On the 17th local time, Cree, a leader in silicon carbide, announced its fourth-quarter financial report for fiscal year 2021 ending June 27, with revenue reaching US$145.8 million, a year-on-year increase of 35% and a month-on-month increase of 6%, slightly higher than analysts' expectations of US$145.17 million.
Gregg Lowe, CEO of the company, said, "Strong revenue in the quarter was driven by customers ramping up production earlier and more significantly than initially expected. We continue to capture growth and conversion opportunities in our equipment segment, further establishing our leadership position in the silicon carbide industry."
Gregg Lowe further revealed that the company is on track to complete the world's largest silicon carbide plant in early 2022, enabling it to take full advantage of growth opportunities in the coming decades.
Looking ahead to the next quarter, the company is targeting revenue between $144 million and $154 million.
On the 16th, Cree announced that it would expand its existing long-term silicon carbide wafer supply agreement with STMicroelectronics, and Cree will supply the latter with 6-inch silicon carbide wafers in the next few years.
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