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Wolfspeed, Inc. (NYSE: WOLF) officially begins trading today following a significant transformation, including divesting two-thirds of its business. Previously known as Cree, Inc. (NASDAQ: CREE), this shift repositions Wolfspeed as a global leader in Silicon Carbide technology. CEO Gregg Lowe highlights a $1.3 billion in long-term materials agreements and a $15 billion device pipeline, aiming to capitalize on the demand for energy-efficient solutions in various industries like electric vehicles and renewable energy.
Cree, Inc. (Nasdaq: CREE) will transfer its stock listing from Nasdaq to the New York Stock Exchange (NYSE) on
Cree, a leader in silicon carbide technology under its Wolfspeed brand, announced that senior executives Cengiz Balkas and Tyler Gronbach will present at the Citi 2021 Virtual Global Technology Conference on September 15, 2021, at 9:40 AM ET. Investors can access the live webcast on Cree’s website.
Cree specializes in Wolfspeed power and RF semiconductors, including silicon carbide materials and devices for electric vehicles, charging systems, and military applications.
Cree and STMicroelectronics have expanded their multi-year silicon carbide wafer supply agreement, now valued at over $800 million. This agreement involves the supply of 150mm silicon carbide bare and epitaxial wafers to meet growing demands in the automotive and industrial sectors. Cree's CEO noted that this marks a total of over $1.3 billion in long-term wafer agreements, emphasizing the transition from silicon to silicon carbide technology. Both companies are positioned to capitalize on the increasing adoption of energy-efficient solutions in electric vehicles and industrial applications.
Cree, Inc. reported $145.8 million in revenue for Q4 FY2021, a 35% increase year-over-year. However, the company faced a GAAP net loss of $145.2 million or $1.26 per diluted share, worsening from a loss of $44.2 million in Q4 FY2020. For FY2021, total revenue reached $525.6 million, up 12% from FY2020, but the net loss from continuing operations increased significantly to $341.3 million. The company plans significant expansions in silicon carbide production and expects Q1 FY2022 revenue between $144 million and $154 million.
Cree, Inc. (Nasdaq: CREE) will hold a conference call and audio webcast on August 17, 2021, at 5:00 p.m. ET to discuss its fourth quarter fiscal 2021 results and future outlook. Prior to the call, Cree will issue its earnings press release after market close, accessible via Business Wire and their official website. For over 30 years, Cree has been a leader in silicon carbide technology, providing innovative solutions for sectors including electric vehicles, renewable energy, and aerospace.
Cree, Inc. (Nasdaq: CREE) announced that Chief Technology Officer John Palmour will deliver a virtual presentation at the Canaccord Genuity 41st Annual Growth Conference on August 10 at 12:00 PM ET. A live webcast of the presentation will be accessible on the Investor section of Cree’s website. Cree is a leader in silicon carbide technology through its Wolfspeed® business, offering innovative solutions in power and RF semiconductors for applications like electric vehicles and military.
Cree, Inc. (Nasdaq: CREE) has announced a leadership transition in its operations team to support its growth and capacity expansion. Rick McFarland, Senior VP of Global Operations, will retire in Summer 2022, transitioning responsibilities to Rex Felton, who will oversee fab operations and planning. Felton, who has significant experience in semiconductor manufacturing, will be supported by new VP Missy Stigall. This change aims to address the increasing demand for Silicon Carbide technology and maintain operational efficiency as Cree continues to drive industry innovations.
MaxLinear (MXL) and Cree (CREE) announced a groundbreaking collaboration to enhance 5G wireless technology through MaxLinear's ultra-wideband linearization solution and Cree's GaN on SiC power amplifiers. This partnership aims to significantly boost wireless capacity for 5G base stations, allowing for more simultaneous users and faster data transmission. The combined solution not only offers substantial power and cost savings but also addresses key challenges in deploying massive MIMO arrays.
Cree (Nasdaq: CREE) has partnered with Shenzhen Gospower Digital Technology to incorporate its Wolfspeed® 650V silicon carbide MOSFETs into Gospower's next-generation Common Redundant Power Supply (CRPS) solutions. This collaboration aims to enhance power efficiency in response to growing demand for cloud storage in China. The 2400W/2600W CRPS design promises reduced switching losses and high power density, supporting advanced data storage needs. Cree's CEO noted this partnership as a key move in transitioning to silicon carbide technology, promising better efficiency and smaller power systems.
