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Wolfspeed, Inc. - WOLF STOCK NEWS

Welcome to our dedicated page for Wolfspeed news (Ticker: WOLF), a resource for investors and traders seeking the latest updates and insights on Wolfspeed stock.

Wolfspeed, Inc. (NYSE: WOLF) is a pioneering company in the semiconductor industry, specializing in wide bandgap materials. Originating from North Carolina's Research Triangle Park, Wolfspeed has grown to become a global leader in silicon carbide (SiC) and gallium nitride (GaN) technologies.

Wolfspeed focuses on producing advanced semiconductor components for a variety of applications, including transportation, power supplies, inverters, and wireless systems. The company's products are known for their efficiency and high performance, contributing to smaller system sizes and reduced costs across industries. These qualities have made Wolfspeed's components essential in sectors such as electronics, energy, and communications.

In recent news, Wolfspeed has launched a New York Registered Apprenticeship Program (RAP) in collaboration with the National Institute for Innovation and Technology and the U.S. Department of Labor. This initiative is part of the Institute's Growing Apprenticeships in Nanotechnology and Semiconductor (GAINS) program. The apprenticeship aims to develop a skilled workforce for the semiconductor and advanced manufacturing industries.

Wolfspeed's RAP offers on-the-job training and college instruction to apprentices, preparing them for roles such as Equipment Technicians and Industrial Manufacturing Technicians. This program underscores Wolfspeed's commitment to workforce development and capacity expansion at their Mohawk Valley Fab.

Geographically, Wolfspeed derives a significant portion of its revenue from Europe but also maintains a presence in the United States, China, Japan, South Korea, and other regions. The company continues to innovate and expand, driven by a passion for creating efficient and sustainable solutions. For more information, visit www.wolfspeed.com.

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Wolfspeed (NYSE: WOLF), a global leader in silicon carbide technology, has scheduled its fiscal first quarter earnings conference call and audio webcast for November 6, 2024, at 5:00 pm Eastern Daylight Time. CEO Gregg Lowe and CFO Neill Reynolds will host the call. The live webcast and earnings release will be accessible through the company's Investor Relations website.

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Wolfspeed, Inc. (NYSE: WOLF), a leader in silicon carbide technology, has nominated Thomas Seifert and Woody Young to its Board of Directors. Shareholders will consider their nominations at the 2024 Annual Meeting on December 5, 2024. Seifert, currently CFO of Cloudflare, has extensive experience in technology and semiconductor companies. Young, former President of Solidigm, brings over 30 years of investment banking expertise.

The nominations come as Wolfspeed focuses on executing its business plan, improving operational execution, and exploring ways to enhance shareholder value. Current board members Clyde R. Hosein and John B. Replogle will retire following the 2024 Annual Meeting. Wolfspeed plans to file a proxy statement with the SEC for the 2024 Annual Meeting, and shareholders are encouraged to read it when available.

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Wolfspeed has announced a proposed $750 million funding from the U.S. CHIPS Act and an additional $750 million from an investment group led by Apollo. The company also expects to receive approximately $1 billion in Section 48D cash tax refunds from the IRS over the next several years. This total of $2.5 billion in expected capital will support Wolfspeed's expansion of silicon carbide manufacturing in the United States.

The funding will enable Wolfspeed to complete its multi-billion-dollar greenfield U.S. capacity expansion plan, which includes the largest and most advanced 200mm silicon carbide footprint in the world. The investment will bolster Wolfspeed's balance sheet, fuel significant growth through cash generation, and accelerate its long-term profitability goals.

Wolfspeed is the world's largest producer of silicon carbide technology, which is important for high power applications such as EV powertrains, renewable energy systems, and AI data centers. The importance of bolstering domestic production of silicon carbide has been recognized by multiple federal agencies as critical to clean energy technologies and national security.

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Wolfspeed (NYSE: WOLF) has unveiled a groundbreaking 2300V silicon carbide module for renewable energy, energy storage, and fast-charging infrastructure. Developed using 200mm silicon carbide wafers, these modules offer improved efficiency, durability, and scalability for 1500V DC Bus applications. Wolfspeed has partnered with EPC Power, a leading utility-scale inverter manufacturer, to integrate these modules into high-performance solar and energy storage systems.

The new modules provide 15% greater voltage headroom, enhanced dynamic performance, and reduced EMI filter size. They achieve a 77% reduction in switching losses over IGBTs and enable simplified system design. With the solar energy market projected to reach $300 billion by 2032, Wolfspeed's innovation aims to meet the growing demand for efficient and reliable clean power solutions.

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Wolfspeed, the global leader in silicon carbide technology, has announced its participation in an upcoming investor conference. CEO Gregg Lowe and CFO Neill Reynolds will engage in a fireside chat at Citi's 2024 Global TMT Conference on September 4, 2024, at 3:50pm ET.

Investors and interested parties can access a live webcast of the presentation through the Investor Relations section of Wolfspeed's website. The webcast link will be available at https://investor.wolfspeed.com/events-and-presentations/. This event provides an opportunity for stakeholders to gain insights into Wolfspeed's strategies and performance directly from its top executives.

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Wolfspeed (NYSE: WOLF) reported financial results for Q4 and full fiscal year 2024. Key highlights include:

- Q4 revenue of $201 million, down slightly from $203 million in Q4 FY2023
- Full-year revenue of $807 million, up from $759 million in FY2023
- Mohawk Valley Fab contributed $41 million in Q4 revenue
- Q4 GAAP gross margin fell to 1% from 29% year-over-year
- Full-year GAAP gross margin decreased to 10% from 32% in FY2023
- Company plans to accelerate shift to 200mm Mohawk Valley Fab
- FY2025 net CapEx spend to be reduced by $200 million
- Q1 FY2025 revenue guidance: $185-$215 million

Wolfspeed is focusing on optimizing capital structure and driving performance in its 200mm fab, while assessing closure timing of its 150mm Durham device fab.

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The Schall Law Firm, a national shareholder rights litigation firm, has announced an investigation into Wolfspeed, Inc. (NYSE:WOLF) for potential securities law violations. The investigation focuses on whether Wolfspeed issued false or misleading statements or failed to disclose important information to investors.

The investigation was prompted by a Reuters report published on June 20, 2024, which revealed that Wolfspeed had delayed plans to build a $3 billion plant in Germany. According to the report, construction won't start until mid-2025 at the earliest, two years later than originally planned. This news caused Wolfspeed's shares to fall by 8.62% on the same day.

Shareholders who suffered losses are encouraged to participate in the investigation and contact The Schall Law Firm for more information.

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Wolfspeed, Inc. (NYSE: WOLF), the global leader in silicon carbide technology, has announced its upcoming fiscal fourth quarter and full year 2024 earnings call. The call is scheduled for Wednesday, August 21, 2024, at 5:00 pm Eastern Daylight Time. CEO Gregg Lowe and CFO Neill Reynolds will host the conference call and audio webcast.

Investors and interested parties can access the live webcast of the earnings conference call, along with the earnings release, on Wolfspeed's Investor Relations website at https://investor.wolfspeed.com. This event will provide an opportunity for stakeholders to gain insights into the company's financial performance and future outlook.

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Wolfspeed (NYSE: WOLF) reported significant progress and operational updates. The Mohawk Valley 200mm silicon carbide fab reached 20% utilization and attained LEED Silver certification. Their Building 10 Materials facility met its 200mm wafer production target, aiming for 25% utilization by end of 2024. The John Palmour Manufacturing Center activated its initial furnaces and is on track for crystal qualification by August 2024. However, an equipment incident at the Durham 150mm device fab caused a temporary capacity reduction, though production has resumed. Wolfspeed expects a fiscal Q4 2024 revenue impact, with gross margins between -4% to 4% GAAP and 0% to 8% non-GAAP. A preliminary fiscal Q1 2025 forecast indicates potential $20 million revenue impact.

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Wolfspeed, a leader in silicon carbide technology, has announced participation in two key investor conferences in May and June 2024. CEO Gregg Lowe and CFO Neill Reynolds will present at the 52nd Annual J.P. Morgan Global Technology, Media and Communications Conference on May 20, 2024, at 1:10pm ET. CFO Neill Reynolds will also speak at the 44th Annual William Blair Growth Stock Conference on June 5, 2024, at 2:20pm ET. Both presentations will be webcast live on Wolfspeed’s Investor Relations website.

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FAQ

What is the current stock price of Wolfspeed (WOLF)?

The current stock price of Wolfspeed (WOLF) is $13.35 as of November 1, 2024.

What is the market cap of Wolfspeed (WOLF)?

The market cap of Wolfspeed (WOLF) is approximately 1.7B.

What does Wolfspeed, Inc. specialize in?

Wolfspeed specializes in the production of silicon carbide and gallium nitride semiconductor components for various applications.

What industries does Wolfspeed serve?

Wolfspeed serves industries such as transportation, power supplies, inverters, and wireless systems.

What is Wolfspeed's New York Registered Apprenticeship Program (RAP)?

Wolfspeed's RAP is a training program in collaboration with the National Institute for Innovation and Technology and the U.S. Department of Labor aimed at developing skilled workers for the semiconductor industry.

Where does Wolfspeed generate most of its revenue?

Wolfspeed derives the majority of its revenue from Europe and also has a significant presence in the United States, China, Japan, South Korea, and other countries.

What are the key applications of Wolfspeed's semiconductor products?

Wolfspeed's semiconductors are used in electric vehicles, fast charging stations, renewable energy systems, and wireless communication systems.

How long has Wolfspeed been in operation?

Wolfspeed, formerly a part of Cree Inc., has been operating for nearly 30 years.

What materials does Wolfspeed use in its semiconductor products?

Wolfspeed primarily utilizes silicon carbide (SiC) and gallium nitride (GaN) in its semiconductor products.

What is Wolfspeed's approach to workforce development?

Wolfspeed focuses on workforce development through apprenticeship programs and collaborations with educational institutions to train future industry professionals.

Where can I find more information about Wolfspeed?

More information about Wolfspeed can be found on their official website: www.wolfspeed.com.

What is the GAINS program related to Wolfspeed?

The GAINS (Growing Apprenticeships in Nanotechnology and Semiconductor) program facilitates Wolfspeed's apprenticeship program aimed at developing a skilled workforce for the semiconductor industry.

Wolfspeed, Inc.

NYSE:WOLF

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WOLF Stock Data

1.68B
126.89M
0.86%
114.72%
29.41%
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