Wolfspeed reported first‑quarter fiscal 2026 revenue of $196.8 million, below the $198.5 million estimate, and a GAAP loss of $4.12 per share. The non‑GAAP loss was $0.55 per share, better than the consensus loss of $0.64 per share. Operating loss was driven by $504 million in restructuring and reorganization items, and gross margin contracted to a GAAP loss of 39 % and a non‑GAAP loss of 26 % from a GAAP loss of 19 % and a non‑GAAP margin of 3 % in the same quarter of fiscal 2025.
The Power Products segment generated $131.8 million in revenue, up from $97.1 million in fiscal 2025. Revenue from the Mohawk Valley 200‑mm silicon carbide fab rose to $97 million, a 98 % increase from $49 million in fiscal 2025, while underutilization costs at the Mohawk and Siler City fabs totaled $47 million versus $26 million in the prior year.
Wolfspeed guided second‑quarter fiscal 2026 revenue to $150 million–$190 million and a cash balance of roughly $900 million. The company will continue to scale its 200‑mm silicon carbide production, focusing on high‑voltage, high‑efficiency product lines while managing cost pressures.
The company emerged from Chapter 11 bankruptcy on September 29 2025, having reduced debt by about 70 %. The restructuring generated $504 million in one‑time charges, but the $926 million cash balance provides a strong liquidity cushion as Wolfspeed navigates market softness and pursues long‑term growth in electric‑vehicle and data‑center markets.
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