Wolfspeed Inc WOLF reported fourth-quarter revenue growth of $56.7% year-over-year to $228.5 million, beating the consensus of $207.81 million.
Adjusted EPS was $0.02, beating the consensus of $(0.10).
The gross margin expanded to 35% from 30% in 4Q21. The adjusted gross margin was 36.5%, compared to 32.2%.
The operating loss for the quarter reduced to $58.9 million from $132.7 million a year ago.
Net cash used in operating activities from continuing operations for FY22 totaled $154.2 million, compared to $112.5 million in FY21.
"Looking forward, we remain very encouraged about the industry's prospects for future growth and the activity we are seeing across our end-markets. We had a phenomenal record of $2.6 billion of design-ins in the fourth quarter. This achievement, coupled with the previous two quarters of $1.6 billion each, provides further evidence of the upward pressure we are seeing on our 2026 revenue outlook, which we now believe is between 30 to 40 percent higher than the $2.1 billion we forecasted at the end of last year," stated Wolfspeed Chief Executive Officer, Gregg Lowe.
1Q23 Outlook: Wolfspeed sees revenue in a range of $232.5 million to $247.5 million.
It expects a GAAP net loss of $14 million to $21 million, or $0.11 to $0.17 per diluted share, and Non-GAAP EPS of $0.02 to $0.08.
Price Action: WOLF shares are trading higher by 17.40% at $100.47 during the post-market session on Wednesday.
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