周五，全球碳化硅厂商Wolfspeed(WOLF.US)股价暴跌，截至发稿，该股跌超29%，报1.305美元。消息 面上，Wolfspeed近日发布最新公告，表示公司计划作为战略重组计划的一部分，于2025年9月29日前， 将公司注册地从北卡罗来纳州迁至特拉华州。该公司目前正处于第11章破产保护程序中，其在公告中警 告投资者，交易其证券具有高度投机性，股东可能面临重大亏损。 ...

Key Points Considering that the semiconductor maker is in the bankruptcy process, you can bet it's much less. On a brighter note, its reorganization plan has been accepted, and it should soon exit the proceedings. 10 stocks we like better than Wolfspeed › Is a recovery story in the works for Wolfspeed (NYSE: WOLF)? After all, the next-gen semiconductor maker says it'll soon emerge from Chapter 11 bankruptcy protection with a much cleaner balance sheet; it also faces a promising market for the silic ...

Group 1 - The Philadelphia Semiconductor Index fell over 2%, indicating a general decline in the semiconductor sector [1] - Most semiconductor stocks experienced losses, with Wolfspeed dropping over 9% and NXP Semiconductors declining over 6% [1] - Other notable declines included Arm down over 4%, and companies like Marvell Technology, TSMC, and Micron Technology each falling over 3% [1] Group 2 - Broadcom, AMD, and Qualcomm also saw declines, each dropping over 2.5% [1]

Group 1 - The company Shenzhen Huaqiang announced on September 25 that it provided a guarantee for Hong Kong Lianhui's payment obligations to Wolfspeed, Inc. and its affiliates, with the guarantee amount not exceeding 30 million USD, equivalent to approximately 213.35 million RMB [1][2] - The guarantee period is from September 25, 2025, to September 28, 2028, indicating a continued partnership between Hong Kong Lianhui and Wolfspeed [1] - Prior to this guarantee, the total external guarantee balance of the company and its subsidiaries was approximately 7.722 billion RMB, accounting for 110.98% of the latest audited net assets attributable to the parent company [2] Group 2 - After the new guarantee, the total external guarantee balance remains approximately 7.722 billion RMB, now accounting for 110.99% of the latest audited net assets attributable to the parent company [2] - The total available guarantee amount for the company and its subsidiaries is approximately 7.382 billion RMB, which is 106.09% of the latest audited net assets attributable to the parent company [2]

Core Viewpoint - Wolfspeed's recent earnings report showed a non-GAAP loss that missed estimates, with a slight year-over-year revenue decline, raising questions about future performance as the stock has seen a significant increase in value recently [1][2]. Financial Performance - For Q4 fiscal 2025, Wolfspeed reported a non-GAAP loss of 77 cents per share, missing the Zacks Consensus Estimate by 6.94%, compared to a loss of 89 cents per share in the same quarter last year [2]. - Revenues totaled $197 million, a decrease of 1.8% year-over-year, but exceeded the consensus estimate by 4.10% [2]. - The Mohawk Valley Fab contributed $94.1 million in revenues during the quarter [2]. Revenue Breakdown - Power Products accounted for 60.2% of total revenues, with revenues increasing 13.4% year-over-year to $118.6 million [3]. - Materials Products contributed 39.8% of revenues, but saw a decline of 18.4% year-over-year to $78.4 million [3]. Operating Metrics - The company reported a negative non-GAAP gross margin of 1%, down from 5.4% in the previous year, impacted by $23.6 million in underutilization costs [4]. - Sales, general, and administrative expenses were $36.1 million, representing 18.3% of total revenues, down 41.4% year-over-year [4]. - Research and development expenses decreased 37.3% year-over-year to $37.6 million, accounting for 19.1% of total revenues [5]. Balance Sheet and Cash Flow - As of June 29, 2025, Wolfspeed had cash and short-term investments of $955.4 million, down from $1.32 billion as of March 30, 2025 [6]. - Cash used in operating activities was $242.5 million for the quarter, compared to $142.1 million in the previous quarter [6]. - Free cash outflow was $454 million, significantly higher than the previous quarter's $167.7 million [6]. Analyst Sentiment - There have been no earnings estimate revisions from analysts in the past two months, indicating a period of stability in expectations [7]. Investment Scores - Wolfspeed currently has a poor Growth Score of F, a Momentum Score of A, and a Value Score of C, resulting in an aggregate VGM Score of D [8]. Outlook - Wolfspeed holds a Zacks Rank 3 (Hold), suggesting an expectation of an in-line return from the stock in the upcoming months [9].

Group 1 - Wolfspeed, Inc. has announced the commercial release of its 200mm silicon carbide (SiC) material product, marking a significant milestone in the transition from silicon to SiC technology [1][2] - The new 200mm wafers have improved specifications, including a thickness of 350µm, enhanced doping, and thickness uniformity, which are expected to increase MOSFET yields and reduce time to market [2] - The launch positions Wolfspeed to benefit from the growing demand for SiC in automotive, renewable energy, and industrial applications due to its superior efficiency and performance [3] Group 2 - Wolfspeed manufactures SiC semiconductors that are essential for powering and cooling data centers and servers used in AI applications, providing high energy efficiency and better performance [4] - The company's high-performance SiC chips are utilized in the power supply units of AI servers, which require higher voltage and temperature tolerance [4]

Core Viewpoint - Wolfspeed, Inc. (NYSE:WOLF) is experiencing significant stock decline amid concerns regarding its ability to exit bankruptcy, with a notable drop of 9.56% to close at $2.46 per share [1][3]. Group 1: Bankruptcy and Reorganization - Wolfspeed filed for Chapter 11 bankruptcy in June due to overwhelming debt, and its reorganization plan was officially approved by the court on September 8 [2]. - The company aims to reduce its debt load by approximately 70%, which is expected to enhance its strategic positioning [3]. Group 2: Management Statements - CEO Robert Feurle expressed optimism about reaching a critical milestone in the restructuring process, indicating that it paves the way for completing the reorganization in the coming weeks [3]. - The management believes that strengthening the capital structure will position Wolfspeed as a leader in its industry, particularly in silicon carbide, and will provide the financial flexibility to pursue strategic priorities [4].

Core Viewpoint - Wolfspeed is experiencing significant stock volatility, with shares fluctuating after a substantial gain last week, as investors assess the company's value post-bankruptcy [1]. Group 1: Bankruptcy and Debt Restructuring - Wolfspeed is expected to exit Chapter 11 bankruptcy within weeks, having received court approval to reduce its debt by $4.6 billion, which represents a 70% reduction in total debt and a 60% decrease in annual interest expenses [2]. - The bankruptcy reorganization will lead to the elimination of existing stock and the issuance of new shares, with only 3% to 5% of the new shares allocated to current common stockholders, while the majority will go to holders of convertible debt notes [4]. Group 2: Market Challenges - Despite the reduction in debt, Wolfspeed still faces challenges in its target market of electric vehicles, which is currently experiencing its own set of problems [5].

Core Viewpoint - Wolfspeed is currently undergoing Chapter 11 bankruptcy protection to restructure its significant debt burden, which has severely impacted its operational capabilities and growth prospects [6][9]. Financial Situation - As of June 29, Wolfspeed had $6.54 billion in long-term debt and $955.4 million in cash reserves [7]. - The company spent 43% of its revenues on interest fees in the latest quarterly report, limiting its ability to invest in innovation and growth [6]. - Under the Chapter 11 reorganization plan, Wolfspeed's debt will be reduced to $2 billion, and cash equivalents will increase to $1.3 billion, with quarterly interest payments expected to drop by over 60% [8]. Shareholder Impact - Current shareholders are projected to lose approximately 95% of their equity stake in the company as the restructuring shifts value to creditors [9].

Group 1 - Wolfspeed's shares increased by 5.8% amid a broader market decline, following a significant 115% surge over the past week due to news of its impending exit from Chapter 11 bankruptcy [1] - The bankruptcy court approved Wolfspeed's plan to eliminate $4.6 billion in debt, leading to a 70% reduction in total debt and a 60% decrease in annual interest expenses [2] - The company has received over 97% support from senior note holders and two-thirds of convertible note holders, anticipating a bankruptcy exit in a matter of weeks [3] Group 2 - Despite the positive developments regarding debt reduction, Wolfspeed faces challenges in the electric vehicle (EV) market, where sales are currently slowing [5] - The company's chips are well-suited for EV power requirements, but the recent decline in EV sales presents significant hurdles [5] - Investors are beginning to recognize these ongoing challenges, which may impact stock performance despite the recent euphoria surrounding the bankruptcy news [5]