NEW YORK, May 16, 2024 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Wolfspeed, Inc. ("Wolfspeed" or the "Company") (NYSE: WOLF). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980. The investigation concerns whether Wolfspeed and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. [Click here for information about joining the class action] On August 16, 2023, Wolf ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 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 ...

Wolfspeed (WOLF) reported a third-quarter fiscal 2024 non-GAAP loss of 62 cents per share, narrower than the Zacks Consensus Estimate of a loss of 64 cents per share but broader than the year-ago quarter’s loss of 34 cents per share.Revenues of $200.7 million increased 4.2% year over year but lagged the consensus mark by 0.39%. Mohawk Valley Fab contributed $28 million in revenues in the reported quarter.Power Products accounted for 50.9%, while Materials Products contributed 49.1%. Power Products revenues ...

Financial Data and Key Metrics Changes - The company generated $201 million in revenue for the quarter, a decline of 4% sequentially but an increase of 4% year-over-year [82] - Adjusted EPS was negative $0.62, slightly above the midpoint of guidance, impacted by underutilization costs and factory start-up costs related to The JP [85] - Non-GAAP gross margin for the third quarter was 15%, with expectations for the fourth quarter to range between 8% to 16% [91][96] Business Line Data and Key Metrics Changes - Mohawk Valley generated $28 million in revenue, more than double the previous quarter's total of $12 million, and is on track to achieve 20% wafer start utilization by June 2024 [38][49] - The materials business reported revenue of $99 million, marking the second highest quarter ever, driven by better-than-expected yields on 150 millimeter wafers [91] - EV device revenue increased approximately 48% year-over-year, with a significant shift in production capacity towards EV products due to strong demand [83][79] Market Data and Key Metrics Changes - The industrial and energy (I&E) market remains weaker than expected, primarily due to inventory buildups in Asian markets, impacting revenue and gross margins [50][79] - The company achieved approximately $2.8 billion in design-ins, with 80% for EV applications, marking the second highest total on record [54] - The backlog of design-wins now supports over 125 car models across more than 30 OEMs, providing revenue visibility for the foreseeable future [55] Company Strategy and Development Direction - The company is focused on ramping up Mohawk Valley and The JP facilities before considering new projects, with a clear operational roadmap to enhance shareholder value [29][30] - Capital expenditures are expected to peak in fiscal 2024 at approximately $2 billion, with a significant reduction anticipated in fiscal 2025 [70][71] - The company aims to achieve positive EBITDA by the end of fiscal 2025, with a long-term target of generating approximately $3 billion in annual revenue with over 40% EBITDA margins [76][77] Management's Comments on Operating Environment and Future Outlook - Management remains confident in long-term demand for silicon carbide, despite short-term challenges in the I&E market [100][104] - The transition from internal combustion engines to EVs is viewed as a significant opportunity, with the company well-positioned to capitalize on this shift [100][102] - Management expressed concerns about the competitive landscape, particularly regarding Chinese manufacturers, but noted that high-quality automotive-grade substrates remain a challenge for them [119] Other Important Information - The company has secured significant government support for its expansion plans, including potential funding from the CHIPS Act [37][73] - The JP facility is expected to be largely complete by the end of calendar 2024, which will allow for more flexible capital expenditures moving forward [75] - The company ended the quarter with over $2.5 billion in cash and liquidity, supporting its growth plans [93] Q&A Session All Questions and Answers Question: Concerns about Chinese competition in materials and devices - Management acknowledged that while there is significant investment in China, they believe Chinese manufacturers are still behind in producing high-quality automotive-grade substrates and devices [119] Question: Market share trends and outlook for Durham device revenue - Management reported strong design-in performance and significant growth in the EV sector, indicating no loss of market share despite supply constraints [123] - The outlook for Durham is expected to remain weak in the short term, with revenue projected to be around $60 million to $65 million for the next couple of quarters [124] Question: Conversion rate from design-ins to design-wins - Management noted that the design-ins remain strong, but there has been a moderation in design-wins, which investors should interpret as part of the normal business cycle [126]

Wolfspeed (WOLF) came out with a quarterly loss of $0.62 per share versus the Zacks Consensus Estimate of a loss of $0.64. This compares to loss of $0.13 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 3.12%. A quarter ago, it was expected that this maker of energy-efficient lighting would post a loss of $0.63 per share when it actually produced a loss of $0.55, delivering a surprise of 12.70%.Over the last four quarters, the ...

Exhibit 99.1 Wolfspeed Reports Financial Results for the Third Quarter of Fiscal Year 2024 Mohawk Valley Fab Revenue more than Doubled Sequentially; On Track for 20% Utilization in Fourth Quarter of Fiscal 2024 $2.8 Billion of Design-Ins, Second Highest Quarter on Record DURHAM, N.C. May 1, 2024 -- Wolfspeed, Inc. (NYSE: WOLF) today announced its results for the third quarter of fiscal 2024. Quarterly Financial Highlights (Continuing operations only. All comparisons are to the third quarter of fiscal 2023) ...

Activist Commentary: Jana is a very experienced activist investor founded in 2001 by Barry Rosenstein. The firm made its name taking deeply researched activist positions with well-conceived plans for long term value. Rosenstein called his activist strategy "V cubed." The three "Vs" were" (i) Value: buying at the right price; (ii) Votes: knowing whether you have the votes before commencing a proxy fight; and (iii) Variety of ways to win: having more than one strategy to enhance value and exit an investment. ...

Wolfspeed (WOLF) shares ended the last trading session 7.9% higher at $23.94. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 18.8% loss over the past four weeks.Wolfspeed has evolved into a pure-play silicon carbide provider through portfolio optimization initiatives that concluded with the sale of its RF business. It expects to be one of the top silicon carbide device suppliers over the next five years thanks to ...

Why Wolfspeed Stock Rallied 10% Today Bigc Studio / Shutterstock.com Wolfspeed (NYSE: WOLF) was one of the best performers on Wall Street today. The stock climbed as high as 10% to finally end the session just below $25 per share. While that’s still a far cry from its 52-week high of $70, Wolfspeed investors aren’t complaining after watching shares slashed in half year-to-date. The Durham, North Carolina-based company, whose silicon carbide technology is used in EVs around the world, is reportedly the tar ...

Scott Ostfeld, managing partner and portfolio manager with JANA Partners LLC., speaks during the 13D Monitor's Active-Passive Investor Summit in New York City, U.S., October 17, 2023.Activist investor Jana Partners has a built a "significant" position in semiconductor firm Wolfspeed and is calling on the company to resolve a "staggering erosion of shareholder value," up to and including a sale.The activist disclosed the position in a Monday letter to Wolfspeed's board viewed by CNBC, where it wrote that the ...