It’s revenues for the second quarter of 2020 was $1.21bn, down 10 percent on Q2 2019 and down 5 percent on the previous quarter as a result of the Covid-19 pandemic. The loss for the quarter was $1m, reduced from $14m the previous quarter. The profit in Q1 2019 was $100m.
"Despite disruption from COVID-19 pandemic, we continue to make strong progress towards our key strategic initiatives,” said Jackson. “We are beginning to see moderate recovery in demand across most end-markets and geographies, and we expect this recovery to continue in near term driven by improving global macroeconomic activity."
At the end of the second quarter, there were 140 days of inventory on hand, which is higher than others in the industry, and up by nine days as compared to 131 days in the first quarter of 2020. This was driven by expectations of recovery in demand in the second half of the current year to make sure there is no disruption to supply.
“We're beginning to see recovery in the automotive market in the US and Europe,” said Jackson. “Conversations with customers indicate that we should see ongoing recovery in the third and in the fourth quarter of the current year. We are seeing strong momentum for our silicon carbide and silicon products for electric vehicles. We recently won a very significant design with one of the leading global automotive OEMs for our silicon carbide power module for traction inverters for electric vehicles. We expect to start seeing revenue from this win a year from now. Based on our current engagement with various automotive OEMs, we expect to win multiple designs in the near to mid-term,” he added.
“We're seeing strong traction for our silicon carbide products in industrial power applications with an expanding base of customers. Recently, we announced a win with Delta for our silicon carbide power modules for solar