Cree announced financial results for the fourth quarter of fiscal 2020 ended June 28, 2020. The company posted revenues of US$205.7 million, representing an on-year drop of 18% compared to FY4Q19 and a 5% decrease compared to FY3Q20.

The company also reported GAAP net loss of $39.5 million, or $0.36 per diluted share. On a non-GAAP basis, net loss was $20.0 million, or $0.18 per diluted share.

For fiscal year 2020, Cree reported revenue of $903.9 million, down by 16%YoY and GAAP net loss of $191.7 million, or $1.78 per diluted share. On a non-GAAP basis, net loss of FY2020 was $49.1 million, or $0.45 per diluted share, compared to non-GAAP net income of $76.9 million, or $0.74 per diluted share, for fiscal 2019.

Cree’s LED products revenue came to $97.3 million for FY4Q20, down by 17%YoY. Wolfspeed revenue also decreased by 19%YoY to $108.4 million. Gross profit dropped by 43%YoY for Wolfspeed and 22% for LED products. For FY2020, Wolfspeed revenue was $470.7 million down by 13%YoY and LED products revenue was $433.2 million, declined by 20%. Gross profit for both business division also dropped by 29% and 39% respectively.

(Image: Cree)

Looking forward to FY1Q21, Cree targets revenue in a range of $203 million to $217 million. GAAP net loss is targeted at $83 million to $87 million, or $0.76 to $0.79 per diluted share. Non-GAAP net loss is targeted to be in a range of $22 million to $26 million, or $0.20 to $0.24 per diluted share.

Cree CEO, Gregg Lowe, commented, “Fiscal 2020 marked a transition year in our journey to become a global semiconductor powerhouse and we remain firmly committed to our capacity expansion plans to capitalize on what we believe to be a multi-decade growth opportunity for silicon carbide.”