Wolfspeed Receives $192 Million in Tax Refunds; Reiterates Q3 Outlook -- Shares Slump

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Wolfspeed Receives $192 Million in Tax Refunds; Reiterates Q3 Outlook -- Shares Slump

, MT Newswires - 1:36 PM ET 3/28/2025 Company News

01:36 PM EDT, 03/28/2025 (MT Newswires) -- Wolfspeed ( WOLF ) said Friday it has received $192.1 million in cash tax refunds through the Section 48D advanced manufacturing tax credit, including $186.5 million for fiscal 2023 and 2024, plus interest.

This is part of an expected $1 billion of total Section 48D refunds, with over $600 million expected in fiscal 2026, the company said, adding that it expects its cash balance to be around $1.3 billion by the end of its fiscal Q3, including the recently received 48D cash tax credits.

The company reaffirmed its fiscal Q3 guidance, expecting a non-GAAP net loss of $0.88 to $0.76 per diluted share on revenue between $170 million and $200 million. Analysts surveyed by FactSet expect fiscal Q3 non-GAAP loss of $0.82 per share, on revenue of $185.7 million.

Wolfspeed ( WOLF ) said it is actively exploring financial alternatives for its convertible notes while engaging with lenders, and government entities to secure funding and support US semiconductor manufacturing and supply chain initiatives.

Its shares were down more than 49% in recent trading.

Price: 2.73, Change: -2.65, Percent Change: -49.26

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