Wolfspeed Inc Stock Price, News & Analysis

Wolfspeed, Inc. (NYSE: WOLF), a leader in Silicon Carbide technology, has announced a conference call on April 26, 2023, at 5:00 pm ET to discuss third quarter fiscal 2023 results. A live audio webcast and earnings release will be available on their Investor Relations website. Wolfspeed focuses on providing solutions in various sectors such as electric vehicles, renewable energy, and aerospace, emphasizing energy efficiency and sustainability. The company is recognized for its advancements in Silicon Carbide and gallium nitride technologies, which are integral for modern energy consumption.

Wolfspeed (NYSE: WOLF), a leader in Silicon Carbide technology, hosted President Biden during his 'Invest in America' tour at their Durham, NC headquarters. Biden's visit focused on initiatives to boost manufacturing and infrastructure in the U.S. Wolfspeed emphasized its role in the semiconductor industry, committed to advancing the transition to electric vehicles and renewable energy. Currently, the company produces over 60% of Silicon Carbide materials globally and is undertaking a $6.5 billion capacity expansion, including new facilities aimed at increasing production. The first phase of their new North Carolina facility is expected to be completed by 2024.

Wolfspeed, Inc. (NYSE: WOLF) has announced an expansion of its partnership with North Carolina Agricultural and Technical State University to enhance compound semiconductor innovations. The collaboration aims to seek funding under the CHIPS and Science Act for a new research facility focused on Silicon Carbide technology. This facility will complement the ongoing construction of the John Palmour Manufacturing Center in Siler City, North Carolina, which is set to boost production over 10x and create 1,800 jobs by 2024. This partnership emphasizes workforce development and sustainability in semiconductor manufacturing.

Wolfspeed, Inc. (NYSE: WOLF) announced its participation in the 35th Annual Roth Conference, where CFO Neill Reynolds will engage in a fireside chat on March 14, 2023, at 3:30 pm ET. The event underscores Wolfspeed's leadership in Silicon Carbide technology, crucial for energy-efficient applications across various sectors, including electric vehicles and renewable energy. A live webcast will be accessible through the Investor section of Wolfspeed's website.

For further details, visit Wolfspeed's Investor page.

Wolfspeed, Inc. (NYSE: WOLF), a leader in Silicon Carbide technology, announced its participation in the Morgan Stanley Technology, Media & Telecom Conference. Chief Financial Officer Neill Reynolds will engage in a fireside chat at 4:30 pm ET on March 7, 2023. Investors can access a live webcast of this presentation through the Investor section of Wolfspeed’s website. The company focuses on innovative solutions for energy efficiency and sustainability, offering Silicon Carbide and GaN technologies for applications including electric vehicles, renewable energy, and 5G.

Wolfspeed, Inc. (NYSE: WOLF) has expanded its senior leadership team with the promotion of four Global Operations leaders—Tom Agron, Lisa Fritz, Adam Milton, and Missy Stigall—to enhance its capacity expansion plans. These changes reflect the company's rapid growth and commitment to innovation. CFO Neill Reynolds also sees an expansion in responsibilities to include procurement and backend operations. Additionally, Wolfspeed plans to build the world's largest 200mm Silicon Carbide fab in Saarland, Germany, as part of a $6.5 billion global capacity expansion plan. Rex Felton, SVP of Global Operations, will leave in March to focus on family.

Wolfspeed has announced plans to build the world’s largest 200mm semiconductor fabrication facility in Saarland, Germany. This facility will produce next-generation Silicon Carbide devices to meet rising demand, supporting a long-term revenue outlook of $4 billion by Fiscal 2027. As part of a $6.5 billion global capacity expansion, this fab will enhance Wolfspeed's manufacturing footprint in Europe and is supported by significant investment from ZF Friedrichshafen. The project is a key component of the Important Project of Common European Interest, pending approval from the European Commission.

Wolfspeed (NYSE: WOLF) and ZF have announced a strategic partnership to establish a joint R&D center in Germany, enhancing Silicon Carbide technology for mobility and energy applications.

ZFs investment supports the development of the largest 200mm Silicon Carbide device fab in Ensdorf, Germany, as part of the European Commission's Important Project of Common European Interest.

This collaboration focuses on innovation across mobility segments, aiming for improved efficiency and performance in electric vehicles and renewable energy sectors, while addressing specific market challenges.

Wolfspeed, Inc. (NYSE: WOLF) reported a 25% year-over-year revenue growth for Q2 fiscal 2023, achieving $216.1 million in revenue versus $173.1 million in Q2 fiscal 2022. Despite a GAAP net loss of $90.9 million, or $0.73 per diluted share, improvements were noted in non-GAAP metrics, with a reduced net loss of $14.2 million, or $0.11 per diluted share. The company announced $1.5 billion in quarterly design-ins, driven by strong demand in power devices and partnerships with major automotive manufacturers. For Q3 fiscal 2023, Wolfspeed projects revenue between $210 million and $230 million, alongside targeted net losses of $81 million to $88 million.