Wolfspeed reported first quarter fiscal 2027 revenue of $155.0 million, outperforming the consensus estimate of $149.86 million. The company achieved a non-GAAP loss per share of $2.03, narrower than the projected $2.18 loss, driven by a 710-basis point sequential expansion in adjusted gross margins. Management remains focused on transitioning to 200mm silicon carbide production at its Mohawk Valley facility, supported by a newly announced conditional $1.5 billion loan commitment from the U.S. government.
Key Highlights
- Non-GAAP gross margin improved to (13)% from (20.1)% in the previous quarter, reflecting better utilization and higher revenue.
- Power Products revenue reached $116.8 million, while Materials Products revenue fell to $38.2 million compared to the prior year period.
- Total liquidity remains substantial at $995.1 million in cash and short-term investments, despite a negative quarterly free cash flow of ($96.5) million.