200mm utilization
low
Underutilized 200mm fab capacity gates Wolfspeed's gross margin and cash flow
The Mohawk Valley 200mm SiC fab and Durham 150mm materials line carry fixed costs; low utilization keeps gross margin deeply negative, quarterly losses drain the cash cushion, and forward guidance defers the inflection. The utilization lever decides whether device pull-in lifts utilization toward breakeven with stalling burn, or whether burn persists and constrains debt reduction.
device pull-in
Durham 150mm
materials line
ingot
substrates
fixed cost constant
substrates in
Mohawk Valley 200mm
SiC device wafer fab
epi
idle
lith
idle
etch
idle
impl
idle
annl
idle
met
idle
output
idle tools still cost
Revenue plateau
device revenue flat
Gross margin
deeply negative
capacity underutilized
Q1
Q2
Q3
cash cushion
drawn down by losses
Forward guidance
inflection deferred
GM approaches breakeven
device pull-in lifts utilization
burn stalls, cushion holds
Burn persists
cash cushion keeps draining
debt-reduction constrained