspeed, Inc. filed its 2024 10-K report, detailing its fiscal year ending June 30, 2024. The company, formerly known as Cree, Inc., is a semiconductor manufacturer based in Durham, NC. The filing covers its financial performance and business operations, including its address at 4600 Silicon Drive and phone number 919-407-5300.

Why It Matters

This 10-K filing provides investors and stakeholders with a comprehensive overview of Wolfspeed's financial health and strategic direction for the fiscal year 2024.

Risk Assessment

Risk Level: medium — 10-K filings are standard disclosures for public companies, but the specific risks and financial performance detailed within can vary significantly.

Key Players & Entities

• WOLFSPEED, INC. (company) — Filer
• Cree, Inc. (company) — Former company name
• 20240630 (date) — Fiscal year end
• 4600 SILICON DR (address) — Business and mailing address
• DURHAM (location) — City
• NC (location) — State
• 9194075300 (phone_number) — Business phone

FAQ

Key Financial Figures

• $0.00125 — ange on which registered Common Stock, $0.00125 par value WOLF New York Stock Exchange
• $43.51 — 862 (based on the closing sale price of $43.51 per share). The number of shares of th
• $9.1 b — he fiscal year ended June 30, 2024 were $9.1 billion, compared with design-ins of appr
• $7.9 billion — mpared with design-ins of approximately $7.9 billion for the fiscal year ended June 25, 2023
• $5.8 b — he fiscal year ended June 30, 2024 were $5.8 billion, compared with design-wins of $1.
• $1.8 billion — 8 billion, compared with design-wins of $1.8 billion for the fiscal year ended June 25, 2023

Filing Documents

• wolf-20240630.htm (10-K) — 2376KB
• exhibit1022-severanceplans.htm (EX-10.22) — 130KB
• exhibit191-securitiestradi.htm (EX-19.1) — 26KB
• wolfspeed6302024ex211.htm (EX-21.1) — 1KB
• wolfspeed6302024ex231.htm (EX-23.1) — 2KB
• wolfspeed6302024ex311.htm (EX-31.1) — 10KB
• wolfspeed6302024ex312.htm (EX-31.2) — 10KB
• wolfspeed6302024ex321.htm (EX-32.1) — 6KB
• wolfspeed6302024ex322.htm (EX-32.2) — 6KB
• exhibit971-compensationrec.htm (EX-97.1) — 39KB
• image_0a.jpg (GRAPHIC) — 19KB
• image_1a.jpg (GRAPHIC) — 3KB
• wolf-20240630_g1.jpg (GRAPHIC) — 100KB
• 0000895419-24-000062.txt ( ) — 14539KB
• wolf-20240630.xsd (EX-101.SCH) — 90KB
• wolf-20240630_cal.xml (EX-101.CAL) — 204KB
• wolf-20240630_def.xml (EX-101.DEF) — 430KB
• wolf-20240630_lab.xml (EX-101.LAB) — 1178KB
• wolf-20240630_pre.xml (EX-101.PRE) — 807KB
• wolf-20240630_htm.xml (XML) — 2325KB

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 9 Item 1B. Unresolved Staff Comments 25 Item 1C. Cybersecurity 2 5 Item 2.

Properties

Properties 27 Item 3.

Legal Proceedings

Legal Proceedings 27 Item 4. Mine Safety Disclosures 27 Part II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 28 Item 6. Reserved 29 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 30 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 44 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 45 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 92 Item 9A.

Controls and Procedures

Controls and Procedures 92 Item 9B. Other Information 93 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 93 Part III Item 10. Directors, Executive Officers and Corporate Governance 94 Item 11.

Executive Compensation

Executive Compensation 94 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 94 Item 13. Certain Relationships and Related Transactions, and Director Independence 94 Item 14. Principal Accountant Fees and Services 94 PART IV Item 15. Exhibits and Financial Statement Schedules 95 Item 16. Form 10-K Summary 97 2 Table of Contents Forward-Looking Information Information set forth in this Annual Report on Form 10-K (this "Annual Report") contains various "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act). All information contained in this report relative to future markets for our products and trends in and anticipated levels of revenue, gross margins and expenses, as well as other statements containing words such as "believe," "project," "may," "will," "anticipate," "target," "plan," "estimate," "expect" and "intend" and other similar expressions constitute forward-looking statements. These forward-looking statements are subject to business, economic and other risks and uncertainties, both known and unknown, and actual results may differ materially from those contained in the forward-looking statements. Any forward-looking statements we make are as of the date made, and except as required under the U.S. federal securities laws and the rules and regulations of the Securities and Exchange Commission (the SEC), we have no duty to update them if our views later change. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this Annual Report. Examples of risks and uncertainties that could cause actual results to differ materially from historical performance and any forward-looking statements include, but are not limited to, those described in "Risk Factors" in Item 1A of this Annual Report. 3 Table o

Business

Item 1. Business Overview Wolfspeed, Inc. (Wolfspeed, we, our, or us) is an innovator of wide bandgap semiconductors, focused on silicon carbide materials and devices for power applications. Our product families include power devices and silicon carbide and gallium nitride (GaN) materials. Our products are targeted for various applications such as electric vehicles, fast charging and renewable energy and storage. Our materials products and power devices are used in electric vehicles, motor drives, power supplies, solar and transportation applications. Our materials products are also used in military communications, radar, satellite and telecommunication applications. During and prior to fiscal 2024, we designed, manufactured and sold radio-frequency (RF) devices. We completed the sale of certain assets comprising our former RF product line (the RF Business Divestiture) in the second quarter of fiscal 2024. The RF Business Divestiture represented a strategic shift that had a major effect on our operations and financial results. As a result, we have classified the results and cash flows of the RF product line as discontinued operations in our consolidated statements of operations and consolidated statements of cash flows for all periods presented. Additionally, the related assets and liabilities associated with the transaction are classified as held for sale in the consolidated balance sheet as of June 25, 2023. Unless otherwise noted, discussion within this Annual Report relates to our continuing operations. The majority of our products are manufactured at our production facilities located in North Carolina, New York and Arkansas. We also use contract manufacturers for certain products and aspects of product fabrication, assembly and packaging. We maintain captive lines at some of our contract manufacturers. We are constructing a new materials manufacturing facility in North Carolina and renovating an epitaxy facility in Texas. We operate research and developmen

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View this 10-K filing on SEC EDGAR