Wolfspeed Inc Stock Price, News & Analysis

Wolfspeed (NYSE: WOLF) reported Q2 fiscal 2025 results with consolidated revenue of $181 million, down from $208 million year-over-year. The Mohawk Valley Fab contributed $52 million in revenue, up from $12 million. The company reported a GAAP gross margin of -21% and non-GAAP gross margin of 2%, compared to 13% and 16% respectively in the prior year.

The company incurred significant costs, including $28.9 million in underutilization costs and $188.1 million in restructuring-related expenses. For Q3 fiscal 2025, Wolfspeed targets revenue between $170-200 million, with GAAP net loss projected at $(295)-$(270) million, or $(1.89)-$(1.73) per diluted share.

Management is focusing on three priorities: improving financial performance to accelerate operating free cash flow generation, strengthening the balance sheet, and raising cost-effective capital. The company completed a $200 million at-the-market equity offering and is progressing toward finalizing CHIPS funding.

Wolfspeed (NYSE: WOLF) has launched its new Gen 4 MOSFET technology platform, designed to enhance efficiency and durability in high-power applications. The platform, available in 750V, 1200V, and 2300V classes, delivers up to 21% reduction in on-resistance at operating temperatures and up to 15% lower switching losses.

The technology supports various product categories including power modules, discrete components, and bare die products. Key benefits include improved system efficiency, enhanced durability with short-circuit withstand time up to 2.3 µS, and lower system costs through streamlined design processes.

As the only U.S.-based silicon carbide producer with both material and device fabrication facilities, Wolfspeed's Gen 4 platform will be delivered via 200mm wafers, enabling unprecedented scale and yield. New product introductions will continue throughout 2025 and early 2026.

Wolfspeed (NYSE: WOLF), the global leader in silicon carbide technology, has scheduled its fiscal second quarter earnings conference call and audio webcast for January 29, 2024, at 5:00 pm Eastern Standard Time. The call will feature Thomas Werner, executive chairman, and Neill Reynolds, chief financial officer. Investors can access the live webcast and earnings release through Wolfspeed's Investor Relations website.

Wolfspeed (NYSE: WOLF) has completed its previously announced 'at the market' equity offering, selling 27,793,535 shares of common stock for gross proceeds of approximately $200 million. The offering was conducted through a shelf registration statement and prospectus supplement dated December 9, 2024.

The company plans to use the net proceeds to improve its capital structure, reduce leverage, and address outstanding balance sheet maturities. Executive Chairman Tom Werner highlighted this as an important milestone in completing their CHIPS Act funding process, bringing them closer to finalizing their PMT and receiving initial funding disbursements from the CHIPS office and other lenders.

Wolfspeed (NYSE: WOLF), a global leader in silicon carbide technology, has announced that CFO Neill Reynolds will participate in a fireside chat at the UBS Global Technology and AI Conference. The event is scheduled for December 3, 2024, at 4:15pm ET. Investors and interested parties can access a live webcast of the presentation through the Investor Relations section of Wolfspeed's website at investor.wolfspeed.com/events-and-presentations/.

Wolfspeed (NYSE: WOLF) has appointed Melissa Garrett as Senior Vice President and General Counsel, effective December 9, 2024. Garrett, who has been with Wolfspeed since 2015 leading global employment and non-patent litigation matters, succeeds Brad Kohn, who resigned for another opportunity. She brings expertise in contracts, negotiations, litigation management, corporate governance, employment law, and M&A. Prior to Wolfspeed, Garrett served as Deputy General Counsel at Kangaroo Express and held positions at various law firms. She holds a JD from Indiana University and a BA from University of Wisconsin-Madison.

Wolfspeed (NYSE: WOLF) announced a leadership transition as President and CEO Gregg Lowe will depart this month. Board Chairman Thomas Werner has been appointed as Executive Chairman while the company conducts a search for a permanent CEO. Under Lowe's leadership since 2017, Wolfspeed transformed into a pure-play silicon carbide company. Werner will oversee day-to-day operations, focusing on executing CHIPS PMT agreement milestones, completing restructuring initiatives to lower break-even point, accelerating profitability path, and delivering consistent sales growth. Board member Stacy Smith was appointed as Lead Independent Director.

Wolfspeed (NYSE: WOLF) reported Q1 FY2025 results with consolidated revenue of $195M, slightly down from $197M YoY.

The Mohawk Valley Fab contributed $49M in revenue. GAAP gross margin was -19% impacted by $26.4M in underutilization costs, while non-GAAP gross margin was 3%. The company ended Q1 with $1.7B in cash and investments.

Wolfspeed secured $2.5B in liquidity through CHIPS, lenders, and tax credits, and is streamlining operations to save $200M annually. The company targets $3B annual revenue from its silicon carbide facilities.

For Q2 FY2025, Wolfspeed projects revenue between $160M-$200M, with a GAAP net loss of $401M-$362M and non-GAAP net loss of $145M-$114M. Restructuring and start-up costs continue to impact financials. The company expects $174M in restructuring costs for Q2 FY2025.

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.