Wolfspeed announced its first quarter fiscal year 2025 financial results on November 6, 2024, reporting revenue from continuing operations of $195 million, a decrease from $197 million in the first quarter of fiscal 2024. The company also reported a GAAP net loss of $282.2 million, or $2.23 per diluted share.
For the second quarter of fiscal 2025, Wolfspeed projected revenue from continuing operations in a range of $160 million to $200 million, which is below previous estimates. The company attributed this revised outlook to demand ramping more slowly than anticipated, as electric vehicle customers revise their launch timelines.
As part of a facility closure and consolidation plan to optimize its cost structure and accelerate its transition to 200mm silicon carbide devices, Wolfspeed expects to incur $174 million in restructuring-related costs in the second quarter of fiscal 2025. This plan includes the phased closure of its Durham 150mm device fabrication facility, aiming for approximately $200 million in annual cash savings.
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