Short answer
Wolfspeed Inc (WOLF) filed its fiscal 2018 10-K annual report with the SEC on Aug 20, 2018. It reported revenue of $925M (+19.9% year over year) and net income of −$280M.
- Top risk flagged: SEC conflict-minerals disclosure rules under Dodd-Frank, with May 2018 filing obligations and potential sourcing costs
FY2018 key financial metrics · XBRL
- Revenue
- $925M
- +19.9% YoY
- Net income
- −$280M
- −185.3% YoY
- Operating margin
- -35.6%
- −33.2 pp YoY
- Gross margin
- 44.1%
- −12.3 pp YoY
- EPS (diluted)
- −$2.81
- −181.0% YoY
- ROE
- -13.5%
- −9.1 pp YoY
- Operating cash flow
- $167M
- −22.5% YoY
Source: XBRL data from the Wolfspeed Inc (WOLF) FY2018 10-K on SEC EDGAR. USD.
Wolfspeed Inc FY2018 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Wide-bandgap semiconductors, LED components, and LED lighting systems across Wolfspeed, LED Products, and Lighting Products segments
- New RF expansion through acquisition of Infineon’s Radio Frequency Power Business assets
- New Cree Venture LED joint venture with San’an, targeting price-sensitive indoor mid-power LED applications
- Wolfspeed revenue increased to $328.6 million, representing 22% of total revenue versus 15% in 2017
- Backlog reached $567.2 million, including $24.1 million in U.S. Government research contracts
Management Discussion & Analysis
- Revenue $1.494B, up $20.7M or 1% YoY, led by Wolfspeed $328.6M, up 49%
- Gross margin 27.3% vs 29.5%, operating loss $329.1M vs $18.7M, net loss $279.9M vs $98.1M
- Best segment Wolfspeed: gross profit $158.5M, margin 48%; worst Lighting: revenue $568.8M, down 19%, margin 19%
- Operating cash flow $167.4M, capex $186M, RF Power acquisition $429.2M, no fiscal 2018 buybacks
- Outlook: fiscal 2019 capital investment target $220M; risks include competitive pricing, demand uncertainty, tariffs and technology shifts
Risk Factors
- SEC conflict-minerals disclosure rules under Dodd-Frank, with May 2018 filing obligations and potential sourcing costs
- U.S.-China tariffs and China’s retaliatory tariffs, increasing product costs and threatening demand
- Wolfspeed power production transition from 100mm to 150mm substrates during calendar 2018
- OLED technology potentially reducing LED demand amid excess LED capacity and pricing pressure
- Customer concentration: one customer represented 13% of fiscal 2018 revenue with no long-term purchase commitment
Generated from the filing text; verify against the original. How to read a 10-K
Other Wolfspeed Inc annual reports
Ask about this 10-K
Compare years, dig into a risk factor or check the numbers against insider trades and fund holders.