secwatch.observer — SEC 8-K summary
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Issuer:     WOLFSPEED, INC. (WOLF)
CIK:        0000895419
Form:       8-K
Filed at:   2024-11-06T23:59:59+00:00
Accession:  0000895419-24-000087
Event type: earnings
Sentiment:  negative
Materiality: 0.90
Item codes: 2.02, 2.05, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Wolfspeed reports Q1 FY2025 revenue $195M, GAAP gross margin -19%, restructuring plan with $400-450M costs
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/895419/000089541924000087/0000895419-24-000087-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/895419/000089541924000087/wolf-20241106.htm
  HTML page:      https://secwatch.observer/filing/0000895419-24-000087

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer