Wolfspeed
ConvictionSpeculative
Vertically integrated IDM: grows its own SiC boules, sells bare/epi wafers (Materials segment) AND fabricates discrete SiC MOSFETs, diodes and power modules (Power segment) to automotive, industrial and energy customers; blends long-term wafer-supply agreements with design-in device revenue.
Revenue
$150.2Mfiscal Q3 2026); ~$757.6M TTM (approx; fresh-start accounting splits the yearRev growth
-19% YoY-10.6% QoQ (Q3 FY26) - still contracting through the SiC/EV demand troughGross margin
GAAP -27% and non-GAAP -20.6%release rounds to -21%) in Q3 FY26 (non-GAAP improving from -34% in Q2 FY26; GAAP was +2% a year prior). Gross margin is negative and fab under-utilization is the core problemOp margin
Deeply negative - Adjusted EBITDA -$62Min Q3 FY26 (~-41% of revenue); operating loss each quarter (specific operating % not disclosed in the releaseCapex intensity
Net capex light now~$5M net in Q3 = ~$38M gross less ~$33M state incentives) after years of heavy fab build (Mohawk Valley 200mm, JP materials); management is throttling capex to self-fundMarket cap
~$2.1BNYSE: WOLF; ~52M new shares x ~$40.50, early July 2026; some data providers quote up to ~$2.3B). Thinly traded and volatile post-emergence - recent daily range ~$39-47 as the new equity finds a clearing priceThe read
Where our coverage leans
Coverage leans bullish
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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
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- Supplier–customer ecosystem graph
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Not investment advice — analyst work product for a qualified professional.· intel vintage 2026-07 (figures as of fiscal Q3 2026, quarter ended March 29 2026, reported May 5 2026; post-Chapter 11 emergence Sept 29 2025). Fresh-start accounting was adopted on the Sept 29 2025 effective date, so financials split into non-comparable Successor (post-emergence) and Predecessor (pre-emergence) periods and year-over-year comparisons cross that line.· sign in (free) for the analyst summary; Pro unlocks full intelligence