Wolfspeed, Inc. - WOLF STOCK NEWS

Wolfspeed (NYSE: WOLF), the global leader in silicon carbide technology, has scheduled its fiscal second quarter earnings conference call and audio webcast for January 29, 2024, at 5:00 pm Eastern Standard Time. The call will feature Thomas Werner, executive chairman, and Neill Reynolds, chief financial officer. Investors can access the live webcast and earnings release through Wolfspeed's Investor Relations website.

Wolfspeed (NYSE: WOLF) has completed its previously announced 'at the market' equity offering, selling 27,793,535 shares of common stock for gross proceeds of approximately $200 million. The offering was conducted through a shelf registration statement and prospectus supplement dated December 9, 2024.

The company plans to use the net proceeds to improve its capital structure, reduce leverage, and address outstanding balance sheet maturities. Executive Chairman Tom Werner highlighted this as an important milestone in completing their CHIPS Act funding process, bringing them closer to finalizing their PMT and receiving initial funding disbursements from the CHIPS office and other lenders.

Wolfspeed (NYSE: WOLF), a global leader in silicon carbide technology, has announced that CFO Neill Reynolds will participate in a fireside chat at the UBS Global Technology and AI Conference. The event is scheduled for December 3, 2024, at 4:15pm ET. Investors and interested parties can access a live webcast of the presentation through the Investor Relations section of Wolfspeed's website at investor.wolfspeed.com/events-and-presentations/.

Wolfspeed (NYSE: WOLF) has appointed Melissa Garrett as Senior Vice President and General Counsel, effective December 9, 2024. Garrett, who has been with Wolfspeed since 2015 leading global employment and non-patent litigation matters, succeeds Brad Kohn, who resigned for another opportunity. She brings expertise in contracts, negotiations, litigation management, corporate governance, employment law, and M&A. Prior to Wolfspeed, Garrett served as Deputy General Counsel at Kangaroo Express and held positions at various law firms. She holds a JD from Indiana University and a BA from University of Wisconsin-Madison.

Wolfspeed (NYSE: WOLF) announced a leadership transition as President and CEO Gregg Lowe will depart this month. Board Chairman Thomas Werner has been appointed as Executive Chairman while the company conducts a search for a permanent CEO. Under Lowe's leadership since 2017, Wolfspeed transformed into a pure-play silicon carbide company. Werner will oversee day-to-day operations, focusing on executing CHIPS PMT agreement milestones, completing restructuring initiatives to lower break-even point, accelerating profitability path, and delivering consistent sales growth. Board member Stacy Smith was appointed as Lead Independent Director.

Wolfspeed (NYSE: WOLF) reported Q1 FY2025 results with consolidated revenue of $195M, slightly down from $197M YoY.

The Mohawk Valley Fab contributed $49M in revenue. GAAP gross margin was -19% impacted by $26.4M in underutilization costs, while non-GAAP gross margin was 3%. The company ended Q1 with $1.7B in cash and investments.

Wolfspeed secured $2.5B in liquidity through CHIPS, lenders, and tax credits, and is streamlining operations to save $200M annually. The company targets $3B annual revenue from its silicon carbide facilities.

For Q2 FY2025, Wolfspeed projects revenue between $160M-$200M, with a GAAP net loss of $401M-$362M and non-GAAP net loss of $145M-$114M. Restructuring and start-up costs continue to impact financials. The company expects $174M in restructuring costs for Q2 FY2025.

Wolfspeed (NYSE: WOLF), a global leader in silicon carbide technology, has scheduled its fiscal first quarter earnings conference call and audio webcast for November 6, 2024, at 5:00 pm Eastern Daylight Time. CEO Gregg Lowe and CFO Neill Reynolds will host the call. The live webcast and earnings release will be accessible through the company's Investor Relations website.

Wolfspeed, Inc. (NYSE: WOLF), a leader in silicon carbide technology, has nominated Thomas Seifert and Woody Young to its Board of Directors. Shareholders will consider their nominations at the 2024 Annual Meeting on December 5, 2024. Seifert, currently CFO of Cloudflare, has extensive experience in technology and semiconductor companies. Young, former President of Solidigm, brings over 30 years of investment banking expertise.

The nominations come as Wolfspeed focuses on executing its business plan, improving operational execution, and exploring ways to enhance shareholder value. Current board members Clyde R. Hosein and John B. Replogle will retire following the 2024 Annual Meeting. Wolfspeed plans to file a proxy statement with the SEC for the 2024 Annual Meeting, and shareholders are encouraged to read it when available.

Wolfspeed has announced a proposed $750 million funding from the U.S. CHIPS Act and an additional $750 million from an investment group led by Apollo. The company also expects to receive approximately $1 billion in Section 48D cash tax refunds from the IRS over the next several years. This total of $2.5 billion in expected capital will support Wolfspeed's expansion of silicon carbide manufacturing in the United States.

The funding will enable Wolfspeed to complete its multi-billion-dollar greenfield U.S. capacity expansion plan, which includes the largest and most advanced 200mm silicon carbide footprint in the world. The investment will bolster Wolfspeed's balance sheet, fuel significant growth through cash generation, and accelerate its long-term profitability goals.

Wolfspeed is the world's largest producer of silicon carbide technology, which is important for high power applications such as EV powertrains, renewable energy systems, and AI data centers. The importance of bolstering domestic production of silicon carbide has been recognized by multiple federal agencies as critical to clean energy technologies and national security.