Wolfspeed

Wolfspeed posts $155M Q1 FY2027 revenue amid $1.5B DoW conditional loan commitment and continued gross losses

Wolfspeed's Q1 FY2027 revenue of $155.0 million fell 21.2% from the prior-year Predecessor quarter, driven by a 41.2% collapse in Materials Products revenue and reduced automotive Power Product demand, while gross loss narrowed to $34.0 million from $77.1 million on fresh-start depreciation relief. The defining event of the period is the October 7, 2026 conditional commitment letter from the U.S. Department of War for a $1.5 billion senior secured facility — but execution requires Wolfspeed to raise at least $750 million in qualifying sources, equitize a substantial majority of its convertible notes, and satisfy extensive government conditions that are entirely outside the company's control. Until the DoW facility closes, Wolfspeed remains a cash-burning post-bankruptcy entity dependent on $995 million in liquid assets to fund operations while navigating collapsing substrate demand, automotive softness, and an unresolved capital structure.

Wolfspeed is a vertically integrated U.S. manufacturer of silicon carbide (SiC) semiconductors, producing both SiC materials (substrates and epitaxial wafers) and SiC power devices (MOSFETs, Schottky diodes, and power modules). The company targets automotive electrification, EV charging, AI data centers, grid modernization, renewable energy, and aerospace and defense. Wolfspeed emerged from a prepackaged Chapter 11 bankruptcy in September 2025 and adopted fresh start accounting as of that date.

Primary products

• Silicon carbide bare wafers
• Silicon carbide epitaxial wafers
• GaN epitaxial layers on silicon carbide wafers
• Silicon carbide Schottky diodes
• Silicon carbide MOSFETs
• Power modules

“We believe we are uniquely positioned as a vertically integrated supplier of U.S.-made silicon carbide products in the global semiconductor industry.” Competitive position, as stated in the filing