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WOLF

Wolfspeed, Inc.

WOLF

Wolfspeed, Inc. • NYSE
$20.28 ▼ -1.07% (-0.22)
Market Cap $525.10 M
52w High $36.60
52w Low $8.05
Dividend Yield 0%
P/E -1.53
Volume 420.33K
Outstanding Shares 25.89M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q1-2026 $196.8M ▼ $-54.7M ▼ $-643.6M ▲ -327.033% ▲ $-4.12 ▲ $-573.5M ▼
Q4-2025 $197M ▲ $555.9M ▲ $-669.3M ▼ -339.746% ▼ $-4.53 ▼ $-534.2M ▼
Q3-2025 $185.4M ▲ $172M ▼ $-285.5M ▲ -153.991% ▲ $-1.86 ▲ $-146.1M ▲
Q2-2025 $180.5M ▼ $285.8M ▲ $-372.2M ▼ -206.205% ▼ $-2.88 ▼ $-225.1M ▼
Q1-2025 $194.7M $193.9M $-282.2M -144.941% $-2.23 $-146.2M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q1-2026 $926M ▼ $6.551B ▼ $7.631B ▲ $-1.08B ▼
Q4-2025 $1.057B ▼ $6.854B ▼ $7.301B ▼ $-447.1M ▼
Q3-2025 $1.4B ▼ $7.574B ▼ $7.362B ▼ $212.7M ▼
Q2-2025 $1.405B ▼ $7.741B ▼ $7.369B ▲ $372.6M ▼
Q1-2025 $1.688B $7.858B $7.229B $628.9M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q1-2026 $-643.6M ▲ $5.7M ▲ $136.9M ▲ $-39M ▼ $104.4M ▲ $-98.3M ▲
Q4-2025 $-669.3M ▼ $-242.5M ▼ $-13.6M ▼ $-7.8M ▼ $-263M ▼ $-455.8M ▼
Q3-2025 $-285.5M ▲ $-142.1M ▲ $168.7M ▲ $89.4M ▼ $116.2M ▲ $-364.3M ▲
Q2-2025 $-372.2M ▼ $-195.1M ▼ $-230.2M ▼ $313.7M ▲ $-112.1M ▲ $-598.1M ▼
Q1-2025 $-282.2M $-132M $-193M $4.8M $-319.8M $-570.2M

Revenue by Products

Product Q1-2025Q2-2025Q3-2025Q4-2025
Power Products
Power Products
 $100.00M ▲$90.00M ▼$110.00M ▲$120.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has been growing only modestly over the past few years, while losses have expanded sharply. Gross profitability has deteriorated to the point where core operations no longer cover basic production costs, suggesting pricing, yield, or ramp-up inefficiencies in new facilities. Operating losses and EBITDA losses have widened meaningfully as Wolfspeed scales up, reflecting heavy spending on manufacturing, R&D, and overhead ahead of revenue. Net losses and per‑share losses have grown significantly, indicating the business is still very much in an investment and ramp phase rather than a profitability phase.

Balance Sheet

Balance Sheet The balance sheet shows a company that has invested heavily in assets, particularly manufacturing capacity, funded largely with debt rather than retained profits. Total assets have grown substantially, but debt has increased even faster, and shareholder equity has recently turned negative. This means liabilities now exceed accounting equity, which heightens financial risk and leaves less cushion if performance disappoints. The cash position has been volatile and relatively small compared with total obligations, implying that access to external funding and careful liquidity management are critical.

Cash Flow

Cash Flow Cash flow from day‑to‑day operations has been consistently negative and has worsened as the company scales, signalling that the business does not yet generate enough cash to support itself. Free cash flow is deeply negative because of very heavy capital spending on new fabs and capacity. In effect, Wolfspeed is burning a significant amount of cash to build out its silicon carbide footprint, and this burn has been financed through debt and likely ongoing access to capital markets. This creates execution risk: the new capacity must eventually translate into materially higher, more profitable revenue to justify the current cash outflows.

Competitive Edge

Competitive Edge Commercially and technologically, Wolfspeed holds a strong niche position. It is a recognized leader in silicon carbide materials and devices, with a long history in the technology, a reputation for high reliability, and deep relationships in demanding markets such as electric vehicles, industrial power, and RF communications. Vertical integration from wafers to finished devices, plus a broad product portfolio, gives it meaningful control over quality and supply. At the same time, the attractiveness of silicon carbide is drawing in large, well‑funded competitors, so Wolfspeed must balance its current lead against rising competitive pressure and pricing risk as the market matures.

Innovation and R&D

Innovation and R&D The company’s strategy is heavily innovation‑driven. Decades of research in wide‑bandgap materials, leadership in larger 200mm silicon carbide wafers, and continuous device improvements underpin a strong technology story. Wolfspeed is investing aggressively in advanced fabs in the U.S. and Europe and pushing into higher‑performance, more integrated system solutions, not just discrete components. This should strengthen its technological edge if execution stays on track, but it also requires sustained, high levels of R&D and capital spending, which weigh on current profitability and cash flow. The key uncertainty is how quickly this innovation engine converts into stable, high‑margin volume sales.

Summary

Wolfspeed is a classic high‑investment, high‑potential story: strong technological leadership in a strategic niche, but with heavy financial strain. The company has built a notable moat in silicon carbide through R&D depth, vertical integration, patents, and specialized know‑how, positioning it well for structural trends like EV adoption and clean energy. However, the financials currently show weak profitability, rising and sizable losses, negative free cash flow, increasing leverage, and negative equity. The long‑term outcome hinges on whether the large capacity and R&D investments can be scaled into profitable, cash‑generating growth before balance sheet and funding constraints become too tight. Uncertainty is therefore high, with both meaningful upside potential and elevated execution and financial risk.

NEWS

November 17, 2025 · 8:00 AM UTC

Wolfspeed Launches 1200V Silicon Carbide Six-Pack Power Modules, Enabling a New Standard of Performance for E-Mobility Propulsion Systems

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November 10, 2025 · 8:00 AM UTC

Hopewind Selects Wolfspeed to Power the Future of Wind Energy with Advanced Silicon Carbide Technology

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October 29, 2025 · 4:05 PM UTC

Wolfspeed Reports Financial Results for the First Quarter of Fiscal 2026

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October 22, 2025 · 8:00 AM UTC

Wolfspeed Adds Proven Power Semiconductor Leader Matthias Buchner to Executive Team, Strengthening Market Position as Company Accelerates 200 mm Silicon Carbide Focus

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October 16, 2025 · 4:05 PM UTC

Wolfspeed, Inc. Announces Date of Fiscal First Quarter Earnings Call for October 29, 2025

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