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What factors drove the changes in Wolfspeed's revenue and profit?

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- **Strategic Reset**: Post-restructuring, Wolfspeed focuses on profitability, 200mm silicon carbide leadership, and operational efficiency.
- **Q1 Financials**: $197M revenue, negative 26% non-GAAP gross margin due to restructuring costs.
- **Q2 Outlook**: $150-190M revenue (down 13-29% QoQ) due to last-time buys; fresh-start accounting begins Q2.
- **Gen 4 Technology**: Most advanced silicon carbide platform for high-voltage applications in AI, aerospace, and defense.
- **Operational Shift**: Closing Durham 150mm fab, consolidating production to 200mm Mohawk Valley Fab.

**【CEO Summary Section】**
- **Three Strategic Priorities**: Accelerating profitability, advancing technology leadership (Gen 4 platform, 200mm Mohawk Valley Fab), and operational excellence.
- **Market Focus**: Automotive (EVs), Industrial (data centers, renewable energy), Aerospace & Defense, leveraging 200mm silicon carbide devices.
- **Restructuring Progress**: Completed financial restructuring, $926M cash, closing Durham 150mm fab by end-2025, aligning production with demand.
- **Team & Culture**: New leadership team (CFO, COO, CMO) driving customer-centricity and performance culture.

**【CFO Financial Commentary】**
- **Q1 2026 Results**: Revenue $197M (flat QoQ), non-GAAP net loss $0.55/share, negative 26% gross margin (due to $29M inventory reserves, $47M underutilization costs).
- **Fresh-Start Accounting**: Q2 2026 adoption will reset financials; no direct comparisons to prior periods.
- **Q2 Outlook**: Revenue $150-190M (down 13-29% QoQ) due to last-time buys from Durham fab closure.
- **Cash & Inventory**: $926M cash, inventory down $50M QoQ; CapEx $104M (down $333M YoY).
- **Long-Term Plan**: Comprehensive strategy to be unveiled mid-2026 with financial/operational milestones.

Wolfspeed (WOLF)-29 Oct 25-2026 Q1 Earnings call transcript

- **Strategic Reorganization**: New leadership team focused on operational excellence and high-growth markets like AI and EVs.
- **Mohawk Valley Fab Performance**: $78M revenue (+50% QoQ), driving gross margin expansion.
- **Cash Flow Improvements**: $192M tax refunds received, with $600M more expected; targeting $200M free cash flow in FY2026.
- **Cost Efficiency**: 30% reduction in senior leadership, $200M annual savings from 150mm fab closures.

**【CEO Opening Remarks】**
- Emphasized Wolfspeed's leadership in silicon carbide (SiC) technology and commitment to re-accelerating revenue growth.
- Announced key leadership changes: new EVP/COO for operational excellence, Cengiz Balkas as CBO, and Angelo Cancian as Global SVP of Sales & Marketing.
- Highlighted focus on high-growth markets (AI data centers, EVs, aerospace) and the strategic advantage of the 200mm fully automated manufacturing platform.

**【Tom Werner - Financial & Operational Update】**
- Q3 FY2025 revenue: $185M (inline with guidance), Mohawk Valley fab contributed $78M (+50% QoQ).
- Secured $192M in Section 48D tax refunds, with an additional $600M expected in FY2026.
- Reduced senior leadership team by 30% and on track to close 150mm fabs by end of CY2025, targeting $200M annual cash savings.
- Projected non-GAAP EBITDA break-even at $800M and $200M positive free cash flow in FY2026.

**【Neill Reynolds - Financial Details】**
- Non-GAAP gross margin: 2.2% (inline with guidance), driven by Mohawk Valley contributions.
- Adjusted EPS: -$0.72 (above high end of guidance).
- Free cash flow: -$168M (including $26M capex).
- Restructuring charges: $400-450M for FY2025, with $57M incurred in Q3.
- Liquidity: $1.3B as of Q3 end, including $200M from equity offering and $192M tax refunds.

Wolfspeed (WOLF)-8 May 25-2025 Q3 Earnings call transcript

- **EV Growth Accelerating**: Q2 EV revenue up 92% YoY, Q3+ guided for 20-30% QoQ growth.
- **Mohawk Valley Momentum**: $52M Q2 → $55-75M Q3, 200mm wafer yields industry-leading.
- **Breakeven in Sight**: < $1B annualized revenue target post $200M cost-out savings.
- **Liquidity Strengthening**: $1.4B cash + $325M from 48D refunds and asset sales.
- **CHIPS Funding Progress**: $200M ATM completed, first grant tranche expected CY2025.
- **Fab Transition On Track**: Durham 150mm closure by end 2025, JP materials facility nearing COO.


**【CEO Executive Summary】**
- Fiscal Q2 2025 revenue: $181 million (down 7% sequentially), with EV revenue growing 92% YoY.
- Mohawk Valley Fab revenue: $52 million (Q2) → $55-75 million (Q3 guidance), driven by EV design wins.
- 200mm wafer production: Industry-leading yields, with Gen 4 MOSFET platform enabling higher efficiency and cost savings.
- Breakeven target: < $1 billion annualized revenue post cost-out initiatives.
- CapEx FY25: $1.2 billion (midpoint), with FY26 CapEx expected to drop significantly.
- CHIPS Act funding: $200M ATM completed, first tranche of $750M grant anticipated in CY2025.

**【CFO Financial Highlights】**
- Non-GAAP gross margin: 1.8% (Q2), improving sequentially as underutilization costs decline.
- OpEx: $108 million (Q2), down $23M YoY, with further reductions expected in FY2H.
- Free cash flow: -$598 million (Q2), improving in FY2H with cost-out measures and revenue linearity.
- Liquidity: $1.4B cash on hand, +$325M from 48D tax refunds and asset sales.
- Q3 2025 guidance: Revenue $170-200M, Non-GAAP EPS loss $0.88-0.76.

**【Q&A Key Takeaways】**
- EV demand: 20-30% QoQ growth in back half of FY2025, with 90%+ YoY growth continuing.
- I&E recovery: Channel inventory reduced, green shoots in AI/DC, renewables, and energy storage.
- 200mm wafer competition: Wolfspeed sole volume producer, sampling with key customers.
- Balance sheet: $2.5B funding package (CHIPS + Apollo), restructuring charges $400-450M FY25.
- Fab transition: Durham 150mm closure by end CY2025, Mohawk Valley utilization ramping.


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