Wolfspeed announces fourth quarter and full year revenue for fiscal 2024, plans to close Durham 6-inch silicon carbide wafer fab

Wolfspeed released its financial results for the fourth quarter and full year of fiscal 2024 on August 21, and announced plans to close its 6-inch silicon carbide wafer fab in Durham. In the fourth quarter of fiscal 2024, the company's consolidated revenue was approximately $201 million, compared with approximately $203 million in the same period last year, and a net loss of $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 $807 million, compared with approximately $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. Despite the decline in the automotive semiconductor market, Wolfspeed's electric vehicle revenue has grown for three consecutive quarters, with related business revenue this quarter up 100% year-on-year.