Wolfspeed Inc. WOLF

The business

Wolfspeed makes wide-bandgap power and RF semiconductors, vertically integrated from 200mm silicon-carbide wafer production through device fabrication, selling MOSFETs, Schottky diodes, and power modules into EV charging, industrial power, solar, and grid applications, plus bare and epitaxial SiC wafers to other chipmakers. The slice doing most of the work today is Power Products, at roughly $414M of FY25's $757.6M of revenue, with the balance coming from Materials, the substrate and wafer sales that feed both Wolfspeed's own fabs and outside customers. The operating lever is the Mohawk Valley device fab in upstate New York, the first 200mm SiC device fab in the world, ramping since 2023; the legacy 150mm Durham line has been wound down to consolidate the footprint and pull out fixed cost.

What the financials do not show is that the company is a fundamentally different entity post-emergence than the one the multi-year P&L describes. Wolfspeed emerged from Chapter 11 in late September 2025, converting roughly $4.6B of debt to equity. Renesas, a pre-petition creditor that had committed $2B as a SiC volume customer in 2023 before unwinding it as the auto cycle turned, is now the largest equity holder, holds secured convertible debt, and sits on the board. That gives a major Japanese power-semi player both the financial incentive (equity upside, wafer supply) and the technology incentive (keeping the 200mm-to-300mm roadmap funded) to see the ramp through. The current $49 stock represents the post-emergence equity stack, not the pre-emergence one that prior shareholders held.