Wolfspeed, Inc. is an innovator of wide bandgap semiconductors, focused on silicon carbide and gallium nitride (GaN) materials and devices for power ...
Wolfspeed, Inc. is a public semiconductor technology company headquartered at 4600 Silicon Drive in Durham, North Carolina. Founded in 1987 by a group including John Edmond, John Palmour, F. Neal Hunter, Eric Hunter, and Calvin H. Carter Jr., the company was historically known as Cree before adopting the Wolfspeed name. ...Wolfspeed, Inc. is a public semiconductor technology company headquartered at 4600 Silicon Drive in Durham, North Carolina. Founded in 1987 by a group including John Edmond, John Palmour, F. Neal Hunter, Eric Hunter, and Calvin H. Carter Jr., the company was historically known as Cree before adopting the Wolfspeed name. Its strategic identity is centered on wide-bandgap semiconductors, which can operate at higher voltages, temperatures, switching frequencies, and power densities than many conventional silicon-based components. These characteristics make the technology important for improving energy efficiency and reducing system size in electrification and high-power applications.
The company’s portfolio includes silicon carbide substrates and materials, including larger-format 200mm wafers, as well as SiC power devices, power modules, and radio-frequency products. Its products are designed for electric-vehicle traction inverters, charging infrastructure, renewable-energy generation, grid systems, industrial power supplies, energy storage, data-center power conversion, 5G communications, aerospace, and defense. Wolfspeed’s materials business supplies the foundational SiC wafers and related materials used by semiconductor manufacturers, while its device business converts these materials into components that can be integrated into power-management and RF systems. The company’s emphasis on 200mm SiC manufacturing is intended to increase wafer output and improve manufacturing economics through larger production formats.
Wolfspeed’s customers and end markets generally require high reliability, long qualification cycles, and substantial technical support. Its value proposition is based on lower power losses, improved thermal performance, faster switching, and potentially smaller or lighter system designs. However, the business is capital intensive. Expanding SiC crystal growth, wafer fabrication, device manufacturing, packaging, and testing requires significant equipment, facilities, engineering personnel, and research spending. Consequently, cost structure and bill-of-materials economics are influenced by high depreciation, manufacturing-utilization levels, raw-material yields, energy costs, and the cost of advanced production equipment. Scaling production while improving yields is a central factor in achieving competitive unit costs.
The supplied trailing-period data indicates that Wolfspeed remains in a substantial investment and transition phase. It reports approximately 3,434 full-time employees, revenue per share of about $13.65, negative net income per share of approximately $30.32, and negative free cash flow per share of approximately $14.37. The company also reports negative gross, operating, EBITDA, and net margins in the supplied data, reflecting operating losses, capacity expansion costs, and other financial pressures. Its current ratio of approximately 7.03 and cash ratio of approximately 2.86 indicate significant current liquidity, while debt remains material relative to equity and market capitalization. Capital expenditure is high relative to revenue, consistent with the build-out of semiconductor manufacturing capacity.
Robert A. Feurle serves as chief executive officer and a director. Other senior figures identified in the supplied information include COO David Todd Emerson, CFO Gregor Van Issum, and co-founder and research fellow John Edmond. Wolfspeed’s long-term objective is to accelerate the adoption of SiC and other wide-bandgap technologies as demand grows for efficient electrification, renewable power, artificial intelligence infrastructure, and high-frequency communications. Its principal opportunities are market growth, manufacturing scale, technological leadership, and improved utilization; its principal risks include execution delays, customer concentration, cyclical semiconductor demand, intense competition, funding requirements, pricing pressure, and the challenge of converting substantial capital investment into sustainable profitability.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$665.1M
-12.2%
-0.4%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$4.4M
+100.3%
-21.3%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
-34.9%
-117.4%
+7.6%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
-73.0%
+58.4%
+1.7%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
+0.7%
+100.3%
-21.8%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$-380.1M
+80.9%
+51.1%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
-57.1%
+78.2%
+50.9%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
193.1%
+113.2%
+1.8%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
6.86x
+1814.0%
-2.4%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator: Hello, everyone. Thank you for joining us, and welcome to the Wolfspeed, Inc. Fourth Quarter Fiscal Year 2026 Earnings Call. On the call today from the Wolfspeed team is Chief Executive Officer, Robert Feurle; Chief Financial Officer, Gregor Van Issum; and Dan Whalen, Vice President, Investor Relations. After today's prepared remarks, we will host a question-and-answer session. I will now hand the conference over to Dan Whalen. Dan, please go ahead.
Dan Whalen: Thank you, operator, and good afternoon, everyone. Welcome to Wolfspeed's Fourth Quarter Fiscal 2026 Conference Call. We encourage you to reference the slides that were published on our IR website today. Please note that we will be presenting non-GAAP financial results during today's call, which we believe provide useful information to our investors. Non-GAAP results are not in accordance with GAAP and may not be comparable to non-GAAP information provided by other companies. Non-GAAP information should be considered as a supplement to and not a substitute for financial statements prepared in accordance with GAAP. A reconciliation to the most directly comparable GAAP measures is in our press release and posted in the Investor Relations section of our website, along with a historical summary of our other key metrics. Today's discussion includes forward-looking statements about our business outlook, and we may make other forward-looking statements during the call. Such forward-looking statements are subject to numerous risks and uncertainties. Our press release today and the SEC filings noted in the release mention important factors that could cause actual results to differ materially. With that, I will turn the call over to Robert.
Robert Feurle: Thank you, and good afternoon, everyone. We appreciate you joining us today. This quarter marks another step in building momentum since we substantially refreshed our leadership team and capital structure. The fourth quarter revenue results of $150 million represents another quarter of delivering results at the midpoint of the guidance range and further demonstrates we are delivering on our commitments. Reflecting on this past fiscal year, we have proactively taken aggressive actions, including recapitalizing the company to strengthen the balance sheet and bolstering our leadership team and our sales organization with seasoned industry veterans. We have also adjusted our go-to-market sales strategy and positioned the company to refocus on our technology leadership and a customer-centric approach. While we have accomplished a lot as we continue to deliver on our commitments, we remain early in our transformation. And as each month and quarter passes, we continue to gain further confidence in our path to profitability as we execute our strategic priorities and navigate broader industry dynamics. As I said on my very first earnings call leading the Wolfspeed team, we have enormous potential, underpinned by strong foundational elements. …
