Wolfspeed, Inc. - WOLF STOCK NEWS

Wolfspeed, Inc. (NYSE: WOLF) has expanded its senior leadership team with the promotion of four Global Operations leaders—Tom Agron, Lisa Fritz, Adam Milton, and Missy Stigall—to enhance its capacity expansion plans. These changes reflect the company's rapid growth and commitment to innovation. CFO Neill Reynolds also sees an expansion in responsibilities to include procurement and backend operations. Additionally, Wolfspeed plans to build the world's largest 200mm Silicon Carbide fab in Saarland, Germany, as part of a $6.5 billion global capacity expansion plan. Rex Felton, SVP of Global Operations, will leave in March to focus on family.

Wolfspeed has announced plans to build the world’s largest 200mm semiconductor fabrication facility in Saarland, Germany. This facility will produce next-generation Silicon Carbide devices to meet rising demand, supporting a long-term revenue outlook of $4 billion by Fiscal 2027. As part of a $6.5 billion global capacity expansion, this fab will enhance Wolfspeed's manufacturing footprint in Europe and is supported by significant investment from ZF Friedrichshafen. The project is a key component of the Important Project of Common European Interest, pending approval from the European Commission.

Wolfspeed (NYSE: WOLF) and ZF have announced a strategic partnership to establish a joint R&D center in Germany, enhancing Silicon Carbide technology for mobility and energy applications.

ZFs investment supports the development of the largest 200mm Silicon Carbide device fab in Ensdorf, Germany, as part of the European Commission's Important Project of Common European Interest.

This collaboration focuses on innovation across mobility segments, aiming for improved efficiency and performance in electric vehicles and renewable energy sectors, while addressing specific market challenges.

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.