Wolfspeed reports Q3 EPS (72c), consensus (82c)

Reports Q3 revenue $185.4M, consensus $185.77M. “At the beginning of the year, the Company outlined a plan focused on strengthening our capital structure, improving our path to profitability, and raising cost effective capital to support our growth plan. I’m pleased to report that the Board and management have made significant progress against all of the priorities we outlined – completing our $200 million ATM offering, receiving $192 million of our Section 48D cash tax refunds, simplifying the business to focus on our pure-play 200 millimeter capabilities and accelerating our path to cash flow breakeven, and hiring Robert Feurle as Wolfspeed’s (WOLF) new CEO,” said Tom Werner, Chairman of the Board of Wolfspeed. “Most importantly, we continue to work closely with our lenders on ways to address our capital structure so that Wolfspeed has a strong financial foundation to support its continued success.”