Wolfspeed Reports Financial Results for Q4 and Full Fiscal Year 2025

Wolfspeed, Inc. has released its financial results for the fourth quarter and full fiscal year 2025. The company, a leader in silicon carbide technology, has faced significant financial challenges and operational developments during this period.

Financial Highlights

For the fourth quarter of fiscal 2025, Wolfspeed reported consolidated revenue of approximately $197 million, a slight decrease from $201 million in the same period of fiscal 2024. The Mohawk Valley Fab contributed significantly to this revenue, with $94.1 million compared to $41 million in the previous year. The company reported a GAAP gross margin of (13)%, down from 1% in the fourth quarter of fiscal 2024, and a non-GAAP gross margin of (1)%, compared to 5% in the same period last year. The GAAP loss per share was ($4.30), a significant increase from ($1.39) in the previous year, while the non-GAAP loss per share improved to ($0.77) from ($0.89).

For the full fiscal year 2025, consolidated revenue was approximately $758 million, down from $807 million in fiscal 2024. The GAAP gross margin was (16)%, compared to 10% in the previous year, and the non-GAAP gross margin was 2%, down from 13%. The GAAP loss per share was $(11.39), compared to $(4.56) in fiscal 2024, while the non-GAAP loss per share was $(3.32), compared to $(2.59).

Business and Operational Highlights

The Mohawk Valley Fab has been a significant contributor to Wolfspeed's revenue, reflecting the company's investment in expanding its production capabilities. However, the underutilization costs associated with the start of production at this facility have impacted the gross margins. The company also reported a goodwill impairment of $359.2 million and restructuring and other expenses amounting to $417.6 million for the full fiscal year.

Strategic Initiatives and Corporate Developments

Wolfspeed is currently undergoing a restructuring process under Chapter 11, with a Plan of Reorganization expected to be approved by the court next month. The company aims to emerge from Chapter 11 with a stronger financial structure. Additionally, Wolfspeed has been focusing on optimizing its operating model and accelerating its transition to 200 mm silicon carbide offerings through facility closures and headcount reduction initiatives.

Management's Perspective

Robert Feurle, Wolfspeed's Chief Executive Officer, expressed confidence in the company's future, highlighting the world-class greenfield and vertically integrated facility footprint, recent additions to the senior leadership team, and a robust IP portfolio. He emphasized the company's potential to become the global leader in silicon carbide technology.

Future Outlook

Wolfspeed's next significant milestone is the court's approval of its Plan of Reorganization, which is expected to strengthen the company's financial structure. The company is also focused on addressing the challenges associated with its expansion plans and improving its production processes to enhance profitability.

SEC Filing: WOLFSPEED, INC. [ WOLF ] - 8-K - Aug. 25, 2025