Key Highlights

  • Wolfspeed (NYSE:WOLF) was trading down 7.7% at USD 24.47 on Friday, November 13, 2026, implying a prior close near USD 26.51 (calculated), against USD 23.38 at the October 26, 2026 close in market data.
  • Fiscal first-quarter 2027 revenue, reported November 4, 2026, was USD 155.0 million versus USD 196.8 million a year earlier, with a GAAP loss of USD 2.61 per share.
  • GAAP gross Margin was negative 22% and non-GAAP gross margin negative 13%, while cash, equivalents and short-term investments were USD 995.1 million and long-term Debt was USD 930.3 million.
  • Second-quarter guidance calls for Revenue of USD 155 million to USD 175 million and a sequential improvement in non-GAAP gross margin toward breakeven.

A 7.7% Drop With No Fresh Company News

Wolfspeed (NYSE:WOLF) was trading down 7.7% at USD 24.47 on Friday, November 13, 2026, in market data. No company announcement explaining the move was found among items dated November 11 to 13, so the change is the figure of record only for the live session. The latest company event is the fiscal first-quarter report of November 4, 2026, for the quarter ended September 27. Revenue of USD 155.0 million was above the midpoint of guidance but below the USD 196.8 million of a year earlier, and the non-GAAP loss was USD 2.03 a share. Cash and short-term investments of USD 995.1 million compare with a Market Value near USD 1.30 billion at today's price, assuming about 52.93 million shares as listed in market data (calculated).

Negative Margins, Cash Burn and Debt

The silicon carbide maker still loses money on every unit it sells at the gross level. GAAP gross margin was negative 22% and non-GAAP negative 13%. Operating Cash Flow was an outflow of USD 84.2 million and free cash flow an outflow of USD 96.5 million, so the quarter's burn was meaningful against USD 995.1 million of cash and short-term investments. Long-term debt was USD 930.3 million, and net convertible notes were USD 750.3 million. Convertibles can dilute shareholders if converted, and the company has been through a Chapter 11 reorganization, which keeps Balance Sheet questions in focus.

The Guidance Path and the Federal Loan

Guidance for the second fiscal quarter is revenue of USD 155 million to USD 175 million, non-GAAP operating expenses of USD 65 million to USD 69 million and a gross margin approaching breakeven, which answers the headline only as a goal, not a date. In early October the company received a conditional 30-year Loan commitment of USD 1.5 billion from the Office of Strategic Capital to expand domestic silicon carbide production, and the shares jumped about 20% after hours before fading, per market data. Market data showed a 52-week range of USD 13.49 to USD 80.82. No verified sector driver for November 12 to 13 was found. The company also expanded a long-term silicon carbide wafer Supply agreement with Infineon around mid-October, adding 200 millimeter wafers, per market data.

Where Things Stand

Guidance points to a gross margin approaching breakeven in the quarter ending in December, not a firm date for reaching it. The 7.7% drop has no announced cause and may reflect weakness across volatile chip names. Wolfspeed (NYSE:WOLF) has USD 995.1 million of cash but negative margins, falling year-over-year revenue and a conditional federal loan that is not yet funded money. The next markers are second-quarter results, margin progress and any loan finalization. Readers should treat the quoted price as live market data that can change.