Revenue has contracted to $150.2 million, contributing to a deeply negative gross margin of -26.6% as the company struggles with high fixed-cost underutilization.
| Metric | TTM | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 | Jun'12 | Jun'11 | Jun'10 | Jun'09 | Jun'08 | Jun'07 | Jun'06 | Jun'05 | Jun'04 | Jun'03 | Jun'02 | Jun'01 | Jun'00 | Jun'99 | Jun'98 | Jun'97 | Jun'96 |
|---|
| Sales/Revenue | 712.5M | 757.6M | 807.2M | 758.5M | 572.1M | 525.6M | 470.7M | 1.08B | 924.9M | 1.47B | 1.62B | 1.66B | 1.65B | 1.39B | 1.16B | 987.62M | 867.29M | 567.25M | 493.3M | 394.12M | 422.95M | 384.46M | 307.36M | 229.82M | 155.43M | 177.23M | 108.56M | 60.1M | 42.5M | 29M | 17M |
| Revenue Growth % | -6.41% | -6.14% | 6.42% | 32.58% | 8.85% | 11.66% | -56.42% | 16.77% | -37.21% | -8.88% | -2.55% | 0.69% | 18.88% | 19% | 17.93% | 13.87% | 52.89% | 14.99% | 25.16% | -6.82% | 10.01% | 25.08% | - | 47.86% | -12.3% | 63.25% | 80.64% | 41.41% | 46.55% | 70.59% | 53.15% |
| Cost of Goods Sold | 933.6M | 879.2M | 729.8M | 515.6M | 364M | 375.5M | 326.7M | 704.6M | 624.7M | 1.03B | 1.14B | 1.16B | 1.05B | 892.01M | 781.47M | 562.62M | 468.36M | 371.6M | 344.6M | 264.32M | 222.06M | 173.04M | 161.42M | 130.65M | 92.08M | 89.7M | 41.74M | 26.4M | 23.6M | 15.6M | 12.4M |
| COGS % of Revenue | - | 116.05% | 90.41% | 67.98% | 63.63% | 71.44% | 69.41% | 65.24% | 67.54% | 70.19% | 70.42% | 70.13% | 63.93% | 64.36% | 67.1% | 56.97% | 54% | 65.51% | 69.86% | 67.07% | 52.5% | 45.01% | 52.52% | 56.85% | 59.24% | 50.61% | 38.45% | 43.93% | 55.53% | 53.79% | 72.94% |
| Gross Profit | -221.1M | -121.6M | 77.4M | 242.9M | 208.1M | 150.1M | 144M | 375.4M | 300.2M | 439.1M | 478.21M | 495.55M | 594.26M | 493.97M | 383.19M | 425M | 398.93M | 195.66M | 148.7M | 129.8M | 200.89M | 211.42M | 145.94M | 99.17M | 63.36M | 87.53M | 66.82M | 33.7M | 18.9M | 13.4M | 4.6M |
| Gross Margin % | -31.03% | -16.05% | 9.59% | 32.02% | 36.37% | 28.56% | 30.59% | 34.76% | 32.46% | 29.81% | 29.58% | 29.87% | 36.07% | 35.64% | 32.9% | 43.03% | 46% | 34.49% | 30.14% | 32.93% | 47.5% | 54.99% | 47.48% | 43.15% | 40.76% | 49.39% | 61.55% | 56.07% | 44.47% | 46.21% | 27.06% |
| Gross Profit Growth % | - | -257.11% | -68.14% | 16.72% | 38.64% | 4.24% | -61.64% | 25.05% | -31.63% | -8.18% | -3.5% | -16.61% | 20.3% | 28.91% | -9.84% | 6.54% | 103.89% | 31.58% | 14.56% | -35.39% | -4.98% | 44.86% | - | 56.52% | -27.61% | 30.98% | 98.29% | 78.31% | 41.04% | 191.3% | 15% |
| Operating Expenses | 784.5M | 1.21B | 522.7M | 554.7M | 411.2M | 362.2M | 335.8M | 359.9M | 298.3M | 467.75M | 468.42M | 479.5M | 454.1M | 394M | 340.45M | 254.34M | 197.01M | 158.29M | 135.45M | 111.94M | 99.63M | 71.44M | 65.58M | 59.5M | 157.63M | 35.69M | 30.07M | 16M | 10.3M | 9.6M | 5.1M |
| OpEx % of Revenue | - | 159.4% | 64.75% | 73.13% | 71.88% | 68.91% | 71.34% | 33.32% | 32.25% | 31.75% | 28.98% | 28.9% | 27.56% | 28.43% | 29.23% | 25.75% | 22.72% | 27.9% | 27.46% | 28.4% | 23.56% | 18.58% | 21.34% | 25.89% | 101.41% | 20.14% | 27.7% | 26.62% | 24.24% | 33.1% | 30% |
| Selling, General & Admin | 196.2M | 246.3M | 246.4M | 214.3M | 183M | 181.6M | 181.7M | 200.7M | 166.5M | 277.18M | 279.71M | 287.46M | 268.46M | 236.58M | 197.09M | 139.3M | 115.6M | 86.93M | 76.61M | 53.1M | 44.76M | 31.48M | 29.07M | 26.33M | 25.62M | 18.11M | 11.09M | 6.1M | 4.1M | 4.3M | 2.9M |
| SG&A % of Revenue | - | 32.51% | 30.53% | 28.25% | 31.99% | 34.55% | 38.6% | 18.58% | 18% | 18.82% | 17.3% | 17.33% | 16.29% | 17.07% | 16.92% | 14.11% | 13.33% | 15.32% | 15.53% | 13.47% | 10.58% | 8.19% | 9.46% | 11.46% | 16.48% | 10.22% | 10.22% | 10.15% | 9.65% | 14.83% | 17.06% |
| Research & Development | 121.4M | 175.1M | 201.9M | 165.7M | 142.6M | 177.8M | 152M | 157.9M | 127.3M | 158.55M | 168.85M | 182.8M | 181.38M | 155.89M | 143.36M | 115.03M | 81.41M | 71.36M | 58.85M | 58.84M | 54.87M | 39.96M | 36.51M | 31.2M | 28.03M | 12.98M | 7.05M | 4.4M | 1.8M | 1.8M | 400K |
| R&D % of Revenue | - | 23.11% | 25.01% | 21.85% | 24.93% | 33.83% | 32.29% | 14.62% | 13.76% | 10.76% | 10.44% | 11.02% | 11.01% | 11.25% | 12.31% | 11.65% | 9.39% | 12.58% | 11.93% | 14.93% | 12.97% | 10.39% | 11.88% | 13.58% | 18.03% | 7.32% | 6.5% | 7.32% | 4.24% | 6.21% | 2.35% |
| Other Operating Expenses | 3M | 786.2M | 74.4M | 174.7M | 85.6M | 2.8M | 2.1M | 1.3M | 4.5M | 32.02M | 19.87M | 9.24M | 4.26M | 1.53M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.97M | 103.99M | 4.6M | 11.93M | 5.5M | 4.4M | 3.5M | 1.8M |
| Operating Income | -1.01B | -1.33B | -445.3M | -311.8M | -203.1M | -212.1M | -191.8M | 15.5M | 1.9M | -28.65M | 9.79M | 16.04M | 140.16M | 99.97M | 42.74M | 170.66M | 201.92M | 37.37M | 13.25M | 17.86M | 101.26M | 139.97M | 80.36M | 39.67M | -94.27M | 34.44M | 36.75M | 17.7M | 8.6M | 3.8M | -500K |
| Operating Margin % | -141.14% | -175.45% | -55.17% | -41.11% | -35.5% | -40.35% | -40.75% | 1.44% | 0.21% | -1.95% | 0.61% | 0.97% | 8.51% | 7.21% | 3.67% | 17.28% | 23.28% | 6.59% | 2.69% | 4.53% | 23.94% | 36.41% | 26.15% | 17.26% | -60.65% | 19.43% | 33.85% | 29.45% | 20.24% | 13.1% | -2.94% |
| Operating Income Growth % | - | -198.5% | -42.82% | -53.52% | 4.24% | -10.58% | -1337.42% | 715.79% | 106.63% | -392.81% | -39.01% | -88.55% | 40.21% | 133.9% | -74.96% | -15.48% | 440.38% | 182.07% | -25.81% | -82.37% | -27.66% | 74.17% | - | 142.08% | -373.77% | -6.3% | 107.63% | 105.81% | 126.32% | 860% | -66.67% |
| EBITDA | -807.6M | -1.08B | -264.3M | -166.2M | -91.6M | -91.2M | -94.7M | 137.9M | 113.5M | 121.86M | 168.93M | 188.33M | 299.94M | 253.27M | 185.45M | 279.26M | 292.34M | 133.93M | 112.53M | 102.52M | 175.62M | 209.69M | 135.93M | 84.58M | -54.11M | 61.66M | 48.68M | 23.2M | 13M | 7.3M | 1.3M |
| EBITDA Margin % | -113.35% | -142.17% | -32.74% | -21.91% | -16.01% | -17.35% | -20.12% | 12.77% | 12.27% | 8.27% | 10.45% | 11.35% | 18.2% | 18.27% | 15.92% | 28.28% | 33.71% | 23.61% | 22.81% | 26.01% | 41.52% | 54.54% | 44.22% | 36.8% | -34.81% | 34.79% | 44.84% | 38.6% | 30.59% | 25.17% | 7.65% |
| EBITDA Growth % | -123.77% | -307.53% | -59.03% | -81.44% | -0.44% | 3.7% | -168.67% | 21.5% | -6.86% | -27.87% | -10.3% | -37.21% | 18.43% | 36.57% | -33.59% | -4.47% | 118.28% | 19.02% | 9.76% | -41.62% | -16.25% | 54.26% | - | 256.3% | -187.76% | 26.67% | 109.82% | 78.46% | 78.08% | 461.54% | 8.33% |
| D&A (Non-Cash Add-back) | 198M | 252.1M | 181M | 145.6M | 111.5M | 120.9M | 97.1M | 122.4M | 111.6M | 150.51M | 159.15M | 172.29M | 159.77M | 153.3M | 142.71M | 108.61M | 90.42M | 96.56M | 99.28M | 84.67M | 74.36M | 69.72M | 55.56M | 44.91M | 40.16M | 27.22M | 11.93M | 5.5M | 4.4M | 3.5M | 1.8M |
| EBIT | -1.43B | -1.3B | -326.2M | -217.2M | -216.8M | -212.1M | -191.8M | 15.5M | 1.9M | -28.65M | 9.79M | 16.04M | 140.16M | 99.97M | 42.74M | 170.66M | 201.92M | 37.37M | 13.25M | 17.86M | 101.26M | 145.22M | 0 | 45.16M | -94.27M | 51.84M | 36.75M | 16.1M | 8.1M | 3.8M | -2.1M |
| Net Interest Income | -168.1M | -247.6M | -111.3M | 15.6M | -13.8M | -35.3M | -18.6M | -12M | 1.8M | 3.7M | 4.47M | 9.09M | 11.93M | 7.88M | 7.46M | 8.53M | 7.4M | 8.8M | 14.53M | 14.98M | 12.89M | 5.39M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 27.5M | 67.6M | 135M | 58.2M | 11.3M | 10.1M | 16.3M | 0 | 1.8M | 3.7M | 4.47M | 9.09M | 11.93M | 7.88M | 7.46M | 8.53M | 7.4M | 8.8M | 14.53M | 14.98M | 12.89M | 5.39M | 3.73M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 195.6M | 315.2M | 246.3M | 42.6M | 25.1M | 45.4M | 34.9M | 12M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -586.9M | -289.7M | -127.2M | 52M | -38.8M | -128.1M | -13.8M | -60.7M | -19.5M | 23.99M | -33.29M | -98.95M | 7.41M | 7.59M | 4.91M | 7.57M | 3.55M | 2.3M | 27.8M | 33.26M | 11.1M | 5.24M | 3.23M | 2.49M | -36.14M | 15.75M | 10.06M | -100K | 200K | -100K | 900K |
| Pretax Income | -1.59B | -1.62B | -572.5M | -259.8M | -241.9M | -340.2M | -205.6M | -45.2M | -17.6M | -4.66M | -23.51M | -82.9M | 147.57M | 107.56M | 47.65M | 178.23M | 205.47M | 39.67M | 41.05M | 51.11M | 112.36M | 145.22M | 83.59M | 47.16M | -130.41M | 50.19M | 46.81M | 17.6M | 8.9M | 3.7M | 400K |
| Pretax Margin % | -223.51% | -213.69% | -70.92% | -34.25% | -42.28% | -64.73% | -43.68% | -4.19% | -1.9% | -0.32% | -1.45% | -5% | 8.96% | 7.76% | 4.09% | 18.05% | 23.69% | 6.99% | 8.32% | 12.97% | 26.57% | 37.77% | 27.2% | 20.52% | -83.9% | 28.32% | 43.11% | 29.28% | 20.94% | 12.76% | 2.35% |
| Income Tax | -9.1M | -9.7M | 1.1M | 700K | 8.2M | 1.1M | -8M | 12.7M | -1.2M | 93.45M | -1.97M | -18.85M | 23.38M | 20.63M | 3.23M | 31.73M | 53.18M | 9.02M | 9.24M | 918K | 32.4M | 38.65M | 25.63M | 12.26M | -28.69M | 22.34M | 16.29M | 4.9M | 2.6M | 200K | -800K |
| Effective Tax Rate % | 0.57% | 0.6% | -0.19% | -0.27% | -3.39% | -0.32% | 3.89% | -28.1% | 6.82% | -2003.73% | 8.38% | 22.74% | 15.84% | 19.18% | 6.79% | 17.8% | 25.88% | 22.73% | 22.5% | 1.8% | 28.84% | 26.62% | 30.66% | 26% | 22% | 44.52% | 34.79% | 27.84% | 29.21% | 5.41% | -200% |
| Net Income | -1.58B | -1.61B | -864.2M | -329.9M | -200.9M | -523.9M | -191.7M | -308.9M | -280M | -98.12M | -21.54M | -64.05M | 124.19M | 86.92M | 44.41M | 146.5M | 152.29M | 30.32M | 33.44M | 57.33M | 76.67M | 91.14M | 57.96M | 34.9M | -101.72M | 27.84M | 30.52M | 12.7M | 6.3M | 3.5M | 300K |
| Net Margin % | -222.23% | -212.41% | -107.06% | -43.49% | -35.12% | -99.68% | -40.73% | -28.6% | -30.27% | -6.66% | -1.33% | -3.86% | 7.54% | 6.27% | 3.81% | 14.83% | 17.56% | 5.35% | 6.78% | 14.55% | 18.13% | 23.71% | 18.86% | 15.19% | -65.44% | 15.71% | 28.11% | 21.13% | 14.82% | 12.07% | 1.76% |
| Net Income Growth % | -42.03% | -86.21% | -161.96% | -64.21% | 61.65% | -173.29% | 37.94% | -10.32% | -185.37% | -355.6% | 66.38% | -151.57% | 42.87% | 95.72% | -69.68% | -3.8% | 402.19% | -9.31% | -41.68% | -25.22% | -15.88% | 57.25% | - | 134.31% | -465.35% | -8.77% | 140.31% | 101.59% | 80% | 1066.67% | - |
| Net Income (Continuing) | -1.58B | -1.61B | -573.6M | -260.5M | -250.1M | -341.3M | -197.6M | -57.9M | -16.4M | -98.12M | -21.54M | -64.05M | 124.19M | 86.92M | 44.41M | 146.5M | 152.29M | 30.65M | 31.81M | 50.19M | 79.96M | 106.56M | 57.96M | 34.9M | -101.72M | 27.84M | 30.52M | 12.4M | 6.2M | 3.5M | 200K |
| Discontinued Operations | 0 | 0 | -290.6M | -69.4M | 49.2M | -181.2M | 7M | -251M | -263.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -325K | 1.63M | 7.14M | -3.29M | -15.42M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 6.1M | 5M | 5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -4.03 | -34.17 | -20.64 | -7.95 | -5.01 | -13.98 | -5.34 | -8.94 | -8.43 | -3.00 | -0.63 | -1.71 | 3.03 | 2.22 | 1.17 | 3.99 | 4.35 | 1.02 | 1.14 | 2.16 | 2.94 | 3.54 | 2.31 | 0.58 | -1.40 | 0.37 | 0.44 | 0.21 | 0.12 | 0.07 | 0.01 |
| EPS Growth % | -6426.67% | -65.55% | -159.62% | -58.68% | 64.16% | -161.8% | 40.27% | -6.05% | -181% | -376.19% | 63.16% | -156.44% | 36.49% | 89.74% | -70.68% | -8.28% | 326.47% | -10.53% | -47.22% | -26.53% | -16.95% | 53.25% | - | 141.43% | -478.38% | -15.91% | 109.52% | 75% | 71.43% | - | - |
| EPS (Basic) | - | -34.17 | -20.64 | -7.95 | -5.01 | -13.98 | -5.34 | -8.94 | -8.43 | -3.00 | -0.63 | -1.71 | 3.09 | 2.25 | 1.17 | 4.05 | 4.47 | 1.05 | 1.17 | 2.19 | 3.03 | 3.66 | 2.34 | 0.60 | -1.40 | 0.39 | 0.47 | 0.22 | 0.12 | 0.07 | 0.01 |
| Diluted Shares Outstanding | 392.82M | 47.2M | 41.98M | 41.54M | 40.12M | 37.52M | 36.05M | 34.59M | 33.24M | 32.89M | 34M | 37.75M | 41.05M | 39.4M | 38.49M | 36.75M | 34.97M | 29.75M | 29.42M | 26.55M | 26.12M | 25.78M | 25.3M | 75.3M | 72.72M | 75.73M | 70.43M | 60.86M | 53.97M | 50M | 40M |
| Basic Shares Outstanding | 392.82M | 47.2M | 41.98M | 41.54M | 40.12M | 37.52M | 36.05M | 34.59M | 33.24M | 32.89M | 34M | 37.75M | 40.29M | 38.95M | 38.31M | 36.25M | 34.19M | 29.48M | 28.85M | 26.24M | 25.47M | 25.05M | 24.72M | 73.2M | 72.72M | 72.24M | 65.93M | 58.03M | 51.45M | 50M | 40M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
200mm yield ramp failure
According to the most recent quarterly filings, Wolfspeed's revenue has declined to $150.2 million, representing a 19.0% year-over-year contraction that highlights the company's ongoing struggle to maintain top-line momentum amidst a cooling electric vehicle market and significant operational headwinds in its core semiconductor segments.
The consistent decline in quarterly revenue suggests that the company's transition to a pure-play Silicon Carbide model is facing severe headwinds from both demand-side weakness and internal execution challenges. Investors should monitor whether the current revenue trajectory reflects a structural loss of market share or merely a temporary delay in the conversion of design-wins into actual shipments.
As reported in financial statements, the company's gross margin has deteriorated to -26.6%, a figure that underscores the heavy burden of underutilization charges and the high fixed-cost nature of the Mohawk Valley facility as it attempts to scale 200mm wafer production capacity.
The negative gross margins indicate that the cost of production currently exceeds the value of goods sold, a condition that appears unsustainable without a rapid improvement in manufacturing yields. This margin profile suggests that the company is effectively subsidizing its own production ramp, leaving little room for error in its long-term capacity utilization strategy.
Based on the provided income statement data, operating losses have widened significantly, with the operating margin reaching -69.4% in the latest quarter, indicating that the company has yet to achieve the necessary scale to offset its substantial R&D and overhead expenditures.
The lack of operating leverage is evident as SG&A and R&D costs continue to weigh heavily on the bottom line despite the shrinking revenue base. This suggests that the company's current cost structure is misaligned with its actual output, necessitating a potential reassessment of its operational efficiency targets.
Analysis of recent filings reveals that net income remains deeply negative, with the latest quarter showing a loss of $119.9 million, further complicated by inconsistent stock-based compensation patterns that reached $27.9 million in the most recent period, potentially diluting shareholder value during a period of operational distress.
The volatility in net income, including extreme quarterly swings, suggests that non-operating items and accounting adjustments are significantly impacting the reported bottom line. Investors should be wary of relying on adjusted figures that may mask the underlying cash burn required to sustain the company's capital-intensive manufacturing ambitions.
While management emphasizes the strategic importance of 200mm SiC leadership, the persistent negative margins and rising competitive pressure from Chinese manufacturers suggest that the company's moat may be narrower than anticipated, potentially leading to long-term commoditization of its core substrate business.
The risk of a 'yield ceiling' in 200mm crystal growth remains a critical, non-consensus threat that could permanently impair the company's ability to reach its targeted margin profile. If the company fails to achieve cost parity with traditional silicon solutions, the entire business model may require a fundamental pivot to remain viable.
Quick answers to the most common questions about buying WOLF stock.
For fiscal year 2025, Wolfspeed, Inc. (WOLF) reported total revenue of $757.6M. This represents a 4356.5% increase compared to $17.0M in 1996.
Wolfspeed, Inc. (WOLF) reported a net loss of $1.61B for the fiscal year ending 2025.
Wolfspeed, Inc. (WOLF) reported an operating income of $-1329.2M, resulting in an operating profit margin of -175.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Wolfspeed, Inc. (WOLF) generated $-121.6M in gross profit for the year, representing a gross profit margin of -16.1%. This demonstrates the company's core pricing power and production efficiency.