Wolfspeed, Inc.

The grade, in three tenses

Headline 3.2 out of ten, 6 of 9 metrics filed and 3 estimated: past 3.4 out of ten, present 3.9 out of ten, future 2.2 out of ten. The past asks what it actually did, the present what it is doing right now, the future what it is set up to do next.

The nine metrics

• Surviving crises (past): 0.1 out of ten. 6 warning events since 2017; the latest 2025-09-30. 1st percentile among 99 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Track record (past): 4.5 out of ten. +5.9% a year over 7 filed years; profitable in 0 of 7. 45th percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Shareholder treatment (past): 5.9 out of ten. CrossAssetData estimate 5.9/10, confidence 20 of 100 (family median). 50th percentile among 88 sector filers. A CrossAssetData estimate, not a filed reading: family median, confidence 20 of 100; its next annual report on file with the inputs replaces this estimate with the filed reading.
• Financial health (present): 4.8 out of ten. CrossAssetData estimate 4.8/10, confidence 20 of 100 (family median). 50th percentile among 97 sector filers. A CrossAssetData estimate, not a filed reading: family median, confidence 20 of 100; its next annual report on file with the inputs replaces this estimate with the filed reading.
• Industry position (present): 4.2 out of ten. bottom 42% of 97 in its family; net margin -212.4%. 42nd percentile among 97 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Leadership (present): 1.6 out of ten. bottom 16% of 66 in its family for leadership; chief executive since 2025. 16th percentile among 66 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-09).
• Room to expand (future): 0.1 out of ten. CrossAssetData estimate 0.1/10, confidence 35 of 100 (one part). 2nd percentile among 97 sector filers. A CrossAssetData estimate, not a filed reading: one part, confidence 35 of 100; a filing that carries the missing parts replaces this estimate with the filed reading.
• Growth drivers (future): 5.9 out of ten. top 41% of 93 in its family for growth drivers. 59th percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Expectations vs reality (future): 0.7 out of ten. bottom 7% of 88 in its family for expectations against reality. 7th percentile among 88 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).

The filing record

Newest annual report: Form 10-K filed 2026-08-20 for the period ended 2026-06-28 (on EDGAR). Newest quarterly report: Form 10-Q filed 2026-05-07 for the period ended 2026-03-29 (on EDGAR). Newest results release: Form 8-K filed 2026-08-19 (on EDGAR). Newest filing: Form 8-K, 2026-10-07. Filings on record since 1996. Read from EDGAR 2026-10-12.

How the company works

Read from its Form 10-K filed 2026-08-20.

The people

Robert A. Feurle has been chief executive since May 2025 and sits on the board. He came from ams-OSRAM AG, where he ran the Opto Semiconductors business unit from March 2022 and sat on the executive committee. Before that he led Integrated Solutions and Discretes at Infineon Technologies AG from November 2015 to June 2020, and ran marketing and program management for the compute and networking business at Micron Technology, Inc. from April 2009 to November 2015. On the insider record this site holds, he first filed in 2025. [1, 2, 3]

Three other executive officers are named, and all three are recent. Gregor van Issum became chief financial officer on September 1, 2025; he had been group controller and chief transformation and performance officer at ams-OSRAM AG from June 2020, and held roles at NXP Semiconductors from 2007 to 2018. David T. Emerson became chief operating officer on June 23, 2025; he had spent more than 20 years at the company when it operated as Cree, Inc., latterly running the LED products business, and in between led a medical device company and a consulting firm. Bradley D. Kohn became chief legal and global affairs officer on May 11, 2026; he had been the company's general counsel from 2013 until 2024, then served at Martin Marietta Materials, Inc. from December 2024 until February 2026 before coming back. [4, 5, 6, 3]

The board was rebuilt around the restructuring. Its size is fixed at nine members and seven people were put up for election at the annual meeting. Anthony Abate has chaired it since September 2025. Seven of the nine sitting directors are independent under the New York Stock Exchange rules, and the proxy names seven more people who sat on the board for part of fiscal 2026 and are not among the present directors. On the insider record this site holds, 33 people have filed and 13 of them filed in the last fifteen months. [7, 8, 9, 3]

The company employed 2,371 regular full and part-time employees as of June 28, 2026, and the annual report gives no split by place or by work. Headcount has been cut again and again: a reduction and facility closure and consolidation plan began in the first quarter of fiscal 2025, and two more headcount reduction plans were started in the period after the company came out of bankruptcy. [10, 11]

How it operates

Wolfspeed calls itself an innovator of wide bandgap semiconductors, focused on silicon carbide materials and devices for power applications. In plainer words, it grows the material, silicon carbide, and makes the switches cut from it that turn electric power on and off. By its own account those switches bring increased efficiency and faster switching speeds and, as a result, reduced system size and weight over comparable silicon power devices. The products are aimed at electric vehicles and fast charging, and at industrial and energy uses including AI data centers, grid modernization, renewable energy and storage, aerospace and defense. [12, 13]

The two product families sit at different points of the chain. Materials products are silicon carbide bare wafers, epitaxial wafers and gallium nitride epitaxial layers grown on silicon carbide wafers, sold to customers who use them to build their own radio frequency and power products, and to corporate, government and university buyers doing research. Power device products are silicon carbide Schottky diodes, metal oxide semiconductor field effect transistors, which the filing shortens to MOSFETs, and power modules, sold to customers and distributors for electric vehicles and charging infrastructure, server power supplies, solar inverters, uninterruptible and industrial power supplies, AI data centers and grid modernization. [14, 15]

Revenue leans on very few buyers. Two customers each took more than a tenth of consolidated revenue in every period the annual report covers, and together they accounted for 41%, 38%, 37% and 37% of it across the two parts of fiscal 2026 and the two fiscal years before. In the nine-month stretch after the company came out of bankruptcy, the two took 11% and 27%. About 45% of revenue is sold through distributors, which stock inventory and resell to their own customer base of resellers, manufacturers and end users, and one distributor on its own was more than a tenth of revenue in each period. [16, 17, 18, 19, 20]

Revenue is counted by the shipping address, so it shows where the goods land rather than where the finished equipment is sold. In fiscal 2025 Europe was the largest destination at 151.3 million dollars, 20.0% of revenue, after falling 48.7% from 295.2 million the year before, with the United States second at 135.5 million, 17.9%. In fiscal 2026 that order turned over: the United States took 160.4 million dollars of the successor period's revenue, 34.3% of it, while Europe took 79.2 million, 16.9%. Two thirds of revenue in that period still came from outside the United States, against 77% in the three months before it. [21, 22, 23, 24, 25]

Most products are made in the company's own plants in North Carolina, New York and Arkansas, with contract manufacturers, some of them captive lines, for parts of fabrication, assembly and packaging, and assembly and test subcontractors across Asia. Substrates are grown at the materials plant in Durham, North Carolina. During fiscal 2025 device production moved from 150mm wafers to 200mm; during the period ended June 28, 2026 the 150mm fabrication plant in Durham closed and all power devices are now made at the 200mm plant in Marcy, New York. Very little of the asset base sits abroad: 11.2 million dollars of property and equipment was held outside the United States at the end of fiscal 2026, against 142.9 million a year earlier, mostly at contract manufacturing space in Malaysia. [26, 27, 28, 29, 30]

The specifics

The year's defining event is a bankruptcy. On June 30, 2025 Wolfspeed and its subsidiary Wolfspeed Texas LLC filed prepackaged Chapter 11 petitions in the United States Bankruptcy Court for the Southern District of Texas, to carry out a plan settled in advance with holders of more than 97% of its senior secured notes, more than 67% of its convertible notes and Renesas Electronics America Inc. The court confirmed the plan on September 8, 2025 and the company emerged on September 29, 2025, with total debt cut by about 70% against pre-emergence levels. It reincorporated from North Carolina to Delaware on the way through. It ended fiscal 2026 with 1.1 billion dollars of cash, equivalents and short term investments, against a covenant that requires 350.0 million at each month end, helped by 698.6 million dollars of cash tax refunds collected in the successor period under the refundable federal chip manufacturing credit created by the CHIPS and Science Act of 2022. [31, 32, 33, 34, 35, 36, 37]

Emerging reset the books. The company adopted fresh start accounting, which gave it a new basis of accounting and made it a new entity for financial reporting, so the statements after September 29, 2025 are not comparable with those before. Fiscal 2026 is therefore reported in two pieces: a predecessor period from June 30, 2025 to September 29, 2025, and a successor period from September 30, 2025 to June 28, 2026. The reset also pushed costs into the successor period: 23 million dollars of extra product cost as written-up work in progress and finished goods were sold, and 42 million of extra amortization on developed technology and other intangibles. [38, 39, 40]

The plan changed who owns the company. About 3.1 billion dollars of convertible notes were discharged, as were about 2.1 billion dollars of customer refundable deposits owed to Renesas. The old common stock was cancelled: 156,479,390 shares were outstanding immediately before the effective date, and existing holders received about 1,306,896 of the 25,840,656 new shares issued under the plan, the rest going to pre-petition convertible noteholders. Renesas received 203.6 million dollars of new convertible notes, a warrant over 4,943,555 shares, and 16,852,372 shares once regulatory approvals came through in January 2026. The filing says those former convertible holders and Renesas may control the outcome of matters put to stockholders, including director elections. [41, 42, 43, 44, 45, 46]

Technology is protected by patents and trade secrets: as of June 28, 2026 the company owned or exclusively licensed 550 issued United States patents and about 921 foreign patents, with expiry dates running as far as 2051, and it says no single patent is material to the business. In July 2026 it sued Navitas Semiconductor Corp. and three other named companies in the United States District Court of Delaware over five patents covering gallium nitride and silicon carbide products. In materials it says it holds a well-established leadership position and names SICC Co., LTD. and TanKeBlue Semiconductor Co., Ltd of China as growing competition; in power devices it names Infineon Technologies AG, ON Semiconductor Corporation, Rohm Co. Ltd., ST Microelectronics N.V., Robert Bosch GmbH and Silan Microelectronics Co. Ltd. [47, 48, 49, 50]

What drives growth, line by line

Fiscal 2026 is reported in two pieces because of the bankruptcy: 468.3 million dollars of revenue in the successor period and 196.8 million in the predecessor period, against 757.6 million for the whole of fiscal 2025. The filing says net sales across the two pieces were down 12% on fiscal 2025. On the record this site holds, revenue had already fallen 6.1% in fiscal 2025, to 757.6 million from 807.2 million, after four straight years of growth from 470.7 million in fiscal 2020. [39, 51, 52]

Power Products. Power products are now much the bigger half. In fiscal 2025 the line brought 414.0 million dollars, 54.6% of revenue, near enough flat against 415.6 million the year before. In fiscal 2026 it was 324.7 million in the successor period, 69.3% of that period's revenue, and 131.8 million in the predecessor period, 67.0% of that one's. The filing credits stronger demand for industrial applications products, partly end-of-life buys tied to the closure of the Durham fabrication plant, and growth in emerging uses for silicon carbide devices such as AI and data center applications, set against a reduction in automotive demand and continued pricing pressure through the year. [21, 39, 53]

Materials Products. Materials, the wafer and substrate side, is shrinking. In fiscal 2025 it brought 343.6 million dollars, 45.4% of revenue, down 12.3% from 391.6 million. In fiscal 2026 it was 143.6 million in the successor period, 30.7% of that period's revenue, and 65.0 million in the predecessor period, 33.0% of that one's. The filing puts the fall down to lower volumes, as substrate customers keep adjusting the timing and size of their orders to rebalance supply against weaker end market demand, and to pricing pressure from increased substrate supply, particularly from suppliers in China. [21, 39, 54]

What comes next, in the company's own words: it has been experiencing softening demand and continued price pressure in certain applications; it continues to expect increased mid and long term demand growth, though it says the timing and extent of those increases remain uncertain; and it expects to keep incurring significant underutilization costs until market demand meets or exceeds its production capacity. Gross capital investment fell through fiscal 2026 once the first phases of the Mohawk Valley and Siler City projects were substantially complete, and the company expects that lower level of investment to continue in fiscal 2027. It also says it keeps pursuing federal funding, including awards that may be made available under the CHIPS and Science Act. [55, 56, 57, 58]

What the desk infers (inferred, not filed)

• One of the two customers that each take more than a tenth of revenue is the distributor the filing singles out separately, so part of what looks like customer concentration is concentration of resale rather than of end demand. Because: The filing says two customers each represented more than 10% of consolidated revenue in each period, and that no other customer did. [16, 19] It also says one distributor on its own represented over 10% of revenue in each of those same periods. [19] About 45% of revenue is sold through distributors, so a distributor is easily large enough to be one of the two. [18] Distributors stock inventory and resell to their own customer base of value added resellers, manufacturers and end users, so one distributor account can stand for many buyers. [20] Confidence 75 of 100. Wrong if: A filing or a note that counts distributors outside the customer concentration figures, or that names both of the customers above a tenth of revenue as manufacturers buying for their own products.
• Renesas is both a large owner of the reorganized company and one of its wafer customers: it is the counterparty to the ten-year wafer supply agreement that the discharged deposits were meant to secure. Because: The customer refundable deposits were term loans of about 2.1 billion dollars made by Renesas under an Unsecured Customer Refundable Deposit Agreement dated July 5, 2023. [59] Those deposits carried a higher interest rate, either 10% or 15% instead of 6%, if the company could not meet supply targets under a ten-year wafer supply agreement with the same customer, which makes the depositor a buyer of wafers. [60] On emergence Renesas received 203.6 million dollars of new convertible notes, a warrant over 4,943,555 shares and 16,852,372 shares of new common stock. [43, 44] The filing says former holders of the convertible notes and Renesas may control the outcome of matters put to stockholders, including director elections. [46] Confidence 85 of 100. Wrong if: A filing that names a different counterparty to the ten-year wafer supply agreement, or that says Renesas neither holds shares of the reorganized company nor buys wafers from it.
• The company's oldest advantage, silicon carbide substrates, is wearing away faster than its device business, with Chinese substrate supply setting the terms in wafers while power devices hold up on industrial and data center demand. Because: In fiscal 2025 materials revenue fell 12.3% to 343.6 million dollars while power products were near enough unchanged at 414.0 million. [21] Materials fell from 45.4% of revenue in fiscal 2025 to 30.7% of the successor period's revenue in fiscal 2026. [21, 39] The filing blames lower volumes and pricing pressure attributable to increased substrate supply, particularly from suppliers in China. [54] It names SICC Co., LTD. and TanKeBlue Semiconductor Co., Ltd in China as increased competition in exactly the wafer and epitaxy products where it says it holds a well-established leadership position. [49] Confidence 70 of 100. Wrong if: A year in which materials revenue grows faster than power products, or a filing that puts the materials decline down to the company keeping its own substrates for its own devices rather than to outside competition.

Sources

1. Wolfspeed, Inc., Form DEF 14A filed 2026-09-11: “Mr. Feurle has served as the Company’s Chief Executive Officer since May 2025. Previously, Mr. Feurle served as Executive Vice President and General Manager of the Business Unit Opto Semiconductors at ams-OSRAM AG (SIX:AMS), a light and sensor developer and producer and semiconductor manufacturer, and a member of the company’s Executive Committee since March 2022.”
2. Wolfspeed, Inc., Form DEF 14A filed 2026-09-11: “Mr. Feurle previously served as Vice President and General Manager of Integrated Solutions and Discretes at Infineon Technologies AG from November 2015 to June 2020. Prior to Infineon Technologies, he served as Vice President of Marketing and Program Management for the Compute and Networking Business at Micron Technology, Inc. (Nasdaq: MU) from April 2009 to November 2015.”
3. The record on this page: the officers and directors who file Forms 3, 4 and 5 (the SEC's insider data sets)
4. Wolfspeed, Inc., Form DEF 14A filed 2026-09-11: “Mr. van Issum was appointed as Executive Vice President and Chief Financial Officer of the Company effective September 1, 2025. He most recently served as EVP, Group Controller and Chief Transformation and Performance Officer at ams-OSRAM AG (SIX: AMS), a light and sensor developer and producer and semiconductor manufacturer, and a member of the company’s Executive Committee, beginning in June 2020. He also served as Senior Vice President and Head of F&A at ams-OSRAM AG from March 2018 to June 2020. Mr. van Issum previously held various roles at NXP Semiconductors (Nasdaq: NXPI) from 2007 to 2018.”
5. Wolfspeed, Inc., Form DEF 14A filed 2026-09-11: “Dr. Emerson was appointed as Executive Vice President and Chief Operating Officer of the Company effective June 23, 2025. He most recently served as Principal of Triphammer Solutions, LLC, a consulting firm, beginning in July 2022. From January 2020 to June 2022, Dr. Emerson served as President, Chief Executive Officer, and a board member of EmitBio, Inc., a medical device light therapy company. Prior to that time, Dr. Emerson held multiple positions with the Company (when operating as Cree, Inc.) for more than 20 years, including serving as Executive Vice President of the LED Products business from September 2017 to December 2018”
6. Wolfspeed, Inc., Form DEF 14A filed 2026-09-11: “Mr. Kohn was appointed as Executive Vice President and Chief Legal and Global Affairs Officer of the Company effective May 11, 2026. He most recently served as Senior Vice President, General Counsel and Corporate Secretary of Martin Marietta Materials, Inc. (NYSE: MLM), a leading supplier of aggregates and heavy building materials, from December 2024 until February 2026. Prior to Martin Marietta, Mr. Kohn served as Senior Vice President, General Counsel and Corporate Secretary of the Company from 2013 until 2024.”
7. Wolfspeed, Inc., Form DEF 14A filed 2026-09-11: “Currently, the Board of Directors is composed of Messrs. Abate, Bokan, Bolisay, Feurle, Jensen, Mattes, Musser, and Walsh and Dr. Hou. The Board of Directors has determined that seven of the present directors— Messrs. Abate, Bokan, Jensen, Mattes, Musser, and Walsh and Dr. Hou—are each an “independent director” within the meaning of the applicable NYSE Listing Rules. In addition, the Board of Directors previously determined that Messrs. Hodge, Jackson, Riley, Smith, and Werner and Mses. Dorchak and Le, who served on the Board during a portion of fiscal 2026, were each an “independent director” within the meaning of the applicable NYSE Listing Rules.”
8. Wolfspeed, Inc., Form DEF 14A filed 2026-09-11: “The size of the Board of Directors is fixed by resolution of the Board, presently set at nine members. Seven persons have been nominated for election at the Annual Meeting.”
9. Wolfspeed, Inc., Form DEF 14A filed 2026-09-11: “Mr. Abate has served as Chair of the Board since September 2025.”
10. Wolfspeed, Inc., Form 10-K filed 2026-08-20: “As of June 28, 2026, we employed 2,371 regular full and part-time employees. We also employ individuals on a temporary full-time basis and use the services of contractors as necessary.”
11. Wolfspeed, Inc., Form 10-K filed 2026-08-20: “During the first quarter of 2025, we initiated a headcount reduction and facility closure and consolidation plan and during the Successor period of fiscal 2026, we have continued to right-size our operations by initiating two additional headcount reduction plans.”
12. Wolfspeed, Inc., Form 10-K filed 2026-08-20: “is an innovator of wide bandgap semiconductors, focused on silicon carbide materials and devices for power applications. Our product families include silicon carbide materials and power devices. Our products are targeted for various applications in the Automotive domain, including electric vehicles and fast charging, as well as existing and emerging applications in the Industrial & Energy domain such as AI data centers, grid modernization and renewable energy and storage as well as aerospace and defense.”
13. Wolfspeed, Inc., Form 10-K filed 2026-08-20: “Our silicon carbide power products provide increased efficiency and faster switching speeds and as a result, reduced system size and weight over comparable silicon power devices.”
14. Wolfspeed, Inc., Form 10-K filed 2026-08-20: “Our silicon carbide materials products consist of silicon carbide bare wafers, epitaxial wafers, and GaN epitaxial layers on silicon carbide wafers. Our silicon carbide materials are targeted for customers who use them to manufacture products for radio-frequency ("RF"), power and other applications. Corporate, government and university customers also buy silicon carbide and GaN materials for research and development directed at RF and power devices.”
15. Wolfspeed, Inc., Form 10-K filed 2026-08-20: “Our power device products consist of silicon carbide Schottky diodes, metal oxide semiconductor field effect transistors ("MOSFETs") and power modules. Our silicon carbide power products provide increased efficiency and faster switching speeds and as a result, reduced system size and weight over comparable silicon power devices. Power products are sold to customers and distributors for use in applications such as electric vehicles, including charging infrastructure, server power supplies, solar inverters, uninterruptible power supplies, industrial power supplies, AI data centers, grid modernization and other applications.”
16. Wolfspeed, Inc., Form 10-K filed 2026-08-20: “These customers, in the aggregate, accounted for 41%, 38%, 37% and 37% of our total consolidated revenue in each period from June 30, 2025 to September 29, 2025 and September 30, 2025 to June 28, 2026 and the fiscal years ended June 29, 2025 and June 30, 2024, respectively.”
17. Wolfspeed, Inc., Form 10-K filed 2026-08-20: “For the period from September 30, 2025 to June 28, 2026, two customers represented 11% and 27% of revenue, respectively.”
18. Wolfspeed, Inc., Form 10-K filed 2026-08-20: “For the Successor period ended June 28, 2026 and Predecessor period ended September 29, 2025, approximately 45%, respectively, of our revenue was from sales to distributors.”
19. Wolfspeed, Inc., Form 10-K filed 2026-08-20: “We sell a portion of our products through distributors, including one that represented over 10% of revenue during each of the periods from June 30, 2025 to September 29, 2025 and September 30, 2025 to June 28, 2026.”
20. Wolfspeed, Inc., Form 10-K filed 2026-08-20: “Distributors stock inventory and sell our products to their own customer base, which may include value added resellers, manufacturers who incorporate our products into their own manufactured goods and ultimate end users of our products.”
21. The record on this page: revenue by line and by geography, as tagged in the annual report (the SEC's financial statement data sets)
22. Wolfspeed, Inc., Form 10-K filed 2026-08-20: “The Company conducts business in several geographic areas. Revenue is attributed to a particular geographic region based on the shipping address for the products. Disaggregated revenue from external customers by geographic area is as follows”
23. Wolfspeed, Inc., Form 10-K filed 2026-08-20: “United States $160.4 34.3 % $44.9 22.8 % $135.5 17.9 % $115.0 14.2”
24. Wolfspeed, Inc., Form 10-K filed 2026-08-20: “Europe 79.2 16.9 % 36.3 18.4 % 151.3 20.0 % 295.2 36.6”
25. Wolfspeed, Inc., Form 10-K filed 2026-08-20: “During the period from June 30, 2025 to September 29, 2025 and the period from September 30, 2025 to June 28, 2026, 77% and 66%, respectively, of our revenue was from outside the United States and we expect that revenue from international sales will continue to represent a significant portion of our total revenue.”
26. Wolfspeed, Inc., Form 10-K filed 2026-08-20: “The majority of our products are manufactured at our production facilities located in North Carolina, New York and Arkansas. We also use contract manufacturers, some of which include captive lines, for certain products and aspects of product fabrication, assembly and packaging. We operate research and development facilities in North Carolina, Arkansas and New York.”
27. Wolfspeed, Inc., Form 10-K filed 2026-08-20: “During fiscal 2025, we completed the transition of our device production capacity from 150mm to 200mm offerings including the substantial completion of the initial phase of our major expansion projects. During the period ended June 28, 2026, we closed the 150mm device fabrication facility in Durham, North Carolina and now produce all power devices in our 200mm Marcy, New York fabrication facility.”
28. Wolfspeed, Inc., Form 10-K filed 2026-08-20: “Silicon carbide substrate manufacturing occurs in our materials facility in Durham, North Carolina and involves production of a bare wafer substrate with or without epitaxy.”
29. Wolfspeed, Inc., Form 10-K filed 2026-08-20: “We utilize manufacturing facilities located in the United States in combination with assembly and test subcontractors throughout Asia.”
30. Wolfspeed, Inc., Form 10-K filed 2026-08-20: “As of June 28, 2026 and June 29, 2025, the Company held $11.2 million and $142.9 million, respectively, of property and equipment, net outside of the United States, primarily related to assets held at contract manufacturing space in Malaysia.”
31. Wolfspeed, Inc., Form 10-K filed 2026-08-20: “On June 30, 2025 (the “Petition Date”), we and our wholly owned subsidiary, Wolfspeed Texas LLC (together, the “Debtors”), voluntarily filed petitions (the "Chapter 11 Cases") for relief under Chapter 11 of the United States Bankruptcy Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Southern District of Texas, Houston Division (the “Bankruptcy Court”) to implement a prepackaged Chapter 11 plan of reorganization (the "Plan").”
32. Wolfspeed, Inc., Form 10-K filed 2026-08-20: “executed on June 22, 2025, with key stakeholders, including (i) holders of more than 97% of the Company’s Senior Secured Notes due 2030 (the "Existing Senior Secured Notes"), (ii) holders of more than 67% of the Company’s outstanding 1.75% Convertible Senior Notes due 2026, 0.25% Convertible Senior Notes due 2028, and 1.875% Convertible Senior Notes due 2029 (collectively, the “Convertible Notes”), and (iii) Renesas Electronics America Inc. (“Renesas”).”
33. Wolfspeed, Inc., Form 10-K filed 2026-08-20: “On September 8, 2025, the Court entered the Order (i) Approving the Disclosure Statement, (ii) Confirming the Joint Prepackaged Chapter 11 Plan of Reorganization of Wolfspeed, Inc. and Its Debtor Affiliate, and (iii) Approving Entry into the Backstop Agreement (Docket No. 285) (the “Confirmation Order”), which, among other things, confirmed the Plan.”
34. Wolfspeed, Inc., Form 10-K filed 2026-08-20: “On September 29, 2025 (the "Effective Date"), we emerged from the Chapter 11 Cases upon all the conditions to the effectiveness of the Plan being satisfied or waived and the Plan becoming effective.”
35. Wolfspeed, Inc., Form 10-K filed 2026-08-20: “As part of the Plan, the Company issued the new debt and equity described in Note 3, "Emergence from Voluntary Reorganization under Chapter 11," which resulted in a reduction of the total debt by approximately 70% compared to the pre-emergence levels. The Company had $1.1 billion of cash, cash equivalents and short term investments as of June 28, 2026; under the terms of our New Senior Secured Notes, the Company is required to have a minimum cash balance of $350.0 million at the last calendar date of each month.”
36. Wolfspeed, Inc., Form 10-K filed 2026-08-20: “In connection with the Plan, we effected a reincorporation from the State of North Carolina to the State of Delaware (the “Reincorporation”). Upon consummation of the Reincorporation, Wolfspeed ceased its legal existence as a North Carolina corporation, and the surviving Delaware corporation will continue our business under the name “Wolfspeed, Inc.”, succeeding to all of our rights, assets, liabilities and obligations.”
37. Wolfspeed, Inc., Form 10-K filed 2026-08-20: “The AMIC is a refundable federal tax credit provided under Internal Revenue Code Section 48D, which was enacted by the United States CHIPS and Science Act of 2022 (the "CHIPS Act"). During the Successor period ended June 28, 2026, the Company received $698.6 million in cash tax refunds related to fiscal 2025 federal tax filings.”
38. Wolfspeed, Inc., Form 10-K filed 2026-08-20: “Upon our emergence from the Chapter 11 Cases, we adopted fresh start accounting, which resulted in a new basis of accounting and the Company becoming a new entity for financial reporting purposes. As a result of the application of fresh start accounting and the effects of the implementation of the Plan, the consolidated financial statements after the Effective Date are not comparable with the consolidated financial statements on or before that date.”
39. Wolfspeed, Inc., Form 10-K filed 2026-08-20: “Period from September 30, 2025 to June 28, 2026 Period from June 30, 2025 to September 29, 2025 Fiscal Year Ended June 29, 2025 (in millions of U.S. Dollars, except share data) Amount % of Revenue Amount % of Revenue Amount % of Revenue Power Products $324.7 69.3 % $131.8 67.0 % $414.0 54.6 % Materials Products 143.6 30.7 % 65.0 33.0 % 343.6 45.4 % Revenue, net 468.3 100.0 % 196.8 100.0 % 757.6 100.0”
40. Wolfspeed, Inc., Form 10-K filed 2026-08-20: “$23 million of additional product costs in the Successor period ended June 28, 2026 related to fair value step-ups on work-in-progress and finished goods recorded upon adoption of fresh start accounting, which was fully recognized as the products were sold in the Successor period. •$42 million of additional amortization expenses related to the recognition of developed technology and changes in the fair value of other intangibles upon the adoption of fresh start accounting, recognized in the Successor period ended June 28, 2026.”
41. Wolfspeed, Inc., Form 10-K filed 2026-08-20: “Immediately prior to the Effective Date there were 156,479,390 shares of the Company's common stock, $0.00125 par value per share (the "Old Common Stock"), outstanding.”
42. Wolfspeed, Inc., Form 10-K filed 2026-08-20: “on the Effective Date all of the previously issued and outstanding shares of Old Common Stock were cancelled, and existing equity holders received their pro rata share of approximately 1,306,896 shares of New Common Stock, of the Delaware corporation. Pursuant to the Plan, the Company issued an aggregate of 25,840,656 shares of New Common Stock (inclusive of the aforementioned shares of New Common Stock issued to existing equity holders, with the remaining shares issued to pre-petition convertible noteholders, in accordance with the Plan).”
43. Wolfspeed, Inc., Form 10-K filed 2026-08-20: “The then-outstanding CRD Agreement Deposits with Renesas totaling approximately $2.1 billion were discharged and terminated. Renesas received on account of their claims: (a) a principal amount of approximately $203.6 million of New 2L Renesas Convertible Notes, (b) a warrant to purchase an aggregate of 4,943,555 shares of New Common Stock”
44. Wolfspeed, Inc., Form 10-K filed 2026-08-20: “and (c) 16,852,372 shares of New Common Stock from the Share Reserve, the issuance of which was subject to Regulatory Approvals. All Regulatory Approvals were received in January 2026.”
45. Wolfspeed, Inc., Form 10-K filed 2026-08-20: “The then-outstanding Convertible Notes totaling approximately $3.1 billion were discharged and terminated.”
46. Wolfspeed, Inc., Form 10-K filed 2026-08-20: “Certain former holders of our convertible notes and Renesas have acquired significant ownership interests in our common stock pursuant to the Plan. These stockholders may control outcomes of actions requiring stockholder approval, including director elections, without other stockholders' approval.”
47. Wolfspeed, Inc., Form 10-K filed 2026-08-20: “As of June 28, 2026, we owned or were the exclusive licensee of 550 issued United States patents and approximately 921 foreign patents with various expiration dates extending up to 2051, with certain patents expiring in the near term. We do not consider our business to be materially dependent upon any one patent, and we believe our business will not be materially adversely affected by the expiration of any one patent.”
48. Wolfspeed, Inc., Form 10-K filed 2026-08-20: “The Company filed a complaint for patent infringement against Navitas Semiconductor Corp., Navitas Semiconductor Ireland, LLC, GeneSic Semiconductor LLC, and Navitas Semiconductor USA, Inc. (collectively, "Navitas") on July 7, 2026 in the United States District Court of Delaware. The complaint seeks injunctive relief and damages for infringement of five U.S. patents owned by the Company”
49. Wolfspeed, Inc., Form 10-K filed 2026-08-20: “We have continued to maintain a well-established leadership position in the sale of silicon carbide wafer and silicon carbide and GaN epitaxy products. As market adoption of the technology grows with rapidly expanding power device designs, we have experienced increased competition from companies such as SICC Co., LTD., and TanKeBlue Semiconductor Co., Ltd in China.”
50. Wolfspeed, Inc., Form 10-K filed 2026-08-20: “Our silicon carbide power devices compete with silicon carbide power semiconductor solutions offered by companies like Infineon Technologies AG, ON Semiconductor Corporation, Rohm Co. Ltd., ST Microelectronics N.V., Robert Bosch GmbH, and Silan Microelectronics Co. Ltd., as well as an increasing number of smaller competitors.”
51. Wolfspeed, Inc., Form 10-K filed 2026-08-20: “Net sales for the Successor period ended June 28, 2026 and Predecessor period ended September 29, 2025 as compared to fiscal 2025 were down 12% primarily driven by the following”
52. The record on this page: the filed annual figures (EDGAR's company facts)
53. Wolfspeed, Inc., Form 10-K filed 2026-08-20: “Net sales of our Power Product offerings increased due to stronger demand for our industrial applications products, partially attributable to the end-of-life buys associated with the closure of our Durham Fab, and growth in emerging applications for silicon carbide devices such as AI and data center applications, partially offset by a reduction in automotive demand and continued pricing pressure during the year.”
54. Wolfspeed, Inc., Form 10-K filed 2026-08-20: “Net sales of our Materials Product offerings decreased primarily due to lower volumes as our substrate customers continue to adjust the timing and size of their orders to rebalance supply to match weaker end market demand. Additionally, we have continued to experience pricing pressure attributable to increased substrate supply, particularly from suppliers in China.”
55. Wolfspeed, Inc., Form 10-K filed 2026-08-20: “We have been experiencing softening demand for our products and continued price pressure in certain applications. We continue to expect increased mid- and long-term demand growth, however the timing and extent of these increases remains uncertain. We also continue to explore opportunities to expand adoption of our products in new and growing industries, such as AI data centers, grid modernization and renewable energy and storage.”
56. Wolfspeed, Inc., Form 10-K filed 2026-08-20: “We expect to continue to incur significant underutilization costs until market demand for our products meets or exceeds our production capacity.”
57. Wolfspeed, Inc., Form 10-K filed 2026-08-20: “The initial phases of our major expansion projects at the Mohawk Valley Fab and the Siler City facility were substantially completed as of late fiscal 2025. Consequently, our gross capital investment continued to decrease significantly during fiscal 2026, which decreased level of investment we expect to continue in fiscal 2027.”
58. Wolfspeed, Inc., Form 10-K filed 2026-08-20: “we also continue to actively pursue opportunities for federal funding, including but not limited to awards that may be made available through the CHIPS and Science Act”
59. Wolfspeed, Inc., Form 10-K filed 2026-08-20: “CRD Agreement Deposits - the term loans in an aggregate amount of $2.1 billion (including accrued and unpaid interest as of the Petition Date) made by Renesas to the Company under that certain Unsecured Customer Refundable Deposit Agreement, dated as of July 5, 2023, as amended to date, by and between Wolfspeed and Renesas.”
60. Wolfspeed, Inc., Form 10-K filed 2026-08-20: “The deposits under the CRD Agreement bore interest, payable on a semi-annual basis, at a base rate of 6% per annum, with the potential for an increased variable rate of either 10% or 15% in connection with any inability of the Company to satisfy supply targets under a ten-year wafer supply agreement with the same customer.”

Who runs it

Feurle, Robert A. (CEO and Director); Van, Issum Gregor (CFO & Executive Vice President); Speirits, Kevin (Interim CFO); Emerson, David Todd (Chief Operating Officer); Kohn, Bradley D (EVP Chief Legal/Global Affairs); Mattes, Andreas W (director); Bolisay, Aris (director); Abate, Anthony (director); Bokan, Michael W (director); Hou, Hong Q (director); and 3 more. 13 officers and directors have filed their own trades in the last fifteen months, names and titles as filed with the SEC, through 2026-10-02.

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