- CREE has confidentially filed for a potential IPO for its Power and RF unit. The offering's pricing and size haven't yet been determined; Cree intends to maintain a majority stake post-IPO.
The unit makes silicon carbide (SiC) power management ICs - they can often deliver higher switching speeds and power densities than silicon alternatives - along with gallium nitride (GaN) power amplifiers for demanding telecom infrastructure and satellite/radar applications.
- Power/RF had calendar Q1 (FQ3) revenue of $31M (+13% Y/Y), and a gross margin of 53.1% (well above a company-wide GM of 31.4%).
- CREE +1.2% premarket to $30.10.