Wolfspeed Inc Stock Price, News & Analysis

Wolfspeed, Inc. (NYSE: WOLF) has inaugurated its new Mohawk Valley Silicon Carbide fabrication facility in Marcy, N.Y., boosting production capabilities to meet rising demand for Silicon Carbide devices in automotive and industrial sectors. This state-of-the-art 200mm wafer fab aims to enhance U.S. semiconductor production competitiveness.

Governor Kathy Hochul and Lucid Motors representatives attended the ribbon-cutting ceremony. The facility will create over 600 jobs by 2029 and is expected to significantly contribute to Wolfspeed's $20B pipeline by improving wafer quality.

Wolfspeed (NYSE: WOLF) announced a multiyear agreement with Lucid Motors to supply Silicon Carbide power devices for the Lucid Air, enhancing its performance and energy efficiency. This partnership leverages Wolfspeed's advanced Silicon Carbide technology, produced at the new Mohawk Valley Fab in New York, set to be the world's largest 200mm fabrication facility, improving production capacity. CEO Gregg Lowe emphasized the role of Silicon Carbide in advancing electric vehicle technology.

Wolfspeed, Inc. (NYSE: WOLF) will host a conference call and audio webcast on May 4, 2022, at 5:00 p.m. ET, to discuss its third quarter fiscal 2022 results and business outlook. The earnings press release will be issued after market close on May 4 and can be accessed via Business Wire or Wolfspeed's website. As a leader in Silicon Carbide technology, Wolfspeed focuses on solutions for energy efficiency and sustainability, serving sectors like electric vehicles, 5G, and renewable energy.

Wolfspeed, Inc. (NYSE: WOLF) has appointed Jeff Ferraro as Vice President of Enterprise Supply Chain and Procurement, effective March 14. Ferraro, with over 20 years in the semiconductor industry, previously held multiple leadership positions at Texas Instruments. His extensive experience in supply chain and logistics is expected to support Wolfspeed's growth as it transitions from silicon to Silicon Carbide technology. This strategic addition is also aligned with the company's efforts to enhance production capacities in New York and North Carolina.

DURHAM, N.C.--(BUSINESS WIRE)--Wolfspeed, Inc. (NYSE: WOLF), a leader in Silicon Carbide technology, announced upcoming presentations by its senior management at two investor conferences.

• Neill Reynolds, CFO, will speak at the Morgan Stanley Technology, Media & Telecom Conference on March 7, 2022 at 4:15 pm ET.
• Dr. John Palmour, CTO, will present at the 34th Annual Roth Conference on March 14, 2022 at 5 pm ET.

Live webcasts will be accessible through the Investor section of Wolfspeed's website.

The National Academy of Engineering has elected Wolfspeed co-founder and CTO Dr. John Palmour as a member of its 2022 class for his work on Silicon Carbide-based electronic devices. With over 30 years of experience, Palmour's innovations have advanced Wolfspeed's role as a leader in semiconductor technology, specifically in energy efficiency applications across industries such as electric vehicles and renewable energy. His significant contributions include 386 scientific publications and 81 U.S. patents. The formal induction is scheduled for Oct. 2, 2022.

Wolfspeed (NYSE: WOLF) announced the pricing of its private offering of $650 million 0.25% Convertible Senior Notes due 2028, increasing from the initially planned $500 million. The offering, set to settle on February 3, 2022, will yield approximately $634.6 million in net proceeds, expected to be used for capped call transactions and general corporate purposes. The initial conversion rate is 7.8602 shares per $1,000 principal amount, with a 35% premium over the last share price of $94.24. The capped call transactions aim to reduce potential dilution upon conversion.

Wolfspeed, Inc. (NYSE: WOLF) announced a planned offering of $500 million in Convertible Senior Notes due 2028, with an option for an additional $75 million. The Notes will be unsecured and convertible into cash, shares, or a mix, with terms to be negotiated. Proceeds will fund capped call transactions and general corporate purposes. The offering targets qualified institutional buyers under Rule 144A. Market activities related to the Notes could influence the stock price.

Wolfspeed, Inc. (NYSE: WOLF) reported a revenue of $173.1 million for Q2 fiscal 2022, marking a 36% year-over-year increase. The GAAP net loss from continuing operations was $96.7 million, or $0.82 per diluted share, compared to a loss of $54.3 million in Q2 fiscal 2021. Non-GAAP net loss improved to $18.6 million, or $0.16 per diluted share. For Q3 fiscal 2022, the company targets revenue of $185 million to $195 million and GAAP net loss of $66 million to $71 million.