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↔️ WOLF — Company Profile (Educational · Post-Chapter 11)

Educational site, not investment advice. Market cap / stock price / quarterly financials are volatile — not written here. Links to SEC + Yahoo Finance instead; verify real-time data yourself.

⚠️ Restructuring Notice: Wolfspeed completed Chapter 11 restructuring on 2025/09/29 (filed 2025/06/30 prepackaged → court approval 2025/09/08 → emerged 2025/09/29, 91 days). Debt reduced ~70% ($4.6B), cash interest expense reduced ~60%, maturities extended to 2030. Old equity cancelled, legacy shareholders received only ~3-5% of reorganized company ($5.2B convertible notes + Renesas loans → $500M new notes + 95% new common equity to creditors). Historical equity returns NOT directly comparable (old equity wiped, new shares issued). Source: Wolfspeed 2025/09/29 press release + SEC 8-K.

📌 Basics

Dimension Content Source
Core business SiC (silicon carbide) power semiconductors — substrates + devices (MOSFETs / Schottky etc.) + modules (auto + industrial + grid + AI data centers + defense) SEC 10-K
Founded / HQ 1987 (predecessor Cree Inc) / Durham, North Carolina, USA wiki
CEO Robert Feurle (since 2025/05, during restructuring; new company CEO post-emerge) DEF 14A
Primary listing Post-restructuring NYSE: WOLF (new shares, trading since 2025/09/29) —
Fiscal year Late June (FY26 Q3 = Jan-Mar 2026) —

💡 Real-time market cap / stock price / SiC revenue / 200mm wafer ramp / customers / Mohawk Valley utilization: see SEC + IR links below. Note: Pre-restructuring historical equity returns NOT directly comparable to new shares.

🏭 Industry Chain Coordinates (Part 1-C6 framework)

Upstream (Who WOLF depends on)

Supplier What flows Key dependency
Own SiC wafer manufacturing (Durham + Mohawk Valley NY) 200mm SiC wafers (first in industry) Internal vertical integration
Semiconductor equipment — AMAT / LRCX / KLAC / AEHR Deposition + etch + metrology Multi-supplier
Government / state subsidies (CHIPS Act + NY State + NC State) Funding support Critical government support
Renesas (6723.T, Japan) Pre-restructuring $2B long-term wafer contract + Renesas loans Key partner + creditor

Downstream (Who depends on WOLF)

Customer Relationship Customer concentration
EV OEMs (China, Europe, US) — TSLA / BMW / Mercedes / China EV makers SiC MOSFETs for 800V high-voltage platforms Moderate concentration; EV→SiC is key demand driver
Renesas (6723.T) Long-term SiC wafer contract (Renesas integrates devices) Large customer, restructuring-critical
Industrial + grid + solar + wind High-voltage SiC conversion Fragmented
AI data center (high-voltage power + solid-state transformers) Emerging demand (per industry research) Early
Defense (high-efficiency RF / radar / comms) Government customers High concentration

Competitors

  • SiC substrates + devices (direct rivals): IFNNY (Infineon, Germany, main European rival; acquired Dresden Siltectra GmbH 2018 for SiC Cold Split tech; 2016 planned Wolfspeed acquisition was cancelled) · STM (STM, ST Microelectronics, TSLA mega-contract) · ONSEMI (ON, North American rival) · NVTS (Navitas Semiconductor)
  • China SiC manufacturers (low-cost threat): Changfei Advanced Semi · Sanan Optoelectronics (600703.SH) · TankeBlue · etc.
  • GaN (substitute / complement): NVTS (Navitas) · EFII Efficient Power Conversion (private)
  • Traditional Si IGBT (low-end substitute): IFNNY · MIELY Mitsubishi Electric (ADR; primary listing 6503.T. Note: MTSEY is not Mitsubishi Electric) · various Japan / China makers

💼 Business Model + Value Capture (Part 1-C7 lens)

  • Revenue mix (pre-restructuring + post-restructuring expected): EV / auto ~60% / industrial + grid + solar ~25% / defense + 5G + other ~15%
  • Gross margin (pre-restructuring): Negative to low positive (-10% to +10%, 200mm yield ramp + Mohawk Valley fab idle costs); post-restructuring expected: improving to 15-25%, dependent on 200mm ramp + utilization
  • Pricing power: SiC substrates + devices global top-3, but China low-cost competition + 200mm yield pressure
  • Substitution difficulty: Medium - High — SiC substrates + 200mm process + long-term customer contracts (Renesas $2B), but China manufacturers attacking EV market with 30-40% lower costs

(Quarterly revenue / segment / 200mm utilization / Mohawk Valley ramp: see latest 10-Q)

🏰 Moat Assessment (Part 3-C2 Buffett 5-step lens)

Type Strength (0-1) Source
Brand 0.5 Wolfspeed brand in SiC industry, but Chapter 11 damaged brand
Switching cost 0.5 Long-term customer contracts (Renesas $2B) + customer qualify process long
Network effects 0.3 Weak network effects in semiconductor industry
Scale + cost 0.4 200mm is scale advantage, but fab utilization low + China low-cost competition

Composite: 1.7 / 4 → Post-restructuring moat moderate, EV SiC secular growth, but execution + China competition dual challenge

⚠️ Key Reverse Trigger Conditions (Part 3-C5 anti-thesis lens)

  • Trigger 1 (quarterly): 200mm yield ramp slowing — Mohawk Valley fab is core thesis
  • Trigger 2 (quarterly): EV SiC revenue YoY decline — China makers encroachment intensifying
  • Trigger 3 (financial): Cash burn exceeding expectations — even with restructuring debt reduction $4.6B, still needs EV SiC growth to support cash flow
  • Trigger 4 (event): Key customers (Renesas / TSLA / BMW) switching to IFNNY / STM / China SiC
  • Trigger 5 (strategic): AI data center SiC demand (high-voltage power / SST solid-state transformers) growing slower than expected — industry-research long-term thesis challenged

📚 SEC Primary Public Filings (look it up yourself)

Real-time stock price: Yahoo Finance WOLF (note: new shares, trading since 2025/09/29; historical price NOT directly comparable)

Educational — numbers shift; learn the method, not the figures · investment decisions based on your own research + risk tolerance · Chapter 11 restructuring case high teaching value