News: Microelectronics
15 September 2025
Wolfspeed’s quarterly revenue rebounds by 6%, led by 10% growth in Power Products
For its fiscal full-year (for continuing operations, to end-June), Wolfspeed Inc of Durham, NC, USA — which makes silicon carbide (SiC) materials and power semiconductor devices — has reported a 6% drop in revenue from $807.2m for 2024 to $757.6m for 2025. This was mainly due to Materials Products revenue shrinking by 12.3% from $391.6m to $343.6m. Power Product revenue fell only slightly, from $415.6m to $414m.
Fiscal fourth-quarter revenue was $197m, down slightly on $200.7m a year ago but up 6% on $185.4m last quarter. Materials Products are still down year-on-year, by 18.4% from $96.1m a year ago, but have rebounded slightly from $77.9m last quarter to $78.4m. In contrast, following a low of $90.8m in fiscal Q2/2025, Power Products revenue has rebounded further, by 10.3% from $107.5m last quarter to $118.6m (up 13.4% on $104.6m a year ago). Of this, the Mohawk Valley Fab in Marcy, NY (opened in April 2022 to produce SiC power devices on larger, 200mm wafers) contributed $94.1m, rising further from $78m last quarter and more than doubling year-on-year from $41m.
On a non-GAAP basis, gross margin was 1%, compared with +2% last quarter and +5% a year ago. This includes the impact of under-utilization costs (mainly from production start-up at the Mohawk Valley Fab). Full-year gross margin has hence fallen from 13% to 2%.
Quarterly loss was $119.8m ($0.77 per share) in fiscal Q4/2025, up from $110.8m last quarter ($0.72 per share) and $112m ($0.89 per share) a year ago. Full-year loss hence rose from $325.9m ($2.59 per share) for 2024 to $469m ($3.32 per share) for 2025.
Quarterly operating cash flow was –$242.5m, up from –$142.1m last quarter and slightly worse than – $239.5m a year ago. Capital expenditure (CapEx) was $211.6m (cut from $645.8m a year ago, which mainly comprised investment into The JP — the John Palmour Manufacturing Center for Silicon Carbide — materials facility in Siler City, NC), helping to halve full-year CapEx year-on-year to $1031m. Quarterly free cash outflow has hence improved, from –$885.3m a year ago to –$454m.
Cash, cash equivalents, and short-term investments have more than halved from $2174.6m a year ago and $1329.6m to $955.4m.
“With our world-class greenfield and vertically integrated facility footprint, recent additions to the senior leadership team, and robust IP portfolio, Wolfspeed is well-positioned to be the global leader in silicon carbide technology,” says CEO Robert Feurle. The next important milestone is to emerge from Chapter 11 “with a much stronger financial structure”.
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