Wolfspeed, Inc. - WOLF STOCK NEWS

Wolfspeed, Inc. (NYSE: WOLF) reported a 25% year-over-year revenue growth for Q2 fiscal 2023, achieving $216.1 million in revenue versus $173.1 million in Q2 fiscal 2022. Despite a GAAP net loss of $90.9 million, or $0.73 per diluted share, improvements were noted in non-GAAP metrics, with a reduced net loss of $14.2 million, or $0.11 per diluted share. The company announced $1.5 billion in quarterly design-ins, driven by strong demand in power devices and partnerships with major automotive manufacturers. For Q3 fiscal 2023, Wolfspeed projects revenue between $210 million and $230 million, alongside targeted net losses of $81 million to $88 million.

Wolfspeed, Inc. (NYSE: WOLF) announced the appointment of Stacy Smith to its Board of Directors, effective January 23, 2023. Smith, who is the Executive Chairman of Kioxia Corporation and Non-Executive Chair at Autodesk, brings extensive experience from his 30 years at Intel Corporation, where he held multiple key roles. The Chairman of Wolfspeed, Darren Jackson, expressed confidence that Smith's expertise in technology and semiconductors will be crucial as the company seeks to meet the growing demand for Silicon Carbide power devices in various markets, including e-mobility and renewable energy.

Wolfspeed, Inc. (NYSE: WOLF) will hold a conference call on January 25, 2023, at 5:00 p.m. ET to discuss its second quarter fiscal 2023 results and business outlook. Earnings results will be released after the market closes on the same day. Investors can access the earnings release via Business Wire or on the company's official website. Wolfspeed specializes in Silicon Carbide and GaN technologies, providing solutions aimed at enhancing energy efficiency across multiple sectors, including electric vehicles and renewable energy.

Wolfspeed, Inc. (NYSE: WOLF) has promoted Elif Balkas to Chief Technology Officer, succeeding the late Dr. John Palmour. Balkas, who joined in 2006, has played a crucial role in technology and production advancements. CEO Gregg Lowe expressed confidence in her leadership, noting her contributions to Silicon Carbide technology. With over 20 years in the industry, Balkas aims to drive innovation and efficiency, continuing the legacy of her predecessor. Wolfspeed specializes in Silicon Carbide and GaN technologies for sustainable energy solutions.

Wolfspeed (NYSE: WOLF) has announced a strategic partnership to supply Silicon Carbide devices to Mercedes-Benz for their upcoming Electric Vehicles (EVs). This collaboration aims to enhance powertrain efficiency and improve EV performance, driving consumer adoption. The devices will be produced at Wolfspeed's facilities in Durham, North Carolina and the new 200mm Mohawk Valley Fab in Marcy, New York, which significantly boosts production capacity. Wolfspeed continues to invest in manufacturing to meet rising demand for Silicon Carbide technology.

Wolfspeed, Inc. (NYSE: WOLF) has expanded a multi-year Silicon Carbide wafer supply agreement worth approximately $225 million with a leading power device company. This agreement will supply 150 mm Silicon Carbide bare and epitaxial wafers, positioning Wolfspeed as an essential player in the transition from silicon to Silicon Carbide semiconductor power devices.

This expansion not only strengthens existing partnerships but also enhances Wolfspeed's ability to meet the growing demand in diverse markets such as renewable energy, electric vehicles, and industrial power supplies.

Ryder System has appointed Charles M. “Chuck” Swoboda to its board of directors, effective December 12, 2022. Swoboda's notable leadership experience includes his tenure as CEO of Cree, Inc. (now Wolfspeed, Inc.), where he grew revenues from $177 million to over $1.6 billion. His expertise in innovation and financial management is expected to enhance Ryder's strategic vision. The board size will increase to twelve to accommodate this appointment, aiming to leverage Swoboda's skills in governance and audit committees.

Wolfspeed (NYSE: WOLF) has announced its sponsorship of the FIRST® Robotics Competition, aimed at enhancing STEM education access in local communities. This initiative reflects Wolfspeed's ongoing commitment to diversity and innovation in education. The company previously donated $25,000 to support tech teams at SUNY Polytechnic Institute. By 2025, Wolfspeed plans to establish STEM partnerships across all major locations, reinforcing its focus on sustainable energy and future job readiness.

Wolfspeed, Inc. (NYSE: WOLF) announced its participation in the Deutsche Bank AutoTech Conference, where CEO Gregg Lowe will engage in a fireside chat at 11:15 am ET on December 14, 2022. A live webcast will be accessible on Wolfspeed's Investor section of their website. As a leader in Silicon Carbide technology, Wolfspeed focuses on efficient energy consumption for applications including electric vehicles, 5G, and renewable energy. The company is committed to innovation and sustainable solutions.