Cree Reports Financial Results for the Second Quarter of Fiscal Year 2021

LDS CS Creelogo 400

Feb 8, 2021

Cree, Inc. announced revenue from continuing operations of $127.0 million for its second quarter of fiscal 2021, ended December 27, 2020. This represents a 5% increase compared to revenue from continuing operations of $120.7 million reported for the second quarter of fiscal 2020, and a 10% increase compared to the first quarter of fiscal 2021. GAAP net loss from continuing operations for the second quarter of fiscal 2021 was $54.3 million, or $0.49 per diluted share, compared to GAAP net loss from continuing operations of $57.9 million, or $0.54 per diluted share, for the second quarter of fiscal 2020. On a nonGAAP basis, net loss from continuing operations for the second quarter of fiscal 2021 was $26.6 million, or $0.24 per diluted share, compared to non-GAAP net loss from continuing operations for the second quarter of fiscal 2020 of $21.8 million, or $0.20 per diluted share.

As previously announced, on October 18, 2020, Cree executed a definitive agreement to sell the LED Products business unit to SMART Global Holdings, Inc. (SMART) for up to $300 million, including fixed upfront and deferred payments and contingent consideration. The transaction is subject to satisfaction of customary closing conditions, and is targeted to close in the first calendar quarter of 2021.

Business Outlook:

For its third quarter of fiscal 2021, Cree targets revenue from continuing operations in a range of $127 million to $133 million. GAAP net loss from continuing operations is targeted at $66 million to $71 million, or $0.59 to $0.64 per diluted share. Non-GAAP net loss from continuing operations is targeted to be in a range of $23 million to $28 million, or $0.21 to $0.25 per diluted share. Targeted non-GAAP net loss from continuing operations excludes $43 million of estimated expenses, net of tax, related to stock-based compensation expense, amortization or impairment of acquisition-related intangibles, factory optimization restructuring and start-up costs, net accretion on convertible notes, and project, transformation, transaction and transition costs. The GAAP and non-GAAP targets from continuing operations do not include any estimated change in the fair value of Cree’s ENNOSTAR (formerly Lextar) investment.

Go HERE for more information

Related Articles

Changing Scene

  • Oct 8, 2026 - Canada Light Expo 2026 To Unite Canada’s Lighting Industry Under One Roof - CLE 2026

    Canada Light Expo 2026 To Unite Canada’s Lighting Industry Under One Roof

    Canada Light Expo 2026, the country’s premier exhibition for the lighting and LED technology sector, will return to the International Centre, Toronto, on 18–19 November 2026. Marking its 3rd edition, the event is expected to bring together more than 100 leading brands and showcase over 1,000 lighting solutions, connecting manufacturers, designers, specifiers, distributors, contractors, and… Read More…

  • Oct 7, 2026 - Eureka Wins Multiple GRANDS PRIX DU DESIGN Awards

    Eureka Wins Multiple GRANDS PRIX DU DESIGN Awards

    Eureka is pleased to announce that five of its luminaire families have been recognized in the 19th edition of the GRANDS PRIX DU DESIGN Awards. Jarry, Orelia, Scout Accessories, Torno, and Tulip all received GOLD CERTIFICATION in the Product Design – Lighting/Indoor Lighting Fixture category. The GRANDS PRIX DU DESIGN Awards is an international competition… Read More…

Design

  • LEDVANCE: Toyota Lighting Case Study – Brossard, Quebec, Canada

    LEDVANCE: Toyota Lighting Case Study – Brossard, Quebec, Canada

    Located 15 minutes from Montreal, Toyota’s Quebec Regional Office in Brossard, Canada houses a first-floor training and service area, and second-floor offices where financial services and dealer network operations are conducted.  With environmental sustainability representing a core pillar of Toyota’s mission, the Brossard location has long been committed to embracing products and practices that conserve… Read More…

  • CSC LED: How Product Availability Impacts Project Timelines

    CSC LED: How Product Availability Impacts Project Timelines

    When planning an LED lighting project, the focus is usually on performance, specifications, budget, and application requirements. But there is another factor that can have just as much impact on the project: product availability. A fixture may be the right choice on paper, but if it is not available when needed, it can affect installation… Read More…

New Products

  • SATCO|NUVO: Dual Head Security Lights – Bullet & Square Heads Models

    SATCO|NUVO: Dual Head Security Lights – Bullet & Square Heads Models

    SATCO|NUVO’s Dual Head Security Lights deliver dependable outdoor illumination for residential and commercial applications. Available in traditional bullet head designs as well as architectural square heads, these fixtures feature selectable 3000K, 4000K, and 5000K color temperatures and are offered in black, white, and bronze finishes to complement a variety of exteriors. Constructed from rugged die-cast… Read More…

  • ABB Ready-Lite: RSAUR Series – Surface-Mount Architectural Remote Fixture

    ABB Ready-Lite: RSAUR Series – Surface-Mount Architectural Remote Fixture

    The RSAUR Series surface-mount architectural remote fixture is designed specifically for installations requiring a junction box, whether recessed, surface-mounted, or suspended. Engineered for easy installation, it combines performance with simplicity and style, making it a smart choice for commercial and architectural environments. Recognized with Grands Prix du Design | Gold Certification 2026. Read More…