Wolfspeed (WOLF) Q4 FY2026 Earnings Call: AI Data Center Revenue Doubles
Source Tradingkey
Key Takeaways
- Wolfspeed reported fiscal Q4 2026 revenue of $150 million, at the midpoint of management’s guidance range.
- Power revenue reached approximately $106 million, up 6% sequentially, while Materials revenue was approximately $43 million.
- AI data center revenue increased about 20% from fiscal Q3 and more than doubled from fiscal 2025 to fiscal 2026, partly offsetting softer automotive results.
- Adjusted non-GAAP gross margin improved 70 basis points sequentially to negative 19.9%. Management identified factory utilization as the main constraint and estimated gross-margin breakeven near an $800 million annual revenue run rate, subject to product mix.
- Wolfspeed ended the quarter with approximately $1.1 billion in cash and short-term investments. Operating cash flow was negative $54 million, including a $41 million benefit from lower inventory.
- For fiscal Q1 2027, management guided to revenue of $140 million to $160 million, a negative non-GAAP gross margin, and non-GAAP operating expenses of $62 million to $66 million.
Key Financial Data
| Metric | Fiscal Q4 2026 | Change or context |
|---|---|---|
| Total revenue | $150 million | At the midpoint of guidance |
| Power revenue | Approximately $106 million | Up 6% sequentially |
| Materials revenue | Approximately $43 million | Customers remain in the 150mm-to-200mm transition |
| Adjusted non-GAAP gross margin | -19.9% | Improved 70 basis points sequentially |
| Non-GAAP operating expenses | $62 million | $61 million in fiscal Q3 |
| Adjusted non-GAAP EBITDA | -$62 million | Comparable with the prior quarter |
| Operating cash flow | -$54 million | Included a $41 million benefit from inventory reduction |
| Gross capital expenditures | $5 million | Down from $38 million in fiscal Q3 |
| Cash and short-term investments | Approximately $1.1 billion | Quarter-end balance |
| Net debt | Approximately $600 million | Quarter-end balance |
Business and Operating Performance
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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