Wolfspeed, Inc. (NYSE:WOLF) Q3 2025 Earnings Call Transcript

Wolfspeed, Inc. (NYSE: WOLF ) Q3 2025 Earnings Call Transcript May 8, 2025

Operator: Hello, everyone. Thank you for joining the Wolfspeed Incorporated Third Quarter Fiscal 2025 Earnings Call. My name is Megan, and I will be coordinating your call today. I will now hand you over to your host, Tyler Gronbach, VP of External Affairs to begin. Please go ahead.

Tyler Gronbach: Thank you, operator, and good afternoon, everyone. Welcome to Wolfspeed's third quarter fiscal 2025 conference call. Today, Wolfspeed's Chairman of the Board, Tom Werner; Wolfspeed's CEO, Robert Feurle; and Wolfspeed's CFO, Neill Reynolds, will report on the results for the third quarter of fiscal year 2025. Please note that we will be presenting non-GAAP financial results during today's call, which we believe provides useful information to our investors. Non-GAAP results are not in accordance with GAAP, and may not be comparable to non-GAAP information provided by other companies. Non-GAAP information should be considered as a supplement to, and not a substitute for financial statements prepared in accordance with GAAP.

A reconciliation to the most directly comparable GAAP measures is in our press release, and posted in the Investor Relations section of our website, along with a historical summary of our other key metrics. Today's discussion includes forward-looking statements about our business outlook, and we may make other forward-looking statements during the call. Such forward-looking statements are subject to numerous risks and uncertainties. Our press release today and the SEC filings noted in the release mention important factors that could cause actual results to differ materially. Also, please note that we will not be taking questions during today's conference call. Lastly, all numbers presented today will be on a continuing operations basis. And now, I'd like to turn the call over to Rob.

Robert Feurle: Good afternoon, everyone, and thank you for joining us today. I'm very excited to have the opportunity to connect with you. Although I've been only in the role for a few days, I've spent my time listening closely to our customers, employees, and leadership team, and reviewing our results, roadmaps, and strategic initiatives. One thing is abundantly clear; Wolfspeed is a company with enormous potential, underpinned by strong foundational elements already in place. As Tom and Neill will elaborate shortly, the Board has taken decisive steps to improve our financial foundation, including right-sizing of our operations and accelerating our path to cash flow breakeven. My immediate focus will be maintaining stability and continuity for all stakeholders and building upon our strengths.

First and foremost, Wolfspeed's silicon carbide technology is second to none. I've long-term admired the talent and the can-do spirit of the organization. I firmly believe Wolfspeed possesses the technology leadership required to drive the industry forward and develop solutions for new emerging applications. Additionally, Wolfspeed has already established and right-sized a best-in-class greenfield, fully automated 200-millimeter manufacturing footprint poised to deliver customers with cutting-edge silicon carbide solutions. Drawing on my experience as an operator and leading through complex transitions, I feel very well prepared to support Wolfspeed as we enter a new era with new energy. I'm grateful for all the work that Tom and Neill, and the rest of the leadership has done in improving the foundation of the company prior to my start.

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