Wolfspeed reported fourth-quarter fiscal 2026 revenue of $150 million on August 19, landing at the midpoint of guidance as surging AI data-center demand for silicon carbide offset softer automotive sales and the first full quarter since the chipmaker's Chapter 11 restructuring.
Power business rides the AI data-center wave
Power revenue rose 6% sequentially to about $106 million while materials revenue reached $43 million. Chief Financial Officer Gregor van Issum said data-center revenue climbed roughly 20% quarter over quarter and more than doubled from fiscal 2025 to fiscal 2026, driven by 800-volt AI power architectures that lean heavily on silicon carbide MOSFETs, eFuses and DC-DC conversion.
CEO Robert Feurle said Wolfspeed has spun up a dedicated data-center solutions team and hired two San Francisco Bay Area veterans with experience in high-voltage power supplies for hyperscale AI. Design wins are ramping at Lite-On and Macre, both of which serve multiple hyperscale customers.
Gen 5 SiC, 10 kV MOSFETs and GE Aerospace
Wolfspeed's fifth-generation silicon carbide MOSFETs, announced at PCIM Europe in June, are already running at its 200-millimeter Mohawk Valley fab in upstate New York. A 10-kilovolt MOSFET recognized as a top innovation at PCIM anchors a new memorandum of understanding with GE Aerospace to accelerate high-voltage SiC in industrial, aerospace and defense power modules.
Margins still negative as fab utilization builds
Adjusted non-GAAP gross margin was negative 19.9%, up 70 basis points sequentially. EBITDA was negative $62 million and operating cash flow was negative $54 million. Van Issum said gross-margin break-even could arrive around an $800 million annual revenue run rate. Cash and short-term investments closed the quarter at $1.1 billion, with net debt of about $600 million after $46 million in second-lien convertible notes converted to equity.
Q1 guide: $140M-$160M, deep utilization focus
For the first quarter of fiscal 2027, Wolfspeed guided revenue of $140 million to $160 million with continued negative gross margins and non-GAAP operating expenses of $62 million to $66 million. Feurle said broader customer engagement and continued industrial and automotive traction should keep the Mohawk Valley fab loading upward as 200-millimeter substrate samples ship to more customers.
The result caps a bruising 18 months during which Wolfspeed rode the same AI data-center surge as Analog Devices while restructuring through prepackaged Chapter 11 and eliminating $4.6 billion in debt through a deal with Apollo Global Management and Renesas Electronics.
Reporting based on coverage from MarketBeat, Yahoo Finance and Investing.com.