Wolfspeed (NYSE: WOLF) has received $192.1 million in cash tax refunds from the advanced manufacturing tax credit under Section 48D, including $186.5 million for fiscal 2023 and 2024 taxes plus interest. This is part of approximately $1 billion in total expected Section 48D refunds, with over $600 million anticipated in fiscal 2026.
The company reaffirmed its Q3 FY2025 guidance, projecting revenue of $170-200 million, with a non-GAAP gross margin of -3% to 7% and a GAAP net loss of $(295)-$(270) million. Wolfspeed expects its cash balance to reach approximately $1.3 billion by the end of Q3 FY2025.
The company also confirmed its previous guidance including reduced capital expenditures for FY2026-2027, targeting EBITDA break-even at $800 million annual revenue, and projecting positive levered free cash flow in FY2027. Wolfspeed continues discussions with lenders, including Apollo and Renesas, while maintaining dialogue with the U.S. Department of Commerce regarding federal funding.
Wolfspeed (NYSE: WOLF) leads the market in the worldwide adoption of silicon carbide technologies that power the world’s most disruptive innovations. As the pioneers of silicon carbide, and creators of the most advanced semiconductor technology on earth, we are committed to powering a better world for everyone. through silicon carbide material, Power Modules, Discrete Power Devices and Power Die Products targeted for various applications.
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