Cree Announces Quarterly Financial Results and Supplies Its Wolfspeed Wafers to a Semiconductor Company

Cree has announced its financial results for the first quarter of fiscal 2019 and unveiled that the company will supply its Wolfspeed silicon carbide wafers to one of the world leading power device companies.

The first quarter of fiscal 2019 of Cree started from June 25th, 2018 and ended September 23rd, 2018. Its revenue for the first quarter was US$408 million with a 13.3% increase on year. GAAP net loss for the first quarter of fiscal 2019 was US$11 million, or US$0.11 per diluted share. On a non-GAAP basis, net income for the first quarter of fiscal 2019 was US$22 million, or US$0.22 per diluted share.

(Image: Cree)

“Fiscal year 2019 is off to a strong start, with first quarter non-GAAP earnings per share that exceeded the top end of our target range driven by another quarter of robust growth in Wolfspeed combined with strong gross margin improvement in LED Products and Lighting. This is an excellent result given the headwinds facing the businesses related to tariffs and global trade tensions. While these headwinds may persist for some time, we remain optimistic about the opportunity to increase shareholder value over the long term by executing our strategic plan,” stated Gregg Lowe, CEO of Cree.

While announcing its revenue growth for the prior financial quarter, Cree also reported its strategic partnership with a semiconductor company whose name was not revealed. Based on the long-term agreement signed by the two companies, Cree will produce and supply its Wolfspeed® silicon carbide wafers which are valued at more than US$85 million. The agreement also governs Cree’s supply of advanced 150 mm silicon carbide bare and epitaxial wafers during this period of extraordinary growth and demand for silicon carbide power devices.

“We are extremely pleased to help drive adoption of silicon carbide in even more applications. As the world leader in silicon carbide, Cree is continuing to expand capacity to meet market demands with our industry-leading wafer technology to help achieve a new, more efficient future,” said Gregg Lowe, CEO of Cree.

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