WOLFSPEED, INC.

Listed Company

WOLFCIK 0000895419NYSELarge AcceleratedSemiconductors & Related DevicesDelawareFY ends Jun 29

Period

FY 2025

Revenue

$757.60M

Net Income

$-1.61B

Total Assets

$6.85B

Equity

$-447.10M

Shares Out

45.09M

Op. Cash Flow

$-711.70M

Business

WOLFSPEED, INC. is an innovator in wide bandgap semiconductors focused on silicon carbide materials and devices for power applications. The company offers silicon carbide and GaN materials (bare wafers, epitaxial wafers and GaN epitaxial layers) and silicon carbide power devices including Schottky diodes, MOSFETs and power modules. Its key business operations center on materials manufacturing and power device production, with prior RF device operations classified as discontinued following an asset divestiture. Wolfspeed distributes products globally through direct sales, distributors and third‑party representatives across North America, Asia and Europe.

Summary from filing dated 2025-08-26

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-06-30	FY 2024 2024-06-30	FY 2023 2023-06-30	FY 2022 2022-06-30	FY 2021 2021-06-30
Revenue, net	758	807	759	572	526
Cost of revenue, net	879	730	516	364	361
Gross (loss) profit	−122	77	243	208	165
Research and development	175	202	166	143	178
Sales, general and administrative	191	246	214	183	182
Factory start-up costs	85	54	160	70	8
Gain on disposal of property and equipment	−20	0	0	—	—
Goodwill impairment	359	0	0	—	—
Restructuring and other expenses	418	21	15	—	—
Operating loss	−1,329	−445	−312	−203	−314
Interest expense, net of capitalized interest	315	246	43	—	—
Non-operating income, net	−26	−119	−95	39	26
Loss before income taxes	−1,619	−573	−260	−242	−340
Income tax (benefit) expense	−10	1	700,000	8	1
Net loss from continuing operations	−1,609	−574	−261	−250	−341
Net loss from discontinued operations	0	−291	−69	—	—
Net loss	−1,609	−864	−330	−201	−524
Continuing operations- basic (USD per share)	−11.39	−4.56	−2.09	−2.08	−3.04
Continuing operations - diluted (USD per share)	−11.39	−4.56	−2.09	−2.08	−3.04
Net loss - basic (USD per share)	−11.39	−6.88	−2.65	−1.67	−4.66
Net loss - diluted (USD per share)	−11.39	−6.88	−2.65	−1.67	−4.66
Weighted average shares - basic (shares)	141	126	124	120	112
Weighted average shares - diluted (shares)	141	126	124	120	112

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-06-30	FY 2024 2024-06-30	FY 2023 2023-06-30	FY 2022 2022-06-30	FY 2021 2021-06-30
Cash and cash equivalents	467	1,046	1,757	450	379
Short-term investments	488	1,129	1,198	749	776
Total cash, cash equivalents and short-term investments	955	2,175	2,955	1,199	1,155
Accounts receivable, net	179	147	155	150	96
Inventories	435	441	285	227	167
Investment tax credit receivable	653	0	—	—	—
Prepaid expenses	97	57	37	32	26
Other current assets	222	180	132	151	28
Total current assets	2,542	3,000	3,607	1,762	1,479
Property and equipment, net	3,917	3,652	2,166	1,481	1,292
Goodwill	0	359	359	359	359
Intangible assets, net	24	24	24	125	141
Long-term receivables	2	2	3	105	138
Other long-term investments	0	79	0	—	—
Deferred tax assets	1	1	1	1	1
Long-term investment tax credit receivable	105	642	—	—	—
Other assets	264	225	303	84	36
Total assets	6,854	7,985	6,587	3,918	3,447
Accounts payable and accrued expenses	280	524	535	308	381
Contract liabilities and distributor-related reserves	50	62	39	37	23
Income taxes payable	800,000	1	10	12	400,000
Finance lease liabilities	500,000	500,000	500,000	500,000	5
Current maturity on long-term borrowings	6,538	0	—	—	—
Other current liabilities	221	78	36	32	39
Total current liabilities	7,090	665	628	389	449
Long-term debt	0	3,126	1,150	0	—
Convertible notes, net	0	3,035	3,026	1,022	824
Deferred tax liabilities	500,000	11	4	3	3
Finance lease liabilities - long-term	8	9	9	10	10
Other long-term liabilities	203	256	143	55	45
Total long-term liabilities	212	6,437	4,337	1,090	882
Commitments and contingencies	—	—	—	—	—
Preferred stock, par value $0.01; 3,000 shares authorized at June 29, 2025 and June 30, 2024; none issued and outstanding	0	0	0	0	0
Common stock, par value $0.00125; 400,000 shares authorized at June 29, 2025 and 400,000 shares authorized at June 30, 2024; 155,643 and 126,409 shares issued and outstanding at June 29, 2025 and June 30, 2024, respectively	200,000	200,000	200,000	200,000	100,000
Additional paid-in-capital	4,094	3,822	3,711	4,228	3,677
Accumulated other comprehensive loss	−4	−12	−25	−25	3
Accumulated deficit	−4,538	−2,928	−2,064	−1,764	−1,563
Total shareholders equity	−447	882	1,622	2,439	2,117
Total liabilities and shareholders equity	6,854	7,985	6,587	3,918	3,447

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-06-30	FY 2024 2024-06-30	FY 2023 2023-06-30	FY 2022 2022-06-30	FY 2021 2021-06-30
Depreciation and amortization	252	181	146	112	121
Amortization and write-off of deferred financing costs	104	28	8	20	33
Stock-based compensation	73	85	73	54	53
Unrealized gain on equity investment	−23	−19	0	—	—
Impairment of right-of-use assets	5	0	0	—	—
Loss on disposal or impairment of property and equipment	172	1	4	—	—
Amortization of premium on investments, net	−9	−28	−5	6	7
Paid-in-kind interest on long-term debt	83	0	0	—	—
Deferred income taxes	−10	200,000	500,000	700,000	900,000
Accounts receivable, net	−31	7	−5	−54	−24
Inventories	1	−152	−93	−59	−45
Prepaid expenses and other assets	−47	−125	−21	−1	−20
Accounts payable	−49	−46	27	30	—
Accrued salaries and wages and other liabilities	60	−50	−700,000	−10	15
Contract liabilities and distributor-related reserves	−23	18	25	2	−3
Net cash used in operating activities of continuing operations	−712	−671	−102	−125	−113
Net cash used in operating activities of discontinued operations	0	−54	−40	−29	−13
Cash used in operating activities	−712	−726	−143	−154	−126
Purchases of property and equipment	−1,271	−2,274	−950	−637	−571
Purchases of patent and licensing rights	−5	−6	−5	−5	−6
Proceeds from sale of property and equipment	86	400,000	2	3	2
Purchases of short-term investments	−391	−1,601	−1,191	−475	−475
Proceeds from maturities of short-term investments	987	1,448	637	242	428
Proceeds from sale of short-term investments	87	238	110	225	52
Reimbursement of capital expenditures from incentives and investment credits	240	179	156	139	11
Proceeds from sale of business	0	76	102	125	—
Net cash used in investing activities of continuing operations	−268	−1,940	−1,139	−382	−448
Net cash used in investing activities of discontinued operations	0	−3	−8	−9	−300,000
Cash used in investing activities	−268	−1,943	−1,147	−391	−449
Proceeds from long-term debt borrowings	240	2,000	1,200	20	30
Proceeds from convertible notes	0	0	1,750	750	0
Payments of deferred financing costs	−48	−46	−82	—	—
Cash paid for capped call transactions	0	0	−274	−108	0
Proceeds from issuance of common stock	204	23	24	22	540
Tax withholding on vested equity awards	−4	−18	−19	−29	−36
Payments on long-term debt borrowings, including finance lease obligations	−500,000	−400,000	−500,000	−21	−30
Incentive-related escrow refunds	10	0	0	0	2
Commitment fees on long-term incentive agreement	−2	−1	−1	−1	−500,000
Cash provided by financing activities	400	1,958	2,597	616	504
Effects of foreign exchange changes on cash and cash equivalents	1	−200,000	0	−200,000	200,000
Net change in cash and cash equivalents	−579	−711	1,308	71	−70

Filings

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