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   Technology StocksCree Inc.


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From: ynotgoal10/4/2021 8:28:43 AM
3 Recommendations   of 10482
 
Today, General Motors (NYSE: GM) and Wolfspeed, Inc. (NYSE: WOLF) announced a strategic supplier agreement to develop and provide silicon carbide power device solutions for GM’s future electric vehicle programs. Wolfspeed’s silicon carbide devices will enable GM to install more efficient EV propulsion systems that will extend the range of its rapidly expanding EV portfolio.

The silicon carbide will specifically be used in the integrated power electronics contained within GM’s Ultium Drive units in its next-generation EVs.

As a part of the agreement, GM will participate in the Wolfspeed Assurance of Supply Program™ (WS AoSP), which is intended to secure domestic, sustainable and scalable materials for EV production.

“Our agreement with Wolfspeed represents another step forward in our transition to an all-electric future,” said Shilpan Amin, GM vice president, Global Purchasing and Supply Chain. “Customers of EVs are looking for greater range, and we see silicon carbide as an essential material in the design of our power electronics to meet customer demand. Working with Wolfspeed will help ensure we can deliver on our vision of an all-electric future.”

“Our agreement with GM further demonstrates the automotive industry’s commitment to delivering innovative EV solutions to the market and using the latest advances in power management to improve overall vehicle performance,” said Gregg Lowe, CEO of Wolfspeed. “This agreement ensures long-term supply of silicon carbide to GM to help them deliver on their promise of an all-electric future.”

The silicon carbide power device solutions will be produced at Wolfspeed’s 200mm-capable Mohawk Valley Fab in Marcy, New York, which is the world’s largest silicon carbide fabrication facility. Launching in early 2022, this state-of-the-art facility will dramatically expand capacity for the company’s silicon carbide technologies, which are in increasing demand for EV production and other advanced technology sectors around the world.

The widespread adoption of silicon carbide as an industry standard semiconductor for transportation supports the automotive industry’s rapid transition to clean energy vehicles. Silicon carbide enables greater system efficiencies that result in longer EV range while lowering weight and conserving space. Wolfspeed’s technology is fueling electric propulsion systems across the entire voltage spectrum – from 400V to 800V – and beyond.

streetinsider.com

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To: ynotgoal who wrote (10457)10/4/2021 9:03:23 AM
From: slacker711
1 Recommendation   of 10482
 
Great win.

I wonder if Ultium was the design-in awarded last quarter or if this is entirely new.

If it is new, $2.9 billion in FY'21 plus Ultium is huge. GM has an investor day this week where they will probably give some updated EV shipment targets.

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To: slacker711 who wrote (10454)10/4/2021 9:12:56 AM
From: robert b furman
   of 10482
 
Cohu has thermal burn in products.

FWIW, Aehr's owner/founder Rhea, worked for Cohu a long time ago.

Bob

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From: EvanG10/6/2021 7:27:30 PM
   of 10482
 
Infineon had a Capital Markets Day.
  • Estimating 90% growth in FY22
  • If coloring of bar graph is accurate then ratio skewed to industrial as opposed to automotive
  • Expecting 30% market share
  • Converting Si lines in Austria to SiC

infineon.com




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To: EvanG who wrote (10460)10/6/2021 10:58:46 PM
From: Lou Weed
   of 10482
 
Impressive.......

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From: slacker71110/26/2021 9:31:17 AM
1 Recommendation   of 10482
 
FWIW, the GM deal was part of the $2.9 billion in design-ins announced for FY '21.

Earnings tomorrow.

unhedged.com

We continue to convert device pipeline opportunities at record levels, as evidenced by the more than 1,100 customer projects designed in at this year alone. In fiscal 2021, we secured approximately $2.9 billion of design in commitments, which include a major strategic sourcing agreement with General Motors for silicon carbide devices to power their electric vehicle platforms.

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From: slacker71110/27/2021 4:14:25 PM
1 Recommendation   of 10482
 
Finally seeing the acceleration in revenue.

Wolfspeed Reports Financial Results for the First Quarter of Fiscal Year 2022
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October 27, 2021 - 4:05 pm
DURHAM, N.C.Wolfspeed, Inc. (NYSE: WOLF), formerly known as Cree, Inc., today announced revenue of $156.6 million for its first quarter of fiscal 2022, ended September 26, 2021. This represents a 36% increase compared to revenue from continuing operations of $115.5 million reported for the first quarter of fiscal 2020, and a 7% increase compared to the fourth quarter of fiscal 2021. GAAP net loss from continuing operations for the first quarter of fiscal 2022 was $70.1 million, or $0.60 per diluted share, compared to GAAP net loss from continuing operations of $75.3 million, or $0.69 per diluted share, for the first quarter of fiscal 2021. On a non-GAAP basis, net loss from continuing operations for the first quarter of fiscal 2022 was $23.8 million, or $0.21 per diluted share, compared to non-GAAP net loss from continuing operations for the first quarter of fiscal 2021 of $26.5 million, or $0.24 per diluted share.

"We are pleased to report a solid fiscal first quarter, our fifth consecutive quarter of revenue growth bolstered by the rapidly expanding marketplace for Silicon Carbide products. We are driving the transition to Silicon Carbide-based solutions during a period of momentous change, which is demonstrated by our expanding list of customers and formal name change," said Wolfspeed Chief Executive Officer, Gregg Lowe. "We remain confident that the business is well positioned to realize its full potential as a pure-play global semiconductor powerhouse."

Business Outlook:

For its second quarter of fiscal 2022, Wolfspeed targets revenue in a range of $165 million to $175 million. GAAP net loss is targeted at $69 million to $73 million, or $0.59 to $0.63 per diluted share. Non-GAAP net loss is targeted to be in a range of $19 million to $23 million, or $0.16 to $0.20 per diluted share. Targeted non-GAAP net loss excludes $50 million of estimated expenses, net of tax, related to stock-based compensation expense, amortization or impairment of acquisition-related intangibles, factory optimization restructuring and start-up costs, net accretion on convertible notes, interest income from transaction-related note receivable and project, transformation, transaction and transition costs.


Quarterly Conference Call:

Wolfspeed will host a conference call at 5:00 p.m. Eastern time today to review the highlights of the first quarter results and the fiscal second quarter 2022 business outlook, including significant factors and assumptions underlying the targets noted above.

The conference call will be available to the public through a live audio web broadcast via the Internet. For webcast details, visit Wolfspeed's website at investor.wolfspeed.com/events.cfm.

Supplemental financial information, including the non-GAAP reconciliation attached to this press release, is available on Wolfspeed's website at investor.wolfspeed.com/results.cfm.

About Wolfspeed, Inc.

Wolfspeed (NYSE: WOLF) leads the market in the worldwide adoption of Silicon Carbide and GaN technologies. We provide industry-leading solutions for efficient energy consumption and a sustainable future. Wolfspeed’s product families include Silicon Carbide materials, power-switching devices and RF devices targeted for various applications such as electric vehicles, fast charging, 5G, renewable energy and storage, and aerospace and defense. We unleash the power of possibilities through hard work, collaboration and a passion for innovation. Learn more at www.wolfspeed.com.

Wolfspeed® is a registered trademark of Wolfspeed, Inc.

Non-GAAP Financial Measures:

This press release highlights the Company's financial results on both a GAAP and a non-GAAP basis. The GAAP results include certain costs, charges and expenses that are excluded from non-GAAP results. By publishing the non-GAAP measures, management intends to provide investors with additional information to further analyze the Company's performance, core results and underlying trends. Wolfspeed's management evaluates results and makes operating decisions using both GAAP and non-GAAP measures included in this press release. Non-GAAP results are not prepared in accordance with GAAP and non-GAAP information should be considered a supplement to, and not a substitute for, financial statements prepared in accordance with GAAP. Investors and potential investors are encouraged to review the reconciliation of non-GAAP financial measures to their most directly comparable GAAP measures attached to this press release.

Change in Estimate:

As a result of the LED Business Divestiture and the Company's continued investment in 200mm technology, the Company evaluated the useful lives applied to certain machinery and equipment assets by considering industry standards and reviewing the assets' historical and estimated future use. In the first quarter of fiscal 2022, the Company increased the expected useful lives of these assets by two to five years to more closely reflect the estimated economic lives of those assets. This change in estimate was applied prospectively effective for the first quarter of fiscal 2022 and resulted in a decrease in depreciation expense of $8.4 million for the first quarter of fiscal 2022. Approximately $7.1 million of the decrease in depreciation expense resulted in a reduction of inventory as of September 26, 2021 and will impact cost of revenue, net in future periods as the inventory is relieved. The remaining $1.3 million of reduced depreciation expense resulted in the following: (1) an improvement in gross profit of $0.5 million; (2) an improvement in both loss before income taxes and net loss of $1.3 million; and (3) an improvement in basic and diluted loss per share of $0.01 per share.

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To: slacker711 who wrote (10338)10/28/2021 7:32:12 AM
From: slacker711
1 Recommendation   of 10482
 
The single most important comment was that Cree may need to build a 2nd mega fab by the '24/'25 timeframe.

31m mark

"I would envison that even this quantity which we have put in place is maybe not enough and we have to consider to build a 2nd mega fab by '24 '25 timeframe"





During the earnings call, management said that they would consider "opportunistically" raising cash. In my experience, companies don't mention that unless there is a fairly high likelihood of it happening. I think they are preparing for the construction of a 2nd mega fab.

This was mentioned in the spring at a Yole conference (the post I am responding to has the details).





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From: slacker71110/28/2021 4:04:45 PM
2 Recommendations   of 10482
 
Positively insane day.

I hope everybody enjoys the moment with their beverage of choice tonight :-).

Hamster Dance!


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To: slacker711 who wrote (10465)10/28/2021 6:02:08 PM
From: John Hayman
1 Recommendation   of 10482
 
Congratulations, what a ride.

I remember that Hamster dance from the old days on Qcom board.

John

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