- Revenue: $180.5M, -13% YoY from $208.4M
- Net loss: $372.2M vs net loss of $126.2M YoY
- GAAP gross margin: -21% vs +13% YoY
- Mohawk Valley Fab revenue: $52M vs $12M YoY
🌱Revenue & Growth
- Power Products revenue: $90.8M vs $107.7M YoY
- Materials Products revenue: $89.7M vs $100.7M YoY
- Total revenue decline of 13% YoY to $180.5M
💰Profits & Financials
- Non-GAAP gross margin: 2% vs 16% YoY
- Operating loss: $323.0M vs $98.1M YoY
- Cash and investments: $1.4B vs $2.17B at June 30, 2024
- Free cash flow: -$598.1M vs -$755.2M YoY
📌Business Highlights
- Completed $200M at-the-market equity offering
- Incurred $188.1M restructuring costs for facility optimization
- Transitioning from 150mm to 200mm silicon carbide devices
🔮Future Outlook
- Q3 FY2025 revenue guidance: $170M-$200M
- Q3 GAAP net loss targeted: $(295)M to $(270)M
- Q3 Non-GAAP net loss targeted: $(138)M to $(119)M
- Expects $72M restructuring costs in Q3