插播： 倒计时6天！ 三菱 电机、 意法半导体、Wolfspeed、三安半导体、天科合达、元山电子、 大族半导体、香港大学、长飞先进、宏微科技、利普思、昕感科技、国扬电子、国基南方、芯长征、合盛新材料、瀚天天成、芯研科、国瓷功能 材料、季华恒一等 邀您参加上海"电动交通&数字能源SiC技术应用及供应链升级大会"，点击文章底部 "阅读原文" 即可报名参会。 5月15日，"行家说三代半"将在上海召开"电动交通&数字能源SiC技术应用及供应链升级大会"，届时 三菱电机、意法半导体、Wolfspeed、三安半导 体 等众多领军企业也将在会议上公布最新成果，欢迎大家扫码参会： 英飞凌 英飞凌此次重点展示了多项碳化硅新 技术， 倍受业界瞩目： 5月6日至8日 ， PCIM Europe 2025在德国顺利举办。"行家说三代半"发现，本次展会上汇聚了众多SiC行业领军企业，其中英飞凌、博世、 Wolfspeed、罗姆半导体等企业展示了多项创新技术，引起了业界的高度关注。 全新CoolSiC™ JFET 该系列产品拥有极低的导通损耗、出色的关断能力和高可靠性，可在各种工业和汽车应用中实现可靠且高效的系统性能，包括固态断路器（ ...

Company Performance - Wolfspeed reported a quarterly loss of $0.72 per share, better than the Zacks Consensus Estimate of a loss of $0.82, but worse than a loss of $0.62 per share a year ago, indicating an earnings surprise of 12.20% [1] - The company posted revenues of $185.4 million for the quarter ended March 2025, missing the Zacks Consensus Estimate by 0.48%, and down from $200.7 million year-over-year [2] - Over the last four quarters, Wolfspeed has surpassed consensus EPS estimates three times, but has topped consensus revenue estimates only once [2] Stock Outlook - Wolfspeed shares have declined approximately 38.3% since the beginning of the year, compared to a decline of 4.3% for the S&P 500 [3] - The current consensus EPS estimate for the upcoming quarter is -$0.80 on revenues of $194.77 million, and for the current fiscal year, it is -$3.30 on revenues of $756.27 million [7] - The estimate revisions trend for Wolfspeed is currently unfavorable, resulting in a Zacks Rank 4 (Sell), indicating expected underperformance in the near future [6] Industry Context - The Semiconductor - Discretes industry, to which Wolfspeed belongs, is currently ranked in the bottom 15% of over 250 Zacks industries, suggesting a challenging environment [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which could impact Wolfspeed's stock performance [5]

Financial Data and Key Metrics Changes - The company generated revenue of $185 million in Q3 2025, which is in line with the guidance midpoint and represents a 2.2% sequential increase [19] - Non-GAAP gross margin was 2.2%, driven by contributions from Mohawk Valley, offset by lower utilization at the Durham 150mm device fab [20] - Adjusted EPS was negative $0.72 per share, exceeding the high end of the guidance range [20] - The company ended the quarter with over $1.3 billion in cash and liquidity, including $200 million from an equity offering and $192 million from tax refunds [22] Business Line Data and Key Metrics Changes - Power revenue reached $107 million, primarily driven by significant growth in automotive revenue, while industrial and energy revenues saw a slight decrease [19] - Materials revenue was $78 million, largely affected by slowing demand from materials customers across the device market [19] - Mohawk Valley contributed $78 million in revenue, showing a 50% sequential growth and over 175% year-over-year growth [12][19] Market Data and Key Metrics Changes - The company is actively engaged with customers on sampling 200mm materials and pursuing new contracts for 200mm wafer supply, indicating strong market engagement [12] - The transition to a fully automated 200mm manufacturing footprint is expected to enhance competitiveness in high-growth areas of the silicon carbide market [17] Company Strategy and Development Direction - The company aims to improve its capital structure and financial performance while focusing on silicon carbide technology as a long-term growth driver [13][14] - A strategic decision has been made to exit the 150mm device market, aligning the company to pursue growth in high-value verticals [17] - The company is targeting a reduction in its non-GAAP EBITDA breakeven point to approximately $800 million annually [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strategic direction and potential for long-term growth under new leadership [27] - The focus will be on reaccelerating revenue growth and enhancing profitability through operational excellence and quality assurance [9][10] - Management acknowledged the challenges but emphasized that actions taken are designed to position the company for growth and success [18] Other Important Information - The company is undergoing a restructuring process, with projected restructuring charges of $400 million to $450 million for fiscal 2025 [21] - The company has engaged external experts to identify additional cost-saving measures beyond current initiatives [14] Summary of Q&A Session - No questions were taken during the conference call, as stated by the operator [5]

Financial Data and Key Metrics Changes - The company generated revenue of $185 million in Q3 2025, which is in line with guidance and represents a 2.2% sequential increase [18] - Non-GAAP gross margin was 2.2%, driven by contributions from Mohawk Valley, offset by lower utilization at the Durham 150mm device fab [19] - Adjusted EPS was negative $0.72 per share, exceeding the high end of the guidance range [19] - The company ended the quarter with over $1.3 billion in cash and liquidity, boosted by a $192 million cash tax refund [21][22] Business Line Data and Key Metrics Changes - Power revenue reached $107 million, primarily driven by significant growth in automotive revenue, slightly offset by decreases in industrial and energy revenues [18] - Materials revenue was $78 million, largely due to slowing demand from materials customers across the device market [18] - Mohawk Valley contributed $78 million, showing a 50% sequential growth and over 175% year-over-year growth [19] Market Data and Key Metrics Changes - The company is actively engaged with customers on sampling 200mm materials and pursuing new contracts for 200mm wafer supply, indicating strong market engagement [11] - The transition to 200mm manufacturing is expected to result in lower costs and higher quality wafers, aligning with high-growth areas of the silicon carbide market [15] Company Strategy and Development Direction - The company is focused on improving its capital structure and financial performance, with a target of achieving approximately $200 million of positive unlevered operating cash flow in fiscal 2026 [16] - The strategic decision to transition to a pure play 200mm silicon carbide producer is aimed at reducing operating expenditures and accelerating the path to profitability [15][27] - The company is pursuing opportunities in specialized markets such as AI data centers, energy storage, EVs, and aerospace and defense [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strategic direction and potential for long-term growth under new leadership [25] - The company is committed to returning to core innovation and focusing on technologies where silicon carbide delivers the greatest impact [26] - Management acknowledged the challenges faced but emphasized that actions taken are designed to position the company for growth and success [17] Other Important Information - The company is undergoing significant restructuring, including a 30% reduction in the senior leadership team and a 25% reduction in total company employment [20] - Restructuring charges for fiscal 2025 are projected at $400 million to $450 million, with $57 million incurred in the latest quarter [20] - The company is in the final stages of transitioning to 200mm manufacturing and simplifying its operational footprint [14] Q&A Session Summary - No questions were taken during the conference call, as noted in the initial remarks [4]

Exhibit 99.1 Wolfspeed Reports Financial Results for the Third Quarter of Fiscal Year 2025 DURHAM, N.C. May 8, 2025 -- Wolfspeed, Inc. (NYSE: WOLF) today announced its results for the third quarter of fiscal 2025. Quarterly Financial Highlights (Continuing operations only. All comparisons are to the third quarter of fiscal 2024.) "At the beginning of the year, the Company outlined a plan focused on strengthening our capital structure, improving our path to profitability, and raising cost effective capital t ...

Core Viewpoint - Wolfspeed (WOLF) is expected to report a non-GAAP net loss for the third quarter of fiscal 2025, with revenues anticipated to decline compared to the previous year [1][2][3]. Financial Expectations - WOLF forecasts a non-GAAP net loss between 76 cents and 88 cents per share for Q3 fiscal 2025, with revenues expected to range from $170 million to $200 million [1]. - The Zacks Consensus Estimate for revenues is set at $186.3 million, indicating a 7.17% decline from the same quarter last year [2]. Performance Analysis - WOLF has surpassed the Zacks Consensus Estimate in three of the last four quarters, with an average surprise of 3.25% [2]. - The company reported a loss of 62 cents per share in the same quarter last year [1]. Market Factors - The fiscal third-quarter performance is anticipated to be impacted by weak Materials Products revenue due to sluggish end-market demand and elevated inventory levels [3]. - Despite challenges, WOLF maintains a strong position in the semiconductor market, particularly in the electric vehicle (EV) and high-voltage power sectors [3]. Growth Drivers - WOLF's EV revenues have shown robust growth, with approximately 92% year-over-year increase in the fiscal second quarter, and this momentum is expected to continue into the third quarter [4]. - The company anticipates increased revenue contributions from its Mohawk Valley facility, targeting between $55 million and $75 million as production ramps up [4].

Core Viewpoint - Wolfspeed has experienced significant stock volatility due to short-squeeze events and is focusing on improving its capital structure and cost-cutting measures while facing challenges in revenue and debt management [2][7][8]. Company Performance - Wolfspeed's stock price has dropped over 80% in the past two years, with a steady decline in revenue since 2016, although there has been some growth since 2020 [4]. - The company currently has a high debt burden exceeding $4 billion, which raises concerns about its financial stability if cash flow issues persist [7]. Financial Guidance - The company has reaffirmed its revenue guidance for 2025, expecting revenues between $170 million and $200 million, with gross margins projected between -3% and 7% [9]. - Earnings per share are anticipated to range from -$0.88 to $0.76, with potential volatility based on deviations from these estimates [11]. Operational Developments - Wolfspeed is undergoing a restructuring plan that includes a 20% workforce reduction and aims to achieve $200 million in revenue by fiscal year 2026 [13]. - The company is also speculated to receive $750 million in funding from the CHIPS Act, although this has not yet been approved [15][16]. Market Position and Future Prospects - The Mohawk Valley wafer plant is seen as a growth engine, with last quarter revenues of $52 million and expected revenues between $5.5 billion and $7.5 billion for the upcoming quarter, heavily reliant on the electric vehicle market [11]. - Wolfspeed's stock has shown bullish momentum, with potential to reach the $6 mark, indicating a favorable technical setup despite ongoing challenges [21].

Core Viewpoint - Wolfspeed, a company focused on silicon carbide semiconductors, has experienced significant stock volatility due to short-seller squeezes and is facing challenges related to its financial performance and debt levels [1][3][5]. Financial Performance - Wolfspeed's stock price has dropped over 80% in the past two years, with a steady decline in revenue since 2016, although there has been some growth since 2020 [3]. - The company has a high debt burden exceeding $4 billion, which could become problematic if free cash flow remains negative [5]. - If cash consumption continues, Wolfspeed may need to raise additional funds by 2026, potentially leading to shareholder dilution [7]. Recent Developments - The company recently dismissed its CFO, which the market viewed positively, and has plans to improve its capital structure and reduce costs [8]. - Wolfspeed reaffirmed its revenue guidance for 2025, expecting revenues between $170 million and $200 million, with gross margins projected between -3% and 7% [9]. - Earnings per share are anticipated to range from -$0.88 to $0.76 [11]. Growth Drivers - The Mohawk Valley wafer plant generated $52 million in revenue last quarter, with expectations of $5.5 billion to $7.5 billion in the upcoming quarter, making it a key growth driver reliant on the electric vehicle market [12]. - The completion of the $5 billion Siler City plant in North Carolina is expected to be a significant milestone for the company [12]. Cost Management and Future Plans - Wolfspeed aims to achieve $200 million in revenue by FY 2026 and plans to implement a cost-cutting strategy that includes a 20% reduction in workforce [13]. - There is speculation regarding the company's potential to secure $750 million in funding from the CHIPS Act, although approval is still pending [14][15]. Market Sentiment - The stock has a high short interest of about 40%, but recent developments have led to a significant price increase of over 50% last month [8]. - Analysts are cautious about long-term investments in Wolfspeed, but the upcoming earnings report could trigger further price movements, with a potential target of $6, representing over a 20% increase from current levels [19].

James Foord is an economist by trade and has been analyzing global markets for the past decade. He leads the investing group The Pragmatic Investor where the focus is on building robust and truly diversified portfolios that will continually preserve and increase wealth.Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, but may initiate a beneficial Long position through a purchase of the stock, or the purchase of call options or similar derivat ...

Market Reaction - Semiconductor stocks experienced significant declines, with Wolfspeed dropping 14.6%, NXP Semiconductors down 6.6%, and Rambus falling 4.7% [1] - Other notable declines include ON Semiconductor at 2.4%, Supermicro at 2.3%, and Micron Technology at 1.67% [1] Government Policy Impact - The Trump administration is reportedly working on modifying a rule from the Biden era that restricts most countries from accessing U.S.-designed AI chips [1] - The proposed changes may involve replacing the current tiered system with intergovernmental agreements [1]