Wolfspeed, Inc. Files 10-Q for Period Ending March 31, 2024
Ticker: WOLF · Form: 10-Q · Filed: May 2, 2024 · CIK: 895419
| Field | Detail |
|---|---|
| Company | Wolfspeed, INC. (WOLF) |
| Form Type | 10-Q |
| Filed Date | May 2, 2024 |
| Risk Level | medium |
| Pages | 16 |
| Reading Time | 19 min |
| Key Dollar Amounts | $0.00125 |
| Sentiment | neutral |
Sentiment: neutral
Topics: Wolfspeed, 10-Q, Semiconductors, Financial Report, Q3 FY2024
TL;DR
<b>Wolfspeed, Inc. filed its Q3 FY2024 10-Q report, detailing financial performance and operational status.</b>
AI Summary
WOLFSPEED, INC. (WOLF) filed a Quarterly Report (10-Q) with the SEC on May 2, 2024. Wolfspeed, Inc. filed its quarterly report (10-Q) for the period ending March 31, 2024. The filing covers the third quarter of fiscal year 2024. The company's principal executive offices are located at 4600 Silicon Drive, Durham, NC 27703. Wolfspeed, Inc. was formerly known as Cree, Inc. The filing includes financial data and operational details for the specified period.
Why It Matters
For investors and stakeholders tracking WOLFSPEED, INC., this filing contains several important signals. This 10-Q provides investors with the latest financial health and operational performance of Wolfspeed, Inc. for the third quarter of fiscal year 2024. Understanding the details within this filing is crucial for assessing the company's current standing and future prospects in the semiconductor industry.
Risk Assessment
Risk Level: medium — WOLFSPEED, INC. shows moderate risk based on this filing. The company's financial performance and future outlook are subject to the inherent risks and uncertainties of the semiconductor industry, including market demand, technological advancements, and competitive pressures, as detailed in their SEC filings.
Analyst Insight
Investors should review the detailed financial statements and risk factors in this 10-Q to assess Wolfspeed's current financial health and strategic positioning.
Key Numbers
- 2024-03-31 — Period End Date (Conformed period of report)
- 2024-05-02 — Filing Date (Filed as of date)
- 0630 — Fiscal Year End (Fiscal year end)
- 9194075300 — Business Phone (Business phone number)
Key Players & Entities
- WOLFSPEED, INC. (company) — Filer name
- 2024-03-31 (date) — Period of report
- 2024-05-02 (date) — Filing date
- 4600 SILICON DR (address) — Business street address
- DURHAM (location) — Business city
- NC (location) — Business state
- 27703 (postal_code) — Business zip code
- Cree, Inc. (company) — Former company name
FAQ
When did WOLFSPEED, INC. file this 10-Q?
WOLFSPEED, INC. filed this Quarterly Report (10-Q) with the SEC on May 2, 2024.
What is a 10-Q filing?
A 10-Q is a quarterly financial report with unaudited financials, management discussion, and interim business updates. This particular 10-Q was filed by WOLFSPEED, INC. (WOLF).
Where can I read the original 10-Q filing from WOLFSPEED, INC.?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by WOLFSPEED, INC..
What are the key takeaways from WOLFSPEED, INC.'s 10-Q?
WOLFSPEED, INC. filed this 10-Q on May 2, 2024. Key takeaways: Wolfspeed, Inc. filed its quarterly report (10-Q) for the period ending March 31, 2024.. The filing covers the third quarter of fiscal year 2024.. The company's principal executive offices are located at 4600 Silicon Drive, Durham, NC 27703..
Is WOLFSPEED, INC. a risky investment based on this filing?
Based on this 10-Q, WOLFSPEED, INC. presents a moderate-risk profile. The company's financial performance and future outlook are subject to the inherent risks and uncertainties of the semiconductor industry, including market demand, technological advancements, and competitive pressures, as detailed in their SEC filings.
What should investors do after reading WOLFSPEED, INC.'s 10-Q?
Investors should review the detailed financial statements and risk factors in this 10-Q to assess Wolfspeed's current financial health and strategic positioning. The overall sentiment from this filing is neutral.
How does WOLFSPEED, INC. compare to its industry peers?
Wolfspeed, Inc. operates in the semiconductor industry, focusing on wide bandgap materials like silicon carbide (SiC) and gallium nitride (GaN) for power and radio frequency (RF) applications.
Are there regulatory concerns for WOLFSPEED, INC.?
The company is subject to various U.S. federal and state regulations governing publicly traded companies, including those related to financial reporting and corporate governance.
Industry Context
Wolfspeed, Inc. operates in the semiconductor industry, focusing on wide bandgap materials like silicon carbide (SiC) and gallium nitride (GaN) for power and radio frequency (RF) applications.
Regulatory Implications
The company is subject to various U.S. federal and state regulations governing publicly traded companies, including those related to financial reporting and corporate governance.
What Investors Should Do
- Analyze the financial statements for revenue, net income, and cash flow for the quarter ended March 31, 2024.
- Review any disclosed risk factors or management's discussion and analysis for potential challenges or opportunities.
- Compare key financial metrics to previous periods and industry benchmarks.
Year-Over-Year Comparison
This filing is a 10-Q for the period ending March 31, 2024, providing an update on the company's financial and operational status since its last filing.
Filing Stats: 4,809 words · 19 min read · ~16 pages · Grade level 7.7 · Accepted 2024-05-02 16:06:35
Key Financial Figures
- $0.00125 — ange on which registered Common Stock, $0.00125 par value WOLF New York Stock Exchange
Filing Documents
- wolf-20240331.htm (10-Q) — 1814KB
- wolfspeed3312024ex311.htm (EX-31.1) — 10KB
- wolfspeed3312024ex312.htm (EX-31.2) — 10KB
- wolfspeed3312024ex321.htm (EX-32.1) — 6KB
- wolfspeed3312024ex322.htm (EX-32.2) — 6KB
- 0000895419-24-000038.txt ( ) — 10271KB
- wolf-20240331.xsd (EX-101.SCH) — 71KB
- wolf-20240331_cal.xml (EX-101.CAL) — 154KB
- wolf-20240331_def.xml (EX-101.DEF) — 322KB
- wolf-20240331_lab.xml (EX-101.LAB) — 865KB
- wolf-20240331_pre.xml (EX-101.PRE) — 597KB
- wolf-20240331_htm.xml (XML) — 1678KB
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 32
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk 43
Controls and Procedures
Item 4. Controls and Procedures 43
Other Information
Part II. Other Information
Legal Proceedings
Item 1. Legal Proceedings 44
Risk Factors
Item 1A. Risk Factors 45
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 61
Defaults Upon Senior Securities
Item 3. Defaults Upon Senior Securities 61
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 61
Other Information
Item 5. Other Information 61
Exhibits
Item 6. Exhibits 62 2 Table of Contents
- FINANCIAL INFORMATION
PART I - FINANCIAL INFORMATION
Financial Statements (Unaudited)
Item 1. Financial Statements (Unaudited) Consolidated Balance Sheets as of March 31, 2024 and June 25, 2023 4 Consolidated Statements of Operations for the three and nine months ended March 31, 202 4 and March 2 6 , 202 3 5 Consolidated Statements of Comprehensive Loss for the three and nine months ended March 31, 202 4 and March 2 6 , 202 3 6 Consolidated Statements of Shareholders' Equity for the nine months ended March 31, 202 4 and March 2 6 , 202 3 7 Consolidated Statements of Cash Flows for the nine months ended March 31, 202 4 and March 2 6 , 202 3 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 March 31, 2024 June 25, 2023 Assets Current assets: Cash and cash equivalents $ 1,142.4 $ 1,757.0 Short-term investments 1,408.5 1,197.9 Total cash, cash equivalents and short-term investments 2,550.9 2,954.9 Accounts receivable, net 124.3 154.8 Inventories 421.2 284.9 Income taxes receivable 0.8 0.8 Prepaid expenses 71.1 36.8 Other current assets 162.7 131.5 Current assets held for sale from discontinued operations — 42.8 Total current assets 3,331.0 3,606.5 Property and equipment, net 3,221.9 2,165.5 Goodwill 359.2 359.2 Intangible assets, net 23.7 23.9 Long-term receivables 2.8 2.6 Other long-term investments 68.1 — Deferred tax assets 1.2 1.2 Other assets 688.3 303.3 Long-term assets held for sale from discontinued operations — 124.5 Total assets $ 7,696.2 $ 6,586.7 Liabilities and Shareholders' Equity Current liabilities: Accounts payable and accrued expenses $ 556.0 $ 534.5 Accrued contract liabilities 55.8 39.0 Income taxes payable 10.0 9.6 Finance lease liabilities 0.5 0.5 Other current liabilities 104.7 35.7 Current liabilities held for sale from discontinued operations — 8.6 Total current liabilities 727.0 627.9 Long-term liabilities: Long-term debt 2,631.7