Wolfspeed Q3 Revenue $150M; Net Loss $120M; Debt Reduced
Wolfspeed, Inc. announced its fiscal third-quarter 2026 results, reporting consolidated revenue of $150 million, which was aligned with the midpoint of its guidance. The company posted a GAAP net loss of $120 million and an adjusted EBITDA of ($62) million, with negative GAAP and non-GAAP gross margins. Strategically, Wolfspeed made progress by launching new products for AI data centers, focusing Durham facilities on materials production, and completing Chapter 11 procedures with CFIUS clearance and equity issuance to Renesas. The company also significantly strengthened its balance sheet by refinancing $476 million of debt, reducing total debt by $97 million and projected annual interest expense by $62 million, while maintaining $1.2 billion in liquidity.
Key Highlights
- Consolidated revenue was $150 million, aligning with guidance midpoint.
- GAAP net loss reported at $120 million, with adjusted EBITDA of ($62) million.
- GAAP gross margin was (27)% and Non-GAAP gross margin was (21)%.
- Refinanced $476 million of first-lien debt, reducing total debt by $97 million.
- Annual interest expense is estimated to decrease by $62 million due to refinancing.
- Cash, cash equivalents, and short-term investments totaled $1.2 billion as of March 29, 2026.
- Launched first commercially available 10 kV SiC power MOSFET and next-gen TOLT portfolio.
- Fiscal Q4 2026 revenue guidance is between $140 million and $160 million.