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Wolfspeed, Inc. announced its results for the fourth quarter of fiscal 2024 and the full 2024 fiscal year.
Quarterly Financial Highlights (Continuing operations only. All comparisons are to the fourth quarter of fiscal 2023.)
- Consolidated revenue of approximately $201 million, as compared to approximately $203 million
- Mohawk Valley Fab contributed approximately $41 million in revenue
- Power device design-ins of $2.0 billion
- Quarterly design-wins of $0.5 billion
- GAAP gross margin of 1%, compared to 29%
- Non-GAAP gross margin of 5%, compared to 31%
- GAAP and non-GAAP gross margins for the fourth quarter of fiscal 2024 include the impact of $24 million of underutilization costs. See “Start-up and Underutilization Costs” below for additional information.
Full Fiscal Year Financial Highlights (all comparisons are to fiscal 2023)
- Consolidated revenue of approximately $807 million, as compared to approximately $759 million
- GAAP gross margin of 10% as compared to 32%
- Non-GAAP gross margin of 13% as compared to 35%
- GAAP and non-GAAP gross margins for fiscal 2024 include the impact of approximately $124 million of underutilization costs. See “Start-up and Underutilization Costs” below for additional information.
“We have two priorities we are focused on: optimizing our capital structure for both the near term and long term and driving performance in our state-of-the-art, 200-millimeter fab, and this quarter was a step forward on both of these priorities,” said Wolfspeed CEO, Gregg Lowe.
“We achieved 20% utilization at Mohawk Valley in June and continued to see strong revenue growth from that fab. Our 200mm device fab is currently producing solid results, which are at significantly lower costs than our Durham 150mm fab. This improved profitability gives us the confidence to accelerate the shift of our device fabrication to Mohawk Valley, while we assess the timing of the closure of our 150mm device fab in Durham. At the JP, we have also made great progress, installing and activating initial furnaces in the fourth quarter. We have already processed the first silicon carbide boules from the JP and the quality is in line with the high-quality materials coming out of Building 10.
“At the same time, we are taking proactive steps to slow down the pace of our CapEx by approximately $200 million in fiscal 2025 and identify areas across our entire footprint to reduce operating costs. We also remain in constructive talks with the CHIPS office on a Preliminary Memorandum of Terms for capital grants under the CHIPS Act. In addition to any potential capital grants from the CHIPS program, our long-term CapEx plan is expected to generate more than $1 billion in cash refunds from Section 48D tax credits from the IRS, of which we’ve already accrued approximately $640 million on our balance sheet,” continued Lowe.
Business Outlook:
For its first quarter of fiscal 2025, Wolfspeed targets revenue from continuing operations in a range of $185 million to $215 million. GAAP net loss is targeted at $226 million to $194 million, or $1.79 to $1.54 per diluted share. Non-GAAP net loss from continuing operations is targeted to be in a range of $138 million to $114 million, or $1.09 to $0.90 per diluted share.
Targeted non-GAAP net loss excludes $88 million to $80 million of estimated expenses, net of tax, primarily related to stockbased compensation expense, amortization of discount and debt issuance costs, net of capitalized interest, project, transformation and transaction costs and loss on Wafer Supply Agreement.
The GAAP and non-GAAP targets from continuing operations do not include any estimated change in the fair value of the shares of common stock of MACOM Technology Solutions Holdings, Inc. (MACOM) that we acquired in connection with the sale to MACOM of our RF product line (RF Business Divestiture).
Start-up and Underutilization Costs:
As part of expanding its production footprint to support expected growth, Wolfspeed is incurring significant factory start-up costs relating to facilities the Company is constructing or expanding that have not yet started revenue generating production. These factory start-up costs have been and will be expensed as operating expenses in the statement of operations.
When a new facility begins revenue generating production, the operating costs of that facility that were previously expensed as start-up costs are instead primarily reflected as part of the cost of production within the cost of revenue, net line item in our statement of operations. For example, the Mohawk Valley Fab began revenue generating production at the end of fiscal 2023 and the costs of operating this facility in fiscal 2024 and going forward are primarily reflected in cost of revenue, net.
During the period when production begins, but before the facility is at its expected utilization level, Wolfspeed expects some of the costs to operate the facility will not be absorbed into the cost of inventory. The costs incurred to operate the facility in excess of the costs absorbed into inventory are referred to as underutilization costs and are expensed as incurred to cost of revenue, net. These costs are expected to continue to be substantial as Wolfspeed ramps up the facility to the expected or normal utilization level.
Wolfspeed incurred $20.5 million of factory start-up costs and $24.0 million of underutilization costs in the fourth quarter of fiscal 2024. No underutilization costs were incurred in the fourth quarter of fiscal 2023.
For the first quarter of fiscal 2025, operating expenses are expected to include approximately $25 million of factory start-up costs primarily in connection with materials expansion efforts. Cost of revenue, net, is expected to include approximately $24 million of underutilization costs in connection with the Mohawk Valley Fab.
Original – Wolfspeed
- Consolidated revenue of approximately $201 million, as compared to approximately $203 million
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Analog Devices, Inc. announced financial results for its fiscal third quarter 2024, which ended August 3, 2024.
“ADI’s revenue finished above our guided midpoint with stronger profitability driving earnings per share near the high end of our outlook,” said Vincent Roche, CEO and Chair. “As we navigate this business cycle’s nascent recovery, our high-performance analog solutions portfolio positions us well to intersect the strong underlying stream of concurrent secular trends. Our innovation and customer-centric ethos will continue to form the foundation for our success and help drive long-term shareholder value.”
“Improved customer inventory levels and order momentum, across most of our markets, position us to grow again sequentially in our fourth quarter, increasing our confidence that we are past the trough of this cycle. However, economic and geopolitical uncertainty continues to limit the pace of the recovery” said Richard Puccio, CFO.
Performance for the Third Quarter of Fiscal 2024 (PDF)
Outlook for the Fourth Quarter of Fiscal Year 2024
For the fourth quarter of fiscal 2024, we are forecasting revenue of $2.40 billion, +/- $100 million. At the midpoint of this revenue outlook, we expect reported operating margin of approximately 22.3%, +/-180 bps, and adjusted operating margin of approximately 41.0%, +/-100 bps. We are planning for reported EPS to be $0.85, +/-$0.10, and adjusted EPS to be $1.63, +/-$0.10.
Our fourth quarter fiscal 2024 outlook is based on current expectations and actual results may differ materially as a result of, among other things, the important factors discussed at the end of this release. These statements supersede all prior statements regarding our business outlook set forth in prior ADI news releases, and ADI disclaims any obligation to update these forward-looking statements.
The adjusted results and adjusted anticipated results above are financial measures presented on a non-GAAP basis. Reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures are provided in the financial tables included in this release. See also the “Non-GAAP Financial Information” section for additional information.
Dividend Payment
The ADI Board of Directors has declared a quarterly cash dividend of $0.92 per outstanding share of common stock. The dividend will be paid on September 17, 2024 to all shareholders of record at the close of business on September 3, 2024.
Original – Analog Devices
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Alpha and Omega Semiconductor Limited (AOS) announced its new highly robust power MOSFET LFPAK 5×6 package. AOS’s new LFPAK product offering is available in a wide range of voltages: 40V, 60V, and 100V, and it is designed to withstand harsh environments while maintaining MOSFET performance. The new devices are found in a broad range of applications such as industrial, server power, telecommunications, and solar, where high reliability is required.
AOS’s LFPAK packaging enables higher board-level reliability due to key packaging features such as gull wing leads, which offer a ruggedized solution for board-level environmental stresses. The gull-wing leads also enable optical inspection during PCBA manufacturing. Another feature enhancement is the LFPAK’s larger copper clip, which improves electrical and thermal performance. Advantages of the large clip include improved current handling capabilities, reduced on-resistance, and better heat dispersion compared to wire bonding. A large clip also has low parasitic inductance, enabling lower spike voltage in switching applications. All these features significantly improve the robustness of the MOSFET, and utilizing AOS’s advanced shielded gate MOSFET Technology (AlphaSGT™) enables designers to find an optimized solution to achieve high reliability under the harshest environmental conditions.
“Designers have long trusted AOS power semiconductors in their applications, and LFPAK 5×6 will expand
solution capability,” said Peter H. Wilson, Marketing Sr. Director of the MOSFET product line at AOS.Original – Alpha and Omega Semiconductor
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JEDEC Solid State Technology Association, the global leader in the development of standards for the microelectronics industry, announced that it is hosting an Automotive Electronics Forum on September 19, 2024 in San Jose, CA. There is no charge to attend, but advance registration is required and space is limited.
The Forum offers an impressive lineup of influential speakers covering a diverse range of innovative topics related to automotive electronics, including keynote presentations from Ford Motor Company, Micron, Rivian, Samsung, SK Hynix, and STMicroelectronics. Speakers from Infineon, Keysight, MIPI, Monolithic Power Systems, Synopsys, TI, VisIC Technologies and Wolley round out the agenda. There’s something for everyone looking to stay ahead in this dynamic field.
Mian Quddus, Chairman of the JEDEC Board of Directors, said: “We are delighted to invite industry professionals to join us and gain inspiration from the leading companies that are shaping the future of automotive technology.” He added, “Supporting the industry through educational outreach is an integral part of JEDEC’s mission, and we look forward to welcoming attendees to the JEDEC Automotive Electronics Forum next month.”
Original – JEDEC
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Texas Instruments (TI) and the U.S. Department of Commerce have signed a non-binding Preliminary Memorandum of Terms for up to $1.6 billion in proposed direct funding under the CHIPS and Science Act to support three 300mm wafer fabs already under construction in Texas and Utah. In addition, TI expects to receive an estimated $6 billion to $8 billion from the U.S. Department of Treasury’s Investment Tax Credit for qualified U.S. manufacturing investments. The proposed direct funding, coupled with the investment tax credit, would help TI provide a geopolitically dependable supply of essential analog and embedded processing semiconductors.
“The historic CHIPS Act is enabling more semiconductor manufacturing capacity in the U.S., making the semiconductor ecosystem stronger and more resilient,” said Haviv Ilan, president and CEO of Texas Instruments. “Our investments further strengthen our competitive advantage in manufacturing and technology as we expand our 300mm manufacturing operations in the U.S. With plans to grow our internal manufacturing to more than 95% by 2030, we’re building geopolitically dependable, 300mm capacity at scale to provide the analog and embedded processing chips our customers will need for years to come.”
Since its founding more than 90 years ago, TI has been advancing technology, pioneering the transition from vacuum tubes to transistors and then to integrated circuits. Today, TI is the largest U.S. analog and embedded processing semiconductor manufacturer. TI chips are essential in nearly every type of electronic device, from cars with advanced safety and intelligence systems to life-saving medical equipment and smart appliances that make homes safer and more efficient.
The proposed direct funding under the CHIPS Act would support TI’s investment of more than $18 billion through 2029, which is part of the company’s broader investment in manufacturing. This proposed direct funding will support three new wafer fabs, two in Sherman, Texas, (SM1 and SM2) and one in Lehi, Utah (LFAB2), specifically to:
- Construct and build the SM1 cleanroom and complete pilot line for first production;
- Construct and build the LFAB2 cleanroom for first production; and
- Construct the SM2 shell.
These connected, multi-fab sites benefit from shared infrastructure, talent and technology sharing, and a strong network of suppliers and community partners. They will produce semiconductors in 28nm to 130nm technology nodes, which provide the optimal cost, performance, power, precision and voltage levels required for TI’s broad portfolio of analog and embedded processing products.
“With this proposed investment from the Biden-Harris Administration in TI, a global leader of production for current-generation and mature-node chips, we would help secure the supply chain for these foundational semiconductors that are used in every sector of the U.S. economy, and create tens of thousands of jobs in Texas and Utah,” said U.S. Secretary of Commerce Gina Raimondo. “The CHIPS for America program will supercharge American technology and innovation and make our country more secure – and TI is expected to be an important part of the success of the Biden-Harris Administration’s work to revitalize semiconductor manufacturing and development in the U.S.”
With a long history of supporting its employees to build long-term, successful careers, TI is also investing in building its future workforce. TI will create more than 2,000 company jobs across its three new fabs in Texas and Utah, along with thousands of indirect jobs for construction, suppliers and supporting industries.
“We are proud to work with Texas Instruments as they build new semiconductor fabs in Sherman and solidify Texas as the best state for semiconductors. Texas Instruments invented the microchip in Texas, and we are honored to be home to TI’s semiconductor manufacturing facilities in Dallas, Richardson and Sherman,” said Texas Gov. Greg Abbott. “With this latest project, TI is building on its more than 90-year legacy in Texas and adding thousands of good-paying jobs for Texans to manufacture critically important technology.”
“By investing in semiconductor manufacturing, we are helping secure this vulnerable supply chain, boosting our national security and global competitiveness, and creating new jobs for Texans,” said U.S. Sen. John Cornyn. “The chipmaking capabilities these resources will enable at Texas Instruments will help the U.S. reclaim its leadership role in the critically important semiconductor industry, and I look forward to seeing more Texas-led advancements in the years to come.”
In order to build a future-ready workforce, TI is enhancing the skills of current employees, expanding internships and creating pipeline programs with a focus on building electronic and mechanical skills. TI has robust engagements with 40 community colleges, high schools and military institutions across the U.S. to develop future semiconductor talent.
“Utah is thrilled that Texas Instruments is expanding its manufacturing presence in the Silicon Slopes, furthering the impact Utahns have on critical semiconductor technology,” said Utah Gov. Spencer Cox. “This investment in semiconductor manufacturing not only creates more jobs, but also brings supply chains back to the United States.”
“This proposed CHIPS funding will further support Texas Instruments’ investment in its new semiconductor fab in Lehi —and enhance Utah’s vital role in our national defense and economic success,” said U.S. Senator Mitt Romney. “I was an original sponsor of the CHIPS and Science Act—which made today’s announcement possible—because in order to compete on the world stage, we must continue to promote innovation, foster scientific talent, and expand research here at home. Texas Instruments’ expanded operations will help make the United States more self-reliant for chips essential to our national security and economy.”
TI has a long-standing commitment to responsible, sustainable manufacturing and environmental stewardship. As part of this commitment, TI continually invests in its fabrication processes and equipment to reduce energy, material and water consumption, and greenhouse gas (GHG) emissions.
The company’s 300mm wafer fabs will be entirely powered by renewable electricity. Additionally, all of TI’s new 300mm fabs are designed to meet LEED Gold standards for structural efficiency and sustainability. TI’s 300mm manufacturing facilities bring advantages in reducing waste and improving water and energy consumption per chip.
TI semiconductors are and will increasingly play a critical role in helping reduce the impact on the environment, helping customers create smaller, more efficient and cost-effective technology solutions that in turn drive continued innovation in electrification and the expanded usage of renewable energy.
Original – Texas Instruments
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In a recent evaluation conducted by a renowned automotive device packaging OEM, MPP’s Heavy Wire Wedge (HWW) for 12-mil wire delivered exceptional results in boosting Mean Time Between Assists (MTBA) and enhancing overall productivity. Previously, the customer had to clean the aluminum buildup from the bonding tool every 20,000 to 30,000 bonds, which disrupted operations and impacted efficiency.
To address this issue, Micro Point Pro (MPP) provided a wedge with a specialized tip coating, tailored to enhance bonding performance. This upgrade allowed the customer to achieve over 700,000 consecutive bonds—an improvement of more than 25 times the previous process—while maintaining high bond quality.
Moreover, the need for frequent cleaning and wedge replacement was eliminated, resulting in substantial reductions in manufacturing resources and a significant boost in productivity. This, in turn, led to overall cost savings.
Key Benefits:
- Drastically increased MTBA (Mean Time Between Assists)
- Significant improvement in productivity
- Lower cost per bond achieved
- Seamless integration with the existing bonding process (“drop-in” replacement)
Original – Micro Point Pro
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EPC will participate in PCIM Asia 2024. The event will take place from August 28-30 in Shenzhen, China. Attendees are invited to visit EPC at Hall 11, Stand F01 to explore the industry’s most comprehensive portfolio of GaN power conversion solutions.
See How GaN is Powering the Future
GaN power semiconductors are used in fast-charging applications for consumer electronics, aerospace and defense applications, satellites, high density AI servers, drones, robots, autonomous vehicles, telecommunications equipment and medical electronics, among other innovative technologies.
- AI servers, critical for processing vast amounts of data in real-time, require power-efficient and high-speed electronics that GaN technology can deliver.
- Humanoid robotics require lightweight, compact, and highly responsive components. GaN enables more agile and intelligent robots that can perform complex tasks with greater precision.
- The shift toward electric vehicles (EVs) and advanced driver-assistance systems (ADAS) requires power solutions that are not only highly efficient but also capable of handling the increased power demands. GaN’s superior efficiency, compactness, and thermal performance make it the ideal choice for powering the future of transportation.
EPC is uniquely positioned to support these markets with its pioneering GaN technology. EPC’s innovative solutions not only offer superior performance but also drive advancements in these critical sectors, enabling businesses to realize their full potential in a rapidly evolving technological landscape.
Visit EPC at PCIM Asia to discover how EPC’s GaN technology can power your next breakthrough—stop by the booth to explore our latest innovations and speak with our experts.
Explore Booth (Hall 11, Stand F01)
At the EPC booth, visitors will experience firsthand how GaN FETs and ICs enable higher efficiency, smaller size and weight, and lower costs in applications such as DC-DC converters for high power density AI servers, motor drives for eMobility, robotics, and drones, and more.
- Use the Interactive Wall of GaN to select the ideal GaN FET or IC for your application
- Connect with EPC’s team of experts to gain insight into the ‘GaN First Time Right™ Design Process. Attendees will gain valuable knowledge and tools to enhance their projects and drive efficiency to new levels.
- Meet the Robots: “Chip”, the robot dog, and his robotic friends demonstrate GaN-based DC-DC, lidar, and motor drive solutions for advanced robotics.
Schedule a Meeting: Learn from GaN Experts and discover strategies to optimize your power systems. To schedule a meeting during PCIM Asia contact renee.yawger@epc-co.com
Conference Sessions: Attend technical sessions to gain insights from industry leaders into the latest trends and advancements in GaN power conversion technology.
- The Future of Untethered Robotics: GaN-Powered Solutions for Mobility, AI, and Machine Vision
Presenter: Alex Lidow, Ph.D. - Comprehensive Board Level Temperature Cycling Lifetime Projection of WLCSP GaN Power Devices
Presenter: Shengke Zhang, Ph.D. - Comparison of Board-side and Back-side Thermal Management Techniques for eGAN® FETs in a Half-Bridge Configuration
Presenter: Adolfo Herrera, Ph.D. - Validating Duty Cycle-Based Repetitive Gate and Drain Transient Overvoltage Specifications for GaN HEMTsHost: Bodo’s Power Systems
Presenter: Shengke Zhang, Ph.D.
“We are thrilled to participate in PCIM Asia and showcase our cutting-edge GaN technology”, said Nick Cataldo, VP of Sales and Marketing at EPC. “We look forward to demonstrating how our solutions are transforming industries by enabling higher efficiency, smaller size, and lower costs.”
Original – Efficient Power Conversion
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SemiQ Inc announced the addition of an S7 package to its QSiC™ family of 1200V, half-bridge MOSFET and Schottky diode SiC power modules. The parts further enhance design flexibility for power engineers by providing compact, high-efficiency, high-performance options for new designs while supporting drop-in-replacement in legacy systems that require more efficient operation.
This latest announcement sees the availability of a 529A MOSFET module (GCMX003A120S7B1), a 348A MOSFET module (GCMX005A120S7B1), and two low-noise SiC Schottky diode half-bridge modules (GHXS300A120S7D5 and GHXS400A120S7D5) in an S7 package with industry-standard 62.0mm footprints and a height of just 17.0mm.
The new package addresses the size, weight and power requirements of demanding applications ranging from induction heaters, welding equipment and uninterruptible power supplies (UPS) to photovoltaic and wind inverters, energy storage systems, high-voltage DC-DC converters and battery charging systems for electric vehicles (EVs). As well as the compact form factor of the modules themselves, high-efficiency, low-loss operation helps to reduce system heat dissipation and supports the use of smaller heatsinks.
“Our aim is to provide a comprehensive portfolio of SiC technologies that allow designers to optimize the efficiency, performance and size of today’s demanding applications,” says Dr. Timothy Han, President at SemiQ. “Adding new package option to our 1200V QSiC MOSFET and SiC diode module families further extends the choices available to designers who need to create completely new applications or who are looking to upgrade legacy systems without significant redesign.”
Crafted from high-performance ceramics, SemiQ’s modules achieve exceptional performance levels and support increased power density and more compact designs – especially in high-frequency and high-power environments.
To guarantee a stable gate threshold voltage and premium gate oxide quality for each module, SemiQ conducts gate burn-in testing at the wafer level. In addition to the burn-in test, which contributes to mitigating extrinsic failure rates, various stress tests – including gate stress, high-temperature reverse bias (HTRB) drain stress, and high humidity, high voltage, high temperature (H3TRB) – are employed to attain the necessary automotive and industrial grade quality standards. All parts have undergone testing surpassing 1400V.
Part numbers of SemiQ’s new 1200V modules in S7 packages are shown below.
Part Numbers Circuit Configuration Ratings, Packages RdsOn mΩ GCMX003A120S7B1 S7 Half-bridge 1200V/529A, B1 3.0 GCMX005A120S7B1 S7 Half-bridge 1200V/348A, B1 4.9 GHXS300A120S7D5 S7 Half-bridge 1200V/300A, D5 GHXS400A120S7D5 S7 Half-bridge 1200V/400A, D5 Original – SemiQ
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Ideal Power Inc. reported results for its second quarter ended June 30, 2024.
“Our B-TRAN™ commercial progress continued with several significant developments over the last three months. We are now collaborating with a third global automaker and achieved two more of our 2024 milestones with the addition of a second global distributor and the qualification of a second high volume production fab. We are pleased to see multiple large companies in our test and evaluation program advancing to place initial orders,” said Dan Brdar, President and Chief Executive Officer of Ideal Power. “We remain on track to achieve our 2024 milestones and look forward to more commercial announcements in the coming months.”
Key Second Quarter and Recent Business Highlights
Execution to our B-TRAN™ commercial roadmap continues, including:
- Collaborating with a third global automaker. This auto OEM is evaluating B-TRAN™-enabled contactors as a potential replacement for electromechanical contactors in its electric vehicles.
- Finalizing a distribution agreement with a second global distributor with particular strength in Asia. This distributor is already placing orders with us.
- Qualified a second wafer fabrication supplier with high-volume production capability. With the addition of this European partner, we are dual sourced for wafer fabrication in different parts of the world with ample capacity to support anticipated customer demand over the next few years.
- Secured orders for B-TRAN™ devices and circuit breaker evaluation boards from a global leader in power semiconductor and power electronics solutions in connection with its launch of a multi-year DC power distribution system program. This global leader presents multiple opportunities for us as it addresses several of our target industrial markets: solid-state circuit breakers (“SSCB”) for industrial facilities and electric utility grid infrastructure and renewable energy.
- Secured an order for B-TRAN™ devices for evaluation in solar inverter applications from a top 10 global provider of power conversion solutions to the solar industry. This customer is a previously announced participant in our B-TRAN™ test and evaluation program.
- Secured an order for SymCool® power modules and drivers from a Forbes Global 500 power management market leader initially in our B-TRAN™ test and evaluation program. This global power management market leader is evaluating SymCool® against IGBT modules for use in SSCB applications.
- Added a global leader in circuit protection, industrial fuses and power conversion technology with over a billion in annual sales to the roster of the B-TRAN™ test and evaluation program.
- Based on the results of testing, we increased the current rating of our SymCool® power module from 160A to 200A, a 25% increase. In conjunction with a power module size reduction of approximately 50%, this results in a dramatic increase in power density for the SymCool® power module.
- B-TRAN™ Patent Estate: Currently at 87 issued B-TRAN™ patents with 40 of those issued outside of the United States and 45 pending B-TRAN™ patents. Current geographic coverage includes North America, China, Japan, South Korea, India, and Europe, with pending coverage in Taiwan.
Second Quarter 2024 Financial Results
- Cash used in operating and investing activities in the second quarter of 2024 was $2.2 million compared to $1.8 million in the second quarter of 2023.
- Cash used in operating and investing and activities in the first half of 2024 was $4.2 million compared to $3.7 million in the first half of 2023.
- Raised $15.7 million in net proceeds from a public offering. Received net proceeds of $13.7 million upon initial closing in March 2024 followed by net proceeds of $2.0 million from the exercise of the underwriter’s overallotment option in April 2024.
- Cash and cash equivalents totaled $20.1 million at June 30, 2024.
- No long-term debt was outstanding at June 30, 2024.
- Commercial revenue was $1,331 in the second quarter of 2024.
- Operating expenses in the second quarter of 2024 were $2.9 million compared to $2.4 million in the second quarter of 2023 driven primarily by higher research and development spending.
- Net loss in the second quarter of 2024 was $2.7 million compared to $2.3 million in the second quarter of 2023.
2024 Milestones
For 2024, the Company has set or achieved the following milestones:
√ Successfully completed Phase II of development program with Stellantis
• Secure Phase III of development program with Stellantis
√ Complete qualification of second high-volume production fab
• Convert large OEMs in our test and evaluation program to design wins/custom development agreements
√ Add distributors for SymCool® products
• Initial sales of SymCool® IQ intelligent power module
• Begin third-party automotive qualification testingOriginal – Ideal Power
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SweGaN AB, a European semiconductor manufacturer that develops and produces custom engineered Gallium Nitride on Silicon Carbide (GaN-on-SiC) epitaxial wafers, reported orders for its benchmark QuanFINE® epiwafers worth 17 MSEK in the first half of 2024, including three large frame agreements from undisclosed major Telecom and Defense market players. The company reported a 100% YoY order increase and began deliveries from its new facility in Linköping, Sweden, marking significant progress in its scale-up journey.
In additional notable news, the semiconductor manufacturer announces a newly completed QuanFINE epiwafer customer qualification with a device manufacturer.
In the last two years, SweGaN has displayed an exciting operational transformation in alignment with its growth strategy and global demands for GaN-on-SiC epiwafers. Securing a Series A investment round, the company has scaled its organization, established a streamlined team, and deployed a new high-capacity production facility to drive its growth strategy and future KPIs.
– “Today we celebrate three significant milestones that signal SweGaN’s transition from a pure R&D company to a rigorous global semiconductor manufacturer.” says Dr. Jr-Tai Chen, CEO at SweGaN.
– “Currently, there is a strong momentum in the Telecom industry to upgrade technology from 5G to 5G Advanced, continues Chen. SweGaN’s patented QuanFINE® buffer-free GaN-on-SiC material is well-suited to meet the demanding technical requirements of the new technology, particularly in terms of device efficiency and thermal management. This applies to the new Telecom standard 5G Advanced, as well as the strong demands for enhanced sensing capability in Defense applications. The new framework orders will accelerate product development and production ramp-up enabling SweGaN to tap the market opportunities in both the Telecom and Defense sectors.”
With SweGaN’s new production facility in full swing, the company has the tools to fully embrace its ambitious scale-up strategy and significantly boost manufacturing capacity of next-generation GaN-on-SiC engineered epitaxial wafers. Simultaneously, the company aims to continue to innovate through new R&D initiatives and deepen partnerships with suppliers and customers to establish resilient supply chains.
– “I take immense pride in our synergistic team, in both successfully qualifying SweGaN’s first epiwafer product with a device manufacturer and executing on the significant undertaking of bringing the the new high-capacity wafer production facility into operation, from planning to deployment,” continues Chen.
Original – SweGaN
