Financial PerformanceWOLF burnt over $2bn of FCF in FY24, with prospects for another $1.6bn FCF burn in FY25, as fab investments remain high near-term.
Market DemandIndustrial demand remains weak, and pressures GM, which for Sep Q guided to be only ~2% at midpoint, with only modest improvements for the rest of the year.
ProfitabilityGross margins have been trending down due to underutilization, industrial margin headwinds, and competition from China.