Wolfspeed Inc Stock Price, News & Analysis

Wolfspeed, Inc. (NYSE: WOLF) reported a 54% year-over-year revenue growth for the first quarter of fiscal 2023, reaching $241.3 million. The GAAP gross margin improved to 33.1% from 31.5%, while the non-GAAP gross margin increased to 35.6% from 33.5%. Despite a GAAP net loss of $26.2 million ($0.21 per share), the design-ins for the quarter totaled $3.5 billion. For Q2 FY2023, Wolfspeed anticipates revenues between $215 million and $235 million and a GAAP net loss of $83 million to $93 million.

Wolfspeed, Inc. (NYSE: WOLF) will announce its first fiscal quarter 2023 results via a conference call on October 26, 2022, at 5:00 PM ET. An Investor Day is scheduled for October 31, 2022, at 8:00 AM ET, at the New York Stock Exchange, where executives will discuss business updates and long-term strategies. The events will be accessible through Wolfspeed’s Investor Relations website, providing critical insights into the company's operations related to Silicon Carbide and GaN technologies.

Wolfspeed (NYSE: WOLF) announces plans to build a new $1.3 billion Silicon Carbide materials facility in Chatham County, North Carolina, enhancing production capacity by over 10 times. The facility will create approximately 1,800 jobs and primarily produce 200mm wafers. Scheduled for completion in 2024, the project will be supported by an $1 billion incentive package from state and local governments, alongside potential federal funding from the CHIPS and Science Act. This expansion solidifies Wolfspeed's market leadership amid growing demand for semiconductors.

Wolfspeed (NYSE: WOLF) reported strong fiscal 2022 results with a 42% annual revenue growth, reaching $746.2 million. The fourth quarter alone saw revenue of $228.5 million and record design-ins of $2.6 billion. Despite these gains, the company posted a GAAP net loss of $61.8 million in Q4 and $295.1 million for the full year. Looking ahead, Wolfspeed expects first quarter fiscal 2023 revenue between $232.5 million and $247.5 million, along with targeted net losses of $14 million to $21 million.

Wolfspeed, Inc. (NYSE: WOLF) will hold a conference call on August 17, 2022, at 5:00 p.m. ET to discuss its fiscal 2022 results and fiscal 2023 outlook. An earnings press release will be issued after market close on the same day. The call will be accessible via a live webcast, which will also be available for replay on the company's website. As a leader in Silicon Carbide technology, Wolfspeed focuses on solutions for sustainable energy consumption, targeting sectors like electric vehicles and renewable energy.

Wolfspeed, Inc. (NYSE: WOLF) has announced upcoming presentations by its senior management team at three investor conferences in August and September 2022. Dr. John Palmour and Tyler Gronbach will present at the Oppenheimer 25th Annual Technology, Internet & Communications Conference on August 10. Jay Cameron and Tyler Gronbach will present at the Canaccord Genuity 42nd Annual Growth Conference on August 11. CEO Gregg Lowe will present at the Evercore ISI 2nd Annual Technology, Media & Telecom Conference on September 8. Live webcasts of these presentations will be available on the company's investor website.

Wolfspeed, Inc. (NYSE: WOLF) has promoted Rick Madormo to Senior Vice President of Global Sales and Marketing, succeeding Thomas Wessel, who will retire in June. Madormo has led the Americas sales team since 2018, contributing to a 37% growth in quarterly revenue. Owen DeLeon has been appointed as the new Vice President of Sales for the Americas, bringing 15 years of semiconductor experience from Intel. This leadership change is strategic for Wolfspeed as it aims to enhance its growth in Silicon Carbide technology.

Wolfspeed, Inc. (NYSE: WOLF), a leader in Silicon Carbide technology, announced key presentations by its senior management at upcoming investor conferences in May and June 2022. CEO Gregg Lowe and CFO Neill Reynolds will present at the J.P. Morgan Global Technology, Media & Communications Conference on May 23. Neill Reynolds will also speak at the Cowen Technology, Media, and Telecom Conference on June 2, followed by the Bank of America Global Technology Conference on June 9. Live webcasts will be available on Wolfspeed's investor website.

Wolfspeed, Inc. (NYSE: WOLF) partners with Rhombus Energy Solutions to enhance the EV infrastructure with Silicon Carbide MOSFETs in their EV2flex™ products. This collaboration aims to revolutionize bi-directional charging, enabling efficient power flow between vehicles and the grid, crucial for energy stability. Wolfspeed's advanced technology promises improved efficiency, higher power density, and faster charging capabilities, positioning it as a key player in the growing market for fast-charging EV solutions.