|Cree Q2 2021 Earnings 1/27/21|
- Starting MVF at 200mm
- Capex from $400m to $550m
- Greater percentage completion of MVF as well as 200mm and epi capacity
- Wolfspeed revs $127m
- In power, momentum continues.
- RF “performance was better”, backlog increasing
- Materials “modest uptick”
- GM was 38.5%
- Guidance of $127-$133m
- GM guidance of 34.5% to 36.5%
- $600m in design ins
- Extension of previous material agreement, now worth $250m.
- No intention of selling 200mm wafers in ‘22.
- Expanding wafer fab in Durham. Will remain 150mm
- Industrial ramps 2-4 years after design-in
- of $600m in design-ins, little more than half were auto and a quarter were industrial
- Revenue from June lows ($108m) to today driven by devices. Modest increase in RF.
- Durham issues are independent of substrate.