--- schema_version: "secwatch.filing_event.v1" accession: "0000895419-24-000087" form_type: "8-K" ticker: "WOLF" cik: "0000895419" company_name: "WOLFSPEED, INC." filed_at: "2024-11-06T23:59:59+00:00" generated_at: "2026-05-30T04:59:58.209097+00:00" event_type: "earnings" sentiment: "negative" materiality_score: 0.9 calibrated_materiality_score: 0.9 confidence: "high" source: SEC EDGAR --- # Wolfspeed reports Q1 FY2025 revenue $195M, GAAP gross margin -19%, restructuring plan with $400-450M costs ## Summary - Revenue $195M (vs $197M YoY); GAAP gross margin -19% vs 13% a year ago; non-GAAP gross margin 3%. - Restructuring closes Durham 150mm fab, cuts ~20% headcount; total costs $400M-$450M ($60M severance, $125M other cash, $250M non-cash). - Expects ~$200M annual cash savings from restructuring and 200mm transition; Q2 revenue guidance $160M-$200M, non-GAAP EPS loss $1.14-$0.89. - Ended Q1 with ~$1.7B cash; secured access to up to $2.5B incremental liquidity via CHIPS PMT ($750M), lenders, and tax credits. ## SEC filing metadata - accession: 0000895419-24-000087 - form_type: 8-K - ticker: WOLF - cik: 0000895419 - company_name: WOLFSPEED, INC. - filed_at: 2024-11-06T23:59:59+00:00 - event_type: earnings - sentiment: negative - materiality_score: 0.9 - calibrated_materiality_score: 0.9 - confidence: high - sec_items: 2.02, 2.05, 9.01 - EDGAR index: https://www.sec.gov/Archives/edgar/data/895419/000089541924000087/0000895419-24-000087-index.htm - EDGAR primary document: https://www.sec.gov/Archives/edgar/data/895419/000089541924000087/wolf-20241106.htm ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0000895419-24-000087 - JSON: https://secwatch.observer/filing/0000895419-24-000087.json - Plain text: https://secwatch.observer/filing/0000895419-24-000087.txt ## Key facts - Restructurings & Charges WOLFSPEED, INC. announced a restructuring with charges of asset-related charges and fixed manufacturing costs that will be eliminated as a result of this plan and other incremental costs to exit facilities affecting closure of the Company's 150mm device fabrication facility in Durham, North Carolina. - Type: restructuring - Charge: asset-related charges and fixed manufacturing costs that will be eliminated as a result of this plan and other incremental costs to exit facilities - Affected area: closure of the Company's 150mm device fabrication facility in Durham, North Carolina source text: Additionally, the Company has incurred, and over the next 12 months will continue to incur, additional facility closure-related costs related to these activities, including asset-related charges and fixed manufacturing costs that will be eliminated as a result of this plan and other incremental costs to exit facilities. evidence_url: https://www.sec.gov/Archives/edgar/data/895419/000089541924000087/0000895419-24-000087-index.htm - Restructurings & Charges WOLFSPEED, INC. announced a restructuring with charges of severance and employee benefit costs, voluntary termination benefits, and other exit costs affecting closure of the Company's 150mm device fabrication facility in Durham, North Carolina; realignment of related activities across geographic regions; optimization of resources across various functional g (total headcount reduction of approximately 20% over the next six months to one year). - Type: restructuring - Charge: severance and employee benefit costs, voluntary termination benefits, and other exit costs - Affected area: closure of the Company's 150mm device fabrication facility in Durham, North Carolina; realignment of related activities across geographic regions; optimization of resources across various functional g - Headcount: total headcount reduction of approximately 20% over the next six months to one year source text: During the first quarter of fiscal 2025, the Company initiated a headcount reduction and facility closure and consolidation plan intended to optimize its cost structure as the Company accelerates its transition from 150mm to 200mm silicon carbide devices (the 2025 Restructuring Plan). The actions taken under the 2025 Restructuring Plan will ultimately result in the closure of the Company's 150mm device fabrication facility in Durham, North Carolina as well as a realignment of related activities across the geographic regions in which the Company operates. The Company is also taking steps to optimize the allocation of resources across various functional groups. The Company expects these actions will result in a total headcount reduction of approximately 20% over the next six months to one year. The Company began to notify affected employees on November 6, 2024. evidence_url: https://www.sec.gov/Archives/edgar/data/895419/000089541924000087/0000895419-24-000087-index.htm - Restructurings & Charges WOLFSPEED, INC. announced a restructuring with charges of restructuring-related costs affecting facility closure and consolidation plan to optimize cost structure and accelerate transition from 150mm to 200mm silicon carbide devices. - Type: restructuring - Charge: restructuring-related costs - Affected area: facility closure and consolidation plan to optimize cost structure and accelerate transition from 150mm to 200mm silicon carbide devices source text: Wolfspeed incurred $87.1 million of restructuring-related costs in the first quarter of fiscal 2025, of which $34.3 million were recognized in cost of revenue, net and $52.8 million were expensed as operating expense in the statement of operations. evidence_url: https://www.sec.gov/Archives/edgar/data/895419/000089541924000087/0000895419-24-000087-index.htm - Restructurings & Charges WOLFSPEED, INC. announced a restructuring with charges of severance and employee benefit costs, voluntary termination benefits and other facility closure-related costs affecting facility closure and consolidation plan to optimize cost structure and accelerate transition from 150mm to 200mm silicon carbide devices. - Type: restructuring - Charge: severance and employee benefit costs, voluntary termination benefits and other facility closure-related costs - Affected area: facility closure and consolidation plan to optimize cost structure and accelerate transition from 150mm to 200mm silicon carbide devices source text: During the first quarter of fiscal 2025, Wolfspeed initiated a facility closure and consolidation plan to optimize its cost structure and accelerate its transition from 150mm to 200mm silicon carbide devices. The costs incurred as a result of this restructuring plan include severance and employee benefit costs, voluntary termination benefits and other facility closure-related costs. evidence_url: https://www.sec.gov/Archives/edgar/data/895419/000089541924000087/0000895419-24-000087-index.htm This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.