in strong everyone. our our we top with $XXX demand X.X% seventh carbide during Thank continue came consecutive an below sequentially midpoint at We third performance. afternoon, year-over-year. Gregg, our quarter of delivered our million, quarter silicon as We for results slightly Starting increase sequential growth. guidance the the solutions. for you, increased to of and line representing see the XX% good quarter revenue and of delivered Revenue
quarantine line exceeded channels. our in and our are in subcontractors our impacted shutdowns protocols top top which the resulted in partial have packaging COVID-XX we quarter. strong end at would some met guidance our some of range shutdowns, results, by Absent of or China, the delays these of was While for these shipping
solutions on Demand timely of delivery continues revenue growth to be remain the by We we of approximately to year. evidenced prior customers. our strong focused as device are monitoring our ever-changing the as XX% over power COVID continuously products environment for
increasing step bringing device more towards mentioned, is Gregg we at As online. on and meaningful power progress our capacity device focused a capacity, Valley remain Mohawk
we're devices, carbide and infrastructure is for resulted which momentum add strong capacity demand. and strengthening markets. a in silicon increasing defense perspective, And year-over-year RF serve and growth. our From continue XXX-millimeter our seeing the as demand to we we aerospace this customers, For strengthening materials substrate from positive to communications demand see in sequential
our now bottom to line Turning performance.
or at the loss share, net non-GAAP was guidance $XX.X range. per Our $X.XX million our end of diluted top
earnings exclude intangibles convertible amortization, diluted compensation, optimization million outlined costs start-up transformation notes, transaction noncash acquired accretion stock-based third $XX.X release. costs, for and non-GAAP expense tax project net earnings of in under of $X.XX per Our items quarter share factory other today's or
mix. in XXX-millimeter expenses operating operating Non-GAAP platform. to tax gross shutdowns and due largely lower-than-expected our margin range expenses improvements compared our to non-GAAP for quarter silicon non-GAAP was was QX China device device due The million, to $XX.X was in last midpoint Gross increase our XX.X% carbide investments the was rate margin as quarter. slightly above XX%. and revenue Third businesses substrate our drove XX.X% our guidance of were product in the modest
days, was million. in We billion free XX million, negative and $X.X XXX support to generated For outstanding expenditures days. the $XX have $XXX flow was operations on of were on million our third cash of Cash negative quarter, resulting plans. inventory currently capital hand and from sales days hand approximately days cash and was $XXX liquidity
an us offering debt Additionally, end allows fab demand the we additional offering of of completed issuance capacity a This capacity campus, the steepening convertible notes at previously. million back-end carbide January. expansion solutions mentioned the materials the to for $XXX to silicon successful with of convertible we've Durham and senior in support fund
to we support opportunistic have our flexibility We market capital growth standpoint will continue long-term to to ensure a to path. be from continue
costs quarter, the to related $XX we approximately million. During totaling incurred start-up Mohawk Valley primarily
a the by expected the as be year. As ramp year non-GAAP to fiscal end costs our costs we've of earnings the discussed $XX fab. provided time, We start-up of in this majority approximately fiscal reconciliation the incurred at adjustment second with will million the the well we start-up $XX as costs million XXXX, costs table we believe fiscal half start-up a in level release. previously, of for total a the as these of continue we At of the in originally
As running Gregg of the revenue. earlier, with ramp eventually initial customers are lots we qualify mentioned fab plans to
ramp opening at Mohawk demand production curve as continue official the improve April, our capacity. ability devices, Valley we the of only improve we'll to the meet of carbide which will end With for steepening to silicon
in of capital State previously XXXX change universities represent of with XXXX, Valley not is others. in talent accomplishment our for $XXX attracting communicated are York north This fab of these New the the date is expenditures the and of our has Wolfspeed, the for XXX and Upstate versus a now year gross change to related created to fab. New anticipating Mohawk also fiscal this million only the reimbursements this net future and construction spend We to The SUNY now jobs of CapEx of not for anticipate receiving fiscal reimbursements from a first outlook. people this from but surrounding great $XXX half significant is School partnerships We million. York fiscal the timing approximately does System
Moving of for fiscal quarter XXXX. to outlook the fourth our
$XXX million. range million revenue targeting to the are We in of $XXX
supply as to We chain. increase our expect we across business revenue growth by to capacity be the driven Power continue
non-GAAP margin expected range is gross XX.X% to of QX Our the in XX.X%. be to
outlined XXX-millimeter the from revenue As we X mid-XXs have XXX-millimeter largely from in the based to to previously, Valley. elements, margin wafers a XX% transition to gross Durham, and Mohawk optimizing transitioning on driving reminder, is through key our which XXXX
as to of We all by elements this quarter. X our with be on evidenced continue progress track these
million for expenses XXXX. targeting fourth also are of operating approximately of year We fiscal non-GAAP quarter $XX the
last smaller target to we over and increased be to R&D operating revenue nonoperating of approximately expenses $X.X become As in slowly non-GAAP between QX as $XX and quarter, but time to we loss and the this million to sales million. near percentage loss $XX middle and we headcount be expect increase anticipate the to will operating a We net continue due million discussed decade. of marketing,
our tax $X benefit be non-GAAP approximately amount We expect million. to a of
QX $X.XX share. to targeting a loss be diluted loss to per net $X million non-GAAP million $X.XX are of $XX We between or to
costs transaction restructuring EPS and start-up noncash intangibles non-GAAP stock-based factory compensation, costs, other and acquired optimization and items. excludes project Our target transformation amortization,
several and that, Our turn now are with COVID-XX, With factors the the product back I overall discussion could mix, factory to situation competitive greatly, vary demand, that the on targets based including QX environment. will productivity Gregg.
