Wolfspeed Inc Stock Price, News & Analysis

Wolfspeed, Inc. (NYSE: WOLF) announced it plans to offer $1.3 billion in Convertible Senior Notes due 2029 in a private offering to qualified institutional buyers. An additional $200 million may be available through an option granted to initial purchasers. The Notes will be unsecured, with interest paid semi-annually, and can be converted into cash, shares, or a combination. Proceeds will fund capped call transactions and general corporate purposes. The offering is subject to market conditions, and no registration under the Securities Act is planned.

On November 9, 2022, AMP announced the integration of Wolfspeed's E-Series Silicon Carbide MOSFETs into its Energy Management Unit, enhancing battery performance and charging efficiency. This collaboration focuses on optimizing costs and improving user experience in electric mobility. AMP's Energy Management Unit will feature ultra-fast DC charging capabilities, enhancing scalability and charging control. Wolfspeed highlighted the growth potential of Silicon Carbide technology in the automotive sector, facilitating deployment in both 400V and 800V systems.

Wolfspeed has partnered with AMP to integrate its E-Series Silicon Carbide MOSFETs into AMP's Energy Management Unit for e-mobility. This collaboration aims to enhance battery performance and reduce costs. The use of Wolfspeed's technology enables improved power density, platform scalability, and charging control. The energy management solution incorporates ultra-fast DC charging capabilities, optimizing the charging experience for electric vehicles. This integration supports Wolfspeed's growth in the automotive sector and expands its automotive-qualified product portfolio.

Jaguar Land Rover has announced a strategic partnership with Wolfspeed (NYSE:WOLF) to supply advanced Silicon Carbide semiconductors for its next generation electric vehicles. This initiative is part of the company's Reimagine strategy aimed at transitioning to an electric-first business and achieving carbon net zero by 2039. The new technology will enhance powertrain efficiency and extend the driving range, with the first models expected in 2024. This partnership builds on an existing relationship in racing, indicating a strong commitment to innovation and sustainability.

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.