Wolfspeed announces fiscal 2024 results and plans to close Durham 6-inch silicon carbide wafer fab

Wolfspeed released its financial report for the fourth quarter and full year of fiscal 2024 on August 21, and announced plans to close its Durham 6-inch silicon carbide wafer fab. In the fourth quarter of fiscal 2024, the company's consolidated revenue was approximately US$201 million, compared with approximately US$203 million in the same period last year, and a net loss of US$174 million. GAAP gross margin was 1%, compared with 29% in the same period last year; non-GAAP gross margin was 5%, compared with 31% in the same period last year. For the full fiscal year 2024, the company's consolidated revenue was approximately US$807 million, compared with approximately US$759 million in the same period last year; GAAP gross margin was 10%, compared with 32% in the same period last year; non-GAAP gross margin was 13%, compared with 35% in the same period last year.