Wolfspeed Inc Stock Price, News & Analysis

Wolfspeed, Inc. (NYSE: WOLF) has announced the appointment of Joe Roybal as Vice President of Backend Operations. With over 20 years of experience from Texas Instruments, Roybal brings extensive knowledge in fab, probe, and assembly/test operations. His role aims to enhance Wolfspeed's operational capabilities amidst the industry's shift from silicon to Silicon Carbide technology. This strategic hire is expected to bolster Wolfspeed's growth and production capacity in New York and North Carolina.

Wolfspeed, Inc. (NYSE: WOLF) is hosting an Investor Day on November 17, 2021, at the New York Stock Exchange. The event will feature CEO Gregg Lowe and CFO Neill Reynolds, providing insights on industry trends and the company's long-term outlook. Attendance is limited to the investment community, requiring registration. Guests should arrive by 7:30 a.m. ET, with presentations starting at 8:00 a.m. ET and ending around 1:00 p.m. ET. A live webcast will be available online, with a replay following the event.

Wolfspeed, Inc. (NYSE: WOLF) reported a revenue of $156.6 million for Q1 fiscal 2022, marking a 36% year-over-year increase and a 7% quarter-over-quarter growth. Despite the revenue growth, the company experienced a GAAP net loss of $70.1 million or $0.60 per diluted share. On a non-GAAP basis, the net loss was $23.8 million, $0.21 per diluted share. Looking ahead, Wolfspeed anticipates Q2 fiscal 2022 revenue between $165 million and $175 million, with a targeted GAAP net loss of $69 million to $73 million.

Wolfspeed, Inc. (NYSE: WOLF) and the Biophysical Economics Institute (BPEI) announced a study confirming the advantages of Silicon Carbide over traditional silicon in electric vehicles. Silicon Carbide in powertrains can yield a 13:1 energy savings relative to the energy invested in production. The findings highlight substantial lifetime energy savings, particularly for electric vehicle (EV) fleets, and suggest enhanced environmental sustainability. The analysis positions Silicon Carbide as a key technology for future energy-efficient applications.

Wolfspeed, Inc. (NYSE: WOLF) will host a conference call and audio webcast to discuss its fiscal Q1 2022 results and business outlook on October 27, 2021, at 5:00 p.m. Eastern Time. The earnings press release will be issued after the market closes on the same day and available on their website. Wolfspeed specializes in Silicon Carbide and GaN technologies, providing solutions for sectors like electric vehicles, 5G, and renewable energy. Interested parties can access the live webcast or replay on their investor relations site.

Wolfspeed (NYSE: WOLF) announced a collaboration with ZINSIGHT Technology to integrate its 1200V Silicon Carbide MOSFETs into ZINSIGHT's advanced motor controllers for ultra-high-speed air compressors used in fuel cell vehicles (FCVs). This technology is expected to enhance efficiency and energy production, aligning with the growing demand for zero-emission vehicles. The partnership aims to leverage Wolfspeed's expertise in Silicon Carbide to ensure optimal performance and reliability, thereby supporting the shift towards more sustainable automotive solutions.

Intercontinental Exchange (NYSE: ICE) announced that Wolfspeed (NYSE: WOLF) has successfully transferred its listing to the NYSE, commencing trading today. This move allows Wolfspeed to leverage the NYSE's advanced market model and extensive network of business leaders, enhancing its visibility and investor relations. CEO Gregg Lowe emphasized that this listing marks a significant milestone, reinforcing Wolfspeed's status as a leader in Silicon Carbide technology. Since 2000, nearly 300 companies have transferred their listings to the NYSE, representing over $1 trillion in market value.

Wolfspeed, Inc. (NYSE: WOLF) officially begins trading today following a significant transformation, including divesting two-thirds of its business. Previously known as Cree, Inc. (NASDAQ: CREE), this shift repositions Wolfspeed as a global leader in Silicon Carbide technology. CEO Gregg Lowe highlights a $1.3 billion in long-term materials agreements and a $15 billion device pipeline, aiming to capitalize on the demand for energy-efficient solutions in various industries like electric vehicles and renewable energy.

General Motors (NYSE: GM) has entered a strategic supplier agreement with Wolfspeed (NYSE: WOLF) to utilize silicon carbide power devices in its upcoming electric vehicles (EVs). This collaboration aims to enhance EV propulsion efficiency, extend vehicle range, and secure a domestically sourced supply of materials through Wolfspeed's Assurance of Supply Program. The silicon carbide solutions will be produced at Wolfspeed's advanced 200mm-capable Mohawk Valley Fab in New York, which is the largest of its kind globally, addressing the growing demand in the EV market.