실적분석 2026년 8월 19일

Wolfspeed ($WOLF) Fiscal 2026 Q4 Earnings Analysis — Revenue In Line, Wider Adjusted Loss Triggers Sharp After-Hours Selloff

Earnings Scorecard

Revenue: $150 million (down about 24% year-over-year; consensus $150 million) ➖ In line

EPS: Adjusted -$2.26 (consensus -$1.47) ❌ Miss

Guidance: New outlook issued — Fiscal 2027 Q1 revenue of $140 million–$160 million, adjusted gross margin to remain negative

Stock reaction: After-hours -9.55% ($26.31) — as of 06:07 Korea time, Aug 20

The Positives

AI Data Center: Up roughly 20% sequentially in Q4; fiscal 2026 revenue more than doubled year-over-year

5th-Generation MOSFETs: New silicon-carbide power-semiconductor product lineup advances the technology roadmap

Cash Position: $1.1 billion in cash and equivalents as of June 28, 2026

The company has set up a dedicated data center team in Silicon Valley and kicked off a collaboration with LightOn. $46 million of convertible notes were converted into equity, trimming some debt, and the liquidity buffer remains comfortably intact even after emerging from bankruptcy protection.

The Negatives

Adjusted EPS: -$2.26, a wider loss than the -$1.47 estimate

Gross Margin: -20% on an adjusted basis, -25% on a GAAP basis — deeply negative

Next-Quarter Outlook: Revenue of $140 million–$160 million, with adjusted gross margin remaining negative

Revenue in both the Power products and Materials products segments declined year-over-year, and operating cash flow was an outflow of $54.1 million. Given that this is a fresh-start reporting period, simple year-over-year comparisons should be read with caution, but the signal is clear: profitability recovery is still a long way off.

What Management Said

The CEO highlighted that growth in AI data centers and the launch of the 5th-generation silicon-carbide MOSFETs have lifted confidence in long-term growth. The CFO noted the company's aggressive push to reduce debt and cost of capital, adding that the conversion of convertible notes into equity has improved the capital structure.

Market Reaction and What to Watch

The deeper-than-expected adjusted loss and the guidance for continued negative gross margin next quarter appear to be amplifying the selling pressure.

Whether adjusted gross margin bottoms out and improves in fiscal 2027 Q1

Whether AI data center revenue sustains its sequential growth momentum

Whether debt reduction translates into a real decline in interest expense