Wolfspeed Inc (NYSE: WOLF) has received court approval for its Chapter 11 reorganization plan and is set to exit bankruptcy protection in the coming weeks. The announcement sent the company's share pr... ...

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SUQIAN, CHINA - MAY 9, 2025 - An illustration photo shows the Wolfspeed LOGO displayed in a smartphone in Suqian City, Jiangsu Province, China on May 9, 2025. (Photo credit should read CFOTO/Future Publishing via Getty Images)CFOTO/Future Publishing via Getty Images Wolfspeed (NYSE: WOLF) shares surged 60% in extended trading on September 9 following court approval of its Chapter 11 reorganization plan. The silicon carbide leader, now at $1.24 and down more than 80% year-to-date, gained creditor support fro ...

DURHAM, N.C.--(BUSINESS WIRE)--Wolfspeed, Inc. (NYSE: WOLF), a global leader in silicon carbide technologies, today announced that the Company has received Court approval of its Plan of Reorganization. Wolfspeed expects to emerge from Chapter 11 protection in the next several weeks. Upon emergence, Wolfspeed expects to reduce its debt by approximately 70%, better positioning the Company to execute on its strategic priorities with a relentless focus on innovation. "We are pleased to reach this i. ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended June 29, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-40863 WOLFSPEED, INC. (Exact name of registrant as specified in its charter) North Carolina 56-1572719 (State or other ...

Key Takeaways Wolfspeed's Q4 results reflected weaker demand and missed earnings expectations.Revenue mix shifted, with Power Products gaining while Materials Products declined.Rising costs and lower margins drove a wider operating loss for the quarter.Wolfspeed (WOLF) reported a fourth-quarter fiscal 2025 non-GAAP loss of 77 cents per share, which missed the Zacks Consensus Estimate by 6.94%. The company reported a loss of 89 cents per share in the year-ago quarter.Revenues of $197 million decreased 1.8% y ...

Company Performance - Wolfspeed reported a quarterly loss of $0.77 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.72, but an improvement from a loss of $0.89 per share a year ago, indicating a -6.94% earnings surprise [1] - The company posted revenues of $197 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 4.10%, although this represents a decline from year-ago revenues of $200.7 million [2] - Over the last four quarters, Wolfspeed has surpassed consensus EPS estimates three times and topped consensus revenue estimates two times [2] Stock Performance - Wolfspeed shares have declined approximately 79.4% since the beginning of the year, contrasting with the S&P 500's gain of 10% [3] - The current Zacks Rank for Wolfspeed is 3 (Hold), indicating that the shares are expected to perform in line with the market in the near future [6] Future Outlook - The current consensus EPS estimate for the upcoming quarter is -$0.68 on revenues of $193.29 million, and for the current fiscal year, it is -$2.46 on revenues of $837.1 million [7] - The outlook for the semiconductor industry, where Wolfspeed operates, is currently in the top 42% of over 250 Zacks industries, suggesting a favorable environment for stock performance [8]

Executive Summary & Company Overview Wolfspeed reported declining revenue and significant GAAP losses for FY25, with the CEO expressing confidence in future leadership in silicon carbide technology, while navigating Chapter 11 reorganization [Quarterly & Full Fiscal Year Financial Highlights](index=1&type=section&id=1.1%20Quarterly%20%26%20Full%20Fiscal%20Year%20Financial%20Highlights) Wolfspeed reported a decline in consolidated revenue for both Q4 and the full fiscal year 2025 compared to 2024, with GAAP gross margin and EPS worsening significantly due to substantial losses | Metric | Q4 FY25 (Millions $) | Q4 FY24 (Millions $) | YoY Change (%) | FY25 (Millions $) | FY24 (Millions $) | YoY Change (%) | | :-------------------------------- | :------------------ | :------------------ | :-------------- | :---------------- | :---------------- | :-------------- | | **Consolidated Revenue** | $197 | $201 | -2.0% | $758 | $807 | -6.1% | | Mohawk Valley Fab Revenue | $94.1 | $41 | +129.5% | N/A | N/A | N/A | | **GAAP Gross Margin** | (13)% | 1% | -14 pp | (16)% | 10% | -26 pp | | **Non-GAAP Gross Margin** | (1)% | 5% | -6 pp | 2% | 13% | -11 pp | | Underutilization Costs | $23.6 | $24.0 | -1.7% | $105.2 | $124.4 | -15.4% | | **GAAP Loss Per Share** | ($4.30) | ($1.39) | +209.4% | ($11.39) | ($4.56) | +149.8% | | **Non-GAAP Loss Per Share** | ($0.77) | ($0.89) | -13.5% | ($3.32) | ($2.59) | +28.2% | [CEO Statement & Strategic Outlook](index=1&type=section&id=1.2%20CEO%20Statement%20%26%20Strategic%20Outlook) CEO Robert Feurle expressed strong confidence in Wolfspeed's market position, highlighting its world-class greenfield facility, vertically integrated footprint, strengthened leadership, and robust IP portfolio as key differentiators for global leadership in silicon carbide technology - CEO Robert Feurle is confident in Wolfspeed's position to be the global leader in silicon carbide technology, citing its world-class greenfield and vertically integrated facility, recent senior leadership additions, and robust IP portfolio[4](index=4&type=chunk) - The next important milestone is court approval of the Plan of Reorganization and emergence from Chapter 11 with a much stronger financial structure[4](index=4&type=chunk) [About Wolfspeed, Inc.](index=1&type=section&id=1.3%20About%20Wolfspeed%2C%20Inc.) Wolfspeed, Inc. is a market leader in silicon carbide technologies, pioneering advanced semiconductor technology for various applications including silicon carbide material, Power Modules, Discrete Power Devices, and Power Die Products, aiming to enable disruptive innovations globally - Wolfspeed leads the market in silicon carbide technologies, powering disruptive innovations globally[5](index=5&type=chunk) - The company's product offerings include silicon carbide material, Power Modules, Discrete Power Devices, and Power Die Products[5](index=5&type=chunk) GAAP Financial Statements Wolfspeed's GAAP statements show substantial FY25 net losses from goodwill impairment, increased liabilities, and significant cash usage [Condensed Consolidated Statements of Operations](index=4&type=section&id=2.1%20Condensed%20Consolidated%20Statements%20of%20Operations) Wolfspeed reported a significant increase in net loss for both the fourth quarter and the full fiscal year 2025, primarily driven by a substantial goodwill impairment charge and increased restructuring and other expenses | Metric (Millions $) | Q4 FY25 | Q4 FY24 | FY25 | FY24 | | :------------------ | :------ | :------ | :--- | :--- | | Revenue, net | $197.0 | $200.7 | $757.6 | $807.2 | | Cost of revenue, net | $222.7 | $198.3 | $879.2 | $729.8 | | Gross (loss) profit | ($25.7) | $2.4 | ($121.6) | $77.4 | | Gross margin percentage | (13)% | 1% | (16)% | 10% | | Operating loss | ($581.6) | ($145.9) | ($1,329.2) | ($445.3) | | Net loss from continuing operations | ($669.3) | ($174.9) | ($1,609.2) | ($573.6) | | Net loss | ($669.3) | ($174.9) | ($1,609.2) | ($864.2) | | Basic and diluted loss per share (Continuing operations) | ($4.30) | ($1.39) | ($11.39) | ($4.56) | - Goodwill impairment of **$359.2 million** was recognized in both Q4 and the full fiscal year 2025, significantly impacting operating loss[14](index=14&type=chunk) - Restructuring and other expenses increased substantially to **$122.8 million** in Q4 FY25 (from $6.2 million in Q4 FY24) and **$417.6 million** for FY25 (from $20.6 million in FY24)[14](index=14&type=chunk) [Condensed Consolidated Balance Sheets](index=5&type=section&id=2.2%20Condensed%20Consolidated%20Balance%20Sheets) As of June 29, 2025, Wolfspeed's total assets decreased, primarily due to a significant reduction in cash and cash equivalents and the impairment of goodwill, while total liabilities increased dramatically, leading to a negative total shareholders' equity | Metric (Millions $) | June 29, 2025 | June 30, 2024 | YoY Change (%) | | :------------------ | :------------ | :------------ | :------------- | | Total assets | $6,854.4 | $7,984.6 | -14.2% | | Cash, cash equivalents, and short-term investments | $955.4 | $2,174.6 | -56.1% | | Goodwill | $0 | $359.2 | -100.0% | | Total current liabilities | $7,090.0 | $665.3 | +965.7% | | Current maturity on long-term borrowings | $6,538.0 | $0 | N/A | | Total long-term liabilities | $211.5 | $6,437.2 | -96.7% | | Total liabilities | $7,301.5 | $7,102.5 | +2.8% | | Total shareholders' equity | ($447.1) | $882.1 | -150.7% | - The company's goodwill was fully impaired, reducing its value from **$359.2 million** to zero[16](index=16&type=chunk) - A significant increase in current maturity on long-term borrowings to **$6,538.0 million** from zero in the prior year indicates a reclassification of debt, contributing to the negative shareholders' equity[16](index=16&type=chunk) [Consolidated Statements of Cash Flows](index=6&type=section&id=2.3%20Consolidated%20Statements%20of%20Cash%20Flows) Wolfspeed continued to use significant cash in operating and investing activities for fiscal year 2025, though investing cash outflow decreased compared to FY24, leading to a substantial decrease in the cash balance despite cash provided by financing activities | Metric (Millions $) | FY25 | FY24 | YoY Change (%) | | :-------------------------------------- | :----- | :----- | :------------- | | Net cash used in operating activities | ($711.7) | ($725.6) | -1.9% | | Net cash used in investing activities | ($268.1) | ($1,943.3) | -86.2% | | Cash provided by financing activities | $400.1 | $1,958.0 | -79.6% | | Net change in cash and cash equivalents | ($578.7) | ($711.1) | -18.6% | | Cash and cash equivalents, end of period | $467.2 | $1,045.9 | -55.4% | - Purchases of property and equipment decreased significantly from **$2,274.0 million** in FY24 to **$1,271.4 million** in FY25[19](index=19&type=chunk) - Proceeds from long-term debt borrowings decreased from **$2,000.0 million** in FY24 to **$240.0 million** in FY25[19](index=19&type=chunk) Product Line Revenue Wolfspeed's FY25 total revenue declined, primarily due to Materials Products, though Q4 Power Products revenue increased | Product Line (Millions $) | Q4 FY25 | Q4 FY24 | YoY Change (%) | FY25 | FY24 | YoY Change (%) | | :------------------------ | :------ | :------ | :------------- | :--- | :--- | :------------- | | Power Products | $118.6 | $104.6 | +13.4% | $414.0 | $415.6 | -0.4% | | Materials Products | $78.4 | $96.1 | -18.4% | $343.6 | $391.6 | -12.3% | | Total | $197.0 | $200.7 | -1.8% | $757.6 | $807.2 | -6.1% | Non-GAAP Financial Measures & Reconciliations Wolfspeed uses non-GAAP measures to clarify core operational performance by excluding non-cash and non-recurring items, showing improved metrics [Introduction to Non-GAAP Measures](index=7&type=section&id=4.1%20Introduction%20to%20Non-GAAP%20Measures) Wolfspeed uses various non-GAAP financial measures, including non-GAAP gross margin, operating loss, net loss, diluted loss per share, EBITDA, adjusted EBITDA, and free cash flow, to provide investors with additional insights into the company's core performance and underlying trends, supplementing GAAP results - Wolfspeed utilizes non-GAAP measures to offer additional information for analyzing core performance and underlying trends, supplementing GAAP results[6](index=6&type=chunk)[21](index=21&type=chunk)[24](index=24&type=chunk) - Non-GAAP measures presented include non-GAAP gross margin, operating loss, non-operating (expense) income, net, net loss, diluted loss per share, EBITDA, adjusted EBITDA, and free cash flow[21](index=21&type=chunk) [Rationale for Non-GAAP Adjustments](index=7&type=section&id=4.2%20Rationale%20for%20Non-GAAP%20Adjustments) Wolfspeed excludes specific items from its non-GAAP measures, such as stock-based compensation, acquisition-related intangibles amortization, asset and goodwill impairments, gains/losses on property disposal, write-offs of deferred financing costs, pre-petition charges, legal settlements, customs matters, project/transformation/transaction costs, restructuring/facility closure costs, executive severance, debt-related amortization, Wafer Supply Agreement losses, and equity investment gains, because these are considered non-cash, non-recurring, or not reflective of ongoing core operating performance - Stock-based compensation is excluded as a non-cash expense not used to evaluate core operating performance[25](index=25&type=chunk) - Goodwill impairment of **$359.2 million** and asset impairment charges are excluded as they are not reflective of ongoing operating results[27](index=27&type=chunk)[28](index=28&type=chunk) - Restructuring and facility closure costs, pre-petition charges, and write-off of deferred financing costs are excluded due to their non-recurring nature and direct relation to the 2025 Restructuring Plan and Chapter 11 Cases[30](index=30&type=chunk)[31](index=31&type=chunk)[35](index=35&type=chunk) [Non-GAAP Gross Margin Reconciliation](index=10&type=section&id=4.3%20Non-GAAP%20Gross%20Margin%20Reconciliation) For fiscal year 2025, Wolfspeed's GAAP gross loss of ($121.6) million was adjusted by adding back $36.9 million for stock-based compensation and $97.1 million for restructuring and facility closure costs, resulting in a non-GAAP gross profit of $12.4 million | Metric (Millions $) | Q4 FY25 | Q4 FY24 | FY25 | FY24 | | :------------------ | :------ | :------ | :--- | :--- | | GAAP gross (loss) profit | ($25.7) | $2.4 | ($121.6) | $77.4 | | Stock-based compensation expense | $9.7 | $8.5 | $36.9 | $28.5 | | Restructuring and facility closure costs | $14.6 | $0 | $97.1 | $0 | | Non-GAAP gross profit | ($1.4) | $10.9 | $12.4 | $105.9 | | GAAP gross margin percentage | (13)% | 1% | (16)% | 10% | | Non-GAAP gross margin percentage | (1)% | 5% | 2% | 13% | [Non-GAAP Operating Loss Reconciliation](index=10&type=section&id=4.4%20Non-GAAP%20Operating%20Loss%20Reconciliation) Wolfspeed's GAAP operating loss of ($1,329.2) million for FY25 was significantly reduced to a non-GAAP operating loss of ($406.3) million after adding back total adjustments of $922.9 million, which included goodwill impairment, restructuring costs, stock-based compensation, and asset impairment | Metric (Millions $) | Q4 FY25 | Q4 FY24 | FY25 | FY24 | | :------------------ | :------ | :------ | :--- | :--- | | GAAP operating loss | ($581.6) | ($145.9) | ($1,329.2) | ($445.3) | | Total stock-based compensation expense | $10.6 | $21.0 | $73.3 | $84.9 | | Goodwill impairment | $359.2 | $0 | $359.2 | $0 | | Total restructuring and other costs | $54.5 | $0 | $232.0 | $0 | | Asset impairment | $15.0 | $0 | $170.2 | $0 | | Total adjustments to GAAP operating loss | $487.6 | $27.0 | $922.9 | $104.3 | | Non-GAAP operating loss | ($94.0) | ($118.9) | ($406.3) | ($341.0) | [Non-GAAP Non-Operating (Expense) Income Reconciliation](index=11&type=section&id=4.5%20Non-GAAP%20Non-Operating%20%28Expense%29%20Income%20Reconciliation) For fiscal year 2025, Wolfspeed's GAAP non-operating expense of ($289.7) million was adjusted to ($199.6) million non-GAAP, primarily by adding back amortization of discount and debt issuance costs, loss on Wafer Supply Agreement, and write-off of deferred financing costs, while subtracting gain on equity investment | Metric (Millions $) | Q4 FY25 | Q4 FY24 | FY25 | FY24 | | :-------------------------------------- | :------ | :------ | :--- | :--- | | GAAP non-operating expense, net | ($97.8) | ($28.5) | ($289.7) | ($127.2) | | Gain on equity investment | ($31.8) | ($11.2) | ($22.6) | ($18.5) | | Amortization of discount and debt issuance costs, net | $14.3 | $6.8 | $48.8 | $28.4 | | Loss on Wafer Supply Agreement | $0 | $4.9 | $9.2 | $25.3 | | Write-off of deferred financing cost | $54.7 | $0 | $54.7 | $0 | | Non-GAAP non-operating expense, net | ($60.6) | ($28.0) | ($199.6) | ($84.3) | [Non-GAAP Net Loss & Diluted Loss Per Share Reconciliation](index=11&type=section&id=4.6%20Non-GAAP%20Net%20Loss%20%26%20Diluted%20Loss%20Per%20Share%20Reconciliation) Wolfspeed's GAAP net loss from continuing operations of ($1,609.2) million for FY25 was adjusted to a non-GAAP net loss of ($469.0) million, reflecting total adjustments of $1,013.0 million before income taxes and an income tax adjustment benefit of $127.2 million | Metric (Millions $) | Q4 FY25 | Q4 FY24 | FY25 | FY24 | | :-------------------------------------- | :------ | :------ | :--- | :--- | | GAAP net loss from continuing operations | ($669.3) | ($174.9) | ($1,609.2) | ($573.6) | | Total adjustments to GAAP net loss before provision for income taxes | $524.8 | $27.5 | $1,013.0 | $147.2 | | Income tax adjustment - benefit | $24.7 | $35.4 | $127.2 | $100.5 | | Non-GAAP net loss | ($119.8) | ($112.0) | ($469.0) | ($325.9) | | Non-GAAP diluted loss per share | ($0.77) | ($0.89) | ($3.32) | ($2.59) | [Adjusted EBITDA Reconciliation](index=12&type=section&id=4.7%20Adjusted%20EBITDA%20Reconciliation) For fiscal year 2025, Wolfspeed's GAAP net loss of ($1,609.2) million was reconciled to an Adjusted EBITDA of ($210.9) million, with key adjustments including adding back depreciation and amortization, interest expense, stock-based compensation, goodwill impairment, and restructuring costs | Metric (Millions $) | Q4 FY25 | Q4 FY24 | FY25 | FY24 | | :-------------------------------------- | :------ | :------ | :--- | :--- | | GAAP net loss | ($669.3) | ($174.9) | ($1,609.2) | ($573.6) | | EBITDA (Non-GAAP) | ($543.2) | ($94.4) | ($1,119.2) | ($280.2) | | Stock based compensation | $10.6 | $21.0 | $73.3 | $84.9 | | Goodwill impairment | $359.2 | $0 | $359.2 | $0 | | Restructuring and facility closure costs | $46.8 | $0 | $177.3 | $0 | | Adjusted EBITDA (Non-GAAP) | ($40.7) | ($73.9) | ($210.9) | ($162.5) | [Free Cash Flow](index=9&type=section&id=4.8%20Free%20Cash%20Flow) Wolfspeed defines free cash flow as operating cash flows from continuing operations less net purchases of property and equipment and patent and licensing rights, reporting a negative free cash flow of ($1,748.0) million for fiscal year 2025 - Free cash flow is defined as operating cash flows from continuing operations, less net purchases of property and equipment and patent and licensing rights[43](index=43&type=chunk) | Metric (Millions $) | Q4 FY25 | Q4 FY24 | FY25 | FY24 | | :-------------------------------------- | :------ | :------ | :--- | :--- | | Net cash used in operating activities | ($242.5) | ($239.5) | ($711.7) | ($671.3) | | Less: PP&E spending, net of reimbursements | ($210.1) | ($644.2) | ($1,031.0) | ($2,095.5) | | Less: Patents spending | ($1.4) | ($1.6) | ($5.3) | ($5.9) | | Total free cash flow | ($454.0) | ($885.3) | ($1,748.0) | ($2,772.7) | Forward-Looking Statements & Risks Forward-looking statements are subject to significant risks, particularly from Chapter 11 Cases, global economy, and operational challenges - Forward-looking statements are inherently uncertain and subject to risks that may cause actual results to differ materially[9](index=9&type=chunk) - Key risks include those related to the Chapter 11 Cases, such as plan approval, effects on stakeholders, liquidity, ability to retain key personnel, administrative and legal costs, and potential delisting of common stock[9](index=9&type=chunk) - Other significant risks involve ongoing uncertainty in global economic and geopolitical conditions, expansion plans, production difficulties, market development, supply chain complexities, and the substantial doubt about Wolfspeed's ability to continue as a going concern[9](index=9&type=chunk)[10](index=10&type=chunk) Cautionary Note Regarding Common Stock Trading Wolfspeed's common stock during Chapter 11 Cases is highly speculative and risky, with no assurance of active market or recovery - Trading in Wolfspeed's common stock during the Chapter 11 Cases is highly speculative and poses substantial risks[11](index=11&type=chunk) - Trading prices may bear little or no relationship to the actual recovery by holders of common stock in the Chapter 11 Cases, with no assurance of liquidity or favorable selling prices[11](index=11&type=chunk) Contact Information For investor relations inquiries, Tyler Gronbach, Vice President of External Affairs, can be contacted via phone or email - Contact Tyler Gronbach, Vice President of External Affairs, for investor relations at **919-407-4820** or investorrelations@wolfspeed.com[52](index=52&type=chunk)

半导体板块拉升，Wolfspeed涨超11%，纳微半导体涨近9%，AMD、安森美半导体、美光科技涨超 3%，英伟达涨超2%，德州仪器、博通涨超1.8%。消息面上，美国总统特朗普宣布将对进口到美国的半 导体芯片"征收100%关税"，但不包含有在美国设厂的企业。(格隆汇) ...

Core Viewpoint - Wolfspeed's stock has experienced significant volatility and gains, primarily driven by speculative momentum and broader chip industry news, despite the company's ongoing bankruptcy proceedings [1][4]. Group 1: Stock Performance - Wolfspeed's stock gained 8.4% in a single trading day, with an early peak increase of 22.9% [1]. - Since the announcement of its Chapter 11 bankruptcy at the end of June, the stock price has surged by 273% [2]. Group 2: Market Context - The recent bullish momentum in tech stocks, particularly following Nvidia's licensing approval for its H20 processors in China, has not directly influenced Wolfspeed's investment outlook [4]. - The volatility in Wolfspeed's stock is attributed to speculative trading rather than specific business developments [4][5]. Group 3: Bankruptcy Proceedings - Wolfspeed is currently navigating bankruptcy proceedings, which can lead to significant valuation fluctuations even without relevant news [5]. - The restructuring process may result in the stock being delisted from the New York Stock Exchange, with existing shareholders potentially receiving only 3% to 5% of the new company's value [6].