Wolfspeed, Inc. Files 10-Q for Period Ending December 31, 2023

TL;DR

<b>Wolfspeed, Inc. filed its Q2 2024 10-Q report on February 1, 2024, detailing financial performance for the quarter ending December 31, 2023.</b>

AI Summary

WOLFSPEED, INC. (WOLF) filed a Quarterly Report (10-Q) with the SEC on February 1, 2024. Wolfspeed, Inc. filed its quarterly report (10-Q) for the period ending December 31, 2023. The filing covers the company's financial performance and operations for the specified quarter. Wolfspeed, Inc. is incorporated in North Carolina. The company's fiscal year ends on June 30th. The filing was made on February 1, 2024.

Why It Matters

For investors and stakeholders tracking WOLFSPEED, INC., this filing contains several important signals. This 10-Q filing provides investors and analysts with the latest financial data and operational updates for Wolfspeed, Inc., crucial for assessing the company's current standing and future prospects in the semiconductor industry. Understanding the details within this report is essential for making informed investment decisions regarding Wolfspeed, Inc. (WOLF) and its position in the market for silicon carbide and gallium nitride power semiconductors.

Risk Assessment

Risk Level: low — WOLFSPEED, INC. shows low risk based on this filing. The filing is a standard 10-Q report, which typically contains routine financial information and does not indicate any unusual or significant events requiring a higher risk assessment.

Analyst Insight

Monitor Wolfspeed's subsequent filings for detailed financial results and strategic updates following this 10-Q submission.

Key Numbers

• 20231231 — Period End Date (CONFORMED PERIOD OF REPORT)
• 20240201 — Filing Date (FILED AS OF DATE)
• 0630 — Fiscal Year End (FISCAL YEAR END)
• 3674 — SIC Code (STANDARD INDUSTRIAL CLASSIFICATION)

Key Players & Entities

• WOLFSPEED, INC. (company) — COMPANY CONFORMED NAME
• 0000895419 (company) — CENTRAL INDEX KEY
• NC (company) — STATE OF INCORPORATION
• DURHAM (company) — CITY
• CREE, INC. (company) — FORMER COMPANY
• 20231231 (date) — CONFORMED PERIOD OF REPORT
• 20240201 (date) — FILED AS OF DATE
• 9194075300 (company) — BUSINESS PHONE

Forward-Looking Statements

• Wolfspeed will continue to face profitability challenges in the near term. (WOLFSPEED, INC.) — medium confidence, target: 2024-06-30
• The company's stock price may experience downward pressure due to widening losses. (WOLFSPEED, INC.) — medium confidence, target: 2024-04-30

FAQ

Industry Context

Wolfspeed operates in the semiconductor industry, specifically focusing on wide-bandgap semiconductors like silicon carbide (SiC) and gallium nitride (GaN), which are critical for power electronics in electric vehicles, 5G infrastructure, and industrial applications.

Regulatory Implications

As a publicly traded company, Wolfspeed is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the filing of quarterly (10-Q) and annual (10-K) reports.

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements and management's discussion and analysis.
2. Compare Wolfspeed's reported figures with industry benchmarks and analyst expectations.
3. Track future SEC filings from Wolfspeed for ongoing performance and strategic developments.

Key Dates

• 2023-12-31: Quarterly Period End — Financial results for this period are reported in the 10-Q.
• 2024-02-01: Filing Date — The 10-Q report was officially submitted to the SEC on this date.

Year-Over-Year Comparison

This is the 10-Q filing for the period ending December 31, 2023. Previous filings would cover earlier periods.

Key Financial Figures

• $0.00125 — ange on which registered Common Stock, $0.00125 par value WOLF New York Stock Exchange

Filing Documents

• wolf-20231231.htm (10-Q) — 1779KB
• exhibit103-formofrsuawarda.htm (EX-10.3) — 75KB
• exhibit104-formofrsuawarda.htm (EX-10.4) — 71KB
• exhibit105-formofrsuagreem.htm (EX-10.5) — 83KB
• exhibit106-formofpsuawarda.htm (EX-10.6) — 77KB
• exhibit107-formofpsuawarda.htm (EX-10.7) — 76KB
• exhibit108-scheduleofcompe.htm (EX-10.8) — 15KB
• wolfspeed12312023ex311.htm (EX-31.1) — 10KB
• wolfspeed12312023ex312.htm (EX-31.2) — 10KB
• wolfspeed12312023ex321.htm (EX-32.1) — 6KB
• wolfspeed12312023ex322.htm (EX-32.2) — 6KB
• image_0.jpg (GRAPHIC) — 20KB
• image_01.jpg (GRAPHIC) — 20KB
• image_03.jpg (GRAPHIC) — 20KB
• image_04.jpg (GRAPHIC) — 20KB
• image_0a.jpg (GRAPHIC) — 19KB
• 0000895419-24-000012.txt (&nbsp;) — 10882KB
• wolf-20231231.xsd (EX-101.SCH) — 70KB
• wolf-20231231_cal.xml (EX-101.CAL) — 156KB
• wolf-20231231_def.xml (EX-101.DEF) — 312KB
• wolf-20231231_lab.xml (EX-101.LAB) — 935KB
• wolf-20231231_pre.xml (EX-101.PRE) — 590KB
• wolf-20231231_htm.xml (XML) — 1684KB

Financial Information

Part I. Financial Information

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) 3

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 33

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 44

Controls and Procedures

Item 4. Controls and Procedures 44

Other Information

Part II. Other Information

Legal Proceedings

Item 1. Legal Proceedings 45

Risk Factors

Item 1A. Risk Factors 46

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 62

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 62

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 62

Other Information

Item 5. Other Information 62

Exhibits

Item 6. Exhibits 63 2 Table of Contents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) Consolidated Balance Sheets as of December 31, 2023 and June 25, 2023 4 Consolidated Statements of Operations for the three and six months ended December 31, 2023 and December 25, 2022 5 Consolidated Statements of Comprehensive Loss for the three and six months ended December 31, 2023 and December 25, 2022 6 Consolidated Statements of Shareholders' Equity for the six months ended December 31, 2023 and December 25, 2022 7 Consolidated Statements of Cash Flows for the six months ended December 31, 2023 and December 25, 2022 9 Notes to Unaudited Consolidated Financial Statements 10 3 Table of Contents WOLFSPEED, INC. UNAUDITED CONSOLIDATED BALANCE SHEETS in millions of U.S. Dollars, except share data in thousands December 31, 2023 June 25, 2023 Assets Current assets: Cash and cash equivalents $ 904.4 $ 1,757.0 Short-term investments 1,731.3 1,197.9 Total cash, cash equivalents and short-term investments 2,635.7 2,954.9 Accounts receivable, net 132.6 154.8 Inventories 370.2 284.9 Income taxes receivable 0.6 0.8 Prepaid expenses 78.1 36.8 Other current assets 228.9 131.5 Current assets held for sale from discontinued operations — 42.8 Total current assets 3,446.1 3,606.5 Property and equipment, net 2,850.1 2,165.5 Goodwill 359.2 359.2 Intangible assets, net 23.9 23.9 Long-term receivables 2.5 2.6 Other long-term investments 66.1 — Deferred tax assets 1.2 1.2 Other assets 541.1 303.3 Long-term assets held for sale from discontinued operations — 124.5 Total assets $ 7,290.2 $ 6,586.7 Liabilities and Shareholders' Equity Current liabilities: Accounts payable and accrued expenses $ 524.0 $ 534.5 Accrued contract liabilities 51.1 39.0 Income taxes payable 10.0 9.6 Finance lease liabilities 0.4 0.4 Other current liabilities 85.7 35.7 Current liabilities held for sale from discontinued operations — 8.6 Total current liabilities 671.2 627.8 Long-term liabilities: Long-term debt 2

View Full Filing

View this 10-Q filing on SEC EDGAR