Wolfspeed 10Q 2025 Q1 Quarterly report

Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 29, 2024

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 001-40863

__________________________________________

WOLFSPEED, INC.

(Exact name of registrant as specified in its charter)


North Carolina		56-1572719
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

4600 Silicon Drive
Durham	North Carolina	27703
(Address of principal executive offices)		(Zip Code)

(919) 407-5300

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.00125 par value	WOLF	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☒	Accelerated filer	☐

Non-accelerated filer	☐	Smaller reporting company	☐

		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Securities Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

The number of shares outstanding of the registrant’s common stock, par value $0.00125 per share, as of November 1, 2024, was 127,713,305.

Table of Contents

WOLFSPEED, INC.

FORM 10-Q

For the Quarterly Period Ended September 29, 2024

Table of Contents

PART I - FINANCIAL INFORMATION

Table of Contents

WOLFSPEED, INC.

UNAUDITED CONSOLIDATED BALANCE SHEETS


in millions of U.S. Dollars, except share data in thousands	September 29, 2024	June 30, 2024
Assets
Current assets:
Cash and cash equivalents	$726.1	$1,045.9
Short-term investments	961.5	1,128.7
Total cash, cash equivalents and short-term investments	1,687.6	2,174.6
Accounts receivable, net	145.4	147.4
Inventories	467.9	440.7
Income taxes receivable	0.3	0.5

Prepaid expenses	58.3	56.6
Other current assets	98.9	179.8


Total current assets	2,458.4	2,999.6
Property and equipment, net	3,959.3	3,652.3
Goodwill	359.2	359.2
Intangible assets, net	23.7	23.9
Long-term receivables	2.2	2.3
Other long-term investments	79.3	79.3
Deferred tax assets	1.1	1.1
Investment tax credit receivable	723.5	641.8
Other assets	251.1	225.1

Total assets	$7,857.8	$7,984.6

Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable and accrued expenses	$600.4	$523.6
Contract liabilities and distributor-related reserves	62.9	62.3
Income taxes payable	1.3	1.0
Finance lease liabilities	0.5	0.5
Other current liabilities	117.8	77.9

Total current liabilities	782.9	665.3
Long-term liabilities:
Long-term debt	3,132.6	3,126.2
Convertible notes, net	3,037.3	3,034.9
Deferred tax liabilities	10.8	10.8
Finance lease liabilities - long-term	8.8	8.9
Other long-term liabilities	256.5	256.4

Total long-term liabilities	6,446.0	6,437.2
Commitments and contingencies
Shareholders’ equity:
Preferred stock, par value $0.01; 3,000 shares authorized at September 29, 2024 and June 30, 2024; none issued and outstanding	—	—
Common stock, par value $0.00125; 400,000 shares authorized at September 29, 2024 and June 30, 2024; 126,888 and 126,409 shares issued and outstanding at September 29, 2024 and June 30, 2024, respectively	0.2	0.2
Additional paid-in-capital	3,843.6	3,821.9
Accumulated other comprehensive loss	(4.3)	(11.6)
Accumulated deficit	(3,210.6)	(2,928.4)
Total shareholders’ equity	628.9	882.1


Total liabilities and shareholders’ equity	$7,857.8	$7,984.6