Wolfspeed reports Q2 EPS ($5.78) vs ($2.88) last year

Reports Q2 revenue $168.5M vs $180.5M last year. “With a stronger capital structure following our financial restructuring, we are operating with discipline to maintain balance sheet strength while upholding our commitment to disruptive innovation,” said Wolfspeed (WOLF) CEO Robert Feurle. “We completed the shutdown of our Durham 150mm device fab roughly one month ahead of schedule and have shifted production to our 200mm device fab in Mohawk Valley, while also continuing to diversify our end-markets, particularly in mid and high-voltage verticals like AI data centers, where we generated 50% sequential quarterly revenue growth. In materials, we demonstrated our capabilities in 300mm silicon carbide wafer production, a critical step towards entering emerging markets beyond power devices. I am very excited that we now have the team and structure in place to navigate near-term demand dynamics and execute with discipline as we scale for long-term growth.”